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Newton Implements Strategic Changes

Changing lead manager on two funds

London

16 March 2011

Newton Investment Management Limited, part of BNY Mellon Asset Management, is implementing some strategic changes within its business which are designed to enhance its offering to its UK retail client base. The company has announced that it will be changing the lead manager on two of its funds.

Christopher Metcalfe will be assuming responsibility for managing the £1.45bn Newton Managed Fund. Nick Clay, who previously ran the Newton Managed Fund, is broadening his role to include responsibility for managing Newton's day to day commercial relationship with BNY Mellon Asset Management. He will remain alternate manager on the Newton Managed Fund and retain investment responsibility for a number of key segregated accounts. Richard Wilmot has, in turn, assumed responsibility for the £1.47bn Newton Income Fund, previously managed by Metcalfe. Both Metcalfe and Wilmot will continue to report to Jeff Munroe, Newton's chief investment officer and Clay will report to Matt Duncan, head of business strategy at Newton.

Helena Morrissey, chief executive officer of Newton, comments: "Newton is in the strong position of being able to provide high quality investment solutions to a wide range of different client types. As one firm, we serve different client segments: institutions, retail funds, private clients, and charities. We have a deep pool of investment capability and talent which we harness across all of these client segments. We believe that these changes play from this strength and should benefit all clients. Both the Newton Managed Fund and the Newton Income Fund remain in good hands as Christopher and Richard both have extensive experience and strong investment performance track records."

Notes to editors:

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 the umbrella organisation for BNY Mellon's affiliated investment management firms and global distribution companies. Information about BNY Mellon Asset Management is available 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, offering superior investment management and investment services through a worldwide client-focused team. It has $25.0 trillion in assets under custody and administration and $1.17 trillion in assets under management, services $12.0 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available at www.bnymellon.com.

All information source BNY Mellon Asset Management International Limited as at 31 December 2010 The Newton Income Fund and the Newton Managed Fund are sub-funds 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 of BNY Mellon Investment Fund. BNY MFM, 160 Queen Victoria Street, London EC4V 4LA. Registered in England 1998251. The investment adviser to the sub-funds is Newton Investment Management Limited. ICVC investments should not be regarded as short-term and should normally be held for at least five years. 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. Past performance is not a guide to future performance. Registered office: BNY Mellon Centre, 160 Queen Victoria Street, London, EC4V 4LA. Registered in England no. 1118580. Authorised and regulated by the Financial Services Authority. A BNY Mellon Company.