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) – July 22, 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 July 22, 2009, the Registrant conducted a conference call and webcast with respect to results of operations for second 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 July 22, 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 second quarter 2009   dated July 22, 2009.
99.2	The Bank of New York Mellon Corporation 2Q 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: July 28, 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 second quarter 2009 dated July 22, 2009.	Furnished herewith
99.2	The Bank of New York Mellon 2Q 2009 Financial Trends	Furnished herewith

EX-99.1

Exhibit 99.1

The Bank of New York Mellon Corporation

Quarterly Earnings Review

Financial Results

July 22, 2009

Table of Contents

Non-GAAP Measures/Discontinued Operations	2
Second Quarter 2009 Financial Highlights	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
Balance Sheet	9
Investment Securities Portfolio	9
Capital	10
Nonperforming Assets	10
Allowance for Credit Losses, Provision and Net Charge-offs	11
Discontinued Operations	11
Merger Update – Integration Milestones	12
Business Segments:
•       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
Cautionary Statement	23

The Bank of New York Mellon Corporation 2Q09 Quarterly Earnings Review

NON-GAAP MEASURES

The Company has included in this review certain Non-GAAP measures based upon tangible common shareholders’ equity. The Company believes that the ratio of tangible common shareholders’ equity to tangible assets, is a measure of capital strength that adds additional useful information to investors, supplementing the Tier 1 capital ratio which is utilized by regulatory authorities. Unlike the Tier 1 ratio, the tangible common shareholders’ equity ratio fully incorporates those changes in securities valuations which are reflected in shareholders’ equity. In addition, this ratio is expressed as a percentage of the actual book value of assets, as opposed to a percentage of a risk-based reduced value established in accordance with regulatory requirements, although the Company in its calculation has excluded certain assets which are given a zero percent risk weighting for regulatory purposes. This ratio is also informative to investors in the Company’s common stock because, unlike the Tier 1 capital ratio, it excludes preferred stock and trust preferred securities issued by the Company. Further, the Company believes that the return on tangible common equity measure, which excludes goodwill and intangible assets net of deferred tax liability, is a useful additional measure for investors because it presents a measure of the Company’s performance in reference to those assets which are productive in generating income.

The Company has also provided the measure of tangible book value per share which it believes provides additional useful information as to the level of such assets in relation to shares of common stock outstanding. The Company has presented revenue measures which exclude the effect of investment write-downs and a SILO charge; expense measures which exclude M&I expenses, intangible amortization expenses, the FDIC special assessment; and measures which utilize net income excluding tax items such as the benefit of tax settlements. Return on equity measures and operating margin measures which exclude some or all of these items are also presented. The Company believes that these measures are useful to investors because they permit a focus on period to period comparisons which relate to the ability of the Company to enhance revenues and limit expenses in circumstances where such matters are within the Company’s control. The excluded items in general relate to situations where accounting rules require certain ongoing charges as a result of prior transactions, or where valuation or other accounting/regulatory requirements require charges unrelated to operational initiatives. The SILO charges relate to a one-time settlement with the IRS of tax structured lease transactions in 2008. We also present earnings information excluding the TARP dividend and redemption premium, so as to provide investors with a better understanding of operational results. In this earnings review, certain amounts are presented on an FTE basis. We believe that this presentation provides comparability of amounts arising from both taxable and tax exempt sources, and is consistent with industry practice. The adjustment to an FTE basis has no impact on net income.

Each of these measures as described above is used by management to monitor financial performance, both on a Company-wide and on a business segment basis. 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 charges.

Noninterest expense: Merger & integration (“M&I”) expenses; intangible amortization expense and FDIC special assessment.

Earnings per share: Investment write-downs, M&I expenses, FDIC special assessment, intangible amortization expense, SILO charges, the benefit of tax settlements and the TARP redemption premium and dividend.

DISCONTINUED OPERATIONS

On June 30, 2009, we adopted discontinued operations accounting for Mellon United National Bank located in Florida. It was determined that this business no longer fits our strategic focus on our asset management and securities servicing businesses. Accordingly, the income statements for all periods in this Earnings Review have been restated. The restatement resulted in a reduction to previously reported levels of net interest revenue and the net interest margin; a slight reduction in treasury services and other fee revenue; a reduction in the provision for credit losses; a reduction in noninterest expense; and a change in continuing earnings per share. This business was formerly included in the Other segment.

Page 2

The Bank of New York Mellon Corporation 2Q09 Quarterly Earnings Review

SECOND QUARTER 2009 FINANCIAL HIGHLIGHTS

	Income after-tax from continuing operations (a)		EPS from continuing operations (a)
	$ millions
Earnings:
Continuing operations – GAAP	$	267	$	0.23
Non-GAAP adjustments:
TARP redemption premium/dividends and FDIC special assessment		272		0.23
Investment write-downs, M&I expenses offset by the benefit of tax settlements		63		0.05
Subtotal – Non-GAAP		602		0.51
Intangible amortization		67		0.06
Continuing operations – Non-GAAP	$	669	$	0.57

Businesses (excludes Other segment)	2nd Quarter 2009				Growth vs. 1Q09
(dollar amounts in millions)	Revenue (b)		Pre-tax income (b)		Revenue (b)		Expense (b)
Institutional Services	$	2,455	$	981	(1	)%	2	%
Asset and Wealth Management		770		216	7		3
Total Businesses	$	3,225	$	1,197	1	%	2	%

KEY POINTS

• Earnings

• Total revenue stable sequentially

• Fee and other revenue increased 6% (unannualized) sequentially and declined 24% 2Q09 vs. 2Q08

• Net interest revenue declined 10% (unannualized) sequentially and the net interest margin stabilized at 1.80%

• Investment write-downs ($256 million) and provision for credit losses ($61 million), down $37 million in aggregate vs. prior quarter

• Approximately 90 % of these investment write-downs previously included in OCI

• Operating expenses (non-GAAP, see page 4) increased 2% (unannualized) sequentially and declined 13% 2Q09 vs. 2Q08 The sequential increase was due to higher sub-custodian and clearing expenses, software expenses and a reserve for the remediation of withholding tax documentation, partially offset by lower staff expenses

• Taxes include $134 million of tax benefits ($0.11 per common share) primarily related to the final LILO/SILO tax settlement

• Balance sheet

• Average assets of $209 billion, down 5% sequentially (Total assets of $203 billion unchanged sequentially)

• Average deposits down $13.3 billion, reflecting roll-off of deposits received during credit crisis.

• Average cash at central banks declined $16.9 billion to $6.3 billion

• Average securities increased $8.4 billion, reflecting investment in securities issued by government-sponsored and guaranteed entities with a duration of 2-4 years

• Average loans down $1.9 billion, or 5% (down $3.3 billion or 8% at 6/30/09 vs. 3/31/09)

• Capital

• Improved quality of capital base – raised $1.4 billion of common equity/repurchased TARP preferred stock

• Tier 1 capital ratio 12.5%, up 130 bps vs. 3/31/09, ex. TARP

• Tier 1 common ratio 11.1%, up 110 bps vs. 3/31/09

• Common shareholders’ equity to assets ratio 13.4%, up 90 bps vs. 3/31/09

• Tangible common equity to assets ratio 4.8%, up 60 bps vs. 3/31/09

• Unrealized net of tax loss on our securities portfolio was $4.4 billion, down $100 million vs. 3/31/09

• Client assets

• Assets under custody and administration $20.7 trillion, up $1.2 trillion, or 6%, vs. 3/31/09

• Assets under management $926 billion, up $45 billion, or 5%, vs. 3/31/09

• Securities lending assets stabilized at $290 billion

• In 2Q09, we applied discontinued operations accounting to Mellon United National Bank in Florida

(a) See supplemental information beginning on page 20 for GAAP to Non-GAAP reconciliations.

(b) Excludes investment write-downs, FDIC special assessment, M&I expenses, support agreement charges, restructuring charges and intangible amortization.

Page 3

The Bank of New York Mellon Corporation 2Q09 Quarterly Earnings Review

FINANCIAL SUMMARY

(dollar amounts in millions, non-FTE basis unless otherwise noted; common shares in thousands)	2008									2009						2Q09 vs.
	2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			2Q08		1Q09
Revenue:
Fee and other revenue – GAAP	$	2,989		$	2,926		$	1,817		$	2,136		$	2,257		(24	)%	6	%
Less: Investment write-downs		(152	)		(162	)		(1,241	)		(295	)		(256	)
Total fee revenue – GAAP	$	3,141		$	3,088		$	3,058		$	2,431		$	2,513		(20	)	3
Net interest revenue – GAAP	$	388		$	681		$	1,047		$	775		$	700		80		(10	)
Less: SILO/LILO charges		(377	)		(112	)		-			-			-
Net interest revenue excluding SILO/LILO charges – non-GAAP	$	765		$	793		$	1,047		$	775		$	700		(8	)	(10	)
Total revenue – GAAP	$	3,377		$	3,607		$	2,864		$	2,911		$	2,957
Less: Investment write-downs		(152	)		(162	)		(1,241	)		(295	)		(256	)
SILO/LILO charges		(377	)		(112	)		-			-			-
Total revenue excluding SILO/LILO charges and investment write-downs – non-GAAP		3,906			3,881			4,105			3,206			3,213
Provision for credit losses	$	13		$	23		$	54		$	59		$	61
Expense:
Noninterest expense – GAAP	$	2,743		$	3,319		$	2,859		$	2,280		$	2,383
Less: M&I expenses		149			111			97			68			59
FDIC special assessment		-			-			-			-			61
Amortization of intangible assets		123			118			113			107			108
Total noninterest expense – excluding M&I expenses, FDIC special assessment and intangible amortization – non-GAAP	$	2,471		$	3,090		$	2,649		$	2,105		$	2,155		(13	)	2
Income:
Income from continuing operations	$	309		$	307		$	88		$	411		$	501
Net (income) loss attributable to non-controlling interests, net of tax		(6	)		(4	)		(5	)		(1	)		2
Redemption charge and preferred dividends		-			-			(33	)		(47	)		(236	)
Income from continuing operations, net of tax		303			303			50			363			267
Income (loss) from discontinued operations, net of tax		6			-			4			(41	)		(91	)
Extraordinary (loss) on consolidation of commercial paper conduit		-			-			(26	)		-			-
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	309		$	303		$	28		$	322		$	176
Key Metrics (Continuing operations):
Pre-tax operating margin (FTE)—GAAP		19	%		8	%		-	% (a)		20	%		18	%
Non-GAAP adjusted (b)		37	%		39	%		43	%		33	%		31	%
Return on common equity (annualized)—GAAP		4.3	%		4.3	%		0.8	% (a)		5.8	%		4.0	%
Non-GAAP adjusted (b)		13.2	%		14.2	%		16.8	%		10.5	%		6.5	%
Return on tangible common equity (annualized)
Non-GAAP (b)		18.5	%		18.9	%		6.5	% (a)		28.8	%		18.4	%
Non-GAAP adjusted (b)		45.9	%		50.2	%		61.3	%		43.9	%		23.8	%
Fee and other revenue as a percent of total revenue (FTE)		88	%		81	%		63	%		73	%		76	%
Non-GAAP adjusted (b)		80	%		80	%		74	%		76	%		78	%
Percent of non-U.S. fee and net interest revenue (FTE)		37	%		33	%		31	%		28	%		29	%
Percent of non-U.S. fee and net interest revenue excluding the SILO/LILO charges (FTE) – Non-GAAP		33	%		32	%		31	%		28	%		29	%
Effective tax rate – GAAP		50.3	%		(15.6	)%		N/A			28.2	%		2.2	%
Non-GAAP adjusted (c)		33.1	%		32.3	%		32.5	%		32.1	%		32.4	%
Employees		42,700			42,900			42,500			41,700			41,800
Market capitalization	$	43,356		$	37,388		$	32,536		$	32,585		$	35,255
Common shares outstanding		1,146,070			1,147,567			1,148,467			1,153,450			1,202,828

(a) Excludes extraordinary loss.

(b) See supplemental information beginning on page 20 for GAAP to non-GAAP reconciliations.

(c) Excludes M&I expenses, SILO/LILO/tax settlements, investment write-downs, FDIC special assessment and discrete tax benefits. Also excludes support agreement charges in the third and fourth quarters of 2008 and the restructuring charge in the fourth quarter of 2008.

N/A – Not applicable.

Page 4

The Bank of New York Mellon Corporation 2Q09 Quarterly Earnings Review

ASSETS UNDER MANAGEMENT/CUSTODY AND ADMINISTRATION TREND

	2008						2009				2Q09 vs.
	2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr		2Q08		1Q09
Market value of assets under management at period-end (in billions)	$	1,113	$	1,067	$	928	$	881	$	926	(17	)%	5	%
Market value of assets under custody and administration at period-end (in trillions)	$	23.0	$	22.4	$	20.2	$	19.5	$	20.7	(10	)%	6	%
Market value of securities on loan at period-end (in billions) (a)	$	588	$	470	$	326	$	293	$	290	(51	)%	(1	)%

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

ASSETS UNDER MANAGEMENT FLOWS

Changes in market value of assets under management from March 31, 2009 to June 30, 2009 by business segment – preliminary
(in billions)	Asset Management			Wealth Management			Total
Market value of assets under management at March 31, 2009	$	815		$	66		$	881
Net inflows (outflows):
Long-term		(18	) (a)		1			(17	)
Money market		(2	)		—			(2	)
Total net inflows (outflows)		(20	)		1			(19	)
Net market appreciation (b)		62			2			64
Market value of assets under management at June 30, 2009	$	857	(c)	$	69	(d)	$	926

(a) Includes a $14 billion outflow related to the termination of a unique and very low fee relationship (less than 1 basis point annually).

(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
	2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr
Equity	38	%	36	%	29	%	27	%	31	%
Money market	31	%	34	%	43	%	45	%	43	%
Fixed income	18	%	20	%	18	%	19	%	17	%
Alternative investments and overlay	13	%	10	%	10	%	9	%	9	%
Total	100	%	100	%	100	%	100	%	100	%

(a) Excludes securities lending cash management assets.

MARKET INDICES

	2008			2009		2Q09 vs.
	2nd Qtr	3rd Qtr	4th Qtr	1st Qtr	2nd Qtr	2Q08		1Q09
S&P 500 Index (a)	1280	1166	903	798	919	(28	)%	15	%
S&P 500 Index-daily average	1371	1252	916	809	891	(35	)	10
FTSE 100 Index (a)	5626	4902	4434	3926	4249	(24	)	8
FTSE 100 Index-daily average	5979	5359	4270	4040	4258	(29	)	5
NASDAQ Composite Index (a)	2293	2092	1577	1529	1835	(20	)	20
Lehman Brothers Aggregate Bondsm Index (a)	270	256	275	262	280	4		7
MSCI EAFE® Index (a)	1967	1553	1237	1056	1307	(34	)	24
NYSE Share Volume (in billions)	141	180	181	161	151	7		(6	)
NASDAQ Share Volume (in billions)	135	145	148	136	152	13		12

(a) Period end.

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The Bank of New York Mellon Corporation 2Q09 Quarterly Earnings Review

FEE AND OTHER REVENUE

(dollar amounts in millions, non-FTE basis	2008									2009						2Q09 vs.
unless otherwise noted)	2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			2Q08		1Q09
Securities servicing fees:
Asset servicing (a) (b)	$	873		$	808		$	786		$	609		$	671		(23	)%	10	%
Issuer services		444			477			388			364			372		(16	)	2
Clearing services		264			259			279			253			250		(5	)	(1	)
Total securities servicing fees		1,581			1,544			1,453			1,226			1,293		(18	)	5
Asset and wealth management fees		860			795			701			616			637		(26	)	3
Foreign exchange and other trading activities		308			385			510			307			237		(23	)	(23	)
Treasury services		129			129			132			125			132		2		6
Distribution and servicing		110			107			106			111			107		(3	)	(4	)
Financing-related fees		51			44			44			48			54		6		13
Investment income		74			47			45			(17	)		44		(41	)	N/M
Other		28			37			67			15			9		(68	)	(40	)
Total fee revenue (non-FTE)	$	3,141		$	3,088		$	3,058		$	2,431		$	2,513		(20	)	3
Net securities gains (losses)		(152	)		(162	)		(1,241	)		(295	)		(256	)	N/M		N/M
Total fee and other revenue (non-FTE)	$	2,989		$	2,926		$	1,817		$	2,136		$	2,257		(24	)%	6	%
Total fee and other revenue (FTE)	$	3,000		$	2,937		$	1,826		$	2,144		$	2,265		(25	)%	6	%
Fee and other revenue as a percentage of total revenue (FTE) (c)		88	%		81	%		63	%		73	%		76	%
Fee and other revenue as a percent of total revenue (FTE) – non-GAAP adjusted (c)		80	%		80	%		74	%		76	%		78	%

(a) Includes securities lending revenue of $202 in 2Q08, $155 million in 3Q08, $187 million in 4Q08, $90 million in 1Q09 and $97 million in 2Q09.

(b) In the second quarter of 2009, global custodian out-of-pocket expense related to client reimbursement was reclassified from sub-custodian expense to asset servicing revenue. This reclassification totaled $10 million in the second quarter of 2008, $4 million in the third quarter of 2008, $4 million in the fourth quarter of 2008 and $- million in the first quarter of 2009.

(c) See supplemental information beginning on page 20 for a calculation of these ratios.

N/M - Not meaningful.

KEY POINTS

• Asset servicing fees – Year-over-year results reflect the impact of continued strong new business wins which were more than offset by lower securities lending revenue and lower market values. The sequential increase primarily reflects the impact of new business, higher transaction volumes, higher market values and securities lending seasonality.

• Issuer services fees – The decrease compared with the second quarter of 2008 reflects lower Depositary Receipts revenue due primarily to a decline in transaction fees and lower Corporate Trust fees due to a lower level of fixed income issuances globally and lower money market fees, partially offset by new business. The increase sequentially primarily reflects new business and seasonality related to shareowner services revenue, partially offset by a lower level of corporate actions in Depositary Receipts.

• Clearing services fees – Year-over-year results reflect higher trading volumes which were more than offset by lower money market related fees and lower asset valuations. The decrease sequentially primarily resulted from lower money market related fees.

• Asset and wealth management fees, including performance fees – The year-over-year decrease reflects global weakness in market values, partially offset by higher performance fees. The increase sequentially reflects improved market values and higher performance fees. Both periods were impacted by lower fees related to money market and alternative asset classes.

• Foreign exchange and other trading was $237 million compared with $308 million in 2Q08 and $307 million in 1Q09. The decrease compared with both periods reflects lower trading revenue primarily due to the lower valuation of credit derivatives used to hedge the loan portfolio. The year-over-year comparison also reflects lower foreign exchange revenue driven by lower volumes, partially offset by higher volatility, while sequentially, foreign exchange fees increased driven by higher volumes.

• Investment income increased $61 million sequentially, primarily related to the write-down of certain equity investments in the first quarter of 2009.

• Securities write-downs totaled $256 million in 2Q09 compared with write-downs of $152 million in 2Q08 and $295 million in 1Q09. Write-downs in 2Q09 primarily reflect continued deterioration in the credit quality of residential mortgage-backed securities. See the investment portfolio discussion on page 9 for further details.

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The Bank of New York Mellon Corporation 2Q09 Quarterly Earnings Review

NET INTEREST REVENUE

	2008									2009						2Q09 vs.
(dollar amounts in millions)	2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			2Q08		1Q09
Net interest revenue (non-FTE)	$	388		$	681		$	1,047		$	775		$	700		80	%	(10	)%
Net interest revenue (FTE)		392			686			1,054			779			704		80		(10	)
Net interest margin (FTE)		1.11	%		1.92	%		2.32	%		1.87	%		1.80	%	69	bps	(7	) bps
Excluding the SILO/LILO charges – non-GAAP:
Net interest revenue (non-FTE)	$	765		$	793		$	1,047		$	775		$	700		(8	)%	(10	)%
Net interest revenue (FTE)		769			798			1,054			779			704		(8	)	(10	)
Net interest margin (FTE)		2.17	%		2.24	%		2.32	%		1.87	%		1.80	%	(37	) bps	(7	) bps
Selected average balances:
Cash/interbank investments	$	50,097		$	51,972		$	91,108		$	83,276		$	66,154		32	%	(21	)%
Trading account securities		1,918			1,791			2,148			1,728			2,179		14		26
Securities		44,384			42,864			40,057			43,465			51,903		17		19
Loans		45,633			45,435			48,326			38,958			37,029		(19	)	(5	)
Interest-earning assets		142,032			142,062			181,639			167,427			157,265		11		(6	)
Interest-bearing deposits		93,932			86,016			95,726			101,983			98,896		5		(3	)
Noninterest-bearing deposits		24,300			32,953			51,729			43,051			32,852		35		(24	)
Selected average yields/rates:
Cash/interbank investments		3.61	%		3.62	%		2.62	%		1.23	%		1.10	%
Trading account securities		3.74			2.76			3.96			2.86			2.50
Securities		4.98			5.14			5.46			4.26			3.12
Loans		0.44	(a)		2.45	(a)		2.99			2.66			2.69
Interest-earning assets		3.02	(a)		3.69	(a)		3.36			2.37			2.16
Interest-bearing deposits		2.03			1.99			1.04			0.30			0.16
Average cash/interbank investments as a percentage of average interest-earning assets		35	%		37	%		50	%		50	%		42	%
Average noninterest-bearing deposits as a percentage of average interest-earning assets		17	%		23	%		28	%		26	%		21	%

(a) Excluding the SILO/LILO charges, the yield on loans was 3.74% and 3.44% and the yield on interest-earning assets was 4.08% and 4.01% for 2Q08 and 3Q08, respectively.

bps - basis points.

KEY POINTS

• Net interest revenue and the related margin continued to be influenced by historically low interest rates, the return of the balance sheet to expected levels and our strategy to reinvest in high quality, longer duration assets.

• Net interest revenue (FTE), excluding the SILO/LILO charges, decreased 8% year-over-year and 10% (unannualized) sequentially.

• The decrease compared with 2Q08 reflects a narrower margin due to a decline in the value of interest free balances, offset in part by an increase in earning assets driven by client cash that sought a safe haven during the credit crisis.

• The sequential decrease reflects a decline in average interest-earning assets resulting from a continued roll-off of deposits taken in during the credit crisis, coupled with a decrease in the value and volume of interest free funds.

• The net interest margin was 1.80%, compared with 1.87% in 1Q09. The margin has stabilized as a result of our decision to reduce cash held at central banks and invest in securities issued by government-sponsored and guaranteed entities with a duration of approximately 2-4 years.

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The Bank of New York Mellon Corporation 2Q09 Quarterly Earnings Review

NONINTEREST EXPENSE

	2008									2009						2Q09 vs.
(dollar amounts in millions)	2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			2Q08		1Q09
Staff:
Compensation (a)	$	818		$	836		$	785		$	732		$	740		(10	)%	1
Incentives		385			241			256			247			241		(37	)	(2	)
Employee benefits		200			171			139			190			172		(14	)	(9	)
Total staff		1,403			1,248			1,180			1,169			1,153		(18	)	(1	)
Professional, legal and other purchased services (a)		259			251			273			237			237		(8	)	-
Net occupancy		138			163			141			139			142		3		2
Distribution and servicing		131			133			123			107			106		(19	)	(1	)
Software		88			78			86			81			93		6		15
Sub-custodian and clearing (b)		93			84			84			66			91		(2	)	38
Furniture and equipment		78			80			86			77			76		(3	)	(1	)
Business development		75			62			76			44			49		(35	)	11
Other (c)		206			991	(c)		600	(c)		185			208		1		12
Subtotal		2,471			3,090			2,649			2,105			2,155		(13	)	2
FDIC special assessment		-			-			-			-			61		N/M		N/M
Amortization of intangible assets		123			118			113			107			108		(12	)	1
Merger and integration (“M&I”) expenses:
The Bank of New York Mellon Corporation		146			107			97			68			59		(60	)	(13	)
Acquired Corporate Trust Business		3			4			-			-			-		N/M		N/M
Total noninterest expense	$	2,743		$	3,319		$	2,859		$	2,280		$	2,383		(13	)%	5	%
Total staff expense as a percentage of total revenue (FTE)		41	%		34	%		41	%		40	%		39	%
Total staff expense as a percentage of total revenue (FTE) – non-GAAP adjusted (d)		36	%		32	%		29	%		36	%		36	%

(a) In the second quarter of 2009, certain temporary/consulting expenses were reclassified from professional, legal and other purchased services to staff expense. The reclassification totaled $19 million in the second quarter of 2008, $35 million in the third quarter of 2008, $33 million in the fourth quarter of 2008 and $24 million in the first quarter of 2009.

(b) In the second quarter of 2009, global sub-custodian out-of-pocket expense related to client reimbursement was reclassified from sub-custodian expense to asset servicing revenue. This reclassification totaled $10 million in the second quarter of 2008, $4 million in the third quarter of 2008, $4 million in the fourth quarter of 2008 and $- million in the first quarter of 2009.

(c) Includes support agreement charges of $726 million in the third quarter of 2008 and $163 million in the fourth quarter of 2008. Also includes a restructuring charge of $181 million in the fourth quarter of 2008.

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

N/M — Not meaningful.

KEY POINTS

• Expense levels continued to be impacted by cost reduction programs and merger-related synergies.

• The 13% year-over-year decrease was driven by an 18% decline in total staff expense resulting from lower compensation, incentives and employee benefits, a 35% decrease in business development and an 8% decrease in professional, legal and other purchased services.

• The sequential increase of 2% (unannualized) (excluding FDIC special assessment, amortization of intangible assets and M&I expenses) reflects lower staff expense, which was more than offset by higher sub-custodian and clearing expenses, software expenses and a reserve for the remediation of withholding tax documentation.

• In 2Q09, we recorded a charge of $61 million related to a FDIC special emergency deposit assessment for all depository institutions. This special assessment reflects a charge of 5 basis points on total assets, minus Tier 1 capital at June 30, 2009 subject to a cap of 10 basis points of average assessable domestic deposits for the second quarter of 2009.

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The Bank of New York Mellon Corporation 2Q09 Quarterly Earnings Review

BALANCE SHEET

During the second quarter of 2009, the Company’s average balance sheet decreased to $209 billion from $220 billion in the first quarter. The decrease was largely driven by a $13 billion reduction in deposits reflecting the continued roll off of client cash that sought a safe haven during the credit crisis. The offsetting reduction in assets was primarily due to a reduction in cash held at central banks. During the quarter, the Company also further reduced cash held at central banks and invested in securities issued by government-sponsored and guaranteed entities.

INVESTMENT SECURITIES PORTFOLIO

At June 30, 2009, the fair value of our investment securities portfolio totaled $48.2 billion. The unrealized net of tax loss on our securities portfolio recorded in OCI was $4.4 billion at June 30, 2009 compared with $4.5 billion at March 31, 2009. The improvement in the net of tax loss on our securities portfolio reflects the tightening of spreads, partially offset by higher interest rates and the impact of FAS 157-4.

As a result of adopting FAS 157-4, the unrealized pre-tax loss decreased by approximately $1.2 billion in the first quarter of 2009, reflecting the price at which the securities would sell in a more orderly market. As the credit markets improved and became more orderly during the second quarter of 2009, the FAS 157-4 related unrealized pre-tax loss declined to approximately $400 million at June 30, 2009. Excluding the impact of FAS 157-4, the unrealized pre-tax loss on the securities portfolio would have decreased by approximately $1.0 billion (pre-tax) at June 30, 2009, and the fair value of the portfolio would have been $400 million (pre-tax) less than the current fair value.

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

Securities portfolio at June 30, 2009	Amortized Cost		Fair Value		Fair Value as % of Amortized Cost (a)		Portfolio Aggregate Unrealized Gain/(Loss)			Quarter to-date Change in Unrealized Gain/(Loss)			Life-to-date/ Impairment Charge		Ratings
(dollar amounts in millions)															AAA to AA-		A+ to A-		BBB+ to BBB-		BB+ and lower
Watch list:
Alt-A RMBS	$	7,781	$	4,717	56	%	$	(3,064	)	$	474		$	582	16	%	6	%	4	%	74	%
European floating rate notes		7,254		5,731	78			(1,523	)		(224	)		70	100		-		-		-
Prime/Other RMBS		5,759		4,178	72			(1,581	)		(126	)		15	46		10		11		33
Commercial MBS		2,805		2,244	79			(561	)		(48	)		22	98		1		1		-
Subprime RMBS		1,517		896	57			(621	)		(55	)		56	60		16		11		13
Credit cards		657		603	84			(54	)		184			63	-		96		1		3
Home equity lines of credit		503		219	32			(284	)		22			172	25		-		4		71
Other		636		423	38			(213	)		113			477	-		5		11		84
Total watch list (b)	$	26,912	$	19,011	67	%	$	(7,901	)	$	340		$	1,457	59	%	8	%	4	%	29	%
Agency RMBS		15,683		15,842	101			159			(83	)		-	100		-		-		-
Other		13,358		13,378	100			20			(11	)		2	89		2		2		7
Total	$	55,953	$	48,231	84	%	$	(7,722	)	$	246		$	1,459	81	%	4	%	2	%	13	%

(a) Amortized cost before impairments.

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

In the second quarter of 2009, housing market indicators and the broader economy continued to deteriorate. To reflect the continued declining value of homes, 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. In the second quarter of 2009, we reclassified the European Floating Rate Notes to the Watch List category. These securities are very highly rated (100% are included in the AAA/AA category) and well seasoned, but given the deterioration in the European housing market and the impairment of a small number of these securities, we determined a reclassification to the Watch List category was appropriate.

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The Bank of New York Mellon Corporation 2Q09 Quarterly Earnings Review

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

Securities portfolio losses (net) (in millions)	2Q09
Alt-A securities	$	114
European floating rate notes		66
Credit cards		26
Prime MBS		9
Home equity line of credit		4
Subprime MBS		1
Other		36
Total	$	256

CAPITAL

On June 30, 2009, the Company submitted to the U.S. Treasury notice of our intention to repurchase the warrant which we issued to the Treasury in connection with the TARP Capital Purchase Program. The Company and the Treasury are currently discussing the terms of the proposed repurchase of the warrant.

Capital ratios - preliminary (a)	June 30, 2009		March 31, 2009		June 30, 2008
Tier 1 capital ratio	12.5	%	13.8	%(b)	9.3	%
Tier 1 common equity to risk weighted assets ratio (c)	11.1		10.0		7.9
Total (Tier 1 plus Tier 2) capital ratio	16.0		17.5		12.9
Leverage capital ratio	7.7		7.8		6.4
Common shareholders’ equity to assets ratio	13.4		12.5		14.2
Tangible common equity to tangible assets ratio – non-GAAP (c)	4.8		4.2		4.6

(a) Includes discontinued operations.

(b) The Tier 1 capital ratio, excluding the TARP preferred stock, was 11.2% at March 31, 2009.

(c) See the supplemental information section beginning on page 20 for a calculation of this ratio.

NONPERFORMING ASSETS

Nonperforming assets (dollar amounts in millions)	June 30, 2009			March 31, 2009			June 30, 2008
Loans:
Commercial real estate	$	58		$	190		$	106
Other residential mortgages		170			151			55
Commercial		82			65			52
Wealth management		61			4			-
Foreign		1			2			60
Total nonperforming loans		372			412			273
Other assets owned		6			9			6
Total nonperforming assets	$	378		$	421	(a)	$	279	(a)
Nonperforming loans ratio		1.0	%		1.0	%		0.5	%
Allowance for loan losses/nonperforming loans		116.7			114.1			129.3
Total allowance for credit losses/nonperforming loans		141.4			135.7			178.0

(a) Nonperforming assets at June 30, 2009 excludes discontinued operations. Nonperforming assets at March 31, 2009 and June 30, 2008 include discontinued operations of $130 million and $81 million, respectively.

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The Bank of New York Mellon Corporation 2Q09 Quarterly Earnings Review

ALLOWANCE FOR CREDIT LOSSES, PROVISION AND NET CHARGE-OFFS

Allowance for credit losses, provision and net charge-offs	Quarter ended
(dollar amounts in millions)	June 30, 2009			March 31, 2009			June 30, 2008
Allowance for credit losses – beginning of period	$	559		$	529		$	487
Provision for credit losses		61			80	(a)		25	(a)
Sale of Mellon 1st Business Bank		-			-			(13	)
Transferred to discontinued operations		(40	)		-			-
Net (charge-offs)/recoveries:
Commercial		(25	)		(22	)		(3	)
Commercial real estate		(13	)		(17	)		(9	)
Other residential mortgages		(16	)		(12	)		(2	)
Leasing		-			1			1
Total net (charge-offs) recoveries		(54	)		(50	)		(13	)
Allowance for credit losses – end of period	$	526		$	559	(a)	$	486	(a)
Allowance for loan losses	$	434		$	470		$	353
Allowance for unfunded commitments		92			89			133

(a) The allowance for credit losses at June 30, 2009 excludes discontinued operations. The allowance for credit losses at March 31, 2009 and June 30, 2008 includes discontinued operations of $40 million and $28 million, respectively. The provision for credit losses at March 31, 2009 and June 30, 2008 includes discontinued operations of $21 million and $12 million, respectively.

DISCONTINUED OPERATIONS

On June 30, 2009, we adopted discontinued operations accounting for Mellon United National Bank located in Florida. It was determined that this business no longer fits our strategic focus on our asset management and securities servicing businesses. This business was formerly included in the Other segment. In the second quarter of 2009, we recorded an after-tax loss on discontinued operations of $91 million primarily related to the write-down of goodwill and an increase in the provision for credit losses. The after-tax loss of $41 million in the first quarter of 2009 primarily resulted from a goodwill impairment charge.

The income statements for all periods in this Earnings Review have been restated. The restatement resulted in a reduction to previously reported levels of net interest revenue and the net interest margin; a slight reduction in treasury services and other fee revenue; a reduction in the provision for credit losses; a reduction in noninterest expense; and a change in continuing earnings per share.

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The Bank of New York Mellon Corporation 2Q09 Quarterly Earnings Review

MERGER UPDATE - INTEGRATION MILESTONES

Revenue Synergies

	YTD June 2009 Actual		Target
(in millions)			2009		2010		2011
Annualized revenue synergies	$	211	$	215-275	$	270-350	$	325-425

Expense Synergies

	------------------------Actual------------------------										----Cumulative Target----
(dollar amounts in millions)	2Q08		3Q08		4Q08		1Q09		2Q09		2009			2010
Expense synergies	$	131	$	144	$	157	$	173	$	186	$	710/84	%	$	850
# of net positions eliminated (cumulative)		2,075		2,486		2,827		2,973		3,185					3,200

Business Segment Expense Synergies Achieved (in millions)	2Q08		3Q08		4Q08		1Q09		2Q09
Asset Management	$	10	$	12	$	12	$	13	$	13
Wealth Management		7		8		9		10		11
Asset Servicing		51		55		61		67		75
Issuer Services		14		15		17		19		19
Clearing Services		2		2		2		3		3
Treasury Services		15		17		20		21		23
Subtotal		99		109		121		133		144
Other		32		35		36		40		42
Total	$	131	$	144	$	157	$	173	$	186
Total – annualized	$	524	$	576	$	628	$	692	$	744

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

(dollar amounts in millions)				Cumulative through 2Q09(a)
	2Q09 Total Expense			Expense			Included in Goodwill			Total			Total Estimated
Personnel-related (b)	$	13		$	367		$	123		$	490		$	560
Integration/conversion		42			541			-			541			600
One-time costs (c)		4			61			44			105			153
Transaction costs (d)		-			117			45			162			162
Total	$	59		$	1,086		$	212		$	1,298		$	1,475
% of total estimated		4	%		74	%		14	%		88	%

(a) Represents total M&I charges from 4Q06 – 2Q09.

(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

> Global Investor Survey (May 2009)

> R&M Global Custody Survey (March 2009)

> Global Custodian Survey (January 2009)

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

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The Bank of New York Mellon Corporation 2Q09 Quarterly Earnings Review

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						2Q09 vs.
	2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			2Q08		1Q09
Revenue:
Asset and wealth management:
Mutual funds	$	340		$	328		$	297		$	263		$	266		(22	)%	1	%
Institutional clients		290			265			193			181			175		(40	)	(3	)
Private clients		47			43			35			32			31		(34	)	(3	)
Performance fees		16			3			44			7			26		N/M		N/M
Total asset and wealth management revenue		693			639			569			483			498		(28	)	3
Distribution and servicing		99			93			93			92			90		(9	)	(2	)
Other		4			(45	)		(100	)		(96	)		(59	)	N/M		N/M
Total fee and other revenue		796			687			562			479			529		(34	)	10
Net interest revenue		11			10			43			16			9		(18	)	(44	)
Total revenue (a)		807			697			605			495			538		(33	)	9
Noninterest expense (ex. intangible amortization and support agreement charges)		528			489			478			412			419		(21	)	2
Income before taxes (ex. intangible amortization and support agreement charges)		279			208			127			83			119		(57	)	43
Support agreement charges		5			328			2			(14	)		-		N/M		N/M
Amortization of intangible assets		68			64			61			55			55		(19	)	-
Income before taxes	$	206		$	(184	)	$	64		$	42		$	64		(69	)%	52	%
Pre-tax operating margin – GAAP		26	%		(26	)%		11	%		8	%		12	%
Pre-tax operating margin (ex. intangible amortization) – Non-GAAP (b)		34	%		(17	)%		21	%		20	%		22	%
Market value of assets under management at period-end (in billions)	$	1,040		$	995		$	862		$	818		$	860		(17	)%	5	%
Assets under management-net inflows (outflows):
Long-term (in billions)	$	(8	)	$	(6	)	$	(23	)	$	(2	)	$	(18	)
Money market (in billions)	$	21		$	14		$	28		$	(11	)	$	(2	)

(a) There were no investment write-downs in the Asset Management segment in 2Q08. Investment write-downs were $3 million in 3Q08, $51 million in 4Q08, $34 million in 1Q09 and $45 million in 2Q09. Excluding investment write-downs year-over-year and linked quarter growth rates were a negative 28% and a positive 10% (unannualized), respectively.

(b) The pre-tax operating margin, excluding intangible amortization, support agreement charges and investment write-downs was 35% for 2Q08, 30% for 3Q08, 27% for 4Q08, 22% for 1Q09 and 28% for 2Q09.

N/M - Not meaningful.

KEY POINTS

• Asset and wealth management fees increased sequentially reflecting an increase in global market values and higher performance fees, partially offset by lower fees related to money market and alternative asset classes. The year-over-year decrease reflects weakness in global market values as well as lower fees related to money market and alternative asset classes.

• Long-term outflows of $18 billion in 2Q09 primarily reflect a $14 billion outflow related to the termination of a unique and very low fee relationship (less than 1 basis point annually), as well as outflows of alternative assets, partially offset by net positive retail flows. Money market outflows totaled $2 billion, consistent with industry trends.

• Other fee revenue increased $37 million from the first quarter of 2009 driven primarily by improved seed capital values.

• Ongoing expense management in response to the operating environment resulted in a 21% year-over-year decline in noninterest expense (ex. intangible amortization and support agreement charges), reflecting staff reductions and lower incentive expense. Noninterest expense (ex. intangible amortization and support agreement charges) increased only 2% (unannualized) sequentially resulting in 700 basis points of positive operating leverage. The sequential increase reflects higher incentive expense driven by higher performance fees.

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The Bank of New York Mellon Corporation 2Q09 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						2Q09 vs.
	2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			2Q08		1Q09
Revenue:
Asset and wealth management	$	150		$	141		$	119		$	122		$	128		(15	)%	5	%
Other		11			22			15			19			12		9		(37	)
Total fee and other revenue		161			163			134			141			140		(13	)	(1	)
Net interest revenue		48			50			56			50			49		2		(2	)
Total revenue		209			213			190			191			189		(10	)	(1	)
Provision for credit losses		(1	)		1			-			-			-		N/M		-
Noninterest expense (ex. intangible amortization and support agreement charges)		142			140			141			128			135		(5	)	5
Income before taxes (ex. intangible amortization and support agreement charges)		68			72			49			63			54		(21	)	(14	)
Support agreement charges		-			15			-			-			-		-		-
Amortization of intangible assets		13			14			14			11			11		(15	)	-
Income before taxes	$	55		$	43		$	35		$	52		$	43		(22	)	(17	)
Pre-tax operating margin – GAAP		26	%		20	%		18	%		27	%		23	%
Pre-tax operating margin (ex. intangible amortization) – Non-GAAP		33	%		27	%(a)		26	%		33	%		29	%
Average loans	$	4,816		$	5,231		$	5,309		$	5,388		$	5,684		18	%	5	%
Average deposits	$	7,782		$	7,318		$	7,131		$	7,058		$	6,628		(15	)%	(6	)%
Market value of total client assets under management and custody at period end (in billions)	$	162		$	158		$	139		$	132		$	142		(12	)%	8	%

(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 business wins and market share gains, especially in the family office platform and northeast wealth markets, as evidenced by $11 billion in net inflows of client assets over the last twelve months ($2 billion in 2Q09) and 14 consecutive quarters of positive net client flows.

• Total fee and other revenue decreased 13% compared with 2Q08 and 1% (unannualized) sequentially. Year-over-year, lower equity markets and lower capital market fees more than offset organic growth. Asset and wealth management fees were up 5% on a linked quarter basis, driven by organic growth and higher equity markets. Period end client assets were $142 billion, up $10 billion or 8% (unannualized) sequentially.

• Net interest revenue increased 2% year-over-year and decreased 2% (unannualized) sequentially. Year-over-year, increased loan levels and loan spreads offset lower deposit levels. On a linked quarter basis, strong balance sheet trends were offset by declines in deposit levels and lower interest rates.

• Noninterest expense (excluding intangible amortization and support agreement charges) decreased 5% compared with 2Q08 and increased 5% (unannualized) sequentially. The year-over-year decrease reflects continued strong expense control and the impact of merger-related synergies. On a linked quarter basis, savings due to workforce reductions were offset by increased FDIC expense and the timing of business development expenses.

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

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The Bank of New York Mellon Corporation 2Q09 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						2Q09 vs.
unless otherwise noted)	2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			2Q08		1Q09
Revenue:
Securities servicing fees - asset servicing	$	830		$	774		$	746		$	583		$	642		(23	)%	10	%
Foreign exchange and other trading activities		224			261			366			199			206		(8	)	4
Other		36			47			25			48			45		25		(6	)
Total fee and other revenue		1,090			1,082			1,137			830			893		(18	)	8
Net interest revenue		213			240			411			249			211		(1	)	(15	)
Total revenue		1,303			1,322			1,548			1,079			1,104		(15	)	2
Noninterest expense (ex. intangible amortization and support agreement charges)		821			826			834			699			716		(13	)	2
Income before taxes (ex. intangible amortization and support agreement charges)		482			496			714			380			388		(20	)	2
Support agreement charges		(14	)		381			160			6			(15	)	N/M		N/M
Amortization of intangible assets		5			6			6			7			9		80		29
Income before taxes	$	491		$	109		$	548		$	367		$	394		(20	)%	7	%
Memo: Securities lending revenue	$	202		$	155		$	187		$	90		$	97		(52	)%	8	%
Average deposits	$	48,436		$	51,492		$	64,500		$	57,084		$	50,583		4	%	(11	)%
Pre-tax operating margin - GAAP		38	%		8	%		35	%		34	%		36	%
Pre-tax operating margin (ex. intangible amortization) - Non-GAAP		38	%		9	%(a)		36	%(a)		35	%		37	%
Market value of securities on loan at period-end (in billions) (b)	$	588		$	470		$	326		$	293		$	290		(51	)%	(1	)%

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

(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

• Asset Servicing reflects continued strong new business ($1.7 trillion AUC over the last 12 months), expense control efforts and the return of securities lending and foreign exchange revenue to expected levels.

• Asset servicing fees year-over-year and sequentially reflect the benefit of new business over the past year, offset by challenging market conditions for volume and spread related businesses.

• Securities lending fees decreased $105 million compared with 2Q08 and increased $7 million sequentially. The year-over-year results reflect lower market valuations while the sequential increase reflects the benefit of seasonality.

• Foreign exchange and other trading decreased 8% year-over-year and increased 4% (unannualized) compared to 1Q09. The year-over-year results primarily reflect higher volatility partially offset by lower volume, while the sequential increase primarily reflects higher volume.

• Net interest revenue decreased 1% compared to the prior year and decreased 15% (unannualized) sequentially. The decrease year-over-year reflects lower spreads, partially offset by higher average deposit levels. The sequential decrease reflects the decline in average deposit levels and lower spreads.

• Continued expense control as well as the impact of merger-related synergies resulted in noninterest expense (excluding intangible amortization and support agreement charges) declining 13% year-over-year. Noninterest expense (excluding intangible amortization and support agreement charges) increased 2% (unannualized) sequentially as a result of higher sub-custodian out-of-pocket expenses, partially offset by lower staff expense.

• 2Q09 new business wins totaled $259 billion (win rate of 71%).

• BNY Mellon #1 rated custodian among the largest custodian peer group – Global Investor Survey (May 2009).

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The Bank of New York Mellon Corporation 2Q09 Quarterly Earnings Review

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

	2008									2009						2Q09 vs.
(dollar amounts in millions)	2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			2Q08		1Q09
Revenue:
Securities servicing fees - issuer services	$	443		$	475		$	392		$	363		$	373		(16	)%	3	%
Other		36			54			44			41			37		3		(10	)
Total fee and other revenue		479			529			436			404			410		(14	)	1
Net interest revenue		176			170			211			200			185		5		(8	)
Total revenue		655			699			647			604			595		(9	)	(1	)
Noninterest expense (ex. intangible amortization)		347			349			318			297			303		(13	)	2
Income before taxes (ex. intangible amortization)		308			350			329			307			292		(5	)	(5	)
Amortization of intangible assets		20			21			20			21			20		-		(5	)
Income before taxes	$	288		$	329		$	309		$	286		$	272		(6	)%	(5	)%
Pre-tax operating margin – GAAP		44	%		47	%		48	%		47	%		46	%
Pre-tax operating margin (ex. intangible amortization) – Non-GAAP		47	%		50	%		51	%		51	%		49	%
Number of depositary receipt programs		1,322			1,354			1,338			1,330			1,320		-	%	(1	)%
Average deposits	$	30,557		$	29,546		$	34,294		$	45,963		$	47,293		55	%	3	%

KEY POINTS

• Issuer Services results continued to benefit from new business wins in Corporate Trust and Depositary Receipts and expense control, offset by lower rates and lower activity levels.

• Total revenue decreased 9% compared to 2Q08 and 1% (unannualized) sequentially driven by:

• Corporate Trust – Total revenue decreased both year-over-year and sequentially. Both decreases reflect the lower level of fixed income issuances globally and lower money market fees, partially offset by the impact of new business related to government stabilization programs. Net interest revenue increased year-over-year reflecting higher customer deposit balances and decreased sequentially reflecting tighter spreads.

• Depositary Receipts – Total revenue decreased year-over-year and sequentially. Both periods were impacted by lower transaction fees, partially offset by the benefit of new business. The sequential decline was also impacted by a lower level of corporate actions.

• Shareowner Services – Revenue decreased year-over-year due to lower overall corporate action activity and the impact of lower equity values on employee stock option plan fees. Revenue was unchanged sequentially as higher seasonal shareholder services revenue and higher employee stock option plan fees were offset by lower overall corporate action activity.

• Strong expense control resulted in a 13% decrease in noninterest expense (excluding intangible amortization) year-over-year resulting in 400 basis points of positive operating leverage. The decrease compared with 2Q08 was driven by a 13% decline in total staff expense. The 2% (unannualized) sequential increase in noninterest expense (excluding intangible amortization) was due to increased FDIC expense and higher sub-custodian expenses.

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The Bank of New York Mellon Corporation 2Q09 Quarterly Earnings Review

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

	2008									2009						2Q09 vs.
(dollar amounts in millions)	2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			2Q08		1Q09
Revenue:
Securities servicing fees – clearing services	$	259		$	254		$	277		$	249		$	248		(4	)%	-	%
Other		64			63			72			72			66		3		(8	)
Total fee and other revenue		323			317			349			321			314		(3	)	(2	)
Net interest revenue		75			75			96			82			87		16		6
Total revenue		398			392			445			403			401		1		-
Noninterest expense (ex. intangible amortization)		291			282			268			252			256		(12	)	2
Income before taxes (ex. intangible amortization)		107			110			177			151			145		36		(4	)
Amortization of intangible assets		6			8			6			7			7		17		-
Income before taxes	$	101		$	102		$	171		$	144		$	138		37	%	(4	)%
Pre-tax operating margin – GAAP		25	%		26	%		38	%		36	%		34	%
Pre-tax operating margin (ex. intangible amortization) – Non-GAAP		27	%		28	%		40	%		37	%		36	%
Average active accounts (in thousands)		5,280			5,442			5,472			5,452			4,999		(5	)%	(8	)%
Average margin loans	$	5,791		$	5,754		$	4,871		$	4,207		$	4,121		(29	)%	(2	)%
Average payables to customers and broker-dealers	$	5,550		$	5,910		$	5,570		$	3,797		$	4,901		(12	)%	29	%

KEY POINTS

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

• Total fee and other revenue decreased 3% compared with 2Q08 as higher trading revenues and trading volumes were more than offset by lower money market related fees and lower asset valuations. Compared with 1Q09, fee and other revenue decreased 2% (unannualized) primarily due to lower money market related fees and trading revenues.

• Strong expense control resulted in year-over-year declines in noninterest expense (excluding intangible amortization). Compared to 2Q08, noninterest expense declined 12%, primarily reflecting lower compensation expense, partially offset by higher volume-related clearing expenses. Noninterest expense (excluding intangible amortization) increased 2% (unannualized) sequentially, primarily reflecting higher volume-related clearing expenses.

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The Bank of New York Mellon Corporation 2Q09 Quarterly Earnings Review

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

	2008									2009						2Q09 vs.
(dollar amounts in millions)	2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			2Q08		1Q09
Revenue:
Treasury services	$	125		$	125		$	129		$	121		$	128		2	%	6	%
Other		130			137			101			118			67		(48	)	(43	)
Total fee and other revenue		255			262			230			239			195		(24	)	(18	)
Net interest revenue		153			158			233			158			155		1		(2	)
Total revenue		408			420			463			397			350		(14	)	(12	)
Noninterest expense (ex. intangible amortization)		203			202			204			195			199		(2	)	2
Income before taxes (ex. intangible amortization)		205			218			259			202			151		(26	)	(25	)
Amortization of intangible assets		7			6			7			6			7		-		17
Income before taxes	$	198		$	212		$	252		$	196		$	144		(27	)%	(27	)%
Pre-tax operating margin – GAAP		49	%		50	%		54	%		49	%		41	%
Pre-tax operating margin (ex. intangible amortization) – Non-GAAP		50	%		52	%		56	%		51	%		43	%
Average loans	$	15,606		$	14,671		$	16,040		$	13,612		$	12,937		(17	)%	(5	)%
Average deposits	$	17,316		$	18,397		$	30,052		$	24,867		$	20,321		17	%	(18	)%

KEY POINTS

• Treasury Services results, both year-over-year and sequentially, primarily reflect growth in treasury services fees and well-controlled expenses, which were more than offset by lower trading revenue.

• Total fee and other revenue decreased 24% compared to 2Q08 and 18% (unannualized) sequentially, as higher treasury services revenue resulting from higher global payment fees was more than offset by a lower valuation of credit derivatives used to hedge the loan portfolio and lower capital markets related fees.

• Noninterest expense (excluding intangible amortization) decreased 2% compared with 2Q08 and increased 2% (unannualized) sequentially. The year-over-year decrease reflects the impact of merger-related synergies and overall expense control, partially offset by higher FDIC expense. The increase sequentially was primarily driven by higher FDIC expense.

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The Bank of New York Mellon Corporation 2Q09 Quarterly Earnings Review

OTHER (primarily includes the leasing portfolio, corporate treasury activities, business exits, M&I expenses and other corporate revenue and expense items)

(dollar amounts in millions unless otherwise noted; presented on an FTE basis)	2008									2009
	2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr
Revenue:
Fee and other revenue	$	(104	)	$	(103	)	$	(1,022	)	$	(270	)	$	(216	)
Net interest revenue (expense)		(284	)		(17	)		4			24			8
Total revenue		(388	)		(120	)		(1,018	)		(246	)		(208	)
Provision for credit losses		14			22			54			59			61
Noninterest expense (ex. FDIC special assessment, intangible amortization and M&I expenses)		148			78			244	(a)		130			142
Income (loss) before taxes (ex. FDIC special assessment, intangible amortization and M&I expenses)		(550	)		(220	)		(1,316	)		(435	)		(411	)
FDIC special assessment		-			-			-			-			61
Amortization of intangible assets		4			(1	)		(1	)		-			(1	)
M&I expenses		149			111			97			68			59
Income (loss) before taxes	$	(703	)	$	(330	)	$	(1,412	)	$	(503	)	$	(530	)

(a) Includes a restructuring charge of $181 million in 4Q08.

KEY POINTS

• Fee and other revenue decreased $112 million compared to 2Q08 and increased $54 million compared to 1Q09 with the variances over both periods primarily due to the level of investment write-downs.

• Net interest revenue increased $292 million compared to 2Q08 reflecting the SILO charge ($377 million) recorded in 2Q08.

• Noninterest expense (excluding FDIC special assessment, intangible amortization and M&I expenses) decreased $6 million compared to 2Q08 and increased $12 million sequentially. The year-over-year decrease reflects lower incentive expenses, while the sequential increase primarily reflects higher software expense.

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The Bank of New York Mellon Corporation 2Q09 Quarterly Earnings Review

SUPPLEMENTAL INFORMATION – EXPLANATION OF NON-GAAP FINANCIAL MEASURES

Reconciliation of net income and EPS – GAAP to Non-GAAP	2Q09						1Q09						2Q08
(in millions, except per common share amounts)	Net income			EPS			Net income			EPS			Net income		EPS
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP	$	176		$	0.15		$	322		$	0.28		$	309	$	0.27
Discontinued operations income (loss)		(91	)		(0.08	)		(41	)		(0.04	)		6		-
Continuing operations—GAAP		267			0.23			363			0.31	(a)		303		0.26	(a)
TARP redemption premium/dividend		236			0.20			47			0.04			-		-
FDIC special assessment		36			0.03			-			-			-		-
Subtotal		272			0.23			47			0.04			-		-
M&I expenses		36			0.03			41			0.04			89		0.08
Investment write-downs		161			0.14			183			0.16			91		0.08
Benefit of tax settlements		(134	)		(0.11	)		-			-			-		-
SILO charge		-			-			-			-			380		0.33
Subtotal		63			0.05	(a)		224			0.20			560		0.49
Net income from continuing operations applicable to common shareholders excluding the TARP redemption premium/dividend, FDIC special assessment, M&I expenses, investment write-downs, benefit of tax settlements and SILO charge—Non-GAAP		602			0.51			634			0.55			863		0.75
Intangible amortization		67			0.06			66			0.06			75		0.07
Net income from continuing operations applicable to common shareholders excluding the TARP redemption premium/dividend, FDIC special assessment, M&I expenses, investment write-downs, benefit of tax settlements, SILO charge and intangible amortization – Non-GAAP	$	669		$	0.57		$	700		$	0.61		$	938		0.82

(a) Does not foot due to rounding.

Reconciliation of fee and other revenue as percent of total revenue (FTE) (dollars in millions)	2Q08			3Q08			4Q08			1Q09			2Q09
Fee and other revenue – GAAP	$	2,989		$	2,926		$	1,817		$	2,136		$	2,257
Add: FTE increment – Fee revenue		11			11			9			8			8
Total fee and other revenue (FTE)		3,000			2,937			1,826			2,144			2,265
Add: Investment write-downs		152			162			1,241			295			256
Fee and other revenue excluding investment write-downs– Non-GAAP		3,152			3,099			3,067			2,439			2,521
Net interest revenue – GAAP		388			681			1,047			775			700
Add: FTE increment – Net interest revenue		4			5			7			4			4
Net interest revenue (FTE)		392			686			1,054			779			704
Add: SILO charge		377			112			-			-			-
Total net interest revenue (FTE) excluding SILO charge – Non-GAAP		769			798			1,054			779			704
Total revenue (FTE)	$	3,392		$	3,623		$	2,880		$	2,923		$	2,969
Total revenue (FTE) excluding investment write-downs and SILO charge – Non-GAAP	$	3,921		$	3,897		$	4,121		$	3,218		$	3,225
Fee and other revenue as a percentage of total revenue (FTE)		88	%		81	%		63	%		73	%		76	%
Fee and other revenue as a percentage of total revenue excluding investment write-downs and SILO charge – Non-GAAP		80	%		80	%		74	%		76	%		78	%

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The Bank of New York Mellon Corporation 2Q09 Quarterly Earnings Review

Reconciliation of income from continuing operations before income taxes – pre-tax operating margin (FTE) (dollars in millions)
	2Q08			3Q08			4Q08			1Q09			2Q09
Income from continuing operations before income taxes – GAAP	$	621		$	265		$	(49	)	$	572		$	513
FTE increment		15			16			16			12			12
Income from continuing operations before income taxes (FTE)		636			281			(33	)		584			525
FDIC special assessment		-			-			-			-			61
M&I expenses		149			111			97			68			59
Investment write-downs		152			162			1,241			295			256
SILO charges		377			112			-			-			-
Intangible amortization		123			118			113			107			108
Support agreement charges		(a)			726			163			(a)			(a)
Restructuring charge		(a)			(a)			181			(a)			(a)
Income from continuing operations before income taxes (FTE) excluding FDIC special assessment, M&I expenses, investment write-downs, SILO charges, intangible amortization, support agreement charges and restructuring charge – non-GAAP	$	1,437		$	1,510		$	1,762		$	1,054		$	1,009
Fee and other revenue – GAAP	$	2,989		$	2,926		$	1,817		$	2,136		$	2,257
Add: FTE increment – Fee revenue		11			11			9			8			8
Net interest revenue – GAAP		388			681			1,047			775			700
Add: FTE increment – Net interest revenue		4			5			7			4			4
Total revenue (FTE) – non-GAAP		3,392			3,623			2,880			2,923			2,969
Add: Investment write-downs		152			162			1,241			295			256
SILO charges		377			112			-			-			-
Total revenue (FTE) excluding investment write-downs and SILO charges – non-GAAP	$	3,921		$	3,897		$	4,121		$	3,218		$	3,225
Pre-tax operating margin (FTE) (b)		19	%		8	%		-	%		20	%		18	%
Pre-tax operating margin (FTE) excluding FDIC special assessment, M&I expenses, investment write-downs, SILO charges, intangible amortization, support agreement charges and restructuring charge – non-GAAP (b)		37	%		39	%		43	%		33	%		31	%

(a) Support agreement charges and restructuring charges are immaterial in these periods.

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

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The Bank of New York Mellon Corporation 2Q09 Quarterly Earnings Review

Return on common equity and tangible common equity – continuing operations (dollars in millions)
	2Q08			3Q08			4Q08			1Q09			2Q09
Net income applicable to common shareholders of The Bank of	$	309		$	303		$	28		$	322		$	176
New York Mellon Corporation – GAAP		6			-			4			(41	)		(91	)
Discontinued operations income (loss), net of tax
Extraordinary (loss) on consolidation of commercial paper conduit, net of tax		-			-			26			-			-
Income from continuing operations applicable to common shareholders of The Bank of New York Mellon Corporation		303			303			50			363			267
Add:  Intangible amortization		75			73			70			66			67
Net income from continuing operations applicable to common shareholders of The Bank of New York Mellon Corporation excluding intangible amortization – non-GAAP		378			376			120			429			334
Add:  FDIC special assessment		-			-			-			-			36
M&I expenses		89			66			58			41			36
Investment write-downs		91			97			752			183			161
Benefit of tax settlements		-			-			-			-			(134	)
SILO charges		380			30			-			-			-
Support agreement charges		(a)			433			97			(a)			(a)
Restructuring charge		(a)			(a)			107			(a)			(a)
Net income from continuing operations excluding intangible amortization, FDIC special assessment, M&I expenses, investment write-downs, benefit of tax settlements, SILO charge, support agreement charges and restructuring charge	$	938		$	1,002		$	1,134		$	653		$	433
Average common shareholders’ equity	$	28,507		$	27,996		$	26,812		$	25,189		$	26,566
Less:  Average goodwill		16,758			16,644			16,121			15,837			15,989
Average intangible assets		6,042			5,915			5,763			5,752			5,673
Add:  Deferred tax liability – tax deductible goodwill		548			577			599			624			643
Deferred tax liability – non-tax deductible intangible assets		1,959			1,915			1,841			1,808			1,743
Average tangible common shareholders’ equity – non-GAAP	$	8,214		$	7,929		$	7,368		$	6,032		$	7,290
Return on common equity – GAAP (b)		4.3	%		4.3	%		0.8	%		5.8	%		4.0	%
Return on common equity excluding intangible amortization, FDIC special assessment, M&I expenses, investment write-downs, benefit of tax settlements, SILO charges, support agreement charge and restructuring charge – non-GAAP (b)		13.2	%		14.2	%		16.8	%		10.5	%		6.5	%
Return on tangible common equity – non-GAAP (b)		18.5	%		18.9	%		6.5	%		28.8	%		18.4	%
Return on tangible common equity excluding FDIC special assessment, M&I expenses, investment write-downs, benefit of tax settlements, SILO charges, support agreement charge and restructuring charge – non-GAAP (b)		45.9	%		50.2	%		61.3	%		43.9	%		23.8	%

(a) Support agreement charges and restructuring charges are immaterial in these periods.

(b) Annualized

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The Bank of New York Mellon Corporation 2Q09 Quarterly Earnings Review

Calculation of common and tangible common shareholders’ equity to assets (dollars in millions)
	2Q09			1Q09			2Q08
Common shareholders’ equity at period end – GAAP	$	27,276		$	25,415		$	28,569
Less:  Goodwill		16,040			15,805			16,565
Intangible assets		5,677			5,717			6,273
Add:  Deferred tax liability – tax deductible goodwill		643			624			548
Deferred tax liability – non-tax deductible intangible assets		1,743			1,808			1,959
Tangible common shareholders’ equity at period end – non-GAAP	$	7,945		$	6,325		$	8,238
Total assets at period end – GAAP	$	203,012		$	203,478		$	201,225
Less:  Goodwill		16,040			15,805			16,565
Intangible assets		5,677			5,717			6,273
Cash on deposit with the Federal Reserve and other central banks (a)		16,458			29,679			—
Tangible total assets at period end – non-GAAP	$	164,837		$	152,277		$	178,387
Common shareholders’ equity to assets – GAAP		13.4	%		12.5	%		14.2	%
Tangible common shareholders’ equity to tangible assets – non-GAAP		4.8	%		4.2	%		4.6	%

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

Calculation of the Tier 1 common equity to risk-weighted assets ratio (a) (dollars in millions)
	2Q09			1Q09			2Q08
Total Tier 1 capital	$	15,044		$	16,242		$	11,354
Less:  Series B preferred stock		-			2,795			-
Trust preferred securities		1,691			1,648			1,733
Total Tier 1 common equity	$	13,353		$	11,799		$	9,621
Total risk-weighted assets	$	120,498		$	117,412		$	121,758
Tier 1 common equity to risk-weighted assets ratio		11.1	%		10.0	%		7.9	%

(a) On a regulatory basis.

CAUTIONARY STATEMENT

A number of statements (i) in this Quarterly Earnings Review, (ii) in our presentations and (iii) in the responses to questions on our conference call discussing our quarterly results and other public events 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, expectations with respect to service quality, the Company’s proposed repurchase of the warrant issued to the U.S. Treasury, securities investment decisions, our strategic focus with regard to Mellon United National Bank; 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 July 22, 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.

Page 23

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/changes have impacted the reporting of our results:

On June 30, 2009, we adopted discontinued operations accounting for Mellon United National Bank (MUNB) located in Miami, Florida. Previously, the financial results were included in the Other segment. Only the financial results for all periods of 2008 and 2009 have been restated.

On January 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.). We moved the financial results 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 the JPMorgan Chase 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 items have impacted the reporting of our results:

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

The TARP preferred dividends and related redemption premium impacted the fourth quarter of 2008, and the first and second quarters of 2009.

The FDIC Special Assessment of all depository institutions impacted the second quarter of 2009.

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

SILO/LILO/Tax settlement charges – Incurred charges in the second and third quarters of 2008, while the second quarter of 2009 contains the benefit of final tax settlements.

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 and second quarters of 2009).

All of these items are detailed in the trends that follow.

Discontinued Operations Accounting:

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

Average Assets:

In business segments where average deposits 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 - 10 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), (b)			4th Qtr (b), (c)			1st Qtr			2nd Qtr (d), (e)
Revenue:
Securities servicing fees
Asset servicing (f)	$	647		$	703		$	723		$	816		$	903		$	873		$	808		$	786		$	609		$	671
Issuer services		371			415			436			438			376			444			477			388			364			372
Clearing services		275			288			301			308			263			264			259			279			253			250
Total securities servicing fees		1,293			1,406			1,460			1,562			1,542			1,581			1,544			1,453			1,226			1,293
Asset and wealth management fees		801			856			854			887			842			844			792			657			609			611
Performance fees		49			63			(3	)		62			20			16			3			44			7			26
Foreign exchange & other trading		182			176			238			305			259			308			385			510			307			237
Treasury services		116			121			122			121			124			129			129			132			125			132
Distribution and servicing		84			83			95			113			98			110			107			106			111			107
Financing-related fees		63			69			51			52			47			51			44			44			48			54
Investment Income		83			96			46			86			50			85			58			54			(9	)		52
Other		84			77			89			65			82			28			37			67			15			9
Total fee revenue		2,755			2,947			2,952			3,253			3,064			3,152			3,099			3,067			2,439			2,521
Securities gains (losses)		2			1			(9	)		(191	)		(73	)		(152	)		(162	)		(1,241	)		(295	)		(256	)
Total fee and other revenue		2,757			2,948			2,943			3,062			2,991			3,000			2,937			1,826			2,144			2,265
Net interest revenue		558			592			674			757			749			392			686			1,054			779			704
Total revenue		3,315			3,540			3,617			3,819			3,740			3,392			3,623			2,880			2,923			2,969
Provision for credit losses		(12	)		(18	)		—			20			14			13			23			54			59			61
Noninterest expenses (excl. M&I expenses, FDIC special assessment and intangible amortization) (f)		2,244			2,442			2,356			2,498			2,357			2,471			3,090			2,649			2,105			2,155
Income before taxes and extraordinary (loss) (excl. M&I expenses, FDIC special assessment and intangible amortization)		1,083			1,116			1,261			1,301			1,369			908			510			177			759			753
FDIC special assessment		—			—			—			—			—			—			—			—			—			61
Amortization of intangible assets		40			40			131			131			119			123			118			113			107			108
Merger & integration expense		23			163			218			124			126			149			111			97			68			59
Income before taxes, noncontrolling interest and extraordinary (loss)		1,020			913			912			1,046			1,124			636			281			(33	)		584			525
Income taxes								266			343			373			327			(26	)		(121	)		173			24
Income before noncontrolling interest and extraordinary (loss)								646			703			751			309			307			88			411			501
Net income attributable to noncontrolling interest								(4	)		(3	)		(9	)		(6	)		(4	)		(5	)		(1	)		2
Extraordinary (loss) on consolidation of commercial paper conduit, net of tax								—			(180	)		—			—			—			(26	)		—			—
Redemption charge and preferred dividends								—			—			—			—			—			(33	)		(47	)		(236	)
Net income from continuing operations							$	642		$	520		$	742		$	303		$	303		$	24		$	363		$	267
EPS from continuing operations (g)							$	0.67		$	0.67		$	0.72		$	0.35		$	0.32		$	0.09		$	0.35		$	0.26
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		$	926
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		$	20.7
Market value of securities on loan at period-end (in billions)	$	661		$	678		$	663		$	633		$	660		$	588		$	470		$	326		$	293		$	290
Pre-tax operating margin
GAAP-before extraordinary (loss)								25	%		27	%		30	%		19	%		8	%		—	%		20	%		18	%
Non-GAAP adjusted (h)								35	%		37	%		38	%		37	%		39	%		43	%		33	%		31	%
Return on tangible common equity (annualized):
GAAP-before extraordinary (loss)								33.2	%		33.0	%		35.4	%		18.5	%		18.9	%		6.5	%		28.8	%		18.4	%
Non-GAAP adjusted (h)								39.0	%		40.8	%		40.7	%		45.9	%		50.2	%		61.3	%		43.9	%		23.8	%
Return on common equity (annualized)
GAAP-before extraordinary (loss)								8.9	%		9.5	%		10.1	%		4.3	%		4.3	%		0.8	%		5.8	%		4.0	%
Non-GAAP adjusted (h)								11.8	%		13.1	%		12.7	%		13.2	%		14.2	%		16.8	%		10.5	%		6.5	%
Non-U.S. percent of revenue (FTE) (i)								30	%		33	%		33	%		33	%		32	%		31	%		29	%		31	%

(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 5 for additional details.

(b) The third and fourth quarters of 2008 include support agreement charges of $726 million and $163 million, respectively.

(c) The fourth quarter of 2008 includes a $181 million restructuring charge.

(d) The second quarter of 2009 contains $134 million of tax benefits related to the final LILO/SILO tax settlement.

(e) The second quarter of 2009 included a $196.5 million after-tax charge related to the repurchase of TARP.

(f) In the second quarter of 2009, global custodian out-of-pocket expense related to client reimbursement was reclassified from sub-custodian expense to asset servicing revenue. The reclassification totaled $7 million, $9 million, $3 million and $4 million for the first, second, third and fourth quarters of 2007; $4 million, $10 million, $4 million and $4 million for the first, second, third and fourth quarters of 2008; and $- million in the first quarter of 2009.

(g) Excludes the impact of merger & integration expenses.

(h) Calculated excluding M&I expenses, SILO/LILO/tax settlements, investment write-downs, FDIC special assessment, discrete tax benefit, support agreement charges, restructuring charges, and intangible amortization expenses.

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

Note: See pages 3 through 6 for additional details of revenue/expense items impacting continuing operations.

Page 2 of 19

THE BANK OF NEW YORK MELLON CORPORATION

CONTINUING OPERATIONS - 10 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			2nd Qtr
Securities servicing fees
Asset servicing (a)	$	647		$	703		$	723		$	816		$	903		$	873		$	808		$	786		$	609		$	671
Issuer services		371			415			436			438			376			444			477			388			364			372
Clearing services		275			288			301			308			263			264			259			279			253			250
Total securities servicing fees		1,293			1,406			1,460			1,562			1,542			1,581			1,544			1,453			1,226			1,293
Asset and wealth management fees		801			856			854			887			842			844			792			657			609			611
Performance fees		49			63			(3	)		62			20			16			3			44			7			26
Foreign exchange & other trading		182			176			238			305			259			308			385			510			307			237
Treasury services		116			121			122			121			124			129			129			132			125			132
Distribution and servicing		84			83			95			113			98			110			107			106			111			107
Financing-related fees		63			69			51			52			47			51			44			44			48			54
Investment Income		73			86			37			75			41			74			47			45			(17	)		44
Other		84			77			89			65			82			28			37			67			15			9
Total fee revenue (non-FTE)		2,745			2,937			2,943			3,242			3,055			3,141			3,088			3,058			2,431			2,513
Securities gains (losses)		2			1			(9	)		(191	)		(73	)		(152	)		(162	)		(1,241	)		(295	)		(256	)
Total fee and other revenue (non-FTE)		2,747			2,938			2,934			3,051			2,982			2,989			2,926			1,817			2,136			2,257
FTE impact		10			10			9			11			9			11			11			9			8			8
Total fee and other revenue (FTE)	$	2,757		$	2,948		$	2,943		$	3,062		$	2,991		$	3,000		$	2,937		$	1,826		$	2,144		$	2,265
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	%		80	%		74	%		76	%		78	%
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		$	926
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		$	20.7
Market value of securities on loan at period-end (in billions)	$	661		$	678		$	663		$	633		$	660		$	588		$	470		$	326		$	293		$	290
S&P 500 Index - period-end		1421			1503			1527			1468			1323			1280			1166			903			798			919
S&P 500 Index - daily average		1424			1496			1490			1496			1353			1371			1252			916			809			891

(a) In the second quarter of 2009, global custodian out-of-pocket expense related to client reimbursement was reclassified from sub-custodian expense to asset servicing revenue. The reclassification totaled $7 million, $9 million, $3 million and $4 million for the first, second, third and fourth quarters of 2007; $4 million, $10 million, $4 million and $4 million for the first, second, third and fourth quarters of 2008; and $- million in the first quarter of 2009.

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
(dollar amounts in millions)	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	%
Interest-bearing deposits with Federal Reserve bank
Other Short Term Investment (FRB)		—		—			—		—			—		—			—		—
Federal funds sold and securities under resale agreements		5,504		5.26			7,096		4.66			8,191		3.15			6,736		2.21
Margin loans		5,293		6.29			5,313		5.74			5,258		4.47			5,802		3.36
Non-margin loans:
Domestic offices		27,044		5.17			28,527		4.95			27,885		4.37			26,550		(1.97	) (b)
Foreign offices		13,180		5.50			13,269		5.02			13,881		4.55			13,281		3.97
Total non-margin loans		40,224		5.28			41,796		4.97			41,766		4.43			39,831		0.01	(b)
Securities
U.S. government obligations		401		4.59			502		4.18			397		3.52			542		3.08
U.S. government agency obligations		11,671		5.56			11,761		5.27			10,613		4.78			10,433		4.29
Obligations of states and political subdivisions		734		6.55			724		6.58			681		7.64			654		5.74
Other securities		33,361		5.69			33,972		5.44			35,840		5.26			32,755		5.22
Trading securities		1,872		3.95			2,351		5.35			1,459		5.36			1,918		3.74
Total securities		48,039		5.60			49,310		5.40			48,990		5.18			46,302		4.93
Total interest-earning assets		133,521		5.32			140,622		5.08			142,863		4.55			142,032		3.02	(b)
Allowance for credit losses		(303	)				(332	)				(297	)				(295	)
Cash and due from banks		5,013					5,663					5,789					5,356
Other assets		45,597					47,034					49,782					46,504
Discontinued Operations												2,653					2,400
Total Assets	$	183,828				$	192,987				$	200,790				$	195,997
Liabilities and total equity
Interest-bearing liabilities:
Money market rate accounts	$	17,204		3.38	%	$	16,190		2.74	%	$	12,577		1.67	%	$	12,869		0.98	%
Savings		793		3.09			802		2.72			902		1.89			971		1.50
Certificates of deposit of $100,000 & over		3,025		5.37			2,547		5.37			2,313		3.91			2,116		2.60
Other time deposits		1,392		6.32			1,374		6.13			8,300		2.45			6,335		1.88
Foreign offices		58,456		3.78			65,365		3.38			67,914		2.85			71,641		2.22
Total interest-bearing deposits		80,870		3.79			86,278		3.36			92,006		2.67			93,932		2.03
Federal funds purchased and securities under repurchase agreements		4,655		4.29			3,956		3.89			4,138		2.14			3,791		1.02
Other borrowed funds		2,790		4.90			3,079		2.41			3,343		3.50			2,840		3.21
Borrowings from FRB Related to ABCP		—		—			—		—			—		—			—		—
Payables to customers and broker-dealers		5,316		3.54			5,226		3.12			4,942		1.94			5,550		1.32
Long-term debt		14,767		5.47			15,510		5.29			17,125		4.51			16,841		3.58
Total interest-bearing liabilities		108,398		4.06			114,049		3.60			121,554		2.91			122,954		2.21
Total noninterest-bearing deposits		26,466					28,449					25,726					24,300
Other liabilities		20,295					21,353					21,169					17,707
Discontinued Operations												2,653					2,400
Total Shareholders’ Equity		28,669					29,136					29,551					28,507
Noncontrolling interest												137					129
Total liabilities and shareholders’ equity	$	183,828				$	192,987				$	200,790				$	195,997
Net interest margin - Taxable equivalent basis				2.02	% (a)				2.16	%				2.09	%				1.11	%
Net interest margin - Excluding the SILO/LILO charge																			2.17	%

(a) Includes the reduction in net interest revenue of $22 million related to a required recalculation of the yield on leveraged 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 3.33%, 3.46% and 4.08%, 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

Average Balances and Interest Rates (continued)

	Quarter Ended
	September 30, 2008					December 31, 2008					March 31, 2009					June 30, 2009
(dollar amounts in millions)	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)	$	43,999		3.90	%	$	78,680		2.65	%	$	56,505		1.56	%	$	56,917		1.19	%
Interest-bearing deposits with Federal Reserve bank		—		—			—		—			23,192		0.37			6,338		0.25
Other Short Term Investment (FRB)		954		2.95			8,378		3.05			1,269		3.15			—		—
Federal funds sold and securities under resale agreements		7,019		1.97			4,050		1.32			2,310		0.81			2,899		1.29
Margin loans		5,764		3.27			4,885		2.35			4,219		1.63			4,134		1.62
Non-margin loans:
Domestic offices		25,932		1.60	(c)		28,233		2.70			21,630		2.91			20,740		3.18
Foreign offices		13,739		3.71			15,208		3.73			13,109		2.56			12,155		2.21
Total non-margin loans		39,671		2.33	(c)		43,441		3.06			34,739		2.78			32,895		2.82
Securities
U.S. government obligations		679		3.03			762		2.73			787		2.50			1,679		1.67
U.S. government agency obligations		10,894		4.33			11,438		4.29			12,063		3.74			14,748		3.74
Obligations of states and political subdivisions		701		7.44			941		7.73			767		6.71			710		6.92
Other securities		30,590		5.42			26,916		5.95			29,848		4.47			34,766		2.85
Trading securities		1,791		2.76			2,148		3.96			1,728		2.86			2,179		2.50
Total securities		44,655		5.04			42,205		5.38			45,193		4.22			54,082		3.10
Total interest-earning assets		142,062		3.69	(c)		181,639		3.36			167,427		2.37			157,265		2.16
Allowance for credit losses		(329	)				(334	)				(378	)				(426	)
Cash and due from banks		7,796					5,806					4,824					3,412
Other assets		46,937					54,499					45,880					45,975
Discontinued operations		2,361					2,352					2,366					2,307
Total Assets	$	198,827				$	243,962				$	220,119				$	208,533
Liabilities and total equity
Interest-bearing liabilities:
Money market rate accounts	$	11,785		0.88	%	$	18,274		0.53	%	$	18,563		0.10	%	$	19,037		0.10	%
Savings		979		0.93			1,013		0.64			1,165		0.61			1,070		0.44
Certificates of deposit of $100,000 & over		1,928		2.19			1,812		2.43			1,479		1.11			942		1.00
Other time deposits		5,393		1.99			5,052		1.34			5,574		0.55			4,190		0.48
Foreign offices		65,931		2.19			69,575		1.12			75,202		0.31			73,657		0.14
Total interest-bearing deposits		86,016		1.99			95,726		1.04			101,983		0.30			98,896		0.16
Federal funds purchased and securities under repurchase agreements		4,816		1.18			5,738		0.27			1,839		0.09			2,485		(0.46	)
Other borrowed funds		3,303		2.31			3,558		2.13			3,785		1.57			2,756		1.04
Borrowings from FRB Related to ABCP		954		2.25			8,378		2.25			1,269		2.25			—		—
Payables to customers and broker-dealers		5,910		1.19			5,570		0.62			3,797		0.20			4,901		0.13
Long-term debt		15,993		3.62			15,467		3.79			15,493		2.72			16,793		2.35
Total interest-bearing liabilities		116,992		2.15			134,437		1.41			128,166		0.64			125,831		0.46
Total noninterest-bearing deposits		32,953					51,729					43,051					32,852
Other liabilities		18,396					26,601					18,523					18,578
Discontinued Operations		2,361					2,352					2,366					2,307
Total Shareholders’ Equity		27,996					28,771					27,978					28,934
Noncontrolling interest		129					72					35					31
Total liabilities and total equity	$	198,827				$	243,962				$	220,119				$	208,533
Net interest margin - Taxable equivalent basis				1.92	%				2.32	%				1.87	%				1.80	%
Net interest margin - Excluding the SILO/LILO charge				2.24	%

(c) Excluding the SILO/LILO charge, the rates on Domestic office loans, Non-margin loans and Interest-earning assets were 3.71%, 3.80% and 4.01%, 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 5 of 19

THE BANK OF NEW YORK MELLON CORPORATION

CONTINUING OPERATIONS - 10 Quarter Trend

NONINTEREST EXPENSE

	2007								2008								2009
(dollar amounts in millions)	1st Qtr		2nd Qtr (c)		3rd Qtr (d)		4th Qtr		1st Qtr (e)		2nd Qtr (f)		3rd Qtr (f), (g)		4th Qtr (f),(g),(h)		1st Qtr		2nd Qtr
Staff:
Compensation (a)	$	739	$	754	$	764	$	758	$	803	$	818	$	836	$	785	$	732	$	740
Incentives		327		362		347		443		365		385		241		256		247		241
Employee benefits		191		187		169		164		190		200		171		139		190		172
Total staff		1,257		1,303		1,280		1,365		1,358		1,403		1,248		1,180		1,169		1,153
Professional, legal and other purchased services (a)		245		253		241		272		238		259		251		273		237		237
Net occupancy		135		172		144		145		128		138		163		141		139		142
Distribution and servicing		132		141		127		133		130		131		133		123		107		106
Software		72		77		91		78		79		88		78		86		81		93
Sub-custodian and clearing (b)		94		113		113		119		74		93		84		84		66		91
Furniture and equipment		78		80		80		82		79		78		80		86		77		76
Business development		58		72		56		72		65		75		62		76		44		49
Other		173		231		224		232		206		206		991		600		185		208
Subtotal	$	2,244	$	2,442	$	2,356	$	2,498	$	2,357	$	2,471	$	3,090	$	2,649	$	2,105	$	2,155
FDIC special assessment		—		—		—		—		—		—		—		—		—		61
Amortization of intangible assets		40		40		131		131		119		123		118		113		107		108
Merger & integration expense:
The Bank of New York Mellon Corporation		12		151		205		111		121		146		107		97		68		59
Acquired Corporate Trust Business		11		12		13		13		5		3		4		—		—		—
Total noninterest expense	$	2,307	$	2,645	$	2,705	$	2,753	$	2,602	$	2,743	$	3,319	$	2,859	$	2,280	$	2,383
Employees at period-end (i)		n/a		n/a		40,600		42,500		42,200		42,700		42,900		42,500		41,700		41,800

(a) In the second quarter of 2009, certain temporary/consulting expenses were reclassified from professional, legal and other purchased services to staff expense. The reclassification totaled $16 million, $19 million, $35 million and $33 million for the first, second, third and fourth quarters of 2008 and $24 million in the first quarter of 2009.

(b) In the second quarter of 2009, global custodian out-of-pocket expense related to client reimbursement was reclassified from sub-custodian expense to asset servicing revenue. The reclassification totaled $7 million, $9 million, $3 million and $4 million for the first, second, third and fourth quarters of 2007; $4 million, $10 million, $4 million and $4 million for the first, second, third and fourth quarters of 2008; and $- million in the first quarter of 2009.

(c) 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.

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

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

(f) 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.

(g) The third and fourth quarters of 2008 include support agreement charges of $726 million and $163 million, respectively.

(h) The fourth quarter of 2008 includes a $181 million restructuring charge.

(i) Represents full time employees.

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

Page 6 of 19

THE BANK OF NEW YORK MELLON CORPORATION

ASSETS UNDER MANAGEMENT/ CUSTODY AND ADMINISTRATION / SECURITIES LENDING - 10 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			2nd Qtr
Market value of assets under management at period-end (in billions)
Institutional	$	652		$	691		$	682		$	671		$	636		$	625		$	585		$	445		$	394		$	425
Mutual Funds		273			290			323			349			373			393			384			400			413			421
Private Client		100			101			101			101			96			95			98			83			74			80
Total market value of assets under management		1,025			1,082			1,106			1,121			1,105			1,113			1,067			928			881			926
Composition of assets under management at period-end
Equity		42	%		42	%		41	%		41	%		40	%		38	%		36	%		29	%		27	%		31	%
Money Market		22	%		23	%		25	%		26	%		29	%		31	%		34	%		43	%		45	%		43	%
Fixed Income		21	%		20	%		19	%		20	%		18	%		18	%		20	%		18	%		19	%		17	%
Alternative investments and overlay		15	%		15	%		15	%		13	%		13	%		13	%		10	%		10	%		9	%		9	%
Total		100	%		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		$	20.7
Market value of securities on loan at period-end	$	661		$	678		$	663		$	633		$	660		$	588		$	470		$	326		$	293		$	290
Market Indices
S&P 500 Index - period-end (a)		1421			1503			1527			1468			1323			1280			1166			903			798			919
S&P 500 Index - daily average		1424			1496			1490			1496			1353			1371			1252			916			809			891
FTSE 100 Index (a)		6308			6608			6467			6457			5702			5626			4902			4434			3926			4249
FTSE 100 Index-daily average		6265			6534			6366			6455			5891			5979			5359			4270			4040			4258
NASDAQ Composite Index (a)		2422			2603			2702			2652			2279			2293			2092			1577			1529			1835
Lehman Brothers Aggregate Bond Index (a)		231			228			246			258			281			270			256			275			262			280
MSCI EAFE Index (a)		2148			2262			2300			2253			2039			1967			1553			1237			1056			1307
NYSE Volume (in billions)		124			128			146			135			159			141			180			181			161			151
NASDAQ Volume (in billions)		124			134			137			137			149			135			145			148			136			152

(a) Period end

Page 7 of 19

THE BANK OF NEW YORK MELLON CORPORATION

ASSETS UNDER MANAGEMENT NET FLOWS - 10 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			2nd 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		$	881
Net Flows
Long-term		(3	)		6		2			(20	)		(6	)		(8	)		(6	)		(22	)		(1	)		(17	)
Money market		5			17		27			39			29			21			14			28			(11	)		(2	)
Total net inflows (a)		2			23		29			19			23			13			8			6			(12	)		(19	)
Net Market appreciation/(depreciation)		12			34		(5	)		(4	)		(39	)		(6	)		(54	)		(137	)		(35	)		64
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		$	926

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

Page 8 of 19

THE BANK OF NEW YORK MELLON CORPORATION

BUSINESS SEGMENTS

ASSET MANAGEMENT - 10 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			2nd Qtr
Revenue:
Asset and wealth management
Mutual funds		276			291			307			323			323			340			328			297			263			266
Institutional clients		320			351			331			342			304			290			265			193			181			175
Private clients		43			46			47			47			45			47			43			35			32			31
Total asset and wealth management		639			688			685			712			672			677			636			525			476			472
Performance fees		49			63			(3	)		62			20			16			3			44			7			26
Distribution and servicing		82			82			89			104			86			99			93			93			92			90
Other fee revenue (b)		16			31			(26	)		10			(26	)		4			(45	)		(100	)		(96	)		(59	)
Total fee and other revenue		786			864			745			888			752			796			687			562			479			529
Net interest revenue (expense)		6			(6	)		(4	)		18			15			11			10			43			16			9
Total revenue		792			858			741			906			767			807			697			605			495			538
Noninterest expenses (ex. intangible amortization and support agreement charges)		509			540			538			556			557			528			489			478			412			419
Income before taxes (ex. intangible amortization and support agreement charges)		283			318			203			350			210			279			208			127			83			119
Support agreement charges		—			—			—			—			—			5			328			2			(14	)		—
Amortization of intangible assets		13			13			70			70			62			68			64			61			55			55
Income before taxes		270			305			133			280			148			206			(184	)		64			42			64
Average assets	$	5,358		$	5,318		$	13,482		$	13,495		$	13,238		$	13,410		$	13,286		$	13,135		$	12,636		$	12,377
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		$	860
Pre-tax operating margin
GAAP		34	%		36	%		18	%		31	%		19	%		26	%		-26	%		11	%		8	%		12	%
Non-GAAP adjusted (d)		36	%		37	%		27	%		39	%		27	%		34	%		-17	%		21	%		20	%		22	%

(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, $34 million and $45 million of the first and second quarters 2009.

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

(d) Excluding support agreement charges, investment write-downs and intangible amortization, pre-tax operating margin (Non-GAAP) was 38% for the fourth quarter of 2007, 29%, 35%, 30% and 27% for the first, second, third and fourth quarters of 2008, respectively, and 22% and 28% for the first and second quarter of 2009, respectively.

Page 9 of 19

THE BANK OF NEW YORK MELLON CORPORATION

BUSINESS SEGMENTS

WEALTH MANAGEMENT - 10 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			2nd Qtr
Revenue:
Asset and wealth management		148			153			151			157			153			150			141			119			122			128
Securities servicing fees - Asset servicing		4			4			3			5			6			6			7			8			7			6
Other fee revenue		—			(1	)		2			5			7			5			15			7			12			6
Total fee and other revenue		152			156			156			167			166			161			163			134			141			140
Net interest revenue (expense)		43			44			41			42			46			48			50			56			50			49
Total revenue		195			200			197			209			212			209			213			190			191			189
Provision for credit losses		—			—			—			—			—			(1	)		1			—			—			—
Noninterest expenses (ex. intangible amortization and support agreement charges)		136			141			139			142			142			142			140			141			128			135
Income before taxes (ex. intangible amortization and support agreement charges)		59			59			58			67			70			68			72			49			63			54
Support agreement charges		—			—			—			—			—			—			15			—			—			—
Amortization of intangible assets		1			—			14			14			13			13			14			14			11			11
Income before taxes		58			59			44			53			57			55			43			35			52			43
Average loans	$	3,799		$	4,083		$	4,133		$	4,342		$	4,390		$	4,816		$	5,231		$	5,309		$	5,388		$	5,684
Average assets	$	6,884		$	6,841		$	9,964		$	9,858		$	10,496		$	10,254		$	9,801		$	9,632		$	9,611		$	9,131
Average deposits	$	6,388		$	6,352		$	7,589		$	7,469		$	7,993		$	7,782		$	7,318		$	7,131		$	7,058		$	6,628
Market value of total client assets at period-end (in billions) (a)	$	158		$	162		$	170		$	170		$	164		$	162		$	158		$	139		$	132		$	142
Pre-tax operating margin
GAAP		30	%		30	%		22	%		25	%		27	%		26	%		20	%		18	%		27	%		23	%
Non-GAAP adjusted (excluding intangible amortization)		30	%		30	%		29	%		32	%		33	%		33	%		27	% (b)		26	%		33	%		29	%

(a) Includes assets under management, before amounts subadvised by/for other segments, of $66 billion and $69 billion in the first and second quarters of 2009; of $84 billion, $81 billion, $77 billion and $69 billion in the first, second, third and fourth quarters of 2008; of $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. Historical segment results have been restated to reflect these changes.

Page 10 of 19

THE BANK OF NEW YORK MELLON CORPORATION

BUSINESS SEGMENTS

ASSET SERVICING - 10 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			2nd Qtr
Revenue:
Securities servicing fees - Asset servicing (a)		616			674			692			781			863			830			774			746			583			642
Foreign Exchange and other trading activities		112			125			161			206			200			224			261			366			199			206
Other fee revenue		53			61			56			53			44			36			47			25			48			45
Total fee and other revenue		781			860			909			1,040			1,107			1,090			1,082			1,137			830			893
Net interest revenue (expense)		155			180			195			225			222			213			240			411			249			211
Total revenue		936			1,040			1,104			1,265			1,329			1,303			1,322			1,548			1,079			1,104
Noninterest expenses (ex. intangible amortization and support agreement charges) (a)		688			741			756			811			737			821			826			834			699			716
Income before taxes (ex. intangible amortization and support agreement charges)		248			299			348			454			592			482			496			714			380			388
Support agreement charges		—			—			—			3			14			(14	)		381			160			6			(15	)
Amortization of intangible assets		3			3			6			6			7			5			6			6			7			9
Income before taxes		245			296			342			445			571			491			109			548			367			394
Average loans (b)	$	6,881		$	7,645		$	7,996		$	8,719		$	8,967		$	7,284		$	8,538		$	10,376		$	5,743		$	4,744
Average assets	$	37,922		$	40,843		$	44,043		$	48,462		$	52,468		$	54,763		$	57,795		$	71,455		$	65,153		$	58,289
Average deposits	$	34,286		$	37,339		$	38,065		$	42,446		$	46,092		$	48,436		$	51,492		$	64,500		$	57,084		$	50,583
Pre-tax operating margin
GAAP		26	%		28	%		31	%		35	%		43	%		38	%		8	%		35	%		34	%		36	%
Non-GAAP adjusted (excluding intangible amortization)		26	%		29	%		32	%		36	%		43	%		38	%		9	%(d)		36	%(d)		35	%		37	%
MEMO:
Securities lending revenue	$	65		$	99		$	110		$	167		$	245		$	202		$	155		$	187		$	90		$	97
Market value of securities on loan at period-end (in billions) (c)	$	661		$	678		$	663		$	633		$	660		$	588		$	470		$	326		$	293		$	290

(a) In the second quarter of 2009, global custodian out-of-pocket expense related to client reimbursement was reclassified from sub-custodian expense to asset servicing revenue. The reclassification totaled $7 million, $9 million, $3 million and $4 million for the first, second, third and fourth quarters of 2007; $4 million, $10 million, $4 million and $4 million for the first, second, third and fourth quarters of 2008; and $- million in the first quarter of 2009.

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

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

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

Page 11 of 19

THE BANK OF NEW YORK MELLON CORPORATION

BUSINESS SEGMENTS

ISSUER SERVICES - 10 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			2nd Qtr
Revenue:
Securities servicing fees - Issuer services		371			415			436			438			374			443			475			392			363			373
Other fee revenue		37			25			24			19			33			36			54			44			41			37
Total fee and other revenue		408			440			460			457			407			479			529			436			404			410
Net interest revenue (expense)		125			158			159			175			153			176			170			211			200			185
Total revenue		533			598			619			632			560			655			699			647			604			595
Provision for credit losses		—			—			—			—			—			—			—			—			—			—
Noninterest expenses (ex. intangible amortization)		291			297			291			324			318			347			349			318			297			303
Income before taxes (ex. intangible amortization)		242			301			328			308			242			308			350			329			307			292
Amortization of intangible assets		17			17			20			21			20			20			21			20			21			20
Income before taxes		225			284			308			287			222			288			329			309			286			272
Average assets	$	17,848		$	25,619		$	30,771		$	32,729		$	32,227		$	35,167		$	34,264		$	38,987		$	50,855		$	52,152
Average deposits	$	13,574		$	21,392		$	26,186		$	28,293		$	27,632		$	30,557		$	29,546		$	34,294		$	45,963		$	47,293
Pre-tax operating margin
GAAP		42	%		47	%		50	%		45	%		40	%		44	%		47	%		48	%		47	%		46	%
Non-GAAP adjusted (excluding intangible amortization)		45	%		50	%		53	%		49	%		43	%		47	%		50	%		51	%		51	%		49	%

(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 12 of 19

THE BANK OF NEW YORK MELLON CORPORATION

BUSINESS SEGMENTS

CLEARING SERVICES - 10 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			2nd Qtr
Revenue:
Securities servicing fees -Clearing services		224			239			243			249			250			259			254			277			249			248
Other fee revenue		31			33			67			44			53			64			63			72			72			66
Total fee and other revenue		255			272			310			293			303			323			317			349			321			314
Net interest revenue (expense)		74			74			77			78			75			75			75			96			82			87
Total revenue		329			346			387			371			378			398			392			445			403			401
Provision for credit losses		—			—			—			—			—			—			—			—			—			—
Noninterest expenses (ex. intangible amortization)		238			256			269			260			263			291			282			268			252			256
Income before taxes (ex. intangible amortization)		91			90			118			111			115			107			110			177			151			145
Amortization of intangible assets		6			6			6			6			6			6			8			6			7			7
Income before taxes		85			84			112			105			109			101			102			171			144			138
Average loans	$	6,668		$	7,195		$	6,847		$	6,660		$	6,629		$	7,263		$	7,384		$	6,735		$	5,927		$	5,918
Average assets	$	14,279		$	14,725		$	15,049		$	15,813		$	16,408		$	17,395		$	18,471		$	21,128		$	18,600		$	17,014
Pre-tax operating margin
GAAP		26	%		24	%		29	%		28	%		29	%		25	%		26	%		38	%		36	%		34	%
Non-GAAP adjusted (excluding intangible amortization)		28	%		26	%		30	%		30	%		30	%		27	%		28	%		40	%		37	%		36	%

(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 13 of 19

THE BANK OF NEW YORK MELLON CORPORATION

BUSINESS SEGMENTS

TREASURY SERVICES - 10 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			2nd Qtr
Revenue:
Treasury services		110			114			114			118			121			125			125			129			121			128
Other fee revenue		103			104			110			125			106			130			137			101			118			67
Total fee and other revenue		213			218			224			243			227			255			262			230			239			195
Net interest revenue (expense)		135			131			140			161			182			153			158			233			158			155
Total revenue		348			349			364			404			409			408			420			463			397			350
Provision for credit losses		—			—			—			—			—			—			—			—			—			—
Noninterest expenses (ex. intangible amortization)		195			206			196			201			205			203			202			204			195			199
Income before taxes (ex. intangible amortization)		153			143			168			203			204			205			218			259			202			151
Amortization of intangible assets		—			—			7			7			7			7			6			7			6			7
Income before taxes		153			143			161			196			197			198			212			252			196			144
Average loans	$	12,588		$	13,191		$	13,716		$	14,331		$	15,344		$	15,606		$	14,671		$	16,040		$	13,612		$	12,937
Average assets	$	19,731		$	20,146		$	21,166		$	21,902		$	24,153		$	21,227		$	22,384		$	34,585		$	28,761		$	24,861
Average deposits	$	16,061		$	16,650		$	17,772		$	18,092		$	20,056		$	17,316		$	18,397		$	30,052		$	24,867		$	20,321
Pre-tax operating margin
GAAP		44	%		41	%		44	%		49	%		48	%		49	%		50	%		54	%		49	%		41	%
Non-GAAP adjusted (excluding intangible amortization)		44	%		41	%		46	%		50	%		50	%		50	%		52	%		56	%		51	%		43	%

Page 14 of 19

THE BANK OF NEW YORK MELLON CORPORATION

BUSINESS SEGMENTS

OTHER - 10 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 (c)			1st Qtr			2nd Qtr
Revenue:
Total fee and other revenue (a)		162			138			139			(26	)		29			(104	)		(103	)		(1,022	)		(270	)		(216	)
Net interest revenue (expense)		20			11			66			58			56			(284	)		(17	)		4			24			8
Total revenue		182			149			205			32			85			(388	)		(120	)		(1,018	)		(246	)		(208	)
Provision for credit losses		(12	)		(18	)		—			20			14			14			22			54			59			61
Noninterest expenses (ex. intangible amortization and merger & integration expense)		187			261			167			201			121			148			78			244			130			142
Income before taxes and extraordinary (loss) (ex. intangible amortization and merger & integration expense)		7			(94	)		38			(189	)		(50	)		(550	)		(220	)		(1,316	)		(435	)		(411	)
Amortization of intangible assets		—			1			8			7			4			4			(1	)		(1	)		—			(1	)
FDIC special assessment		—			—			—			—			—			—			—			—			—			61
Merger & integration expenses		23			163			218			124			126			149			111			97			68			59
Income before taxes and extraordinary (loss)		(16	)		(258	)		(188	)		(320	)		(180	)		(703	)		(330	)		(1,412	)		(503	)		(530	)
Average loans	$	12,101		$	11,710		$	12,825		$	13,057		$	11,694		$	10,664		$	9,611		$	9,866		$	8,288		$	7,746
Average assets	$	40,337		$	42,998		$	49,353		$	50,728		$	51,800		$	43,781		$	42,826		$	55,040		$	34,503		$	34,709
Average deposits	$	14,423		$	14,719		$	17,724		$	18,427		$	15,959		$	14,141		$	12,216		$	11,478		$	10,062		$	6,923

(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; $316 million and $209 million in the first and second quarters 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.

(c) The fourth quarter of 2008 includes a restructuring charge of $181 million.

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

On June 30, 2009, we adopted discontinued operations accounting for Mellon United National Bank (MUNB) located in Miami, Florida. Previously, the financial results were included in the Other segment. Only the financial results for all periods of 2008 and 2009 have been restated.

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			3,213			2,763			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			3,214			2,763			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			4,427			3,590			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			4,416			3,590			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			5,502			4,345			3,495			2,561			2,382			1,497
Provision for credit losses		—			—			—			—			—			—			—			—			—			—			—			—
Noninterest expenses (ex. M&I expenses and intangible amortization)		2,387			2,143			1,891			580			558			532			3,759			2,999			2,647			1,332			1,203			835
Income before taxes and extraordinary (loss) (ex. M&I expenses and intangible amortization)		489			1,154			989			244			243			229			1,743			1,346			848			1,229			1,179			662
Amortization of intangible assets		255			166			32			54			29			—			24			18			35			81			75			18
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	$	13,267		$	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 9-15 for details of revenue/expense items impacting respective segment 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			3,370			2,889			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			6,120			5,721			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		—			—			—			500			456			450			2			10			22			514			480			480
Distribution and service fees		—			—			—			36			14			4			—			—			(2	)		421			375			284
Financing-related fees		2			2			—			157			176			211			(4	)		1			22			186			235			295
Investment Income		—			—			—			50			66			50			279			255			605			247			311			674
Other		101			76			78			(25	)		6			35			106			89			120			214			315			343
Total fee revenue		1,292			1,130			982			977			898			855			336			602			787			12,382			11,907			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			974			898			855			(1,200	)		413			792			10,754			11,710			10,180
Net interest revenue (expense) (b)		321			303			278			726			567			493			(241	)		155			144			2,881			2,581			1,997
Total revenue (c)		1,613			1,433			1,260			1,700			1,465			1,348			(1,441	)		568			936			13,635			14,291			12,177
Provision for credit losses		—			—			(4	)		—			—			5			104			(10	)		(19	)		104			(10	)		(18	)
Noninterest expenses (ex. M&I expenses and intangible amortization)		1,104			1,023			910			814			798			804			591			816			849			10,567			9,540			8,468
Income before taxes and extraordinary (loss) (ex. M&I expenses and intangible amortization)		509			410			354			886			667			539			(2,136	)		(238	)		106			2,964			4,761			3,727
Amortization of intangible assets		26			24			21			27			14			1			6			16			13			473			342			120
Merger & integration expense		—			—			—			—			—			—			483			528			117			483			528			117
Income before taxes, noncontrolling interest and extraordinary (loss)		483			386			333			859			653			538			(2,625	)		(782	)		(24	)		2,008			3,891			3,490
Average loans	$	7,003		$	6,843		$	6,692		$	15,415		$	13,457		$	13,186		$	10,455		$	12,423		$	9,967		$	46,606		$	44,622		$	39,523
Average assets	$	18,358		$	14,967		$	16,436		$	25,603		$	20,736		$	21,404		$	48,232		$	45,854		$	51,044		$	209,824		$	168,916		$	145,358
Average deposits	$	—		$	—		$	—		$	21,470		$	17,144		$	17,088		$	13,441		$	16,323		$	17,096		$	125,640		$	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 9-15 for details of revenue/expense items impacting respective segment results.

n/m - not meaningful

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THE BANK OF NEW YORK MELLON CORPORATION

CONTINUING OPERATIONS - 10 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			2nd Qtr
Loans:
Commercial real estate	$	1		$	1		$	—		$	40		$	49		$	106		$	118		$	124		$	190		$	58
Other residential mortgages		4			5			11			20			33			55			75			99			151			170
Commercial		15			16			18			39			50			52			65			60			65			82
Wealth Management		—			—			—			—			—			—			—			1			4			61
Foreign		9			6			6			87			78			60			1			—			2			1
Lease finance assets		1			1			—			—			—			—			—			—			—			—
Total nonperforming loans		30			29			35			186			210			273			259			284			412			372
Other assets owned		2			1			2			4			5			6			8			8			9			6
Total acquired property		—			—			—			—			—			—			—			—			—			—
Total nonperforming assets (a)	$	32		$	30		$	37		$	190		$	215		$	279		$	267		$	292		$	421		$	378
Nonperforming assets ratio		0.1	%		0.1	%		0.1	%		0.4	%		0.4	%		0.6	%		0.5	%		0.7	%		1.0	%		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			116.7
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			114.8
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			141.4
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			139.2

(a) Nonperforming assets at June 30, 2009 excludes discontinued operations. Nonperforming assets for all prior periods includes discontinued operations.

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THE BANK OF NEW YORK MELLON CORPORATION

CONTINUING OPERATIONS - 10 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			2nd Qtr
Allowance for credit losses:
Allowance for loan losses	$	343		$	342		$	326		$	332		$	327		$	314		$	353		$	365		$	415		$	470
Allowance for lending-related commitments		234			226			219			178			167			173			133			129			114			89
Allowance at beginning of period		577			568			545			510			494			487			486			494			529			559
Net (charge-offs)/recoveries
Charge-offs		(5	)		—			(37	)		(37	)		(14	)		(14	)		(27	)		(27	)		(51	)		(54	)
Recoveries		8			5			2			1			1			1			5			2			1			—
Total Net (charge-offs)/recoveries		3			5			(35	)		(36	)		(13	)		(13	)		(22	)		(25	)		(50	)		(54	)
Provision for credit losses (a)		(12	)		(18	)		—			20			16			25			30			60			80			61
Impact of Merger		—			(10	)		—			—			—			—			—			—			—			—
Transfer to Discontinued Operations		—			—			—			—			—			—			—			—			—			(40	)
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			526
Allowance for loan losses	$	342		$	326		$	332		$	327		$	314		$	353		$	365		$	415		$	470		$	434
Allowance for lending related-commitments		226			219			178			167			173			133			129			114			89			92
Allowance at end of period (a)		568			545			510			494			487			486			494			529			559			526
Allowance for loan losses as a percentage of total loans (b)		0.77	%		0.72	%		0.65	%		0.64	%		0.60	%		0.70	%		0.62	%		0.96	%		1.13	%		1.14	%

(a) The allowance and provision for credit losses at June 30, 2009 excludes discontinued operations. The allowance and provision for credit losses for all prior periods include discontinued operations.

(b) Excluding purchase accounting adjustments.

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