8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) – April 21, 2009

THE BANK OF NEW YORK MELLON CORPORATION

(Exact name of registrant as specified in charter)

Delaware	000-52710	13-2614959
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
	One Wall Street New York, New York (Address of principal executive offices)	10286 (Zip code)

Registrant’s telephone number, including area code – (212) 495-1784

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On April 21, 2009, the Registrant conducted a conference call and webcast with respect to results of operations for first quarter 2009 for The Bank of New York Mellon Corporation. In conjunction with the conference call and webcast, the Registrant made available on its website, beginning on April 21, 2009, a Quarterly Earnings Review and Financial Trends information. The Quarterly Earnings Review is included as Exhibit 99.1 to this report and the Financial Trends information is included as Exhibit 99.2 to this report. Both exhibits are “furnished” pursuant to General Instruction B.2. of Form 8-K and are not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 and are not incorporated by reference into any filings the Registrant has made or may make under the Securities Act of 1933.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

Exhibit 99.1 and 99.2 to this report contains information which may be considered to constitute “non-GAAP financial measures” as defined in Item 10 of Regulation S-K. The Registrant’s management believes that these measures are useful to the investment community in analyzing the financial results and trends of ongoing operations. Management believes that they facilitate comparisons with prior periods and reflect the principal basis on which management monitors financial performance. Management also believes this presentation allows investors to more appropriately evaluate the impact of revenues from both taxable and tax-exempt sources.

          (d) EXHIBITS.

Exhibit Number	Description
99.1	The Bank of New York Mellon Quarterly Earnings Review for first quarter 2009 dated   April 21, 2009.
99.2	The Bank of New York Mellon Corporation 1Q 2009 Financial Trends.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	The Bank of New York Mellon Corporation   (Registrant)
Date: April 27, 2009	By:	/s/ Arlie R. Nogay
	Name:	Arlie R. Nogay
	Title:	Corporate Secretary

EXHIBIT INDEX

Number	Description	Method of Filing
99.1	The Bank of New York Mellon Quarterly Earnings Review for first quarter 2009 dated April 21, 2009.	Furnished herewith
99.2	The Bank of New York Mellon 1Q 2009 Financial Trends	Furnished herewith

EX-99.1

Exhibit 99.1

The Bank of New York Mellon Corporation

Quarterly Earnings Review

Financial Results

April 21, 2009

Table of Contents

Cautionary Statement/Non-GAAP Measures	2
First Quarter 2009 Financial Highlights (vs. first quarter 2008)	3
Financial Summary/Key Metrics (continuing operations)	4
Assets Under Management/Custody and Administration/Market Indices	5
Fee and Other Revenue	6
Net Interest Revenue	7
Noninterest Expense	8
Investment Securities Portfolio	9
Capital	10
Nonperforming Assets	11
Allowance for Credit Losses, Provision and Net Charge-offs	11
Merger Update – Integration Milestones	12
Business Segments	13
•        Asset Management	13
•        Wealth Management	14
•        Asset Servicing	15
•        Issuer Services	16
•        Clearing Services	17
•        Treasury Services	18
•        Other	19
Supplemental Information - Explanation of Non-GAAP Financial Measures	20

All narrative comparisons in this Quarterly Earnings Review are with the first quarter of 2008 and all information is

reported on a continuing operations basis, unless otherwise noted.

The Bank of New York Mellon Corporation 1Q09 Quarterly Earnings Review

CAUTIONARY STATEMENT

A number of statements (i) in this Quarterly Earnings Review, (ii) in our presentations and (iii) in the responses to questions may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, which may be expressed in a variety of ways, including the use of future or present tense language, relate to, among other things, investments in assets subsequent to the end of first quarter of 2009; FDIC deposit assessments; expectations with respect to service quality; expectations with respect to the timing and amount of future dividends and growth; repayment of the TARP investment; and expected losses on the securities portfolio; as well as the Company’s overall plans, strategies, goals, objectives, expectations, estimates and intentions. These statements are based upon current beliefs and expectations and are subject to significant risks and uncertainties (some of which are beyond the Company’s control). Actual results may differ materially from those expressed or implied as a result of these risks and uncertainties, including, but not limited to, the risk factors and other uncertainties set forth in the Company’s annual report on Form 10-K for the year ended Dec. 31, 2008 and the Company’s other filings with the Securities and Exchange Commission. All forward-looking statements in this earnings review speak only as of April 21, 2009 and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events.

NON-GAAP MEASURES

Throughout this Quarterly Earnings Review, certain financial measures, which are noted, exclude and/or are adjusted for certain items. These adjustments or exclusions can impact revenue, noninterest expense, pre-tax income, net income and earnings per share amounts as well as related ratios and growth rates. We believe this supplemental non-GAAP information is useful to the investment community in analyzing the financial results and trends in our business. We believe this information facilitates comparisons with prior periods and reflects the principal basis on which our management internally monitors financial performance. These items also are excluded from our segment measures used internally to evaluate segment performance because management does not consider them to be particularly relevant or useful in evaluating the operating performance of our business segments. Below is a listing of certain financial measures which have been impacted by the exclusion and/or adjustment of certain items.

Revenue: Investment write-downs and SILO/LILO charges.

Noninterest expense: Support agreement and restructuring charges, merger & integration (“M&I”) expenses; intangible amortization expense and goodwill impairment.

Earnings per share: Investment write-downs, SILO/LILO/tax settlement charges, support agreement and restructuring charges, M&I expenses, intangible amortization expense and goodwill impairment.

Page 2

The Bank of New York Mellon Corporation 1Q09 Quarterly Earnings Review

FIRST QUARTER 2009 FINANCIAL HIGHLIGHTS (vs. first quarter 2008)

	Income after-tax from continuing operations (a)	EPS from continuing operations (a)
	$ millions
Earnings:
GAAP	$    322	$    0.28
Non-GAAP adjustments:	41	0.04
M&I expenses
Investment write-downs, restructuring charges, support agreement charges and goodwill impairment	247	0.21
Continuing operations excluding M&I expenses, investment write-downs, restructuring charges, support agreement charges and goodwill impairment	610	0.53
Intangible amortization	66	0.06
Continuing operations excluding M&I expenses, investment write-downs, restructuring charges, support agreement charges, goodwill impairment and intangible amortization	$    676	$    0.59

Businesses	1st Quarter 2009		Growth vs. 1Q08
(dollar amounts in millions)	Revenue (b)	Pre-tax income (b)	Revenue (b)	Expense (b)
Institutional Services	$2,480	$1,037	(7)%	(5)%
Asset and Wealth Management	722	182	(28)	(23)
Total Businesses (c)	$3,202	$1,219	(13)%	(11)%

KEY POINTS

• Operating results reflect market share gains, strong expense control and capital generation, offset by lower market values, a decrease in client volumes and low interest rates

• Operating revenue declined 14% 1Q09 vs. 1Q08; declined 21% (unannualized) sequentially

• Short-term liquid assets of 49% (vs. 32% in 1Q08) reduced EPS by approximately 3-4 cents

• Operating expenses declined 10% 1Q09 vs. 1Q08; declined 9% (unannualized) sequentially

• Earnings impacted by securities write-downs ($295 million pre-tax)

• Includes $140 million pre-tax primarily related to a structured tax investment and seed capital write-downs

• Continue to exceed merger-related expense and revenue synergy targets

• 1Q09 expense synergies of $173 million ($692 million annualized); up 10% vs. 4Q08

• 1Q09 annualized 2009 revenue synergies of $186 million

• Capital ratios continue to strengthen:

• Tier 1 capital ratio 13.8% vs. 13.3% at 12/31/08

• Tangible common equity to assets ratio 4.2% vs. 3.8% at 12/31/08

• Unrealized net of tax loss on our securities portfolio was $4.5 billion at 3/31/09; $4.1 billion at 12/31/08 (equals 263 basis points of TCE)

• Quarterly dividend reduced to $0.09; building capital for flexibility, growth and the repayment of TARP when permitted

• Assets under custody and administration of $19.5 trillion vs. $20.2 trillion at 12/31/08

• Assets under management of $881 billion vs. $928 billion at 12/31/08

• R&M Global Custody Survey (March 2009) – BNY Mellon ranked #1 overall for the second consecutive year

• Global Investor Magazine FX Survey – #1 FX provider including best FX service overall

(a) See page 20 for a reconciliation of EPS and total revenue – GAAP to non-GAAP.

(b) Excludes M&I, investment write-downs, restructuring charges, support agreement charges, goodwill impairment and intangible amortization.

(c) Excludes the Other segment.

Page 3

The Bank of New York Mellon Corporation 1Q09 Quarterly Earnings Review

FINANCIAL SUMMARY

(dollar amounts in millions, non-FTE basis unless otherwise noted; common shares in thousands)	2008												2009			1Q09 vs.
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			1Q08		4Q08
Fee revenue – excluding investment write-downs	$	3,053		$	3,134		$	3,085		$	3,057		$	2,485		(19	)%	(19	)%
Net interest revenue – excluding SILO/LILO charges		767			788			815			1,070			792		3		(26	)
Total revenue – excluding SILO/LILO charges and investment write-downs		3,820			3,922			3,900			4,127			3,277	(a)	(14	)	(21	)
Provision for credit losses		16			25			30			60			80
Total noninterest expense – excluding support agreement charges, restructuring charges, goodwill impairment, M&I expenses and intangible amortization		2,350			2,484			2,371			2,313			2,114		(10	)	(9	)
Pre-tax income from continuing operations – before extraordinary (loss) (non-GAAP)		1,454			1,413			1,499			1,754			1,083		(26	)%	(38	)%
Investment write-downs		(73	)		(152	)		(162	)		(1,241	)		(347	)
SILO/LILO charges		-			377			112			-			-
Support agreement charges		14			(9	)		726			163			(8	)
Restructuring charges		-			-			-			181			10
Goodwill impairment-Mellon United National Bank		-			-			-			-			50
M&I expenses		126			149			111			97			68
Amortization of intangible assets		122			124			120			116			108
Pre-tax income (loss) from continuing operations – before extraordinary (loss) (GAAP)		1,119			620			268			(44	)		508
Provision (benefit) for income taxes		361			312			(41	)		(135	)		138
Income from continuing operations – before extraordinary (loss)		758			308			309			91			370		(51	)%	307	%
Discontinued operations income (loss), net of tax		(3	)		7			(2	)		1			-
Extraordinary (loss) on consolidation of commercial paper conduit, net of tax		-			-			-			(26	)		-
Net income	$	755		$	315		$	307		$	66		$	370		(51	)%	461	%
KEY METRICS (Continuing operations):
Pre-tax operating margin (FTE):
GAAP		30	%		19	%		8	%		(1	)% (b)		18	%
Non-GAAP adjusted (c)		38	%		36	%		39	%		43	%		33	%
Return on tangible common equity (annualized):
GAAP		35.8	%		18.5	%		19.0	%		6.7	% (b)		26.1	%
Non-GAAP adjusted (d)		41.4	%		45.7	%		50.4	%		61.5	%		45.5	%
Return on equity (annualized):
GAAP		10.2	%		4.3	%		4.3	%		0.8	% (b)		5.2	%
Non-GAAP adjusted (c)		12.9	%		13.2	%		14.3	%		16.9	%		10.9	%
Fee and other revenue as a percentage of total revenue, excluding investment write-downs and SILO/LILO charges (FTE)		80	%		80	%		79	%		74	%		76	%
Non-U.S. percent of revenue excluding the SILO/LILO charges and investment write-downs (FTE)		32	%		33	%		32	%		31	%		29	%
Effective tax rate – non-GAAP adjusted (d)		33.5	%		33.1	%		32.3	%		32.5	%		32.6	%
Employees		42,600			43,100			43,200			42,900			42,000
Market capitalization	$	47,732		$	43,356		$	37,388		$	32,536		$	32,585
Common shares outstanding		1,143,818			1,146,070			1,147,567			1,148,467			1,153,450

(a) Total revenue for the first quarter of 2009, including investment write-downs, was $2.930 billion and decreased 22% compared with 1Q08 and increased 2% (unannualized) sequentially on a comparable basis. See page 20 for a reconciliation of total revenue GAAP to non-GAAP.

(b) Excludes extraordinary loss.

(c) Excludes M&I expenses, the SILO/LILO/tax settlements, support agreement charges, restructuring charges, investment write-downs, goodwill impairment and intangible amortization expense.

(d) Excludes M&I expenses, SILO/LILO/tax settlements, support agreement charges, restructuring charges, investment write-downs and goodwill impairment.

Page 4

The Bank of New York Mellon Corporation 1Q09 Quarterly Earnings Review

ASSETS UNDER MANAGEMENT/CUSTODY AND ADMINISTRATION TREND

	2008								2009		1Q09 vs.
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		1Q08		4Q08
Market value of assets under management at period-end (in billions)	$	1,105	$	1,113	$	1,067	$	928	$	881	(20	)%	(5	)%
Market value of assets under custody and administration at period-end (in trillions)	$	23.1	$	23.0	$	22.4	$	20.2	$	19.5	(16	)%	(3	)%
Market value of securities on loan at period-end (in billions) (a)	$	660	$	588	$	470	$	326	$	293	(56	)%	(10	)%

(a) Represents the total amount of securities on loan, both cash and non-cash, managed by the Asset Servicing segment.

ASSETS UNDER MANAGEMENT FLOWS (a)

Changes in market value of assets under management from Dec. 31, 2008 to March 31, 2009 by business segment
(in billions)	Asset Management			Wealth Management			Total
Market value of assets under management at Dec. 31, 2008	$	859		$	69		$	928
Net inflows (outflows):
Long-term		(2	)		1			(1	)
Money market		(11	)		-			(11	)
Total net inflows (outflows)		(13	)		1			(12	)
Net market depreciation (b)		(31	)		(4	)		(35	)
Market value of assets under management at March 31, 2009	$	815	(c)	$	66	(d)	$	881

(a) Preliminary.

(b) Includes the effect of changes in foreign exchange rates.

(c) Excludes $3 billion subadvised for the Wealth Management segment.

(d) Excludes private client assets managed in the Asset Management segment.

COMPOSITION OF ASSETS UNDER MANAGEMENT

Composition of assets under management at period-end (a)	2008								2009
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr
Equity	40	%	38	%	36	%	29	%	27	%
Money market	29	%	31	%	34	%	43	%	45	%
Fixed income	18	%	18	%	20	%	18	%	19	%
Alternative investments and overlay	13	%	13	%	10	%	10	%	9	%
Total	100	%	100	%	100	%	100	%	100	%

(a) Excludes securities lending cash management assets.

MARKET INDICES

Market indices	2008				2009	1Q09 vs.
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	1st Qtr	1Q08		4Q08
S&P 500 Index (a)	1323	1280	1166	903	798	(40	)%	(12	)%
S&P 500 Index-daily average	1353	1371	1252	916	809	(40	)	(12	)
FTSE 100 Index (a)	5702	5626	4902	4434	3926	(31	)	(11	)
FTSE 100 Index-daily average	5891	5979	5359	4270	4040	(31	)	(5	)
NASDAQ Composite Index (a)	2279	2293	2092	1577	1529	(33	)	(3	)
Lehman Brothers Aggregate Bondsm Index (a)	281	270	256	275	262	(7	)	(5	)
MSCI EAFE® Index (a)	2039	1967	1553	1237	1056	(48	)	(15	)
NYSE Share Volume (in billions)	158	141	180	181	161	2		(11	)
NASDAQ Share Volume (in billions)	149	135	145	148	136	(9	)	(8	)

(a) Period end.

Page 5

The Bank of New York Mellon Corporation 1Q09 Quarterly Earnings Review

FEE AND OTHER REVENUE

	2008												2009			1Q09 vs.
(dollar amounts in millions)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			1Q08		4Q08
Securities servicing fees:
Asset servicing (a)	$	899		$	864		$	803		$	782		$	609		(32	)%	(22	)%
Issuer services		376			444			477			388			364		(3	)	(6	)
Clearing services (b)		263			264			259			279			253		(4	)	(9	)
Total securities servicing fees		1,538			1,572			1,539			1,449			1,226		(20	)	(15	)
Asset and wealth management fees		842			844			792			657			609		(28	)	(7	)
Performance fees		20			16			3			44			7		(65	)	(84	)
Foreign exchange and other trading activities		259			308			385			510			307		19		(40	)
Treasury services		124			130			130			134			126		2		(6	)
Distribution and servicing		98			110			107			106			111		13		5
Financing-related fees		48			50			45			45			48		-		7
Investment income (b)		28			62			38			47			(21	)	N/M		N/M
Other		96			42			46			65			20		(79	)	(69	)
Total fee revenue (non-FTE)	$	3,053		$	3,134		$	3,085		$	3,057		$	2,433		(20	)%	(20	)%
Securities gains (losses)		(73	)		(152	)		(162	)		(1,241	)		(295	)	N/M		N/M
Total fee and other revenue (non-FTE)	$	2,980		$	2,982		$	2,923		$	1,816		$	2,138		(28	)%	18	%
Total fee and other revenue (FTE)	$	2,989		$	2,993		$	2,934		$	1,825		$	2,146		(28	)%	18	%
Fee and other revenue as a percentage of total revenue (FTE)		79	%		88	%		81	%		63	%		73	%
Fee and other revenue as a percent of total revenue
(FTE) – non-GAAP adjusted (c)		80	%		80	%		79	%		74	%		76	%

(a) Includes securities lending revenue of $245 million in 1Q08, $202 million in 2Q08, $155 million in 3Q08, $187 million in 4Q08 and $90 million in 1Q09.

(b) In 1Q09, fee revenue associated with an equity investment was reclassified from clearing services revenue to investment income. Fee revenue associated with this equity investment was a loss of $58 million in 1Q09, and revenue of $9 million in 4Q08, $3 million in 3Q08, $6 million in 2Q08 and $4 million in 1Q08. Prior period amounts have been reclassified.

(c) Excluding investment write-downs and SILO/LILO charges.

N/M - Not meaningful.

KEY POINTS

• Asset servicing fees – Continued strong new business wins over the past year offset by lower securities lending revenue, lower market values and transaction volumes and a stronger U.S. dollar, impacted the year-over-year and sequential results.

• Issuer services fees – Lower levels of fixed income issuances globally, partially offset by higher Depositary Receipts due to the timing of corporate actions impacted the year-over-year results. The decrease sequentially reflects lower revenue from Depositary Receipts due to timing of corporate actions and lower Shareowner Services revenue due to lower corporate action activity and the impact of lower equity values on stock option plan fees.

• Clearing services fees – Year-over-year results were impacted by lower asset values and lower money market mutual fund related revenue. Lower trading volumes in 1Q09, as compared to the record level of trading activity in 4Q08 and lower money market mutual fund related revenue contributed to the linked quarter decline.

• Asset and wealth management fees – Year-over-year and linked quarter, the impact of new business was offset by the global weakness in market values and the impact of a stronger U.S. dollar.

• Foreign exchange and other trading was $307 million compared with $259 million in 1Q08 and a record $510 million in 4Q08. The increase from 1Q08 reflects the benefit from higher volatility of key currencies, partially offset by lower client volumes. The decrease from 4Q08 reflects the impact of both lower volatility and client volumes.

• Investment income decreased $49 million compared to 1Q08 and $68 million sequentially. Both decreases primarily resulted from the write-downs related to certain equity investments.

• Securities write-downs totaled $295 million in 1Q09 compared with write-downs of $73 million in 1Q08 and $1.241 billion in 4Q08. The write-downs in 1Q08 and 4Q08 included an expected incurred loss of $22 million and $208 million, respectively. Write-downs in 1Q09 primarily reflect the deterioration in the credit quality of certain securities and the adverse impact of low interest rates on a structured tax investment. See the investment portfolio discussion on page 9 for further details.

• The decrease in other revenue compared with 1Q08 primarily resulted from the $42 million gain related to the initial public offering of VISA recorded in 1Q08.

Page 6

The Bank of New York Mellon Corporation 1Q09 Quarterly Earnings Review

NET INTEREST REVENUE

	2008												2009			1Q09 vs.
(dollar amounts in millions)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			1Q08		4Q08
Net interest revenue (non-FTE)	$	767		$	411		$	703		$	1,070		$	792		3	%	(26	)%
Net interest revenue (FTE)		773			415			708			1,077			796		3		(26	)
Net interest margin (FTE)		2.14	%		1.16	%		1.96	%		2.34	%		1.89	%	(25	) bps	(45	) bps
Excluding the SILO/LILO charges:
Net interest revenue (non-FTE)	$	767		$	788			815		$	1,070		$	792		3	%	(26	)%
Net interest revenue (FTE)		773			792			820			1,077			796		3		(26	)
Net interest margin (FTE)		2.14	%		2.21	%		2.27	%		2.34	%		1.89	%	(25	) bps	(45	) bps
Selected average balances:
Cash/interbank investments	$	46,857		$	50,105		$	51,982		$	91,128		$	83,292		78	%	(9	)%
Trading account securities		1,459			1,918			1,791			2,148			1,728		18		(20	)
Securities		48,306			45,081			43,534			40,711			44,114		(9	)	8
Loans		48,496			47,151			46,983			49,889			40,551		(16	)	(19	)
Interest-earning assets		145,118			144,255			144,290			183,876			169,685		17		(8	)
Interest-bearing deposits		92,881			94,785			86,853			96,575			102,849		11		6
Noninterest-bearing deposits		26,240			24,822			33,462			52,274			43,561		66		(17	)
Selected average yields/rates:
Cash/interbank investments		4.08	%		3.61	%		3.62	%		2.62	%		1.23	%
Trading account securities		5.36			3.74			2.76			3.96			2.86
Securities		5.16			4.97			5.12			5.43			4.24
Loans		4.50			0.61	(a)		2.54	(a)		3.05			2.70
Interest-earning assets		4.59			3.05	(a)		3.71	(a)		3.38			2.38
Interest-bearing deposits		2.66			2.02			1.98			1.04			0.30
Average cash/interbank investments as a percentage of average interest-earning assets		32	%		35	%		36	%		50	%		49	%
Average noninterest-bearing deposits as a percentage of average interest-earning assets		18	%		17	%		23	%		28	%		26	%

(a) Excluding the SILO/LILO charges, the yield on loans was 3.81% and 3.50% and the yield on interest-earning assets was 4.10% and 4.0% for 2Q08 and 3Q08, respectively.

bps - basis points.

KEY POINTS

• Net interest revenue and related margin continued to be influenced by the size of the balance sheet, historically low interest rates, and our conservative investment strategy in an uncertain environment.

• Net interest revenue (FTE) increased 3% year-over-year and declined 26% (unannualized) sequentially.

• The increase compared with 1Q08 principally reflects a higher level of average interest earning assets, driven by a 66% increase in noninterest-bearing deposits, partially offset by the lower value of interest-free funds.

• The sequential decrease reflects record low interest rates resulting in a lower value of interest-free funds and narrower spreads. Also contributing to the decline was a lower level of average interest-earning assets resulting from the anticipated decline in the size of the balance sheet as short-term credit markets normalized.

• The net interest margin decreased 25 basis points year-over-year and 45 basis points sequentially reflecting the impact of lower interest rates on the value of noninterest-bearing deposits and our conservative investment strategy, which was demonstrated by the increase in the proportion of average interest-earning assets invested in cash/interbank investments rising from 32% to 49% year-over-year.

• Subsequent to the end of 1Q09, we have begun to re-invest in high quality earnings assets with a duration of approximately 2-4 years.

Page 7

The Bank of New York Mellon Corporation 1Q09 Quarterly Earnings Review

NONINTEREST EXPENSE

	2008												2009			1Q09 vs.
(dollar amounts in millions)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			1Q08		4Q08
Staff:
Compensation	$	795		$	804		$	804		$	758		$	712		(10	)%	(6	)%
Incentives		366			386			242			256			248		(32	)	(3	)
Employee benefits		191			201			172			140			191		-		36
Total staff		1,352			1,391			1,218			1,154			1,151		(15	)	-
Professional, legal and other purchased services		252			280			287			307			262		4		(15	)
Net occupancy		129			139			164			143			140		9		(2	)
Distribution and servicing		130			131			133			123			107		(18	)	(13	)
Software		79			88			78			86			81		3		(6	)
Furniture and equipment		79			79			80			86			77		(3	)	(10	)
Sub-custodian and clearing		70			83			80			80			66		(6	)	(18	)
Business development		66			75			62			76			44		(33	)	(42	)
Other		193			218			269			258			186		(4	)	(28	)
Subtotal		2,350			2,484			2,371			2,313			2,114		(10	)	(9	)
Goodwill impairment		-			-			-			-			50		N/M		N/M
Support agreement charges		14			(9	)		726			163			(8	)	N/M		N/M
Restructuring charges		-			-			-			181			10		N/M		N/M
Amortization of intangible assets		122			124			120			116			108		(11	)	(7	)
Merger and integration expenses:
The Bank of New York Mellon Corporation		121			146			107			97			68		(44	)	(30	)
Acquired Corporate Trust Business		5			3			4			-			-		N/M		N/M
Total noninterest expense	$	2,612		$	2,748		$	3,328		$	2,870		$	2,342		(10	)%	(18	)%
Total staff expense as a percentage of total revenue (FTE)		36	%		41	%		33	%		40	%		39	%
Total staff expense as a percentage of total revenue (FTE) – non-GAAP adjusted (a)		35	%		35	%		31	%		28	%		35	%

(a) Excluding the SILO/LILO charges and investment write-downs.

N/M - Not meaningful.

KEY POINTS

• Strong expense management in response to the operating environment and the continued impact of merger-related synergies drove year-over-year and sequential declines in noninterest expense (excluding goodwill impairment, support agreement charges, restructuring charges, intangible amortization and M&I expenses).

• The 10% year-over-year decrease was driven by a 15% decline in total staff expense resulting from lower incentive and compensation expense, a 33% decrease in business development expense and a stronger U.S. dollar. Partially offsetting these declines were higher net occupancy and professional, legal and other purchased services.

• The sequential decrease of 9% (unannualized) included declines in nearly all expense categories.

• The 1Q09 goodwill impairment charge related to our Mellon United National Bank subsidiary. The restructuring charges in 4Q08 and 1Q09 relate to the 4Q08 announcement of a 4% reduction in staff.

• In 1Q09, the FDIC proposed a 10-20 basis point special emergency deposit assessment for all depository institutions which is expected to be recorded in 2Q09, if approved. Based on 1Q09 average assessable deposits and assuming a 10 basis point rate, the charge relating to this proposal would have been approximately $75 million.

Page 8

The Bank of New York Mellon Corporation 1Q09 Quarterly Earnings Review

INVESTMENT SECURITIES PORTFOLIO

At March 31, 2009, the fair value of our investment securities portfolio totaled $36.6 billion. The unrealized net of tax loss on our available for sale securities portfolio was $4.5 billion at March 31, 2009. The unrealized net of tax loss at Dec. 31, 2008 was $4.1 billion.

The following table provides the detail of our total securities portfolio.

Securities portfolio March 31, 2009	Amortized Cost (a)		Fair Value		Fair Value as % of Amortized Cost (c)		Portfolio Aggregate Unrealized Gain/(Loss) (b)			Quarter to-date Change in Unrealized Gain/(Loss)			Life-to-date/ Impairment Charge (d)		Ratings
(dollar amounts in millions)															AAA		AA		A		Other
Watch list:
Alt-A RMBS	$	8,235	$	4,697	54	%	$	(3,538	)	$	(774	)	$	468	19	%	3	%	3	%	75	%
Prime/Other RMBS		6,329		4,874	77			(1,455	)		326			6	59		11		10		20
Subprime RMBS		1,556		990	61			(566	)		25			55	11		52		15		22
Commercial MBS		2,812		2,299	81			(513	)		196			22	97		1		1		1
ABS CDOs		42		10	6			(32	)		(16	)		129	-		-		34		66
Credit cards		686		448	62			(238	)		(15	)		37	-		7		90		3
Trust preferred securities		124		23	18			(101	)		(42	)		4	-		-		-		100
Home equity lines of credit		539		233	33			(306	)		(82	)		168	-		25		-		75
SIV securities		120		95	45			(25	)		(8	)		90	2		1		-		97
Other		611		443	56			(168	)		(33	)		184	30		-		2		68
Total watch list (e)		21,054		14,112	64			(6,942	)		(423	)		1,163	44		10		9		37
Agency RMBS		11,006		11,248	102			242			182			-	100		-		-		-
European floating rate notes		7,012		5,713	81			(1,299	)		(128	)		4	95		3		-		2
Other		5,540		5,571	101			31			15			2	68		7		4		21
Total	$	44,612	$	36,644	80	%	$	(7,968	)	$	(354	)	$	1,169	73	%	5	%	4	%	18	%

(a) Amortized cost increased $1.1 billion as a result of adopting FAS 115-2.

(b) The net impact of recording recent accounting changes increased the portfolio’s unrealized loss by $75 million.

(c) Amortized cost before impairments.

(d) As a result of the cumulative effect adjustment of adopting FAS 115-2, life-to-date impairment charges decreased $1.1 billion.

(e) The “Watch list” includes those securities we view as having a higher risk of additional impairment charges.

Since the end of the fourth quarter, the housing market indicators and the broader economy continued to deteriorate. To reflect the declining value of homes in the current environment, we adjusted our non-agency residential mortgage-backed securities (“RMBS”) loss severity assumptions to decrease the amount we expect to receive to cover the value of the original loan. These adjustments to our assumptions, along with projected defaults, generated a loss in our Alt-A securities portfolio of $125 million in the first quarter of 2009.

The following table provides the detail of securities portfolio losses for the first quarter of 2009.

Securities portfolio losses (in millions)	1Q09
Alt-A securities	$	125	(a)
Home equity line of credit		18	(a)
European floating rate notes		4
ABS CDOs		3
Prime MBS		3
Credit cards		2
Other		140	(b)
Total	$	295

(a) Includes $42 million previously recorded in 4Q08 and required to be written down again by FAS 115-2.

(b) Includes $95 million resulting from the impact of low interest rates on a structured tax investment and $37 million of seed capital write-downs.

Effective March 31, 2009, the Company adopted FAS 115-2 “Recognition and Presentation of Other-Than-Temporary Impairment (OTTI)” which changes the accounting for OTTI. As a result, in the first quarter of 2009, the expected loss component of $295 million was recorded as a securities loss in earnings and the non-credit related component of $1.290 billion remains in accumulated OCI.

Page 9

The Bank of New York Mellon Corporation 1Q09 Quarterly Earnings Review

CAPITAL

Capital ratios - preliminary	March 31, 2009		Dec. 31, 2008		March 31, 2008
Tier 1 capital ratio	13.8	%(a)	13.3	%	8.8	%
Total (Tier 1 plus Tier 2) capital ratio	17.4		17.1		12.1
Leverage capital ratio	7.8		6.9		6.2
Total shareholders’ equity to assets ratio	13.9		11.8		13.9
Tangible common equity to tangible assets ratio (b)	4.2	(c)	3.8		4.4

(a) The cumulative effect adjustment of adopting FAS 115-2 added approximately 33 bps to the Tier 1 ratio at March 31, 2009.

(b) See page 22 for a calculation of this ratio.

(c) Adoption of recent accounting changes added approximately 28 basis points to the tangible common equity to assets ratio.

Position versus Eight Peer Group Banks (a)
Tier 1 capital ratio:	#2
excluding TARP investment	#2
Tangible common equity to assets ratio:	#4
excluding OCI	#1
TARP investment as a percent of market capitalization	#1	(lowest)
Dividend yield (b)	#5

(a) Banks in peer group include Bank of America, Citigroup, JPMorgan Chase, Northern Trust, PNC Financial Services, State Street, US Bancorp and Wells Fargo. Tier 1 and tangible common equity to assets ratios are as of 12/31/08, as 3/31/09 data is not currently available for all bank peers. Dividend yield and TARP investment as a percent of market capitalization are as of 3/31/09.

(b) The Bank of New York Mellon Corporation dividend yield based upon $0.09 quarterly dividend.

Source: Industry analysis/company reports

Page 10

The Bank of New York Mellon Corporation 1Q09 Quarterly Earnings Review

NONPERFORMING ASSETS

Nonperforming assets (dollar amounts in millions)	March 31, 2009			Dec. 31, 2008			March 31, 2008
Loans:
Commercial real estate	$	190		$	124		$	49
Other residential mortgages		151			99			33
Commercial		65			60			50
Wealth management		4			1			-
Foreign		2			-			78
Total nonperforming loans		412			284			210
Other assets owned		9			8			5
Total nonperforming assets	$	421		$	292		$	215
Nonperforming loans ratio		1.0	%		0.7	%		0.4	%
Allowance for loan losses/nonperforming loans		114.1			146.1			149.5
Total allowance for credit losses/nonperforming loans		135.7			186.3			231.9

ALLOWANCE FOR CREDIT LOSSES, PROVISION AND NET CHARGE-OFFS

Allowance for credit losses, provision and net charge-offs	Quarter ended
(dollar amounts in millions)	March 31, 2009			Dec. 31, 2008			March 31, 2008
Allowance for credit losses – beginning of period	$	529		$	494		$	494
Provision for credit losses		80			60			16
Adoption of SFAS No. 159		-			-			(10	)
Net (charge-offs)/recoveries:
Commercial		(22	)		(11	)		(6	)
Commercial real estate		(17	)		(3	)		-
Other residential mortgages		(12	)		(11	)		(2	)
Foreign		-			1			(5	)
Wealth management		-			(1	)		-
Leasing		1			-			-
Total net (charge-offs) recoveries		(50	)		(25	)		(13	)
Allowance for credit losses – end of period	$	559		$	529		$	487
Allowance for loan losses	$	470		$	415		$	314
Allowance for unfunded commitments		89			114			173

Page 11

The Bank of New York Mellon Corporation 1Q09 Quarterly Earnings Review

MERGER UPDATE - INTEGRATION MILESTONES

Revenue Synergies

	1Q09 Actual		Target
(in millions)			2009		2010		2011
Annualized revenue synergies	$	186	$	215-275	$	270-350	$	325-425

Expense Synergies

	------------------------Actual------------------------										----Cumulative Target----
(dollar amounts in millions)	1Q08		2Q08		3Q08		4Q08		1Q09		2009			2010
Expense synergies	$	118	$	131	$	144	$	157	$	173	$	710/84	%	$	850
# of net positions eliminated (cumulative)		1,873		2,075		2,486		2,827		2,973					3,200

Business Segment Expense Synergies Achieved (in millions)	1Q08		2Q08		3Q08		4Q08		1Q09
Asset Management	$	10	$	10	$	12	$	12	$	13
Wealth Management		6		7		8		9		10
Asset Servicing		44		51		55		61		67
Issuer Services		12		14		15		17		19
Clearing Services		2		2		2		2		3
Treasury Services		14		15		17		20		21
Subtotal		88		99		109		121		133
Other		30		32		35		36		40
Total	$	118	$	131	$	144	$	157	$	173
Total – annualized	$	472	$	524	$	576	$	628	$	692

M&I Charges (The Bank of New York Mellon Corporation)

(dollar amounts in millions)				Cumulative through 1Q09(a)
	1Q09 Total Expense			Expense			Included in Goodwill			Total			Total Estimated
Personnel-related (b)	$	16		$	354		$	123		$	477		$	560
Integration/conversion		43			499			-			499			600
One-time costs (c)		9			57			44			101			153
Transaction costs (d)		-			117			45			162			162
Total	$	68		$	1,027		$	212		$	1,239		$	1,475
% of total estimated		5	%		70	%		14	%		84	%

(a) Represents total M&I charges from 4Q06 – 1Q09.

(b) Includes severance, retention, relocation expenses and accelerated vesting of stock options and restricted stock.

(c) Includes facilities related expenses, balance sheet write-offs, vendor contract modifications, rebranding and net gain (loss) on disposals.

(d) Includes investment banker and legal fees and foundation funding.

Service Quality Goals for 2010 – Asset Servicing

• #1 vs. major peers in the three major external global client satisfaction surveys

- BNY Mellon #1 rated custodian among the large custodian peer group

> R&M Global Custody Survey (March 2009)

> Global Custodian Survey (January 2009)

> Global Investor Survey (May 2008)

• Expect 85% of our clients to be satisfied/highly satisfied with our service quality

Page 12

The Bank of New York Mellon Corporation 1Q09 Quarterly Earnings Review

BUSINESS SEGMENTS

During the first quarter of 2009, we moved the financial results of the execution business to the Other segment from the Clearing Services segment. Historical segment results for Clearing Services and Other have been restated to reflect this change.

ASSET MANAGEMENT (provides asset management services through a number of asset management companies to institutional and individual investors)

(dollar amounts in millions unless otherwise noted)	2008												2009			1Q09 vs.
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			1Q08		4Q08
Revenue:
Asset and wealth management:
Mutual funds	$	323		$	340		$	328		$	297		$	263		(19	)%	(11	)%
Institutional clients		304			290			265			193			181		(40	)	(6	)
Private clients		45			47			43			35			32		(29	)	(9	)
Total asset and wealth management		672			677			636			525			476		(29	)	(9	)
Performance fees		20			16			3			44			7		(65	)	(84	)
Distribution and servicing		86			99			93			93			92		7		(1	)
Other		(26	)		4			(45	)		(100	)		(95	)	N/M		5
Total fee and other revenue		752			796			687			562			480		(36	)	(15	)
Net interest revenue		15			11			10			43			16		7		(63	)
Total revenue		767			807			697			605			496		(35	)(a)	(18	)(a)
Noninterest expense (ex. intangible amortization and support agreement charges)		557			528			489			478			412		(26	)	(14	)
Income before taxes (ex. intangible amortization and support agreement charges)		210			279			208			127			84		(60	)	(34	)
Support agreement charges		-			5			328			2			(14	)	N/M		N/M
Amortization of intangible assets		62			68			64			61			55		(11	)	(10	)
Income before taxes	$	148		$	206		$	(184	)	$	64		$	43		(71	)%	(33	)%
Pre-tax operating margin (ex. intangible amortization) – Non-GAAP (b)		27	%		34	%		(17	)%		21	%		20	%
Market value of assets under management at period-end (in billions)	$	1,029		$	1,040		$	995		$	862		$	818		(21	)%	(5	)%
Assets under management-net inflows (outflows):
Long-term (in billions)	$	(8	)	$	(8	)	$	(6	)	$	(23	)	$	(2	)
Money market (in billions)	$	29		$	21		$	14		$	28		$	(11	)

(a) Excluding securities write-downs, 1Q09 vs. 1Q08 and linked quarter growth rates were a negative 33% and a negative 19% (unannualized), respectively.

(b) The pre-tax operating margin, excluding intangible amortization, support agreement charges and investment write-downs was 29% for 1Q08, 34% for 2Q08, 30% for 3Q08, 27% for 4Q08 and 22% for 1Q09.

N/M - Not meaningful.

KEY POINTS

• Asset management results continued to reflect the benefit of new business and strong expense control, offset by the challenging market environment.

• Asset and wealth management fees year-over-year and sequentially reflect the weakness in global market values and the impact of historically low interest rates, partially offset by new business in the institutional and retail channels and positive flows in prime money market mutual funds (shift from Treasury/Government funds).

• Ongoing expense management in response to the operating environment resulted in 1Q09 noninterest expense ( ex. intangible amortization and support agreement charges) declining 26% year-over-year, and 14% (unannualized) sequentially. The decline over both periods reflects staff reductions, consolidation of investment processes and continued fund mergers. Year-over-year total compensation expense declined 29%.

• For 1Q09, income before tax excluding intangible amortization, support agreement charges and investment write-downs would have been $118 million and pre-tax operating margin would have been 22%.

• Stronger investment performance resulted in market share gains domestically and internationally.

Page 13

The Bank of New York Mellon Corporation 1Q09 Quarterly Earnings Review

WEALTH MANAGEMENT (provides investment management, wealth and estate planning and private banking solutions to high net worth individuals and families, family offices and business enterprises, charitable gift programs and endowments and foundations)

(dollar amounts in millions unless otherwise noted)	2008												2009			1Q09 vs.
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			1Q08		4Q08
Revenue:
Asset and wealth management	$	153		$	150		$	141		$	119		$	122		(20	)%	3	%
Other		13			11			22			15			19		46		27
Total fee and other revenue		166			161			163			134			141		(15	)	5
Net interest revenue		46			48			50			56			50		9		(11	)
Total revenue		212			209			213			190			191		(10	)	1
Provision for credit losses		-			(1	)		1			-			-		-		-
Noninterest expense (ex. intangible amortization and support agreement charges)		142			142			140			141			128		(10	)	(9	)
Income before taxes (ex. intangible amortization and support agreement charges)		70			68			72			49			63		(10	)	29
Support agreement charges		-			-			15			-			-		-		-
Amortization of intangible assets		13			13			14			14			11		(15	)	(21	)
Income before taxes	$	57		$	55		$	43		$	35		$	52		(9	)%	49	%
Pre-tax operating margin (ex. intangible amortization) - Non-GAAP		33	%		33	%		27	%(a)		26	%		33	%
Average loans	$	4,390		$	4,816		$	5,231		$	5,309		$	5,388		23	%	1	%
Average deposits	$	7,993		$	7,782		$	7,318		$	7,131		$	7,058		(12	)%	(1	)%
Market value of total client assets at period end (in billions)	$	164		$	162		$	158		$	139		$	132		(20	)%	(5	)%

(a) The pre-tax operating margin for 3Q08, excluding support agreement charges and intangible amortization, was 34%.

N/M - Not meaningful.

KEY POINTS

• Wealth Management results continue to reflect the benefit of strong organic growth, as $13 billion in net inflows over the last twelve months ($2 billion in 1Q09) were driven by the family office platform and the Northeast wealth markets.

• Total fee and other revenue decreased 15% compared with 1Q08 and increased 5% (unannualized) sequentially. Year-over-year lower equity values more than offset organic growth while on a linked quarter basis, organic growth and higher capital markets fees more than offset lower equity values.

• Net interest revenue increased 9% year-over-year and decreased 11% (unannualized) sequentially. The year-over-year increase was due primarily to increased loan levels and loan spreads. The sequential decrease reflects lower deposit spreads, partially offset by a record level of jumbo mortgage originations resulting in higher average loan levels.

• Noninterest expense (excluding intangible amortization and support agreement charges) decreased 10% compared with 1Q08 and 9% (unannualized) sequentially due to continued impact of merger-related synergies and overall expense control. Strong expense management resulted in flat operating leverage year-over-year and 1,000 basis points of positive operating leverage sequentially.

• Wealth Management has a presence in 15 of the top 25 domestic wealth markets.

• Continued to gain market share, driven by 13 consecutive quarters of positive net client flows.

Page 14

The Bank of New York Mellon Corporation 1Q09 Quarterly Earnings Review

ASSET SERVICING (provides global custody and related services and broker-dealer services to corporate and public retirement funds, foundations and endowments and global financial institutions)

(dollar amounts in millions	2008												2009			1Q09 vs.
unless otherwise noted)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			1Q08		4Q08
Revenue:
Securities servicing fees - asset servicing	$	859		$	821		$	769		$	742		$	583		(32	)%	(21	)%
Foreign exchange and other trading activities		200			224			261			366			199		(1	)	(46	)
Other		44			36			47			25			48		9		92
Total fee and other revenue		1,103			1,081			1,077			1,133			830		(25	)	(27	)
Net interest revenue		222			213			240			411			249		12		(39	)
Total revenue		1,325			1,294			1,317			1,544			1,079		(19	)	(30	)
Noninterest expense (ex. intangible amortization and support agreement charges)		733			812			821			830			699		(5	)	(16	)
Income before taxes (ex. intangible amortization and support agreement charges)		592			482			496			714			380		(36	)	(47	)
Support agreement charges		14			(14	)		381			160			6		(57	)	N/M
Amortization of intangible assets		7			5			6			6			7		-		17
Income before taxes	$	571		$	491		$	109		$	548		$	367		(36	)%	(33	)%
Memo: Securities lending revenue		245			202			155			187			90		(63	)	(52	)
Average deposits	$	46,092		$	48,436		$	51,492		$	64,500		$	57,084		24	%	(11	)%
Pre-tax operating margin (ex. intangible amortization) - Non-GAAP		44	%		38	%		9	%(a)		36	%(a)		35	%(a)
Market value of securities on loan at period-end (in billions) (b)	$	660		$	588		$	470		$	326		$	293		(56	)%	(10	)%
Global collateral management balances at period-end (in billions)	$	1,864		$	1,702		$	2,035		$	1,796		$	1,756		(6	)%	(2	)%

(a) The pre-tax operating margin excluding support agreement charges and intangible amortization was 38% in 3Q08, 46% in 4Q08 and 35% in 1Q09.

(b) Represents the total amount of securities on loan both cash and non-cash, managed by the Asset Servicing segment.

N/M – Not meaningful.

KEY POINTS

• In Asset Servicing, continued strong new business ($1.9 trillion AUC over the last 12 months) and strong expense control helped mitigate the impact of weaker market values, lower market volatility and historically low interest rates.

• Asset servicing fees year-over-year and sequentially reflect the benefit of new business over the past year, offset by lower securities lending fees, lower market levels and transaction volumes and a stronger U.S. dollar.

• Securities lending fees decreased $155 million compared with 1Q08 and $97 million sequentially reflecting lower spreads, lower market valuations and overall de-leveraging in the financial markets.

• Foreign exchange and other trading was essentially flat year-over-year and declined 46% (unannualized) compared to the record 4Q08. The year-over-year results reflect lower volumes largely offset by increased volatility while the sequential decline reflects both lower volatility and volumes.

• Net interest revenue increased 12% compared to the prior year and decreased 39% (unannualized) sequentially. The increase year-over-year reflects increased deposit levels while the sequential quarter decrease resulted from lower deposit levels, down from historical highs in 4Q08, and lower spreads.

• Strong expense control as well as the continued impact of merger-related synergies resulted in noninterest expense declining 5% year-over-year and 16% (unannualized) sequentially. The declines over both periods were driven by declines in nearly all expense categories, including compensation expense, which decreased 9% year-over-year and approximately 12% (unannualized) on a linked quarter basis.

• 1Q09 new business wins totaled $335 billion.

• R&M Global Custody Survey – BNY Mellon ranked #1 overall for the second consecutive year.

• Global Investor Magazine FX Survey – #1 FX provider including Best FX Service Overall.

Page 15

The Bank of New York Mellon Corporation 1Q09 Quarterly Earnings Review

ISSUER SERVICES (provides corporate trust, depositary receipt and shareowner services to corporations and institutions)

	2008												2009			1Q09 vs.
(dollar amounts in millions)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			1Q08		4Q08
Revenue:
Securities servicing fees - issuer services	$	374		$	443		$	475		$	392		$	363		(3	)%	(7	)%
Other		33			36			54			44			41		24		(7	)
Total fee and other revenue		407			479			529			436			404		(1	)	(7	)
Net interest revenue		153			176			170			211			200		31		(5	)
Total revenue		560			655			699			647			604		8		(7	)
Noninterest expense (ex. intangible amortization)		318			347			349			318			297		(7	)	(7	)
Income before taxes (ex. intangible amortization)		242			308			350			329			307		27		(7	)
Amortization of intangible assets		20			20			21			20			21		5		5
Income before taxes	$	222		$	288		$	329		$	309		$	286		29	%	(7	)%
Pre-tax operating margin (ex. intangible amortization) – Non-GAAP		43	%		47	%		50	%		51	%		51	%
Number of depositary receipt programs		1,315			1,322			1,354			1,338			1,330		1	%	(1	)%
Average deposits	$	27,632		$	30,557		$	29,546		$	34,294		$	45,963		66	%	34	%

KEY POINTS

• Issuer Services results continued to be favorably impacted by higher customer deposit balances and the benefit of new business, partially offset by the challenging operating environment in the domestic Corporate Trust businesses as well as lower overall corporate action activity and lower equity markets.

• Total revenue grew 8% compared to 1Q08 and decreased 7% (unannualized) sequentially driven by:

• Corporate Trust – Year-over-year revenue growth resulting from higher net interest revenue reflecting higher customer deposit balances as well as the benefit of new business in the Global and Corporate businesses, was partially offset by lower revenue in the Structured and Municipal businesses.

• Depositary Receipts – Total revenue increased year-over-year and declined linked quarter. Both periods benefited from new business and were impacted by the timing of corporate action fees.

• Shareowner Services – Revenue decreased both year-over-year and sequentially resulting from lower overall corporate action activity and the impact of lower equity values on employee stock option plan fees.

• Strong expense control resulted in a 7% decrease in noninterest expense both year-over-year and linked quarter driven by a 17% and 8% (unannualized) decline in total compensation expense compared to 1Q08 and 4Q08, respectively. Compared to 1Q08, the decrease in noninterest expense contributed to approximately 1,500 basis points of positive operating leverage.

• Continued to maintain #1 market position in all three Issuer Services businesses – increased market share in Corporate Trust and Depositary Receipts businesses.

Page 16

The Bank of New York Mellon Corporation 1Q09 Quarterly Earnings Review

CLEARING SERVICES (provides clearing, financing and custody services for broker-dealers and registered investment advisors)

	2008												2009			1Q09 vs.
(dollar amounts in millions) (a)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			1Q08		4Q08
Revenue:
Securities servicing fees – clearing services	$	250		$	259		$	254		$	277		$	249		-	%	(10	)%
Other		53			64			63			72			72		36		-
Total fee and other revenue		303			323			317			349			321		6		(8	)
Net interest revenue		75			75			75			96			82		9		(15	)
Total revenue		378			398			392			445			403		7		(9	)
Noninterest expense (ex. intangible amortization)		263			291			282			268			252		(4	)	(6	)
Income before taxes (ex. intangible amortization)		115			107			110			177			151		31		(15	)
Amortization of intangible assets		6			6			8			6			7		17		17
Income before taxes	$	109		$	101		$	102		$	171		$	144		32	%	(16	)%
Pre-tax operating margin (ex. intangible amortization) – Non-GAAP		30	%		27	%		28	%		40	%		37	%
Average active accounts (in thousands)		5,170			5,280			5,442			5,472			5,452		5	%	-	%
Average margin loans	$	5,245		$	5,791		$	5,754		$	4,871		$	4,207		(20	)%	(14	)%
Average payables to customers and broker-dealers	$	4,942		$	5,550		$	5,910		$	5,570		$	3,797		(23	)%	(32	)%

(a) In the first quarter of 2009, the financial results of the execution businesses were reclassified from the Clearing Services segment to the Other segment. All prior periods have been reclassified.

KEY POINTS

• Clearing Services results reflect the benefit of strong expense control which helped mitigate the impact of weaker market values, lower market volatility and low interest rates.

• Total fee and other revenue increased 6% compared with 1Q08 due primarily to higher trading revenue, partially offset by lower asset values and money market related fees. Compared with 4Q08, fee and other revenue decreased 8% (unannualized) primarily due to both lower average daily trading volumes and money market related fees.

• Net interest revenue increased 9% compared with 1Q08 driven by higher customer balances partially offset by narrower spreads. Net interest revenue decreased 15% (unannualized) sequentially due to lower customer balances and narrower spreads.

• Strong expense control resulted in year-over-year and linked quarter declines in noninterest expense. Compared to 1Q08 noninterest expense declined 4% contributing to 1,100 basis points of positive operating leverage. Noninterest expense decreased 6% (unannualized) sequentially. The declines from both prior periods were driven by lower compensation expense, which decreased 13% and 12% (unannualized), compared to 1Q08 and 4Q08, respectively.

• Increased market position as #1 provider to the introducing broker-dealer segment.

Page 17

The Bank of New York Mellon Corporation 1Q09 Quarterly Earnings Review

TREASURY SERVICES (provides treasury services, global payment services, working capital solutions, capital markets business and large corporate banking)

	2008												2009			1Q09 vs.
(dollar amounts in millions)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			1Q08		4Q08
Revenue:
Treasury services	$	121		$	125		$	125		$	130		$	121		-	%	(7	)%
Other		106			130			137			101			118		11		17
Total fee and other revenue		227			255			262			231			239		5		3
Net interest revenue		182			153			158			233			158		(13	)	(32	)
Total revenue		409			408			420			464			397		(3	)	(14	)
Noninterest expense (ex. intangible amortization)		205			203			202			204			195		(5	)	(4	)
Income before taxes (ex. intangible amortization)		204			205			218			260			202		(1	)	(22	)
Amortization of intangible assets		7			7			6			7			6		(14	)	(14	)
Income before taxes	$	197		$	198		$	212		$	253		$	196		(1	)%	(23	)%
Pre-tax operating margin (ex. intangible amortization) – Non-GAAP		50	%		50	%		52	%		56	%		51	%
Average loans	$	15,344		$	15,606		$	14,671		$	16,040		$	13,612		(11	)%	(15	)%
Average deposits	$	20,056		$	17,316		$	18,397		$	30,052		$	24,867		24	%	(17	)%

KEY POINTS

• Treasury Services results primarily reflect the impact of market share gains and continued expense control, offset by lower net interest revenue.

• Total fee and other revenue increased 5% compared to 1Q08 and 3% (unannualized) sequentially, as the impact of new business was offset by lower global payment volumes. Also contributing to the increase over both periods was higher capital markets related fees.

• Net interest revenue declined $24 million compared to 1Q08 and $75 million sequentially. The year-over-year decline was primarily due to lower spreads and loan volumes, while the sequential decline was driven by lower deposit and loan levels, and lower spreads.

• Noninterest expense decreased 5% compared with 1Q08 and 4% (unannualized) sequentially reflecting overall expense control.

Page 18

The Bank of New York Mellon Corporation 1Q09 Quarterly Earnings Review

OTHER (primarily includes the leasing portfolio, corporate treasury activities, the results of Mellon United National Bank, business exits, M&I expenses and other corporate revenue and expense items)

(dollar amounts in millions, unless otherwise noted; presented on an FTE basis) (a)	2008												2009
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr
Revenue:
Fee and other revenue	$	31		$	(102	)	$	(101	)	$	(1,020	)	$	(269	)
Net interest revenue (expense)		80			(261	)		5			27			41
Total revenue		111			(363	)		(96	)		(993	)		(228	)
Provision for credit losses		16			26			29			60			80
Noninterest expense (ex. goodwill impairment, restructuring charges, intangible amortization and M&I expenses)		132			161			90			75			131
Income (loss) before taxes (ex. goodwill impairment, restructuring charges, intangible amortization and M&I expenses)		(37	)		(550	)		(215	)		(1,128	)		(439	)
Goodwill impairment		-			-			-			-			50
Restructuring charges		-			-			-			181			10
Amortization of intangible assets		7			5			1			2			1
M&I expenses:
The Bank of New York Mellon Corporation		121			146			107			97			68
Acquired Corporate Trust Business		5			3			4			-			-
Total M&I expenses		126			149			111			97			68
Income (loss) before taxes	$	(170	)	$	(704	)	$	(327	)	$	(1,408	)	$	(568	)

(a) In the first quarter of 2009, the financial results of the execution businesses were reclassified from Clearing Services to the Other segment. All prior periods have been reclassified.

KEY POINTS

• Fee and other revenue decreased $300 million compared to 1Q08 and increased $751 million compared to 4Q08 with the variances over both periods primarily due to the level of investment write-downs.

• Net interest revenue decreased $39 million compared to 1Q08 reflecting the impact of the changing interest rate environment on Corporate Treasury allocations.

• Noninterest expense (excluding goodwill impairment, restructuring charges, intangible amortization and M&I expenses) was flat compared to 1Q08 and increased $56 million sequentially. The sequential increase primarily reflects higher corporate level expenses, including higher payroll tax and pension expense.

• The 1Q09 goodwill impairment charge related to our Mellon United National Bank subsidiary. The restructuring charges in 4Q08 and 1Q09 relate to the 4Q08 announcement of a 4% reduction in staff.

Page 19

The Bank of New York Mellon Corporation 1Q09 Quarterly Earnings Review

SUPPLEMENTAL INFORMATION - EXPLANATION OF NON-GAAP FINANCIAL MEASURES

Reported amounts are presented in accordance with GAAP. We believe that the supplemental non-GAAP information is useful to the investment community in analyzing the financial results and trends of our business. We believe they facilitate comparisons with prior periods and reflect the principal basis on which our management internally monitors financial performance. These non-GAAP items are also excluded from our segment measures used internally to evaluate segment performance because management does not consider them to be particularly relevant or useful in evaluating the operating performance of our business segments.

Reconciliation of net income and EPS – GAAP to Non-GAAP (in millions, except per common share amounts)	1Q09						4Q08						1Q08
	Net income			EPS			Net income			EPS			Net income		EPS
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	322		$	0.28		$	28		$	0.02		$	746	$	0.65
Discontinued operations (income) loss		-			-			(1	)		-			3		-
Extraordinary loss on consolidation of commercial paper conduits, net of tax		-			-			26			0.02			-		-
Continuing operations		322			0.28			53			0.05	(a)		749		0.65
M&I expenses		41			0.04			58			0.05			75		0.07
Restructuring charges		7			0.01			107			0.09			-		-
Support agreement charges		(5	)		-			97			0.08			8		0.01
Goodwill impairment		31			0.03			-			-			-		-
Continuing operations excluding M&I expenses, restructuring charges, support agreement charges and goodwill impairment		396			0.34	(a)		315			0. 27			832		0.73
Investment write-downs		214			0.19			752			0.65			43		0.04
Continuing operations excluding M&I expenses, restructuring charges, support agreement charges, goodwill impairment and investment write-downs		610			0.53			1,067			0.93	(a)		875		0.76	(a)
Intangible amortization		66			0.06			71			0.06			75		0.07
Continuing operations excluding M&I expenses, restructuring charges, support agreement charges, goodwill impairment, investment write-downs and intangible amortization	$	676		$	0.59		$	1,138		$	0.99		$	950	$	0.83

(a) Does not foot due to rounding.

Reconciliation of total revenue (dollar amounts in millions)								1Q09 vs.
	1Q09			4Q08		1Q08		1Q08		4Q08
Fee and other revenue	$	2,138		$	1,816	$	2,980	(28	)%	18	%
Investment write-downs		347	(a)		1,241		73	N/M		N/M
Total fee and other revenue – Non-GAAP		2,485			3,057		3,053	(19	)	(19	)
Net interest revenue		792			1,070		767	3		(26	)
Total revenue excluding investment write-downs – Non-GAAP	$	3,277		$	4,127	$	3,820	(14	)%	(21	)%

(a) Includes $295 million recorded in net securities gains (losses) and $52 million recorded in investment income.

N/M – Not meaningful.

Page 20

The Bank of New York Mellon Corporation 1Q09 Quarterly Earnings Review

Reconciliation of income from continuing operations before income taxes – pre-tax operating margin (FTE) (dollars in millions)
	1Q09			4Q08			1Q08
Income from continuing operations before income taxes – GAAP	$	508		$	(44	)	$	1,119
FTE increment		12			16			15
Income from continuing operations before income taxes (FTE)		520			(28	)		1,134
Investment write-downs		347	(a)		1,241			73
M&I expenses		68			97			126
Restructuring charges		10			181			-
Support agreement charges		(8	)		163			14
Goodwill impairment		50			-			-
Intangible amortization		108			116			122
Income from continuing operations before income taxes (FTE) excluding investment write-downs, M&I expenses, restructuring charges, goodwill impairment, support agreement charges and intangible amortization	$	1,095		$	1,770		$	1,469
Fee and other revenue – GAAP	$	2,138		$	1,816		$	2,980
Add: FTE increment – Fee revenue		8			9			9
Net interest revenue – GAAP		792			1,070			767
Add: FTE increment – Net interest revenue		4			7			6
Total revenue (FTE)		2,942			2,902			3,762
Add: Investment write-downs		347	(a)		1,241			73
Total revenue (FTE) excluding investment write-downs	$	3,289		$	4,143		$	3,835
Pre-tax operating margin (FTE) (b)		18	%		(1	)%		30	%
Pre-tax operating margin (FTE) excluding investment write-downs, M&I expenses, restructuring charges, support agreement charges, goodwill impairment and intangible amortization (b)		33	%		43	%		38	%

(a) Includes $295 million recorded in net securities gains (losses) and $52 million recorded in investment income.

(b) Income before taxes divided by total revenue (FTE).

Return on common equity and tangible common equity
(dollars in millions)	1Q09			4Q08			1Q08
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	322		$	28		$	746
Add: Intangible amortization		66			71			75
Net income applicable to common shareholders of The Bank of New York Mellon Corporation before extraordinary loss excluding intangible amortization		388			99			821
Discontinued operations (income) loss		-			(1	)		3
Extraordinary loss on consolidation of commercial paper conduits, net of tax		-			26			-
Continuing operations		388			124			824
Add:  M&I expenses		41			58			75
Restructuring charges		7			107			-
Support agreement charges		(5	)		97			8
Goodwill impairment		31			-			-
Investment write-downs		214			752			43
Net income from continuing operations before extraordinary loss excluding intangible amortization, M&I expenses, restructuring charges, support agreement charges, goodwill impairment and investment write-downs	$	676		$	1,138		$	950
Average common shareholders’ equity	$	25,189		$	26,812		$	29,551
Less:  Average goodwill		15,837			16,121			16,581
Average intangible assets		5,752			5,763			6,221
Add:  Deferred tax liability – tax deductible goodwill		624			599			516
Deferred tax liability – non-tax deductible intangible assets		1,808			1,841			1,986
Average tangible common shareholders’ equity	$	6,032		$	7,368		$	9,251
Return on tangible common equity before extraordinary loss – GAAP		26.1	%		6.7	%		35.8	%
Return on tangible common equity before extraordinary loss excluding M&I expenses, restructuring charges, support agreement charges, goodwill impairment and investment write-downs		45.5	%		61.5	%		41.4	%
Return on common equity before extraordinary loss – GAAP		5.2	%		0.8	%		10.2	%
Return on common equity before extraordinary loss excluding M&I expenses, restructuring charges, support agreement charges, goodwill impairment, investment write-downs and intangible amortization		10.9	%		16.9	%		12.9	%

Page 21

The Bank of New York Mellon Corporation 1Q09 Quarterly Earnings Review

Calculation of tangible common shareholders’ equity to assets (dollars in millions)
	1Q09			4Q08			1Q08
Common shareholders’ equity at period end	$	25,415		$	25,264		$	28,475
Less:  Goodwill		15,805			15,898			16,581
Intangible assets		5,717			5,856			6,353
Add:  Deferred tax liability – tax deductible goodwill		624			599			516
Deferred tax liability – non-tax deductible intangible assets		1,808			1,841			1,986
Tangible common shareholders’ equity at period end	$	6,325		$	5,950		$	8,043
Total assets at period end	$	203,478		$	237,512		$	204,935
Less:  Goodwill		15,805			15,898			16,581
Intangible assets		5,717			5,856			6,353
Cash on deposit with the Federal Reserve and other central banks (a)		29,679			53,278			1,236
U.S. Government-backed commercial paper (a)		-			5,629			-
Tangible total assets at period end	$	152,277		$	156,851		$	180,765
Tangible common shareholders’ equity to tangible assets		4.2	%		3.8	%		4.4	%

(a) Assigned a zero percent risk weighting by the regulators.

Page 22

EX-99.2

Exhibit 99.2

THE BANK OF NEW YORK MELLON CORPORATION

Financial Trends

Notes:

On July 1, 2007, The Bank of New York Company, Inc. (“The Bank of New York”) and Mellon Financial Corporation (“Mellon”) merged into The Bank of New York Mellon Corporation (“The Bank of New York Mellon” or “BNY Mellon”), with BNY Mellon being the surviving entity.

The results prior to the consummation of the merger, reflect the sum of The Bank of New York and Mellon’s historical results, but do not include the pro forma impact of purchase accounting adjustments. Combined results for the periods prior to the merger (2006, 1Q07, 2Q07) are presented on a pre-tax basis only. Average common equity and average goodwill/intangibles are not disclosed for the periods prior to the merger due to the impact of the merger on these line items. The business segment results are presented on a pre-tax basis for all periods and reflect actions taken to report consistent transfer pricing and cost allocation methodologies as well as intercompany eliminations between The Bank of New York and Mellon.

Summations may not equal due to rounding. As a result of this rounding convention, immaterial differences may exist between the segment trends data versus the segment trends data filed on Form 10-Q.

The following transactions have impacted the reporting of our results:

On Jan. 1, 2009, we adopted FAS 160 which resulted in a reclassification of Minority Interest, to equity from other liabilities on the balance sheet and to noncontrolling interest from other expense on the income statement.

During the first quarter of 2009, we moved the financial results of the Execution business from the Clearing Services segment to the Other segment. Historical segment results have been restated to reflect these changes.

On June 3, 2008, we completed the sale of Mellon 1st Business Bank, National Association (N.A.). The financial results have been moved from the Wealth Management segment to the Other segment. In addition, the financial results of Mellon United National Bank (MUNB) have been moved from the Wealth Management segment to the Other segment. Historical segment results have been restated to reflect these changes.

On December 20, 2007, we acquired the remaining 50% interest in the ABN AMRO Mellon joint venture. The financial results are included in the Asset Servicing segment.

On October 1, 2006, The Bank of New York acquired JPMorgan Chase’s Corporate Trust business in exchange for our retail and regional middle market banking businesses. Results of the Corporate Trust business are included in the Issuer Services segment.

The following transactions have impacted the reporting of our results:

Investment Write-downs – Impacted total revenue levels in the fourth quarter of 2007 and full year of 2008, and the first quarter of 2009.

Restructuring charge – Recorded charges in the fourth quarter of 2008 and first quarter of 2009 related to the 4% global workforce reduction.

SILO/LILO/Tax settlement charges – Incurred charges in the second and third quarters of 2008.

Merger & integration/Intangible amortization expenses – Both expense categories increased beginning in the second/third quarters of 2007 as a result of The Bank of New York/Mellon merger.

Support agreement charges – Recorded a $163 million pre-tax charge in the fourth quarter of 2008 and a $726 million pre-tax charge in the third quarter of 2008 (minor amounts recorded in the fourth quarter of 2007, first and second quarters of 2008 and the first quarter of 2009).

Goodwill impairment – Recorded a $50 million pre-tax charge in the first quarter of 2009 related to the Mellon United National Bank subsidiary.

All of these items are detailed in the trends that follow. In addition, page 15 provides additional details on the impact of the applicable items on total revenue as well the impact on Continuing operations fully diluted earnings per share.

Discontinued Operations Accounting:

The income/(loss) and average assets from discontinued operations accounting have not been allocated to any segment.

Average Assets:

Where average deposits in a business segment are greater than average loans, average assets include an allocation of investment securities equal to the difference. Consolidated average assets include average assets of discontinued operations.

Return on Common and Tangible Common Equity/Pretax Operating Margin:

Ratios are presented for continuing operations basis only. Quarterly return on common and tangible common equity ratios are annualized.

Page 1 of 19

THE BANK OF NEW YORK MELLON CORPORATION

CONTINUING OPERATIONS—9 Quarter Trend

(dollar amounts in millions unless otherwise noted;	2007												2008												2009
presented on an FTE basis)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr (a)			3rd Qtr (a)			4th Qtr			1st Qtr
Revenue:
Securities servicing fees
Asset servicing	$	640		$	694		$	720		$	812		$	899		$	864		$	803		$	782		$	609
Issuer services		371			415			436			438			376			444			477			388			364
Clearing services		275			288			301			308			263			264			259			279			253
Total securities servicing fees		1,286			1,397			1,457			1,558			1,538			1,572			1,539			1,449			1,226
Asset and wealth management fees		801			856			854			887			842			844			792			657			609
Performance fees		49			63			(3	)		62			20			16			3			44			7
Foreign exchange & other trading		182			176			238			305			259			308			385			510			307
Treasury services		116			121			122			121			124			130			130			134			126
Distribution and servicing		84			83			95			113			98			110			107			106			111
Financing-related fees		63			69			51			52			48			50			45			45			48
Investment Income		70			84			34			69			37			73			49			56			(13	)
Other		97			89			101			82			96			42			46			65			20
Total fee revenue		2,748			2,938			2,949			3,249			3,062			3,145			3,096			3,066			2,441
Securities gains (losses)		2			1			(9	)		(191	)		(73	)		(152	)		(162	)		(1,241	)		(295	)
Total fee and other revenue		2,750			2,939			2,940			3,058			2,989			2,993			2,934			1,825			2,146
Net interest revenue		558			592			674			757			773			415			708			1,077			796
Total revenue		3,308			3,531			3,614			3,815			3,762			3,408			3,642			2,902			2,942
Provision for credit losses		(12	)		(18	)		—			20			16			25			30			60			80
Noninterest expenses (ex. intangible amortization and merger & integration expense)		2,237			2,433			2,353			2,491			2,350			2,484			2,371			2,313			2,114
Income before taxes and extraordinary (loss) (ex. intangible amortization and merger & integration expense)		1,083			1,116			1,261			1,304			1,396			899			1,241			529			748
Support agreement charges		—			—			—			3			14			(9	)		726			163			(8	)
Amortization of intangible assets		40			40			131			131			122			124			120			116			108
Restructuring charge		—			—			—			—			—			—			—			181			10
Goodwill impairment—Mellon United National Bank		—			—			—			—			—			—			—			—			50
Merger & integration expense		23			163			218			124			126			149			111			97			68
Income before taxes, noncontrolling interest and extraordinary (loss)		1,020			913			912			1,046			1,134			635			284			(28	)		520
Income taxes								266			343			376			327			(25	)		(119	)		150
Income before noncontrolling interest and extraordinary (loss)								646			703			758			308			309			91			370
Net income attributable to noncontrolling interest								(4	)		(3	)		(9	)		(6	)		(4	)		(5	)		(1	)
Extraordinary (loss) on consolidation of commercial paper conduit, net of tax								—			(180	)		—			—			—			(26	)		—
Preferred Dividends								—			—			—			—			—			(33	)		(47	)
Net income from continuing operations							$	642		$	520		$	749		$	302		$	305		$	27		$	322
EPS from continuing operations (b)							$	0.67		$	0.67		$	0.72		$	0.34		$	0.32		$	0.07		$	0.32
Market value of assets under management at period-end (in billions)	$	1,025		$	1,082		$	1,106		$	1,121		$	1,105		$	1,113		$	1,067		$	928		$	881
Market value of assets under custody and administration at period-end (in trillions)	$	21.1		$	22.2		$	22.7		$	23.1		$	23.1		$	23.0		$	22.4		$	20.2		$	19.5
Market value of securities on loan at period-end (in billions)	$	661		$	678		$	663		$	633		$	660		$	588		$	470		$	326		$	293
Pre-tax operating margin
GAAP-before extraordinary (loss)								25	%		27	%		30	%		19	%		8	%		(1	)%		18	%
Non-GAAP adjusted (c)								35	%		37	%		38	%		36	%		39	%		43	%		33	%
Return on tangible common equity (annualized):
GAAP-before extraordinary (loss)								33.2	%		33.0	%		35.8	%		18.5	%		19.0	%		6.7	%		26.1	%
Non-GAAP adjusted (d)								39.0	%		40.8	%		41.4	%		45.7	%		50.4	%		61.5	%		45.5	%
Return on common equity (annualized)
GAAP-before extraordinary (loss)								8.9	%		9.5	%		10.2	%		4.3	%		4.3	%		0.8	%		5.2	%
Non-GAAP adjusted (c)								11.8	%		13.1	%		12.9	%		13.2	%		14.3	%		16.9	%		10.9	%
Non-U.S. percent of revenue (FTE) (e)								30	%		32	%		32	%		33	%		32	%		31	%		29	%

(a) The second and third quarters of 2008 include SILO/LILO/tax settlement charges which reduced net interest revenue (FTE) by $377 million and $112 million, respectively. See pages 4 and 15 for additional details.

(b) Excludes the impact of merger & integration expenses. See page 15 for additional items impacting reported EPS.

(c) Calculated excluding M&I expenses, the SILO/LILO/tax settlements, support agreement charges, restructuring charges, investment write-downs, goodwill impairment, and intangible amortization expenses.

(d) Calculated excluding M&I expenses, the SILO/LILO/tax settlements, support agreement charges, restructuring charges, investment write-downs and goodwill impairment.

(e) Calculated excluding the SILO/LILO/tax settlements and investment write-downs.

Note: See pages 3 through 5 for additional details of revenue/expense items impacting continuing operations.

Page 2 of 19

THE BANK OF NEW YORK MELLON CORPORATION

CONTINUING OPERATIONS - 9 Quarter Trend

FEE AND OTHER REVENUE

	2007												2008												2009
(dollar amounts in millions unless otherwise noted)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr
Securities servicing fees
Asset servicing	$	640		$	694		$	720		$	812		$	899		$	864		$	803		$	782		$	609
Issuer services		371			415			436			438			376			444			477			388			364
Clearing services		275			288			301			308			263			264			259			279			253
Total securities servicing fees		1,286			1,397			1,457			1,558			1,538			1,572			1,539			1,449			1,226
Asset and wealth management fees		801			856			854			887			842			844			792			657			609
Performance fees		49			63			(3	)		62			20			16			3			44			7
Foreign exchange & other trading		182			176			238			305			259			308			385			510			307
Treasury services		116			121			122			121			124			130			130			134			126
Distribution and servicing		84			83			95			113			98			110			107			106			111
Financing-related fees		63			69			51			52			48			50			45			45			48
Investment Income		60			74			25			58			28			62			38			47			(21	)
Other		97			89			101			82			96			42			46			65			20
Total fee revenue (non-FTE)		2,738			2,928			2,940			3,238			3,053			3,134			3,085			3,057			2,433
Securities gains (losses)		2			1			(9	)		(191	)		(73	)		(152	)		(162	)		(1,241	)		(295	)
Total fee and other revenue (non-FTE)		2,740			2,929			2,931			3,047			2,980			2,982			2,923			1,816			2,138
FTE impact		10			10			9			11			9			11			11			9			8
Total fee and other revenue (FTE)	$	2,750		$	2,939		$	2,940		$	3,058		$	2,989		$	2,993		$	2,934		$	1,825		$	2,146
Fee and other revenue as a percentage of total revenue, excluding the investment write-downs and SILO/LILO charges (FTE)		83	%		83	%		81	%		81	%		80	%		80	%		79	%		74	%		76	%
Market value of assets under management at period-end (in billions)	$	1,025		$	1,082		$	1,106		$	1,121		$	1,105		$	1,113		$	1,067		$	928		$	881
Market value of assets under custody and administration at period-end (in trillions)	$	21.1		$	22.2		$	22.7		$	23.1		$	23.1		$	23.0		$	22.4		$	20.2		$	19.5
Market value of securities on loan at period-end (in billions)	$	661		$	678		$	663		$	633		$	660		$	588		$	470		$	326		$	293
S&P 500 Index - period-end		1421			1503			1527			1468			1323			1280			1166			903			798
S&P 500 Index - daily average		1424			1496			1490			1496			1353			1371			1252			916			809

Page 3 of 19

THE BANK OF NEW YORK MELLON CORPORATION

CONTINUING OPERATIONS

Average Balances and Interest Rates

	Quarter Ended
	September 30, 2007					December 31, 2007					March 31, 2008					June 30, 2008					September 30, 2008					December 31, 2008					March 31, 2009
(dollar amounts in millions)	Average balance			Average rates		Average balance			Average rates		Average balance			Average rates		Average balance			Average rates		Average balance			Average rates		Average balance			Average rates		Average balance			Average rates
Assets
Interest-earning assets:
Interest-bearing deposits with banks (primarily foreign)	$	34,461		4.83	%	$	37,107		4.75	%	$	38,658		4.28	%	$	43,361		3.82	%	$	43,999		3.90	%	$	78,680		2.65	%	$	79,704		1.20	%
Other Short Term Investment (FRB)		—		—			—		—			—		—			—		—			954		2.95			8,388		3.04			1,269		3.15
Federal funds sold and securities under resale agreements		5,504		5.26			7,096		4.66			8,199		3.15			6,744		2.21			7,029		1.97			4,060		1.31			2,319		0.81
Margin loans		5,293		6.29			5,313		5.74			5,258		4.47			5,802		3.36			5,764		3.27			4,885		2.35			4,219		1.63
Non-margin loans:
Domestic offices		27,044		5.17			28,527		4.95			29,357		4.49			28,068		(1.56	) (b)		27,480		1.81	(c)		29,796		2.82			23,223		2.96
Foreign offices		13,180		5.50			13,269		5.02			13,881		4.55			13,281		3.97			13,739		3.71			15,208		3.73			13,109		2.56
Total non-margin loans		40,224		5.28			41,796		4.97			43,238		4.51			41,349		0.22	(b)		41,219		2.44	(c)		45,004		3.13			36,332		2.82
Securities
U.S. government obligations		401		4.59			502		4.18			430		3.48			552		3.05			679		3.03			762		2.73			787		2.50
U.S. government agency obligations		11,671		5.56			11,761		5.27			11,333		4.74			11,098		4.27			11,542		4.30			12,071		4.27			12,691		3.65
Obligations of states and political subdivisions		734		6.55			724		6.58			703		7.58			676		5.74			722		7.39			962		7.69			788		6.68
Other securities		33,361		5.69			33,972		5.44			35,840		5.26			32,755		5.22			30,591		5.42			26,916		5.95			29,848		4.47
Trading securities		1,872		3.95			2,351		5.35			1,459		5.36			1,918		3.74			1,791		2.76			2,148		3.96			1,728		2.86
Total securities		48,039		5.60			49,310		5.40			49,765		5.16			46,999		4.92			45,325		5.03			42,859		5.35			45,842		4.20
Total interest-earning assets		133,521		5.32			140,622		5.08			145,118		4.59			144,255		3.05	(b)		144,290		3.71	(c)		183,876		3.38			169,685		2.38
Allowance for credit losses		(303	)				(332	)				(311	)				(310	)				(355	)				(363	)				(411	)
Cash and due from banks		5,013					5,663					5,831					5,399					7,835					5,834					4,850
Other assets		45,597					47,034					50,152					46,653					47,057					54,615					45,995
Total Assets	$	183,828				$	192,987				$	200,790				$	195,997				$	198,827				$	243,962				$	220,119
Liabilities and total equity
Interest-bearing liabilities:
Money market rate accounts	$	17,204		3.38	%	$	16,190		2.74	%	$	13,296		1.63	%	$	13,590		0.96	%	$	12,503		0.88	%	$	19,003		0.52	%	$	19,315		0.11	%
Savings		793		3.09			802		2.72			913		2.33			980		1.74			986		1.13			999		0.76			1,166		0.69
Certificates of deposit of $100,000 & over		3,025		5.37			2,547		5.37			2,313		4.09			2,116		2.71			1,928		2.28			1,812		2.57			1,479		1.18
Other time deposits		1,392		6.32			1,374		6.13			8,445		2.42			6,458		1.86			5,505		1.96			5,186		1.31			5,687		0.55
Foreign offices		58,456		3.78			65,365		3.38			67,914		2.85			71,641		2.22			65,931		2.19			69,575		1.12			75,202		0.31
Total interest-bearing deposits		80,870		3.79			86,278		3.36			92,881		2.66			94,785		2.02			86,853		1.98			96,575		1.04			102,849		0.30
Federal funds purchased and securities under repurchase agreements		4,655		4.29			3,956		3.89			4,750		2.18			4,338		1.05			5,334		1.18			6,127		0.28			2,119		0.12
Other borrowed funds		2,790		4.90			3,079		2.41			3,343		3.50			2,840		3.21			3,303		2.31			3,548		2.13			3,785		1.57
Borrowings from FRB Related to ABCP		—		—			—		—			—		—			—		—			954		2.25			8,388		2.25			1,269		2.25
Payables to customers and broker-dealers		5,316		3.54			5,226		3.12			4,942		1.94			5,550		1.32			5,910		1.19			5,569		0.62			3,797		0.20
Long-term debt		14,767		5.47			15,510		5.29			17,125		4.51			16,841		3.58			15,993		3.62			15,467		3.79			15,493		2.72
Total interest-bearing liabilities		108,398		4.06			114,049		3.60			123,041		2.90			124,354		2.20			118,347		2.14			135,674		1.40			129,312		0.64
Total noninterest-bearing deposits		26,466					28,449					26,240					24,822					33,462					52,274					43,561
Other liabilities		20,295					21,353					21,821					18,314					19,022					27,171					19,256
Total liabilities		155,159					163,851					171,102					167,490					170,831					215,119					192,129
Total equity		28,669					29,136					29,688					28,507					27,996					28,843					27,990
Total liabilities and total equity	$	183,828				$	192,987				$	200,790				$	195,997				$	198,827				$	243,962				$	220,119
Net interest margin - Taxable equivalent basis				2.02	% (a)				2.16	%				2.14	%				1.16	%				1.96	%				2.34	%				1.89	%
Net interest margin - Excluding the SILO/LILO charge																			2.21	%				2.27	%

(a) Includes the reduction in net interest revenue of $22 million related to a required recalculation of the yield on leverage leases under SFAS 13 that resulted from the merger.

(b) Excluding the SILO/LILO charge, the rates on Domestic office loans, Non-margin loans and Interest-earning assets were 3.82%, 3.87% and 4.10%, respectively.

(c) Excluding the SILO/LILO charge, the rates on Domestic office loans, Non-margin loans and Interest-earning assets were 3.44%, 3.53% and 4.02%, respectively.

Note: Interest and average rates were calculated on a taxable equivalent basis, at tax rates of approximately 35%, using dollar amounts in thousands and the actual number of days in the year.

Page 4 of 19

THE BANK OF NEW YORK MELLON CORPORATION

CONTINUING OPERATIONS - 9 Quarter Trend

NONINTEREST EXPENSE

	2007								2008									2009
(dollar amounts in millions)	1st Qtr		2nd Qtr (a)		3rd Qtr (b)		4th Qtr		1st Qtr (c)		2nd Qtr (d)			3rd Qtr (d)		4th Qtr (d)		1st Qtr
Staff:
Compensation	$	739	$	754	$	764	$	758	$	795	$	804		$	804	$	758	$	712
Incentives		327		362		347		443		366		386			242		256		248
Employee benefits		191		187		169		164		191		201			172		140		191
Total staff		1,257		1,303		1,280		1,365		1,352		1,391			1,218		1,154		1,151
Professional, legal and other purchased services		245		253		241		272		252		280			287		307		262
Net occupancy		135		172		144		145		129		139			164		143		140
Distribution and servicing		132		141		127		133		130		131			133		123		107
Furniture and equipment		78		80		80		82		79		79			80		86		77
Business development		58		72		56		72		66		75			62		76		44
Software		72		77		91		78		79		88			78		86		81
Sub-custodian and clearing		87		104		110		115		70		83			80		80		66
Other		173		231		224		229		193		218			269		258		186
Subtotal	$	2,237	$	2,433	$	2,353	$	2,491	$	2,350	$	2,484		$	2,371	$	2,313	$	2,114
Support agreement charges		—		—		—		3		14		(9	)		726		163		(8	)
Restructuring charge		—		—		—		—		—		—			—		181		10
Goodwill impairment (e)		—		—		—		—		—		—			—		—		50
Amortization of intangible assets		40		40		131		131		122		124			120		116		108
Merger & integration expense:
The Bank of New York Mellon Corporation		12		151		205		111		121		146			107		97		68
Acquired Corporate Trust Business		11		12		13		13		5		3			4		—		—
Total noninterest expense	$	2,300	$	2,636	$	2,702	$	2,749	$	2,612	$	2,748		$	3,328	$	2,870	$	2,342
Employees at period-end (f)		n/a		n/a		40,600		42,500		42,600		43,100			43,200		42,900		42,000

(a) The second quarter of 2007 includes a $46 million charge for the early redemption of junior subordinated debentures, $30 million for exit costs associated with excess office space and a $5 million litigation reserve charge.

(b) The third quarter of 2007 includes a $32 million write-off of the remaining interests in a hedge fund manager sold in 2006.

(c) The first quarter of 2008 includes a $25 million write-down of seed capital investments related to a former affiliated hedge fund manager.

(d) The second, third and fourth quarters of 2008 include $22 million, $24 Million and $4 million, respectively, of charges for credit monitoring related to lost tapes.

(e) The first quarter of 2009 goodwill impairment charge related to Mellon United National Bank subsidiary.

(f) Represents full time employees.

n/a - Information not available on a combined basis.

Page 5 of 19

THE BANK OF NEW YORK MELLON CORPORATION

ASSETS UNDER MANAGEMENT/ CUSTODY AND ADMINISTRATION / SECURITIES LENDING - 9 Quarter Trend

	2007												2008												2009
(dollar amounts in billions unless otherwise noted)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr
Market value of assets under management at period-end (in billions)
Institutional	$	652		$	691		$	682		$	671		$	636		$	625		$	585		$	445		$	394
Mutual Funds		273			290			323			349			373			393			384			400			413
Private Client		100			101			101			101			96			95			98			83			74
Total market value of assets under management		1,025			1,082			1,106			1,121			1,105			1,113			1,067			928			881
Composition of assets under management at period-end
Equity		42	%		42	%		41	%		41	%		40	%		38	%		36	%		29	%		27	%
Money Market		22	%		23	%		25	%		26	%		29	%		31	%		34	%		43	%		45	%
Fixed Income		21	%		20	%		19	%		20	%		18	%		18	%		20	%		18	%		19	%
Alternative investments and overlay		15	%		15	%		15	%		13	%		13	%		13	%		10	%		10	%		9	%
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%		100	%		100	%
Market value of assets under custody and administration at period-end (in trillions)	$	21.1		$	22.2		$	22.7		$	23.1		$	23.1		$	23.0		$	22.4		$	20.2		$	19.5
Market value of securities on loan at period-end	$	661		$	678		$	663		$	633		$	660		$	588		$	470		$	326		$	293
Market Indices
S&P 500 Index - period-end (a)		1421			1503			1527			1468			1323			1280			1166			903			798
S&P 500 Index - daily average		1424			1496			1490			1496			1353			1371			1252			916			809
FTSE 100 Index (a)		6308			6608			6467			6457			5702			5626			4902			4434			3926
FTSE 100 Index-daily average		6265			6534			6366			6455			5891			5979			5359			4270			4040
NASDAQ Composite Index (a)		2422			2603			2702			2652			2279			2293			2092			1577			1529
Lehman Brothers Aggregate Bond Index (a)		230.8			227.9			246.2			257.5			281.2			270.1			256.0			274.7			262.5
MSCI EAFE Index (a)		2147.5			2262.2			2300.3			2253.4			2038.6			1967.2			1553.2			1237.4			1056.2
NYSE Volume (in billions)		123.8			127.7			145.5			135.0			158.5			140.7			179.8			181.2			161.3
NASDAQ Volume (in billions)		123.5			134.0			137.0			137.4			148.9			134.5			144.9			148.3			136.2

(a) Period end

Page 6 of 19

THE BANK OF NEW YORK MELLON CORPORATION

ASSETS UNDER MANAGEMENT NET FLOWS - 9 Quarter Trend

	2007											2008												2009
(dollar amounts in billions )	1st Qtr			2nd Qtr		3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr
Market value of assets under management at beginning of period	$	1,011		$	1,025	$	1,082		$	1,106		$	1,121		$	1,105		$	1,113		$	1,067		$	928
Net Flows
Long-term		(3	)		6		2			(20	)		(6	)		(8	)		(6	)		(22	)		(1	)
Money market		5			17		27			39			29			21			14			28			(11	)
Total net inflows (a)		2			23		29			19			23			13			8			6			(12	)
Net Market appreciation/(depreciation)		12			34		(5	)		(4	)		(39	)		(6	)		(54	)		(137	)		(35	)
Acquisitions/other		—			—		—			—			—			1			—			(8	)		—
Market value of assets under management at end of period	$	1,025		$	1,082	$	1,106		$	1,121		$	1,105		$	1,113		$	1,067		$	928		$	881

(a) Net flows from the first quarter and second quarters of 2007 represent Legacy Mellon flows only.

Page 7 of 19

THE BANK OF NEW YORK MELLON CORPORATION

BUSINESS SEGMENTS

ASSET MANAGEMENT - 9 Quarter Trend

(dollar amounts in millions unless otherwise noted; presented on an FTE basis)	2007												2008												2009
	1st Qtr			2nd Qtr			3rd Qtr (a)			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr
Revenue:
Asset and wealth management
Mutual funds		276			291			307			323			323			340			328			297			263
Institutional clients		320			351			331			342			304			290			265			193			181
Private clients		43			46			47			47			45			47			43			35			32
Total asset and wealth management		639			688			685			712			672			677			636			525			476
Performance fees		49			63			(3	)		62			20			16			3			44			7
Distribution and servicing		82			82			89			104			86			99			93			93			92
Other fee revenue (b)		16			31			(26	)		10			(26	)		4			(45	)		(100	)		(95	)
Total fee and other revenue		786			864			745			888			752			796			687			562			480
Net interest revenue (expense)		6			(6	)		(4	)		18			15			11			10			43			16
Total revenue		792			858			741			906			767			807			697			605			496
Noninterest expenses (ex. intangible amortization and support agreement charges)		509			540			538			556			557			528			489			478			412
Income before taxes (ex. intangible amortization and support agreement charges)		283			318			203			350			210			279			208			127			84
Support agreement charges		—			—			—			—			—			5			328			2			(14	)
Amortization of intangible assets		13			13			70			70			62			68			64			61			55
Income before taxes		270			305			133			280			148			206			(184	)		64			43
Average assets	$	5,358		$	5,318		$	13,482		$	13,495		$	13,238		$	13,410		$	13,286		$	13,135		$	12,636
Market value of assets under management at period-end (in billions) (c)	$	950		$	1,006		$	1,028		$	1,044		$	1,029		$	1,040		$	995		$	862		$	818
Pre-tax operating margin (ex. intangible amortization) - non-GAAP (d)		36	%		37	%		27	%		39	%		27	%		34	%		-17	%		21	%		20	%

(a) The third quarter of 2007 includes a $32 million charge related to the write-off of the value of the remaining interest in a legacy Mellon hedge fund manager that was disposed of in 2006.

(b) Includes investment write-downs of $9 million and $1 million in the third and fourth quarters of 2007, $24 million, $1 million, $3 million and $51 million in the first, second, third and fourth quarters of 2008 and $34 million in the first quarter of 2009.

(c) Includes amounts subadvised for/by other sectors.

(d) Excluding support agreement charges and investment write-downs, pre-tax operating margin (Non-GAAP) was 38% for the fourth quarter of 2007, 29%, 34%, 30% and 27% for the first, second, third and fourth quarters of 2008, respectively, and 22% for the first quarter of 2009.

Page 8 of 19

THE BANK OF NEW YORK MELLON CORPORATION

BUSINESS SEGMENTS

WEALTH MANAGEMENT - 9 Quarter Trend

(dollar amounts in millions unless otherwise noted; presented on an FTE basis)	2007												2008												2009
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr
Revenue:
Asset and wealth management		148			153			151			157			153			150			141			119			122
Securities servicing fees - Asset servicing		4			4			3			5			6			6			7			8			7
Other fee revenue		—			(1	)		2			5			7			5			15			7			12
Total fee and other revenue		152			156			156			167			166			161			163			134			141
Net interest revenue (expense)		43			44			41			42			46			48			50			56			50
Total revenue		195			200			197			209			212			209			213			190			191
Provision for credit losses		—			—			—			—			—			(1	)		1			—			—
Noninterest expenses (ex. intangible amortization and support agreement charges)		136			141			139			142			142			142			140			141			128
Income before taxes (ex. intangible amortization and support agreement charges)		59			59			58			67			70			68			72			49			63
Support agreement charges		—			—			—			—			—			—			15			—			—
Amortization of intangible assets		1			—			14			14			13			13			14			14			11
Income before taxes		58			59			44			53			57			55			43			35			52
Average loans	$	3,799		$	4,083		$	4,133		$	4,342		$	4,390		$	4,816		$	5,231		$	5,309		$	5,388
Average assets	$	6,884		$	6,841		$	9,964		$	9,858		$	10,496		$	10,254		$	9,801		$	9,632		$	9,611
Average deposits	$	6,388		$	6,352		$	7,589		$	7,469		$	7,993		$	7,782		$	7,318		$	7,131		$	7,058
Market value of total client assets at period-end (in billions) (a)	$	158		$	162		$	170		$	170		$	164		$	162		$	158		$	139		$	132
Pre-tax operating margin (ex. intangible amortization) - non-GAAP		30	%		30	%		29	%		32	%		33	%		33	%		27	% (b)		26	%		33	%

(a) Includes assets under management, before amounts subadvised by/for other sectors, of $66 billion in the first quarter of 2009; of $84 billion, $81 billion, $77 billion and $69 billion in the first, second, third and fourth quarters of 2008; $84 billion, $85 billion, $86 billion and $86 billion in the first, second, third and fourth quarters of 2007.

(b) Excluding support agreement charges, pre-tax operating margin (Non-GAAP) was 34% for the third quarter of 2008.

Note: On June 3, 2008, we completed the sale of Mellon 1st Business Bank, National Association (N.A.); the financial results have been moved from the Wealth Management segment to the Other segment. In addition, the financial results of Mellon United National Bank (MUNB) have been moved from the Wealth Management segment to the Other segment. Historical segment results have been restated to reflect these changes.

Page 9 of 19

THE BANK OF NEW YORK MELLON CORPORATION

BUSINESS SEGMENTS

ASSET SERVICING - 9 Quarter Trend

(dollar amounts in millions unless otherwise noted; presented on an FTE basis)	2007												2008												2009
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr
Revenue:
Securities servicing fees - Asset servicing		609			665			689			777			859			821			769			742			583
Foreign Exchange and other trading activities		112			125			161			206			200			224			261			366			199
Other fee revenue		53			61			56			53			44			36			47			25			48
Total fee and other revenue		774			851			906			1,036			1,103			1,081			1,077			1,133			830
Net interest revenue (expense)		155			180			195			225			222			213			240			411			249
Total revenue		929			1,031			1,101			1,261			1,325			1,294			1,317			1,544			1,079
Noninterest expenses (ex. intangible amortization and support agreement charges)		681			732			753			807			733			812			821			830			699
Income before taxes (ex. intangible amortization and support agreement charges)		248			299			348			454			592			482			496			714			380
Support agreement charges		—			—			—			3			14			(14	)		381			160			6
Amortization of intangible assets		3			3			6			6			7			5			6			6			7
Income before taxes		245			296			342			445			571			491			109			548			367
Average loans (a)	$	6,881		$	7,645		$	7,996		$	8,719		$	8,967		$	7,284		$	8,538		$	10,376		$	5,743
Average assets	$	37,922		$	40,843		$	44,043		$	48,462		$	52,468		$	54,763		$	57,795		$	71,455		$	65,153
Average deposits	$	34,286		$	37,339		$	38,065		$	42,446		$	46,092		$	48,436		$	51,492		$	64,500		$	57,084
Pre-tax operating margin (ex. intangible amortization) - non-GAAP		27	%		29	%		32	%		36	%		44	%		38	%		9	%(c)		36	%(c)		35	%
MEMO:
Securities lending revenue	$	65		$	99		$	110		$	167		$	245		$	202		$	155		$	187		$	90
Market value of securities on loan at period-end (in billions) (b)	$	661		$	678		$	663		$	633		$	660		$	588		$	470		$	326		$	293

(a) Loan balances are primarily related to Broker-Dealer Services business within Asset Servicing.

(b) Represents the total amount of securities on loan (both cash and non-cash) managed by the Asset Servicing segment.

(c) Excluding support agreement charges, pre-tax operating margin (Non-GAAP) was 38% in third quarter and 46% in the fourth quarter of 2008, respectively.

Page 10 of 19

THE BANK OF NEW YORK MELLON CORPORATION

BUSINESS SEGMENTS

ISSUER SERVICES - 9 Quarter Trend

(dollar amounts in millions unless otherwise noted; presented on an FTE basis)	2007												2008												2009
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr (a)			3rd Qtr (a)			4th Qtr (a)			1st Qtr
Revenue:
Securities servicing fees - Issuer services		371			415			436			438			374			443			475			392			363
Other fee revenue		37			25			24			19			33			36			54			44			41
Total fee and other revenue		408			440			460			457			407			479			529			436			404
Net interest revenue (expense)		125			158			159			175			153			176			170			211			200
Total revenue		533			598			619			632			560			655			699			647			604
Provision for credit losses		—			—			—			—			—			—			—			—			—
Noninterest expenses (ex. intangible amortization)		291			297			291			324			318			347			349			318			297
Income before taxes (ex. intangible amortization)		242			301			328			308			242			308			350			329			307
Amortization of intangible assets		17			17			20			21			20			20			21			20			21
Income before taxes		225			284			308			287			222			288			329			309			286
Average assets	$	17,848		$	25,619		$	30,771		$	32,729		$	32,227		$	35,167		$	34,264		$	38,987		$	50,855
Average deposits	$	13,574		$	21,392		$	26,186		$	28,293		$	27,632		$	30,557		$	29,546		$	34,294		$	45,963
Pre-tax operating margin (ex. intangible amortization) - non-GAAP		45	%		50	%		53	%		49	%		43	%		47	%		50	%		51	%		51	%

(a) The second, third and fourth quarters of 2008 include $22 million, $24 Million and $4 million, respectively, of charges for credit monitoring related to lost tapes.

Page 11 of 19

THE BANK OF NEW YORK MELLON CORPORATION

BUSINESS SEGMENTS

CLEARING SERVICES - 9 Quarter Trend

(dollar amounts in millions unless otherwise noted; presented on an FTE basis)	2007												2008												2009
	1st Qtr			2nd Qtr			3rd Qtr (a)			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr
Revenue:
Securities servicing fees - Clearing services		224			239			243			249			250			259			254			277			249
Other fee revenue		31			33			67			44			53			64			63			72			72
Total fee and other revenue		255			272			310			293			303			323			317			349			321
Net interest revenue (expense)		74			74			77			78			75			75			75			96			82
Total revenue		329			346			387			371			378			398			392			445			403
Provision for credit losses		—			—			—			—			—			—			—			—			—
Noninterest expenses (ex. intangible amortization)		238			256			269			260			263			291			282			268			252
Income before taxes (ex. intangible amortization)		91			90			118			111			115			107			110			177			151
Amortization of intangible assets		6			6			6			6			6			6			8			6			7
Income before taxes		85			84			112			105			109			101			102			171			144
Average loans	$	6,668		$	7,195		$	6,847		$	6,660		$	6,629		$	7,263		$	7,384		$	6,735		$	5,927
Average assets	$	14,279		$	14,725		$	15,049		$	15,813		$	16,408		$	17,395		$	18,471		$	21,128		$	18,600
Pre-tax operating margin (ex. intangible amortization) - non-GAAP		28	%		26	%		30	%		30	%		30	%		27	%		28	%		40	%		37	%

(a) The third quarter of 2007 includes a $27 million ($28 million of fee revenue net of $1 million of related incentive expense) settlement received for the early termination of a contract in 2005.

Note: During the first quarter of 2009, we moved the financial results of the Execution business from the Clearing Services segment to the Other segment.

Page 12 of 19

THE BANK OF NEW YORK MELLON CORPORATION

BUSINESS SEGMENTS

TREASURY SERVICES - 9 Quarter Trend

(dollar amounts in millions unless otherwise noted; presented on an FTE basis)	2007												2008												2009
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr
Revenue:
Treasury services		110			114			114			118			121			125			125			130			121
Other fee revenue		103			104			110			125			106			130			137			101			118
Total fee and other revenue		213			218			224			243			227			255			262			231			239
Net interest revenue (expense)		135			131			140			161			182			153			158			233			158
Total revenue		348			349			364			404			409			408			420			464			397
Provision for credit losses		—			—			—			—			—			—			—			—			—
Noninterest expenses (ex. intangible amortization)		195			206			196			201			205			203			202			204			195
Income before taxes (ex. intangible amortization)		153			143			168			203			204			205			218			260			202
Amortization of intangible assets		—			—			7			7			7			7			6			7			6
Income before taxes		153			143			161			196			197			198			212			253			196
Average loans	$	12,588		$	13,191		$	13,716		$	14,331		$	15,344		$	15,606		$	14,671		$	16,040		$	13,612
Average assets	$	19,731		$	20,146		$	21,166		$	21,902		$	24,153		$	21,227		$	22,384		$	34,585		$	28,764
Average deposits	$	16,061		$	16,650		$	17,772		$	18,092		$	20,056		$	17,316		$	18,397		$	30,052		$	24,867
Pre-tax operating margin (ex. intangible amortization) - non-GAAP		44	%		41	%		46	%		50	%		50	%		50	%		52	%		56	%		51	%

Page 13 of 19

THE BANK OF NEW YORK MELLON CORPORATION

BUSINESS SEGMENTS

OTHER- 9 Quarter Trend

(dollar amounts in millions unless otherwise noted; presented on an FTE basis)	2007												2008												2009
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr (b)			3rd Qtr (b)			4th Qtr			1st Qtr
Revenue:
Total fee and other revenue (a)		162			138			139			(26	)		31			(102	)		(101	)		(1,020	)		(269	)
Net interest revenue (expense)		20			11			66			58			80			(261	)		5			27			41
Total revenue		182			149			205			32			111			(363	)		(96	)		(993	)		(228	)
Provision for credit losses		(12	)		(18	)		—			20			16			26			29			60			80
Noninterest expenses (ex. intangible amortization and merger & integration expense)		187			261			167			201			132			161			90			75			131
Income before taxes and extraordinary (loss) (ex. intangible amortization and merger & integration expense)		7			(94	)		38			(189	)		(37	)		(550	)		(215	)		(1,128	)		(439	)
Amortization of intangible assets		—			1			8			7			7			5			1			2			1
Goodwill impairment		—			—			—			—			—			—			—			—			50
Restructuring charge		—			—			—			—			—			—			—			181			10
Merger & integration expenses		23			163			218			124			126			149			111			97			68
Income before taxes and extraordinary (loss)		(16	)		(258	)		(188	)		(320	)		(170	)		(704	)		(327	)		(1,408	)		(568	)
Average loans	$	12,101		$	11,710		$	12,825		$	13,057		$	13,166		$	12,182		$	11,159		$	11,429		$	10,864
Average assets	$	40,337		$	42,998		$	49,353		$	50,728		$	51,800		$	43,781		$	42,826		$	55,034		$	34,491
Average deposits	$	14,423		$	14,719		$	17,724		$	18,427		$	17,348		$	15,516		$	13,562		$	12,875		$	15,644

(a) Total fee and other revenue includes investment write-downs of $190 million for the fourth quarter of 2007; $51 million, $151 million, $156 million, $1,176 million for the first, second, third and fourth quarters of 2008; and $316 million in the first quarter of 2009.

(b) The second and third quarter of 2008 include SILO/LILO charges which reduced net interest revenue by $377 million and $112 million, respectively.

Note: The Other segment primarily includes the results of leasing operations, corporate treasury activities, business exits and corporate overhead. On June 3, 2008, we completed the sale of Mellon 1st Business Bank, National Association (N.A.); the financial results have been moved from the Wealth Management segment to the Other segment. In addition, the financial results of Mellon United National Bank (MUNB) have been moved from the Wealth Management segment to the Other segment. During the first quarter of 2009, the financial results of the Execution business have been moved from the Clearing Services to the Other segment. Historical segment results have been restated to reflect these changes.

Page 14 of 19

THE BANK OF NEW YORK MELLON CORPORATION

SUPPLEMENTAL INFORMATION - GAAP TO NON-GAAP RECONCILIATIONS

Reconciliation of net income and EPS - GAAP to Non-GAAP	2007									2008																						2009
	3rd Qtr					4th Qtr				1st Qtr					2nd Qtr						3rd Qtr					4th Qtr						1st Qtr
(in millions, except per share amounts)	Net income		EPS			Net income		EPS		Net income		EPS			Net income			EPS			Net income		EPS			Net income			EPS			Net income			EPS
Net income - GAAP	$	640	$	0.56		$	520	$	0.45	$	746	$	0.65		$	309		$	0.27		$	303	$	0.26		$	28		$	0.02		$	322		$	0.28
Discontinued operations (income) loss		2		—			—		—		3		—			(7	)		(0.01	)		2		—			(1	)		—			—			—
Extraordinary loss on consolidation of paper conduits, net of tax		—		—			180		0.16		—		—			—			—			—		—			26			0.02			—			—
Continuing operations		642		0.56			700		0.61		749		0.65			302			0.26			305		0.26			53			0.05	(a)		322			0.28
Non-GAAP adjustments:
M&I expenses		127		0.11			69		0.06		75		0.07			89			0.08			66		0.06			58			0.05			41			0.04
Restructuring Charge		—		—			—		—		—		—			—			—			—		—			107			0.09			7			0.01
SILO/LILO charge/tax settlements		—		—			—		—		—		—			380			0.33			30		0.03			—			—			—			—
Support agreement charges		—		—			2		—		8		0.01			(5	)		—			433		0.37			97			0.08			(5	)		—
Goodwill impairment		—		—			—		—		—		—			—			—			—		—			—			—			31			0.03
Continuing operations excluding M&I expenses, the restructuring charge, SILO/LILO/ tax settlements and support agreement charges		769		0.67			771		0.67		832		0.73			766			0.67			834		0.72			315			0.27			396			0.34	(a)
Investment write-downs		9		—			114		0.10		43		0.04			—			—			96		0.08			752			0.65			214			0.19
Continuing operations excluding M&I expenses, the restructuring charge, SILO/LILO/ tax settlements, support agreement charges and investment write-downs		778					885		0.77		875		0.76			766						930		0.81	(a)		1,067			0.93	(a)		610			0.53
Intangible amortization		84		0.07			78		0.07		75		0.07			77			0.07			74		0.06			71			0.06			66			0.06
Continuing operations excluding M&I expenses, the restructuring charge, SILO/LILO/ tax settlements, support agreement charges, investment write-downs and intangible amortization	$	862	$	0.75	(a)	$	963	$	0.84	$	950	$	0.83	(a)	$	843		$	0.74		$	1,004	$	0.87		$	1,138		$	0.99		$	676		$	0.59

(a) Does not foot due to rounding.

Reconciliation of Total Revenue	2007				2008									2009
(dollar amounts in millions)	3rd Qtr		4th Qtr		1st Qtr		2nd Qtr			3rd Qtr		4th Qtr		1st Qtr
Fee and other revenue	$	2,931	$	3,047	$	2,980	$	2,982		$	2,923	$	1,816	$	2,138
Net interest revenue		669		752		767		411			703		1,070		792
Total revenue - GAAP		3,600		3,799		3,747		3,393			3,626		2,886		2,930
FTE Increment		14		16		15		15			16		16		12
SILO/LILO charge		—		—		—		377			112		—		—
Investment write-downs		9		191		73		152			162		1,241		347
Total revenue (FTE), excluding SILO/LILO charge and investment write-downs	$	3,623	$	4,006	$	3,835	$	3,937		$	3,916	$	4,143	$	3,289
Reconciliation of Total Expense	2007				2008									2009
(dollar amounts in millions)	3rd Qtr		4th Qtr		1st Qtr		2nd Qtr			3rd Qtr		4th Qtr		1st Qtr
Noninterest expense	$	2,702	$	2,749	$	2,612	$	2,748		$	3,328	$	2,870	$	2,342
Restructuring charge		—		—		—		—			—		181		10
Support agreement charges		—		3		14		(9	)		726		163		(8	)
Goodwill impairment - Mellon United National Bank		—		—		—		—			—		—		50
subtotal		2,702		2,746		2,598		2,757			2,602		2,526		2,290
M&I expenses		218		124		126		149			111		97		68
Intangible amortization		131		131		122		124			120		116		108
Total noninterest expense excluding restructuring charges, support agreement charges, goodwill impairment, M&I expenses and intangible amortization - Non-GAAP	$	2,353	$	2,491	$	2,350	$	2,484		$	2,371	$	2,313	$	2,114

Page 15 of 19

THE BANK OF NEW YORK MELLON CORPORATION

BUSINESS SEGMENTS

(dollar amounts in millions unless otherwise noted; presented on an FTE basis)	Asset Management									Wealth Management									Asset Servicing									Issuer Services
	2008			2007			2006			2008			2007			2006			2008			2007			2006			2008			2007			2006
Revenue:
Securities servicing fees
Asset servicing		124			99			72			27			16			10			3,191			2,740			2,246			23			—			—
Issuer services		—			—			—			—			—			—			1			—			—			1,684			1,660			1,091
Clearing services		14			12			9			—			—			—			—			—			29			—			—			7
Total securities servicing fees		138			111			81			27			16			10			3,192			2,740			2,275			1,707			1,660			1,098
Asset and wealth management		2,510			2,724			2,138			563			609			567			—			—			—			—			—			—
Performance fees		83			171			393			—			—			—			—			—			—			—			—			—
Foreign exchange & other trading		20			14			9			14			3			—			1,051			604			471			72			37			28
Treasury services		—			—			—			3			3			—			8			11			8			1			—			—
Distribution and service fees		371			357			278			4			1			4			10			2			—			—			1			—
Financing-related fees		13			8			—			4			8			8			14			40			54			—			—			—
Investment Income		(82	)		(10	)		19			—			—			—			—			—			—			—			—			—
Other		(178	)		(83	)		(39	)		9			(9	)		(2	)		130			170			114			71			66			37
Total fee revenue		2,875			3,292			2,879			624			631			587			4,405			3,567			2,922			1,851			1,764			1,163
Securities gains (losses)		(78	)		(9	)		—			—			—			—			(11	)		—			—			—			1			—
Total fee and other revenue		2,797			3,283			2,879			624			631			587			4,394			3,567			2,922			1,851			1,765			1,163
Net interest revenue (expense)		79			14			1			200			170			174			1,086			755			573			710			617			334
Total revenue		2,876			3,297			2,880			824			801			761			5,480			4,322			3,495			2,561			2,382			1,497
Provision for credit losses		—			—			—			—			—			—			—			—			—			—			—			—
Noninterest expenses (ex. intangible amortization, support agreement charges and merger & integration expense)		2,052			2,143			1,891			565			558			532			3,196			2,973			2,647			1,332			1,203			835
Income before taxes and extraordinary (loss) (ex. intangible amortization, support agreement charges and merger & integration expense)		824			1,154			989			259			243			229			2,284			1,349			848			1,229			1,179			662
Support agreement charges		335			—			—			15			—			—			541			3			—			—			—			—
Amortization of intangible assets		255			166			32			54			29			—			24			18			35			81			75			18
Restructuring charge		—			—			—			—			—			—			—			—			—			—			—			—
Merger & integration expense		—			—			—			—			—			—			—			—			—			—			—			—
Income before taxes, noncontrolling interest and extraordinary (loss)		234			988			957			190			214			229			1,719			1,328			813			1,148			1,104			644
Average loans	$	—		$	—		$	—		$	4,938		$	4,089		$	3,825		$	8,795		$	7,810		$	5,853		$	—		$	—		$	—
Average assets	$	13,135		$	9,413		$	3,571		$	10,044		$	8,387		$	6,444		$	59,150		$	42,818		$	35,377		$	35,169		$	26,742		$	11,083
Average deposits	$	—		$	—		$	—		$	7,554		$	6,950		$	6,040		$	52,659		$	38,034		$	31,163		$	30,515		$	22,361		$	8,871
Market value of assets under management at period-end (in billions)	$	862		$	1,044		$	934		$	66		$	77		$	77		$	—		$	—		$	—		$	—		$	—		$	—
Market value of assets under custody and administration at period-end (in billions)	$	3		$	4		$	3		$	70		$	85		$	71		$	20,086		$	22,988		$	19,906		$	—		$	—		$	—
Market value of securities on loan at period-end (in billions)	$	—		$	—		$	—		$	—		$	—		$	—		$	325		$	633		$	607		$	—		$	—		$	—
Pre-tax operating margin (GAAP)		8	%		30	%		33	%		23	%		27	%		30	%		31	%		31	%		23	%		45	%		46	%		43	%
Pre-tax operating margin (ex. intangible amortization) - non-GAAP		17	%		35	%		34	%		30	%		30	%		30	%		32	%		31	%		24	%		48	%		49	%		44	%
Pre-tax operating margin - non-GAAP (a)		30	%		35	%		34	%		31	%		30	%		30	%		42	%		31	%		24	%		48	%		49	%		44	%
MEMO:
Securities lending revenue																				789			441			290

(a) Excludes M&I expenses, the SILO/LILO/tax settlements, support agreement charges, restructuring charges, investment write-downs and intangible amortization expense.

Note: See pages 8-14 for details of revenue/expense items impacting respective sector results.

Page 16 of 19

THE BANK OF NEW YORK MELLON CORPORATION

BUSINESS SEGMENTS

(dollar amounts in millions unless otherwise noted; presented on an FTE basis)	Clearing Services									Treasury Services									Other									Consolidated Results
	2008			2007			2006			2008			2007			2006			2008			2007			2006			2008			2007			2006
Revenue:
Securities servicing fees
Asset servicing		—			—			—			6			13			—			(23	)		(2	)		1			3,348			2,866			2,329
Issuer services		—			—			—			—			—			—			—			—			—			1,685			1,660			1,091
Clearing services		1,040			955			825			—			—			—			11			205			2			1,065			1,172			872
Total securities servicing fees		1,040			955			825			6			13			—			(12	)		203			3			6,098			5,698			4,292
Asset and wealth management		41			46			37			—			—			—			21			19			5			3,135			3,398			2,747
Performance fees		—			—			—			—			—			—			—			—			—			83			171			393
Foreign exchange & other trading		108			51			42			253			167			105			(56	)		25			12			1,462			901			667
Treasury services		—			—			—			501			456			450			5			10			22			518			480			480
Distribution and service fees		—			—			—			36			14			4			—			—			(2	)		421			375			284
Financing-related fees		2			2			—			157			176			211			(2	)		1			22			188			235			295
Investment Income		—			—			—			18			12			10			279			255			605			215			257			634
Other		101			76			78			7			60			75			109			89			120			249			369			383
Total fee revenue		1,292			1,130			982			978			898			855			344			602			787			12,369			11,884			10,175
Securities gains (losses)		—			—			—			(3	)		—			—			(1,536	)		(189	)		5			(1,628	)		(197	)		5
Total fee and other revenue (a)		1,292			1,130			982			975			898			855			(1,192	)		413			792			10,741			11,687			10,180
Net interest revenue (expense) (b)		321			303			278			726			567			493			(149	)		155			144			2,973			2,581			1,997
Total revenue (c)		1,613			1,433			1,260			1,701			1,465			1,348			(1,341	)		568			936			13,714			14,268			12,177
Provision for credit losses		—			—			(4	)		—			—			5			131			(10	)		(19	)		131			(10	)		(18	)
Noninterest expenses (ex. intangible amortization and merger & integration expense)		1,104			1,023			910			811			798			804			458			816			849			9,518			9,514			8,468
Income before taxes and extraordinary (loss) (ex. intangible amortization, support agreement charges and merger & integration expense)		509			410			354			890			667			539			(1,930	)		(238	)		106			4,065			4,764			3,727
Support agreement charges		—			—			—			3			—			—			—			—			—			894			3			—
Amortization of intangible assets		26			24			21			27			14			1			15			16			13			482			342			120
Restructuring charge		—			—			—			—			—			—			181			—			—			181			—			—
Merger & integration expense		—			—			—			—			—			—			483			528			117			483			528			117
Income before taxes, noncontrolling interest and extraordinary (loss)		483			386			333			860			653			538			(2,609	)		(782	)		(24	)		2,025			3,891			3,490
Average loans	$	7,003		$	6,843		$	6,692		$	15,415		$	13,457		$	13,186		$	11,980		$	12,423		$	9,967		$	48,131		$	44,622		$	39,523
Average assets	$	16,593		$	14,378		$	16,436		$	25,603		$	20,736		$	21,404		$	50,128		$	46,443		$	51,044		$	209,823		$	168,916		$	145,358
Average deposits	$	—		$	—		$	—		$	21,470		$	17,144		$	17,088		$	14,816		$	16,323		$	17,096		$	127,015		$	100,812		$	80,258
Market value of assets under management at period-end (in billions)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	928		$	1,121		$	1,011
Market value of assets under custody and administration at period-end (in billions)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	20,159		$	23,077		$	19,980
Market value of securities on loan at period-end (in billions)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	325		$	633		$	607
Pre-tax operating margin (GAAP)		30	%		27	%		26	%		51	%		45	%		40	%		n/m			n/m			n/m			15	%		27	%		29	%
Pre-tax operating margin (ex. intangible amortization) - non-GAAP		32	%		29	%		28	%		52	%		46	%		40	%		n/m			n/m			n/m			18	%		30	%		30	%
Pre-tax operating margin - non-GAAP (d)		32	%		29	%		28	%		52	%		46	%		40	%		n/m			n/m			n/m			39	%		35	%		31	%

(a) Consolidated results include FTE impact of $36 million for 2006 and $40 million for both 2007 and 2008.

(b) Consolidated results include FTE impact of $38 million for 2006 and $22 million for both 2007 and 2008.

(c) Consolidated results include FTE impact of $74 million for 2006 and $62 million for both 2007 and 2008.

(d) Excludes M&I expenses, the SILO/LILO/tax settlements, support agreement charges, restructuring charges, investment write-downs and intangible amortization expense.

Note: See pages 8-14 for details of revenue/expense items impacting respective sector results.

n/m - not meaningful

Page 17 of 19

THE BANK OF NEW YORK MELLON CORPORATION

CONTINUING OPERATIONS - 9 Quarter Trend

NONPERFORMING ASSETS

(dollar amounts in millions)	2007												2008												2009
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr
Loans:
Commercial real estate	$	1		$	1		$	—		$	40		$	49		$	106		$	118		$	124		$	190
Other residential mortgages		4			5			11			20			33			55			75			99			151
Commercial		15			16			18			39			50			52			65			60			65
Wealth Management		—			—			—			—			—			—			—			1			4
Foreign		9			6			6			87			78			60			1			—			2
Lease finance assets		1			1			—			—			—			—			—			—			—
Total nonperforming loans		30			29			35			186			210			273			259			284			412
Other assets owned		2			1			2			4			5			6			8			8			9
Total acquired property		—			—			—			—			—			—			—			—			—
Total nonperforming assets	$	32		$	30		$	37		$	190		$	215		$	279		$	267		$	292		$	421
Nonperforming assets ratio		0.1	%		0.1	%		0.1	%		0.4	%		0.4	%		0.6	%		0.5	%		0.7	%		1.0	%
Allowance for loan losses/nonperforming loans		1,140.0			1,124.1			948.6			175.8			149.5			129.3			140.9			146.1			114.1
Allowance for loan losses/nonperforming assets		1,068.8			1,086.7			897.3			172.1			146.0			126.5			136.7			142.1			111.6
Total allowance for credit losses/nonperforming assets		1,893.3			1,879.3			1,457.1			265.6			231.9			178.0			190.7			186.3			135.7
Total allowance for credit losses/nonperforming assets		1,775.0			1,816.7			1,378.4			260.0			226.5			174.2			185.0			181.2			132.8

Page 18 of 19

THE BANK OF NEW YORK MELLON CORPORATION

CONTINUING OPERATIONS - 9 Quarter Trend

ALLOWANCE FOR CREDIT LOSSES, PROVISION AND NET CHARGE-OFFS

	2007												2008												2009
(dollar amounts in millions)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr
Allowance for credit losses:
Allowance for loan losses	$	343		$	342		$	326		$	332		$	327		$	314		$	353		$	365		$	415
Allowance for lending-related commitments		234			226			219			178			167			173			133			129			114
Allowance at beginning of period		577			568			545			510			494			487			486			494			529
Net (charge-offs)/recoveries
Charge-offs		(5	)		—			(37	)		(37	)		(14	)		(15	)		(27	)		(27	)		(51	)
Recoveries		8			5			2			1			1			2			5			2			1
Total Net (charge-offs)/recoveries		3			5			(35	)		(36	)		(13	)		(13	)		(22	)		(25	)		(50	)
Provision for credit losses		(12	)		(18	)		—			20			16			25			30			60			80
Impact of Merger		—			(10	)		—			—			—			—			—			—			—
Transfer to Discontinued Operations		—			—			—			—			—			—			—			—			—
Sale of Mellon 1st Business Bank		—			—			—			—			—			(13	)		—			—			—
SFAS 159 Adoption		—			—			—			—			(10	)		—			—			—			—
Allowance at end of period		568			545			510			494			487			486			494			529			559
Allowance for loan losses	$	342		$	326		$	332		$	327		$	314		$	353		$	365		$	415		$	470
Allowance for lending related-commitments		226			219			178			167			173			133			129			114			89
Allowance at end of period		568			545			510			494			487			486			494			529			559
Allowance for loan losses as a percentage of total loans (a)		0.77	%		0.72	%		0.65	%		0.64	%		0.60	%		0.70	%		0.62	%		0.96	%		1.13	%

(a) Excluding purchase accounting adjustments.

Page 19 of 19