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) – January 19, 2011

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 January 19, 2011, the Registrant conducted a conference call and webcast with respect to results of operations for full year 2010 and fourth quarter 2010 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 January 19, 2011, 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 full year 2010 and fourth quarter 2010 dated January 19, 2011.
99.2	The Bank of New York Mellon Corporation 4Q 2010 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: January 21, 2011	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 full year 2010 and fourth quarter 2010 dated January 19, 2011.	Furnished herewith
99.2	The Bank of New York Mellon 4Q 2010 Financial Trends	Furnished herewith

EX-99.1

Exhibit 99.1

Quarterly Earnings Review

January 19, 2011

Table of Contents

Fourth Quarter 2010 Financial Highlights	2
Financial Summary/Key Metrics (Continuing operations)	3
Assets Under Management/Custody and Administration/Market Indices	4
Fee and Other Revenue	5
Net Interest Revenue	6
Noninterest Expense	7
Operations of Consolidated Asset Management Funds	8
Foreign Exchange and Other Trading Revenue	8
Investment Securities Portfolio	9
Capital	10
Nonperforming Assets	10
Allowance for Credit Losses, Provision and Net Charge-offs	11
Discontinued Operations	11
Review of Businesses	11
•     Asset Management	12
•     Wealth Management	13
•     Asset Servicing	14
•     Issuer Services	15
•     Clearing Services	16
•     Treasury Services	17
•     Other	18
Supplemental Information – Explanation of Non-GAAP Financial Measures	19
Cautionary Statement	23

BNY Mellon 4Q10 Quarterly Earnings Review

FOURTH QUARTER 2010 FINANCIAL HIGHLIGHTS

	Income after tax from continuing operations (a)							EPS from continuing operations (a)(b)(c)
	(in millions)														4Q10 vs.
	4Q09			3Q10		4Q10		4Q09			3Q10		4Q10		4Q09			3Q10
Earnings:
Continuing operations – GAAP	$	712		$	625	$	690	$	0.59		$	0.51	$	0.55		(7	)%		8	%
Non-GAAP adjustments (a)		(45	)		45		44		(0.04	)		0.04		0.04
Subtotal Non-GAAP operating basis		667			670		734		0.55			0.55		0.59		7	%		7	%
Intangible amortization		66			70		72		0.06			0.06		0.06
Continuing operations – Non-GAAP	$	733		$	740	$	806	$	0.60	(d)	$	0.61	$	0.65		8	%		7	%

KEY POINTS (comparisons are unannualized 4Q10 vs. 3Q10 unless otherwise stated)

• Operating earnings (excluding intangible amortization) increased 7%

- Total revenue of $3.7 billion +14% year-over-year, +9% sequentially. (e)

- Non-U.S. revenue (f) 38% +200 bps year-over-year.

- Fee revenue +11%

- Securities servicing fees +8%

- Asset and wealth management fees +14% (a)

- Foreign exchange trading revenue +29%

- Net interest revenue increased due to higher average client deposits.

- Noninterest expenses increased 8% including approximately $50 million of expenses primarily related to adjusting compensation to market levels, equipment write-offs and the anticipated settlement of a withholding tax matter.

- Effective tax rate of 27.3% in the fourth quarter of 2010.

• Record levels of AUC/A and AUM

- Record levels of AUC/A and AUM in 4Q10 reflect the impact of higher equity markets and new business, partially offset by the decline in the fixed income markets and the relative strength of the U.S. dollar.

- AUC/A of $25.0 trillion, up 12% year-over-year, driven by the GIS and BAS acquisitions, as well as higher market values and new business.

- AUM of $1.17 trillion, up 5% year-over-year reflecting higher market values and new business.

- Long-term inflows of $9 billion in 4Q10.

- Short-term inflows of $6 billion in 4Q10.

• Strong asset quality

- Provision for credit losses of $(22) million, unchanged.

- Criticized assets decreased 32% in 4Q10.

• Capital

- Continued capital generation – Tier 1 common up $576 million, or 5%, compared with Sept. 30, 2010.

- Tier 1 13.4% +120 bps, Tier 1 common 11.8% +110 bps

(a) See Supplemental information beginning on page 19 for GAAP to Non-GAAP reconciliations.

(b) Diluted earnings per share under the two-class method was calculated after deducting earnings allocated to participating securities of $6 million in the fourth quarter of 2009, $5 million in the third quarter of 2010 and $6 million in the fourth quarter of 2010.

(c) Average fully diluted shares increased 2% in the fourth quarter of 2010 due to the common equity issuance in mid-September 2010.

(d) Does not foot due to rounding.

(e) Total revenue on a GAAP basis is presented on page 3.

(f) Includes fee revenue, net interest revenue and income of consolidated asset management funds, net of noncontrolling interests.

Page - 2

BNY Mellon 4Q10 Quarterly Earnings Review

FINANCIAL SUMMARY

(dollar amounts in millions, non-FTE basis unless otherwise noted; common	4Q09			1Q10			2Q10			3Q10			4Q10			4Q10 vs.
shares in thousands)																4Q09			3Q10
Revenue:
Fee and other revenue – GAAP	$	2,577		$	2,529		$	2,555		$	2,668		$	2,972
Less: Net securities gains		15			7			13			6			1
Total fee revenue – GAAP	$	2,562		$	2,522		$	2,542		$	2,662		$	2,971			16	%		12	%
Income of consolidated asset management funds, net of noncontrolling interests		—			41	(a)		32	(a)		49	(a)		45	(a)
Total fee revenue – Non-GAAP		2,562			2,563			2,574			2,711			3,016			18			11
Net interest revenue – GAAP		724			765			722			718			720			(1	)		—
Total revenue excluding net securities gains – Non-GAAP		3,286			3,328			3,296			3,429	(b)		3,736	(b)		14			9
Total revenue – GAAP		3,301			3,359			3,342			3,423			3,751			14			10
Provision for credit losses	$	65		$	35		$	20		$	(22	)	$	(22	)
Expense:
Noninterest expense – GAAP	$	2,564		$	2,440		$	2,316		$	2,611		$	2,803
Less: Special litigation reserves		N/A			164			N/A			N/A			N/A
M&I expenses		52			26			14			56			43
Restructuring charges		139			7			(15	)		15			21
Amortization of intangible assets		107			97			98			111			115
Total noninterest expense – Non-GAAP		2,266			2,146			2,219			2,429	(b)		2,624	(b)		16			8
Income:
Income (loss) from continuing operations before income taxes		672			884			1,006			834			970
Provision (benefit) for income taxes		(41	)		258			304			220			265
Income from continuing operations	$	713		$	626		$	702		$	614		$	705			(1	)%		15	%
Net (income) loss attributable to noncontrolling interests		(1	)		(25	)(a)		(34	)(a)		11	(a)		(15	)(a)
Net income from continuing operations		712			601			668			625			690
Net income from discontinued operations		(119	)		(42	)		(10	)		(3	)		(11	)
Net income applicable to common shareholders’ of The Bank of New York Mellon Corporation	$	593		$	559		$	658		$	622		$	679
Key Metrics (Continuing operations):
Pre-tax operating margin – GAAP (c)		20	%		26	%		30	%		24	%		26	%
Non-GAAP adjusted (c)		29	%		34	%		32	%		30	%		30	%
Return on common equity (annualized) – GAAP (c)		9.8	%		8.2	%		8.8	%		7.8	%		8.5	%
Non-GAAP adjusted (c)		10.1	%		10.6	%		9.5	%		9.2	%		9.9	%
Return on tangible common equity (annualized)
Non-GAAP (c)		33.0	%		25.8	%		25.7	%		26.3	%		27.5	%
Non-GAAP adjusted (c)		31.1	%		30.2	%		25.4	%		27.8	%		29.1	%
Fee revenue as a percentage of total revenue excluding net securities gains		78	%		75	%		76	%		78	%		79	%
Percentage of non-U.S. fee, net interest revenue and income of consolidated asset management funds, net of noncontrolling interests		36	%		35	%		35	%		36	%		38	%
Period end:
Employees		42,200			42,300			42,700			47,700			48,000
Market capitalization	$	33,783		$	37,456		$	29,975		$	32,413		$	37,494
Common shares outstanding		1,207,835			1,212,941			1,214,042			1,240,454			1,241,530

(a) Includes income of $(24) million, income of $(33) million, a loss of $12 million and income of $(14) million of noncontrolling interests related to consolidated asset management funds in the first, second, third and fourth quarters of 2010, respectively.

(b) Includes total revenue of $237 million in the third quarter of 2010 and $253 million in the fourth quarter of 2010 and noninterest expense of $185 million in the third quarter of 2010 and $196 million in the fourth quarter of 2010 from the GIS and BAS acquisitions.

(c) See Supplemental information beginning on page 19 for GAAP to Non-GAAP reconciliations.

N/A – Not applicable.

Page - 3

BNY Mellon 4Q10 Quarterly Earnings Review

ASSETS UNDER MANAGEMENT/CUSTODY AND ADMINISTRATION TREND

	4Q09		1Q10		2Q10		3Q10		4Q10		4Q10 vs.
											4Q09			3Q10
Market value of assets under management at period-end (in billions)	$	1,115	$	1,105	$	1,047	$	1,141	$	1,172		5	%		3	%
Market value of assets under custody and administration at period-end (in trillions)	$	22.3	$	22.4	$	21.8	$	24.4	$	25.0		12	%		2	%
Market value of securities on loan at period-end (in billions) (a)	$	247	$	253	$	248	$	279	$	278		13	%		—	%

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

ASSETS UNDER MANAGEMENT FLOWS

Changes in market value of assets under management in Asset and Wealth Management businesses
(in billions)	4Q09			1Q10			2Q10			3Q10		4Q10 (a)
Beginning balance of market value of assets under management	$	966		$	1,115		$	1,105		$	1,047	$	1,141
Net inflows:
Long-term		14			16			12			11		9
Money market		(22	)		(25	)		(17	)		18		6
Total net inflows		(8	)		(9	)		(5	)		29		15
Acquisitions		147	(b)		—			—			—		—
Net market/currency impact		10			(1	)		(53	)		65		16
Ending balance of market value of assets under management	$	1,115		$	1,105		$	1,047		$	1,141	$	1,172

(a) Preliminary.

(b) Primarily includes acquisition of Insight ($138 billion) and 20% interest in Sigular Guff ($8 billion).

COMPOSITION OF ASSETS UNDER MANAGEMENT

Composition of assets under management at period end (a)
	4Q09			1Q10			2Q10			3Q10			4Q10
Equity		31	%		32	%		30	%		31	%		32	%
Money market		32			30			30			30			29
Fixed income		21			21			23			22			21
Alternative investments and overlay		16			17			17			17			18
Total		100	%		100	%		100	%		100	%		100	%

(a) Excludes securities lending cash management assets.

MARKET INDICES

	4Q09		1Q10		2Q10		3Q10		4Q10		4Q10 vs.
											4Q09			3Q10
S&P 500 Index (a)		1115		1169		1031		1141		1258		13	%		10	%
S&P 500 Index-daily average		1088		1123		1135		1095		1204		11			10
FTSE 100 Index (a)		5413		5680		4917		5549		5900		9			6
FTSE 100 Index-daily average		5235		5431		5361		5312		5760		10			8
NASDAQ Composite Index (a)		2269		2398		2109		2369		2653		17			12
Lehman Brothers Aggregate BondSM Index (a)		301		300		299		329		323		7			(2	)
MSCI EAFE® Index (a)		1581		1584		1348		1561		1658		5			6
NYSE Share Volume (in billions)		112		103		140		104		98		(13	)		(6	)
NASDAQ Share Volume (in billions)		131		143		159		129		121		(8	)		(6	)

(a) Period end.

Page - 4

BNY Mellon 4Q10 Quarterly Earnings Review

FEE AND OTHER REVENUE

Fee and other revenue	4Q09			1Q10			2Q10			3Q10			4Q10			4Q10 vs.
(dollar amounts in millions)																4Q09			3Q10
Securities servicing fees:
Asset servicing	$	621		$	608		$	622		$	832		$	877			41	%		5	%
Securities lending revenue		29			29			46			38			37			28			(3	)
Issuer services		368			333			354			364			409			11			12
Clearing services		223			230			245			252			278			25			10
Total securities servicing fees		1,241			1,200			1,267			1,486			1,601			29			8
Asset and wealth management fees		746			686			686			696			800			7			15
Foreign exchange and other trading revenue		246			262			220			146			258			5			77
Treasury services		134			131			125			132			129			(4	)		(2	)
Distribution and servicing		57			48			51			56			55			(4	)		(2	)
Financing-related fees		57			50			48			49			48			(16	)		(2	)
Investment and other income		81			145			145			97			80			(1	)		(18	)
Total fee revenue – GAAP	$	2,562		$	2,522		$	2,542		$	2,662		$	2,971			16	%		12	%
Income of consolidated asset management funds, net of noncontrolling interests		—			41	(a)		32	(a)		49	(a)		45	(a)		N/M			(8	)
Total fee revenue – Non-GAAP	$	2,562		$	2,563		$	2,574		$	2,711	(b)	$	3,016	(b)		18	%		11	%
Net securities gains		15			7			13			6			1			N/M			N/M
Total fee and other revenue – Non-GAAP (b)	$	2,577		$	2,570		$	2,587		$	2,717		$	3,017			17	%		11	%
Fee revenue as a percentage of total revenue excluding net securities gains		78	%		75	%		76	%		78	%		79	%

(a) Includes $25 million, $29 million, $36 million and $35 million previously included in asset and wealth management fees and $16 million, $3 million, $13 million and $10 million previously included in investment and other income for the first, second, third and fourth quarters of 2010, respectively. See page 8.

(b) Total fee and other revenue on a GAAP basis was $2,577 million, $2,529 million, $2,555 million, $2,668 million and $2,972 million, respectively. Total fee revenue from the Acquisitions was $234 million in the third quarter of 2010 and $246 million in the fourth quarter of 2010.

N/M - Not meaningful.

KEY POINTS

• Asset servicing fees – Year-over-year and sequential results were positively impacted by higher market values, new business and asset inflows from existing clients. The year-over-year increase was primarily driven by the impact of the GIS and BAS acquisitions (collectively, “the Acquisitions”).

• Issuer services fees – The increases year-over-year and sequentially reflect higher Depositary Receipts revenue resulting from higher corporate action fees, partially offset by lower Corporate Trust fee revenue reflecting continued weakness in the structured debt markets.

• Clearing services fees – The year-over-year increase resulted from the impact of the GIS acquisition, strong growth in mutual fund assets and positions, higher market values and new business. The sequential increase resulted from increased daily average revenue trades, higher market values and new business.

• Asset and wealth management fees totaled $800 million in the fourth quarter of 2010, up 15% (unannualized) sequentially. Adjusted for performance fees and income from consolidated asset management funds, net of noncontrolling interests, these fees totaled $762 million, an increase of 11% compared with the prior year period and 6% (unannualized) sequentially (see page 20). The year-over-year increase was primarily due to higher market values and net new business. The sequential increase was primarily due to higher equity market values and net new business.

• Foreign exchange and other trading revenue totaled $258 million compared with $246 million in the prior year period and $146 million in the third quarter of 2010. In the fourth quarter of 2010, foreign exchange revenue totaled $206 million, an increase of 29% (unannualized) sequentially and 2% year-over-year. The sequential increase was driven by increased volumes, new business and higher volatility. Other trading revenue was $52 million in the fourth quarter of 2010, an increase of $7 million compared with the fourth quarter of 2009 and $66 million compared with the third quarter of 2010. The sequential increase was largely driven by an improvement in fixed income and derivatives trading.

• Investment and other income totaled $80 million compared with $81 million in the prior year period and $97 million in the third quarter of 2010. The sequential decrease primarily reflects lower foreign currency translation and seed capital revenue, and gains on the sales of assets in the third quarter of 2010.

Page - 5

BNY Mellon 4Q10 Quarterly Earnings Review

NET INTEREST REVENUE

Net interest revenue																4Q10 vs.
(dollar amounts in millions)	4Q09			1Q10			2Q10			3Q10			4Q10			4Q09			3Q10
Net interest revenue (non-FTE)	$	724		$	765		$	722		$	718		$	720			(1	)%		—	%
Net interest revenue (FTE)		729			770			727			723			724			(1	)		—
Net interest margin (FTE)		1.77	%		1.89	%		1.74	%		1.67	%		1.54	%		(23	) bps		(13	) bps
Selected average balances:
Cash/interbank investments	$	71,173		$	71,788		$	73,673		$	74,803		$	82,000			15	%		10	%
Trading account securities		2,090			2,075			2,752			3,194			2,698			29			(16	)
Securities		55,573			55,352			54,030			57,993			65,370			18			13
Loans		35,239			34,214			36,664			36,769			37,529			6			2
Interest-earning assets		164,075			163,429			167,119			172,759			187,597			14			9
Interest-bearing deposits		98,404			101,034			99,963			104,033			111,776			14			7
Noninterest-bearing deposits		34,991			33,330			34,628			33,198			39,625			13			19
Selected average yields/rates:
Cash/interbank investments		0.94	%		0.89	%		0.82	%		0.83	%		0.98	%
Trading account securities		2.53			2.49			2.62			2.57			3.02
Securities		3.36			3.67			3.62			3.41			3.02
Loans		2.38			2.46			2.30			2.23			2.12
Interest-earning assets		2.09			2.18			2.08			2.03			1.95
Interest-bearing deposits		0.12			0.16			0.17			0.19			0.22
Average cash/interbank investments as a percentage of average interest-earning assets		43	%		44	%		44	%		43	%		44	%
Average noninterest-bearing deposits as a percentage of average interest-earning assets		21	%		20	%		21	%		19	%		21	%

bps – basis points.

FTE – fully taxable equivalent.

KEY POINTS

• Net interest revenue totaled $720 million in 4Q10 a decrease of $4 million compared with 4Q09 as higher average interest-earnings assets and a higher yield on the restructured investment securities portfolio were offset by lower spreads. The sequential increase in net interest revenue was primarily driven by higher average interest-earning assets which resulted from a temporary increase in short-term client deposits during the quarter.

• The net interest margin (FTE) was 1.54% in 4Q10, compared with 1.67% in 3Q10 and 1.77% in 4Q09. The spike in short-term deposits negatively impacted the net interest margin by approximately 10 basis points in the fourth quarter of 2010.

Page - 6

BNY Mellon 4Q10 Quarterly Earnings Review

NONINTEREST EXPENSE

Noninterest expense	4Q09			1Q10			2Q10			3Q10			4Q10			4Q10 vs.
(dollar amounts in millions)																4Q09			3Q10
Staff:
Compensation	$	766		$	753		$	763		$	850		$	871			14	%		2	%
Incentives		266			284			272			289			348			31			20
Employee benefits		189			183			199			205			198			5			(3	)
Total staff		1,221			1,220			1,234			1,344			1,417			16			5
Professional, legal and other purchased services		278			241			256			282			320			15			13
Software and equipment		178			169			162			187			207			16			11
Net occupancy		141			137			143			150			158			12			5
Distribution and servicing		91			89			90			94			104			14			11
Business development		76			52			68			63			88			16			40
Sub-custodian		55			52			65			60			70			27			17
Other		226			186			201			249			260			15			4
Subtotal		2,266			2,146			2,219			2,429	(a)		2,624	(a)		16			8
Special litigation reserves		N/A			164			N/A			N/A			N/A			N/M			N/M
Amortization of intangible assets		107			97			98			111			115			7			4
Restructuring charges		139			7			(15	)		15			21			N/M			N/M
M&I expenses		52			26			14			56			43			(17	)		(23	)
Total noninterest expense	$	2,564		$	2,440		$	2,316		$	2,611		$	2,803			9	%		7	%
Total staff expense as a percentage of total revenue		37	%		36	%		37	%		39	%		38	%

(a) Noninterest expense from the Acquisitions was $185 million in the third quarter of 2010 and $196 million in the fourth quarter of 2010.

N/A – Not applicable.

N/M – Not meaningful.

KEY POINTS

• Total noninterest expense (excluding restructuring charges, M&I expenses and amortization of intangible assets) (Non-GAAP) increased 16% compared with the prior year period and 8% sequentially. Both increases were driven by the following factors:

- The Acquisitions impacted virtually all expense categories year-over-year.

- The fourth quarter of 2010 includes approximately $50 million of expenses primarily related to the full-year impact of adjusting compensation to market levels, the write-off of equipment and the anticipated settlement of a withholding tax matter with the Internal Revenue Service.

- Incentive expenses both year-over-year and sequentially were also impacted by higher performance fees.

- The sequential increase in professional, legal and other purchased services also reflects costs related to re-engineering efforts, higher legal expenses and reimbursable out-of-pocket expenses.

- Distribution and servicing and subcustodian expenses increased year-over-year and sequentially in support of new business growth and increased activity levels.

- Business development expense increased year-over-year and sequentially in support of new business.

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BNY Mellon 4Q10 Quarterly Earnings Review

OPERATIONS OF CONSOLIDATED ASSET MANAGEMENT FUNDS

On Jan. 1, 2010, we adopted ASC 810 (SFAS No. 167). Adoption of this standard resulted in an increase in consolidated total assets on our balance sheet at Dec. 31, 2010 of $14.6 billion, or approximately 7% from Dec. 31, 2009.

We also separately disclosed the following on the income statement.

Income from consolidated asset management funds, net of noncontrolling interests (in millions)	1Q10		2Q10		3Q10			4Q10
Operations of consolidated asset management funds	$	65	$	65	$	37		$	59
Less: Noncontrolling interest of consolidated asset management funds		24		33		(12	)		14
Income from consolidated asset management funds, net of noncontrolling interests	$	41	$	32	$	49		$	45

These line items were previously disclosed on the income statement as:

(in millions)	1Q10		2Q10		3Q10		4Q10
Asset and wealth management revenue	$	25	$	29	$	36	$	35
Investment and other income		16		3		13		10
Total	$	41	$	32	$	49	$	45

FOREIGN EXCHANGE AND OTHER TRADING REVENUE

Foreign exchange and other trading revenue (in millions)	4Q09			1Q10			2Q10			3Q10			4Q10
Foreign exchange	$	201		$	175		$	246		$	160		$	206
Fixed income		54			80			(32	)		(7	)		39
Credit derivatives (a)		(11	)		(2	)		4			(6	)		(3	)
Other		2			9			2			(1	)		16
Total	$	246		$	262		$	220		$	146		$	258

(a) Used as economic hedges of loans.

Page - 8

BNY Mellon 4Q10 Quarterly Earnings Review

INVESTMENT SECURITIES PORTFOLIO

At Dec. 31, 2010, the fair value of our investment securities portfolio totaled $66.4 billion. The unrealized pre-tax gain on our total securities portfolio was $353 million at Dec. 31, 2010 compared with $629 million at Sept. 30, 2010 and an unrealized pre-tax loss of $1.0 billion at Dec. 31, 2009. The Grantor Trust established in December 2009 was unwound in December 2010. The investment securities previously included in the Grantor Trust were marked down to approximately 60% of face value in 2009. At Dec. 31, 2010, these securities were trading above adjusted amortized cost with a total unrealized pre-tax gain of $578 million.

The following table shows the distribution of our investment securities portfolio.

Investment securities portfolio
	Sept. 30, 2010		4Q10 change in unrealized gain/ (loss)			Dec. 31, 2010					Fair value as a % of Amortized cost (a)			Unrealized gain/(loss)			Ratings
(dollar amounts in millions)	Fair value					Amortized cost		Fair value									AAA/ AA-			A+/A-			BBB+/ BBB-			BB+ and lower			Not rated
Watch list: (b)
European floating rate notes (c)	$	4,898	$	(14	)	$	5,067	$	4,636			91	%	$	(431	)		94	%		6	%		—	%		—	%		—	%
Commercial MBS		2,355		(12	)		2,225		2,281			102			56			92			5			3			—			—
Prime RMBS		1,480		7			1,454		1,373			93			(81	)		52			14			7			27			—
Alt-A RMBS		704		9			690		671			74			(19	)		28			5			1			66			—
Subprime RMBS		526		25			724		533			73			(191	)		65			12			7			16			—
Credit cards		514		2			512		517			99			5			2			97			1			—			—
Other		339		7			308		331			48			23			3			1			24			19			53
Total Watch list (b)		10,816		24			10,980		10,342			89			(638	)		75			11			3			9			2
Agency RMBS		19,662		(142	)		19,780		20,157			102			377			100			—			—			—			—
Sovereign debt/ sovereign guaranteed		8,851		(24	)		8,536		8,585			100			49			100			—			—			—			—
U.S. Treasury securities		8,810		(167	)		12,650		12,635			100			(15	)		100			—			—			—			—
Alt-A RMBS (d)		2,543		60			2,164		2,513			66			349			3			4			3			90			—
Prime RMBS (d)		1,909		31			1,626		1,825			76			199			2			3			—			95			—
Subprime RMBS (d)		155		2			128		158			71			30			14			—			—			86			—
Foreign covered bonds		3,023		(26	)		2,884		2,868			99			(16	)		100			—			—			—			—
FDIC-insured debt		2,601		(13	)		2,428		2,474			102			46			100			—			—			—			—
U.S. Government agency debt		1,206		(10	)		1,007		1,005			100			(2	)		100			—			—			—			—
Other		2,488		(11	)		3,833		3,807			99			(26	)		52			5			4			1			38
Total investment securities	$	62,064	$	(276	)	$	66,016	$	66,369	(e)		96	%	$	353	(e)		87	%		2	%		1	%		8	%		2	%

(a) Amortized cost before impairments.

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

(c) Includes RMBS, commercial MBS, and other securities.

(d) These RMBS were previously included in the Grantor Trust and were marked to market in 2009. We believe these RMBS would receive higher credit ratings if these ratings incorporated, as additional credit enhancement, the difference between the written-down amortized cost and the current face amount of each of these securities.

(e) Includes a $60 million unrealized gain on derivatives hedging securities available for sale.

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BNY Mellon 4Q10 Quarterly Earnings Review

CAPITAL

Capital ratios (a)	Dec. 31, 2009			Sept. 30, 2010			Dec. 31, 2010
Tier 1 capital ratio		12.1	%		12.2	%		13.4	%
Total (Tier 1 plus Tier 2) capital ratio		16.0			15.8			16.4
Leverage capital ratio		6.5			5.9			5.8
Common shareholders’ equity to total assets ratio (b)		13.7			12.7			13.1
Tangible common shareholders’ equity to tangible assets of operations ratio – Non-GAAP (b)		5.2			5.3			5.8
Tier 1 common equity to risk-weighted assets ratio (b)		10.5			10.7			11.8

(a) Includes discontinued operations. Preliminary.

(b) See the Supplemental information section beginning on page 19 for a calculation of these ratios.

The increase in the capital ratios sequentially primarily resulted from earnings retention and lower risk-weighted assets. The increase from Dec. 31, 2009 primarily reflects earnings retention, the third quarter 2010 common equity issuance of $677 million and lower risk-weighted assets, partially offset by the impact of the Acquisitions.

NONPERFORMING ASSETS

Nonperforming assets (dollar amounts in millions)	Dec. 31, 2009			Sept. 30, 2010			Dec, 31, 2010
Loans:
Other residential mortgages	$	190		$	238		$	244
Wealth management		58			66			59
Commercial real estate		61			39			44
Commercial		65			35			34
Financial institutions		172			16			12
Total nonperforming loans		546			394			393
Other assets owned		4			7			6
Total nonperforming assets	$	550		$	401	(a)	$	399	(a)
Nonperforming assets ratio		1.5	%		1.1	%		1.1	%
Allowance for loan losses/nonperforming loans		92.1			135.5			126.7
Total allowance for credit losses/nonperforming loans		115.0			154.3			145.3

(a) The adoption of ASC 810 resulted in BNY Mellon consolidating loans of consolidated asset management funds of $13.3 billion at Sept. 30, 2010 and $13.8 billion at Dec. 31, 2010 into trading assets. These loans are not part of BNY Mellon’s loan portfolio. Included in these loans are $231 million and $218 million of nonperforming loans, respectively. These loans are recorded at fair value and therefore do not impact the provision for credit losses and allowance for loan losses, and accordingly are excluded from the nonperforming assets table above.

Page - 10

BNY Mellon 4Q10 Quarterly Earnings Review

ALLOWANCE FOR CREDIT LOSSES, PROVISION AND NET CHARGE-OFFS

Allowance for credit losses, provision and net charge-offs	Quarter ended
(in millions)	Dec. 31 2009			Sept. 30, 2010			Dec. 31, 2010
Allowance for credit losses – beginning of period	$	596		$	645		$	608
Provision for credit losses		65			(22	)		(22	)
Net (charge-offs) recoveries:
Other residential mortgages		(17	)		(11	)		(14	)
Financial institutions		(5	)		—			(1	)
Commercial		(9	)		(4	)		2
Commercial real estate		(2	)		—			(2	)
Total net (charge-offs) recoveries		(33	)		(15	)		(15	)
Allowance for credit losses – end of period	$	628		$	608		$	571
Allowance for loan losses	$	503		$	534		$	498
Allowance for unfunded commitments		125			74			73

The provision for credit losses was a credit of $22 million in the fourth quarter of 2010 compared with a credit of $22 million in the third quarter of 2010 and a charge of $65 million in the fourth quarter of 2009. The credit in the provision in the fourth quarter of 2010 primarily reflects the repayment of a loan to an asset manager that had previously filed for bankruptcy. The decrease in the provision compared with the fourth quarter of 2009 also reflects a reduction in criticized assets. Criticized assets decreased 32% in the fourth quarter of 2010 and 66% in the full-year 2010. During the fourth quarter of 2010, the total allowance for credit losses decreased $37 million and net charge-offs totaled $15 million.

DISCONTINUED OPERATIONS

On Jan. 15, 2010, BNY Mellon sold Mellon United National Bank (“MUNB”), a national bank subsidiary located in Florida. We have applied discontinued operations accounting to this business. The income statements for all periods in this Earnings Review are presented on a continuing operations basis. In the fourth quarter of 2010, we recorded an after-tax loss on discontinued operations of $11 million, primarily reflecting lower of cost or market write-downs on the retained MUNB loans held for sale.

REVIEW OF BUSINESSES

See BNY Mellon’s 2009 Annual Report for information on the accounting principles of our businesses. In addition, client deposits serve as the primary funding source for our investment securities portfolio and we typically allocate all interest revenue to the businesses generating the deposits. Accordingly, the higher yield related to the restructured investment securities portfolio has been included in the results of our businesses.

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BNY Mellon 4Q10 Quarterly Earnings Review

ASSET MANAGEMENT (provides asset management services through various asset management boutiques to institutional and individual investors)

(dollar amounts in millions, unless otherwise noted)	4Q09			1Q10			2Q10			3Q10			4Q10			4Q10 vs.
																4Q09			3Q10
Revenue:
Asset and wealth management:
Mutual funds	$	277		$	249		$	254		$	270		$	293			6	%		9	%
Institutional clients		226			265			262			264			283			25			7
Private clients		38			38			37			38			38			—			—
Performance fees		59			13			19			16			75			27			N/M
Total asset and wealth management revenue		600			565			572			588			689			15			17
Distribution and servicing		56			47			49			52			53			(5	)		2
Other		6			17			—			9			3			N/M			N/M
Total fee and other revenue (a)		662			629			621			649			745			13			15
Net interest revenue		3			—			1			(2	)		—			N/M			N/M
Total revenue		665			629			622			647			745			12			15
Noninterest expense (ex. amortization of intangible assets and support agreement charges)		447			433			458			458			513			15			12
Income before taxes (ex. amortization of intangible assets and support agreement charges)		218			196			164			189			232			6			23
Amortization of intangible assets		56			50			50			50			51			(9	)		2
Support agreement charges		—			—			(7	)		26			—			N/M			N/M
Income before taxes	$	162		$	146		$	121		$	113		$	181			12	%		60	%
Pre-tax operating margin		24	%		23	%		19	%		17	%		24	%
Pre-tax operating margin (ex. amortization of intangible assets) (b)		33	%		31	%		27	%		25	%		31	%
Market value of assets under management at period-end (in billions)	$	1,045		$	1,034		$	980		$	1,071		$	1,107			6	%		3	%
Assets under management-net inflows (outflows):
Long-term (in billions)	$	13		$	15		$	13		$	11		$	9
Money market (in billions)	$	(22	)	$	(25	)	$	(17	)	$	18		$	6

(a) See Operations of consolidated asset management funds on page 8 for the impact of noncontrolling interests on the income statement.

(b) The pre-tax operating margin, excluding amortization of intangible assets and support agreement charges was 33% for 4Q09, 31% for 1Q10, 26% for 2Q10, 29% for 3Q10 and 31% for 4Q10.

N/M – Not meaningful.

KEY POINTS

• Asset Management generated 300 basis points of positive operating leverage sequentially, excluding amortization of intangible assets and support agreement charges.

• Total revenue was up 12% year-over-year and 15% (unannualized) sequentially. The year-over-year increase reflects improved market values and net new business. The sequential increase reflects seasonally higher performance fees, improved equity market values and net new business. Asset and wealth management fees, excluding performance fees, increased 13% year-over-year and 7% (unannualized) sequentially.

• Net long-term inflows were $9 billion and short-term inflows were $6 billion in 4Q10. Long-term inflows benefited from strength in institutional fixed income and global equity products and a record level of flows in retail funds.

• Noninterest expense (ex. amortization of intangible assets and support agreement charges) increased 15% year-over-year and 12% (unannualized) sequentially. Both increases primarily resulted from higher incentive expense resulting from an increase in performance fees, as well as the full-year impact of adjusting compensation to market levels and higher volume driven distribution and servicing expenses.

• 54% non-U.S. revenue in 4Q10 vs. 52% in 4Q09.

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BNY Mellon 4Q10 Quarterly Earnings Review

WEALTH MANAGEMENT (provides investment management, wealth and estate planning and private banking solutions to high net worth individuals, families, endowments and foundations and related entities)

(dollar amounts in millions,	4Q09			1Q10			2Q10			3Q10			4Q10			4Q10 vs.
unless otherwise noted)																4Q09			3Q10
Revenue:
Asset and wealth management	$	136		$	136		$	134		$	133		$	137			1	%		3	%
Other		15			10			13			11			16			7			45
Total fee and other revenue		151			146			147			144			153			1			6
Net interest revenue		46			55			56			58			58			26			—
Total revenue		197			201			203			202			211			7			4
Provision for credit losses		1			—			—			—			2			N/M			N/M
Noninterest expense (ex. amortization of intangible assets)		138			136			145			140			154			12			10
Income before taxes (ex. amortization of intangible assets)		58			65			58			62			55			(5	)		(11	)
Amortization of intangible assets		11			9			9			9			9			(18	)		—
Income before taxes	$	47		$	56		$	49		$	53		$	46			(2	)%		(13	)%
Pre-tax operating margin		24	%		28	%		24	%		26	%		22	%
Pre-tax operating margin (ex. amortization of intangible assets)		29	%		32	%		28	%		31	%		26	%
Average loans	$	6,191		$	6,302		$	6,350		$	6,503		$	6,644			7	%		2	%
Average deposits	$	6,804		$	7,310		$	7,991		$	8,416		$	9,094			34	%		8	%
Market value of total client assets under management and custody at period end (in billions)	$	154		$	157		$	150		$	161		$	166			8	%		3	%

N/M – Not meaningful.

KEY POINTS

• Total revenue increased 7% year-over-year and 4% (unannualized) sequentially due to organic growth and higher equity markets.

• Total fee and other revenue increased 1% compared with 4Q09 and 6% (unannualized) sequentially. Both increases were due to higher equity markets, higher capital markets fees and the I3 Wealth Advisors acquisition.

• Total client assets were $166 billion at Dec. 31, 2010, up 8%, year-over year and 3% sequentially. The year-over-year increase reflects market appreciation, the I3 Wealth Advisors acquisition and new business. The sequential increase reflects market appreciation and new business.

• Net interest revenue increased 26% year-over-year and was unchanged sequentially. The year-over-year increase was due to high quality loan growth, higher deposit levels and the higher yield related to the restructured investment securities portfolio. Average loans increased 7% year-over-year and 2% (unannualized) sequentially. Average deposit levels increased 34% year-over-year and 8% (unannualized) sequentially.

• Noninterest expense (excluding amortization of intangible assets) increased 12% compared to 4Q09 and 10% (unannualized) sequentially. Both increases were driven by increased marketing, efficiency driven technology investments, litigation expenses and the I3 Wealth Advisors acquisition.

• Wealth Management has office sites in 17 states and 4 countries, including 16 of the top 25 domestic wealth markets.

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BNY Mellon 4Q10 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,	4Q09			1Q10			2Q10			3Q10			4Q10			4Q10 vs.
unless otherwise noted)																4Q09			3Q10
Revenue:
Securities servicing fees – asset servicing	$	581		$	569		$	586		$	802		$	847			46	%		6	%
Securities lending revenue		25			24			30			26			26			4			—
Foreign exchange and other trading revenue		177			170			207			135			181			2			34
Other		33			35			83			42			46			39			10
Total fee and other revenue		816			798			906			1,005			1,100			35			9
Net interest revenue		205			210			216			216			222			8			3
Total revenue		1,021			1,008			1,122			1,221			1,322			29			8
Noninterest expense (ex. amortization of intangible assets and support agreement charges)		788			740			765			907			966			23			7
Income before taxes (ex. amortization of intangible assets and support agreement charges)		233			268			357			314			356			53			13
Amortization of intangible assets		6			6			5			18			18			N/M			—
Support agreement charges		(5	)		(23	)		16			(11	)		(8	)		N/M			N/M
Income before taxes	$	232		$	285		$	336		$	307		$	346			49	%		13	%
Pre-tax operating margin		23	%		28	%		30	%		25	%		26	%
Pre-tax operating margin (ex. amortization of intangible assets)		23	%		29	%		30	%		27	%		28	%
Market value of securities on loan at period end (in billions) (a)	$	247		$	253		$	248		$	279		$	278			13	%		—	%
Average deposits	$	51,755		$	52,183		$	55,343		$	57,849		$	61,789			19	%		7	%

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

N/M – Not meaningful.

KEY POINTS

• Securities servicing fees increased 46% compared with 4Q09 and 6% (unannualized) sequentially. The year-over-year and sequential increases reflect higher market values, new business and asset inflows from existing clients. The year-over-year increase was primarily driven by the impact of the Acquisitions.

• Foreign exchange and other trading revenue increased 2% compared with 4Q09 and 34% (unannualized) sequentially. Both increases reflect increased volumes, new business and higher volatility.

• Net interest revenue increased 8% year-over-year and 3% (unannualized) sequentially. The increase compared with 4Q09 resulted from the higher yield related to the restructured investment securities portfolio and higher deposit levels, partially offset by narrower spreads on deposits. The sequential increase primarily reflects higher deposit levels.

• Noninterest expense (excluding amortization of intangible assets and support agreement charges) increased 23% compared with 4Q09 and 7% (unannualized) sequentially. The year-over-year increase was impacted by the Acquisitions and expenses in support of new business growth. The increase sequentially reflects expenses in support of business growth and a full-quarter impact of the BAS acquisition.

• 4Q10 new business wins totaled $350 billion in assets (win rate of 64%).

• 40% non-U.S. revenue in 4Q10 vs. 41% in 4Q09.

Page - 14

BNY Mellon 4Q10 Quarterly Earnings Review

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

(dollar amounts in millions)	4Q09			1Q10			2Q10			3Q10			4Q10			4Q10 vs.
																4Q09			3Q10
Revenue:
Securities servicing fees - issuer services	$	367		$	333		$	353		$	364		$	409			11	%		12	%
Other		43			25			27			35			30			(30	)		(14	)
Total fee and other revenue		410			358			380			399			439			7			10
Net interest revenue		203			252			216			204			231			14			13
Total revenue		613			610			596			603			670			9			11
Noninterest expense (ex. amortization of intangible assets)		318			304			318			304			345			8			13
Income before taxes (ex. amortization of intangible assets)		295			306			278			299			325			10			9
Amortization of intangible assets		20			20			21			21			21			5			—
Income before taxes	$	275		$	286		$	257		$	278		$	304			11	%		9	%
Pre-tax operating margin		45	%		47	%		43	%		46	%		45	%
Pre-tax operating margin (ex. amortization of intangible assets)		48	%		50	%		47	%		50	%		48	%
Number of depositary receipt programs		1,330			1,336			1,345			1,353			1,363			2	%		1	%
Average deposits	$	47,320		$	48,470		$	44,560		$	44,085		$	51,760			9	%		17	%

KEY POINTS

• Total revenue increased 9% compared to 4Q09 and 11% (unannualized) sequentially:

• Corporate Trust – Total revenue increased year-over-year and sequentially. The year-over-year increase resulted from higher net interest revenue which was driven by the higher yield on the restructured investment securities portfolio and an increase in customer deposit balances, partially offset by the weakness in the structured debt markets. The sequential increase reflects higher net interest revenue driven by an increase in customer deposit balances.

• Depositary Receipts – Total revenue increased year-over-year and sequentially primarily due to higher issuance and seasonal corporate action fees, as well as new business. Depositary Receipt issuances have exceeded cancellations for seven consecutive quarters.

• Shareowner Services – Total revenue decreased year-over-year and increased sequentially. The year-over-year decline reflects lower corporate action fees and lower net interest revenue. The sequential increase primarily reflects higher corporate action activity, the impact of higher equity values on employee stock option plans, and higher net interest revenue, driven by higher deposit levels.

• Noninterest expense (excluding amortization of intangible assets) increased 8% year-over-year and 13% sequentially. Both increases reflected higher professional, legal and other purchased services expense, subcustodian expenses and the anticipated settlement of a withholding tax matter with the Internal Revenue Service.

• 50% non-U.S. revenue in 4Q10 vs. 43% in 4Q09.

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BNY Mellon 4Q10 Quarterly Earnings Review

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

(dollar amounts in millions,	4Q09			1Q10			2Q10			3Q10			4Q10			4Q10 vs.
unless otherwise noted)																4Q09			3Q10
Revenue:
Securities servicing fees – clearing services	$	219		$	227		$	240		$	251		$	275			26	%		10	%
Other		45			44			36			42			37			(18	)		(12	)
Total fee and other revenue		264			271			276			293			312			18			6
Net interest revenue		90			95			93			90			90			—			—
Total revenue		354			366			369			383			402			14			5
Noninterest expense (ex. amortization of intangible assets)		241			255			270			279			305			27			9
Income before taxes (ex. amortization of intangible assets)		113			111			99			104			97			(14	)		(7	)
Amortization of intangible assets		7			6			7			8			8			14			—
Income before taxes	$	106		$	105		$	92		$	96		$	89			(16	)%		(7	)%
Pre-tax operating margin		30	%		29	%		25	%		25	%		22	%
Pre-tax operating margin (ex. amortization of intangible assets)		32	%		30	%		27	%		27	%		24	%
Average active accounts (in thousands)		4,758			4,811			4,896			4,929			4,967			4	%		1	%
Average margin loans	$	4,651		$	5,229		$	5,775		$	6,261		$	6,281			35	%		—	%
Average payables to customers and broker-dealers	$	6,476		$	6,372		$	6,593		$	6,888		$	5,864			(9	)%		(15	)%

KEY POINTS

• Total fee and other revenue increased 18% compared to 4Q09 and 6% (unannualized) sequentially. The year-over-year increase resulted from the impact of the GIS acquisition, strong growth in mutual fund assets and positions, higher market values and new business, including the first phase of the conversion of a large global wealth management firm. The sequential increase resulted from increased daily average revenue trades, higher market values and new business.

• Noninterest expense (excluding amortization of intangible assets) increased 27% compared to 4Q09 and 9% (unannualized) sequentially. The year-over-year increase was impacted by the GIS acquisition. The year-over-year and sequential increases resulted from the full-year impact of adjusting compensation to market levels and from new business conversions, including the first phase of the conversion of a large global wealth management firm. We expect to complete the final phase of this conversion in the first quarter of 2011, and that the revenue related to this new business will exceed expenses in the second quarter of 2011.

Page - 16

BNY Mellon 4Q10 Quarterly Earnings Review

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

(dollar amounts in millions)	4Q09			1Q10			2Q10			3Q10			4Q10			4Q10 vs.
																4Q09			3Q10
Revenue:
Treasury services	$	130		$	127		$	121		$	127		$	125			(4	)%		(2	)%
Other		92			98			75			87			81			(12	)		(7	)
Total fee and other revenue		222			225			196			214			206			(7	)		(4	)
Net interest revenue		148			176			161			148			147			(1	)		(1	)
Total revenue		370			401			357			362			353			(5	)		(2	)
Noninterest expense (ex. amortization of intangible assets)		187			182			188			188			188			1			—
Income before taxes (ex. amortization of intangible assets)		183			219			169			174			165			(10	)		(5	)
Amortization of intangible assets		6			6			5			6			6			—			—
Income before taxes	$	177		$	213		$	164		$	168		$	159			(10	)%		(5	)%
Pre-tax operating margin		48	%		53	%		46	%		47	%		45	%
Pre-tax operating margin (ex. amortization of intangible assets)		50	%		55	%		47	%		48	%		47	%
Average loans	$	10,982		$	10,436		$	10,290		$	9,885		$	9,450			(14	)%		(4	)%
Average deposits	$	22,138		$	22,257		$	22,209		$	21,912		$	23,235			5	%		6	%

KEY POINTS

• Total fee and other revenue decreased 7% year-over-year and 4% (unannualized) sequentially. Both decreases reflect lower global payment fees and lower financing-related fees.

• Net interest revenue decreased 1% year-over-year and 1% (unannualized) sequentially. Both decreases are primarily related to lower average loan balances reflecting our strategy to reduce targeted risk exposure, partially offset by higher deposit volumes and spreads. The decrease year-over-year was also partially offset by the higher yield related to the restructured investment securities portfolio.

• Noninterest expense (excluding amortization of intangible assets) increased 1% year-over-year and was unchanged sequentially. The increase year-over-year was driven by the GIS acquisition, primarily offset by strong expense control.

Page - 17

BNY Mellon 4Q10 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)	4Q09			1Q10			2Q10			3Q10			4Q10
Revenue:
Fee and other revenue	$	52		$	143		$	61		$	13		$	62
Net interest revenue (expense)		29			(23	)		(21	)		4			(28	)
Total revenue		81			120			40			17			34
Provision for credit losses		64			35			20			(22	)		(24	)
Noninterest expense (ex. special litigation reserves, amortization of intangible assets, M&I expenses and restructuring charges)		152			119			66			138			161
Income (loss) before taxes (ex. special litigation reserves, amortization of intangible assets, M&I expenses and restructuring charges)		(135	)		(34	)		(46	)		(99	)		(103	)
Special litigation reserves		N/A			164			N/A			N/A			N/A
Amortization of intangible assets		1			—			1			(1	)		2
M&I expenses		52			26			14			56			43
Restructuring charges		139			7			(15	)		15			21
Income (loss) before taxes	$	(327	)	$	(231	)	$	(46	)	$	(169	)	$	(169	)

N/A – Not applicable.

KEY POINTS

• Total fee and other revenue increased $10 million compared to 4Q09 and increased $49 million compared to 3Q10. The increase year-over-year and sequentially primarily reflects an improvement in fixed-income and trading derivatives.

• Noninterest expense (excluding amortization of intangible assets, M&I expenses and restructuring charges) increased $9 million compared to 4Q09 and $23 million sequentially. The sequential increase primarily reflects the write-off of equipment and a seasonal increase in marketing and donations.

Page - 18

BNY Mellon 4Q10 Quarterly Earnings Review

SUPPLEMENTAL INFORMATION – EXPLANATION OF NON-GAAP FINANCIAL MEASURES

BNY Mellon has included in this Earnings Review certain Non-GAAP measures based upon tangible common shareholders’ equity. BNY Mellon believes that the ratio of tangible common shareholders’ equity to tangible assets of operations 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 capital ratio, the tangible common shareholders’ equity ratio fully incorporates those changes in investment 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 BNY Mellon 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 BNY Mellon’s common stock because, unlike the Tier 1 capital ratio, it excludes trust preferred securities issued by BNY Mellon. Further, BNY Mellon believes that the return on tangible common equity measure, which excludes goodwill and intangible assets net of deferred tax liabilities, is a useful additional measure for investors because it presents a measure of BNY Mellon’s performance in reference to those assets which are productive in generating income.

BNY Mellon has 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. BNY Mellon has presented revenue measures which exclude the effect of net securities gains and noncontrolling interests related to consolidated asset management funds and expense measures excluding items, such as merger and integration (“M&I”) expenses, amortization of intangible assets expenses, special litigation reserves taken in the first quarter of 2010; and measures which utilize net income excluding tax items such as the discrete tax benefits related to a tax loss on mortgages. Return on equity measures and operating margin measures which exclude some or all of these items are also presented. BNY Mellon believes that these measures are useful to investors because they permit a focus on period to period comparisons which relate to the ability of BNY Mellon to enhance revenues and limit expenses in circumstances where such matters are within BNY Mellon’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. M&I expenses primarily relate to the acquisitions of GIS and BAS in the third quarter of 2010 and the merger with Mellon Financial Corporation in 2007. M&I expenses generally continue for approximately three years after the transaction, and can vary on a year-to-year basis depending on the stage of the integration. BNY Mellon believes that the exclusion of M&I expenses provides investors with a focus on BNY Mellon’s business as it would appear on a consolidated going-forward basis, after such M&I expenses have ceased, typically after approximately three years. Future periods will not reflect such M&I expenses, and thus may be more easily compared to our current results if M&I expenses are excluded. With regards to the exclusion of net securities gains, BNY Mellon’s primary businesses are Asset and Wealth Management and Institutional Services. The management of these businesses is evaluated on the basis of the ability of these businesses to generate fee and net interest revenue and to control expenses, and not on the results of BNY Mellon’s investment securities portfolio. The investment securities portfolio is managed within the Other group of businesses. The primary objective of the investment securities portfolio is to generate net interest revenue from the liquidity generated by BNY Mellon’s processing businesses. BNY Mellon does not generally originate or trade the securities in the investment securities portfolio. With regards to higher yields related to the restructured investment securities portfolio, client deposits serve as the primary funding source for our investment securities portfolio and we typically allocate all interest revenue to the businesses generating the deposits. Accordingly, the higher yield related to the restructured investment securities portfolio has been included in the results of our businesses. The presentation of financial measures excluding special litigation reserves taken in the first quarter of 2010 provides investors the ability to view performance metrics on the basis that management views results. The presentation of income of consolidated asset management funds, net of noncontrolling interest related to the consolidation of certain assets management funds permits investors to view revenue on a basis consistent with prior periods. Restructuring charges relate to migrating positions to global growth centers and the elimination of certain positions. Excluding the discrete tax benefits related to a tax loss on mortgages permits investors to calculate the tax impact of BNY Mellon’s primary businesses. BNY Mellon believes that these presentations, as a supplement to GAAP information, gives investors a clearer picture of the results of its primary businesses.

Page - 19

BNY Mellon 4Q10 Quarterly Earnings Review

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-level basis. Below is a listing of certain financial measures which have been impacted by the exclusion and/or adjustment of certain items.

• Revenue: Net securities gains and income from consolidated asset management funds, net of noncontrolling interest.

• Noninterest expense: Special litigation reserves taken in the first quarter of 2010, M&I expenses, amortization of intangible assets and restructuring charges.

• Earnings per share: net securities gains, restructuring charges, M&I expenses, and discrete tax benefits.

Reconciliation of net income (loss) and EPS – GAAP to Non-GAAP	4Q09						4Q10
(in millions, except per common share amounts)	Net income			EPS (a)			Net income			EPS (a)
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP – Diluted EPS basis (a)	$	593		$	0.49		$	679		$	0.54
Loss from discontinued operations		(119	)		(0.10	)		(11	)		(0.01	)
Continuing operations – GAAP		712			0.59			690			0.55
Less:    Net securities gains		(31	)		(0.03	)		N/M			N/M
Add:     Restructuring charges		86			0.07			15			0.01
M&I expenses		33			0.03			29			0.02
Discrete tax benefits		(133	)		(0.11	)		—			—
Net income from continuing operations applicable to common shareholders excluding net securities gains, restructuring charges, M&I expenses and discrete tax benefits – Non-GAAP		667			0.55			734			0.59	(b)
Add:    Amortization of intangible assets		66			0.06			72			0.06
Net income from continuing operations applicable to common shareholders excluding net securities gains, restructuring charges, M&I expenses, discrete tax benefits and amortization of intangible assets – Non-GAAP	$	733		$	0.60	(b)	$	806		$	0.65

(a) Diluted earnings per share under the two-class method was calculated after deducting earnings allocated to participating securities of $6 million in the fourth quarter of 2009 and $6 million in the fourth quarter of 2010.

(b) Does not foot due to rounding.

N/M – Not meaningful.

Asset servicing revenue (in millions)					4Q09		3Q10			4Q10
Asset servicing revenue					$	650	$	870		$	914
Less: Securities lending fee revenue						29		38			37
Asset servicing revenue excluding securities lending fee revenue					$	621	$	832		$	877
Asset and wealth management fee revenue	4Q09		3Q10		4Q10		4Q10 vs.
(dollars in millions)							4Q09			3Q10
Asset and wealth management fee revenue	$	746	$	696	$	800		7	%		15	%
Add:    Revenue from consolidated asset management funds, net of noncontrolling interests		—		36		35
Asset and wealth management fee revenue including revenue from consolidated asset management funds, net of noncontrolling interests	$	746	$	732	$	835		12	%		14	%
Less:    Performance fees		59		16		73
Asset and wealth management fee revenue including revenue from consolidated asset management funds, net of noncontrolling interests and performance fees	$	687	$	716	$	762		11	%		6	%

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BNY Mellon 4Q10 Quarterly Earnings Review

Reconciliation of income (loss) from continuing operations before income taxes – pre-tax operating margin
(dollars in millions)	4Q09			1Q10			2Q10			3Q10			4Q10
Income from continuing operations before income taxes – GAAP	$	672		$	884		$	1,006		$	834		$	970
Less:  Net securities gains		15			7			13			6			1
Noncontrolling interests of consolidated asset management funds		—			24			33			(12	)		14
Add: Special litigation reserves		N/A			164			N/A			N/A			N/A
Restructuring charges		139			7			(15	)		15			21
M&I expenses		52			26			14			56			43
Amortization of intangible assets		107			97			98			111			115
Income (loss) from continuing operations before income taxes excluding net securities gains, noncontrolling interests of consolidated asset management funds, special litigation reserves, restructuring charges, M&I expenses and amortization of intangible assets – Non-GAAP	$	955		$	1,147		$	1,057		$	1,022		$	1,134
Fee and other revenue – GAAP	$	2,577		$	2,529		$	2,555		$	2,668		$	2,972
Income of consolidated asset management funds – GAAP		—			65			65			37			59
Net interest revenue – GAAP		724			765			722			718			720
Total revenue – GAAP		3,301			3,359			3,342			3,423			3,751
Less:  Net securities gains		15			7			13			6			1
Noncontrolling interests of consolidated asset management funds		—			24			33			(12	)		14
Total revenue excluding net securities gains and noncontrolling interests of consolidated asset management funds – Non-GAAP	$	3,286		$	3,328		$	3,296		$	3,429		$	3,736
Pre-tax operating margin (a)		20	%		26	%		30	%		24	%		26	%
Pre-tax operating margin excluding net securities gains, noncontrolling interests of consolidated asset management funds, special litigation reserves, restructuring charges, M&I expenses and amortization of intangible assets – Non-GAAP (a)		29	%		34	%		32	%		30	%		30	%

(a) Income (loss) before taxes divided by total revenue.

N/A – Not applicable.

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BNY Mellon 4Q10 Quarterly Earnings Review

Return on common equity and tangible common equity – continuing operations (dollars in millions)	4Q09			1Q10			2Q10			3Q10			4Q10
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP	$	593		$	559		$	658		$	622		$	679
Less:  Loss from discontinued operations, net of tax		(119	)		(42	)		(10	)		(3	)		(11	)
Net income from continuing operations applicable to common shareholders of The Bank of New York Mellon Corporation		712			601			668			625			690
Add:   Amortization of intangible assets		66			62			60			70			72
Net income from continuing operations applicable to common shareholders of The Bank of New York Mellon Corporation excluding amortization of intangible assets – Non-GAAP		778			663			728			695			762
Less:  Net securities gains		31			5			8			4			—
Add:  Special litigation reserves		N/A			98			N/A			N/A			N/A
Restructuring charges		86			5			(9	)		8			15
M&I expenses		33			16			9			37			29
Discrete tax benefits		(133	)		—			—			—			—
Net income from continuing operations excluding amortization of intangible assets, net securities gains, special litigation reserves, restructuring charges, M&I expenses and discrete tax benefits – Non-GAAP	$	733		$	777		$	720		$	736		$	806
Average common shareholders’ equity	$	28,843		$	29,715		$	30,462		$	31,868		$	32,379
Less:  Average goodwill		16,291			16,143			16,073			17,798			18,073
Average intangible assets		5,587			5,513			5,421			5,956			5,761
Add:  Deferred tax liability – tax deductible goodwill		720			720			746			763			816
Deferred tax liability – non-tax deductible intangible assets		1,680			1,660			1,649			1,634			1,625
Average tangible common shareholders’ equity – Non-GAAP	$	9,365		$	10,439		$	11,363		$	10,511		$	10,986
Return on common equity – GAAP (a)		9.8	%		8.2	%		8.8	%		7.8	%		8.5	%
Return on common equity excluding amortization of intangible assets, net securities gains, special litigation reserves, restructuring charges, M&I expenses and discrete tax benefits – Non-GAAP (a)		10.1	%		10.6	%		9.5	%		9.2	%		9.9	%
Return on tangible common equity – Non-GAAP (a)		33.0	%		25.8	%		25.7	%		26.3	%		27.5	%
Return on tangible common equity excluding net securities gains, special litigation reserves, restructuring charges, M&I expenses and discrete tax benefits – Non-GAAP (a)		31.1	%		30.2	%		25.4	%		27.8	%		29.1	%

(a) Annualized.

N/A – Not applicable.

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BNY Mellon 4Q10 Quarterly Earnings Review

Equity to assets and book value per common share (dollars in millions, unless otherwise noted)	Dec. 31, 2009			Sept. 30, 2010			Dec. 31, 2010
Common shareholders’ equity at period end – GAAP	$	28,977		$	32,153		$	32,354
Less:  Goodwill		16,249			18,073			18,042
Intangible assets		5,588			5,818			5,696
Add:   Deferred tax liability – tax deductible goodwill		720			763			816
Deferred tax liability – non-tax deductible intangible assets		1,680			1,634			1,625
Tangible common shareholders’ equity at period end – Non-GAAP	$	9,540		$	10,659		$	11,057
Total assets at period end – GAAP	$	212,224		$	254,157		$	247,259
Less:  Assets of consolidated asset management funds		—			14,605			14,766
Subtotal assets of operations – Non-GAAP		212,224			239,552			232,493
Less:  Goodwill		16,249			18,073			18,042
Intangible assets		5,588			5,818			5,696
Cash on deposit with the Federal Reserve and other central banks (a)		7,375			15,750			18,566
Tangible assets of operations at period end – Non-GAAP	$	183,012		$	199,911		$	190,189
Common shareholders’ equity to total assets – GAAP		13.7	%		12.7	%		13.1	%
Tangible common shareholders’ equity to tangible assets of operations – Non-GAAP		5.2	%		5.3	%		5.8	%
Period end common shares outstanding (in thousands)		1,207,835			1,240,454			1,241,530
Book value per common share	$	23.99		$	25.92		$	26.06
Tangible book value per common share – Non-GAAP	$	7.90		$	8.59		$	8.91
(a)    Assigned a zero percent risk weighting by the regulators.
Calculation of Tier 1 common equity to risk-weighted assets ratio (a) (dollars in millions)	Dec. 31, 2009			Sept. 30, 2010			Dec. 31, 2010
Total Tier 1 capital	$	12,883		$	13,026		$	13,598
Less: Trust preferred securities		1,686			1,680			1,676
Total Tier 1 common equity	$	11,197		$	11,346		$	11,922
Total risk-weighted assets	$	106,328		$	106,362		$	101,224
Tier 1 common equity to risk-weighted assets ratio		10.5	%		10.7	%		11.8	%

(a)    On a regulatory basis using Tier 1 capital as determined under BASEL I guidelines.

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, including statements on expectations with respect to settlement with the Internal Revenue Service and the statements regarding expectations of revenue and expenses related to a large global wealth management firm. These statements may be expressed in a variety of ways, including the use of future or present tense language. These statements and other forward-looking statements contained in other public disclosures of The Bank of New York Mellon Corporation which make reference to the cautionary factors described in this earnings review, are based upon current beliefs and expectations and are subject to significant risks and uncertainties (some of which are beyond BNY Mellon’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 BNY Mellon’s Annual Report on Form 10-K for the year ended Dec. 31, 2009, BNY Mellon’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2010, and BNY Mellon’s other filings with the Securities and Exchange Commission. All forward-looking statements in this Earnings Review speak only as of Jan. 19, 2011 and BNY Mellon 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:

The following transactions/changes have impacted the reporting of our results:

On July 1, 2010 and August 2, 2010 we completed the acquisitions of Global Investment Servicing (“GIS”) and BHF Asset Servicing GmbH (“BAS”). The financial results for GIS are included in the Asset Servicing, Clearing Services and Treasury Services businesses. The financial results for BAS are included in the Asset Servicing business.

On Jan. 1, 2010, we adopted SFAS No. 167, “Amendments to FASB Interpretation No. 46 (R).” Certain asset management funds and seed capital investments are now disclosed separately on our balance sheet and securitizations are included in available for sale securities. The income statement separately discloses the operations of consolidated asset management funds and the net income attributable to noncontrolling interests of consolidated asset management funds; previously these were disclosed as asset and wealth management revenue and investment and other income.

On November 2, 2009, we completed the acquisition of Insight Asset Management (“Insight”) based in London. The financial results for Insight are included in the Asset Management business.

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 business. On January 15, 2010, we completed the sale of MUNB. The financial results for all periods were 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 business to the Other business. Historical business 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 business to the Other business. Historical results have been restated to reflect these changes.

The following items have impacted the reporting of our results:

Results for the first quarter of 2010 include a charge related to special litigation reserves.

Investment Securities Portfolio restructuring/Investment Write-downs – Impacted total revenue levels in the full year of 2008 and full year 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.

Global efficiency restructuring charges – Recorded charges in the fourth quarters of 2008 and 2009 and third quarter of 2010

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.

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 were recorded in other periods.

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

Summations may not equal due to rounding. As a result of this rounding convention, immaterial differences may exist between the business trends data versus business data on the Form 10-K for the year ended December 31, 2010.

Certain immaterial reclassifications have been made to prior periods to place them on a basis comparable with the current periods presentation.

Discontinued Operations Accounting:

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

Average Assets:

In businesses 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.

Non-GAAP Measures:

Certain Non-GAAP measures are included in the following schedules. These measures are used by management to monitor financial performance, both on a company-wide and on a business basis. These Non-GAAP measures impact certain revenue/expense categories, percentages and ratios by the exclusion and/or adjustment of items listed above and described in footnotes. For further information, see ‘Non-GAAP Financial Measures’ and ‘Supplemental Information – Explanation of Non-GAAP Financial Measures’ in The Bank of New York Mellon Corporation Quarterly Earnings Review dated January 19, 2011, furnished as an exhibit to the Report on Form 8-K to which these Financial Trends are furnished as an exhibit.

Page 1 of 19

THE BANK OF NEW YORK MELLON CORPORATION

CONTINUING OPERATIONS - 12 Quarter Trend

(dollar amounts in millions unless otherwise  noted)	2008												2009												2010
	1st Qtr			2nd Qtr (a)			3rd Qtr (a), (b)			4th Qtr (b)			1st Qtr			2nd Qtr (c)			3rd Qtr (d)			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr
Revenue:
Securities servicing fees
Asset servicing	$	903		$	873		$	808		$	786		$	609		$	671		$	643		$	650		$	637		$	668		$	870		$	914
Issuer services		376			444			477			388			364			372			359			368			333			354			364			409
Clearing services		263			264			259			279			253			250			236			223			230			245			252			278
Total securities servicing fees		1,542			1,581			1,544			1,453			1,226			1,293			1,238			1,241			1,200			1,267			1,486			1,601
Asset and wealth management fees		862			860			795			701			622			645			664			746			686			686			696			800
Foreign exchange & other trading		259			308			385			510			307			237			246			246			262			220			146			258
Treasury services		124			129			129			132			125			132			128			134			131			125			132			129
Distribution and servicing		98			110			107			106			101			95			73			57			48			51			56			55
Financing-related fees		47			51			44			44			48			54			56			57			50			48			49			48
Investment and Other Income		123			102			84			112			(2	)		53			205			81			145			145			97			80
Total fee revenue		3,055			3,141			3,088			3,058			2,427			2,509			2,610			2,562			2,522			2,542			2,662			2,971
Securities gains (losses)		(73	)		(152	)		(162	)		(1,241	)		(295	)		(256	)		(4,833	)		15			7			13			6			1
Total fee and other revenue		2,982			2,989			2,926			1,817			2,132			2,253			(2,223	)		2,577			2,529			2,555			2,668			2,972
Income of consolidated asset management funds		—			—			—			—			—			—			—			—			65			65			37			59
Net interest revenue		743			388			681			1,047			775			700			716			724			765			722			718			720
Total revenue		3,725			3,377			3,607			2,864			2,907			2,953			(1,507	)		3,301			3,359			3,342			3,423			3,751
Provision for credit losses		14			13			23			54			59			61			147			65			35			20			(22	)		(22	)
Noninterest expenses		2,357			2,471			3,090			2,468			2,091			2,145			2,158			2,266			2,146			2,219			2,429			2,624
Special Litigation Reserves		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			164			N/A			N/A			N/A
FDIC special assessment		—			—			—			—			—			61			—			—			—			—			—			—
Amortization of intangible assets		119			123			118			113			107			108			104			107			97			98			111			115
Restructuring charges		—			—			—			181			10			6			(5	)		139			7			(15	)		15			21
Merger & integration expense		126			149			111			97			68			59			54			52			26			14			56			43
Total noninterest expense		2,602			2,743			3,319			2,859			2,276			2,379			2,311			2,564			2,440			2,316			2,611			2,803
Income/ (loss) from continuing operations before taxes		1,109			621			265			(49	)		572			513			(3,965	)		672			884			1,006			834			970
Income taxes		358			312			(42	)		(137	)		161			12			(1,527	)		(41	)		258			304			220			265
Income/ (loss) from continuing operations		751			309			307			88			411			501			(2,438	)		713			626			702			614			705
Income/ (loss) from discontinued operations, net of tax		4			6			—			4			(41	)		(91	)		(19	)		(119	)		(42	)		(10	)		(3	)		(11	)
Net income attributable to noncontrolling interest		(9	)		(6	)		(4	)		(5	)		(1	)		2			(1	)		(1	)		(25	) (j)		(34	) (j)		11	(j)		(15	) (j)
Extraordinary (loss) on consolidation of commercial paper conduit, net of tax		—			—			—			(26	)		—			—			—			—			—			—			—			—
Redemption charge and preferred dividends		—			—			—			(33	)		(47	)		(236	)		—			—			—			—			—			—
Net income/ (loss) applicable to shareholders of The Bank of New York Mellon Corporation	$	746		$	309		$	303		$	28		$	322		$	176		$	(2,458	)	$	593		$	559		$	658		$	622		$	679
EPS from continuing operations	$	0.65		$	0.26		$	0.26		$	0.04		$	0.31		$	0.23		$	(2.04	)	$	0.59		$	0.49		$	0.55		$	0.51		$	0.55
EPS from continuing operations - Non-GAAP (e)	$	0.75		$	0.75		$	0.81		$	0.96		$	0.56		$	0.51		$	0.54		$	0.55		$	0.59		$	0.55		$	0.55		$	0.59
Market value of assets under management at period-end (in billions)	$	1,105		$	1,113		$	1,067		$	928		$	881		$	926		$	966		$	1,115		$	1,105		$	1,047		$	1,141		$	1,172
Market value of assets under custody and administration at period-end (in trillions)	$	23.1		$	23.0		$	22.4		$	20.2		$	19.5		$	20.7		$	22.1		$	22.3		$	22.4		$	21.8		$	24.4		$	25.0
Market value of securities on loan at period-end (in billions)	$	660		$	588		$	470		$	326		$	293		$	290		$	299		$	247		$	253		$	248		$	279		$	278
Pre-tax operating margin
GAAP-before extraordinary (loss)		30	%		19	%		7	%		(2	)%		20	%		17	%		N/M			20	%		26	%		30	%		24	%		26	%
Non-GAAP adjusted (f)		38	%		37	%		39	%		43	%		33	%		31	%		31	%		29	%		34	%		32	%		30	%		30	%
Return on tangible common equity (annualized):
Non-GAAP-before extraordinary (loss)		35.4	%		18.5	%		18.9	%		6.5	%		28.8	%		18.4	%		N/M			33.0	%		25.8	%		25.8	%		26.3	%		27.5	%
Non-GAAP adjusted (g)		40.7	%		45.9	%		50.2	%		61.3	%		44.4	%		24.0	%		31.5	%		31.1	%		30.2	%		25.5	%		27.9	%		29.1	%
Return on common equity (annualized)
GAAP-before extraordinary (loss)		10.1	%		4.3	%		4.3	%		0.8	%		5.8	%		4.0	%		N/M			9.8	%		8.2	%		8.8	%		7.8	%		8.5	%
Non-GAAP adjusted - excluding intangible amortization (h)		12.7	%		13.2	%		14.2	%		16.8	%		10.6	%		6.6	%		9.9	%		10.1	%		10.6	%		9.5	%		9.2	%		9.9	%
Percent of non-US fee and net interest revenue) - GAAP		33	%		39	%		35	%		44	%		31	%		32	%		N/M			36	%		34	%		35	%		36	%		38	%
Percent of non-US fee and net interest revenue) - Non-GAAP (i)		33	%		34	%		32	%		31	%		29	%		31	%		31	%		36	%		35	%		35	%		36	%		38	%

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

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

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

(d) The third quarter of 2009 includes a $4.8 billion pretax charge related to investment securities portfolio restructuring.

(e) Calculated excluding investment securities losses, TARP redemption premium/dividend, FDIC special assessment, SILO/LILO/tax settlements, 3rd and 4th quarters of 2008 support agreement charges, M&I expenses, restructuring charges, benefit of tax settlements and tax discrete benefits and 1st quarter 2010 special litigation reserves.

(f) Calculated excluding investment securities losses, SILO/LILO charges, 3rd and 4th quarters of 2008 support agreement charges, asset-based taxes, FDIC special assessment, M&I expenses, restructuring charges, intangible amortization, 1st quarter 2010 special litigation reserves and 1st, 2nd, 3rd and 4th quarters 2010 noncontrolling interests of consolidated asset management funds.

(g) Calculated excluding net securities gains (losses), special litigation reserves, FDIC special assessment, restructuring charges, M&I expenses and discrete tax benefit/benefit of tax settlements.

(h) Calculated excluding amortization of intangible assets, net securities gains (losses), special litigation reserves, FDIC special assessment, restructuring charges, M&I expenses and discrete tax benefit/benefit of tax settlements.

(i) Calculated excluding the SILO/LILO charges, net securities gains (losses) and including noncontrolling interest related to consolidated asset management funds.

(j) Includes $24 million for the first quarter of 2010, $33 million for the second quarter of 2010, ($12) million for the third quarter of 2010 and $14 million for the fourth quarter of 2010 related to consolidated asset management funds.

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 - 12 Quarter Trend

FEE AND OTHER REVENUE

	2008												2009												2010
(dollar amounts in millions unless otherwise noted)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr (a)			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr
Securities servicing fees
Asset servicing	$	658		$	671		$	653		$	599		$	519		$	574		$	600		$	621		$	608		$	622		$	832		$	877
Securities lending		245			202			155			187			90			97			43			29			29			46			38			37
Issuer services		376			444			477			388			364			372			359			368			333			354			364			409
Clearing services		263			264			259			279			253			250			236			223			230			245			252			278
Total securities servicing fees		1,542			1,581			1,544			1,453			1,226			1,293			1,238			1,241			1,200			1,267			1,486			1,601
Asset and wealth management fees		862			860			795			701			622			645			664			746			686			686			696			800
Foreign exchange & other trading		259			308			385			510			307			237			246			246			262			220			146			258
Treasury services		124			129			129			132			125			132			128			134			131			125			132			129
Distribution and servicing		98			110			107			106			101			95			73			57			48			51			56			55
Financing-related fees		47			51			44			44			48			54			56			57			50			48			49			48
Investment and Other Income		123			102			84			112			(2	)		53			205			81			145			145			97			80
Total fee revenue		3,055			3,141			3,088			3,058			2,427			2,509			2,610			2,562			2,522			2,542			2,662			2,971
Income of consolidated asset management funds, net of noncontrolling interest		—			—			—			—			—			—			—			—			41	(c)		32	(c)		49	(c)		45	(c)
Total fee revenue - Non-GAAP		3,055			3,141			3,088			3,058			2,427			2,509			2,610			2,562			2,563			2,574			2,711	(d)		3,016	(d)
Net securities gains (losses)		(73	)		(152	)		(162	)		(1,241	)		(295	)		(256	)		(4,833	)		15			7			13			6			1
Total fee and other revenue - Non-GAAP		2,982			2,989			2,926			1,817			2,132			2,253			(2,223	)		2,577			2,570			2,587			2,717			3,017
Fee and other revenue as a percentage of total revenue		80	%		89	%		81	%		63	%		73	%		76	%		n/m			78	%		75	%		76	%		78	%		79	%
Fee and other revenue as a percentage of total revenue - Non-GAAP (b)		80	%		80	%		80	%		74	%		76	%		78	%		78	%		78	%		75	%		76	%		78	%		79	%
Market value of assets under management at period-end (in billions)	$	1,105		$	1,113		$	1,067		$	928		$	881		$	926		$	966		$	1,115		$	1,105		$	1,047		$	1,141		$	1,172
Market value of assets under custody and administration at period-end (in trillions)	$	23.1		$	23.0		$	22.4		$	20.2		$	19.5		$	20.7		$	22.1		$	22.3		$	22.4		$	21.8		$	24.4		$	25.0
Market value of securities on loan at period-end (in billions)	$	660		$	588		$	470		$	326		$	293		$	290		$	299		$	247		$	253		$	248		$	279		$	278
S&P 500 Index - period-end		1323			1280			1166			903			798			919			1057			1115			1169			1031			1141			1258
S&P 500 Index - daily average		1353			1371			1252			916			809			891			995			1088			1123			1135			1095			1204

(a) The third quarter of 2009 includes a $4.8 billion charge related to investment securities portfolio restructuring.

(b) Excludes net securities gains/(losses) and SILO/LILO charges.

(c) Includes $25 million, $29 million, $36 million and $35 million previously included in asset and wealth management fees and $16 million, $3 million, $13 million and $10 million previously included in investment and other income for the first, second, third and fourth quarters of 2010, respectively.

(d) Total fee revenue from the GIS/BAS acquisitions was $234 million and $246 million in the third and fourth quarters of 2010, respectively.

Page 3 of 19

THE BANK OF NEW YORK MELLON CORPORATION

CONTINUING OPERATIONS

Average Balances and Interest Rates

	Quarter Ended
	March 31, 2008						June 30, 2008						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			Average balance			Average rates			Average balance			Average rates
Assets
Interest-earning assets:
Interest-bearing deposits with banks (primarily foreign)	$	38,658			4.28	%	$	43,361			3.82	%	$	43,999			3.90	%	$	78,680			2.65	%	$	56,505			1.56	%	$	56,917			1.18	%
Interest-bearing deposits with Federal Reserve bank		—			—			—			—			—			—			—			—			23,192			0.37			6,338			0.37
Other Short Term Investment (FRB)		—			—			—			—			954			2.95			8,378			3.05			1,269			3.15			—			—
Federal funds sold and securities under resale agreements		8,191			3.15			6,736			2.21			7,019			1.97			4,050			1.32			2,310			0.81			2,899			1.29
Margin loans		5,258			4.47			5,802			3.36			5,764			3.27			4,885			2.35			4,219			1.63			4,134			1.62
Non-margin loans:
Domestic offices		27,885			4.37			26,550			(1.97	)(a)		25,932			1.60	(b)		28,233			2.70			21,630			2.91			20,740			3.18
Foreign offices		13,881			4.55			13,281			3.97			13,739			3.71			15,208			3.73			13,109			2.56			12,155			2.21
Total non-margin loans		41,766			4.43			39,831			0.01	(a)		39,671			2.33	(b)		43,441			3.06			34,739			2.78			32,895			2.82
Securities
U.S. government obligations		397			3.52			542			3.08			679			3.03			762			2.73			787			2.50			1,679			1.67
U.S. government agency obligations		10,613			4.78			10,433			4.29			10,894			4.33			11,438			4.29			12,063			3.71			14,748			3.74
Obligations of states and political subdivisions		681			7.64			654			5.74			701			7.44			941			7.73			767			6.71			710			6.92
Other securities		35,840			5.26			32,755			5.22			30,590			5.42			26,916			5.95			29,848			4.47			34,766			2.85
Trading securities		1,459			5.36			1,918			3.74			1,791			2.76			2,148			3.96			1,728			2.86			2,179			2.50
Total securities		48,990			5.18			46,302			4.93			44,655			5.04			42,205			5.38			45,193			4.22			54,082			3.10
Total interest-earning assets		142,863			4.55			142,032			3.02	(a)		142,062			3.69	(b)		181,639			3.36			167,427			2.37			157,265			2.16
Allowance for credit losses		(297	)					(295	)					(329	)					(334	)					(378	)					(426	)
Cash and due from banks		5,789						5,356						7,796						5,806						4,824						3,412
Other assets		49,782						46,504						46,937						54,499						45,880						45,975
Discontinued Operations		2,653						2,400						2,361						2,352						2,366						2,307
Total Asset Consol VIE FAS 167		—						—						—						—						—						—
Total Assets	$	200,790					$	195,997					$	198,827					$	243,962					$	220,119					$	208,533
Liabilities and total equity
Interest-bearing liabilities:
Money market rate accounts	$	12,577			1.67	%	$	12,869			0.98	%	$	11,785			0.88	%	$	18,274			0.53	%	$	18,563			0.10	%	$	19,037			0.10	%
Savings		902			1.89			971			1.50			979			0.93			1,013			0.64			1,165			0.61			1,070			0.44
Certificates of deposit of $100,000 & over		2,313			3.91			2,116			2.60			1,928			2.19			1,812			2.43			1,479			1.11			942			1.00
Other time deposits		8,300			2.45			6,335			1.88			5,393			1.99			5,052			1.34			5,574			0.55			4,190			0.48
Foreign offices		67,914			2.85			71,641			2.22			65,931			2.19			69,575			1.12			75,202			0.31			73,657			0.14
Total interest-bearing deposits		92,006			2.67			93,932			2.03			86,016			1.99			95,726			1.04			101,983			0.30			98,896			0.16
Federal funds purchased and securities under repurchase agreements		4,138			2.14			3,791			1.02			4,816			1.18			5,738			0.27			1,839			0.09			2,485			(0.46	)
Other borrowed funds		3,343			3.50			2,840			3.21			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		4,942			1.94			5,550			1.32			5,910			1.19			5,570			0.62			3,797			0.20			4,901			0.13
Long-term debt		17,125			4.51			16,841			3.58			15,993			3.62			15,467			3.79			15,493			2.72			16,793			2.35
Total interest-bearing liabilities		121,554			2.91			122,954			2.21			116,992			2.15			134,437			1.41			128,166			0.64			125,831			0.46
Total noninterest-bearing deposits		25,726						24,300						32,953						51,729						43,051						32,852
Other liabilities		21,169						17,707						18,396						26,601						18,523						18,578
`		2,653						2,400						2,361						2,352						2,366						2,307
VIE Liabilities & Obligations FAS 167		—						—						—						—						—						—
Total Shareholders’ Equity		29,551						28,507						27,996						28,771						27,978						28,934
Noncontrolling interest		137						129						129						72						35						31
Total liabilities and shareholders’ equity	$	200,790					$	195,997					$	198,827					$	243,962					$	220,119					$	208,533
Net interest margin – Taxable equivalent basis					2.09	%					1.11	%					1.92	%					2.32	%					1.87	%					1.80	%
Net interest margin excluding the SILO/LILO charge – Non-GAAP											2.17	%					2.24	%

(a) Excluding the SILO/LILO charge, the rates on Domestic office loans, Non-margin loans and Interest-earning assets were 3.71%, 3.80% and 4.08%, respectively.

(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 4.01%, 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 4 of 19

THE BANK OF NEW YORK MELLON CORPORATION

CONTINUING OPERATIONS

Average Balances and Interest Rates (continued)

	Quarter Ended
	September 30, 2009						December 31, 2009						March 31, 2010						June 30, 2010						September 30, 2010						December 31, 2010
(dollar amounts in millions)	Average balance			Average rates			Average balance			Average rates			Average balance			Average rates			Average balance			Average rates			Average balance			Average rates			Average balance			Average rates
Assets
Interest-earning assets:
Interest-bearing deposits with banks (primarily foreign)	$	54,343			1.08	%	$	55,467			1.09	%	$	55,800			1.03	%	$	50,741			1.01	%	$	60,431			0.93	%	$	59,660			0.96	%
Interest-bearing deposits with Federal Reserve bank		6,976			0.32			11,430			0.32			12,129			0.33			18,280			0.34			9,813			0.40			16,787			0.32
Other Short Term Investment (FRB)		—			—			—			—			—			—			—			—			—			—			—			—
Federal funds sold and securities under resale agreements		3,443			1.19			4,276			0.65			3,859			0.71			4,652			0.66			4,559			0.46			5,553			3.15
Margin loans		4,335			1.55			4,665			1.55			5,241			1.49			5,786			1.49			6,269			1.47			6,289			1.55
Non-margin loans:
Domestic offices		19,412			3.22			20,212			2.89			19,510			3.12			20,750			2.89			21,110			2.74			21,780			2.55
Foreign offices		10,788			1.99			10,362			1.75			9,463			1.62			10,128			1.53			9,390			1.61			9,460			1.53
Total non-margin loans		30,200			2.78			30,574			2.51			28,973			2.63			30,878			2.45			30,500			2.39			31,240			2.24
Securities
U.S. government obligations		4,605			1.45			5,729			1.44			6,600			1.40			6,162			1.46			7,229			1.63			11,390			1.51
U.S. government agency obligations		17,635			3.79			19,530			3.59			19,429			3.58			19,629			3.48			20,074			3.29			21,406			2.95
Obligations of states and political subdivisions		639			7.30			607			7.35			670			6.37			638			6.56			615			6.43			587			6.53
Other securities		31,010			3.04			29,707			3.49			28,653			4.20			27,601			4.14			30,075			3.86			31,987			3.55
Trading securities		1,973			2.30			2,090			2.53			2,075			2.49			2,752			2.62			3,194			2.57			2,698			3.02
Total securities		55,862			3.16			57,663			3.32			57,427			3.63			56,782			3.58			61,187			3.36			68,068			3.02
Total interest-earning assets		155,159			2.14			164,075			2.09			163,429			2.18			167,119			2.08			172,759			2.03			187,597			1.95
Allowance for credit losses		(425	)					(448	)					(502	)					(517	)					(538	)					(530	)
Cash and due from banks		3,247						3,104						3,514						3,673						3,903						4,224
Other assets		45,728						45,481						45,346						46,266						50,007						50,220
Discontinued Operations		2,077						1,993						898						260						247						223
Total Asset Consol VIE FAS 167		—						—						12,730						12,040						13,947						14,675
Total Assets	$	205,786					$	214,205					$	225,415					$	228,841					$	240,325					$	256,409
Liabilities and total equity
Interest-bearing liabilities:
Money market rate accounts	$	16,817			0.09	%	$	20,062			0.08	%	$	21,741			0.09	%	$	24,279			0.10	%	$	25,696			0.11	%	$	30,149			0.10	%
Savings		1,115			0.32			1,196			0.49			1,372			0.27			1,389			0.27			1,389			0.26			1,433			0.22
Certificates of deposit of $100,000 & over		847			0.62			589			0.32			648			0.25			332			0.16			214			0.11			285			0.08
Other time deposits		5,058			0.40			4,872			0.43			5,224			0.30			5,902			0.26			6,210			0.23			5,149			0.31
Foreign offices		69,795			0.08			71,685			0.10			72,049			0.16			68,061			0.19			70,524			0.22			74,760			0.26
Total interest-bearing deposits		93,632			0.11			98,404			0.12			101,034			0.16			99,963			0.17			104,033			0.19			111,776			0.22
Federal funds purchased and securities under repurchase agreements		3,075			0.20			3,361			0.14			3,697			0.07			4,441			0.19			5,984			0.09			7,256			2.13
Other borrowed funds		2,286			1.49			2,618			1.86			2,805			1.97			4,223			2.08			4,029			1.66			3,703			1.36
Borrowings from FRB Related to ABCP		—			—			—			—			—			—			—			—			—			—			—			—
Payables to customers and broker-dealers		5,844			0.10			6,476			0.07			6,372			0.08			6,596			0.09			6,910			0.08			5,878			0.11
Long-term debt		17,393			1.74			17,863			1.89			16,808			1.50			16,462			1.75			16,798			2.04			16,624			1.87
Total interest-bearing liabilities		122,230			0.37			128,722			0.40			130,716			0.36			131,685			0.43			137,754			0.45			145,237			0.53
Total noninterest-bearing deposits		34,920						34,991						33,330						34,628						33,198						39,625
Other liabilities		18,386						19,633						18,420						20,042						23,770						24,740
Discontinued Operations		2,077						1,993						898						260						247						223
VIE Liabilities & Obligations FAS 167		—						—						11,540						11,046						12,778						13,481
Total Shareholders' Equity		28,144						28,843						29,715						30,434						31,868						32,379
Noncontrolling interest		29						23						796						746						710						724
Total liabilities and total equity	$	205,786					$	214,205					$	225,415					$	228,841					$	240,325					$	256,409
Net interest margin - Taxable equivalent basis					1.85	%					1.77	%					1.89	%					1.74	%					1.67	%					1.54	%
Net interest margin excluding the SILO/LILO charge - Non-GAAP

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 - 12 Quarter Trend

NONINTEREST EXPENSE

	2008								2009									2010
(dollar amounts in millions)	1st Qtr		2nd Qtr		3rd Qtr (a)		4th Qtr (a)		1st Qtr		2nd Qtr		3rd Qtr			4th Qtr		1st Qtr		2nd Qtr			3rd Qtr			4th Qtr
Staff:
Compensation	$	803	$	818	$	836	$	785	$	732	$	740	$	747		$	766	$	753	$	763		$	850		$	871
Incentives		365		385		241		256		247		241		242			266		284		272			289			348
Employee benefits		190		200		171		139		190		172		168			189		183		199			205			198
Total staff		1,358		1,403		1,248		1,180		1,169		1,153		1,157			1,221		1,220		1,234			1,344			1,417
Professional, legal and other purchased services		238		259		251		273		237		237		265			278		241		256			282			320
Software and Equipment		158		166		158		172		158		169		171			178		169		162			187			207
Net occupancy		128		138		163		141		139		142		142			141		137		143			150			158
Distribution and servicing		130		131		133		123		103		102		97			91		89		90			94			104
Sub-custodian		65		72		62		55		39		60		49			55		52		65			60			70
Business development		65		75		62		76		44		49		45			76		52		68			63			88
Other		215		227		1,013		448		202		233		232			226		186		201			249			260
Subtotal	$	2,357	$	2,471	$	3,090	$	2,468	$	2,091	$	2,145	$	2,158		$	2,266	$	2,146	$	2,219		$	2,429	(c)	$	2,624	(c)
Special Litigation Reserves		N/A		N/A		N/A		N/A		N/A		N/A		N/A			N/A		164		N/A			N/A			N/A
FDIC special assessment		—		—		—		—		—		61		—			—		—		—			—			—
Amortization of intangible assets		119		123		118		113		107		108		104			107		97		98			111			115
Restructuring charges		—		—		—		181		10		6		(5	)		139		7		(15	)		15			21
Merger & integration expense:
The Bank of New York Mellon Corporation		121		146		107		97		68		59		54			52		26		14			56			43
Acquired Corporate Trust Business		5		3		4		—		—		—		—			—		—		—			—			—
Total noninterest expense	$	2,602	$	2,743	$	3,319	$	2,859	$	2,276	$	2,379	$	2,311		$	2,564	$	2,440	$	2,316		$	2,611		$	2,803
Employees at period-end (b)		42,000		42,500		42,900		42,500		41,700		41,800		42,000			42,200		42,300		42,700			47,700			48,000

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

(b) Represents full time employees.

(c) Noninterest expense from the GIS/BAS acquisitions was $185 million and $196 million in the third and fourth quarters of 2010, respectively.

Page 6 of 19

THE BANK OF NEW YORK MELLON CORPORATION

ASSETS UNDER MANAGEMENT/ CUSTODY AND ADMINISTRATION / SECURITIES LENDING - 12 Quarter Trend

	2008												2009												2010
(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			3rd Qtr			4th Qtr
Market value of assets under management at period-end (in billions)
Institutional	$	636		$	625		$	585		$	445		$	394		$	425		$	461		$	611		$	620		$	595		$	639		$	639
Mutual Funds		373			393			384			400			413			421			421			416			396			370			418			454
Private Client		96			95			98			83			74			80			84			88			89			82			84			79
Total market value of assets under management		1,105			1,113			1,067			928			881			926			966			1,115			1,105			1,047			1,141			1,172
Composition of assets under management at period-end
Equity		40	%		38	%		36	%		29	%		27	%		31	%		34	%		31	%		32	%		30	%		31	%		32	%
Money Market		29	%		31	%		34	%		43	%		45	%		43	%		39	%		32	%		30	%		30	%		30	%		29	%
Fixed Income		18	%		18	%		20	%		18	%		19	%		17	%		17	%		21	%		21	%		23	%		22	%		21	%
Alternative investments and overlay		13	%		13	%		10	%		10	%		9	%		9	%		10	%		16	%		17	%		17	%		17	%		18	%
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%		100	%		100	%		100	%		100	%		100	%
Market value of assets under custody and administration at period-end (in trillions)	$	23.1		$	23.0		$	22.4		$	20.2		$	19.5		$	20.7		$	22.1		$	22.3		$	22.4		$	21.8		$	24.4		$	25.0
Market value of securities on loan at period-end	$	660		$	588		$	470		$	326		$	293		$	290		$	299		$	247		$	253		$	248		$	279		$	278
Market Indices
S&P 500 Index (a)		1323			1280			1166			903			798			919			1057			1115			1169			1031			1141			1258
S&P 500 Index - daily average		1353			1371			1252			916			809			891			995			1088			1123			1135			1095			1204
FTSE 100 Index (a)		5702			5626			4902			4434			3926			4249			5134			5413			5680			4917			5549			5900
FTSE 100 Index-daily average		5891			5979			5359			4270			4040			4258			4708			5235			5431			5361			5312			5760
NASDAQ Composite Index (a)		2279			2293			2092			1577			1529			1835			2122			2269			2398			2109			2369			2653
Lehman Brothers Aggregate Bond Index (a)		281			270			256			275			262			280			304			301			300			299			329			323
MSCI EAFE Index (a)		2039			1967			1553			1237			1056			1307			1553			1581			1584			1348			1561			1658
NYSE Volume (in billions)		159			141			180			181			161			151			126			112			103			140			104			98
NASDAQ Volume (in billions)		149			135			145			148			136			152			144			131			143			159			129			121

(a) Period end

Page 7 of 19

THE BANK OF NEW YORK MELLON CORPORATION

ASSETS UNDER MANAGEMENT NET FLOWS - 12 Quarter Trend

	2008												2009												2010
(dollar amounts in billions)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr		4th Qtr
Market value of assets under management at beginning of period	$	1,121		$	1,105		$	1,113		$	1,067		$	928		$	881		$	926		$	966		$	1,115		$	1,105		$	1,047	$	1,141
Net Flows
Long-term		(6	)		(8	)		(6	)		(22	)		(1	)		(17	)		(2	)		14			16			12			11		9
Money market		29			21			14			28			(11	)		(2	)		(14	)		(22	)		(25	)		(17	)		18		6
Total net inflows		23			13			8			6			(12	)		(19	)		(16	)		(8	)		(9	)		(5	)		29		15
Net Market appreciation/(depreciation)		(39	)		(6	)		(54	)		(137	)		(35	)		64			56			10			(1	)		(53	)		65		16
Acquisitions/other		—			1			—			(8	)		—			—			—			147	(a)		—			—			—		—
Market value of assets under management at end of period	$	1,105		$	1,113		$	1,067		$	928		$	881		$	926		$	966		$	1,115		$	1,105		$	1,047		$	1,141	$	1,172

(a) Represents acquisitions of Insight ($139 billion) and 20% interest in Siguler Guff ($8 billion).

Page 8 of 19

THE BANK OF NEW YORK MELLON CORPORATION

BUSINESSES

ASSET MANAGEMENT - 12 Quarter Trend

	2008												2009												2010
(dollar amounts in millions unless otherwise noted)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr (a)			1st Qtr (a), (b)			2nd Qtr (a), (b)			3rd Qtr (a), (b)			4th Qtr (a), (b)
Revenue:
Asset and wealth management
Mutual funds		323			340			328			297			267			271			283			277			249			254			270			293
Institutional clients		304			290			265			193			183			178			202			226			265			262			264			283
Private clients		45			47			43			35			32			31			34			38			38			37			38			38
Performance fees		20			16			3			44			7			26			1			59			13			19			16			75
Total asset and wealth management		692			693			639			569			489			506			520			600			565			572			588			689
Distribution and servicing		86			99			93			93			82			78			63			56			47			49			52			53
Other fee revenue (c)		(27	)		4			(47	)		(100	)		(96	)		(59	)		2			6			17			—			9			3
Total fee and other revenue		751			796			685			562			475			525			585			662			629			621			649			745
Net interest revenue (expense)		12			9			9			45			15			7			7			3			—			1			(2	)		—
Total revenue		763			805			694			607			490			532			592			665			629			622			647			745
Noninterest expenses (ex. intangible amortization and support agreement charges)		557			528			488			478			408			415			408			447			433			458			458			513
Income before taxes (ex. intangible amortization and support agreement charges)		206			277			206			129			82			117			184			218			196			164			189			232
Support agreement charges		—			5			328			2			(14	)		—			32			—			—			(7	)		26			—
Amortization of intangible assets		62			68			64			61			55			55			53			56			50			50			50			51
Income before taxes		144			204			(186	)		66			41			62			99			162			146			121			113			181
Average assets	$	13,238		$	13,410		$	13,286		$	13,135		$	12,663		$	12,404		$	12,424		$	12,859		$	25,187		$	24,895		$	27,389		$	28,604
Market value of assets under management at period-end (in billions) (d)	$	1,029		$	1,040		$	995		$	862		$	818		$	860		$	897		$	1,045		$	1,034		$	980		$	1,071		$	1,107
Pre-tax operating margin
GAAP		19	%		25	%		-27	%		11	%		8	%		12	%		17	%		24	%		23	%		19	%		17	%		24	%
Non-GAAP (ex. intangible amortization) (e)		27	%		34	%		-18	%		21	%		19	%		22	%		26	%		33	%		31	%		27	%		25	%		31	%

(a) Insight Investment Management acquisition closed November 2, 2009.

(b) Total fee and other revenue for the first, second, third and fourth quarters of 2010 includes income from consolidated asset management funds of $65 million, $65 million, $37 million and $59 million, respectively, and net income attributable to noncontrolling interest of $24 million, $33 million, ($12) million and $14 million, respectively. The net of these income statement line items is included above in institutional client revenue of $25 million, $29 million, $36 million and $33 million respectively, and other revenue of $16 million, $3 million, $13 million and $10 million, respectively, and performance fees of $2 million for the fourth quarter.

(c) Includes investment write-downs of $24 million and $51 million in the first and fourth quarters of 2008; $34 million and $45 million in the first and second quarters of 2009.

(d) Includes amounts subadvised for/by other businesses.

(e) Excluding support agreement charges, securities gains/losses and intangible amortization, pre-tax operating margin (Non-GAAP) was 29%, 35%, 30% and 27% for the first, second, third and fourth quarters of 2008, respectively; and 22%, 28%, 31% and 33% for the first, second, third and fourth quarters of 2009, respectively; and 31%, 26%, 29% and 31% for the first, second, third and fourth quarters of 2010, respectively.

Page 9 of 19

THE BANK OF NEW YORK MELLON CORPORATION

BUSINESSES

WEALTH MANAGEMENT - 12 Quarter Trend

	2008												2009												2010
(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			3rd Qtr			4th Qtr
Revenue:
Asset and wealth management		153			150			141			119			122			128			133			136			136			134			133			137
Other fee revenue		13			11			22			15			19			12			13			15			10			13			11			16
Total fee and other revenue		166			161			163			134			141			140			146			151			146			147			144			153
Net interest revenue (expense)		46			48			50			56			50			49			49			46			55			56			58			58
Total revenue		212			209			213			190			191			189			195			197			201			203			202			211
Provision for credit losses		—			(1	)		1			—			—			—			—			1			—			—			—			2
Noninterest expenses (ex. intangible amortization and support agreement charges)		142			143			142			143			129			136			135			138			136			145			140			154
Income before taxes (ex. intangible amortization and support agreement charges)		70			67			70			47			62			53			60			58			65			58			62			55
Support agreement charges		—			—			15			—			—			—			—			—			—			—			—			—
Amortization of intangible assets		13			13			14			14			11			11			12			11			9			9			9			9
Income before taxes		57			54			41			33			51			42			48			47			56			49			53			46
Average loans	$	4,390		$	4,816		$	5,231		$	5,309		$	5,388		$	5,684		$	6,010		$	6,191		$	6,302		$	6,350		$	6,503		$	6,644
Average assets	$	10,496		$	10,254		$	9,801		$	9,632		$	9,611		$	9,131		$	9,122		$	9,246		$	9,722		$	10,399		$	10,806		$	11,523
Average deposits	$	7,993		$	7,782		$	7,318		$	7,131		$	7,058		$	6,628		$	6,602		$	6,804		$	7,310		$	7,991		$	8,416		$	9,094
Market value of total client assets under management and custody at period-end (in billions)	$	164		$	162		$	158		$	139		$	132		$	142		$	151		$	154		$	157		$	150		$	161		$	166
Assets under management (a)	$	84		$	81		$	77		$	69		$	66		$	69		$	74		$	75		$	76		$	71		$	75		$	77
Pre-tax operating margin
GAAP		27	%		26	%		20	%		18	%		27	%		22	%		25	%		24	%		28	%		24	%		26	%		22	%
Non-GAAP adjusted (excluding intangible amortization)		33	%		32	%		26	%(b)		25	%		32	%		28	%		31	%		29	%		32	%		28	%		31	%		26	%

(a) Includes amounts subadvised by/for other businesses.

(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 business to the Other business. Historical business results have been restated to reflect these changes.

Page 10 of 19

THE BANK OF NEW YORK MELLON CORPORATION

BUSINESSES

ASSET SERVICING - 12 Quarter Trend

	2008												2009												2010
(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			3rd Qtr			4th Qtr
Revenue:
Securities servicing fees - ex. securities lending (a)		634			648			631			583			504			557			573			581			569			586			802			847
Securities lending revenue		229			182			143			163			79			85			32			25			24			30			26			26
Foreign Exchange and other trading activities		202			228			262			372			210			216			190			177			170			207			135			181
Other fee revenue		44			36			47			25			48			46			50			33			35			83			42			46
Total fee and other revenue		1,109			1,094			1,083			1,143			841			904			845			816			798			906			1,005			1,100
Net interest revenue (expense)		222			213			240			411			249			211			229			205			210			216			216			222
Total revenue		1,331			1,307			1,323			1,554			1,090			1,115			1,074			1,021			1,008			1,122			1,221			1,322
Noninterest expenses (ex. intangible amortization and support agreement charges)		733			826			825			835			704			721			748			788			740			765			907			966
Income before taxes (ex. intangible amortization and support agreement charges)		598			481			498			719			386			394			326			233			268			357			314			356
Support agreement charges		14			(14	)		381			160			6			(15	)		(19	)		(5	)		(23	)		16			(11	)		(8	)
Amortization of intangible assets		7			5			6			6			7			9			6			6			6			5			18			18
Income before taxes		577			490			111			553			373			400			339			232			285			336			307			346
Average loans (a)	$	8,967		$	7,284		$	8,538		$	10,376		$	5,743		$	4,744		$	3,727		$	3,962		$	3,378		$	4,683		$	4,763		$	5,659
Average assets	$	52,468		$	54,763		$	57,795		$	71,455		$	65,204		$	58,339		$	59,914		$	59,980		$	59,704		$	62,940		$	69,026		$	74,849
Average deposits	$	46,092		$	48,436		$	51,492		$	64,500		$	57,084		$	50,583		$	52,271		$	51,755		$	52,183		$	55,343		$	57,849		$	61,789
Pre-tax operating margin
GAAP		43	%		37	%		8	%		36	%		34	%		36	%		32	%		23	%		28	%		30	%		25	%		26	%
Non-GAAP adjusted (excluding intangible amortization)		43	%		38	%		9	%(c)		36	%(c)		35	%		37	%		32	%		23	%		29	%		30	%		27	%		28	%
MEMO:
Market value of securities on loan at period-end (in billions) (b)	$	660		$	588		$	470		$	326		$	293		$	290		$	299		$	247		$	253		$	248		$	279		$	278

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

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

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

Page 11 of 19

THE BANK OF NEW YORK MELLON CORPORATION

BUSINESSES

ISSUER SERVICES - 12 Quarter Trend

	2008												2009												2010
(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			3rd Qtr			4th Qtr
Revenue:
Securities servicing fees - Issuer services		374			443			475			392			363			373			359			367			333			353			364			409
Other fee revenue		35			38			56			46			42			40			30			43			25			27			35			30
Total fee and other revenue		409			481			531			438			405			413			389			410			358			380			399			439
Net interest revenue (expense)		153			176			170			211			200			185			180			203			252			216			204			231
Total revenue		562			657			701			649			605			598			569			613			610			596			603			670
Provision for credit losses		—			—			—			—			—			—			—			—			—			—			—			—
Noninterest expenses (ex. intangible amortization)		318			349			349			319			297			305			304			318			304			318			304			345
Income before taxes (ex. intangible amortization)		244			308			352			330			308			293			265			295			306			278			299			325
Amortization of intangible assets		20			20			21			20			21			20			20			20			20			21			21			21
Income before taxes		224			288			331			310			287			273			245			275			286			257			278			304
Average assets	$	32,227		$	35,167		$	34,264		$	38,987		$	50,864		$	52,161		$	47,975		$	52,028		$	52,838		$	48,938		$	48,451		$	56,264
Average deposits	$	27,632		$	30,557		$	29,546		$	34,294		$	45,963		$	47,293		$	43,183		$	47,320		$	48,470		$	44,560		$	44,085		$	51,760
Pre-tax operating margin
GAAP		40	%		44	%		47	%		48	%		48	%		46	%		43	%		45	%		47	%		43	%		46	%		45	%
Non-GAAP adjusted (excluding intangible amortization)		43	%		47	%		50	%		51	%		51	%		49	%		47	%		48	%		50	%		47	%		50	%		48	%

Page 12 of 19

THE BANK OF NEW YORK MELLON CORPORATION

BUSINESSES

CLEARING SERVICES - 12 Quarter Trend

	2008												2009												2010
(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			3rd Qtr			4th Qtr
Revenue:
Securities servicing fees - Clearing services		250			259			254			277			249			248			232			219			227			240			251			275
Other fee revenue		53			64			63			72			72			66			59			45			44			36			42			37
Total fee and other revenue		303			323			317			349			321			314			291			264			271			276			293			312
Net interest revenue (expense)		75			75			75			96			82			87			81			90			95			93			90			90
Total revenue		378			398			392			445			403			401			372			354			366			369			383			402
Provision for credit losses		—			—			—			—			—			—			—			—			—			—			—			—
Noninterest expenses (ex. intangible amortization)		263			291			282			268			252			256			245			241			255			270			279			305
Income before taxes (ex. intangible amortization)		115			107			110			177			151			145			127			113			111			99			104			97
Amortization of intangible assets		6			6			8			6			7			7			6			7			6			7			8			8
Income before taxes		109			101			102			171			144			138			121			106			105			92			96			89
Average loans	$	6,629		$	7,263		$	7,384		$	6,735		$	5,927		$	5,918		$	6,058		$	6,847		$	7,622		$	8,448		$	9,112		$	9,168
Average assets	$	16,408		$	17,395		$	18,471		$	21,128		$	18,600		$	17,014		$	17,827		$	20,365		$	20,338		$	21,550		$	21,456		$	22,081
Pre-tax operating margin
GAAP		29	%		25	%		26	%		38	%		36	%		34	%		33	%		30	%		29	%		25	%		25	%		22	%
Non-GAAP adjusted (excluding intangible amortization)		30	%		27	%		28	%		40	%		38	%		36	%		34	%		32	%		30	%		27	%		27	%		24	%

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

Page 13 of 19

THE BANK OF NEW YORK MELLON CORPORATION

BUSINESSES

TREASURY SERVICES - 12 Quarter Trend

	2008												2009												2010
(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			3rd Qtr			4th Qtr
Revenue:
Treasury services		121			125			125			129			121			128			124			130			127			121			127			125
Other fee revenue		103			125			135			93			106			52			82			92			98			75			87			81
Total fee and other revenue		224			250			260			222			227			180			206			222			225			196			214			206
Net interest revenue (expense)		185			155			159			231			159			157			149			148			176			161			148			147
Total revenue		409			405			419			453			386			337			355			370			401			357			362			353
Provision for credit losses		—			—			—			—			—			—			—			—			—			—			—			—
Noninterest expenses (ex. intangible amortization)		203			200			201			200			189			191			180			187			182			188			188			188
Income before taxes (ex. intangible amortization)		206			205			218			253			197			146			175			183			219			169			174			165
Amortization of intangible assets		7			7			6			7			6			7			6			6			6			5			6			6
Income before taxes		199			198			212			246			191			139			169			177			213			164			168			159
Average loans	$	15,690		$	15,938		$	14,995		$	16,353		$	13,921		$	13,228		$	11,648		$	10,982		$	10,436		$	10,290		$	9,885		$	9,450
Average assets	$	24,153		$	21,227		$	22,384		$	34,585		$	28,665		$	24,764		$	24,223		$	26,275		$	26,716		$	26,485		$	25,748		$	27,129
Average deposits	$	20,056		$	17,316		$	18,397		$	30,052		$	24,867		$	20,321		$	19,989		$	22,138		$	22,257		$	22,209		$	21,912		$	23,235
Pre-tax operating margin
GAAP		49	%		49	%		51	%		54	%		50	%		41	%		48	%		48	%		53	%		46	%		47	%		45	%
Non-GAAP adjusted (excluding intangible amortization)		50	%		51	%		52	%		56	%		51	%		43	%		50	%		50	%		55	%		47	%		48	%		47	%

Page 14 of 19

THE BANK OF NEW YORK MELLON CORPORATION

BUSINESSES

OTHER - 12 Quarter Trend

	2008												2009												2010
(dollar amounts in millions unless otherwise noted)	1st Qtr			2nd Qtr (b)			3rd Qtr (b)			4th Qtr (c)			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr (c)			1st Qtr (d)			2nd Qtr			3rd Qtr			4th Qtr
Revenue:
Total fee and other revenue (a)		20			(116	)		(113	)		(1,031	)		(278	)		(223	)		(4,685	)		52			143			61			13			62
Net interest revenue (expense)		50			(288	)		(22	)		(3	)		20			4			21			29			(23	)		(21	)		4			(28	)
Total revenue		70			(404	)		(135	)		(1,034	)		(258	)		(219	)		(4,664	)		81			120			40			17			34
Provision for credit losses		14			14			22			54			59			61			147			64			35			20			(22	)		(24	)
Noninterest expenses (ex. FDIC special assessment, special litigation reserves, intangible amortization, M&I expenses and restructuring charges)		127			143			79			63			120			136			125			152			119			66			138			161
Income before taxes and extraordinary (loss) (ex. FDIC special assessment, special litigation reserves, intangible amortization, M&I expenses and restructuring charges)		(71	)		(561	)		(236	)		(1,151	)		(437	)		(416	)		(4,936	)		(135	)		(34	)		(46	)		(99	)		(103	)
Amortization of intangible assets		4			4			(1	)		(1	)		—			(1	)		1			1			—			1			(1	)		2
Special Litigation Reserves		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			164			N/A			N/A			N/A
FDIC special assessment		—			—			—			—			—			61			—			—			—			—			—			—
Restructuring		—			—			—			181			10			6			(5	)		139			7			(15	)		15			21
Merger & integration expenses		126			149			111			97			68			59			54			52			26			14			56			43
Income before taxes and extraordinary (loss)		(201	)		(714	)		(346	)		(1,428	)		(515	)		(541	)		(4,986	)		(327	)		(231	)		(46	)		(169	)		(169	)
Average loans	$	11,348		$	10,332		$	9,287		$	9,553		$	7,979		$	7,455		$	7,092		$	7,257		$	6,476		$	6,893		$	6,489		$	6,584
Average assets	$	49,147		$	41,381		$	40,465		$	52,688		$	32,146		$	32,413		$	32,224		$	31,459		$	30,012		$	33,374		$	37,202		$	35,736
Average deposits	$	15,959		$	14,141		$	12,216		$	11,478		$	10,062		$	6,923		$	6,507		$	5,378		$	4,144		$	4,488		$	4,969		$	5,523

(a) Total fee and other revenue includes investment write-downs of $51 million, $151 million, $156 million and $1,176 million for the first, second, third and fourth quarters of 2008; $316 million, $209 million and $4.8 billion in the first, second and third 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 and the fourth quarter of 2009 includes a pretax global efficiency restructuring charge of $181 million and $139 million, respectively.

(d) The first quarter of 2010 includes a $164 million pretax charge related to special litigation reserves.

Notes: The Other business 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 business to the Other business. During the first quarter of 2009, the financial results of the Execution business have been moved from the Clearing Services business to the Other business. 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 business. On January 15, 2010, we completed the sale of MUNB. Historical business results have been restated to reflect all of these changes.

Page 15 of 19

THE BANK OF NEW YORK MELLON CORPORATION

BUSINESSES

	Asset Management									Wealth Management									Asset Servicing									Issuer Services
(dollar amounts in millions unless otherwise noted)	2010			2009			2008			2010			2009			2008			2010			2009			2008			2010			2009			2008
Revenue:
Securities servicing fees
Asset servicing		92			86			124			30			27			27			2,910			2,436			3,213			1			1			23
Issuer services		—			—			—			—			—			—			1			1			1			1,459			1,462			1,684
Clearing services		12			12			14			—			—			—			—			—			—			—			—			—
Total securities servicing fees		104			98			138			30			27			27			2,911			2,437			3,214			1,460			1,463			1,707
Asset and wealth management		2,291			2,022			2,510			540			519			563			—			—			—			1			1			—
Performance fees		123			93			83			—			—			—			—			—			—			—			—			—
Foreign exchange & other trading		18			20			20			7			7			14			693			793			1,064			68			85			80
Treasury services		—			—			—			3			3			3			12			10			8			2			2			1
Distribution and service fees		201			279			371			—			1			4			8			9			10			—			—			—
Financing-related fees		1			6			10			6			3			4			12			11			14			6			—			—
Investment and Other Income		(103	)		(193	)		(260	)		1			15			9			173			146			130			39			66			71
Total fee revenue		2,635			2,325			2,872			587			575			624			3,809			3,406			4,440			1,576			1,617			1,859
Securities gains (losses)		9			(78	)		(78	)		3			3			—			—			—			(11	)		—			—			—
Total fee and other revenue		2,644			2,247			2,794			590			578			624			3,809			3,406			4,429			1,576			1,617			1,859
Net interest revenue (expense)		(1	)		32			75			227			194			200			864			894			1,086			903			768			710
Total revenue		2,643			2,279			2,869			817			772			824			4,673			4,300			5,515			2,479			2,385			2,569
Provision for credit losses		—			—			—			2			1			—			—			—			—			—			—			—
Noninterest expenses (ex. M&I expenses and intangible amortization)		1,881			1,696			2,386			575			538			585			3,352			2,928			3,760			1,271			1,224			1,335
Income before taxes and extraordinary (loss) (ex. M&I expenses and intangible amortization)		762			583			483			240			233			239			1,321			1,372			1,755			1,208			1,161			1,234
Amortization of intangible assets		201			219			255			36			45			54			47			28			24			83			81			81
Merger & integration expense		—			—			—			—			—			—			—			—			—			—			—			—
Income before taxes, noncontrolling interest and extraordinary (loss)		561			364			228			204			188			185			1,274			1,344			1,731			1,125			1,080			1,153
Average loans	$	10		$	—		$	—		$	6,451		$	5,821		$	4,938		$	4,627		$	4,537		$	8,795		$	—		$	—		$	—
Average assets	$	26,531		$	12,564		$	13,267		$	10,618		$	9,276		$	10,044		$	66,678		$	60,842		$	59,150		$	51,623		$	50,752		$	35,169
Average deposits	$	—		$	—		$	—		$	8,208		$	6,772		$	7,554		$	56,820		$	52,907		$	52,659		$	47,219		$	45,936		$	30,515
Market value of assets under management at period-end (in billions)	$	1,107		$	1,045		$	862		$	65		$	70		$	66		$	—		$	—		$	—		$	—		$	—		$	—
Market value of assets under custody and administration at period-end (in billions)	$	—		$	6		$	3		$	88		$	80		$	70		$	24,940		$	22,171		$	20,086		$	—		$	—		$	—
Market value of securities on loan at period-end (in billions)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	247		$	326		$	—		$	—		$	—
Pre-tax operating margin - GAAP		21	%		16	%		8	%		25	%		24	%		23	%		27	%		31	%		31	%		45	%		45	%		45	%
Pre-tax operating margin (ex. intangible amortization) - Non-GAAP		29	%		26	%		17	%		29	%		30	%		29	%		28	%		32	%		32	%		49	%		49	%		48	%
Pre-tax operating margin - Non-GAAP (a)		30	%		30	%		30	%		29	%		31	%		30	%		28	%		42	%		42	%		49	%		48	%		48	%

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

Note: See pages 9-15 for details of revenue/expense items impacting respective business results.

Page 16 of 19

THE BANK OF NEW YORK MELLON CORPORATION

BUSINESSES

	Clearing Services									Treasury Services									Other									Consolidated Results
(dollar amounts in millions unless otherwise noted)	2010			2009			2008			2010			2009			2008			2010			2009			2008			2010 (b)			2009			2008
Revenue:
Securities servicing fees
Asset servicing		—			—			—			57			24			6			(1	)		(1	)		(23	)		3,089			2,573			3,370
Issuer services		—			—			—			—			—			—			—			—			—			1,460			1,463			1,685
Clearing services		993			948			1,040			—			—			—			—			2			11			1,005			962			1,065
Total securities servicing fees		993			948			1,040			57			24			6			(1	)		1			(12	)		5,554			4,998			6,120
Asset and wealth management		35			29			41			—			—			—			3			13			21			2,870			2,584			3,135
Performance fees		—			—			—			—			—			—			—			—			—			123			93			83
Foreign exchange & other trading		78			134			108			54			7			232			(32	)		(10	)		(56	)		886			1,036			1,462
Treasury services		—			—			—			500			503			500			—			1			2			517			519			514
Distribution and service fees		—			—			—			—			45			41			1			(8	)		(5	)		210			326			421
Financing-related fees		2			1			2			167			196			160			1			(2	)		(4	)		195			215			186
Investment Income and other		44			78			101			63			62			20			292			163			350			509			337			421
Total fee revenue		1,152			1,190			1,292			841			837			959			264			158			296			10,864			10,108			12,342
Securities gains (losses)		—			—			—			—			(2	)		(3	)		15			(5,292	)		(1,536	)		27			(5,369	)		(1,628	)
Total fee and other revenue		1,152			1,190			1,292			841			835			956			279			(5,134	)		(1,240	)		10,891			4,739			10,714
Net interest revenue (expense)		368			340			321			632			613			730			(68	)		74			(263	)		2,925			2,915			2,859
Total revenue		1,520			1,530			1,613			1,473			1,448			1,686			211			(5,060	)		(1,503	)		13,816			7,654			13,573
Provision for credit losses		—			—			—			—			—			—			9			331			104			11			332			104
Noninterest expenses (ex. M&I expenses and intangible amortization)		1,109			994			1,104			746			747			804			676			744			593			9,610			8,871			10,567
Income before taxes and extraordinary (loss) (ex. M&I expenses and intangible amortization)		411			536			509			727			701			882			(474	)		(6,135	)		(2,200	)		4,195			(1,549	)		2,902
Amortization of intangible assets		29			27			26			23			25			27			2			1			6			421			426			473
Merger & integration expense		—			—			—			—			—			—			139			233			483			139			233			483
Income before taxes, noncontrolling interest and extraordinary (loss)		382			509			483			704			676			855			(615	)		(6,369	)		(2,689	)		3,635			(2,208	)		1,946
Average loans	$	8,593		$	6,190		$	7,003		$	10,012		$	12,434		$	15,744		$	6,612		$	7,442		$	10,126		$	36,305		$	36,424		$	46,606
Average assets	$	21,361		$	18,455		$	18,358		$	26,519		$	25,971		$	25,603		$	34,291		$	32,079		$	45,925		$	237,621		$	209,939		$	207,516
Average deposits	$	—		$	—		$	—		$	22,405		$	21,816		$	21,470		$	4,689		$	7,221		$	13,441		$	139,341		$	134,652		$	125,639
Market value of assets under management at period-end (in billions)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	1,172		$	1,115		$	928
Market value of assets under custody and administration at period-end (in billions)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	25,028		$	22,257		$	20,159
Market value of securities on loan at period-end (in billions)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	247		$	326
Pre-tax operating margin - GAAP		25	%		33	%		30	%		48	%		47	%		51	%		n/m			n/m			179	%		26	%		n/m			14	%
Pre-tax operating margin (ex. intangible amortization) - Non-GAAP		27	%		35	%		32	%		49	%		48	%		52	%		n/m			n/m			179	%		29	%		n/m			18	%
Pre-tax operating margin - Non-GAAP (a)		27	%		32	%		32	%		49	%		52	%		52	%		n/m			n/m			n/m			32	%		31	%		39	%
MEMO:
Securities lending revenue																													150			259			789

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

(b) Total fee and other revenue and income before taxes for the year 2010 included income from consolidated asset management funds of $226 million net a loss attributable to noncontrolling interests of $59 million. The net of these income statement line items of $167 million is included above in fee and other revenue.

Note: See pages 9-15 for details of revenue/expense items impacting respective business results.

n/m - not meaningful

Page 17 of 19

THE BANK OF NEW YORK MELLON CORPORATION

CONTINUING OPERATIONS - 12 Quarter Trend

NONPERFORMING ASSETS

	2008												2009												2010
(dollar amounts in millions)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr
Loans:
Commercial real estate	$	49		$	106		$	118		$	130		$	197		$	63		$	63		$	61		$	50		$	49		$	39		$	44
Financial Institutions	$	—			—			—			41			30			39			180			172			102			20			16			12
Other residential mortgages		33			55			75			97			143			163			183			190			204			229			238			244
Commercial		50			52			65			14			34			43			71			65			40			40			35			34
Wealth Management		—			—			—			2			6			63			58			58			58			62			66			59
Foreign		78			60			1			—			2			1			—			—			—			—			—			—
Lease finance assets		—			—			—			—			—			—			—			—			—			—			—			—
Total nonperforming loans		210			273			259			284			412			372			555			546			454			400			394			393
Other assets owned		5			6			8			8			9			6			5			4			5			6			7			6
Total acquired property		—			—			—			—			—			—			—			—			—			—			—			—
Total nonperforming assets (a)	$	215		$	279		$	267		$	292		$	421		$	378		$	560		$	550		$	459		$	406		$	401		$	399
Nonperforming assets ratio		0.4	%		0.6	%		0.5	%		0.7	%		1.0	%		1.0	%		1.5	%		1.5	%		1.4	%		1.1	%		1.1	%		1.1	%
Allowance for loan losses/nonperforming loans		149.5			129.3			140.9			146.1			114.1			116.7			82.2			92.1			114.5			135.5			135.5			126.7
Allowance for loan losses/nonperforming assets		146.0			126.5			136.7			142.1			111.6			114.8			81.4			91.5			113.3			133.5			133.2			124.8
Total allowance for credit losses/nonperforming loans		231.9			178.0			190.7			186.3			135.7			141.4			107.4			115.0			140.5			161.3			154.3			145.3
Total allowance for credit losses/nonperforming assets		226.5			174.2			185.0			181.2			132.8			139.2			106.4			114.2			139.0			158.9			151.6			143.1

(a) Nonperforming assets for all periods prior to June 30, 2009 include discontinued operations.

Note: The adoption of ASC 810 resulted in BNY Mellon consolidating loans of consolidated asset management funds of $11.3 billion at March 31, 2010, $12.1 billion at June 30, 2010, $13.3 billion at Sept. 30, 2010 and $13.8 billion at Dec. 2010 into trading assets. These loans are not part of BNY Mellon's loan portfolio. Included in these loans are $150 million, $131 million, $231 million and $218 million of nonperforming loans, respectively. These loans are recorded at fair value and therefore do not impact the provision for credit losses and allowance for loan losses, and accordingly are excluded from the nonperforming assets table above.

Page 18 of 19

THE BANK OF NEW YORK MELLON CORPORATION

CONTINUING OPERATIONS - 12 Quarter Trend

ALLOWANCE FOR CREDIT LOSSES, PROVISION AND NET CHARGE-OFFS

	2008												2009												2010
(dollar amounts in millions)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr
Allowance for credit losses:
Allowance for loan losses	$	327		$	314		$	353		$	365		$	415		$	470		$	434		$	456		$	503		$	520		$	542		$	534
Allowance for lending-related commitments		167			173			133			129			114			89			92			140			125			118			103			74
Allowance at beginning of period		494			487			486			494			529			559			526			596			628			638			645			608
Net (charge-offs)/recoveries
Charge-offs		(14	)		(14	)		(27	)		(27	)		(51	)		(54	)		(77	)		(33	)		(37	)		(14	)		(17	)		(17	)
Recoveries		1			1			5			2			1			—			—			—			12			1			2			2
Total Net (charge-offs)/recoveries		(13	)		(13	)		(22	)		(25	)		(50	)		(54	)		(77	)		(33	)		(25	)		(13	)		(15	)		(15	)
Provision for credit losses (a)		16			25			30			60			59			61			147			65			35			20			(22	)		(22	)
Impact of Merger		—			—			—			—			—			—			—			—			—			—			—			—
Transfer to Discontinued Operations		—			—			—			—			21			(40	)		—			—			—			—			—			—
Sale of Mellon 1st Business Bank		—			(13	)		—			—			—			—			—			—			—			—			—			—
SFAS 159 Adoption		(10	)		—			—			—			—			—			—			—			—			—			—			—
Allowance at end of period		487			486			494			529			559			526			596			628			638			645			608			571
Allowance for loan losses	$	314		$	353		$	365		$	415		$	470		$	434		$	456		$	503		$	520		$	542		$	534		$	498
Allowance for lending related-commitments		173			133			129			114			89			92			140			125			118			103			74			73
Allowance at end of period (a)		487			486			494			529			559			526			596			628			638			645			608			571
Allowance for loan losses as a percentage of total loans (b)		0.60	%		0.70	%		0.62	%		0.96	%		1.13	%		1.14	%		1.26	%		1.37	%		1.54	%		1.46	%		1.41	%		1.32	%

(a) The allowance and provision for credit losses for the periods from the first quarter 2008 through the first quarter 2009 exclude discontinued operations.

(b) Excluding purchase accounting adjustments.

Page 19 of 19