8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported) – April 20, 2017

THE BANK OF NEW YORK MELLON CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	001-35651		13-2614959
(State or other jurisdiction of incorporation)	(Commission File Number)		(I.R.S. Employer Identification No.)
225 Liberty Street New York, New York (Address of principal executive offices)		10286 (Zip code)

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

Not Applicable

(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:

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

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

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

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).    

Emerging growth companyo

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

ITEM 2.02.    RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On April 20, 2017, The Bank of New York Mellon Corporation (“BNY Mellon”) issued an Earnings Release announcing its financial results for the first quarter of 2017. A copy of the Earnings Release is “furnished” as Exhibit 99.1 to this Current Report on Form 8-K pursuant to General Instruction B.2 of Form 8-K and is not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities under that Section. This exhibit shall not be incorporated by reference into any filings BNY Mellon has made or may make under the Securities Act of 1933 (the “Securities Act”) or Exchange Act, except as otherwise expressly stated in such filing.

ITEM 7.01.    REGULATION FD DISCLOSURE.

On April 20, 2017, in conjunction with a conference call and webcast regarding BNY Mellon’s financial results, Quarterly Financial Trends and a First Quarter 2017 Financial Highlights presentation are available on BNY Mellon’s website, www.bnymellon.com. A copy of each of the Quarterly Financial Trends and the First Quarter 2017 Financial Highlights presentation is “furnished” as Exhibits 99.2 and 99.3, respectively, to this Current Report on Form 8-K pursuant to General Instruction B.2 of Form 8-K and is not “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities under that Section. These exhibits shall not be incorporated by reference into any filings BNY Mellon has made or may make under the Securities Act or Exchange Act, except as otherwise expressly stated in such filing.The contents of BNY Mellon’s website referenced herein and in the exhibits are not incorporated into this Current Report on Form 8-K.

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ITEM 9.01.    FINANCIAL STATEMENTS AND EXHIBITS.

Exhibits 99.1, 99.2 and 99.3 shall be deemed furnished herewith.

(d)    EXHIBITS.

Exhibit
Number	Description
99.1	The Bank of New York Mellon Corporation Earnings Release dated April 20, 2017, announcing financial results for the first quarter of 2017.
99.2	The Bank of New York Mellon Corporation Quarterly Financial Trends dated April 20, 2017, for the first quarter of 2017.
99.3	First Quarter 2017 Financial Highlights Presentation dated April 20, 2017.

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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 hereunto duly authorized.

	The Bank of New York Mellon Corporation (Registrant)
Date: April 20, 2017	By: /s/ Craig T. Beazer
	Name: Craig T. Beazer Title: Secretary

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EXHIBIT INDEX

Number	Description	Method of Filing
99.1	Earnings Release dated April 20, 2017.	Furnished herewith
99.2	Quarterly Financial Trends dated April 20, 2017.	Furnished herewith
99.3	First Quarter 2017 Financial Highlights Presentation dated April 20, 2017.	Furnished herewith

EX-99.1

BNY Mellon 1Q17 Earnings Release

News Release

BNY MELLON REPORTS FIRST QUARTER EARNINGS OF $880 MILLION OR $0.83 PER COMMON SHARE

• Includes $0.03 per common share tax benefit related to new accounting guidance for stock awards

• Earnings per common share up 14% year-over-year

TOTAL REVENUE OF $3.84 BILLION, INCREASED 3% YEAR-OVER-YEAR

• Investment management and performance fees increased 4%

• Investment services fees increased 4%

• Net interest revenue increased 3%

CONTINUED FOCUS ON EXPENSE CONTROL

• Total noninterest expense up less than 1% year-over-year

EXECUTING ON CAPITAL PLAN AND RETURNING VALUE TO COMMON SHAREHOLDERS

• Returned nearly $1.1 billion to shareholders through share repurchases and dividends

• Return on common equity of 10%; Adjusted return on tangible common equity of 22%(a)

• SLR – transitional of 6.1%; SLR – fully phased-in of 5.9%(a)

NEW YORK, April 20, 2017 – The Bank of New York Mellon Corporation (“BNY Mellon”) (NYSE: BK) today reported first quarter net income applicable to common shareholders of $880 million, or $0.83 per diluted common share. Net income applicable to common shareholders was $804 million, or $0.73 per diluted common share, in the first quarter of 2016, and $822 million, or $0.77 per diluted common share, in the fourth quarter of 2016.

“We again delivered double-digit earnings per share growth and positive operating leverage on a year-over-year basis, reflecting the strength of our dynamic, well-diversified business model. Our performance in the quarter benefited from our investments in capabilities that address growing client demands in areas such as collateral optimization for both the buy and sell side and middle-office services for asset managers. In addition, our overall asset management flows improved to their highest levels since 2014 and assets under custody and/or administration hit a record level,” Gerald L. Hassell, chairman and chief executive officer, said.

“We have been delivering high returns on tangible common equity while generating significant levels of capital. During the first quarter, we returned nearly $1.1 billion to shareholders through share repurchases and dividends and strengthened our key regulatory capital ratios,” Mr. Hassell added.

“The progress we are making in digitizing our firm and harnessing emerging technologies should result in an increasingly distinctive client experience, new sources of value for our clients and reduced structural costs for our Company. We see ourselves as being an investments platform company that integrates the best of what we and others have to offer for the benefit of our clients and the marketplace,” Mr. Hassell concluded.

__________________________________________

(a) These measures are considered to be Non-GAAP. See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 22 for the adjusted return on tangible common equity reconciliation. See “Capital and Liquidity” beginning on page 11 for the reconciliation of the SLR.

Media Relations: Eva Radtke (212) 635-1504 Investor Relations:  Valerie Haertel (212) 635-8529

BNY Mellon 1Q17 Earnings Release

FIRST QUARTER 2017 FINANCIAL HIGHLIGHTS (a)

(comparisons are 1Q17 vs. 1Q16, unless otherwise stated)

Earnings

• Total revenue of $3.8 billion, increased 3% on a GAAP basis and 2% on an adjusted basis (Non-GAAP) (a).

• Investment services fees increased 4% reflecting higher money market fees, net new business and higher equity market values, offset by the unfavorable impact of a stronger U.S. dollar and the impact of downsizing the retail UK transfer agency business.

• Investment management and performance fees increased 4% due to higher market values, offset by the unfavorable impact of a stronger U.S. dollar (principally versus the British pound) and the impact of outflows of assets under management in the prior year. On a constant currency basis, investment management and performance fees increased 8% (Non-GAAP) (a).

• Foreign exchange revenue decreased 10% reflecting lower volatility and the migration to lower margin products.

• Investment and other income decreased $28 million driven by lower lease-related gains and other income, offset by a net gain related to an equity investment.

• Net interest revenue increased $26 million driven by higher interest rates and the impact of interest rate hedging activities, offset by lower interest-earning assets and higher interest expense on long-term debt.

• The provision for credit losses was a credit of $5 million.

• Noninterest expense of $2.6 billion, increased less than 1% on a GAAP basis and 1% on an adjusted basis (Non-GAAP) (a). The increase reflects higher consulting expenses primarily driven by regulatory and compliance costs, and higher staff expense, partially offset by the favorable impact of a stronger U.S. dollar and lower other expense.

• Effective tax rate of 22.3% reflecting an approximately 3%, or $0.03 per common share, benefit primarily driven by applying the new accounting guidance included in ASU 2016-09, Stock Compensation, to the annual vesting of stock awards and our stock price appreciating above the awards’ original grant price.

• Preferred stock dividends of $42 million compared with $13 million in 1Q16.

Assets under custody and/or administration (“AUC/A”) and Assets under management (“AUM”)

• Record AUC/A of $30.6 trillion increased 5% reflecting higher market values, offset by the unfavorable impact of a stronger U.S. dollar.

• Estimated new AUC/A wins in Asset Servicing of $109 billion in 1Q17.

• AUM of $1.73 trillion increased 5% reflecting higher market values, offset by the unfavorable impact of a stronger U.S. dollar (principally versus the British pound). AUM reflects the highest level of asset flows since 2014.

• Net long-term inflows of $14 billion in 1Q17 reflecting inflows of liability-driven investments and other active strategies, partially offset by outflows of active equity investments.

• Net short-term inflows of $13 billion in 1Q17 were a result of increased distribution through our liquidity portals.

Capital and liquidity

• Repurchased 19 million common shares for $879 million and paid $201 million in dividends to common shareholders.

• Return on common equity of 10%.

• Adjusted return on tangible common equity of 22%(a).

• SLR – transitional of 6.1%; SLR – fully phased-in of 5.9%(a).

• LCR of 115%.

(a) See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 22 for the reconciliation of Non-GAAP measures. In all periods presented, Non-GAAP information excludes the net income (loss) attributable to noncontrolling interests of consolidated investment management funds, amortization of intangible assets and M&I, litigation and restructuring charges. See “Capital and Liquidity” beginning on page 11 for the reconciliation of the SLR.

Note: Throughout this document, sequential growth rates are unannualized.

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BNY Mellon 1Q17 Earnings Release

FINANCIAL SUMMARY

(dollars in millions, except per share amounts; common shares in thousands)																1Q17 vs.
	1Q17			4Q16			3Q16			2Q16			1Q16			4Q16		1Q16
Revenue:
Fee and other revenue	$	3,018		$	2,954		$	3,150		$	2,999		$	2,970		2%		2%
Income (loss) from consolidated investment management funds	33			5			17			10			(6		)
Net interest revenue	792			831			774			767			766			(5	)	3
Total revenue – GAAP	3,843			3,790			3,941			3,776			3,730			1		3
Less: Net income (loss) attributable to noncontrolling interests related to consolidated investment management funds	18			4			9			4			(7		)
Total revenue, as adjusted – Non-GAAP	3,825			3,786			3,932			3,772			3,737			1		2
Provision for credit losses	(5		)	7			(19		)	(9		)	10
Expense:
Noninterest expense – GAAP	2,642			2,631			2,643			2,620			2,629			—		—
Less: Amortization of intangible assets	52			60			61			59			57
M&I, litigation and restructuring charges	8			7			18			7			17
Total noninterest expense, as adjusted – Non-GAAP	2,582			2,564			2,564			2,554			2,555			1		1
Income:
Income before income taxes	1,206			1,152			1,317			1,165			1,091			5%		11%
Provision for income taxes	269			280			324			290			283
Net income	$	937		$	872		$	993		$	875		$	808
Net (income) loss attributable to noncontrolling interests (a)	(15		)	(2		)	(6		)	(2		)	9
Net income applicable to shareholders of The Bank of New York Mellon Corporation	922			870			987			873			817
Preferred stock dividends	(42		)	(48		)	(13		)	(48		)	(13		)
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	880		$	822		$	974		$	825		$	804
Operating leverage (b)																98	bps	254	bps
Adjusted operating leverage – Non-GAAP (b)(c)																33	bps	129	bps
Key Metrics:
Pre-tax operating margin (c)	31		%	30		%	33		%	31		%	29		%
Adjusted pre-tax operating margin – Non-GAAP (c)	33		%	32		%	35		%	33		%	31		%
Return on common equity (annualized)(c)	10.2		%	9.3		%	10.8		%	9.3		%	9.2		%
Adjusted return on common equity (annualized) – Non-GAAP (c)	10.7		%	9.8		%	11.3		%	9.7		%	9.7		%
Return on tangible common equity (annualized) – Non- GAAP (c)(d)	22.2		%	20.4		%	23.5		%	20.4		%	20.6		%
Adjusted return on tangible common equity (annualized) – Non-GAAP (c)(d)	22.4		%	20.5		%	23.6		%	20.5		%	20.8		%
Fee revenue as a percentage of total revenue	78		%	78		%	79		%	79		%	79		%
Percentage of non-U.S. total revenue	34		%	34		%	36		%	34		%	33		%
Average common shares and equivalents outstanding:
Basic	1,041,158			1,050,888			1,062,248			1,072,583			1,079,641
Diluted	1,047,746			1,056,818			1,067,682			1,078,271			1,085,284
Period end:
Full-time employees	52,600			52,000			52,300			52,200			52,100
Book value per common share – GAAP (d)	$	34.23		$	33.67		$	34.19		$	33.72		$	33.34
Tangible book value per common share – Non-GAAP (d)	$	16.65		$	16.19		$	16.67		$	16.25		$	15.87
Cash dividends per common share	$	0.19		$	0.19		$	0.19		$	0.17		$	0.17
Common dividend payout ratio	23		%	25		%	21		%	23		%	23		%
Closing stock price per common share	$	47.23		$	47.38		$	39.88		$	38.85		$	36.83
Market capitalization	$	49,113		$	49,630		$	42,167		$	41,479		$	39,669
Common shares outstanding	1,039,877			1,047,488			1,057,337			1,067,674			1,077,083

(a)    Primarily attributable to noncontrolling interests related to consolidated investment management funds.

(b) Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense. See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 22 for the components of this measure.

(c) Non-GAAP information for all periods presented excludes the net income (loss) attributable to noncontrolling interests related to consolidated investment management funds, amortization of intangible assets and M&I, litigation and restructuring charges. Non-GAAP information for 3Q16 also excludes a recovery of the previously impaired loan to Sentinel Management Group, Inc. (“Sentinel”). See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 22 for the reconciliation of Non-GAAP measures.

(d) Tangible book value per common share – Non-GAAP and tangible common equity exclude goodwill and intangible assets, net of deferred tax liabilities. See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 22 for the reconciliation of Non-GAAP measures.

bps – basis points.

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BNY Mellon 1Q17 Earnings Release

KEY MARKET METRICS

The following table presents key market metrics at period end and on an average basis.

Key market metrics																1Q17 vs.
	1Q17			4Q16			3Q16			2Q16			1Q16			4Q16		1Q16
S&P 500 Index (a)	2363			2239			2168			2099			2060			6%		15%
S&P 500 Index – daily average	2326			2185			2162			2075			1951			6		19
FTSE 100 Index (a)	7323			7143			6899			6504			6175			3		19
FTSE 100 Index – daily average	7274			6923			6765			6204			5988			5		21
MSCI EAFE (a)	1793			1684			1702			1608			1652			6		9
MSCI EAFE – daily average	1749			1660			1677			1648			1593			5		10
Barclays Capital Global Aggregate BondSM Index (a)(b)	459			451			486			482			468			2		(2	)
NYSE and NASDAQ share volume (in billions)	186			189			186			203			218			(2	)	(15	)
JPMorgan G7 Volatility Index – daily average (c)	10.10			10.24			10.19			11.12			10.60			(1	)	(5	)
Average interest on excess reserves paid by the Federal Reserve	0.79		%	0.55		%	0.50		%	0.50		%	0.50		%	24 bps		29 bps
Foreign exchange rates vs. U.S. dollar:
British pound (a)	$	1.25		$	1.23		$	1.30		$	1.34		$	1.44		2%		(13)%
British pound – average rate	1.24			1.24			1.31			1.43			1.43			—		(13	)
Euro (a)	1.07			1.05			1.12			1.11			1.14			2		(6	)
Euro – average rate	1.07			1.08			1.12			1.13			1.10			(1	)	(3	)

(a) Period end.

(b) Unhedged in U.S. dollar terms.

(c) The JPMorgan G7 Volatility Index is based on the implied volatility in 3-month currency options.

bps – basis points.

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BNY Mellon 1Q17 Earnings Release

FEE AND OTHER REVENUE

Fee and other revenue											1Q17 vs.
(dollars in millions)	1Q17		4Q16		3Q16		2Q16		1Q16		4Q16		1Q16
Investment services fees:
Asset servicing (a)	$	1,063	$	1,068	$	1,067	$	1,069	$	1,040	—	%	2	%
Clearing services	376		355		349		350		350		6		7
Issuer services	251		211		337		234		244		19		3
Treasury services	139		140		137		139		131		(1	)	6
Total investment services fees	1,829		1,774		1,890		1,792		1,765		3		4
Investment management and performance fees	842		848		860		830		812		(1	)	4
Foreign exchange and other trading revenue	164		161		183		182		175		2		(6	)
Financing-related fees	55		50		58		57		54		10		2
Distribution and servicing	41		41		43		43		39		—		5
Investment and other income	77		70		92		74		105		10		(27	)
Total fee revenue	3,008		2,944		3,126		2,978		2,950		2		2
Net securities gains	10		10		24		21		20		N/M		N/M
Total fee and other revenue	$	3,018	$	2,954	$	3,150	$	2,999	$	2,970	2	%	2	%

(a) Asset servicing fees include securities lending revenue of $49 million in 1Q17, $54 million in 4Q16, $51 million in 3Q16,$52 million in 2Q16 and $50 million in 1Q16.

N/M – Not meaningful.

KEY POINTS

• Asset servicing fees increased 2% year-over-year, primarily reflecting net new business, including growth of collateral optimization solutions, and higher equity market values, partially offset by the unfavorable impact of a stronger U.S. dollar and the impact of downsizing the retail UK transfer agency business.

• Clearing services fees increased 7% year-over-year and 6% sequentially. Both increases were primarily driven by higher money market and mutual fund fees.

• Issuer services fees increased 3% year-over-year and 19% sequentially. Both increases primarily reflect higher fees in Depositary Receipts, partially offset by lower fees in Corporate Trust.

• Treasury services fees increased of 6% year-over-year, primarily reflecting higher payment volumes, partially offset by higher compensating balance credits provided to clients, which reduces fee revenue and increases net interest revenue.

• Investment management and performance fees increased 4% year-over-year primarily reflecting higher market values, partially offset by the unfavorable impact of a stronger U.S. dollar (principally versus the British pound) and the impact of outflows of assets under management in the prior year. On a constant currency basis, investment management and performance fees increased 8%(Non-GAAP) year-over-year. The 1% sequential decrease was primarily driven by seasonally lower performance fees and fewer days in 1Q17, partially offset by higher market values.

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BNY Mellon 1Q17 Earnings Release

•	Foreign exchange and other trading revenue
	(in millions)	1Q17		4Q16			3Q16		2Q16		1Q16
	Foreign exchange	$	154	$	175		$	175	$	166	$	171
	Other trading revenue (loss)	10		(14		)	8		16		4
	Total foreign exchange and other trading revenue	$	164	$	161		$	183	$	182	$	175

Foreign exchange revenue decreased 10% year-over-year and 12% sequentially. Both decreases primarily reflect lower volatility. The year-over-year decrease also reflects the migration to lower margin products.

The sequential increase in other trading revenue primarily reflects the 4Q16 impact of interest rate hedging activities (offset in net interest revenue) and higher fixed income trading revenue.

• The sequential increase in financing-related fees primarily reflects higher underwriting fees.

• The year-over-year increase in distribution and servicing fees primarily reflect higher money market fees, partially offset by fees paid to introducing brokers.

•	Investment and other income
	(in millions)	1Q17			4Q16			3Q16			2Q16			1Q16
	Corporate/bank-owned life insurance	$	30		$	53		$	34		$	31		$	31
	Equity investment income (loss)	26			(2		)	(1		)	(4		)	(3		)
	Expense reimbursements from joint venture	14			15			18			17			17
	Seed capital gains (a)	9			6			16			11			11
	Asset-related gains	3			1			8			1			—
	Lease-related gains (loss)	1			(6		)	—			—			44
	Other (loss) income	(6		)	3			17			18			5
	Total investment and other income	$	77		$	70		$	92		$	74		$	105

(a) Excludes the gain (loss) on seed capital investments in consolidated investment management funds which are reflected in operations of consolidated investment management funds, net of noncontrolling interests. The gain on seed capital investments in consolidated investment management funds was $15 million in 1Q17, $1 million in 4Q16, $8 million in 3Q16, $6 million in 2Q16 and $1 million in 1Q16.

Both the year-over-year and sequential changes in investment and other income primary reflect the net gain related to an equity investment and decreases in other income due to our increased investments in renewable energy. The year-over-year decrease also reflects lower lease-related gains. The sequential increase was partially offset by lower income from corporate/bank-owned life insurance.

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BNY Mellon 1Q17 Earnings Release

NET INTEREST REVENUE

Net interest revenue																1Q17 vs.
(dollars in millions)	1Q17			4Q16			3Q16			2Q16			1Q16			4Q16		1Q16
Net interest revenue – GAAP	$	792		$	831		$	774		$	767		$	766		(5)%		3%
Tax equivalent adjustment	12			12			12			13			14			N/M		N/M
Net interest revenue (FTE) – Non-GAAP (a)	$	804		$	843		$	786		$	780		$	780		(5)%		3%
Net interest margin – GAAP	1.13		%	1.16		%	1.05		%	0.97		%	0.99		%	(3	) bps	14	bps
Net interest margin (FTE) – Non-GAAP (a)	1.14		%	1.17		%	1.06		%	0.98		%	1.01		%	(3	) bps	13	bps
Selected average balances:
Cash/interbank investments	$	106,069		$	104,352		$	114,544		$	137,995		$	127,624		2	%	(17)%
Trading account securities	2,254			2,288			2,176			2,152			3,320			(1	)	(32	)
Securities	114,786			117,660			118,405			118,002			118,538			(2	)	(3	)
Loans	60,312			63,647			61,578			60,284			61,196			(5	)	(1	)
Interest-earning assets	283,421			287,947			296,703			318,433			310,678			(2	)	(9	)
Interest-bearing deposits	139,820			145,681			155,109			165,122			162,017			(4	)	(14	)
Noninterest-bearing deposits	73,555			82,267			81,619			84,033			82,944			(11	)	(11	)
Long-term debt	25,882			24,986			23,930			22,838			21,556			4		20
Selected average yields/rates: (b)
Cash/interbank investments	0.56		%	0.47		%	0.43		%	0.44		%	0.43		%
Trading account securities	3.12			3.17			2.62			2.45			2.16
Securities	1.71			1.67			1.56			1.56			1.61
Loans	2.15			1.92			1.84			1.85			1.76
Interest-earning assets	1.38			1.30			1.19			1.14			1.16
Interest-bearing deposits	0.03			(0.01		)	(0.02		)	0.03			0.04
Long-term debt	1.85			1.36			1.54			1.54			1.57
Average cash/interbank investments as a percentage of average interest-earning assets	37		%	36		%	39		%	43		%	41		%
Average noninterest-bearing deposits as a percentage of average interest-earning assets	26		%	29		%	28		%	26		%	27		%

(a) Net interest revenue (FTE) – Non-GAAP and net interest margin (FTE) – Non-GAAP include the tax equivalent adjustments on tax-exempt income which allows for comparisons 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.

(b) Yields/rates include the impact of interest rate hedging activities.

FTE – fully taxable equivalent.

N/M – Not meaningful.

bps – basis points.

KEY POINTS

• Net interest revenue increased $26 million year-over-year and decreased $39 million sequentially. The year-over-year increase primarily reflects higher interest rates and the impact of interest rate hedging activities (which negatively impacted 1Q17 less than 1Q16), partially offset by lower average interest-earning assets and higher average long-term debt. The sequential decrease primarily reflects the impact of interest rate hedging activities and the 4Q16 premium amortization adjustment which combined reduced net interest revenue by approximately $43 million, or 6 basis points to the net interest margin. Substantially all of the impact of interest rate hedging activities in 4Q16 was offset in foreign exchange and other trading revenue.

Page - 7

BNY Mellon 1Q17 Earnings Release

NONINTEREST EXPENSE

Noninterest expense																1Q17 vs.
(dollars in millions)	1Q17			4Q16			3Q16			2Q16			1Q16			4Q16		1Q16
Staff	$	1,472		$	1,395		$	1,467		$	1,412		$	1,459		6	%	1	%
Professional, legal and other purchased services	312			325			292			290			278			(4	)	12
Software and equipment	223			237			215			223			219			(6	)	2
Net occupancy	136			153			143			152			142			(11	)	(4	)
Distribution and servicing	100			98			105			102			100			2		—
Sub-custodian	64			57			59			70			59			12		8
Bank assessment charges (a)	57			53			61			52			53			8		8
Business development	51			71			52			65			57			(28	)	(11	)
Other (a)	167			175			170			188			188			(5	)	(11	)
Amortization of intangible assets	52			60			61			59			57			(13	)	(9	)
M&I, litigation and restructuring charges	8			7			18			7			17			N/M		N/M
Total noninterest expense – GAAP	$	2,642		$	2,631		$	2,643		$	2,620		$	2,629		—	%	—	%
Total staff expense as a percentage of total revenue	38		%	37		%	37		%	37		%	39		%
Memo:
Total noninterest expense excluding amortization of intangible assets and M&I, litigation and restructuring charges – Non-GAAP	$	2,582		$	2,564		$	2,564		$	2,554		$	2,555		1	%	1	%

(a) In the first quarter of 2017, we began disclosing bank assessment charges on a quarterly basis. The bank assessment charges were previously included in other expense.

N/M – Not meaningful.

KEY POINTS

• Total noninterest expense increased less than 1% year-over-year and sequentially. Total noninterest expense, excluding amortization of intangible assets and M&I, litigation and restructuring charges (Non-GAAP), increased 1% year-over-year and sequentially.

• The year-over-year increase primarily reflects higher consulting and staff expenses, partially offset by lower other expense. The increase in consulting expense primarily reflects higher regulatory and compliance costs. The increase in staff expense primarily reflects higher incentive expense, partially offset by the favorable impact of a stronger U.S. dollar. We continue to benefit from the savings generated by the business improvement process, including improved efficiencies by changing the way we work, continued impact from location strategy and vendor renegotiations, and optimizing our physical footprint.

• The sequential increase primarily reflects higher staff expense, partially offset by lower business development, net occupancy, software and equipment and professional, legal and other purchased services expenses. The increase in staff expense was primarily driven by higher incentives due to the impact of vesting of long-term stock awards for retirement eligible employees, partially offset by lower severance expense.

Page - 8

BNY Mellon 1Q17 Earnings Release

INVESTMENT SECURITIES PORTFOLIO

At March 31, 2017, the fair value of our investment securities portfolio totaled $115.5 billion. The net unrealized pre-tax loss on our total securities portfolio was $23 million at March 31, 2017 compared with $221 million at Dec. 31, 2016. The improvement in the net unrealized pre-tax loss was primarily driven by a decrease in market interest rates. At March 31, 2017, the fair value of the held-to-maturity securities totaled $40.1 billion and represented 35% of the fair value of the total investment securities portfolio.

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

Investment securities portfolio (dollars in millions)	Dec. 31, 2016			1Q17 change in unrealized gain (loss)			March 31, 2017					Fair value as a % of amortized cost (a)		Unrealized gain (loss)				Ratings
																								BB+ and lower
	Fair value						Amortized cost		Fair value									AAA/ AA-		A+/ A-		BBB+/ BBB-				Not rated
Agency RMBS	$	47,715		$	71		$	48,044	$	47,680		99	%	$	(364	)		100	%	—	%	—	%	—	%	—	%
U.S. Treasury	25,244			107			26,288		26,149			99		(139		)		100		—		—		—		—
Sovereign debt/sovereign guaranteed	14,373			(55		)	13,809		13,968			101		159				74		5		21		—		—
Non-agency RMBS (b)	1,357			5			1,016		1,298			81		282				—		1		2		87		10
Non-agency RMBS	718			2			648		670			95		22				8		4		14		73		1
European floating rate notes	706			3			647		639			98		(8		)		67		24		9		—		—
Commercial MBS	8,037			26			8,839		8,796			100		(43		)		98		2		—		—		—
State and political subdivisions	3,396			25			3,312		3,322			100		10				80		17		—		—		3
Foreign covered bonds	2,216			1			2,127		2,144			101		17				100		—		—		—		—
Corporate bonds	1,396			—			1,361		1,366			100		5				18		68		14		—		—
CLOs	2,598			3			2,561		2,569			100		8				100		—		—		—		—
U.S. Government agencies	1,964			5			1,971		1,985			101		14				100		—		—		—		—
Consumer ABS	1,727			4			1,454		1,456			100		2				90		3		6		1		—
Other (c)	2,833			1			3,458		3,470			100		12				77		—		20		—		3
Total investment securities	$	114,280	(d)	$	198		$	115,535	$	115,512	(d)	99	%	$	(23	)	(d)(e)	92	%	2	%	4	%	2	%	—	%

(a)    Amortized cost before impairments.

(b) These RMBS were included in the former 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 enhancements, the difference between the written-down amortized cost and the current face amount of each of these securities.

(c) Includes commercial paper with a fair value of $401 million and $701 million and money market funds with a fair value of $842 million and $853 million at Dec. 31, 2016 and March 31, 2017, respectively.

(d) Includes net unrealized losses on derivatives hedging securities available-for-sale of $211 million at Dec. 31, 2016 and $134 million at March 31, 2017.

(e) Unrealized gains of $165 million at March 31, 2017 related to available-for-sale securities, net of hedges.

Page - 9

BNY Mellon 1Q17 Earnings Release

NONPERFORMING ASSETS

Nonperforming assets (dollars in millions)	March 31, 2017			Dec. 31, 2016			March 31, 2016
Nonperforming loans:
Other residential mortgages	$	88		$	91		$	99
Wealth management loans and mortgages	10			8			11
Financial institutions	—			—			171
Lease financing	—			4			—
Commercial	—			—			5
Commercial real estate	—			—			2
Total nonperforming loans	98			103			288
Other assets owned	9			4			4
Total nonperforming assets	$	107		$	107		$	292
Nonperforming assets ratio	0.18		%	0.17		%	0.48		%
Allowance for loan losses/nonperforming loans	167.3			164.1			56.3
Total allowance for credit losses/nonperforming loans	281.6			272.8			99.7

Nonperforming assets were unchanged compared with Dec. 31, 2016, and decreased$185 million compared with March 31, 2016. The decrease primarily reflects the receipt of trust assets from the bankruptcy proceeding of Sentinel in the third quarter of 2016.

ALLOWANCE FOR CREDIT LOSSES, PROVISION AND NET CHARGE-OFFS

Allowance for credit losses, provision and net charge-offs (in millions)	March 31, 2017			Dec. 31, 2016		March 31, 2016
Allowance for credit losses - beginning of period	$	281		$	274	$	275
Provision for credit losses	(5		)	7		10
Net recoveries (charge-offs):
Other residential mortgages	—			—		2
Net recoveries (charge-offs)	—			—		2
Allowance for credit losses - end of period	$	276		$	281	$	287
Allowance for loan losses	$	164		$	169	$	162
Allowance for lending-related commitments	112			112		125

Page - 10

BNY Mellon 1Q17 Earnings Release

CAPITAL AND LIQUIDITY

The common equity Tier 1 (“CET1”), Tier 1 and Total risk-based regulatory capital ratios in the first section of the table below are based on Basel III components of capital, as phased-in (referred to as “Transitional ratios”). The transitional capital ratios for March 31, 2017 were negatively impacted by the additional phase-in requirements for 2017. Our consolidated capital ratios are shown in the following table.

Capital ratios	March 31, 2017		Dec. 31, 2016
Consolidated regulatory capital ratios: (a)
Standardized Approach:
CET1 ratio	12.0	%	12.3	%
Tier 1 capital ratio	14.4		14.5
Total (Tier 1 plus Tier 2) capital ratio	15.0		15.2
Advanced Approach:
CET1 ratio	10.4		10.6
Tier 1 capital ratio	12.5		12.6
Total (Tier 1 plus Tier 2) capital ratio	12.8		13.0
Leverage capital ratio (b)	6.6		6.6
Supplementary leverage ratio (“SLR”)	6.1		6.0
BNY Mellon shareholders’ equity to total assets ratio	11.6		11.6
BNY Mellon common shareholders’ equity to total assets ratio	10.5		10.6
Selected regulatory capital ratios – fully phased-in – Non-GAAP: (a)(c)
CET1 ratio:
Standardized Approach	11.5	%	11.3	%
Advanced Approach	10.0		9.7
SLR	5.9		5.6

(a) Regulatory capital ratios for March 31, 2017 are preliminary. For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches.

(b) The leverage capital ratio is based on Tier 1 capital, as phased-in and quarterly average total assets.

(c) Estimated.

CET1 generation in 1Q17 – preliminary	Transitional basis (b)			Fully phased-in – Non-GAAP (c)
(in millions)
CET1 – Beginning of period	$	18,093		$	16,490
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP	880			880
Goodwill and intangible assets, net of related deferred tax liabilities	(482		)	26
Gross CET1 generated	398			906
Capital deployed:
Dividends	(201		)	(201		)
Common stock repurchased	(879		)	(879		)
Total capital deployed	(1,080		)	(1,080		)
Other comprehensive income	(43		)	241
Additional paid-in capital (a)	286			286
Other	(48		)	(8		)
Total other deductions	195			519
Net CET1 generated	(487		)	345
CET1 – End of period	$	17,606		$	16,835

(a)    Primarily related to stock awards, the exercise of stock options and stock issued for employee benefit plans.

(b)    Reflects transitional adjustments to CET1 required under the U.S. capital rules.

(c)    Estimated.

Page - 11

BNY Mellon 1Q17 Earnings Release

The table presented below compares the fully phased-in Basel III capital components and risk-based ratios to those capital components and ratios determined on a transitional basis.

Basel III capital components and ratios	March 31, 2017 (a)						Dec. 31, 2016
(dollars in millions)	Transitional basis(b)			Fully phased-in –  Non-GAAP(c)			Transitional basis (b)			Fully phased-in – Non-GAAP (c)
CET1:
Common shareholders’ equity	$	35,837		$	35,596		$	35,794		$	35,269
Goodwill and intangible assets	(17,796		)	(18,286		)	(17,314		)	(18,312		)
Net pension fund assets	(72		)	(90		)	(55		)	(90		)
Equity method investments	(326		)	(341		)	(313		)	(344		)
Deferred tax assets	(27		)	(34		)	(19		)	(32		)
Other	(10		)	(10		)	—			(1		)
Total CET1	17,606			16,835			18,093			16,490
Other Tier 1 capital:
Preferred stock	3,542			3,542			3,542			3,542
Trust preferred securities	—			—			—			—
Deferred tax assets	(7		)	—			(13		)	—
Net pension fund assets	(18		)	—			(36		)	—
Other	(14		)	(14		)	(121		)	(121		)
Total Tier 1 capital	21,109			20,363			21,465			19,911
Tier 2 capital:
Trust preferred securities	—			—			148			—
Subordinated debt	550			550			550			550
Allowance for credit losses	276			276			281			281
Other	(2		)	(2		)	(12		)	(11		)
Total Tier 2 capital - Standardized Approach	824			824			967			820
Excess of expected credit losses	49			49			50			50
Less: Allowance for credit losses	276			276			281			281
Total Tier 2 capital - Advanced Approach	$	597		$	597		$	736		$	589
Total capital:
Standardized Approach	$	21,933		$	21,187		$	22,432		$	20,731
Advanced Approach	$	21,706		$	20,960		$	22,201		$	20,500
Risk-weighted assets:
Standardized Approach	$	146,549		$	145,924		$	147,671		$	146,475
Advanced Approach	$	169,476		$	168,815		$	170,495		$	169,227
Standardized Approach:
CET1 ratio	12.0		%	11.5		%	12.3		%	11.3		%
Tier 1 capital ratio	14.4			14.0			14.5			13.6
Total (Tier 1 plus Tier 2) capital ratio	15.0			14.5			15.2			14.2
Advanced Approach:
CET1 ratio	10.4		%	10.0		%	10.6		%	9.7		%
Tier 1 capital ratio	12.5			12.1			12.6			11.8
Total (Tier 1 plus Tier 2) capital ratio	12.8			12.4			13.0			12.1

(a)    Preliminary.

(b)    Reflects transitional adjustments to CET1, Tier 1 capital and Tier 2 capital required under the U.S. capital rules.

(c)    Estimated.

BNY Mellon has presented its estimated fully phased-in CET1 and other risk-based capital ratios and the fully phased-in SLR based on its interpretation of the U.S. capital rules, which are being gradually phased-in over a multi-year period, and on the application of such rules to BNY Mellon’s businesses as currently conducted. Management views the estimated fully phased-in CET1 and other risk-based capital ratios and fully phased-in SLR as key measures in monitoring BNY Mellon’s capital position and progress against future regulatory capital standards. Additionally, the presentation of the estimated fully phased-in CET1 and other risk-based capital ratios and fully phased-in SLR are intended to allow investors to compare these ratios with estimates presented by other companies.

Page - 12

BNY Mellon 1Q17 Earnings Release

Our capital and liquidity ratios are necessarily subject to, among other things, BNY Mellon’s further review of applicable rules, anticipated compliance with all necessary enhancements to model calibration, approval by regulators of certain models used as part of RWA calculations, other refinements, further implementation guidance from regulators, market practices and standards and any changes BNY Mellon may make to its businesses. Consequently, our capital and liquidity ratios remain subject to ongoing review and revision and may change based on these factors.

Supplementary Leverage Ratio (“SLR”)

The following table presents the SLR on both the transitional and fully phased-in Basel III basis for BNY Mellon and our largest bank subsidiary, The Bank of New York Mellon.

SLR	March 31, 2017 (a)						Dec. 31, 2016
(dollars in millions)	Transitional basis			Fully phased-in – Non-GAAP(b)			Transitional basis			Fully phased-in – Non-GAAP (b)
Consolidated:
Tier 1 capital	$	21,109		$	20,363		$	21,465		$	19,911
Total leverage exposure:
Quarterly average total assets	$	336,200		$	336,200		$	344,142		$	344,142
Less: Amounts deducted from Tier 1 capital	18,016			18,763			17,333			18,887
Total on-balance sheet assets	318,184			317,437			326,809			325,255
Off-balance sheet exposures:
Potential future exposure for derivatives contracts (plus certain other items)	5,912			5,912			6,021			6,021
Repo-style transaction exposures	536			536			533			533
Credit-equivalent amount of other off-balance sheet exposures (less SLR exclusions)	22,901			22,901			23,274			23,274
Total off-balance sheet exposures	29,349			29,349			29,828			29,828
Total leverage exposure	$	347,533		$	346,786		$	356,637		$	355,083
SLR - Consolidated (c)	6.1		%	5.9		%	6.0		%	5.6		%
The Bank of New York Mellon, our largest bank subsidiary:
Tier 1 capital	$	19,321		$	18,523		$	19,011		$	17,708
Total leverage exposure	$	281,360		$	280,723		$	291,022		$	290,230
SLR - The Bank of New York Mellon (c)	6.9		%	6.6		%	6.5		%	6.1		%

(a) March 31, 2017 information is preliminary.

(b) Estimated.

(c) The estimated fully phased-in SLR (Non-GAAP) is based on our interpretation of the U.S. capital rules. When the SLR is fully phased-in in 2018 as a required minimum ratio, we expect to maintain an SLR of over 5%. The minimum required SLR is 3% and there is a 2% buffer, in addition to the minimum, that is applicable to U.S. G-SIBs. The insured depository institution subsidiaries of the U.S. G-SIBs, including those of BNY Mellon, must maintain a 6% SLR to be considered “well capitalized.”

Liquidity Coverage Ratio (“LCR”)

The U.S. LCR rules became fully phased-in on Jan. 1, 2017 and require BNY Mellon to meet an LCR of 100%. On a consolidated basis, our LCR was 115% and HQLA before haircuts and trapped liquidity totaled $164 billion at March 31, 2017, compared with our LCR of 114% and HQLA before haircuts and trapped liquidity of $156 billion at Dec. 31, 2016.

Page - 13

BNY Mellon 1Q17 Earnings Release

INVESTMENT MANAGEMENT provides investment management services to institutional and retail investors, as well as investment management, wealth and estate planning and private banking solutions to high net worth individuals and families, and foundations and endowments.

(dollars in millions, unless otherwise noted)																	1Q17 vs.
	1Q17				4Q16			3Q16			2Q16			1Q16			4Q16		1Q16
Revenue:
Investment management fees:
Mutual funds	$	299			$	297		$	309		$	304		$	300		1	%	—	%
Institutional clients	348				340			362			344			334			2		4
Wealth management	167				164			166			160			152			2		10
Investment management fees (a)	814				801			837			808			786			2		4
Performance fees	12				32			8			9			11			N/M		9
Investment management and performance fees	826				833			845			817			797			(1	)	4
Distribution and servicing	52				48			49			49			46			8		13
Other (a)	(1		)		(1		)	(18		)	(10		)	(31		)	N/M		N/M
Total fee and other revenue (a)	877				880			876			856			812			—		8
Net interest revenue	86				80			82			82			83			8		4
Total revenue	963				960			958			938			895			—		8
Provision for credit losses	3				6			—			1			(1		)	N/M		N/M
Noninterest expense (ex. amortization of intangible assets)	668				672			680			684			660			(1	)	1
Amortization of intangible assets	15				22			22			19			19			(32	)	(21	)
Total noninterest expense	683				694			702			703			679			(2	)	1
Income before taxes	$	277			$	260		$	256		$	234		$	217		7	%	28	%
Income before taxes (ex. amortization of intangible assets) – Non-GAAP	$	292			$	282		$	278		$	253		$	236		4	%	24	%
Pre-tax operating margin	29		%		27		%	27		%	25		%	24		%
Adjusted pre-tax operating margin – Non-GAAP (b)	34		%		33		%	33		%	30		%	30		%
Changes in AUM (in billions): (c)(d)
Beginning balance of AUM	$	1,648			$	1,715		$	1,664		$	1,639		$	1,625
Net inflows (outflows):
Long-term strategies:
Equity	(4		)		(5		)	(6		)	(2		)	(2		)
Fixed income	2				(1		)	(1		)	(3		)	—
Liability-driven investments (e)	14				(7		)	4			15			14
Multi-asset and alternative investments	2				3			7			2			—
Total long-term active strategies inflows (outflows)	14				(10		)	4			12			12
Index	—				(1		)	(3		)	(17		)	(11		)
Total long-term strategies inflows (outflows)	14				(11		)	1			(5		)	1
Short term strategies:
Cash	13				(3		)	(1		)	4			(9		)
Total net inflows (outflows)	27				(14		)	—			(1		)	(8		)
Net market impact/other	41				(11		)	80			71			41
Net currency impact	11				(42		)	(29		)	(47		)	(19		)
Acquisition	—				—			—			2			—
Ending balance of AUM	$	1,727		(f)	$	1,648		$	1,715		$	1,664		$	1,639		5	%	5	%
AUM at period end, by product type: (c)(d)
Equity	9		%		9		%	9		%	9		%	9		%
Fixed income	11				11			11			12			12
Index	19				19			18			18			19
Liability-driven investments (e)	34				34			35			34			33
Multi-asset and alternative investments	11				11			11			11			11
Cash	16				16			16			16			16
Total AUM	100		%	(f)	100		%	100		%	100		%	100		%
Average balances:
Average loans	$	16,153			$	15,673		$	15,308		$	14,795		$	14,275		3	%	13	%
Average deposits	$	15,781			$	15,511		$	15,600		$	15,518		$	15,971		2	%	(1	)%

(a) Total fee and other revenue includes the impact of the consolidated investment management funds, net of noncontrolling interests. See page 25 for a breakdown of the revenue line items in the Investment Management business impacted by the consolidated investment management funds. Additionally, other revenue includes asset servicing, treasury services, foreign exchange and other trading revenue and investment and other income.

(b) Excludes amortization of intangible assets, provision for credit losses and distribution and servicing expense. See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 22 for the reconciliation of this Non-GAAP measure.

(c) Excludes securities lending cash management assets and assets managed in the Investment Services business.

(d) In the first quarter of 2017, the AUM in our Wealth Management business and our multi-asset strategies has been reclassified to multi-asset and alternative investments. This reclassification does not change total AUM. All prior periods have been restated.

(e) Includes currency overlay assets under management.

(f) Preliminary.

N/M – Not meaningful.

Page - 14

BNY Mellon 1Q17 Earnings Release

INVESTMENT MANAGEMENT KEY POINTS

• Income before taxes totaled $277 million in 1Q17, an increase of 28% year-over-year and 7% sequentially. Income before taxes, excluding amortization of intangible assets (Non-GAAP), totaled $292 million in 1Q17, an increase of 24% year-over-year and 4% sequentially.

• Pre-tax operating margin of 29% in 1Q17 increased 446 bps year-over-year and 165 bps sequentially.

• Adjusted pre-tax operating margin (Non-GAAP) of 34% in 1Q17 increased 462 bps year-over-year and 80 bps sequentially.

• Total revenue was $963 million, an increase of 8% year-over-year and a slight increase sequentially.

• 40% non-U.S. revenue in both 1Q17 and 1Q16.

• Investment management fees increased 4% year-over-year, primarily reflecting higher market values, partially offset by the unfavorable impact of a stronger U.S. dollar (principally versus the British pound) and the impact of outflows of assets under management in the prior year. On a constant currency basis, investment management fees increased 7% (Non-GAAP) year-over-year. The 2% sequential increase was primarily driven by higher market values, partially offset by fewer days in 1Q17.

• Net long-term inflows of $14 billion in 1Q17 reflect inflows of liability-driven investments and other active strategies, partially offset by outflows of active equity investments.

• Net short-term inflows of $13 billion in 1Q17 were a result of increased distribution through our liquidity portals.

• The sequential decrease in performance fees was driven by seasonality.

• Other revenue improvement year-over-year reflects higher seed capital gains and losses on hedging activity recorded in 1Q16, partially offset by payments to Investment Services related to higher money market fees.

• Net interest revenue increased 4% year-over-year and 8% sequentially, primarily reflecting higher rates on deposits.

• Average loans increased 13% year-over-year and 3% sequentially. Record average loans were driven by extending banking solutions to high net worth clients.

• Average deposits decreased 1% year-over-year and increased 2% sequentially.

• Total noninterest expense (excluding amortization of intangible assets) increased 1% year-over-year and decreased 1% sequentially. The year-over-year increase was primarily driven by higher incentive expense, partially offset by the favorable impact of a stronger U.S. dollar (principally versus the British pound). The sequential decrease primarily reflects lower business development expense.

Page - 15

BNY Mellon 1Q17 Earnings Release

INVESTMENT SERVICES provides business and technology solutions to financial institutions, corporations, public funds and government agencies, including: asset servicing (custody, foreign exchange, fund services, broker-dealer services, securities finance, collateral and liquidity services), clearing services, issuer services (depositary receipts and corporate trust) and treasury services (global payments, trade finance and cash management).

(dollars in millions, unless otherwise noted)																	1Q17 vs.
	1Q17				4Q16			3Q16			2Q16			1Q16			4Q16		1Q16
Revenue:
Investment services fees:
Asset servicing	$	1,038			$	1,043		$	1,039		$	1,043		$	1,016		—	%	2	%
Clearing services	375				354			347			350			348			6		8
Issuer services	250				211			336			233			244			18		2
Treasury services	139				139			136			137			129			—		8
Total investment services fees	1,802				1,747			1,858			1,763			1,737			3		4
Foreign exchange and other trading revenue	153				157			177			161			168			(3	)	(9	)
Other (a)	129				128			148			130			125			1		3
Total fee and other revenue	2,084				2,032			2,183			2,054			2,030			3		3
Net interest revenue	707				713			715			690			679			(1	)	4
Total revenue	2,791				2,745			2,898			2,744			2,709			2		3
Provision for credit losses	—				—			1			(7		)	14			N/M		N/M
Noninterest expense (ex. amortization of intangible assets)	1,812				1,786			1,812			1,819			1,770			1		2
Amortization of intangible assets	37				38			39			40			38			(3	)	(3	)
Total noninterest expense	1,849				1,824			1,851			1,859			1,808			1		2
Income before taxes	$	942			$	921		$	1,046		$	892		$	887		2	%	6	%
Income before taxes (ex. amortization of intangible assets) – Non-GAAP	$	979			$	959		$	1,085		$	932		$	925		2	%	6	%
Pre-tax operating margin	34		%		34		%	36		%	33		%	33		%
Adjusted pre-tax operating margin (ex. provision for credit losses and amortization of intangible assets) – Non-GAAP	35		%		35		%	37		%	34		%	35		%
Investment services fees as a percentage of noninterest expense (ex. amortization of intangible assets)	99		%		98		%	103		%	97		%	98		%
Securities lending revenue	$	40			$	44		$	42		$	42		$	42		(9	)%	(5	)%
Metrics:
Average loans	$	42,818			$	45,832		$	44,329		$	43,786		$	45,004		(7	)%	(5	)%
Average deposits	$	197,690			$	213,531		$	220,316		$	221,998		$	215,707		(7	)%	(8	)%
AUC/A at period end (in trillions) (b)	$	30.6		(c)	$	29.9		$	30.5		$	29.5		$	29.1		2	%	5	%
Market value of securities on loan at period end (in billions) (d)	$	314			$	296		$	288		$	278		$	300		6	%	5	%
Asset servicing:
Estimated new business wins (AUC/A) (in billions)	$	109		(c)	$	141		$	150		$	167		$	40
Depositary Receipts:
Number of sponsored programs	1,050				1,062			1,094			1,112			1,131			(1	)%	(7	)%
Clearing services:
Average active clearing accounts (U.S. platform) (in thousands)	6,058				5,960			5,942			5,946			5,947			2	%	2	%
Average long-term mutual fund assets (U.S. platform)	$	460,977			$	438,460		$	443,112		$	431,150		$	415,025		5	%	11	%
Average investor margin loans (U.S. platform)	$	10,740			$	10,562		$	10,834		$	10,633		$	11,063		2	%	(3	)%
Broker-Dealer:
Average tri-party repo balances (in billions)	$	2,373			$	2,307		$	2,212		$	2,108		$	2,104		3	%	13	%

(a) Other revenue includes investment management fees, financing-related fees, distribution and servicing revenue and investment and other income.

(b) Includes the AUC/A of CIBC Mellon Global Securities Services Company (“CIBC Mellon”), a joint venture with the Canadian Imperial Bank of Commerce, of $1.2 trillion at March 31, 2017, Dec. 31, 2016 and Sept. 30, 2016 and$1.1 trillion atJune 30, 2016 andMarch 31, 2016.

(c) Preliminary.

(d) Represents the total amount of securities on loan in our agency securities lending program managed by the Investment Services business. Excludes securities for which BNY Mellon acts as agent on behalf of CIBC Mellon clients, which totaled $65 billion at March 31, 2017, $63 billion at Dec. 31, 2016, $64 billion at Sept. 30, 2016 and $56 billion at June 30, 2016 and March 31, 2016.

N/M – Not meaningful.

Page - 16

BNY Mellon 1Q17 Earnings Release

INVESTMENT SERVICES KEY POINTS

• Income before taxes totaled $942 million in 1Q17. Income before taxes, excluding amortization of intangible assets (Non-GAAP), totaled $979 million in 1Q17.

• The pre-tax operating margin was 34% in 1Q17. The pre-tax operating margin, excluding the provision for credit losses and amortization of intangible assets (Non-GAAP), was 35% in 1Q17 and the investment services fees as a percentage of noninterest expense (excluding amortization of intangible assets) was 99% in 1Q17.

• Investment services fees increased 4% year-over-year and 3% sequentially.

• Asset servicing fees increased 2% year-over-year primarily reflecting net new business, including growth of collateral optimization solutions, and higher equity market values, partially offset by the unfavorable impact of a stronger U.S. dollar and the impact of downsizing the retail UK transfer agency business.

• Clearing services fees increased 8% year-over-year and 6% sequentially, primarily driven by higher money market and mutual fund fees.

• Issuer services fees increased 2% year-over-year and 18% sequentially, primarily reflecting higher fees in Depositary Receipts, partially offset by lower fees in Corporate Trust.

• Treasury services fees increased 8% year-over-year primarily reflecting higher payment volumes, partially offset by higher compensating balance credits provided to clients, which reduces fee revenue and increases net interest revenue.

• Foreign exchange and other trading revenue decreased 9% year-over-year and 3% sequentially, primarily reflectinglower volatility. The year-over-year decrease also reflects the migration to lower margin products.

• Other revenue increased 3% year-over-year primarily reflecting higher payments from Investment Management related to higher money market fees, and higher financing-related fees, partially offset by certain fees paid to introducing brokers.

• Net interest revenue increased 4% year-over-year primarily reflecting the impact of the higher interest rates, offset by lower deposits. The 1% sequential decrease primarily reflects lower deposits and loans as well as fewer days in 1Q17, partially offset by higher short-term rates.

• Noninterest expense (excluding amortization of intangible assets) increased 2% year-over-year primarily reflecting higher expense from regulatory and compliance costs, additional technology investments and higher staff expenses, offset by lower litigation expense and the favorable impact of a stronger U.S. dollar. The 1% sequential increase primarily reflects higher incentive expense, partially offset by lower severance and other general expenses.

Page - 17

BNY Mellon 1Q17 Earnings Release

OTHER SEGMENT primarily includes leasing operations, certain corporate treasury activities, derivatives, global markets, business exits and other corporate revenue and expense items.

(in millions)	1Q17			4Q16			3Q16			2Q16			1Q16
Revenue:
Fee and other revenue	$	72		$	42		$	100		$	95		$	129
Net interest (expense) revenue	(1		)	38			(23		)	(5		)	4
Total revenue	71			80			77			90			133
Provision for credit losses	(8		)	1			(20		)	(3		)	(3		)
Noninterest expense (ex. M&I and restructuring charges (recoveries))	106			108			88			53			141
M&I and restructuring charges (recoveries)	1			2			—			3			(1		)
Total noninterest expense	107			110			88			56			140
(Loss) income before taxes	$	(28	)	$	(31	)	$	9		$	37		$	(4	)
(Loss) income before taxes (ex. M&I and restructuring charges (recoveries)) – Non-GAAP	$	(27	)	$	(29	)	$	9		$	40		$	(5	)
Average loans and leases	$	1,341		$	2,142		$	1,941		$	1,703		$	1,917

KEY POINTS

• Total fee and other revenue decreased$57 million compared with 1Q16 and increased $30 million compared with 4Q16. Both comparisons primarily reflect the net gain related to an equity investment, the impact of interest rate hedging activities and lower other income due to increased investments in renewable energy. The year-over-year decrease also reflects lower lease-related gains. The sequential increase was partially offset by lower income from corporate/bank-owned life insurance.

• Net interest revenue decreased$5 million compared with 1Q16 and $39 million compared with 4Q16. The year-over-year decrease was driven by the impact of interest rate hedging activities. The sequential decrease primarily reflects the impact of interest rate hedging activities and the 4Q16 premium amortization adjustment which combined reduced net interest revenue by approximately $43 million.

• Noninterest expense (excluding M&I and restructuring charges (recoveries)) decreased$35 million compared with 1Q16 and $2 million compared with 4Q16. The year-over-year decrease primarily reflects lower incentive expense.

Page - 18

BNY Mellon 1Q17 Earnings Release

THE BANK OF NEW YORK MELLON CORPORATION

Condensed Consolidated Income Statement

(in millions)	Quarter ended
	March 31, 2017			Dec. 31, 2016			March 31, 2016
Fee and other revenue
Investment services fees:
Asset servicing	$	1,063		$	1,068		$	1,040
Clearing services	376			355			350
Issuer services	251			211			244
Treasury services	139			140			131
Total investment services fees	1,829			1,774			1,765
Investment management and performance fees	842			848			812
Foreign exchange and other trading revenue	164			161			175
Financing-related fees	55			50			54
Distribution and servicing	41			41			39
Investment and other income	77			70			105
Total fee revenue	3,008			2,944			2,950
Net securities gains	10			10			20
Total fee and other revenue	3,018			2,954			2,970
Operations of consolidated investment management funds
Investment income (loss)	37			8			(3		)
Interest of investment management fund note holders	4			3			3
Income (loss) from consolidated investment management funds	33			5			(6		)
Net interest revenue
Interest revenue	960			928			883
Interest expense	168			97			117
Net interest revenue	792			831			766
Total revenue	3,843			3,790			3,730
Provision for credit losses	(5		)	7			10
Noninterest expense
Staff	1,472			1,395			1,459
Professional, legal and other purchased services	312			325			278
Software and equipment	223			237			219
Net occupancy	136			153			142
Distribution and servicing	100			98			100
Sub-custodian	64			57			59
Bank assessment charges (a)	57			53			53
Business development	51			71			57
Other (a)	167			175			188
Amortization of intangible assets	52			60			57
M&I, litigation and restructuring charges	8			7			17
Total noninterest expense	2,642			2,631			2,629
Income
Income before income taxes	1,206			1,152			1,091
Provision for income taxes	269			280			283
Net income	937			872			808
Net (income) loss attributable to noncontrolling interests (includes $(18), $(4) and $7 related to consolidated investment management funds, respectively)	(15		)	(2		)	9
Net income applicable to shareholders of The Bank of New York Mellon Corporation	922			870			817
Preferred stock dividends	(42		)	(48		)	(13		)
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	880		$	822		$	804

(a) In the first quarter of 2017, we began disclosing bank assessment charges on a quarterly basis. The bank assessment charges were previously included in other expense.

Page - 19

BNY Mellon 1Q17 Earnings Release

THE BANK OF NEW YORK MELLON CORPORATION

Condensed Consolidated Income Statement - continued

Net income applicable to common shareholders of The Bank of New York Mellon Corporation used for the earnings per share calculation	Quarter ended
	March 31, 2017		Dec. 31, 2016		March 31, 2016
(in millions)
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	880	$	822	$	804
Less: Earnings allocated to participating securities	14		13		11
Net income applicable to the common shareholders of The Bank of New York Mellon Corporation after required adjustments for the calculation of basic and diluted earnings per common share	$	866	$	809	$	793

Average common shares and equivalents outstanding of The Bank of New York Mellon Corporation	Quarter ended
	March 31, 2017	Dec. 31, 2016	March 31, 2016
(in thousands)
Basic	1,041,158	1,050,888	1,079,641
Diluted	1,047,746	1,056,818	1,085,284

Earnings per share applicable to the common shareholders of The Bank of New York Mellon Corporation	Quarter ended
	March 31, 2017		Dec. 31, 2016		March 31, 2016
(in dollars)
Basic	$	0.83	$	0.77	$	0.73
Diluted	$	0.83	$	0.77	$	0.73

Page - 20

BNY Mellon 1Q17 Earnings Release

THE BANK OF NEW YORK MELLON CORPORATION

Consolidated Balance Sheet

(dollars in millions, except per share amounts)	March 31, 2017			Dec. 31, 2016
Assets
Cash and due from:
Banks	$	5,366		$	4,822
Interest-bearing deposits with the Federal Reserve and other central banks	65,086			58,041
Interest-bearing deposits with banks	14,554			15,086
Federal funds sold and securities purchased under resale agreements	25,776			25,801
Securities:
Held-to-maturity (fair value of $40,066 and $40,669)	40,254			40,905
Available-for-sale	75,580			73,822
Total securities	115,834			114,727
Trading assets	4,912			5,733
Loans	60,868			64,458
Allowance for loan losses	(164		)	(169		)
Net loans	60,704			64,289
Premises and equipment	1,307			1,303
Accrued interest receivable	551			568
Goodwill	17,355			17,316
Intangible assets	3,549			3,598
Other assets	21,515			20,954
Subtotal assets of operations	336,509			332,238
Assets of consolidated investment management funds, at fair value	1,027			1,231
Total assets	$	337,536		$	333,469
Liabilities
Deposits:
Noninterest-bearing (principally U.S. offices)	$	79,771		$	78,342
Interest-bearing deposits in U.S. offices	50,991			52,049
Interest-bearing deposits in Non-U.S. offices	90,529			91,099
Total deposits	221,291			221,490
Federal funds purchased and securities sold under repurchase agreements	11,149			9,989
Trading liabilities	2,816			4,389
Payables to customers and broker-dealers	21,306			20,987
Commercial paper	2,543			—
Other borrowed funds	1,022			754
Accrued taxes and other expenses	5,290			5,867
Other liabilities (includes allowance for lending-related commitments of $112 and $112)	5,733			5,635
Long-term debt	26,346			24,463
Subtotal liabilities of operations	297,496			293,574
Liabilities of consolidated investment management funds, at fair value	209			315
Total liabilities	297,705			293,889
Temporary equity
Redeemable noncontrolling interests	159			151
Permanent equity
Preferred stock – par value $0.01 per share; authorized 100,000,000 shares; issued 35,826 and 35,826 shares	3,542			3,542
Common stock – par value $0.01 per share; authorized 3,500,000,000 shares; issued 1,345,247,459 and 1,333,706,427 shares	13			13
Additional paid-in capital	26,248			25,962
Retained earnings	23,300			22,621
Accumulated other comprehensive loss, net of tax	(3,524		)	(3,765		)
Less: Treasury stock of 305,370,439 and 286,218,126 common shares, at cost	(10,441		)	(9,562		)
Total The Bank of New York Mellon Corporation shareholders’ equity	39,138			38,811
Nonredeemable noncontrolling interests of consolidated investment management funds	534			618
Total permanent equity	39,672			39,429
Total liabilities, temporary equity and permanent equity	$	337,536		$	333,469

Page - 21

BNY Mellon 1Q17 Earnings Release

SUPPLEMENTAL INFORMATION – EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES

BNY Mellon has included in this Earnings Release certain Non-GAAP financial measures based on fully phased-in CET1 and other risk-based capital ratios, the fully phased-in SLR and tangible common shareholders’ equity. BNY Mellon believes that the CET1 and other risk-based capital ratios on a fully phased-in basis and the SLR on a fully phased-in basis are measures of capital strength that provide additional useful information to investors, supplementing the capital ratios which are, or were, required by regulatory authorities. The tangible common shareholders’ equity ratio, which excludes goodwill and intangible assets, net of deferred tax liabilities, includes changes in investment securities valuations which are reflected in total shareholders’ equity. In addition, this ratio is expressed as a percentage of the actual book value of assets. 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 those assets that can generate income. BNY Mellon has provided a measure of tangible book value per common share, which it believes provides additional useful information as to the level of tangible assets in relation to shares of common stock outstanding.

BNY Mellon has presented revenue measures, which exclude the effect of noncontrolling interests related to consolidated investment management funds, and expense measures, which exclude M&I, litigation and restructuring charges and amortization of intangible assets. Return on equity, operating leverage and operating margin measures, which exclude some or all of these items, as well as the recovery related to Sentinel, are also presented. Operating margin measures may also exclude the provision for credit losses and distribution and servicing expense. 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. M&I expenses primarily relate to acquisitions and generally continue for approximately three years after the transaction. Litigation charges represent accruals for loss contingencies that are both probable and reasonably estimable, but exclude standard business-related legal fees. Restructuring charges relate to our streamlining actions and Operational Excellence Initiatives. Excluding these charges mentioned above permits investors to view expenses on a basis consistent with how management views the business.

The presentation of revenue growth on a constant currency basis permits investors to assess the significance of changes in foreign currency exchange rates. Growth rates on a constant currency basis were determined by applying the current period foreign currency exchange rates to the prior period revenue. BNY Mellon believes that this presentation, as a supplement to GAAP information, gives investors a clearer picture of the related revenue results without the variability caused by fluctuations in foreign currency exchange rates.

The presentation of income (loss) from consolidated investment management funds, net of net income (loss) attributable to noncontrolling interests related to the consolidation of certain investment management funds permits investors to view revenue on a basis consistent with how management views the business. BNY Mellon believes that these presentations, as a supplement to GAAP information, give investors a clearer picture of the results of its primary businesses.

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.

Page - 22

BNY Mellon 1Q17 Earnings Release

The following table presents the reconciliation of the pre-tax operating margin ratio.

Reconciliation of income before income taxes – pre-tax operating margin
(dollars in millions)	1Q17			4Q16			3Q16			2Q16			1Q16
Income before income taxes – GAAP	$	1,206		$	1,152		$	1,317		$	1,165		$	1,091
Less: Net income (loss) attributable to noncontrolling interests of consolidated investment management funds	18			4			9			4			(7		)
Add: Amortization of intangible assets	52			60			61			59			57
M&I, litigation and restructuring charges	8			7			18			7			17
Recovery related to Sentinel	—			—			(13		)	—			—
Income before income taxes, as adjusted – Non-GAAP (a)	$	1,248		$	1,215		$	1,374		$	1,227		$	1,172
Fee and other revenue – GAAP	$	3,018		$	2,954		$	3,150		$	2,999		$	2,970
Income (loss) from consolidated investment management funds – GAAP	33			5			17			10			(6		)
Net interest revenue – GAAP	792			831			774			767			766
Total revenue – GAAP	3,843			3,790			3,941			3,776			3,730
Less: Net income (loss) attributable to noncontrolling interests of consolidated investment management funds	18			4			9			4			(7		)
Total revenue, as adjusted – Non-GAAP (a)	$	3,825		$	3,786		$	3,932		$	3,772		$	3,737
Pre-tax operating margin – GAAP (b)(c)	31		%	30		%	33		%	31		%	29		%
Adjusted pre-tax operating margin – Non-GAAP (a)(b)(c)	33		%	32		%	35		%	33		%	31		%

(a) Non-GAAP information for all periods presented excludes net income (loss) attributable to noncontrolling interests of consolidated investment management funds, amortization of intangible assets and M&I, litigation and restructuring charges. Non-GAAP information for 3Q16 also excludes a recovery of the previously impaired Sentinel loan.

(b) Income before taxes divided by total revenue.

(c) Our GAAP earnings include tax-advantaged investments such as low income housing, renewable energy, bank-owned life insurance and tax-exempt securities. The benefits of these investments are primarily reflected in tax expense. If reported on a tax-equivalent basis, these investments would increase revenue and income before taxes by $101 million for 1Q17, $92 million for 4Q16, $74 million for 3Q16 and 2Q16, $77 million for 1Q16 and would increase our pre-tax operating margin by approximately 1.8% for 1Q17, 1.7% for 4Q16, 1.2% for 3Q16, 1.3% for 2Q16 and 1.4% for 1Q16.

The following table presents the reconciliation of the operating leverage.

Operating leverage								1Q17 vs.
(dollars in millions)	1Q17		4Q16		1Q16			4Q16		1Q16
Total revenue – GAAP	$	3,843	$	3,790	$	3,730		1.40%		3.03%
Less: Net income (loss) attributable to noncontrolling interests of consolidated investment management funds	18		4		(7		)
Total revenue, as adjusted – Non-GAAP	$	3,825	$	3,786	$	3,737		1.03%		2.35%
Total noninterest expense – GAAP	$	2,642	$	2,631	$	2,629		0.42%		0.49%
Less: Amortization of intangible assets	52		60		57
M&I, litigation and restructuring charges	8		7		17
Total noninterest expense, as adjusted – Non-GAAP	$	2,582	$	2,564	$	2,555		0.70%		1.06%
Operating leverage – GAAP (a)								98	bps	254	bps
Adjusted operating leverage – Non-GAAP (a)(b)								33	bps	129	bps

(a) Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense.

(b) Non-GAAP operating leverage for all periods presented excludes net income (loss) attributable to noncontrolling interests of consolidated investment management funds, amortization of intangible assets and M&I, litigation and restructuring charges.

bps – basis points.

Page - 23

BNY Mellon 1Q17 Earnings Release

The following table presents the reconciliation of the returns on common equity and tangible common equity.

Return on common equity and tangible common equity
(dollars in millions)	1Q17			4Q16			3Q16			2Q16			1Q16
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP	$	880		$	822		$	974		$	825		$	804
Add: Amortization of intangible assets	52			60			61			59			57
Less: Tax impact of amortization of intangible assets	18			19			21			21			20
Net income applicable to common shareholders of The Bank of New York Mellon Corporation excluding amortization of intangible assets – Non-GAAP	914			863			1,014			863			841
Add: M&I, litigation and restructuring charges	8			7			18			7			17
Recovery related to Sentinel	—			—			(13		)	—			—
Less: Tax impact of M&I, litigation and restructuring charges	2			3			5			2			6
Tax impact of recovery related to Sentinel	—			—			(5		)	—			—
Net income applicable to common shareholders of The Bank of New York Mellon Corporation, as adjusted – Non-GAAP (a)	$	920		$	867		$	1,019		$	868		$	852
Average common shareholders’ equity	$	34,965		$	35,171		$	35,767		$	35,827		$	35,252
Less: Average goodwill	17,338			17,344			17,463			17,622			17,562
Average intangible assets	3,578			3,638			3,711			3,789			3,812
Add: Deferred tax liability – tax deductible goodwill (b)	1,518			1,497			1,477			1,452			1,428
Deferred tax liability – intangible assets (b)	1,100			1,105			1,116			1,129			1,140
Average tangible common shareholders’ equity – Non-GAAP	$	16,667		$	16,791		$	17,186		$	16,997		$	16,446
Return on common equity – GAAP (c)	10.2		%	9.3		%	10.8		%	9.3		%	9.2		%
Adjusted return on common equity – Non-GAAP (a)(c)	10.7		%	9.8		%	11.3		%	9.7		%	9.7		%
Return on tangible common equity – Non-GAAP (c)	22.2		%	20.4		%	23.5		%	20.4		%	20.6		%
Adjusted return on tangible common equity – Non-GAAP (a)(c)	22.4		%	20.5		%	23.6		%	20.5		%	20.8		%

(a) Non-GAAP information for all periods presented excludes amortization of intangible assets andM&I, litigation and restructuring charges. Non-GAAP information for 3Q16 also excludes a recovery of the previously impaired Sentinel loan.

(b) Deferred tax liabilities are based on fully phased-in Basel III rules.

(c) Quarterly returns are annualized.

The following table presents the reconciliation of the book value per common share.

Book value per common share	March 31, 2017		Dec. 31, 2016		Sept. 30, 2016		June 30, 2016		March 31, 2016
(dollars in millions, unless otherwise noted)
BNY Mellon shareholders’ equity at period end – GAAP	$	39,138	$	38,811	$	39,695	$	38,559	$	38,459
Less: Preferred stock	3,542		3,542		3,542		2,552		2,552
BNY Mellon common shareholders’ equity at period end – GAAP	35,596		35,269		36,153		36,007		35,907
Less: Goodwill	17,355		17,316		17,449		17,501		17,604
Intangible assets	3,549		3,598		3,671		3,738		3,781
Add: Deferred tax liability – tax deductible goodwill (a)	1,518		1,497		1,477		1,452		1,428
Deferred tax liability – intangible assets (a)	1,100		1,105		1,116		1,129		1,140
BNY Mellon tangible common shareholders’ equity at period   end – Non-GAAP	$	17,310	$	16,957	$	17,626	$	17,349	$	17,090
Period-end common shares outstanding (in thousands)	1,039,877		1,047,488		1,057,337		1,067,674		1,077,083
Book value per common share – GAAP	$	34.23	$	33.67	$	34.19	$	33.72	$	33.34
Tangible book value per common share – Non-GAAP	$	16.65	$	16.19	$	16.67	$	16.25	$	15.87

(a) Deferred tax liabilities are based on fully phased-in Basel III rules.

Page - 24

BNY Mellon 1Q17 Earnings Release

The following table presents the impact of changes in foreign currency exchange rates on our consolidated investment management and performance fees.

Investment management and performance fees – Consolidated						1Q17 vs.
(dollars in millions)	1Q17		1Q16			1Q16
Investment management and performance fees – GAAP	$	842	$	812		4	%
Impact of changes in foreign currency exchange rates	—		(30		)
Investment management and performance fees, as adjusted – Non-GAAP	$	842	$	782		8	%

The following table presents income from consolidated investment management funds, net of noncontrolling interests.

Income (loss) from consolidated investment management funds, net of noncontrolling interests
(in millions)	1Q17		4Q16		3Q16		2Q16		1Q16
Income (loss) from consolidated investment management funds	$	33	$	5	$	17	$	10	$	(6	)
Less: Net income (loss) attributable to noncontrolling interests of consolidated investment management funds	18		4		9		4		(7		)
Income from consolidated investment management funds, net of noncontrolling interests	$	15	$	1	$	8	$	6	$	1

The following table presents the impact of changes in foreign currency exchange rates on investment management fees reported in the Investment Management segment.

Investment management fees - Investment Management business						1Q17 vs.
(dollars in millions)	1Q17		1Q16			1Q16
Investment management fees – GAAP	$	814	$	786		4	%
Impact of changes in foreign currency exchange rates	—		(28		)
Investment management fees, as adjusted – Non-GAAP	$	814	$	758		7	%

The following table presents the revenue line items in the Investment Management business impacted by the consolidated investment management funds.

Income (loss) from consolidated investment management funds, net of noncontrolling interests - Investment Management business
(in millions)	1Q17		4Q16			3Q16		2Q16		1Q16
Investment management fees	$	2	$	4		$	2	$	3	$	2
Other (Investment income (loss))	13		(3		)	6		3		(1		)
Income from consolidated investment management funds, net of noncontrolling interests	$	15	$	1		$	8	$	6	$	1

Page - 25

BNY Mellon 1Q17 Earnings Release

The following table presents the reconciliation of the pre-tax operating margin for the Investment Management business.

Pre-tax operating margin - Investment Management business
(dollars in millions)	1Q17			4Q16			3Q16			2Q16			1Q16
Income before income taxes – GAAP	$	277		$	260		$	256		$	234		$	217
Add: Amortization of intangible assets	15			22			22			19			19
Provision for credit losses	3			6			—			1			(1		)
Adjusted income before income taxes excluding amortization of intangible assets and provision for credit losses – Non-GAAP	$	295		$	288		$	278		$	254		$	235
Total revenue – GAAP	$	963		$	960		$	958		$	938		$	895
Less: Distribution and servicing expense	101			98			104			102			100
Adjusted total revenue net of distribution and servicing expense – Non-GAAP	$	862		$	862		$	854		$	836		$	795
Pre-tax operating margin – GAAP (a)	29		%	27		%	27		%	25		%	24		%
Adjusted pre-tax operating margin, excluding amortization of intangible assets, provision for credit losses and distribution and servicing expense – Non-GAAP (a)	34		%	33		%	33		%	30		%	30		%

(a)    Income before taxes divided by total revenue.

DIVIDENDS

Common – On April 20, 2017, The Bank of New York Mellon Corporation declared a quarterly common stock dividend of $0.19 per common share. This cash dividend is payable on May 12, 2017 to shareholders of record as of the close of business on May 2, 2017.

Preferred – On April 20, 2017, The Bank of New York Mellon Corporation declared the following dividends for the noncumulative perpetual preferred stock, liquidation preference $100,000 per share, for the dividend period ending in June 2017, in each case payable on June 20, 2017 to holders of record as of the close of business on June 5, 2017:

• $1,022.22 per share on the Series A Preferred Stock (equivalent to $10.2222 per Normal Preferred Capital Security of Mellon Capital IV, each representing a 1/100th interest in a share of the Series A Preferred Stock);

• $1,300.00 per share on the Series C Preferred Stock (equivalent to $0.3250 per depositary share, each representing a 1/4,000th interest in a share of the Series C Preferred Stock);

• $2,250.00 per share on the Series D Preferred Stock (equivalent to $22.5000 per depositary share, each representing a 1/100th interest in a share of the Series D Preferred Stock); and

• $2,475.00 per share on the Series E Preferred Stock (equivalent to $24.7500 per depositary share, each representing a 1/100th interest in a share of the Series E Preferred Stock).

Page - 26

BNY Mellon 1Q17 Earnings Release

CAUTIONARY STATEMENT

A number of statements (i) in this Earnings Release, (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 our estimated capital ratios and expectations relating to those ratios, preliminary business metrics and statements regarding the progress and impact of technology enhancements and the business improvement process. These statements may be expressed in a variety of ways, including the use of future or present tense language. Words such as “estimate,” “forecast,” “project,” “anticipate,” “likely,” “target,” “expect,” “intend,” “continue,” “seek,” “believe,” “plan,” “goal,” “could,” “should,” “may,” “will,” “strategy,” “opportunities,” “trends” and words of similar meaning signify forward-looking statements. 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 Release 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, 2016 and BNY Mellon’s other filings with the Securities and Exchange Commission. All forward-looking statements in this Earnings Release speak only as of April 20, 2017, 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.

ABOUT BNY MELLON

BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of March 31, 2017, BNY Mellon had $30.6 trillion in assets under custody and/or administration, and $1.7 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.

CONFERENCE CALL INFORMATION

Gerald L. Hassell, chairman and chief executive officer, and Thomas P. Gibbons, vice chairman and chief financial officer, along with other members of the executive management team from BNY Mellon, will host a conference call and simultaneous live audio webcast at 8:00 a.m. EDT on April 20, 2017. This conference call and audio webcast will include forward-looking statements and may include other material information.

Investors and analysts wishing to access the conference call and audio webcast may do so by dialing (800) 390-5696 (U.S.) or (719) 325-2110 (International), and using the passcode: 445371, or by logging on to www.bnymellon.com/investorrelations. Earnings materials will be available at www.bnymellon.com/investorrelations beginning at approximately 6:30 a.m. EDT on April 20, 2017. Replays of the conference call and audio webcast will be available beginning April 20, 2017 at approximately 2 p.m. EDT through May 20, 2017 by dialing (888) 203-1112 (U.S.) or (719) 457-0820 (International), and using the passcode: 6203153. The archived version of the conference call and audio webcast will also be available at www.bnymellon.com/investorrelations for the same time period.

Page - 27

EX-99.2

The Bank of New York Mellon Corporation

Quarterly Financial Trends

April 20, 2017

Table of Contents
Consolidated Results	Page
Consolidated Corporate Earnings - Quarterly Trend	3
Fee and Other Revenue	4
Average Balances and Interest Rates	5
Noninterest Expense	7
Assets Under Management, Custody and/or Administration and Securities Lending; Key Market Metrics	8
Assets Under Management Net Flows	9
Business Segment Results
Investment Management Business - Quarterly Trend	10
Investment Services Business - Quarterly Trend	11
Other Segment - Quarterly Trend	12
Full Year Trends	13
Nonperforming Assets	14
Allowance for Credit Losses, Provision and Net Charge-offs	15
Notes	16
Appendix - GAAP to Non-GAAP Reconciliations	17

THE BANK OF NEW YORK MELLON CORPORATION - CONSOLIDATED CORPORATE EARNINGS - 9 Quarter Trend

	2015												2016												2017
(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
Revenue:
Investment services fees
Asset servicing	$	1,038		$	1,060		$	1,057		$	1,032		$	1,040		$	1,069		$	1,067		$	1,068		$	1,063
Clearing services	344			347			345			339			350			350			349			355			376
Issuer services	232			234			313			199			244			234			337			211			251
Treasury services	137			144			137			137			131			139			137			140			139
Total investment services fees	1,751			1,785			1,852			1,707			1,765			1,792			1,890			1,774			1,829
Investment management and performance fees (a)	867			878			829			864			812			830			860			848			842
Foreign exchange & other trading revenue	229			187			179			173			175			182			183			161			164
Distribution and servicing	41			39			41			41			39			43			43			41			41
Financing-related fees	40			58			71			51			54			57			58			50			55
Investment and other income (a)	60			104			59			93			105			74			92			70			77
Total fee revenue (a)	2,988			3,051			3,031			2,929			2,950			2,978			3,126			2,944			3,008
Net securities gains	24			16			22			21			20			21			24			10			10
Total fee and other revenue (a)	3,012			3,067			3,053			2,950			2,970			2,999			3,150			2,954			3,018
Income (loss) from consolidated investment management funds (a)	52			40			(22		)	16			(6		)	10			17			5			33
Net interest revenue	728			779			759			760			766			767			774			831			792
Total revenue (a)	3,792			3,886			3,790			3,726			3,730			3,776			3,941			3,790			3,843
Provision for credit losses	2			(6		)	1			163			10			(9		)	(19		)	7			(5		)
Noninterest expense	2,637			2,603			2,603			2,610			2,555			2,554			2,564			2,564			2,582
Amortization of intangible assets	66			65			66			64			57			59			61			60			52
Merger & integration, litigation and restructuring charges	(3		)	59			11			18			17			7			18			7			8
Total noninterest expense	2,700			2,727			2,680			2,692			2,629			2,620			2,643			2,631			2,642
Income before taxes	1,090			1,165			1,109			871			1,091			1,165			1,317			1,152			1,206
Provision for income taxes	280			276			282			175			283			290			324			280			269
Net income	810			889			827			696			808			875			993			872			937
Net income (loss) attributable to noncontrolling interest (a)(b)	(31		)	(36		)	6			(3		)	9			(2		)	(6		)	(2		)	(15		)
Preferred stock dividends	(13		)	(23		)	(13		)	(56		)	(13		)	(48		)	(13		)	(48		)	(42		)
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	766		$	830		$	820		$	637		$	804		$	825		$	974		$	822		$	880
Earnings per share (c)	$	0.67		$	0.73		$	0.74		$	0.57		$	0.73		$	0.75		$	0.90		$	0.77		$	0.83
Pre-tax operating margin (a)	29		%	30		%	29		%	23		%	29		%	31		%	33		%	30		%	31		%
Adjusted pre-tax operating margin - Non-GAAP (a)(d)	30		%	33		%	31		%	30		%	31		%	33		%	35		%	32		%	33		%
Return on common equity (annualized) - GAAP	8.8		%	9.4		%	9.1		%	7.1		%	9.2		%	9.3		%	10.8		%	9.3		%	10.2		%
Return on tangible common equity (annualized) - Non-GAAP (d)	20.3		%	21.5		%	20.8		%	16.2		%	20.6		%	20.4		%	23.5		%	20.4		%	22.2		%
Percent of non-US total revenue	36		%	36		%	37		%	34		%	33		%	34		%	36		%	34		%	34		%
(a)  The first quarter of 2015 was restated to reflect the retrospective application of adopting new accounting guidance related to Consolidations (ASU 2015-02).
(b)  Primarily attributable to noncontrolling interests related to consolidated investment management funds.
(c)  The second quarter of 2015 includes a $0.03 charge related to litigation and restructuring. The fourth quarter of 2015 includes an $0.11 charge for the impairment charge related to a court decision regarding Sentinel, litigation and restructuring charges. The first quarter, second quarter and third quarter of 2016 each include a $0.01 charge related to litigation and restructuring. The third quarter of 2016 also includes a $0.01 recovery of the previously impaired Sentinel loan. The first quarter of 2017 includes a $0.03 tax benefit on stock compensation.
(d)  Non-GAAP excludes net (loss) income attributable to noncontrolling interests related to consolidated investment management funds, M&I, litigation and restructuring charges (recoveries), amortization of intangible assets, the impairment charge related to a court decision regarding Sentinel, and a recovery of the previously impaired Sentinel loan, if applicable. See "Supplemental information - Explanation of GAAP and Non-GAAP financial measures" beginning on page 22 of the Quarterly Earnings Release dated April 20, 2017, for the first quarter of 2017 (the "Quarterly Earnings Release"), furnished as an exhibit to the Current Report on Form 8-K to which these Quarterly Financial Trends are furnished as an exhibit. Also, see "Appendix - GAAP to Non-GAAP Reconciliations" beginning on page 17 for the reconciliation of Non-GAAP measures.
Note: See pages 4 through 7 for additional details of revenue/expense items impacting consolidated results.

3

THE BANK OF NEW YORK MELLON CORPORATION

FEE AND OTHER REVENUE - 9 Quarter Trend

	2015												2016												2017
(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
Investment services fees:
Asset servicing	$	995		$	1,011		$	1,019		$	986		$	990		$	1,017		$	1,016		$	1,014		$	1,014
Securities lending	43			49			38			46			50			52			51			54			49
Clearing services	344			347			345			339			350			350			349			355			376
Issuer services	232			234			313			199			244			234			337			211			251
Treasury services	137			144			137			137			131			139			137			140			139
Total investment services fees	1,751			1,785			1,852			1,707			1,765			1,792			1,890			1,774			1,829
Investment management and performance fees (a)	867			878			829			864			812			830			860			848			842
Foreign exchange and other trading revenue	229			187			179			173			175			182			183			161			164
Distribution and servicing	41			39			41			41			39			43			43			41			41
Financing-related fees	40			58			71			51			54			57			58			50			55
Investment and other income (a)	60			104			59			93			105			74			92			70			77
Total fee revenue (a)	2,988			3,051			3,031			2,929			2,950			2,978			3,126			2,944			3,008
Net securities gains	24			16			22			21			20			21			24			10			10
Total fee and other revenue (a)	$	3,012		$	3,067		$	3,053		$	2,950		$	2,970		$	2,999		$	3,150		$	2,954		$	3,018
Fee revenue as a percentage of total revenue	79		%	79		%	81		%	79		%	79		%	79		%	79		%	78		%	78		%
(a)    The first quarter of 2015 was restated to reflect the retrospective application of adopting new accounting guidance related to Consolidations (ASU 2015-02).

4

THE BANK OF NEW YORK MELLON CORPORATION - Average Balances and Interest Rates - 9 Quarter Trend

	2015
(dollar amounts in millions)	March 31					June 30					Sept. 30					Dec. 31
	Average balance			Average rate		Average balance			Average rate		Average balance			Average rate		Average balance			Average rate
Assets
Interest-earning assets:
Interest-bearing deposits with banks (primarily foreign)	$	22,071		0.56	%	$	20,235		0.56	%	$	20,549		0.45	%	$	19,301		0.45	%
Interest-bearing deposits with Federal Reserve & other central banks	81,160			0.23		81,846			0.21		84,175			0.20		84,880			0.18
Federal funds sold and securities purchased under resale agreements	20,416			0.59		23,545			0.61		25,366			0.61		24,147			0.69
Margin loans	20,051			1.00		20,467			1.01		19,839			1.05		19,321			1.09
Non-margin loans:
Domestic offices	25,256			2.14		26,716			2.06		27,411			2.15		27,751			2.06
Foreign offices	12,628			1.24		13,893			1.19		14,407			1.13		14,892			1.17
Total non-margin loans	37,884			1.84		40,609			1.77		41,818			1.80		42,643			1.75
Securities:
U.S. government obligations	27,454			1.38		28,331			1.42		23,935			1.52		23,955			1.53
U.S. government agency obligations	52,744			1.68		56,332			1.77		55,624			1.76		55,441			1.81
Obligations of states and political subdivisions	5,213			2.64		5,021			2.67		4,465			2.81		4,164			2.80
Other securities	38,065			1.33		38,957			1.24		37,164			1.28		35,972			1.25
Trading securities	3,046			2.46		3,253			2.63		2,737			2.74		2,786			2.79
Total securities	126,522			1.57		131,894			1.59		123,925			1.63		122,318			1.65
Total interest-earning assets	308,104			1.07		318,596			1.08		315,672			1.08		312,610			1.08
Allowance for loan losses	(191		)			(190		)			(184		)			(181		)
Cash and due from banks	6,204					6,785					6,140					5,597
Other assets	51,966					50,808					49,700					48,849
Assets of consolidated investment funds (a)	2,328					2,280					2,125					1,715
Total Assets (a)	$	368,411				$	378,279				$	373,453				$	368,590
Liabilities and total equity
Interest-bearing liabilities:
Money market rate accounts and demand deposit accounts	$	10,021		0.12	%	$	10,322		0.13	%	$	10,623		0.13	%	$	9,292		0.12	%
Savings	1,429			0.30		1,326			0.27		1,279			0.27		1,217			0.27
Other time deposits	43,259			0.04		46,807			0.03		43,529			0.04		43,061			0.03
Foreign offices	104,811			0.03		112,261			—		114,322			—		106,764			—
Total interest-bearing deposits	159,520			0.04		170,716			0.02		169,753			0.02		160,334			0.01
Federal funds purchased and securities sold under repurchase agreements	13,877			(0.09	)	16,732			(0.02	)	14,796			(0.04	)	20,349			(0.03	)
Trading Liabilities	795			1.07		632			1.84		475			1.42		638			1.34
Other borrowed funds	2,108			0.50		3,795			0.37		2,823			0.35		733			1.13
Payables to customers and broker-dealers	10,932			0.07		11,234			0.07		11,504			0.06		12,904			0.06
Long-term debt	20,199			1.21		20,625			0.99		21,070			1.21		21,418			1.19
Total interest-bearing liabilities	207,431			0.15		223,734			0.12		220,421			0.14		216,376			0.14
Total noninterest-bearing deposits	89,592					84,890					85,046					85,878
Other liabilities	32,341					29,840					27,880					26,530
Liabilities and obligations of consolidated investment funds (a)	1,004					857					841					629
Total The Bank of New York Mellon Corporation Shareholders' Equity	37,048					37,829					38,140					38,216
Noncontrolling interest (a)	995					1,129					1,125					961
Total liabilities and shareholders' equity (a)	$	368,411				$	378,279				$	373,453				$	368,590
Net interest margin - GAAP				0.95	%				0.98	%				0.96	%				0.97	%
Net interest margin - Taxable equivalent basis - Non-GAAP				0.97	%				1.00	%				0.98	%				0.99	%
(a) The first quarter of 2015 was restated to reflect the retrospective application of adopting new accounting guidance related to Consolidations (ASU 2015-02).
Note: Interest and average rates were calculated on a taxable equivalent basis (Non-GAAP), at tax rates of approximately 35%, using dollar amounts in thousands and the actual number of days in the year.
See "Appendix - GAAP to Non-GAAP Reconciliations" beginning on page 17 for the reconciliation of Non-GAAP measures.

5

THE BANK OF NEW YORK MELLON CORPORATION - Average Balances and Interest Rates - 9 Quarter Trend (continued)

6

	2016																				2017
(dollar amounts in millions)	March 31					June 30					Sept. 30					Dec. 31					March 31
	Average balance			Average rate		Average balance			Average rate		Average balance			Average rate		Average balance			Average rate		Average balance			Average rate
Assets
Interest-earning assets:
Interest-bearing deposits with banks (primarily foreign)	$	14,909		0.69	%	$	14,394		0.68	%	$	14,066		0.74	%	$	15,447		0.71	%	$	14,714		0.60	%
Interest-bearing deposits with Federal Reserve & other central banks	89,092			0.28		97,788			0.30		74,102			0.20		61,672			0.18		66,043			0.35
Federal funds sold and securities purchased under resale agreements	23,623			0.84		25,813			0.87		26,376			0.93		27,233			0.97		25,312			1.07
Margin loans	18,907			1.34		18,226			1.40		18,132			1.48		17,547			1.61		15,753			1.94
Non-margin loans:
Domestic offices	28,506			2.21		29,413			2.25		30,534			2.22		32,730			2.23		30,963			2.44
Foreign offices	13,783			1.39		12,645			1.57		12,912			1.45		13,370			1.58		13,596			1.71
Total non-margin loans	42,289			1.95		42,058			2.04		43,446			1.99		46,100			2.04		44,559			2.22
Securities
U.S. government obligations	24,479			1.50		24,571			1.50		25,279			1.49		25,953			1.54		26,239			1.60
U.S. government agency obligations	55,966			1.79		56,050			1.68		56,464			1.70		57,049			1.82		56,857			1.90
Obligations of states and political subdivisions	3,979			2.89		3,778			2.90		3,598			2.98		3,461			3.08		3,373			3.11
Other securities	34,114			1.22		33,603			1.24		33,064			1.23		31,197			1.36		28,317			1.25
Trading securities	3,320			2.16		2,152			2.45		2,176			2.62		2,288			3.17		2,254			3.12
Total securities	121,858			1.62		120,154			1.57		120,581			1.58		119,948			1.70		117,040			1.74
Total interest-earning assets	310,678			1.16		318,433			1.14		296,703			1.19		287,947			1.30		283,421			1.38
Allowance for loan losses	(157		)			(163		)			(165		)			(148		)			(169		)
Cash and due from banks	3,879					4,141					4,189					5,017					5,097
Other assets	48,845					50,563					49,463					50,322					46,731
Assets of consolidated investment funds (a)	1,309					1,246					1,040					1,004					1,120
Total Assets (a)	$	364,554				$	374,220				$	351,230				$	344,142				$	336,200
Liabilities and total equity
Interest-bearing liabilities:
Money market rate accounts and demand deposit accounts	$	8,249		0.11	%	$	9,070		0.13	%	$	10,027		0.14	%	$	13,821		0.08	%	$	12,881		0.08	%
Savings	1,235			0.27		1,175			0.39		1,201			0.41		1,152			0.42		1,094			0.61
Other time deposits	42,678			0.04		46,629			0.06		45,186			0.07		37,766			0.07		35,429			0.12
Foreign offices	109,855			0.03		108,248			0.01		98,695			(0.08	)	92,942			(0.07	)	90,416			(0.03	)
Total interest-bearing deposits	162,017			0.04		165,122			0.03		155,109			(0.02	)	145,681			(0.01	)	139,820			0.03
Federal funds purchased and securities sold under repurchase agreements	18,689			0.20		18,204			0.28		9,585			0.24		11,567			0.30		18,995			0.51
Trading Liabilities	551			1.43		662			0.66		735			1.11		892			0.54		908			0.89
Other borrowed funds	781			0.96		4,628			0.48		2,047			0.53		1,286			0.77		2,986			0.91
Payables to customers and broker-dealers	16,801			0.09		16,935			0.05		16,873			0.07		17,091			0.07		18,961			0.16
Long-term debt	21,556			1.57		22,838			1.54		23,930			1.54		24,986			1.36		25,882			1.85
Total interest-bearing liabilities	220,395			0.21		228,389			0.21		208,279			0.19		201,503			0.19		207,552			0.33
Total noninterest-bearing deposits	82,944					84,033					81,619					82,267					73,555
Other liabilities	22,300					22,345					21,343					20,760					15,600
Liabilities and obligations of consolidated investment funds (a)	259					253					238					229					244
Total The Bank of New York Mellon Corporation Shareholders' Equity	37,804					38,379					39,051					38,713					38,507
Noncontrolling interest (a)	852					821					700					670					742
Total liabilities and shareholders' equity (a)	$	364,554				$	374,220				$	351,230				$	344,142				$	336,200
Net interest margin - GAAP				0.99	%				0.97	%				1.05	%				1.16	%				1.13	%
Net interest margin - Taxable equivalent basis - Non-GAAP				1.01	%				0.98	%				1.06	%				1.17	%				1.14	%
(a) The first quarter of 2015 was restated to reflect the retrospective application of adopting new accounting guidance related to Consolidations (ASU 2015-02).
Note: Interest and average rates were calculated on a taxable equivalent basis (Non-GAAP), at tax rates of approximately 35%, using dollar amounts in thousands and the actual number of days in the year.
See "Appendix - GAAP to Non-GAAP Reconciliations" beginning on page 17 for the reconciliation of Non-GAAP measures.

7

THE BANK OF NEW YORK MELLON CORPORATION

NONINTEREST EXPENSE - 9 Quarter Trend

	2015									2016								2017
(dollar amounts in millions)	1st Qtr			2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr
Staff	$	1,485		$	1,434	$	1,437	$	1,481	$	1,459	$	1,412	$	1,467	$	1,395	$	1,472
Professional, legal and other purchased services	302			299		301		328		278		290		292		325		312
Software and equipment	228			228		226		225		219		223		215		237		223
Net occupancy	151			149		152		148		142		152		143		153		136
Distribution and servicing	98			96		95		92		100		102		105		98		100
Sub-custodian	70			75		65		60		59		70		59		57		64
Bank assessment charges (a)	55			59		41		2		53		52		61		53		57
Business development	61			72		59		75		57		65		52		71		51
Other (a)	187			191		227		199		188		188		170		175		167
Amortization of intangible assets	66			65		66		64		57		59		61		60		52
Merger & integration, litigation and restructuring charges	(3		)	59		11		18		17		7		18		7		8
Total noninterest expense - GAAP	$	2,700		$	2,727	$	2,680	$	2,692	$	2,629	$	2,620	$	2,643	$	2,631	$	2,642
Memo:
Total noninterest expense excluding amortization of intangible assets and M&I, litigation and restructuring charges (recoveries) - Non-GAAP (b)	$	2,637		$	2,603	$	2,603	$	2,610	$	2,555	$	2,554	$	2,564	$	2,564	$	2,582
Full-time employees at period-end	50,500			50,700		51,300		51,200		52,100		52,200		52,300		52,000		52,600
(a) In the first quarter of 2017, we began disclosing bank assessment charges on a quarterly basis. The bank assessment charges were previously included in other expense.
(b) See Appendix - GAAP to Non-GAAP Reconciliations" beginning on page 17 for the reconciliation of Non-GAAP measures.

8

THE BANK OF NEW YORK MELLON CORPORATION

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

9

	2015												2016												2017
(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
Assets under management at period end: (a)
Institutional	$	1,188		$	1,163		$	1,129		$	1,127		$	1,155		$	1,182		$	1,234		$	1,182		$	1,243
Mutual Funds	445			454			419			420			405			398			396			381			397
Private Client	84			83			77			78			79			84			85			85			87
Assets under management	$	1,717		$	1,700		$	1,625		$	1,625		$	1,639		$	1,664		$	1,715		$	1,648		$	1,727		(b)
AUM at period end, by product type: (a)(c)
Equity	10		%	10		%	9		%	9		%	9		%	9		%	9		%	9		%	9		%
Fixed income	12			11			12			12			12			12			11			11			11
Index	21			21			19			20			19			18			18			19			19
Liability-driven investments (d)	30			30			32			31			33			34			35			34			34
Multi-asset and alternative investments	10			11			11			11			11			11			11			11			11
Cash	17			17			17			17			16			16			16			16			16
Total AUM	100		%	100		%	100		%	100		%	100		%	100		%	100		%	100		%	100		%	(b)
Assets under custody and/or administration at period end (in trillions) (e)	$	28.5		$	28.6		$	28.5		$	28.9		$	29.1		$	29.5		$	30.5		$	29.9		$	30.6		(b)
Market value of securities on loan at period end (f)	$	291		$	283		$	288		$	277		$	300		$	278		$	288		$	296		$	314
Key Market Metrics
S&P 500 Index (g)	2068			2063			1920			2044			2060			2099			2168			2239			2363
S&P 500 Index - daily average	2064			2102			2027			2052			1951			2075			2162			2185			2326
FTSE 100 Index (g)	6773			6521			6062			6242			6175			6504			6899			7143			7323
FTSE 100 Index-daily average	6793			6920			6399			6271			5988			6204			6765			6923			7274
MSCI EAFE (g)	1849			1842			1644			1716			1652			1608			1702			1684			1793
MSCI EAFE-daily average	1818			1905			1785			1732			1593			1648			1677			1660			1749
Barclays Capital Global Aggregate BondSM Index (g)(h)	448			442			446			442			468			482			486			451			459
NYSE & NASDAQ Share Volume (in billions)	187			185			206			198			218			203			186			189			186
JP Morgan G7 Volatility Index - daily average (i)	10.40			10.06			9.93			9.49			10.60			11.12			10.19			10.24			10.10
Average interest on excess reserves paid by the Federal Reserve	0.25		%	0.25		%	0.25		%	0.29		%	0.50		%	0.50		%	0.50		%	0.55		%	0.79		%
Foreign exchange rates vs. U.S. dollar:
British pound (g)	$	1.48		$	1.57		$	1.52		$	1.48		$	1.44		$	1.34		$	1.30		$	1.23		$	1.25
British pound - average rate	1.51			1.53			1.55			1.52			1.43			1.43			1.31			1.24			1.24
Euro (g)	1.07			1.11			1.12			1.09			1.14			1.11			1.12			1.05			1.07
Euro - average rate	1.13			1.11			1.11			1.10			1.10			1.13			1.12			1.08			1.07
(a) Excludes securities lending cash management assets and assets managed in the Investment Services business and the Other segment.  In the third quarter of 2015, prior period AUM was restated to reflect the reclassification of Meriten from the Investment Management business to the Other segment.
(b) Preliminary.
(c) In the first quarter of 2017, the AUM in our Wealth Management business and our multi-class funds has been reclassified to multi-asset and alternative investments. This reclassification does not change total AUM. All prior periods have been restated.
(d) Includes currency overlay assets under management.
(e)  Includes the AUC/A of CIBC Mellon Global Securities Services Company ("CIBC Mellon"), a joint venture with the Canadian Imperial Bank of Commerce, of $1.1 trillion at March 31, 2015 and June 30, 2015, $1.0 trillion at Sept. 30, 2015 and Dec. 31, 2015, $1.1 trillion at March 31, 2016 and June 30, 2016, and $1.2 trillion at Sept. 30, 2016, Dec. 31, 2016 and March 31, 2017.
(f) Represents the total amount of securities on loan in our agency securities lending program managed by the Investment Services business. Excludes securities for which BNY Mellon acts as agent on behalf of CIBC Mellon clients, which totaled $66 billion at March 31, 2014, $64 billion at June 30, 2014, $65 billion at Sept. 30, 2014 and Dec. 31, 2014, $69 billion at March 31, 2015, $68 billion at June 30, 2015, $61 billion at Sept. 30, 2015, $55 billion at Dec. 31, 2015, $56 billion at March 31, 2016 and June 30, 2016, $64 billion at Sept. 30, 2016, $63 billion at Dec. 31, 2016, and $65 billion at March 31, 2017.
(g) Period end.
(h) Unhedged in U.S. dollar terms.
(i) The JP Morgan G7 Volatility Index is based on the implied volatility in 3-month currency options.

10

THE BANK OF NEW YORK MELLON CORPORATION

ASSETS UNDER MANAGEMENT NET FLOWS - 9 Quarter Trend

	2015												2016														2017
(dollar amounts in billions)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr				2nd Qtr				3rd Qtr			4th Qtr			1st Qtr
Beginning balance of AUM (a)(b)	$	1,686		$	1,717		$	1,700		$	1,625		$	1,625			$	1,639			$	1,664		$	1,715		$	1,648
Net inflows (outflows):
Long-term strategies:
Equity	(5		)	(11		)	(5		)	(10		)	(2		)		(2		)		(6		)	(5		)	(4		)
Fixed income	3			(2		)	(4		)	2			—				(3		)		(1		)	(1		)	2
Liability-driven investments (c)	8			5			11			11			14				15				4			(7		)	14
Multi-asset and alternative investments	1			2			2			4			—				2				7			3			2
Total long-term active inflows (outflows)	7			(6		)	4			7			12			—	12			—	4			(10		)	14
Index	8			(10		)	(10		)	(17		)	(11		)		(17		)		(3		)	(1		)	—
Total long-term active strategies inflows (outflows)	15			(16		)	(6		)	(10		)	1			—	(5		)	—	1			(11		)	14
Short-term strategies:
Cash	1			(11		)	(9		)	1			(9		)		4				(1		)	(3		)	13
Total net inflows (outflows)	16			(27		)	(15		)	(9		)	(8		)	—	(1		)	—	—			(14		)	27
Net market impact / Other	32			(29		)	(35		)	24			41				71				80			(11		)	41
Net currency impact	(35		)	39			(25		)	(15		)	(19		)		(47		)		(29		)	(42		)	11
Acquisitions	18			—			—			—			—				2				—			—			—
Ending balance of AUM	$	1,717		$	1,700		$	1,625		$	1,625		$	1,639			$	1,664			$	1,715		$	1,648		$	1,727		(d)
(a) Excludes securities lending cash management assets and assets managed in the Investment Services business and the Other segment. In the third quarter of 2015, prior period AUM was restated to reflect the reclassification of Meriten from the Investment Management business to the Other segment.
(b)  In the first quarter of 2017, the AUM in our Wealth Management business and our multi-class funds has been reclassified to multi-asset and alternative investments. This reclassification does not change total AUM. All prior periods have been restated.
(c) Includes currency overlay assets under management.
(d) Preliminary.

11

THE BANK OF NEW YORK MELLON CORPORATION

INVESTMENT MANAGEMENT BUSINESS - 9 Quarter Trend

	2015												2016												2017
(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
Revenue:
Investment management fees:
Mutual funds	$	301		$	312		$	301		$	294		$	300		$	304		$	309		$	297		$	299
Institutional clients	365			363			347			350			334			344			362			340			348
Wealth management	159			160			156			155			152			160			166			164			167
Total investment management fees(a)	825			835			804			799			786			808			837			801			814
Performance fees	15			20			7			55			11			9			8			32			12
Investment management and performance fees	840			855			811			854			797			817			845			833			826
Distribution and servicing	38			38			37			39			46			49			49			48			52
Other (a)	41			17			(5		)	22			(31		)	(10		)	(18		)	(1		)	(1		)
Total fee and other revenue (a)	919			910			843			915			812			856			876			880			877
Net interest revenue	75			77			83			84			83			82			82			80			86
Total revenue	994			987			926			999			895			938			958			960			963
Provision for credit losses	(1		)	3			1			(4		)	(1		)	1			—			6			3
Noninterest expense (ex. amortization of intangible assets)	708			700			665			689			660			684			680			672			668
Amortization of intangible assets	24			25			24			24			19			19			22			22			15
Total noninterest expense	732			725			689			713			679			703			702			694			683
Income before taxes	263			259			236			290			217			234			256			260			277
Income before taxes (ex. intangible amortization) - Non-GAAP	$	287		$	284		$	260		$	314		$	236		$	253		$	278		$	282		$	292
Average assets	$	31,361		$	30,414		$	30,960		$	30,982		$	29,971		$	30,229		$	30,392		$	30,532		$	31,067
Assets under management at period end (in billions) (b)	$	1,717		$	1,700		$	1,625		$	1,625		$	1,639		$	1,664		$	1,715		$	1,648		$	1,727		(c)
Pre-tax operating margin	26		%	26		%	25		%	29		%	24		%	25		%	27		%	27		%	29		%
Adjusted pre-tax operating margin- Non-GAAP (d)	32		%	32		%	31		%	34		%	30		%	30		%	33		%	33		%	34		%
(a)  Total fee and other revenue includes the impact of the consolidated investment management funds, net of noncontrolling interests. Additionally, other revenue includes asset servicing, treasury services, foreign exchange and other trading revenue and investment and other income.
(b)  Excludes securities lending cash management assets and assets managed in the Investment Services business and the Other segment. In the third quarter of 2015, prior period AUM was restated to reflect the reclassification of Meriten from the Investment Management business to the Other segment.
(c)  Preliminary.
(d)  Excludes amortization of intangible assets, provision for credit losses, and distribution and servicing expense. See "Supplemental information - Explanation of GAAP and Non-GAAP financial measures" beginning on page 22 of the Quarterly Earnings Release for the reconciliation of this Non-GAAP measure. Also, see "Appendix - GAAP to Non-GAAP Reconciliations" beginning on page 17 for the reconciliation of Non-GAAP measures.

12

THE BANK OF NEW YORK MELLON CORPORATION

INVESTMENT SERVICES BUSINESS - 9 Quarter Trend

	2015												2016												2017
(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
Revenue:
Investment services fees
Asset servicing - ex. securities lending	$	979		$	995		$	1,001		$	970		$	974		$	1,001		$	997		$	999		$	998
Securities lending revenue	38			43			33			39			42			42			42			44			40
Clearing services	342			346			345			337			348			350			347			354			375
Issuer services	231			234			312			199			244			233			336			211			250
Treasury services	135			141			135			135			129			137			136			139			139
Total investment services fees	1,725			1,759			1,826			1,680			1,737			1,763			1,858			1,747			1,802
Foreign exchange and other trading revenue	212			181			179			150			168			161			177			157			153
Other (a)	92			117			129			127			125			130			148			128			129
Total fee and other revenue	2,029			2,057			2,134			1,957			2,030			2,054			2,183			2,032			2,084
Net interest revenue	629			667			662			664			679			690			715			713			707
Total revenue	2,658			2,724			2,796			2,621			2,709			2,744			2,898			2,745			2,791
Provision for credit losses	7			6			7			8			14			(7		)	1			—			—
Noninterest expense (ex. intangible amortization)	1,822			1,874			1,853			1,791			1,770			1,819			1,812			1,786			1,812
Amortization of intangible assets	41			40			41			40			38			40			39			38			37
Total noninterest expense	1,863			1,914			1,894			1,831			1,808			1,859			1,851			1,824			1,849
Income before taxes	$	788		$	804		$	895		$	782		$	887		$	892		$	1,046		$	921		$	942
Income before taxes (ex. amortization of intangible assets) - Non-GAAP	$	829		$	844		$	936		$	822		$	925		$	932		$	1,085		$	959		$	979
Average loans	$	45,071		$	45,822		$	46,222		$	45,844		$	45,004		$	43,786		$	44,329		$	45,832		$	42,818
Average assets	$	287,321		$	292,264		$	285,195		$	281,766		$	273,289		$	277,225		$	275,714		$	269,036		$	251,027
Average deposits	$	235,524		$	238,404		$	232,250		$	229,241		$	215,707		$	221,998		$	220,316		$	213,531		$	197,690
Pre-tax operating margin	30		%	30		%	32		%	30		%	33		%	33		%	36		%	34		%	34		%
Adjusted pre-tax operating margin (ex. provision for credit losses and intangible amortization) - Non-GAAP	31		%	31		%	34		%	32		%	35		%	34		%	37		%	35		%	35		%
Investment services fees as a percentage of noninterest expense (ex. intangible amortization)	95		%	94		%	99		%	94		%	98		%	97		%	103		%	98		%	99		%
Assets under custody and/or administration at period end (in trillions) (b)	$	28.5		$	28.6		$	28.5		$	28.9		$	29.1		$	29.5		$	30.5		$	29.9		$	30.6		(c)
Market value of securities on loan at period end (in billions) (d)	$	291		$	283		$	288		$	277		$	300		$	278		$	288		$	296		$	314
(a) Other revenue includes investment management fees, financing-related fees, distribution and servicing revenue and investment and other income.
(b) Includes the AUC/A of CIBC Mellon Global Securities Services Company ("CIBC Mellon"), a joint venture with the Canadian Imperial Bank of Commerce, of $1.1 trillion at March 31, 2015 and June 30, 2015, $1.0 trillion at Sept. 30, 2015 and Dec. 31, 2015, $1.1 trillion at March 31, 2016 and June 30, 2016, and $1.2 trillion at Sept. 30, 2016, Dec. 31, 2016 and March 31, 2017.
(c)  Preliminary.
(d)  Represents the total amount of securities on loan in our agency securities lending program managed by the Investment Services business. Excludes securities for which BNY Mellon acts as agent on behalf of CIBC Mellon clients, which totaled $69 billion at March 31, 2015, $68 billion at June 30, 2015, $61 billion at Sept. 30, 2015, $55 billion at Dec. 31, 2015, $56 billion at March 31, 2016 and June 30, 2016, $64 billion at Sept. 30, 2016, $63 billion at Dec. 31, 2016, and $65 billion at March 31, 2017.

13

THE BANK OF NEW YORK MELLON

OTHER SEGMENT- 9 Quarter Trend

	2015												2016												2017
(dollar amounts in millions)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr
Revenue:
Fee and other revenue	$	85		$	103		$	59		$	89		$	129		$	95		$	100		$	42		$	72
Net interest revenue (expense)	24			35			14			12			4			(5		)	(23		)	38			(1		)
Total revenue	109			138			73			101			133			90			77			80			71
Provision for credit losses	(4		)	(15		)	(7		)	159			(3		)	(3		)	(20		)	1			(8		)
Noninterest expense (ex. amortization of intangible assets, M&I and restructuring (recoveries) charges)	108			79			97			150			141			53			88			108			106
Amortization of intangible assets	1			—			1			—			—			—			—			—			—
M&I and restructuring (recoveries) charges	(4		)	8			(2		)	(4		)	(1		)	3			—			2			1
Total noninterest expense	105			87			96			146			140			56			88			110			107
Income (loss) before taxes	$	8		$	66		$	(16	)	$	(204	)	$	(4	)	$	37		$	9		$	(31	)	$	(28	)
Income (loss) before taxes (ex. amortization of intangible assets, M&I and restructuring (recoveries) charges) Non-GAAP	$	5		$	74		$	(17	)	$	(208	)	$	(5	)	$	40		$	9		$	(29	)	$	(27	)
Average loans and leases	$	1,230		$	2,956		$	2,656		$	2,673		$	1,917		$	1,703		$	1,941		$	2,142		$	1,341
Average assets	$	49,729		$	55,601		$	57,298		$	55,842		$	61,294		$	66,766		$	45,124		$	44,577		$	54,106

14

THE BANK OF NEW YORK MELLON CORPORATION BUSINESSES

	Investment Management									Investment Services									Other												Consolidated Results
(dollar amounts in millions unless otherwise noted)	2016			2015			2014			2016			2015			2014			2016				2015				2014				2016				2015				2014
Revenue:
Investment services fees
Asset servicing	$	102		$	89		$	91		$	4,141		$	4,098		$	3,983		$	1			$	—			$	1			$	4,244			$	4,187			$	4,075
Clearing services	—			—			—			1,399			1,370			1,329			5				5				6				1,404				1,375				1,335
Issuer services	—			—			—			1,024			976			966			2				2				2				1,026				978				968
Treasury services	6			9			9			541			546			555			—				—				—				547				555				564
Total investment services fees	108			98			100			7,105			6,990			6,833			8				7				9				7,221				7,095				6,942
Investment management fees	3,232			3,263			3,321			69			70			74			—				22				48				3,301				3,355				3,443
Performance fees	60			97			111			—			—			—			—				1				4				60				98				115
Foreign exchange and other trading revenue	(81		)	(13		)	(23		)	663			722			643			119				59				(50		)		701				768				570
Distribution and servicing	192			152			157			(26		)	10			11			—				—				5				166				162				173
Financing-related fees	(3		)	(1		)	1			226			222			168			(4		)		(1		)		—				219				220				169
Investment and other income	(84		)	(10		)	(11		)	262			163			153			168			(a)	166			(a)	1,083			(a)	346			(a)	319			(a)	1,225			(a)
Total fee revenue	3,424			3,586			3,656			8,299			8,177			7,882			291			(a)(b)	254			(a)(b)	1,099			(a)(b)	12,014			(a)(b)	12,017			(a)(b)	12,637			(a)(b)
Net securities gains (losses)	—			1			1			—			—			—			75				82				90				75				83				91
Total fee and other revenue	3,424			3,587			3,657			8,299			8,177			7,882			366			(a)(b)	336			(a)(b)	1,189			(a)(b)	12,089			(a)(b)	12,100			(a)(b)	12,728			(a)(b)
Net interest revenue (expense)	327			319			274			2,797			2,622			2,468			14				85				138				3,138				3,026				2,880
Total revenue	3,751			3,906			3,931			11,096			10,799			10,350			380			(a)	421			(a)	1,327			(a)	15,227			(a)	15,126			(a)	15,608			(a)
Provision for credit losses	6			(1		)	—			8			28			(21		)	(25		)		133				(27		)		(11		)		160				(48		)
Noninterest expense (ex. amortization of intangible assets)	2,696			2,762			2,921			7,187			7,340			8,066			394				432				892				10,277				10,534				11,879
Amortization of intangible assets	82			97			118			155			162			175			—				2				5				237				261				298
Total noninterest expense	2,778			2,859			3,039			7,342			7,502			8,241			394				434				897				10,514				10,795				12,177
Income (loss) before taxes and noncontrolling interest	$	967		$	1,048		$	892		$	3,746		$	3,269		$	2,130		$	11		(a)(b)	$	(146	)	(a)(b)	$	457		(a)(b)	$	4,724		(a)(b)	$	4,171		(a)(b)	$	3,479		(a)(b)
Income (loss) before taxes (ex. intangible amortization)	$	1,049		$	1,145		$	1,010		$	3,901		$	3,431		$	2,305		$	11		(a)(b)	$	(144	)	(a)(b)	$	462		(a)(b)	$	4,961		(a)(b)	$	4,432		(a)(b)	$	3,777		(a)(b)
Average loans	$	15,015		$	12,545		$	10,589		$	44,740		$	45,743		$	40,137		$	1,926			$	2,384			$	3,484			$	61,681			$	60,672			$	54,210
Average assets	$	30,170		$	30,928		$	37,655		$	273,808		$	286,617		$	271,477		$	54,500			$	54,642			$	63,434			$	358,478			$	372,187			$	372,566
Average deposits	$	15,650		$	15,160		$	14,154		$	217,882		$	233,833		$	225,503		$	6,127			$	2,441			$	2,882			$	239,659			$	251,434			$	242,539
Assets under management at period end (in billions) (c)	$	1,648		$	1,625		$	1,686		$	—		$	—		$	—		$	—			$	—			$	—			$	1,648			$	1,625			$	1,686
Assets under custody and/or administration at period end (in trillions) (d)	$	—		$	—		$	—		$	29.9		$	28.9		$	28.5		$	—			$	—			$	—			$	29.9			$	28.9			$	28.5
Market value of securities on loan at period end (in billions) (e)	$	—		$	—		$	—		$	296		$	277		$	289		$	—			$	—			$	—			$	296			$	277			$	289
Pre-tax operating margin	26		%	27		%	23		%	34		%	30		%	21		%	N/M				N/M				N/M				31		%		28		%		22		%
Memo:
Securities lending revenue																															$	207			$	176			$	158
(a) In the first quarter of 2014, prior periods were restated to reflect the retrospective application of adopting new accounting guidance related to our investments in qualified affordable housing projects (ASU 2014-01).
(b) Total fee and other revenue and income before taxes for the years 2014, 2015 and 2016 include income from consolidated investment management funds of $163 million, $86 million and $26 million, respectively, net of income attributable to noncontrolling interests of $84 million, $64 million and $1 million respectively. The net of these income statement line items of $79 million, $18 million and $16 million, respectively, are included above in fee and other revenue. The years 2015 and 2016 include losses attributable to noncontrolling interest of $4 million and $9 million, respectively, related to other consolidated subsidiaries.
(c) Excludes securities lending cash management assets and assets managed in the Investment Services business and the Other segment. In the third quarter of 2015, prior period AUM was restated to reflect the reclassification of Meriten from the Investment Management business to the Other segment.
(d) Includes the AUC/A of CIBC Mellon Global Securities Services Company ("CIBC Mellon"), a joint venture with the Canadian Imperial Bank of Commerce, of $1.1 trillion at Dec. 31, 2014, $1.0 trillion at Dec. 31, 2015 and $1.2 trillion at Dec. 31, 2016.
(e) Represents the total amount of securities on loan in our agency securities lending program managed by the Investment Services business. Excludes securities for which BNY Mellon acts as agent on behalf of CIBC Mellon clients, which totaled $65 billion at Dec. 31, 2014, $55 billion at Dec. 31, 2015 and $63 billion at Dec. 31, 2016.
Note: See pages 10 through 12 for businesses results.
N/M - Not meaningful

15

THE BANK OF NEW YORK MELLON CORPORATION

NONPERFORMING ASSETS - 9 Quarter Trend

	2015												2016												2017
(dollar amounts in millions)	March 31			June 30			Sept. 30			Dec. 31			March 31			June 30			Sept. 30			Dec. 31			March 31
Nonperforming loans:
Other residential mortgages	$	111		$	110		$	103		$	102		$	111		$	110		$	103		$	91		$	88
Wealth management loans and mortgages	12			11			12			11			12			11			12			8			10
Commercial real estate	1			1			1			2			1			1			1			—			—
Lease financing	—			—			—			—			—			—			—			4			—
Commercial	—			—			—			—			—			—			—			—			—
Financial institutions	—			—			—			171			—			—			—			—			—
Total nonperforming loans	124			122			116			286			124			122			116			103			98
Other assets owned	4			5			7			6			4			5			7			4			9
Total nonperforming assets (a)	$	128		$	127		$	123		$	292		$	128		$	127		$	123		$	107		$	107
Nonperforming assets ratio	0.21		%	0.20		%	0.20		%	0.46		%	0.21		%	0.20		%	0.20		%	0.17		%	0.18		%
Nonperforming assets ratio excluding margin loans	0.30		%	0.30		%	0.28		%	0.67		%	0.30		%	0.30		%	0.28		%	0.23		%	0.24		%
Allowance for loan losses/nonperforming loans	153.2		%	150.0		%	156.0		%	54.9		%	153.2		%	150.0		%	156.0		%	164.1		%	167.3		%
Allowance for loan losses/nonperforming assets	148.4		%	144.1		%	147.2		%	53.8		%	148.4		%	144.1		%	147.2		%	157.9		%	153.3		%
Total allowance for credit losses/nonperforming loans	228.2		%	227.9		%	241.4		%	96.2		%	228.2		%	227.9		%	241.4		%	272.8		%	281.6		%
Total allowance for credit losses/nonperforming assets	221.1		%	218.9		%	227.6		%	94.2		%	221.1		%	218.9		%	227.6		%	262.6		%	257.9		%
(a) Loans of consolidated investment management funds are not part of BNY Mellon's loan portfolio. In 2Q15, BNY Mellon adopted the new accounting guidance included in ASU 2015-02, Consolidations. As a result, we deconsolidated substantially all of the loans of consolidated investment management funds retroactively to Jan.1, 2015.

16

THE BANK OF NEW YORK MELLON CORPORATION

ALLOWANCE FOR CREDIT LOSSES, PROVISION AND NET CHARGE-OFFS - 9 Quarter Trend

	2015												2016												2017
(dollar amounts in millions)	March 31			June 30			Sept. 30			Dec. 31			March 31			June 30			Sept. 30			Dec. 31			March 31
Allowance for credit losses:
Allowance for credit losses	$	191		$	190		$	183		$	181		$	157		$	162		$	158		$	148		$	169
Allowance for lending-related commitments	89			93			95			99			118			125			122			126			112
Allowance for credit losses - beginning of period	$	280		$	283		$	278		$	280		$	275		$	287		$	280		$	274		$	281
Net (charge-offs) recoveries:
Charge-offs	—			—			—			(170		)	—			—			(1		)	(1		)	(1		)
Recoveries	1			1			1			2			2			2			14			1			1
Total Net (charge-offs) recoveries	1			1			1			(168		)	2			2			13			—			—
Provision for credit losses	2			(6		)	1			163			10			(9		)	(19		)	7			(5		)
Allowance for credit losses - end of period	$	283		$	278		$	280		$	275		$	287		$	280		$	274		$	281		$	276
Allowance for loan losses
Allowance for loan losses	$	190		$	183		$	181		$	157		$	162		$	158		$	148		$	169		$	164
Allowance for lending-related commitments	93			95			99			118			125			122			126			112			112
Allowance for credit losses - end of period	$	283		$	278		$	280		$	275		$	287		$	280		$	274		$	281		$	276
Allowance for loan losses as a percentage of total loans	0.31		%	0.29		%	0.29		%	0.25		%	0.26		%	0.25		%	0.22		%	0.26		%	0.27		%

17

THE BANK OF NEW YORK MELLON CORPORATION

Quarterly Financial Trends

April 20, 2017

Notes:

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

In the first quarter of 2016, results of credit-related activities were reclassified from the Other segment to the Investment Services segment. Also, concurrent with this reclassification, the provision for credit losses associated with the respective credit portfolios is now reflected in each business segment. All prior periods have been restated.

Beginning in the first quarter of 2016, we revised the net interest revenue for our business to reflect adjustments to our transfer pricing methodology to better reflect the value of certain deposits. This change did not impact the consolidated results.

Beginning in the first quarter of 2016, we refined the expense allocation process for indirect expenses to simplify the expenses recorded in the Other segment to include only expenses not directly attributable to the Investment Management and Investment Services operations. This change did not impact the consolidated results.

In the third quarter of 2015, results of Meriten were reclassified from the Investment Management business to the Other segment. Meriten Investment Management was sold in July 2015.

The first quarter of 2015 was restated to reflect the retrospective application of adopting new accounting guidance related to Consolidations (ASU 2015-02).

In the first quarter of 2014, prior periods were restated to reflect the retrospective application of adopting new accounting guidance related to our investments in qualified affordable housing projects (ASU 2014-01).

Restructuring charges in the second quarter of 2014 represent corporate initiatives and were recorded in the Other segment.

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

In businesses where average deposits are greater than average loans, average assets include an allocation of investment securities equal to the difference.

Quarterly return on common and tangible common equity ratios are annualized.

Non-GAAP Measures:

Certain Non-GAAP measures are included in this document. These measures are used by management to monitor financial performance, both on a company-wide and on a business basis. These Non-GAAP measures relate to certain revenue/expense categories, impairment charge/(recovery) related to Sentinel, percentages and ratios as described in footnotes. For further information, see 'Supplemental information -- Explanation of GAAP and Non-GAAP Financial Measures' in the Quarterly Earnings Release. Also, see "Appendix - GAAP to Non-GAAP Reconciliations" beginning on page 17 for the reconciliation of Non-GAAP measures. Summations may not equal due to rounding. As a result of our rounding convention and reclassifications noted above, differences may exist between the business trends data versus business data in the Form 10-Q for the quarter ended March 31, 2017 or other reports filed with the SEC.

18

Appendix - GAAP to Non-GAAP Reconciliations

19

THE BANK OF NEW YORK MELLON CORPORATION

SUPPLEMENTAL INFORMATION – EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES

BNY Mellon has included in these Quarterly Financial Trends certain Non-GAAP financial measures based on 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 provides additional useful information to investors. The tangible common shareholders’ equity ratio, which excludes goodwill and intangible assets net of deferred tax liabilities, includes changes in investment securities valuations which are reflected in total shareholders’ equity. 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 those assets that can generate income.

BNY Mellon has presented revenue measures, which exclude the effect of noncontrolling interests related to consolidated investment management funds, and expense measures, which exclude M&I, litigation and restructuring charges and amortization of intangible assets. Return on tangible common equity and operating margin measures, which exclude some or all of these items, as well as the impairment charge/(recovery) related to Sentinel, are also presented. Operating margin measures may also exclude the provision for credit losses and distribution and servicing expense. 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. M&I expenses primarily relate to acquisitions and generally continue for approximately three years after the transaction. Litigation charges represent accruals for loss contingencies that are both probable and reasonably estimable, but exclude standard business-related legal fees. Restructuring charges relate to our streamlining actions, Operational Excellence Initiatives and migrating positions to Global Delivery Centers. Excluding these charges mentioned above permits investors to view expenses on a basis consistent with how management views the business.

The presentation of income (loss) from consolidated investment management funds, net of net income (loss) attributable to noncontrolling interests related to the consolidation of certain investment management funds permits investors to view revenue on a basis consistent with how management views the business. BNY Mellon believes that these presentations, as a supplement to GAAP information, give investors a clearer picture of the results of its primary businesses.

Net interest revenue (FTE) – Non-GAAP and net interest margin (FTE) – Non-GAAP include the tax equivalent adjustments on tax-exempt income which allows for comparisons 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.

20

THE BANK OF NEW YORK MELLON CORPORATION
PRE-TAX OPERATING MARGIN RATIO RECONCILIATION - 9 QUARTER TREND
	2015												2016												2017
(dollar amounts in millions)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr
Income before income taxes – GAAP	$	1,090		$	1,165		$	1,109		$	871		$	1,091		1,165			1,317			$	1,152		$	1,206
Less: Net income (loss) attributable to noncontrolling interests of consolidated investment management funds	31			37			(5		)	5			31			4			(5		)	4			18
Add: Amortization of intangible assets	66			65			66			64			57			59			61			60			52
M&I, litigation and restructuring charges (recoveries)	(3		)	59			11			18			17			7			18			7			8
Impairment charge (recovery) related to Sentinel	—			—			—			170			—			—			(13		)	—			—
Income before income taxes, as adjusted – Non-GAAP (a)	$	1,122		$	1,252		$	1,191		$	1,118		$	1,172		$	1,227		$	1,374		$	1,215		$	1,248
Fee and other revenue – GAAP	$	3,012		$	3,067		$	3,053		$	2,950		$	2,970		$	2,999		$	3,150		$	2,954		$	3,018
Income (loss) from consolidated investment management funds – GAAP	52			40			(22		)	16			(6		)	10			17			5			33
Net interest revenue – GAAP	728			779			759			760			766			767			774			831			792
Total revenue – GAAP	3,792			3,886			3,790			3,726			3,792			3,776			3,790			3,790			3,843
Less: Net income (loss) attributable to noncontrolling interests of consolidated investment management funds	31			37			(5		)	5			31			37			(5		)	4			18
Total revenue, as adjusted – Non-GAAP (a)	$	3,761		$	3,849		$	3,795		$	3,721		$	3,761		$	3,772		$	3,795		$	3,786		$	3,825
Pre-tax operating margin - GAAP (b)(c)	29		%	30		%	29		%	23		%	29		%	31		%	33		%	30		%	31		%
Adjusted pre-tax operating margin – Non-GAAP (a)(b)(c)	30		%	33		%	31		%	30		%	31		%	33		%	35		%	32		%	33		%
(a) Non-GAAP information for all periods presented excludes net income (loss) attributable to noncontrolling interests of consolidated investment management funds, amortization of intangible assets and M&I, litigation and restructuring charges. Non-GAAP information for 4Q15 also excludes the impairment charge related to a court decision regarding Sentinel. Non-GAAP information for 3Q16 also excludes a recovery of the previously impaired Sentinel loan.
(b) Income before taxes divided by total revenue.
(c) Our GAAP earnings include tax-advantaged investments such as low income housing, renewable energy, bank-owned life insurance and tax-exempt securities. The benefits of these investments are primarily reflected in tax expense. If reported on a tax-equivalent basis, beginning with 2015, these investments would increase revenue and income before taxes by $64 million for 1Q15, $52 million for 2Q15, $53 million for 3Q15, $73 million for 4Q15, $77 million for 1Q16, $74 million for 2Q16, $74 million for 3Q16, $92 million for 4Q16 and $101 million for 1Q17, and would increase our pre-tax operating margin by approximately 1.2% for 1Q15, 0.9% for 2Q15,1.0% for 3Q15, 1.5% for 4Q15, 1.4% for 1Q16, 1.3% for 2Q16, 1.2% for 3Q16, 1.7% for 4Q16 and 1.8% for 1Q17.

21

THE BANK OF NEW YORK MELLON CORPORATION
RETURN ON TANGIBLE COMMON EQUITY RECONCILIATION - 9 QUARTER TREND
	2015												2016												2017
(dollar amounts in millions)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP	$	766		$	830		$	820		$	637		$	804		$	825		$	974		$	822		$	880
Add:  Amortization of intangible assets	66			65			66			64			57			59			61			60			52
Less: Tax impact of amortization of intangible assets	23			21			23			22			20			21			21			19			18
Net income applicable to common shareholders of The Bank of New York Mellon Corporation excluding amortization of intangible assets – Non-GAAP	$	809		$	874		$	863		$	679		$	841		$	863		$	1,014		$	863		$	914
Average common shareholders’ equity	$	35,486		$	35,516		$	35,588		$	35,664		$	35,252		$	35,827		$	35,767		$	35,171		$	34,965
Less: Average goodwill	17,756			17,752			17,742			17,673			17,562			17,622			17,463			17,344			17,338
Average intangible assets	4,088			4,031			3,962			3,887			3,812			3,789			3,711			3,638			3,578
Add: Deferred tax liability – tax deductible goodwill (a)	1,362			1,351			1,379			1,401			1,428			1,452			1,477			1,497			1,518
Deferred tax liability – intangible assets (a)	1,200			1,179			1,164			1,148			1,140			1,129			1,116			1,105			1,100
Average tangible common shareholders’ equity – Non-GAAP	$	16,204		$	16,263		$	16,427		$	16,653		$	16,446		$	16,997		$	17,186		$	16,791		$	16,667
Return on tangible common equity – Non-GAAP (b)	20.3		%	21.5		%	20.8		%	16.2		%	20.6		%	20.4		%	23.5		%	20.4		%	22.2		%
(a) Deferred tax liabilities are based on fully phased-in Basel III rules.
(b) Quarterly returns are annualized.

22

THE BANK OF NEW YORK MELLON CORPORATION
NONINTEREST EXPENSE RECONCILIATION - 9 QUARTER TREND
	2015									2016								2017
(dollar amounts in millions)	1st Qtr			2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr
Total noninterest expense -GAAP	$	2,700		$	2,727	$	2,680	$	2,692	$	2,629	$	2,620	$	2,643	$	2,631	$	2,642
Less: Amortization of intangible assets	66			65		66		64		57		59		61		60		52
M&I, litigation and restructuring charges (recoveries)	(3		)	59		11		18		17		7		18		7		8
Total noninterest expense excluding amortization of intangible assets and M&I, litigation and restructuring charges (recoveries) - Non-GAAP	$	2,637		$	2,603	$	2,603	$	2,610	$	2,555	$	2,554	$	2,564	$	2,564	$	2,582

23

THE BANK OF NEW YORK MELLON CORPORATION
PRE-TAX OPERATING MARGIN - INVESTMENT MANAGEMENT BUSINESS - 9 QUARTER TREND
	2015												2016												2017
(dollar amounts in millions)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr
Income before income taxes – GAAP	$	263		$	259		$	236		$	290		$	217		$	234		$	256		$	260		$	277
Add: Amortization of intangible assets	24			25			24			24			19			19			22			22			15
Provision for credit losses	(1		)	3			1			(4		)	(1		)	1			—			6			3
Adjusted income before income taxes excluding amortization of intangible assets and provision for credit losses – Non-GAAP	$	286		$	287		$	261		$	310		$	235		$	254		$	278		$	288		$	295
Total revenue – GAAP	$	994		$	987		$	926		$	999		$	895		$	938		$	958		$	960		$	963
Less: Distribution and servicing expense	97			95			94			92			100			102			104			98			101
Adjusted total revenue net of distribution and servicing expense – Non-GAAP	$	897		$	892		$	832		$	907		$	795		$	836		$	854		$	862		$	862
Pre-tax operating margin - GAAP (a)	26		%	26		%	25		%	29		%	24		%	25		%	27		%	27		%	29		%
Adjusted pre-tax operating margin excluding amortization of intangible assets, provision for credit losses, and distribution and servicing expense – Non-GAAP (a)	32		%	32		%	31		%	34		%	30		%	30		%	33		%	33		%	34		%
(a) Income before taxes divided by total revenue.

24

THE BANK OF NEW YORK MELLON CORPORATION
NET INTEREST MARGIN RECONCILIATION - 9 QUARTER TREND
	2015												2016												2017
(dollar amounts in millions)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr
Net interest revenue - GAAP	$	728		$	779		$	759		$	760		$	766		$	767		$	774		$	831		$	792
Add: Tax equivalent adjustment	15			15			14			14			14			13			12			12			12
Net interest revenue - (FTE) - Non-GAAP	$	743		$	794		$	773		$	774		$	780		$	780		$	786		$	843		$	804
Average interest-earning assets	$	308,104		$	318,596		$	315,672		$	312,610		$	310,678		$	318,433		$	296,703		$	287,947		$	283,421
Net interest margin - GAAP (a)	0.95		%	0.98		%	0.96		%	0.97		%	0.99		%	0.97		%	1.05		%	1.16		%	1.13		%
Net interest margin - (FTE) - Non-GAAP (a)	0.97		%	1.00		%	0.98		%	0.99		%	1.01		%	0.98		%	1.06		%	1.17		%	1.14		%
(a) Net interest margin is annualized.

25

EX-99.3

BNY Mellon First Quarter 2017 Financial Highlights April 20, 2017

2 First Quarter 2017 – Financial Highlights Cautionary Statement A number of statements in the accompanying slides and the responses to your questions are “forward-looking statements.”  Words such as “estimate”, “forecast”, “project”, “anticipate”, “target”, “expect”, “intend”, “continue”, “seek”, “believe”, “plan”, “goal”, “could”, “should”, “may”, “will”, “strategy”, “opportunities”, “trends” and words of similar meaning signify forward-looking statements. These statements relate to, among other things, The Bank of New York Mellon Corporation’s (the “Corporation”) expectations regarding: expense control, capital plans, strategic priorities, financial goals, client experience, driving revenue growth, the business improvement process, estimated capital ratios and expectations regarding those ratios, preliminary business metrics; and statements regarding the Corporation's aspirations, as well as the Corporation’s overall plans, strategies, goals, objectives, expectations, estimates, intentions, targets, opportunities and initiatives. These forward-looking statements are based on assumptions that involve risks and uncertainties and that are subject to change based on various important factors (some of which are beyond the Corporation’s control). Actual results may differ materially from those expressed or implied as a result of the factors described under “Forward Looking Statements” and “Risk Factors” in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2016 (the “2016 Annual Report”), and in other filings of the Corporation with the Securities and Exchange Commission (the “SEC”), including the Corporation’s Earnings Release for the quarter ended March 31, 2017, included an exhibit to our Current Report on Form 8-K filed on April 20, 2017 (the “Earnings Release”). Such forward-looking statements speak only as of April 20, 2017, and the Corporation undertakes no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events. Non-GAAP Measures:  In this presentation we may discuss some non-GAAP measures in detailing the Corporation’s performance, which exclude certain items or otherwise include components that differ from GAAP.  We believe these measures are useful to the investment community in analyzing the financial results and trends of ongoing operations.  We believe they facilitate comparisons with prior periods and reflect the principal basis on which our management monitors financial performance.  Additional disclosures relating to non-GAAP adjusted measures are contained in the Corporation’s reports filed with the SEC, including the 2016 Annual Report and Earnings Release, available at www.bnymellon.com/investorrelations.

3 First Quarter 2017 – Financial Highlights Summary Financial Results for First Quarter 2017 - GAAP Growth vs. $ in millions, except per share data 1Q17 4Q16 1Q16 4Q16 1Q16 Revenue $ 3,843 $ 3,790 $ 3,730 1% 3% Expenses $ 2,642 $ 2,631 $ 2,629 —% —% Operating leverage1 +98 bps +254 bps Income before income taxes $ 1,206 $ 1,152 $ 1,091 5% 11% Pre-tax operating margin 31% 30% 29% EPS $ 0.83 $ 0.77 $ 0.73 8% 14% Return on common equity2 10.2% 9.3% 9.2% 1 Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense. The year-over-year operating leverage was based on an increase in total revenue, of 303 basis points, and an increase in total noninterest expense, of 49 basis points. The sequential operating leverage was based on an increase in total revenue, of 140 basis points, and an increase in total noninterest expense, of 42 basis points. 2 Annualized Note: Provision for credit losses was a credit of $5 million in 1Q17 versus a provision of $7 million in 4Q16 and a provision of $10 million in 1Q16 bps - basis points

4 First Quarter 2017 – Financial Highlights Summary Financial Results for First Quarter 2017 (Non-GAAP)1 Growth vs. $ in millions, except per share data 1Q17 4Q16 1Q16 4Q16 1Q16 Revenue $ 3,825 $ 3,786 $ 3,737 1% 2% Expenses $ 2,582 $ 2,564 $ 2,555 1% 1% Adjusted operating leverage2 +33 bps +129 bps Income before income taxes $ 1,248 $ 1,215 $ 1,172 3% 6% Adjusted pre-tax operating margin 33% 32% 31% EPS $ 0.83 $ 0.77 $ 0.74 8% 12% Return on tangible common equity3 22.2% 20.4% 20.6% Adjusted return on tangible common equity3 22.4% 20.5% 20.8% 1 Represents Non-GAAP measures. See Appendix for reconciliations. Additional disclosures regarding these measures and other Non-GAAP adjusted measures are available in the Corporation’s reports filed with the SEC, available at www.bnymellon.com/investorrelations. 2 Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense. The year-over-year operating leverage (Non-GAAP) was based on an increase in total revenue, as adjusted (Non-GAAP), of 235 basis points, and an increase in total noninterest expense, as adjusted (Non-GAAP), of 106 basis points. The sequential operating leverage (Non-GAAP) was based on an increase in total revenue, as adjusted (Non-GAAP), of 103 basis points, and an increase of total noninterest expense, as adjusted (Non-GAAP), of 70 basis points. 3Annualized bps - basis points

5 First Quarter 2017 – Financial Highlights First Quarter Financial Highlights (comparisons are 1Q17 versus 1Q16) • Earnings per common share of $0.83 • Includes $0.03 per common share tax benefit related to new accounting guidance for stock awards • Earnings per common share +14% year-over-year • Total revenue of $3.84 billion, increased +3% year-over-year • Investment management and performance fees increased +4% • Investment services fees increased +4% • Net interest revenue increased +3% • Continued focus on expense control • Total noninterest expense up less than 1% year-over-year driven by increased regulatory and compliance costs • Generated +254 bps of positive operating leverage • Executing on capital plan and returning value to common shareholders • Returned nearly $1.1 billion to shareholders through share repurchases and dividends • Return on common equity of 10%; adjusted return on tangible common equity of 22%1 • SLR - transitional of 6.1%; SLR - fully phased-in of 5.9%1 1 Represents a Non-GAAP measure. See Appendix for reconciliations. Additional disclosures regarding these measures and other Non-GAAP adjusted measures are available in the Corporation’s reports filed with the SEC, available at www.bnymellon.com/investorrelations.

6 First Quarter 2017 – Financial Highlights First Quarter Operating Key Messages (comparisons are 1Q17 versus 1Q16)1 • Solid revenue and asset growth • Fee growth of +4% on a GAAP basis for both investment services fees and investment management and performance fees • Record Assets under Custody and/or Administration of $30.6 trillion, up +5% year-over-year • Assets under Management of $1.7 trillion, +5% year-over-year, overall asset management inflows of $27 billion improved to their highest levels since 2014 • Net interest revenue (“NIR”) and net interest margin (“NIM”) growth mainly reflect higher rates • Higher rates and interest rate hedging activities partially offset by lower average interest earning assets and higher average long-term debt • NIR FTE up +3%, NIM FTE up +13 bps • Generated positive operating leverage and higher operating margins • Positive operating leverage of +129 bps • Increased operating margin to 33% from improved revenue performance and continued focus on Business Improvement Process • Business improvement process driving efficiencies but high regulatory compliance and staff costs pressured expenses • Enhancing the client experience through continued investments in growth initiatives and roll out of our NEXEN digital platform • Improving efficiencies by changing the way we work, continued impact from location strategy and vendor renegotiations, and optimizing our physical footprint • Maintained strong/resilient capital ratios • Key ratios meeting fully phased-in requirements • Returned significant capital to shareholders through share repurchases and dividends • Remain on track to achieve or exceed three-year Investor Day goals 1 Represents a Non-GAAP measure unless otherwise noted. See Appendix for reconciliations. Additional disclosures regarding these measures and other Non-GAAP adjusted measures are available in the Corporation’s reports filed with the SEC, available at www.bnymellon.com/investorrelations.

7 First Quarter 2017 – Financial Highlights First Quarter 2017 Key Performance Drivers (comparisons are 1Q17 versus 1Q16) • Earnings per common share of $0.83, +14%, driven by strength in investment services fees, investment management and performance fees, net interest revenue and continued execution of our business improvement process • Investment management and performance fees +4% primarily due to higher market values, partially offset by the unfavorable impact of a stronger U.S. dollar (principally versus the British pound) and the impact of outflows of assets under management in the prior year. On a constant currency basis, investment management and performance fees increased +8% (Non-GAAP)1. • Investment services fees +4% reflecting higher money market fees, net new business and higher equity market values, offset by the unfavorable impact of a stronger U.S. dollar and the impact of downsizing the retail UK transfer agency business • Market-driven revenue mixed • Net Interest Revenue +3% driven by higher interest rates and the impact of interest rate hedging activities, offset by lower interest- earning assets and higher interest expense on long-term debt • Foreign Exchange (10)% primarily reflects lower volatility and the migration to lower margin products • Securities Lending (2)% due to decreased equity demand • Investment and Other income decreased $28 million driven by lower lease-related gains and other income, offset by a net gain related to an equity investment • Noninterest expense increased less than 1%, the increase reflects higher consulting expenses primarily driven by regulatory and compliance costs, and higher staff expense, partially offset the favorable impact of a stronger U.S. dollar and lower other expense • Effective tax rate of 22.3%, reflecting an approximately 3%, or $0.03 per common share, benefit primarily driven by applying the new accounting guidance included in ASU 2016-09, Stock Compensation, to the annual vesting of stock awards and our stock price appreciating above the awards’ original grant price 1 Represents a Non-GAAP. See Appendix for reconciliations. Additional disclosures regarding these measures and other Non-GAAP adjusted measures are available in the Corporation’s reports filed with the SEC, available at www.bnymellon.com/investorrelations.

8 First Quarter 2017 – Financial Highlights Fee and Other Revenue (Consolidated) Growth vs. Year-over-Year Drivers ($ in millions) 1Q17 4Q16 1Q16 Investment services fees: Asset ServicingŸIncrease reflects net new business, including growth of collateral optimization solutions, and higher equity market values, partially offset by the unfavorable impact of a stronger U.S. dollar and the impact of downsizing the retail UK transfer agency business Clearing Services Ÿ Higher money market fees and mutual funds fees Issuer Services Ÿ Higher fees in Depositary Receipts, partially offset by lower fees in Corporate Trust Treasury Services Ÿ Primarily reflects higher payment volumes, partially offset by higher compensating balance credits provided to clients, which reduces fee revenue and increases net interest revenue Investment Management and Performance Fees Ÿ Reflecting higher market values, partially offset by the unfavorable impact of a stronger U.S. dollar (principally versus the British pound) and the impact of outflows of assets under management in the prior year. On a constant currency basis, investment management and performance fees increased 8% (Non- GAAP) year-over-year2 Foreign Exchange & Other Trading Revenue Ÿ Principally lower FX volatility and the migration to lower margin products Distribution and Servicing ŸHigher money market fees, partially offset by fees paid to introducing brokers Investment and other income Ÿ Primarily reflects the net gain related to an equity investment and decreases in other income due to our increased investments in renewable energy. Also reflects lower lease-related gains Asset servicing1 $ 1,063 — % 2% Clearing services 376 6 7 Issuer services 251 19 3 Treasury services 139 (1) 6 Total investment services fees 1,829 3 4 Investment management and performance fees 842 (1) 4 Foreign exchange and other trading revenue 164 2 (6) Financing-related fees 55 10 2 Distribution and servicing 41 — 5 Investment and other income 77 10 (27) Total fee revenue 3,008 2 2 Net securities gains 10 N/M N/M Total fee and other revenue $ 3,018 2 % 2% 1 Asset servicing fees include securities lending revenue of $49 million in 1Q17, $54 million in 4Q16, and $50 million in 1Q16. 2Represents a Non-GAAP measure. See Appendix for reconciliations. Additional disclosures regarding these measures and other Non-GAAP adjusted measures are available in the Corporation’s reports filed with the SEC, available at www.bnymellon.com/investorrelations. Note: Please reference earnings release for sequential variance explanations where applicable. N/M - not meaningful

9 First Quarter 2017 – Financial Highlights Investment Management Metrics Change in Assets Under Management (AUM)1,2,3 Growth vs. ($ in billions) 1Q17 LTM 1Q17 4Q16 1Q16 Beginning balance of AUM $1,648 $1,639 Net inflows (outflows): Long-term strategies: Equity (4) (17) Fixed income 2 (3) Liability-driven investments4 14 26 Multi-asset and alternative investments 2 14 Total long-term active strategies inflows (outflows) 14 20 Index — (21) Total long-term strategies inflows (outflows) 14 (1) Short-term strategies: Cash 13 13 Total net inflows (outflows) 27 12 Net market impact/other 41 181 Net currency impact 11 (107) Acquisition — 2 Ending balance of AUM $1,727 $1,727 5% 5% Average balances: Growth vs. $ in millions 1Q17 4Q16 1Q16 Average loans $ 16,153 3% 13 % Average deposits $ 15,781 2% (1)% 1 Changes and ending balance are preliminary. 2 Excludes securities lending cash management assets and assets managed in the Investment Services business. 3 In the first quarter of 2017, the AUM in our Wealth Management business and our multi-asset strategies has been reclassified to multi-asset and alternative investments. This reclassification does not change total AUM. All prior periods have been restated. 4 Includes currency overlay assets under management.

10 First Quarter 2017 – Financial Highlights Investment Services Metrics Growth vs. 1Q17 4Q16 1Q16 Assets under custody and/or administration at period end (trillions)1,2 $ 30.6 2 % 5 % Estimated new business wins (AUC/A) (billions)1 $ 109 Market value of securities on loan at period end (billions)3 $ 314 6 % 5 % Average loans (millions) $ 42,818 (7)% (5)% Average deposits (millions) $ 197,690 (7)% (8)% Broker-Dealer Average tri-party repo balances (billions) $ 2,373 3 % 13 % Clearing Services Average active clearing accounts (U.S. platform) (thousands) 6,058 2 % 2 % Average long-term mutual fund assets (U.S. platform) (millions) $ 460,977 5 % 11 % Depositary Receipts Number of sponsored programs 1,050 (1)% (7)% 1 Preliminary. 2 Includes the AUC/A of CIBC Mellon Global Securities Services Company (“CIBC Mellon”), a joint venture with the Canadian Imperial Bank of Commerce, of $1.2 trillion at March 31, 2017 and Dec. 31, 2016, and $1.1 trillion at March 31, 2016. 3 Represents the total amount of securities on loan in our agency securities lending program managed by the Investment Services business. Excludes securities for which BNY Mellon acts as agent on behalf of CIBC Mellon clients, which totaled $65 billion at March 31, 2017, $63 billion at Dec. 31, 2016 and $56 billion at March 31, 2016.

11 First Quarter 2017 – Financial Highlights Net Interest Revenue Growth vs. Year-over-Year Drivers ($ in millions) 1Q17 4Q16 1Q16 Net interest revenue - GAAP $ 792 (5)% 3 % Net Interest Revenue Ÿ Primarily reflects higher interest rates and the impact of interest rate hedging activities (which negatively impacted 1Q17 less than 1Q16), partially offset by lower average interest-earning assets and higher average long-term debt Ÿ Substantially all of the impact of interest rate hedging activities in 4Q16 was offset in foreign exchange and other trading revenue Tax equivalent adjustment 12 N/M N/M Net interest revenue (FTE) - Non-GAAP1 $ 804 (5)% 3 % Net interest margin - GAAP 1.13% (3) bps 14 bps Net interest margin (FTE) - Non-GAAP1 1.14% (3) bps 13 bps Selected Average Balances: Cash/interbank investments $ 106,069 2 % (17)% Trading account securities 2,254 (1) (32) Securities 114,786 (2) (3) Loans 60,312 (5) (1) Interest-earning assets 283,421 (2) (9) Interest-bearing deposits 139,820 (4) (14) Noninterest-bearing deposits 73,555 (11) (11) Long-term debt 25,882 4 20 1 Net interest revenue (FTE) – Non-GAAP and net interest margin (FTE) – Non-GAAP include the tax equivalent adjustments on tax-exempt income which allows for comparisons 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. Note: Please reference earnings release for sequential variance explanations. FTE – fully taxable equivalent N/M - Not meaningful, bps – basis points

12 First Quarter 2017 – Financial Highlights Noninterest Expense Growth vs. Year-over-Year Drivers ($ in millions) 1Q17 4Q16 1Q16 Staff $ 1,472 6% 1% Ÿ Higher consulting and staff expense, partially offset by lower other expense. The increase in consulting expense primarily reflects higher regulatory and compliance costs. The staff expense increase primarily reflects higher incentive expense, partially offset by the favorable impact of a stronger U.S. dollar. Ÿ We continue to benefit from the saving generated by the business improvement process, including improved efficiencies by changing the way we work, continued impact from location strategy and vendor renegotiations, and optimizing our physical footprint. Professional, legal and other purchased services 312 (4) 12 Software and equipment 223 (6) 2 Net occupancy 136 (11) (4) Distribution and servicing 100 2 — Sub-custodian 64 12 8 Bank assessment charges1 57 8 8 Business development 51 (28) (11) Other1 167 (5) (11) Amortization of intangible assets 52 (13) (9) M&I, litigation and restructuring charges 8 N/M N/M Total noninterest expense – GAAP $ 2,642 —% —% Total noninterest expense excluding amortization of intangible assets and M&I, litigation and restructuring charges – Non-GAAP2 $ 2,582 1% 1% Full-time employees 52,600 600 500 1In the first quarter of 2017, we began disclosing bank assessment charges on a quarterly basis. The bank assessment charges were previously included in other expense 2Represents a Non-GAAP measure. See Appendix for reconciliations. Additional disclosures regarding these measures and other Non-GAAP adjusted measures are available in the Corporation’s reports filed with the SEC, available at www.bnymellon.com/investorrelations. Note: Please reference earnings release for sequential variance explanations. N/M - not meaningful

13 First Quarter 2017 – Financial Highlights Capital Ratios Highlights 03/31/17 12/31/16 03/31/16 Consolidated regulatory capital ratios:1 Ÿ Repurchased 19 million common shares for $879 million in 1Q17 Ÿ Supplementary Leverage Ratio (“SLR”) increased to 5.9% - compliant on a fully phased-in basis Ÿ Compliant with U.S. Liquidity Coverage Ratio (“LCR”)5 Standardized Approach Common equity Tier 1 (“CET1”) ratio 12.0% 12.3% 12.3% Tier 1 capital ratio 14.4 14.5 14.5 Total (Tier 1 plus Tier 2) capital ratio 15.0 15.2 15.2 Advanced Approach CET1 ratio 10.4 10.6 10.6 Tier 1 capital ratio 12.5 12.6 12.6 Total (Tier 1 plus Tier 2) capital ratio 12.8 13.0 13.0 Leverage capital ratio2 6.6 6.6 6.6 Supplementary leverage ratio ("SLR") 6.1 6.0 6.0 Selected regulatory capital ratios - fully phased-in - Non-GAAP:1,3,4 CET1 ratio: Standardized approach 11.5% 11.3% 11.3% Advanced approach 10.0 9.7 9.7 SLR 5.9 5.6 5.6 Note: See corresponding footnotes on following slide.

14 First Quarter 2017 – Financial Highlights Capital Ratio Footnotes 1 March 31, 2017 regulatory capital ratios are preliminary. See the “Capital Ratios” section in the earnings release for additional detail. For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches. 2 The leverage capital ratio is based on Tier 1 capital, as phased-in and quarterly average total assets. 3 Please reference slide 23 & 34. See the “Capital Ratios” section in the earnings release for additional detail. 4 Estimated. 5 The U.S. LCR rules became fully phased-in on Jan. 1, 2017 and require BNY Mellon to meet an LCR of 100%. On a consolidated basis, our LCR was 115% and HQLA before haircuts and trapped liquidity totaled $164 billion at March 31, 2017, compared with our LCR of 114% and HQLA before haircuts and trapped liquidity of $156 billion at Dec. 31, 2016.

Appendix

16 First Quarter 2017 – Financial Highlights 2017 Key Messages • Executing on our strategic priorities; delivering on our three-year financial goals set at our 2014 Investor Day • Focused on enhancing the client experience and driving profitable revenue growth • Broadening existing client relationships and selectively adding new business • Business Improvement Process designed to leverage scale, increase efficiency and effectiveness, improve service quality and experience while reducing risk and structural costs • In a low organic revenue growth environment, the Business Improvement Process is enabling us to fund: • Additional global regulatory requirements • Enhancements to our technology and servicing platforms • Revenue growth initiatives • Improving our operating margin and shareholder return • Continue to return significant value to shareholders through share repurchases and dividends

17 First Quarter 2017 – Financial Highlights Strategic Priorities Strategic Priorities to Drive Growth Driving Profitable Revenue Growth and Enhancing the Client Experience • Leveraging our scale and expertise to create increased value for clients and shareholders through all environments • In IM, vs. 1Q16, revenue grew +8% and income before taxes, excluding amortization of intangibles +24%: • Adjusted pretax operating margin rose to 34%, helped by increased revenue and expense actions • Overall asset management flows improved to their highest levels in several years • Our cash business bucked industry trend of outflows in 1Q17, adding $13B in asset inflows • We continue to see strong performance, with two-thirds of our actively managed mutual fund assets ranked ahead of their peer median on a 3- and 5-year basis • In IS, we are enhancing client experience by: • Investing in cutting-edge collateral optimization and management solutions we deliver to both the buy- and sell-side • In 1Q17, collateral balances continued to show robust growth, demonstrating strong client uptake • Building best-in-class technology and services that enable asset managers to leverage our scale and expertise Executing on our Business Improvement Process • Funding regulatory change, process maturity, strategic technology and growth investments • Improving margins in our businesses • Reducing structural costs Being a Strong, Safe, Trusted Counterparty • Strengthened our key regulatory capital ratios • Estimated SLR of 5.9% (fully phased-in) • Strong capital and liquidity positions • Excellent balance sheet credit quality • Continuing to enhance our resolvability and resiliency • Upgraded and streamlined risk reporting systems Generating Excess Capital and Deploying Capital Effectively • Executing on capital plan and returning value to shareholders • Nearly $1.1B returned to shareholders in 1Q17; repurchased 19MM shares for $879MM and paid $201MM in dividends to common shareholders Attracting, Developing, and Retaining Top Talent • Expanding Workplace Excellence programs • Released second annual People Report • Building robust leadership pipeline for the future • Improving talent, succession and development planning

18 First Quarter 2017 – Financial Highlights Business Improvement Process COMPLETED • Expanded Wealth Management sales force, driving new revenue opportunities backed by a strong pipeline • Delivered revised pricing transactions initiated through manual processes to better align costs with client pricing • Created dedicated technology solutions unit to drive technology-related revenue growth • Extended private banking solutions to Pershing clients • Delivered integrated bank and brokerage custody platform for joint Wealth Management and Pershing clients • Created direct lending capability through investment management ONGOING • Strategic Platform Investments (Real Estate / Private Equity Administration, Asset and Hedge Fund Manager Middle-Office, Global Wealth Platforms) • Enhancing collateral management systems and foreign exchange (FX) platforms • Strengthening distribution of investment management strategies • Growing Dreyfus cash management solutions with Investment Services clients • Expanding integrated bank/brokerage custody with trust platform • Analyzing and measuring our service delivery costs to better align our costs with client pricing • Offering new solutions to help clients meet regulatory changes • Developing pricing standards for value-added solutions available through NEXEN COMPLETED • Exited derivatives clearing and transition management businesses • Sold Meriten, our German-based boutique • Streamlined our APAC Investment Management operations • Realigned our UK transfer agency operating model to improve profitability • Exiting the retail UK transfer agency business • Developed tools to reduce costs and improve the delivery of market data • Sold EMEA Central Securities Depository and Pershing money manager outsourcing business • Exited selected areas of our mortgage-backed securities business • Implemented Bring Your Own Devices (BYOD) policy • Consolidated real estate footprint in NY, London and Pittsburgh • Implemented over 200 bots through Robotic Process Automation ONGOING • Simplifying and automating our end-to-end global processing • Expanding robotics, re-engineering and workflow to drive efficiency and productivity • Optimizing and streamlining our technology infrastructure with a focus on making it highly resilient while lowering the annual operating costs • Continuing to reduce market data costs • Reducing our real estate footprint; balancing our workforce globally • Implementing Workforce Excellence standards across the real estate footprint • Continuing vendor management and negotiation process • Ongoing reviews of product, service, and solution portfolio • Aligning drivers of costs and client pricing • Executing NEXEN platform to improve client experience and growth while retiring legacy platforms Business Excellence Continuous Process Improvement Corporate Services Client Technology Solutions Excellence Business Partner Activity Process Revenue Initiatives Expense Initiatives

19 First Quarter 2017 – Financial Highlights Reconciliation of net income and diluted EPS – GAAP to Non-GAAP 1Q17 4Q16 1Q16 Net IncomeGrowth vs. Diluted EPS Growth vs. (in millions, except per common share amounts) Net income Diluted EPS Net income Diluted EPS Net income Diluted EPS 4Q16 1Q16 4Q16 1Q16 Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP $ 880 $ 0.83 $ 822 $ 0.77 $ 804 $ 0.73 7% 9% 8% 14% Add: M&I, litigation and restructuring charges 8 7 17 Tax impact of M&I, litigation and restructuring charges (2) (3) (6) Net impact of M&I, litigation and restructuring charges 6 — 4 — 11 0.01 Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation – Non-GAAP $ 886 $ 0.83 $ 826 $ 0.77 $ 815 $ 0.74 7% 9% 8% 12% EPS Reconciliation for First Quarter 2017

20 First Quarter 2017 – Financial Highlights Investment Management . Growth vs. ($ in millions) 1Q17 4Q16 1Q16 Investment management and performance fees $ 826 (1)% 4% Distribution and servicing 52 8 13 Other1 (1) N/M N/M Net interest revenue 86 8 4 Total Revenue 963 — 8 Provision for credit losses 3 N/M N/M Noninterest expense (ex. amortization of intangible assets) 668 (1) 1 Amortization of intangible assets 15 (32) (21) Total noninterest expense 683 (2) 1 Income before taxes $ 277 7 % 28% Income before taxes (ex. amortization of intangible assets) - Non-GAAP $ 292 4 % 24% Pre-tax operating margin 29% +165 bps +446 bps Adjusted pre-tax operating margin - Non-GAAP2,3 34% +80 bps +462 bps 1 Total fee and other revenue includes the impact of the consolidated investment management funds, net of noncontrolling interests. Additionally, other revenue includes asset servicing, treasury services, foreign exchange and other trading revenue and investment and other income. 2 Excludes amortization of intangible assets, provision for credit losses and distribution and servicing expense. 3 Represents a Non-GAAP measure. See Slide 26 for reconciliation. Additional disclosures regarding these measures and other Non-GAAP adjusted measures are available in the Corporation’s reports filed with the SEC, available at www.bnymellon.com/investorrelations. N/M - not meaningful, bps – basis points

21 First Quarter 2017 – Financial Highlights Investment Services Growth vs. ($ in millions) 1Q17 4Q16 1Q16 Investment services fees: Asset servicing $ 1,038 — % 2% Clearing services 375 6 8 Issuer services 250 18 2 Treasury services 139 — 8 Total investment services fees 1,802 3 4 Foreign exchange and other trading revenue 153 (3) (9) Other1 129 1 3 Net interest revenue 707 (1) 4 Total revenue 2,791 2 3 Provision for credit losses — N/M N/M Noninterest expense (ex. amortization of intangible assets) 1,812 1 2 Amortization of intangible assets 37 (3) (3) Total noninterest expense 1,849 1 2 Income before taxes $ 942 2 % 6% Income before taxes (ex. amortization of intangible assets) - Non-GAAP $ 979 2 % 6% Pre-tax operating margin 34% +22 bps +104 bps Adjusted pre-tax operating margin (ex. provision for credit losses and amortization of intangible assets) - Non-GAAP 35% +12 bps +42 bps 1 Other revenue includes investment management fees, financing-related fees, distribution and servicing revenue and investment and other income. N/M - not meaningful bps – basis points

22 First Quarter 2017 – Financial Highlights Expense, Pre-Tax Operating Margin & Operating Leverage - Non-GAAP Reconciliations 1Q17 4Q16 1Q16 Growth vs. ($ in millions) 4Q16 1Q16 Total revenue – GAAP $ 3,843 $ 3,790 $ 3,730 1.40% 3.03% Less: Net income (loss) attributable to noncontrolling interests of consolidated investment management funds 18 4 (7) Total revenue, as adjusted – Non-GAAP1 $ 3,825 $ 3,786 $ 3,737 1.03% 2.35% Total noninterest expense – GAAP $ 2,642 $ 2,631 $ 2,629 0.42% 0.49% Less: Amortization of intangible assets 52 60 57 M&I, litigation and restructuring charges 8 7 17 Total noninterest, as adjusted – Non-GAAP1 $ 2,582 $ 2,564 $ 2,555 0.70% 1.06% Less: Provision for credit losses (5) 7 10 Operating Leverage Income before income taxes, as adjusted – Non-GAAP1 $ 1,248 $ 1,215 $ 1,172 +98 bps +254 bps Adjusted Operating Leverage (Non-GAAP) Adjusted pre-tax operating margin – Non-GAAP1,2,3 33% 32% 31% +33 bps +129 bps 1 Non-GAAP information for all periods presented excludes net income (loss) attributable to noncontrolling interests of consolidated investment management funds, amortization of intangible assets and M&I, litigation and restructuring charges. 2 Income before taxes divided by total revenue. 3 Our GAAP earnings include tax-advantaged investments such as low income housing, renewable energy, bank-owned life insurance and tax-exempt securities. The benefits of these investments are primarily reflected in tax expense. If reported on a tax-equivalent basis, these investments would increase revenue and income before taxes by $101 million for 1Q17, $92 million for 4Q16, and $77 million for 1Q16 and would increase our pre- tax operating margin by approximately 1.8% for 1Q17, 1.7% for 4Q16, and 1.4% for 1Q16 bps - basis points

23 First Quarter 2017 – Financial Highlights Return on Common Equity and Tangible Common Equity Reconciliation 1Q17 4Q16 1Q16 ($ in millions) Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP $ 880 $ 822 $ 804 Add: Amortization of intangible assets 52 60 57 Less: Tax impact of amortization of intangible assets 18 19 20 Net income applicable to common shareholders of The Bank of New York Mellon Corporation excluding amortization of intangible assets – Non- GAAP 914 863 841 Add: M&I, litigation and restructuring charges 8 7 17 Less: Tax impact of M&I, litigation and restructuring charges 2 3 6 Net income applicable to common shareholders of The Bank of New York Mellon Corporation, as adjusted – Non-GAAP1 $ 920 $ 867 $ 852 Average common shareholders’ equity $ 34,965 $ 35,171 $ 35,252 Less: Average goodwill 17,338 17,344 17,562 Average intangible assets 3,578 3,638 3,812 Add: Deferred tax liability – tax deductible goodwill2 1,518 1,497 1,428 Deferred tax liability – intangible assets2 1,100 1,105 1,140 Average tangible common shareholders’ equity - Non-GAAP $ 16,667 $ 16,791 $ 16,446 Return on common equity - GAAP3 10.2% 9.3% 9.2% Adjusted return on common equity - Non-GAAP1,3 10.7% 9.8% 9.7% Return on tangible common equity – Non-GAAP3 22.2% 20.4% 20.6% Adjusted return on tangible common equity – Non-GAAP1,3 22.4% 20.5% 20.8% 1 Non-GAAP information for all periods presented excludes amortization of intangible assets and M&I, litigation and restructuring charges. 2 Deferred tax liabilities are based on fully phased-in Basel III rules. 3 Quarterly returns are annualized.

24 First Quarter 2017 – Financial Highlights Basel III Capital Components & Ratios ($ in millions) 03/31/171 12/31/16 Transitional basis2 Fully Phased-inNon-GAAP3 Transitional basis 2 Fully Phased-in Non-GAAP3 CET1: Common shareholders’ equity $ 35,837 $ 35,596 $ 35,794 $ 35,269 Goodwill and intangible assets (17,796) (18,286) (17,314) (18,312) Net pension fund assets (72) (90) (55) (90) Equity method investments (326) (341) (313) (344) Deferred tax assets (27) (34) (19) (32) Other (10) (10) — (1) Total CET1 17,606 16,835 18,093 16,490 Other Tier 1 capital: Preferred stock 3,542 3,542 3,542 3,542 Trust preferred securities — — — — Deferred tax assets (7) — (13) — Net pension fund assets (18) — (36) — Other (14) (14) (121) (121) Total Tier 1 capital 21,109 20,363 21,465 19,911 Tier 2 capital: Trust preferred securities — — 148 — Subordinated debt 550 550 550 550 Allowance for credit losses 276 276 281 281 Other (2) (2) (12) (11) Total Tier 2 capital - Standardized Approach 824 824 967 820 Excess of expected credit losses 49 49 50 50 Less: Allowance for credit losses 276 276 281 281 Total Tier 2 capital - Advanced Approach $ 597 $ 597 $ 736 $ 589 Total capital: Standardized Approach $ 21,933 $ 21,187 $ 22,432 $ 20,731 Advanced Approach $ 21,706 $ 20,960 $ 22,201 $ 20,500 Risk-weighted assets: Standardized Approach $ 146,549 $ 145,924 $ 147,671 $ 146,475 Advanced Approach $ 169,476 $ 168,815 $ 170,495 $ 169,227 Standardized Approach: CET1 ratio 12.0% 11.5% 12.3% 11.3% Tier 1 capital ratio 14.4 14.0 14.5 13.6 Total (Tier 1 plus Tier 2) capital ratio 15.0 14.5 15.2 14.2 Advanced Approach: CET1 ratio 10.4% 10.0% 10.6% 9.7% Tier 1 capital ratio 12.5 12.1 12.6 11.8 Total (Tier 1 plus Tier 2) capital ratio 12.8 12.4 13.0 12.1 1 Preliminary. 2 Reflects transitional adjustments to CET1, Tier 1 capital and Tier 2 capital required under the U.S. capital rules. 3 Estimated.

25 First Quarter 2017 – Financial Highlights Supplementary Leverage Ratio ($ in millions) 03/31/17 1 12/31/16 Transitional basis Fully phased-in (Non-GAAP)2 Transitional basis Fully phased-in (Non-GAAP)2 Consolidated: Tier 1 capital $ 21,109 $ 20,363 $ 21,465 $ 19,911 Total leverage exposure: Quarterly average total assets $ 336,200 $ 336,200 $ 344,142 $ 344,142 Less: Amounts deducted from Tier 1 capital 18,016 18,763 17,333 18,887 Total on-balance sheet assets 318,184 317,437 326,809 325,255 Off-balance sheet exposures: Potential future exposure for derivatives contracts (plus certain other items) 5,912 5,912 6,021 6,021 Repo-style transaction exposures 536 536 533 533 Credit-equivalent amount of other off-balance sheet exposures (less SLR exclusions) 22,901 22,901 23,274 23,274 Total off-balance sheet exposures 29,349 29,349 29,828 29,828 Total leverage exposure $ 347,533 $ 346,786 $ 356,637 $ 355,083 SLR - Consolidated3 6.1% 5.9% 6.0% 5.6% The Bank of New York Mellon, our largest bank subsidiary Tier 1 capital $ 19,321 $ 18,523 $ 19,011 $ 17,708 Total leverage exposure $ 281,360 $ 280,723 $ 291,022 $ 290,230 SLR - The Bank of New York Mellon3 6.9% 6.6% 6.5% 6.1% 1 March 31, 2017 information is preliminary. 2 Estimated 3 The estimated fully phased-in SLR (Non-GAAP) is based on our interpretation of the U.S. capital rules. When the SLR is fully phased-in in 2018 as a required minimum ratio, we expect to maintain an SLR of over 5%. The minimum required SLR is 3% and there is a 2% buffer, in addition to the minimum, that is applicable to U.S. G-SIBs. The insured depository institution subsidiaries of the U.S. G-SIBs, including those of BNY Mellon, must maintain a 6% SLR to be considered “well capitalized.”

26 First Quarter 2017 – Financial Highlights Investment Management Pre-Tax Operating Margin - Non-GAAP Reconciliation Pre-tax operating margin 1Q17 4Q16 1Q16 ($ in millions) Income before income taxes – GAAP $ 277 $ 260 $ 217 Add: Amortization of intangible assets 15 22 19 Provision for credit losses 3 6 (1) Adjusted income before income taxes excluding amortization of intangible assets and provision for credit losses – Non-GAAP $ 295 $ 288 $ 235 Total revenue – GAAP $ 963 $ 960 $ 895 Less: Distribution and servicing expense 101 98 100 Adjusted total revenue net of distribution and servicing expense - Non-GAAP $ 862 $ 862 $ 795 Pre-tax operating margin - GAAP1 29% 27% 24% Adjusted pre-tax operating margin, excluding amortization of intangible assets, provision for credit losses and distribution and servicing expense – Non-GAAP1 34% 33% 30% 1 Income before taxes divided by total revenue. Investment Management and Performance Fees - Non-GAAP Reconciliation Growth vs. ($ in millions) 1Q17 1Q16 1Q16 Investment management and performance fees - GAAP $ 842 $ 812 4% Impact of changes in foreign currency exchange rates — (30) Investment management and performance fees, as adjusted - Non-GAAP $ 842 $ 782 8%