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The statements and opinions expressed in this article are those of the authors as of the date of the article, and do not necessarily represent the view of BNY Mellon Asset Management or any of its affiliates. This article does not constitute investment advice, and should not be construed as an offer to sell or a solicitation to buy any security. Past performance is not a guide to future performance. The value of investments and the income from them is not guaranteed and can fall as well as rise due to stock market and currency movements.

The Bank of New York Mellon Corporation holds 80% of the parent holding company of Alcentra group, a 19.9% minority interest in The Hamon Investment Group Pte Limited, the parent company of Hamon Asset Management Limited and a 50:50 joint ownership with WestLB AG in WestLB Mellon Asset Management. Effective 1 January 2009, Franklin Portfolio Associates, LLC (FPA) merged into Mellon Capital Management Corporation. Franklin Portfolio Associates has no affiliation to the Franklin Templeton Group of Funds or Franklin Resources, Inc. AUM outlined for Newton represents the aggregate AUM of the following affiliated companies: Newton Investment Management Limited, Newton Capital Management Limited, Newton International Investment Management Limited and Newton Fund Managers (CI) Limited. BNY Mellon ARX is the brand used to represent the Brazilian investment capabilities of BNY Mellon ARX Investimentos Ltda and BNY Mellon Gestão de Patrimônio Ltda. The investment company dedicated to the management of any particular investment will depend on the strategy and domicile of the investment.

This is a financial promotion and is not intended as investment advice. The information provided within is for use by professional investors only and not for onward distribution to, or to be relied upon by, retail investors. All information prepared within has been prepared by BNY Mellon Asset Management International Limited. Any views and opinions contained in this document are those of BNY Mellon Asset Management International Limited at the time of going to print and are not intended to be construed as investment advice. BNY Mellon Asset Management International Limited and its affiliates are not responsible for any subsequent investment advice given based on the information supplied. Portfolio holdings are subject to change at any time without notice, are for information purposes only and should not be construed as investment recommendations. Past performance is not a guide to future performance. The value of 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. This document should not be published in hard copy, electronic form, via the web or in any other medium accessible to the public, unless authorised by BNY Mellon Asset Management International Limited to do so. In Germany, this document is issued by WestLB Mellon Asset Management Kapitalanlagegesellschaft mbH, which is regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht. WestLB Mellon Asset Management was formed as a 50:50 joint venture between The Bank of New York Mellon Corporation and WestLB AG. This document is issued in the UK, mainland Europe (excluding Germany), Taiwan and Korea by BNY Mellon Asset Management International Limited. BNY Mellon Asset Management International Limited, 160 Queen Victoria Street, London EC4V 4LA. Registered in England No. 1118580. Authorised and regulated by the Financial Services Authority. In Dubai, United Arab Emirates, this document is issued by the Dubai branch of The Bank of New York Mellon, which is regulated by the Dubai Financial Services Authority. If this document is used or distributed in Hong Kong, it is issued by BNY Mellon Asset Management Hong Kong Limited, whose business address is Unit 1501-1503, 15/F Vicwood Plaza,199 Des Voeux Road, Central, Hong Kong. BNY Mellon Asset Management Hong Kong Limited is regulated by the Hong Kong Securities and Futures Commission and its registered office is at 6th floor, Alexandra House, 18 Chater Road, Central, Hong Kong. If this document is used or distributed to intermediaries in the United States of America, it is issued by Dreyfus Investments, a division of MBSC Securities Corporation, located at 200 Park Avenue, New York NY 10166, USA. MBSC Securities Corporation is a member of FINRA. The products outlined are not available to US Persons.In Singapore, this document is issued by The Bank of New York Mellon, Singapore Branch for presentation to professional investors. The Bank of New York Mellon, Singapore Branch, One Temasek Avenue, #02-01 Millenia Tower, Singapore 039192. Regulated by the Monetary Authority of Singapore. If this document is issued or distributed in Australia, it is issued by BNY Mellon Asset Management Australia Limited (ABN 56 102 482 815, AFS License No. 227865) located at Level 6, 7 Macquarie Place, Sydney, NSW 2000. BNY Mellon Asset Management International Limited and any other BNY Mellon entity mentioned are all ultimately owned by The Bank of New York Mellon Corporation. CP 2575 20-10-2008 17192 10/08