New Lead Manager of Newton European Higher Income Fund

LONDON, 16 June 2011 — Newton Investment Management Limited, part of BNY Mellon Asset Management, has implemented a strategic change within its business designed to enhance its offering to clients.

With effect from 1 June 2011, Fred Moore, who has been alternate manager since June 2009, has been promoted to lead manager on the Newton European Higher Income Fund. Raj Shant will continue to be actively involved in his role as alternate manager.

Jeff Munroe, chief investment officer of Newton, comments: "Newton has a pool of talent which we are committed to developing. We continually aim to meet our clients' investment needs for diverse investment strategies with focused and accountable leadership. So it is very satisfying to promote an internal manager to the role of leading our European Higher Income strategy, which we feel will become increasingly important as income investing in European equities gains traction.

"Since joining Newton in 2008, Fred has impressed as an integral member of our European Equities team. We are confident that by promoting Fred to lead manager of the Newton European Higher Income fund, our clients should benefit from his leadership, supported by Raj and the whole European Equities team."

Moore has seven years of investment experience. Prior to joining Newton, he spent three years working at Deloitte & Touche LLP, where he qualified as a chartered accountant.

Newton is a London-based global asset management subsidiary of The Bank of New York Mellon Corporation and part of BNY Mellon Asset Management. With assets under management of more than £47 billion, including assets managed by Newton Investment Management as dual officers of Newton Capital Management Limited and The Bank of New York Mellon, Newton's group of affiliated companies provides a broad range of award-winning investment products and services to individuals, pension funds, charities and corporations. News and other information about Newton is available at www.newton.co.uk.

BNY Mellon Asset Management is one of the world's leading asset management organizations, encompassing BNY Mellon's affiliated investment management firms and global distribution companies. Information about BNY Mellon Asset Management can be found at www.bnymellonam.com.

BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $25.5 trillion in assets under custody and administration and $1.2 trillion in assets under management, services $11.9 trillion in outstanding debt and processes global payments averaging $1.7 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. Additional information is available at www.bnymellon.com.

All information source BNY Mellon Asset Management International Limited as at 31 March 2011. This press release is qualified for issuance in the UK only and is for information purposes only. It does not constitute an offer or solicitation of securities or investment services or an endorsement thereof in any jurisdiction or in any circumstance in which such offer or solicitation is unlawful or not authorised. This press release is issued by BNY Mellon Asset Management International Limited to members of the financial press and media and the information contained herein should not be construed as investment advice. Registered office: The BNY Mellon Centre, 160 Queen Victoria Street, London, EC4V 4LA. Registered in England no. 1118580. The Newton European Higher Income Fund is a sub-fund of BNY Mellon Investment Funds, an investment company with variable capital (ICVC) incorporated in England and Wales under registered number IC27 and authorized by the Financial Services Authority. Past performance is not a guide to future performance. The value of your investments and the income from them is not guaranteed and can fall as well as rise due to stock market and currency movements. When you sell your investment you may get back less than you originally invested. BNY Mellon Fund Managers Limited (BNY MFM) is the Authorised Corporate Director. BNY MFM, 160 Queen Victoria Street, London EC4V 4LA. Registered in England 1998251. The investment adviser to the sub-fund is Newton. ICVC investments should not be regarded as short-term and should normally be held for at least five years.