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) – July 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 July 20, 2017, The Bank of New York Mellon Corporation (“BNY Mellon”) issued an Earnings Release announcing its financial results for the second 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 July 20, 2017, in conjunction with a conference call and webcast regarding BNY Mellon’s financial results, Quarterly Financial Trends and a Second 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 Second 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 July 20, 2017, announcing financial results for the second quarter of 2017.
99.2	The Bank of New York Mellon Corporation Quarterly Financial Trends dated July 20, 2017, for the second quarter of 2017.
99.3	Second Quarter 2017 Financial Highlights Presentation dated July 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: July 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 July 20, 2017.	Furnished herewith
99.2	Quarterly Financial Trends dated July 20, 2017.	Furnished herewith
99.3	Second Quarter 2017 Financial Highlights Presentation dated July 20, 2017.	Furnished herewith

EX-99.1

BNY Mellon 2Q17 Earnings Release

News Release

BNY MELLON REPORTS SECOND QUARTER EARNINGS OF $926 MILLION OR $0.88 PER COMMON SHARE

• Earnings per common share up 17% year-over-year

TOTAL REVENUE OF $3.96 BILLION, INCREASED 5% YEAR-OVER-YEAR

• Investment management and performance fees increased 6% on record assets under management

• Investment services fees increased 4% on record assets under custody and/or administration

• Net interest revenue increased 8%

CONTINUED FOCUS ON EXPENSE CONTROL

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

EXECUTING ON CAPITAL PLAN AND RETURNING VALUE TO COMMON SHAREHOLDERS

• Returned over $700 million 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 6.2%; SLR – fully phased-in of 6.0%(a)

BOARD APPROVED QUARTERLY COMMON STOCK DIVIDEND INCREASE OF 26% TO $0.24 PER SHARE AND THE REPURCHASE OF UP TO $3.1 BILLION OF COMMON STOCK

NEW YORK, July 20, 2017 – The Bank of New York Mellon Corporation (“BNY Mellon”) (NYSE: BK) today reported second quarter net income applicable to common shareholders of $926 million, or $0.88 per diluted common share. Net income applicable to common shareholders was $825 million, or $0.75 per diluted common share, in the second quarter of 2016, and $880 million, or $0.83 per diluted common share, in the first quarter of 2017.

“During the second quarter, healthy revenue growth in both our investment management and investment services businesses and the more favorable rate environment helped us maintain double-digit earnings per share growth and drive substantial positive operating leverage on a year-over-year basis. We and our clients are just beginning to capitalize on the benefits of our strategy and investments in growth. We have distinctive capabilities in areas such as collateral management solutions, middle-office outsourcing and liability-driven investments, and made an early commitment to delivering an industry-leading digital investment platform. We believe we are well positioned to help our clients meet regulatory requirements and navigate today’s financial marketplace while at the same time make it easier for them to access the insights and information they need,” Gerald L. Hassell, chairman, said.

“The results of the 2017 annual stress tests proved the resilience of our capital position. Our business model has been consistently generating high levels of capital, enabling us to announce a capital plan that includes share repurchases of up to $3.1 billion and an approximately 26 percent increase in the quarterly dividend,” Mr. Hassell concluded.

Charles W. Scharf, chief executive officer, added, “I am excited to join the company and I’m pleased to see Gerald and the team were able to deliver solid results in Gerald’s last quarter as CEO. They have generated momentum, and we will work really hard to build on it by continuing to put our clients first and by maintaining our position as a strong, trusted and well-respected partner. We will not waver in our focus on continually becoming more efficient, improving our client experience, and growing our revenues by expanding our already great set of capabilities.”

__________________________________________

(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 2Q17 Earnings Release

SECOND QUARTER 2017 FINANCIAL HIGHLIGHTS (a)

(comparisons are 2Q17 vs. 2Q16, unless otherwise stated)

Earnings

• Total revenue of $4.0 billion, increased 5%.

• Investment services fees increased 4% reflecting growth in clearing services fees, net new business, including collateral management solutions, and higher equity market values, offset by the unfavorable impact of a stronger U.S. dollar.

• Investment management and performance fees increased 6% due to higher market values, money market fees and performance fees, offset by the unfavorable impact of a stronger U.S. dollar (principally versus the British pound). On a constant currency basis, investment management and performance fees increased 9% (Non-GAAP) (a).

• Foreign exchange revenue decreased 9% reflecting lower volatility, offset by higher volumes.

• Investment and other income increased $48 million driven by lease-related gains.

• Net interest revenue increased 8% driven by interest rates and lower premium amortization, offset by lower interest-earning assets and higher average long-term debt.

• The provision for credit losses was a credit of $7 million.

• Noninterest expense of $2.7 billion, increased 1% reflecting higher professional, legal and other purchased services (related to regulatory and compliance costs, including the 2017 resolution plan), software and litigation expenses, offset by the favorable impact of a stronger U.S. dollar and lower net occupancy expense.

• Effective tax rate of 25.4% for 2Q17.

• Preferred stock dividends of $49 million in 2Q17.

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

• Record AUC/A of $31.1 trillion increased 5% reflecting higher market values.

• Estimated new AUC/A wins in Asset Servicing of $152 billion in 2Q17.

• Record AUM of $1.77 trillion increased 6% reflecting higher market values and net inflows, offset by the unfavorable impact of a stronger U.S. dollar (principally versus the British pound).

• Net long-term inflows of $3 billion in 2Q17 reflecting inflows of liability-driven and fixed income investments, partially offset by outflows of index investments.

• Net short-term inflows of $11 billion in 2Q17 were a result of increased distribution through our liquidity portals.

Capital and liquidity

• Repurchased 11 million common shares for $506 million and paid $199 million in dividends to common shareholders.

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

• SLR – transitional of 6.2%; SLR – fully phased-in of 6.0%(a).

• Average LCR of 116%.

• Board approved quarterly common stock dividend increase of 26% to $0.24 per share and the repurchase of up to $3.1 billion of common stock, including the repurchase of $500 million of common stock contingent upon a preferred stock issuance, over the next four quarters.

(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 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 2Q17 Earnings Release

FINANCIAL SUMMARY

(dollars in millions, except per share amounts; common shares in thousands)																2Q17 vs.
	2Q17			1Q17			4Q16			3Q16			2Q16			1Q17		2Q16
Revenue:
Fee and other revenue	$	3,120		$	3,018		$	2,954		$	3,150		$	2,999		3%		4%
Income from consolidated investment management funds	10			33			5			17			10
Net interest revenue	826			792			831			774			767			4		8
Total revenue – GAAP	3,956			3,843			3,790			3,941			3,776			3		5
Less: Net income attributable to noncontrolling interests related to consolidated investment management funds	3			18			4			9			4
Total revenue, as adjusted – Non-GAAP	3,953			3,825			3,786			3,932			3,772			3		5
Provision for credit losses	(7		)	(5		)	7			(19		)	(9		)
Expense:
Noninterest expense – GAAP	2,655			2,642			2,631			2,643			2,620			—		1
Less: Amortization of intangible assets	53			52			60			61			59
M&I, litigation and restructuring charges	12			8			7			18			7
Total noninterest expense, as adjusted – Non-GAAP	2,590			2,582			2,564			2,564			2,554			—		1
Income:
Income before income taxes	1,308			1,206			1,152			1,317			1,165			8%		12%
Provision for income taxes	332			269			280			324			290
Net income	$	976		$	937		$	872		$	993		$	875
Net (income) attributable to noncontrolling interests (a)	(1		)	(15		)	(2		)	(6		)	(2		)
Net income applicable to shareholders of The Bank of New York Mellon Corporation	975			922			870			987			873
Preferred stock dividends	(49		)	(42		)	(48		)	(13		)	(48		)
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	926		$	880		$	822		$	974		$	825
Operating leverage (b)																245	bps	343	bps
Adjusted operating leverage – Non-GAAP (b)(c)																304	bps	339	bps
Key Metrics:
Pre-tax operating margin (c)	33		%	31		%	30		%	33		%	31		%
Adjusted pre-tax operating margin – Non-GAAP (c)	35		%	33		%	32		%	35		%	33		%
Return on common equity (annualized)(c)	10.4		%	10.2		%	9.3		%	10.8		%	9.3		%
Adjusted return on common equity (annualized) – Non-GAAP (c)	10.8		%	10.7		%	9.8		%	11.3		%	9.7		%
Return on tangible common equity (annualized) – Non- GAAP (c)(d)	21.9		%	22.2		%	20.4		%	23.5		%	20.4		%
Adjusted return on tangible common equity (annualized) – Non-GAAP (c)(d)	22.1		%	22.4		%	20.5		%	23.6		%	20.5		%
Fee revenue as a percentage of total revenue	79		%	78		%	78		%	79		%	79		%
Percentage of non-U.S. total revenue	35		%	34		%	34		%	36		%	34		%
Average common shares and equivalents outstanding:
Basic	1,035,829			1,041,158			1,050,888			1,062,248			1,072,583
Diluted	1,041,879			1,047,746			1,056,818			1,067,682			1,078,271
Period end:
Full-time employees	52,800			52,600			52,000			52,300			52,200
Book value per common share – GAAP (d)	$	35.26		$	34.23		$	33.67		$	34.19		$	33.72
Tangible book value per common share – Non-GAAP (d)	$	17.53		$	16.65		$	16.19		$	16.67		$	16.25
Cash dividends per common share	$	0.19		$	0.19		$	0.19		$	0.19		$	0.17
Common dividend payout ratio	22		%	23		%	25		%	21		%	23		%
Closing stock price per common share	$	51.02		$	47.23		$	47.38		$	39.88		$	38.85
Market capitalization	$	52,712		$	49,113		$	49,630		$	42,167		$	41,479
Common shares outstanding	1,033,156			1,039,877			1,047,488			1,057,337			1,067,674

(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 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 2Q17 Earnings Release

KEY MARKET METRICS

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

Key market metrics																2Q17 vs.
	2Q17			1Q17			4Q16			3Q16			2Q16			1Q17		2Q16
S&P 500 Index (a)	2423			2363			2239			2168			2099			3%		15%
S&P 500 Index – daily average	2398			2326			2185			2162			2075			3		16
FTSE 100 Index (a)	7313			7323			7143			6899			6504			—		12
FTSE 100 Index – daily average	7391			7274			6923			6765			6204			2		19
MSCI EAFE (a)	1883			1793			1684			1702			1608			5		17
MSCI EAFE – daily average	1856			1749			1660			1677			1648			6		13
Barclays Capital Global Aggregate BondSM Index (a)(b)	471			459			451			486			482			3		(2	)
NYSE and NASDAQ share volume (in billions)	199			186			189			186			203			7		(2	)
JPMorgan G7 Volatility Index – daily average (c)	7.98			10.10			10.24			10.19			11.12			(21	)	(28	)
Average interest on excess reserves paid by the Federal Reserve	1.04		%	0.79		%	0.55		%	0.50		%	0.50		%	25 bps		54 bps
Foreign exchange rates vs. U.S. dollar:
British pound (a)	$	1.30		$	1.25		$	1.23		$	1.30		$	1.34		4%		(3)%
British pound – average rate	1.28			1.24			1.24			1.31			1.43			3		(10	)
Euro (a)	1.14			1.07			1.05			1.12			1.11			7		3
Euro – average rate	1.10			1.07			1.08			1.12			1.13			3		(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 2Q17 Earnings Release

FEE AND OTHER REVENUE

Fee and other revenue											2Q17 vs.
(dollars in millions)	2Q17		1Q17		4Q16		3Q16		2Q16		1Q17		2Q16
Investment services fees:
Asset servicing (a)	$	1,085	$	1,063	$	1,068	$	1,067	$	1,069	2	%	1	%
Clearing services	394		376		355		349		350		5		13
Issuer services	241		251		211		337		234		(4	)	3
Treasury services	140		139		140		137		139		1		1
Total investment services fees	1,860		1,829		1,774		1,890		1,792		2		4
Investment management and performance fees	879		842		848		860		830		4		6
Foreign exchange and other trading revenue	165		164		161		183		182		1		(9	)
Financing-related fees	53		55		50		58		57		(4	)	(7	)
Distribution and servicing	41		41		41		43		43		—		(5	)
Investment and other income	122		77		70		92		74		N/M		N/M
Total fee revenue	3,120		3,008		2,944		3,126		2,978		4		5
Net securities gains	—		10		10		24		21		N/M		N/M
Total fee and other revenue	$	3,120	$	3,018	$	2,954	$	3,150	$	2,999	3	%	4	%

(a) Asset servicing fees include securities lending revenue of $48 million in 2Q17, $49 million in 1Q17, $54 million in 4Q16,$51 million in 3Q16 and $52 million in 2Q16.

N/M – Not meaningful.

KEY POINTS

• Asset servicing fees increased 1% year-over-year and 2% sequentially, primarily reflecting net new business, including growth of collateral management solutions, and higher equity market values. The year-over-year increase was 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 13% year-over-year and 5% sequentially, primarily driven by higher money market fees and growth in long-term mutual fund assets.

• Issuer services fees increased 3% year-over-year and decreased 4% sequentially. The year-over-year increase primarily reflects higher Depositary Receipts revenue. The sequential decrease primarily reflects seasonality in Depositary Receipts revenue.

• Treasury services fees increased 1% both year-over-year and sequentially, 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 6% year-over-year and 4% sequentially, primarily reflecting higher market values, money market fees and performance fees. The year-over-year increase was partially offset by the unfavorable impact of a stronger U.S. dollar (principally versus the British pound). On a constant currency basis, investment management and performance fees increased 9%(Non-GAAP) year-over-year.

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BNY Mellon 2Q17 Earnings Release

•	Foreign exchange and other trading revenue
	(in millions)	2Q17		1Q17		4Q16			3Q16		2Q16
	Foreign exchange	$	151	$	154	$	175		$	175	$	166
	Other trading revenue (loss)	14		10		(14		)	8		16
	Total foreign exchange and other trading revenue	$	165	$	164	$	161		$	183	$	182

Foreign exchange revenue decreased 9% year-over-year and 2% sequentially, primarily reflecting lower volatility, partially offset by higher volumes.

• Financing-related fees decreased 7% year-over-year and 4% sequentially, primarily reflecting lower underwriting fees.

•	Investment and other income
	(in millions)	2Q17			1Q17			4Q16			3Q16			2Q16
	Lease-related gains (losses)	$	51		$	1		$	(6	)	$	—		$	—
	Corporate/bank-owned life insurance	43			30			53			34			31
	Expense reimbursements from joint venture	17			14			15			18			17
	Seed capital gains (a)	10			9			6			16			11
	Equity investment income (loss)	7			26			(2		)	(1		)	(4		)
	Asset-related (losses) gains	(5		)	3			1			8			1
	Other (loss) income	(1		)	(6		)	3			17			18
	Total investment and other income	$	122		$	77		$	70		$	92		$	74

(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 $7 million in 2Q17, $15 million in 1Q17, $1 million in 4Q16, $8 million in 3Q16 and $6 million in 2Q16.

Both the year-over-year and sequential increases in investment and other income primarily reflect lease-related gains and higher income from corporate/bank-owned life insurance. The year-over-year increase was partially offset by the negative impact of foreign exchange translation and lower other income driven by our investments in renewable energy. The sequential increase was partially offset by a net gain related to an equity investment recorded in 1Q17.

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BNY Mellon 2Q17 Earnings Release

NET INTEREST REVENUE

Net interest revenue																2Q17 vs.
(dollars in millions)	2Q17			1Q17			4Q16			3Q16			2Q16			1Q17		2Q16
Net interest revenue – GAAP	$	826		$	792		$	831		$	774		$	767		4%		8%
Tax equivalent adjustment	12			12			12			12			13			N/M		N/M
Net interest revenue (FTE) – Non-GAAP (a)	$	838		$	804		$	843		$	786		$	780		4%		7%
Net interest margin – GAAP	1.14		%	1.13		%	1.16		%	1.05		%	0.97		%	1	bps	17	bps
Net interest margin (FTE) – Non-GAAP (a)	1.16		%	1.14		%	1.17		%	1.06		%	0.98		%	2	bps	18	bps
Selected average balances:
Cash/interbank investments	$	111,021		$	106,069		$	104,352		$	114,544		$	137,995		5	%	(20)%
Trading account securities	2,455			2,254			2,288			2,176			2,152			9		14
Securities	117,227			114,786			117,660			118,405			118,002			2		(1	)
Loans	58,793			60,312			63,647			61,578			60,284			(3	)	(2	)
Interest-earning assets	289,496			283,421			287,947			296,703			318,433			2		(9	)
Interest-bearing deposits	142,336			139,820			145,681			155,109			165,122			2		(14	)
Noninterest-bearing deposits	73,886			73,555			82,267			81,619			84,033			—		(12	)
Long-term debt	27,398			25,882			24,986			23,930			22,838			6		20
Selected average yields/rates: (b)
Cash/interbank investments	0.67		%	0.56		%	0.47		%	0.43		%	0.44		%
Trading account securities	2.85			3.12			3.17			2.62			2.45
Securities	1.72			1.71			1.67			1.56			1.56
Loans	2.44			2.15			1.92			1.84			1.85
Interest-earning assets	1.47			1.38			1.30			1.19			1.14
Interest-bearing deposits	0.09			0.03			(0.01		)	(0.02		)	0.03
Long-term debt	1.87			1.85			1.36			1.54			1.54
Average cash/interbank investments as a percentage of average interest-earning assets	38		%	37		%	36		%	39		%	43		%
Average noninterest-bearing deposits as a percentage of average interest-earning assets	26		%	26		%	29		%	28		%	26		%

(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 8% year-over-year and 4% sequentially, primarily reflecting higher interest rates. The year-over-year increase also reflects lower premium amortization, partially offset by lower interest-earning assets and higher average long-term debt. The sequential increase also reflects an additional interest-earning day and higher interest-earning assets.

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BNY Mellon 2Q17 Earnings Release

NONINTEREST EXPENSE

Noninterest expense																2Q17 vs.
(dollars in millions)	2Q17			1Q17			4Q16			3Q16			2Q16			1Q17		2Q16
Staff	$	1,417		$	1,472		$	1,395		$	1,467		$	1,412		(4	)%	—	%
Professional, legal and other purchased services	319			312			325			292			290			2		10
Software and equipment	232			223			237			215			223			4		4
Net occupancy	139			136			153			143			152			2		(9	)
Distribution and servicing	104			100			98			105			102			4		2
Sub-custodian	65			64			57			59			70			2		(7	)
Bank assessment charges	59			57			53			61			52			4		13
Business development	63			51			71			52			65			24		(3	)
Other	192			167			175			170			188			15		2
Amortization of intangible assets	53			52			60			61			59			2		(10	)
M&I, litigation and restructuring charges	12			8			7			18			7			N/M		N/M
Total noninterest expense – GAAP	$	2,655		$	2,642		$	2,631		$	2,643		$	2,620		—	%	1	%
Staff expense as a percentage of total revenue	36		%	38		%	37		%	37		%	37		%
Memo:
Total noninterest expense excluding amortization of intangible assets and M&I, litigation and restructuring charges – Non-GAAP	$	2,590		$	2,582		$	2,564		$	2,564		$	2,554		—	%	1	%

N/M – Not meaningful.

KEY POINTS

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

• The year-over-year increase primarily reflects higher professional, legal and other purchased services, software and litigation expenses, partially offset by the favorable impact of a stronger U.S. dollar and lower net occupancy expense. The increase in professional, legal and other purchased services primarily reflects expenses related to regulatory and compliance costs, including the 2017 resolution plan. Net occupancy expense decreased as we continued to benefit from the savings generated by the business improvement process.

• Sequentially, lower staff expense was primarily offset by higher other, business development and software expenses. The decrease in staff expense was primarily driven by the impact of vesting of long-term stock awards for retirement eligible employees recorded in 1Q17.

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BNY Mellon 2Q17 Earnings Release

INVESTMENT SECURITIES PORTFOLIO

At June 30, 2017, the fair value of our investment securities portfolio totaled $118.9 billion. The net unrealized pre-tax gain on our total securities portfolio was $151 million at June 30, 2017 compared with a pre-tax loss of $23 million at March 31, 2017. The improvement in the net unrealized pre-tax gain was primarily driven by a decrease in market interest rates. At June 30, 2017, the fair value of the held-to-maturity securities totaled $40.9 billion and represented 34% 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)	March 31, 2017			2Q17 change in unrealized gain (loss)			June 30, 2017					Fair value as a % of amortized cost (a)		Unrealized gain (loss)				Ratings (b)
																								BB+ and lower
	Fair value						Amortized cost		Fair value									AAA/ AA-		A+/ A-		BBB+/ BBB-				Not rated
Agency RMBS	$	47,680		$	79		$	49,829	$	49,544		99	%	$	(285	)		100	%	—	%	—	%	—	%	—	%
U.S. Treasury	26,149			47			25,417		25,325			100		(92		)		100		—		—		—		—
Sovereign debt/sovereign guaranteed	13,885			(14		)	13,880		14,025			101		145				74		6		19		1		—
Non-agency RMBS (c)	1,298			9			948		1,239			82		291				—		1		3		87		9
Non-agency RMBS	670			8			597		627			96		30				7		4		15		73		1
European floating rate notes	639			3			528		523			98		(5		)		70		30		—		—		—
Commercial MBS	8,796			20			10,597		10,574			100		(23		)		99		1		—		—		—
State and political subdivisions	3,322			21			3,268		3,299			101		31				81		16		—		—		3
Foreign covered bonds	2,144			(4		)	2,458		2,471			101		13				100		—		—		—		—
Corporate bonds	1,366			4			1,309		1,318			101		9				17		70		13		—		—
CLOs	2,569			(1		)	2,635		2,642			100		7				99		—		—		—		1
U.S. Government agencies	1,985			—			2,196		2,210			101		14				100		—		—		—		—
Consumer ABS	1,456			2			1,326		1,330			100		4				90		4		4		2		—
Other (d)	3,553			—			3,746		3,758			100		12				79		19		—		—		2
Total investment securities	$	115,512	(e)	$	174		$	118,734	$	118,885	(e)	100	%	$	151		(e)(f)	93	%	3	%	3	%	1	%	—	%

(a)    Amortized cost before impairments.

(b) Represents ratings by S&P, or the equivalent.

(c) 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.

(d) Includes commercial paper with a fair value of $701 million and $700 million and money market funds with a fair value of $853 million and $896 million at March 31, 2017 and June 30, 2017, respectively.

(e) Includes net unrealized losses on derivatives hedging securities available-for-sale of $134 million at March 31, 2017 and $251 million at June 30, 2017.

(f) Unrealized gains of $275 million at June 30, 2017 related to available-for-sale securities, net of hedges.

Page - 9

BNY Mellon 2Q17 Earnings Release

NONPERFORMING ASSETS

Nonperforming assets (dollars in millions)	June 30, 2017			March 31, 2017			Dec. 31, 2016
Nonperforming loans:
Other residential mortgages	$	84		$	88		$	91
Wealth management loans and mortgages	10			10			8
Financial institutions	2			—			—
Lease financing	—			—			4
Total nonperforming loans	96			98			103
Other assets owned	4			9			4
Total nonperforming assets	$	100		$	107		$	107
Nonperforming assets ratio	0.16		%	0.18		%	0.17		%
Allowance for loan losses/nonperforming loans	171.9			167.3			164.1
Total allowance for credit losses/nonperforming loans	281.3			281.6			272.8

Nonperforming assets decreased$7 million compared with March 31, 2017 and Dec. 31, 2016. The decrease compared with March 31, 2017 primarily reflects lower other assets owned and other residential mortgages.

ALLOWANCE FOR CREDIT LOSSES, PROVISION AND NET CHARGE-OFFS

Allowance for credit losses, provision and net charge-offs (in millions)	June 30, 2017			March 31, 2017			June 30, 2016
Allowance for credit losses - beginning of period	$	276		$	281		$	287
Provision for credit losses	(7		)	(5		)	(9		)
Net recoveries (charge-offs):
Other residential mortgages	1			—			1
Foreign	—			—			1
Net recoveries (charge-offs)	1			—			2
Allowance for credit losses - end of period	$	270		$	276		$	280
Allowance for loan losses	$	165		$	164		$	158
Allowance for lending-related commitments	105			112			122

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BNY Mellon 2Q17 Earnings Release

CAPITAL AND LIQUIDITY

Our consolidated capital ratios are shown in the following table. 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”).

Capital ratios	June 30, 2017		March 31, 2017		Dec. 31, 2016
Consolidated regulatory capital ratios: (a)
Standardized Approach:
CET1 ratio	11.8	%	12.0	%	12.3	%
Tier 1 capital ratio	14.1		14.4		14.5
Total (Tier 1 plus Tier 2) capital ratio	14.6		14.9		15.2
Advanced Approach:
CET1 ratio	10.8		10.4		10.6
Tier 1 capital ratio	12.8		12.5		12.6
Total (Tier 1 plus Tier 2) capital ratio	13.2		12.8		13.0
Leverage capital ratio (b)	6.7		6.6		6.6
Supplementary leverage ratio (“SLR”)	6.2		6.1		6.0
BNY Mellon shareholders’ equity to total assets ratio	11.3		11.6		11.6
BNY Mellon common shareholders’ equity to total assets ratio	10.3		10.5		10.6
Selected regulatory capital ratios – fully phased-in – Non-GAAP: (a)(c)
CET1 ratio:
Standardized Approach	11.4	%	11.5	%	11.3	%
Advanced Approach	10.4		10.0		9.7
SLR	6.0		5.9		5.6

(a) Regulatory capital ratios for June 30, 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 2Q17 – preliminary	Transitional basis (b)			Fully phased-in – Non-GAAP (c)
(in millions)
CET1 – Beginning of period	$	17,606		$	16,835
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP	926			926
Goodwill and intangible assets, net of related deferred tax liabilities	(47		)	(40		)
Gross CET1 generated	879			886
Capital deployed:
Dividends	(199		)	(199		)
Common stock repurchased	(506		)	(506		)
Total capital deployed	(705		)	(705		)
Other comprehensive income	410			431
Additional paid-in capital (a)	184			184
Other	(3		)	(2		)
Total other additions	591			613
Net CET1 generated	765			794
CET1 – End of period	$	18,371		$	17,629

(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.

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BNY Mellon 2Q17 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	June 30, 2017 (a)						March 31, 2017						Dec. 31, 2016
(dollars in millions)	Transitional basis(b)			Fully phased-in –  Non-GAAP(c)			Transitional basis (b)			Fully phased-in – Non-GAAP (c)			Transitional basis (b)			Fully phased-in – Non-GAAP (c)
CET1:
Common shareholders’ equity	$	36,652		$	36,432		$	35,837		$	35,596		35,794			35,269
Goodwill and intangible assets	(17,843		)	(18,326		)	(17,796		)	(18,286		)	(17,314		)	(18,312		)
Net pension fund assets	(72		)	(90		)	(72		)	(90		)	(55		)	(90		)
Equity method investments	(325		)	(339		)	(326		)	(341		)	(313		)	(344		)
Deferred tax assets	(29		)	(37		)	(27		)	(34		)	(19		)	(32		)
Other	(12		)	(11		)	(10		)	(10		)	—			(1		)
Total CET1	18,371			17,629			17,606			16,835			18,093			16,490
Other Tier 1 capital:
Preferred stock	3,542			3,542			3,542			3,542			3,542			3,542
Deferred tax assets	(8		)	—			(7		)	—			(13		)	—
Net pension fund assets	(18		)	—			(18		)	—			(36		)	—
Other	(18		)	(19		)	(14		)	(14		)	(121		)	(121		)
Total Tier 1 capital	21,869			21,152			21,109			20,363			21,465			19,911
Tier 2 capital:
Trust preferred securities	—			—			—			—			148			—
Subordinated debt	550			550			550			550			550			550
Allowance for credit losses	270			270			276			276			281			281
Other	(2		)	(2		)	(2		)	(2		)	(12		)	(11		)
Total Tier 2 capital - Standardized Approach	818			818			824			824			967			820
Excess of expected credit losses	55			55			51			51			50			50
Less: Allowance for credit losses	270			270			276			276			281			281
Total Tier 2 capital - Advanced Approach	$	603		$	603		$	599		$	599		$	736		$	589
Total capital:
Standardized Approach	$	22,687		$	21,970		$	21,933		$	21,187		$	22,432		$	20,731
Advanced Approach	$	22,472		$	21,755		$	21,708		$	20,962		$	22,201		$	20,500
Risk-weighted assets:
Standardized Approach	$	155,313		$	154,779		$	146,747		$	146,122		$	147,671		$	146,475
Advanced Approach	$	170,445		$	169,879		$	169,195		$	168,534		$	170,495		$	169,227
Standardized Approach:
CET1 ratio	11.8		%	11.4		%	12.0		%	11.5		%	12.3		%	11.3		%
Tier 1 capital ratio	14.1			13.7			14.4			13.9			14.5			13.6
Total (Tier 1 plus Tier 2) capital ratio	14.6			14.2			14.9			14.5			15.2			14.2
Advanced Approach:
CET1 ratio	10.8		%	10.4		%	10.4		%	10.0		%	10.6		%	9.7		%
Tier 1 capital ratio	12.8			12.5			12.5			12.1			12.6			11.8
Total (Tier 1 plus Tier 2) capital ratio	13.2			12.8			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.

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BNY Mellon 2Q17 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

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	June 30, 2017 (a)						March 31, 2017						Dec. 31, 2016
(dollars in millions)	Transitional basis			Fully phased-in – Non-GAAP(b)			Transitional basis			Fully phased-in – Non-GAAP (b)			Transitional basis			Fully phased-in – Non-GAAP (b)
Consolidated:
Tier 1 capital	$	21,869		$	21,152		$	21,109		$	20,363		$	21,465		$	19,911
Total leverage exposure:
Quarterly average total assets	$	342,515		$	342,515		$	336,200		$	336,200		$	344,142		$	344,142
Less: Amounts deducted from Tier 1 capital	18,070			18,809			18,016			18,763			17,333			18,887
Total on-balance sheet assets	324,445			323,706			318,184			317,437			326,809			325,255
Off-balance sheet exposures:
Potential future exposure for derivative contracts (plus certain other items)	6,013			6,013			5,898			5,898			6,021			6,021
Repo-style transaction exposures	598			598			536			536			533			533
Credit-equivalent amount of other off-balance sheet exposures (less SLR exclusions)	22,092			22,092			22,901			22,901			23,274			23,274
Total off-balance sheet exposures	28,703			28,703			29,335			29,335			29,828			29,828
Total leverage exposure	$	353,148		$	352,409		$	347,519		$	346,772		$	356,637		$	355,083
SLR - Consolidated (c)	6.2		%	6.0		%	6.1		%	5.9		%	6.0		%	5.6		%
The Bank of New York Mellon, our largest bank subsidiary:
Tier 1 capital	$	19,897		$	19,125		$	19,320		$	18,523		$	19,011		$	17,708
Total leverage exposure	$	286,972		$	286,604		$	281,114		$	280,741		$	291,022		$	290,230
SLR - The Bank of New York Mellon (c)	6.9		%	6.7		%	6.9		%	6.6		%	6.5		%	6.1		%

(a) 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 average LCR was 116% for 2Q17. High-quality liquid assets (“HQLA”), before haircuts and trapped liquidity, totaled $174 billion at June 30, 2017 and averaged $166 billion for 2Q17.

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BNY Mellon 2Q17 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)																	2Q17 vs.
	2Q17				1Q17			4Q16			3Q16			2Q16			1Q17		2Q16
Revenue:
Investment management fees:
Mutual funds	$	314			$	299		$	297		$	309		$	304		5	%	3	%
Institutional clients	362				348			340			362			344			4		5
Wealth management	169				167			164			166			160			1		6
Investment management fees (a)	845				814			801			837			808			4		5
Performance fees	17				12			32			8			9			N/M		N/M
Investment management and performance fees	862				826			833			845			817			4		6
Distribution and servicing	53				52			48			49			49			2		8
Other (a)	(16		)		(1		)	(1		)	(18		)	(10		)	N/M		N/M
Total fee and other revenue (a)	899				877			880			876			856			3		5
Net interest revenue	87				86			80			82			82			1		6
Total revenue	986				963			960			958			938			2		5
Provision for credit losses	—				3			6			—			1			N/M		N/M
Noninterest expense (ex. amortization of intangible assets)	683				668			672			680			684			2		—
Amortization of intangible assets	15				15			22			22			19			—		(21	)
Total noninterest expense	698				683			694			702			703			2		(1	)
Income before taxes	$	288			$	277		$	260		$	256		$	234		4	%	23	%
Income before taxes (ex. amortization of intangible assets) – Non-GAAP	$	303			$	292		$	282		$	278		$	253		4	%	20	%
Pre-tax operating margin	29		%		29		%	27		%	27		%	25		%
Adjusted pre-tax operating margin – Non-GAAP (b)	34		%		34		%	33		%	33		%	30		%
Changes in AUM (in billions): (c)
Beginning balance of AUM	$	1,727			$	1,648		$	1,715		$	1,664		$	1,639
Net inflows (outflows):
Long-term strategies:
Equity	(2		)		(4		)	(5		)	(6		)	(2		)
Fixed income	2				2			(1		)	(1		)	(3		)
Liability-driven investments (d)	15				14			(7		)	4			15
Multi-asset and alternative investments	1				2			3			7			2
Total long-term active strategies inflows (outflows)	16				14			(10		)	4			12
Index	(13		)		—			(1		)	(3		)	(17		)
Total long-term strategies inflows (outflows)	3				14			(11		)	1			(5		)
Short term strategies:
Cash	11				13			(3		)	(1		)	4
Total net inflows (outflows)	14				27			(14		)	—			(1		)
Net market impact/other	1				41			(11		)	80			71
Net currency impact	29				11			(42		)	(29		)	(47		)
Acquisition	—				—			—			—			2
Ending balance of AUM	$	1,771		(e)	$	1,727		$	1,648		$	1,715		$	1,664		3	%	6	%
AUM at period end, by product type: (c)
Equity	9		%		9		%	9		%	9		%	9		%
Fixed income	11				11			11			11			12
Index	18				19			19			18			18
Liability-driven investments (d)	35				34			34			35			34
Multi-asset and alternative investments	11				11			11			11			11
Cash	16				16			16			16			16
Total AUM	100		%	(e)	100		%	100		%	100		%	100		%
Average balances:
Average loans	$	16,560			$	16,153		$	15,673		$	15,308		$	14,795		3	%	12	%
Average deposits	$	14,866			$	15,781		$	15,511		$	15,600		$	15,518		(6	)%	(4	)%

(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) Includes currency overlay assets under management.

(e) Preliminary.

N/M – Not meaningful.

Page - 14

BNY Mellon 2Q17 Earnings Release

INVESTMENT MANAGEMENT KEY POINTS

• Income before taxes totaled $288 million in 2Q17, an increase of 23% year-over-year and 4% sequentially. Income before taxes, excluding amortization of intangible assets (Non-GAAP), totaled $303 million in 2Q17, an increase of 20% year-over-year and 4% sequentially.

• Pre-tax operating margin of 29% in 2Q17 increased 438 bps year-over-year and 48 bps sequentially.

• Adjusted pre-tax operating margin (Non-GAAP) of 34% in 2Q17 increased 397 bps year-over-year and 11 bps sequentially.

• Total revenue was $986 million, an increase of 5% year-over-year primarily reflecting higher market values, performance fees and net interest revenue. The sequential increase of 2% primarily reflects higher market values and performance fees, partially offset by lower seed capital gains.

• 40% non-U.S. revenue in 2Q17 and 2Q16.

• Investment management fees increased 5% year-over-year and 4% sequentially, primarily reflecting higher market values and money market fees. The year-over-year increase was partially offset by the unfavorable impact of a stronger U.S. dollar (principally versus the British pound). On a constant currency basis, investment management fees increased 8% (Non-GAAP) year-over-year.

• Net long-term inflows of $3 billion in 2Q17 reflect inflows of liability-driven and fixed income investments, partially offset by outflows of index investments.

• Net short-term inflows of $11 billion in 2Q17 were a result of increased distribution through our liquidity portals.

• Performance fees increased year-over-year primarily reflecting liability-driven investment strategies.

• Other revenue declined year-over-year primarily reflecting higher payments to Investment Services related to higher money market fees. The sequential decline in other revenue was driven by lower seed capital gains.

• Net interest revenue increased 6% year-over-year and 1% sequentially, primarily reflecting higher interest rates on lower average deposit levels.

• Average loans increased 12% year-over-year and 3% sequentially. Record average loans were driven by extending banking solutions to high net worth clients.

• Average deposits decreased 4% year-over-year and 6% sequentially.

• Total noninterest expense (excluding amortization of intangible assets) decreased slightly year-over-year, primarily reflecting the favorable impact of a stronger U.S. dollar (principally versus the British pound) and lower professional, legal and other purchased services, partially offset by higher incentive expense. The 2% sequential increase primarily reflects higher business development and distribution and servicing expenses.

Page - 15

BNY Mellon 2Q17 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)																	2Q17 vs.
	2Q17				1Q17			4Q16			3Q16			2Q16			1Q17		2Q16
Revenue:
Investment services fees:
Asset servicing	$	1,061			$	1,038		$	1,043		$	1,039		$	1,043		2	%	2	%
Clearing services	393				375			354			347			350			5		12
Issuer services	241				250			211			336			233			(4	)	3
Treasury services	139				139			139			136			137			—		1
Total investment services fees	1,834				1,802			1,747			1,858			1,763			2		4
Foreign exchange and other trading revenue	145				153			157			177			161			(5	)	(10	)
Other (a)	136				129			128			148			130			5		5
Total fee and other revenue	2,115				2,084			2,032			2,183			2,054			1		3
Net interest revenue	761				707			713			715			690			8		10
Total revenue	2,876				2,791			2,745			2,898			2,744			3		5
Provision for credit losses	(3		)		—			—			1			(7		)	N/M		N/M
Noninterest expense (ex. amortization of intangible assets)	1,889				1,812			1,786			1,812			1,819			4		4
Amortization of intangible assets	38				37			38			39			40			3		(5	)
Total noninterest expense	1,927				1,849			1,824			1,851			1,859			4		4
Income before taxes	$	952			$	942		$	921		$	1,046		$	892		1	%	7	%
Income before taxes (ex. amortization of intangible assets) – Non-GAAP	$	990			$	979		$	959		$	1,085		$	932		1	%	6	%
Pre-tax operating margin	33		%		34		%	34		%	36		%	33		%
Adjusted pre-tax operating margin (ex. provision for credit losses and amortization of intangible assets) – Non-GAAP	34		%		35		%	35		%	37		%	34		%
Investment services fees as a percentage of noninterest expense (ex. amortization of intangible assets)	97		%		99		%	98		%	103		%	97		%
Securities lending revenue	$	42			$	40		$	44		$	42		$	42		5	%	—	%
Metrics:
Average loans	$	40,931			$	42,818		$	45,832		$	44,329		$	43,786		(4	)%	(7	)%
Average deposits	$	200,417			$	197,690		$	213,531		$	220,316		$	221,998		1	%	(10	)%
AUC/A at period end (in trillions) (b)	$	31.1		(c)	$	30.6		$	29.9		$	30.5		$	29.5		2	%	5	%
Market value of securities on loan at period end (in billions) (d)	$	336			$	314		$	296		$	288		$	278		7	%	21	%
Asset servicing:
Estimated new business wins (AUC/A) (in billions)	$	152		(c)	$	109		$	141		$	150		$	167
Depositary Receipts:
Number of sponsored programs	1,025				1,050			1,062			1,094			1,112			(2	)%	(8	)%
Clearing services:
Average active clearing accounts (U.S. platform) (in thousands)	6,159				6,058			5,960			5,942			5,946			2	%	4	%
Average long-term mutual fund assets (U.S. platform)	$	480,532			$	460,977		$	438,460		$	443,112		$	431,150		4	%	11	%
Average investor margin loans (U.S. platform)	$	9,812			$	10,740		$	10,562		$	10,834		$	10,633		(9	)%	(8	)%
Broker-Dealer:
Average tri-party repo balances (in billions)	$	2,498			$	2,373		$	2,307		$	2,212		$	2,108		5	%	19	%

(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 June 30, 2017,March 31, 2017, Dec. 31, 2016 andSept. 30, 2016 and $1.1 trillionatJune 30, 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 $66 billion at June 30, 2017, $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.

N/M – Not meaningful.

Page - 16

BNY Mellon 2Q17 Earnings Release

INVESTMENT SERVICES KEY POINTS

• Income before taxes totaled $952 million in 2Q17. Income before taxes, excluding amortization of intangible assets (Non-GAAP), totaled $990 million in 2Q17.

• The pre-tax operating margin was 33% in 2Q17. The pre-tax operating margin, excluding the provision for credit losses and amortization of intangible assets (Non-GAAP), was 34% in 2Q17.

• Investment services fees as a percentage of noninterest expense (excluding amortization of intangible assets) was 97% in 2Q17.

• Investment services fees increased 4% year-over-year and 2% sequentially.

• Asset servicing fees increased 2% year-over-year and sequentially, primarily reflecting net new business, including growth of collateral management solutions, and higher equity market values. The year-over-year increase was 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 12% year-over-year and 5% sequentially, primarily driven by higher money market fees and growth in long-term mutual fund assets.

• Issuer services fees increased 3% year-over-year, primarily reflecting higher Depositary Receipts revenue. The 4% sequential decrease primarily reflects seasonality in Depositary Receipts revenue.

• Treasury services fees increased 1% 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 10% year-over-year and 5% sequentially, primarily reflectinglower volatility, partially offset by higher volumes.

• Other revenue increased 5% both year-over-year and sequentially, primarily reflecting higher payments from Investment Management related to higher money market fees, partially offset by certain fees paid to introducing brokers.

• Net interest revenue increased 10% year-over-year primarily reflecting the impact of the higher interest rates, partially offset by lower deposits. The 8% sequential increase primarily reflects higher rates.

• Noninterest expense (excluding amortization of intangible assets) increased 4% year-over-year, primarily reflecting higher expenses from regulatory and compliance costs and additional technology investments, partially offset by the favorable impact of a stronger U.S. dollar. The 4% sequential increase primarily reflects additional technology investments, the unfavorable impact of a weaker U.S. dollar, higher business development expense and increased volume-related clearing and sub-custodian expenses.

Page - 17

BNY Mellon 2Q17 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)	2Q17			1Q17			4Q16			3Q16			2Q16
Revenue:
Fee and other revenue	$	113		$	72		$	42		$	100		$	95
Net interest (expense) revenue	(22		)	(1		)	38			(23		)	(5		)
Total revenue	91			71			80			77			90
Provision for credit losses	(4		)	(8		)	1			(20		)	(3		)
Noninterest expense (ex. M&I and restructuring charges)	28			106			108			88			53
M&I and restructuring charges	—			1			2			—			3
Total noninterest expense	28			107			110			88			56
Income (loss) before taxes	$	67		$	(28	)	$	(31	)	$	9		$	37
Income (loss) before taxes (ex. M&I and restructuring charges) – Non-GAAP	$	67		$	(27	)	$	(29	)	$	9		$	40
Average loans and leases	$	1,302		$	1,341		$	2,142		$	1,941		$	1,703

KEY POINTS

• Total fee and other revenue increased$18 million compared with 2Q16 and $41 million compared with 1Q17. Both increases primarily reflect lease-related gains and higher income from corporate/bank-owned life insurance. The year-over-year increase was partially offset by the negative impact of foreign exchange translation and lower other income driven by our investments in renewable energy. The sequential increase was partially offset by a net gain related to an equity investment recorded in 1Q17.

• Net interest revenue decreased$17 million compared with 2Q16 and $21 million compared with 1Q17. Both decreases primarily reflect the impact of higher crediting rates to the businesses.

• Noninterest expense (excluding M&I and restructuring charges) decreased$25 million compared with 2Q16 and $78 million compared with 1Q17. Both decreases are primarily driven by lower staff expense.

Page - 18

BNY Mellon 2Q17 Earnings Release

THE BANK OF NEW YORK MELLON CORPORATION

Condensed Consolidated Income Statement

(in millions)	Quarter ended									Year-to-date
	June 30, 2017			March 31, 2017			June 30, 2016			June 30, 2017			June 30, 2016
Fee and other revenue
Investment services fees:
Asset servicing	$	1,085		$	1,063		$	1,069		$	2,148		$	2,109
Clearing services	394			376			350			770			700
Issuer services	241			251			234			492			478
Treasury services	140			139			139			279			270
Total investment services fees	1,860			1,829			1,792			3,689			3,557
Investment management and performance fees	879			842			830			1,721			1,642
Foreign exchange and other trading revenue	165			164			182			329			357
Financing-related fees	53			55			57			108			111
Distribution and servicing	41			41			43			82			82
Investment and other income	122			77			74			199			179
Total fee revenue	3,120			3,008			2,978			6,128			5,928
Net securities gains	—			10			21			10			41
Total fee and other revenue	3,120			3,018			2,999			6,138			5,969
Operations of consolidated investment management funds
Investment income	10			37			10			47			7
Interest of investment management fund note holders	—			4			—			4			3
Income from consolidated investment management funds	10			33			10			43			4
Net interest revenue
Interest revenue	1,052			960			890			2,012			1,773
Interest expense	226			168			123			394			240
Net interest revenue	826			792			767			1,618			1,533
Total revenue	3,956			3,843			3,776			7,799			7,506
Provision for credit losses	(7		)	(5		)	(9		)	(12		)	1
Noninterest expense
Staff	1,417			1,472			1,412			2,889			2,871
Professional, legal and other purchased services	319			312			290			631			568
Software and equipment	232			223			223			455			442
Net occupancy	139			136			152			275			294
Distribution and servicing	104			100			102			204			202
Sub-custodian	65			64			70			129			129
Bank assessment charges (a)	59			57			52			116			105
Business development	63			51			65			114			122
Other (a)	192			167			188			359			376
Amortization of intangible assets	53			52			59			105			116
M&I, litigation and restructuring charges	12			8			7			20			24
Total noninterest expense	2,655			2,642			2,620			5,297			5,249
Income
Income before income taxes	1,308			1,206			1,165			2,514			2,256
Provision for income taxes	332			269			290			601			573
Net income	976			937			875			1,913			1,683
Net (income) loss attributable to noncontrolling interests (includes $(3), $(18),$(4), $(21) and $3 related to consolidated investment management funds, respectively)	(1		)	(15		)	(2		)	(16		)	7
Net income applicable to shareholders of The Bank of New York Mellon Corporation	975			922			873			1,897			1,690
Preferred stock dividends	(49		)	(42		)	(48		)	(91		)	(61		)
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	926		$	880		$	825		$	1,806		$	1,629

(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 2Q17 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						Year-to-date
	June 30, 2017		March 31, 2017		June 30, 2016		June 30, 2017		June 30, 2016
(in millions)
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	926	$	880	$	825	$	1,806	$	1,629
Less: Earnings allocated to participating securities	13		14		13		27		24
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	$	913	$	866	$	812	$	1,779	$	1,605

Average common shares and equivalents outstanding of The Bank of New York Mellon Corporation	Quarter ended			Year-to-date
	June 30, 2017	March 31, 2017	June 30, 2016	June 30, 2017	June 30, 2016
(in thousands)
Basic	1,035,829	1,041,158	1,072,583	1,038,479	1,076,112
Diluted	1,041,879	1,047,746	1,078,271	1,044,809	1,081,847

Earnings per share applicable to the common shareholders of The Bank of New York Mellon Corporation	Quarter ended						Year-to-date
	June 30, 2017		March 31, 2017		June 30, 2016		June 30, 2017		June 30, 2016
(in dollars)
Basic	$	0.88	$	0.83	$	0.76	$	1.71	$	1.49
Diluted	$	0.88	$	0.83	$	0.75	$	1.70	$	1.48

Page - 20

BNY Mellon 2Q17 Earnings Release

THE BANK OF NEW YORK MELLON CORPORATION

Consolidated Balance Sheet

(dollars in millions, except per share amounts)	June 30, 2017			March 31, 2017			Dec. 31, 2016
Assets
Cash and due from:
Banks	$	4,725		$	5,366		$	4,822
Interest-bearing deposits with the Federal Reserve and other central banks	74,130			65,086			58,041
Interest-bearing deposits with banks	13,601			14,554			15,086
Federal funds sold and securities purchased under resale agreements	27,440			25,776			25,801
Securities:
Held-to-maturity (fair value of $40,862, $40,066 and $40,669)	40,986			40,254			40,905
Available-for-sale	78,274			75,580			73,822
Total securities	119,260			115,834			114,727
Trading assets	5,279			4,912			5,733
Loans	61,673			60,868			64,458
Allowance for loan losses	(165		)	(164		)	(169		)
Net loans	61,508			60,704			64,289
Premises and equipment	1,640			1,307			1,303
Accrued interest receivable	567			551			568
Goodwill	17,457			17,355			17,316
Intangible assets	3,506			3,549			3,598
Other assets	25,000			21,515			20,954
Subtotal assets of operations	354,113			336,509			332,238
Assets of consolidated investment management funds, at fair value	702			1,027			1,231
Total assets	$	354,815		$	337,536		$	333,469
Liabilities
Deposits:
Noninterest-bearing (principally U.S. offices)	$	89,063		$	79,771		$	78,342
Interest-bearing deposits in U.S. offices	48,798			50,991			52,049
Interest-bearing deposits in Non-U.S. offices	97,816			90,529			91,099
Total deposits	235,677			221,291			221,490
Federal funds purchased and securities sold under repurchase agreements	10,934			11,149			9,989
Trading liabilities	4,100			2,816			4,389
Payables to customers and broker-dealers	21,622			21,306			20,987
Commercial paper	876			2,543			—
Other borrowed funds	1,338			1,022			754
Accrued taxes and other expenses	5,670			5,290			5,867
Other liabilities (includes allowance for lending-related commitments of $105, $112 and $112)	6,379			5,733			5,635
Long-term debt	27,699			26,346			24,463
Subtotal liabilities of operations	314,295			297,496			293,574
Liabilities of consolidated investment management funds, at fair value	22			209			315
Total liabilities	314,317			297,705			293,889
Temporary equity
Redeemable noncontrolling interests	181			159			151
Permanent equity
Preferred stock – par value $0.01 per share; authorized 100,000,000 shares; issued 35,826, 35,826 and 35,826 shares	3,542			3,542			3,542
Common stock – par value $0.01 per share; authorized 3,500,000,000 shares; issued 1,349,181,914, 1,345,247,459 and 1,333,706,427 shares	13			13			13
Additional paid-in capital	26,432			26,248			25,962
Retained earnings	24,027			23,300			22,621
Accumulated other comprehensive loss, net of tax	(3,093		)	(3,524		)	(3,765		)
Less: Treasury stock of 316,025,713, 305,370,439 and 286,218,126 common shares, at cost	(10,947		)	(10,441		)	(9,562		)
Total The Bank of New York Mellon Corporation shareholders’ equity	39,974			39,138			38,811
Nonredeemable noncontrolling interests of consolidated investment management funds	343			534			618
Total permanent equity	40,317			39,672			39,429
Total liabilities, temporary equity and permanent equity	$	354,815		$	337,536		$	333,469

Page - 21

BNY Mellon 2Q17 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 estimated fully phased-in CET1 and other risk-based capital ratios, the estimated 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 is an additional useful 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 amortization of intangible assets and M&I, litigation and restructuring charges.

Operating margin, operating leverage and return on equity 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 the 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 from consolidated investment management funds, net of net income 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 2Q17 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)	2Q17			1Q17			4Q16			3Q16			2Q16
Income before income taxes – GAAP	$	1,308		$	1,206		$	1,152		$	1,317		$	1,165
Less: Net income attributable to noncontrolling interests of consolidated investment management funds	3			18			4			9			4
Add: Amortization of intangible assets	53			52			60			61			59
M&I, litigation and restructuring charges	12			8			7			18			7
Recovery related to Sentinel	—			—			—			(13		)	—
Income before income taxes, as adjusted – Non-GAAP (a)	$	1,370		$	1,248		$	1,215		$	1,374		$	1,227
Fee and other revenue – GAAP	$	3,120		$	3,018		$	2,954		$	3,150		$	2,999
Income from consolidated investment management funds – GAAP	10			33			5			17			10
Net interest revenue – GAAP	826			792			831			774			767
Total revenue – GAAP	3,956			3,843			3,790			3,941			3,776
Less: Net income attributable to noncontrolling interests of consolidated investment management funds	3			18			4			9			4
Total revenue, as adjusted – Non-GAAP (a)	$	3,953		$	3,825		$	3,786		$	3,932		$	3,772
Pre-tax operating margin – GAAP (b)(c)	33		%	31		%	30		%	33		%	31		%
Adjusted pre-tax operating margin – Non-GAAP (a)(b)(c)	35		%	33		%	32		%	35		%	33		%

(a) Non-GAAP information for all periods presented excludes net income 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 $106 million for 2Q17, $101 million for 1Q17, $92 million for 4Q16 and $74 million for 3Q16 and 2Q16 and would increase our pre-tax operating margin by approximately 1.8% for 2Q17 and 1Q17, 1.7% for 4Q16, 1.2% for 3Q16 and 1.3% for 2Q16.

The following table presents the reconciliation of the operating leverage.

Operating leverage							2Q17 vs.
(dollars in millions)	2Q17		1Q17		2Q16		1Q17		2Q16
Total revenue – GAAP	$	3,956	$	3,843	$	3,776	2.94%		4.77%
Less: Net income attributable to noncontrolling interests of consolidated investment management funds	3		18		4
Total revenue, as adjusted – Non-GAAP	$	3,953	$	3,825	$	3,772	3.35%		4.80%
Total noninterest expense – GAAP	$	2,655	$	2,642	$	2,620	0.49%		1.34%
Less: Amortization of intangible assets	53		52		59
M&I, litigation and restructuring charges	12		8		7
Total noninterest expense, as adjusted – Non-GAAP	$	2,590	$	2,582	$	2,554	0.31%		1.41%
Operating leverage – GAAP (a)							245	bps	343	bps
Adjusted operating leverage – Non-GAAP (a)(b)							304	bps	339	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 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 2Q17 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)	2Q17			1Q17			4Q16			3Q16			2Q16
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP	$	926		$	880		$	822		$	974		$	825
Add: Amortization of intangible assets	53			52			60			61			59
Less: Tax impact of amortization of intangible assets	19			18			19			21			21
Net income applicable to common shareholders of The Bank of New York Mellon Corporation excluding amortization of intangible assets – Non-GAAP	960			914			863			1,014			863
Add: M&I, litigation and restructuring charges	12			8			7			18			7
Recovery related to Sentinel	—			—			—			(13		)	—
Less: Tax impact of M&I, litigation and restructuring charges	3			2			3			5			2
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)	$	969		$	920		$	867		$	1,019		$	868
Average common shareholders’ equity	$	35,862		$	34,965		$	35,171		$	35,767		$	35,827
Less: Average goodwill	17,408			17,338			17,344			17,463			17,622
Average intangible assets	3,532			3,578			3,638			3,711			3,789
Add: Deferred tax liability – tax deductible goodwill (b)	1,542			1,518			1,497			1,477			1,452
Deferred tax liability – intangible assets (b)	1,095			1,100			1,105			1,116			1,129
Average tangible common shareholders’ equity – Non-GAAP	$	17,559		$	16,667		$	16,791		$	17,186		$	16,997
Return on common equity – GAAP (c)	10.4		%	10.2		%	9.3		%	10.8		%	9.3		%
Adjusted return on common equity – Non-GAAP (a)(c)	10.8		%	10.7		%	9.8		%	11.3		%	9.7		%
Return on tangible common equity – Non-GAAP (c)	21.9		%	22.2		%	20.4		%	23.5		%	20.4		%
Adjusted return on tangible common equity – Non-GAAP (a)(c)	22.1		%	22.4		%	20.5		%	23.6		%	20.5		%

(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 capital rules.

(c) Quarterly returns are annualized.

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

Book value per common share	June 30, 2017		March 31, 2017		Dec. 31, 2016		Sept. 30, 2016		June 30, 2016
(dollars in millions, unless otherwise noted)
BNY Mellon shareholders’ equity at period end – GAAP	$	39,974	$	39,138	$	38,811	$	39,695	$	38,559
Less: Preferred stock	3,542		3,542		3,542		3,542		2,552
BNY Mellon common shareholders’ equity at period end – GAAP	36,432		35,596		35,269		36,153		36,007
Less: Goodwill	17,457		17,355		17,316		17,449		17,501
Intangible assets	3,506		3,549		3,598		3,671		3,738
Add: Deferred tax liability – tax deductible goodwill (a)	1,542		1,518		1,497		1,477		1,452
Deferred tax liability – intangible assets (a)	1,095		1,100		1,105		1,116		1,129
BNY Mellon tangible common shareholders’ equity at period end – Non-GAAP	$	18,106	$	17,310	$	16,957	$	17,626	$	17,349
Period-end common shares outstanding (in thousands)	1,033,156		1,039,877		1,047,488		1,057,337		1,067,674
Book value per common share – GAAP	$	35.26	$	34.23	$	33.67	$	34.19	$	33.72
Tangible book value per common share – Non-GAAP	$	17.53	$	16.65	$	16.19	$	16.67	$	16.25

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

Page - 24

BNY Mellon 2Q17 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						2Q17 vs.
(dollars in millions)	2Q17		2Q16			2Q16
Investment management and performance fees – GAAP	$	879	$	830		6	%
Impact of changes in foreign currency exchange rates	—		(26		)
Investment management and performance fees, as adjusted – Non-GAAP	$	879	$	804		9	%

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

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

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

Investment management fees - Investment Management business						2Q17 vs.
(dollars in millions)	2Q17		2Q16			2Q16
Investment management fees – GAAP	$	845	$	808		5	%
Impact of changes in foreign currency exchange rates	—		(25		)
Investment management fees, as adjusted – Non-GAAP	$	845	$	783		8	%

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)	2Q17		1Q17		4Q16			3Q16		2Q16
Investment management fees	$	2	$	2	$	4		$	2	$	3
Other (Investment income (loss))	5		13		(3		)	6		3
Income from consolidated investment management funds, net of noncontrolling interests	$	7	$	15	$	1		$	8	$	6

Page - 25

BNY Mellon 2Q17 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)	2Q17			1Q17			4Q16			3Q16			2Q16
Income before income taxes – GAAP	$	288		$	277		$	260		$	256		$	234
Add: Amortization of intangible assets	15			15			22			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	$	303		$	295		$	288		$	278		$	254
Total revenue – GAAP	$	986		$	963		$	960		$	958		$	938
Less: Distribution and servicing expense	104			101			98			104			102
Adjusted total revenue, net of distribution and servicing expense – Non-GAAP	$	882		$	862		$	862		$	854		$	836
Pre-tax operating margin – GAAP (a)	29		%	29		%	27		%	27		%	25		%
Adjusted pre-tax operating margin, excluding amortization of intangible assets, provision for credit losses and distribution and servicing expense – Non-GAAP (a)	34		%	34		%	33		%	33		%	30		%

(a)    Income before taxes divided by total revenue.

DIVIDENDS

Common – On July 20, 2017, The Bank of New York Mellon Corporation declared a quarterly common stock dividend of $0.24 per share, an increase from the prior dividend amount of $0.19 per common share. This cash dividend is payable on Aug. 11, 2017 to shareholders of record as of the close of business on Aug. 1, 2017.

Preferred – On July 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 September 2017, in each case payable on Sept. 20, 2017 to holders of record as of the close of business on Sept. 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); and

• $2,312.50 per share on the Series F Preferred Stock (equivalent to $23.1250 per depositary share, each representing a 1/100th interest in a share of the Series F Preferred Stock).

Page - 26

BNY Mellon 2Q17 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 our strategy, growth, positioning and focus. 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, the Quarterly Report on Form 10-Q for the period ended March 31, 2017 and BNY Mellon’s other filings with the Securities and Exchange Commission. All forward-looking statements in this Earnings Release speak only as of July 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 June 30, 2017, BNY Mellon had $31.1 trillion in assets under custody and/or administration, and $1.8 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, Thomas P. Gibbons, vice chairman and chief financial officer, and Charles W. Scharf, chief executive 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 July 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 July 20, 2017. Replays of the conference call and audio webcast will be available beginning July 20, 2017 at approximately 2 p.m. EDT through Aug. 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

July 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 - 10 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			2nd 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		$	1,085
Clearing services	344			347			345			339			350			350			349			355			376			394
Issuer services	232			234			313			199			244			234			337			211			251			241
Treasury services	137			144			137			137			131			139			137			140			139			140
Total investment services fees	1,751			1,785			1,852			1,707			1,765			1,792			1,890			1,774			1,829			1,860
Investment management and performance fees (a)	867			878			829			864			812			830			860			848			842			879
Foreign exchange & other trading revenue	229			187			179			173			175			182			183			161			164			165
Distribution and servicing	41			39			41			41			39			43			43			41			41			41
Financing-related fees	40			58			71			51			54			57			58			50			55			53
Investment and other income (a)	60			104			59			93			105			74			92			70			77			122
Total fee revenue (a)	2,988			3,051			3,031			2,929			2,950			2,978			3,126			2,944			3,008			3,120
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			3,120
Income (loss) from consolidated investment management funds (a)	52			40			(22		)	16			(6		)	10			17			5			33			10
Net interest revenue	728			779			759			760			766			767			774			831			792			826
Total revenue (a)	3,792			3,886			3,790			3,726			3,730			3,776			3,941			3,790			3,843			3,956
Provision for credit losses	2			(6		)	1			163			10			(9		)	(19		)	7			(5		)	(7		)
Noninterest expense	2,637			2,603			2,603			2,610			2,555			2,554			2,564			2,564			2,582			2,590
Amortization of intangible assets	66			65			66			64			57			59			61			60			52			53
Merger & integration, litigation and restructuring charges	(3		)	59			11			18			17			7			18			7			8			12
Total noninterest expense	2,700			2,727			2,680			2,692			2,629			2,620			2,643			2,631			2,642			2,655
Income before taxes	1,090			1,165			1,109			871			1,091			1,165			1,317			1,152			1,206			1,308
Provision for income taxes	280			276			282			175			283			290			324			280			269			332
Net income	810			889			827			696			808			875			993			872			937			976
Net income (loss) attributable to noncontrolling interest (a)(b)	(31		)	(36		)	6			(3		)	9			(2		)	(6		)	(2		)	(15		)	(1		)
Preferred stock dividends	(13		)	(23		)	(13		)	(56		)	(13		)	(48		)	(13		)	(48		)	(42		)	(49		)
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	766		$	830		$	820		$	637		$	804		$	825		$	974		$	822		$	880		$	926
Earnings per share (c)	$	0.67		$	0.73		$	0.74		$	0.57		$	0.73		$	0.75		$	0.90		$	0.77		$	0.83		$	0.88
Pre-tax operating margin (a)	29		%	30		%	29		%	23		%	29		%	31		%	33		%	30		%	31		%	33		%
Adjusted pre-tax operating margin - Non-GAAP (a)(d)	30		%	33		%	31		%	30		%	31		%	33		%	35		%	32		%	33		%	35		%
Return on common equity (annualized) - GAAP	8.8		%	9.4		%	9.1		%	7.1		%	9.2		%	9.3		%	10.8		%	9.3		%	10.2		%	10.4		%
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		%	21.9		%
Percent of non-US total revenue	36		%	36		%	37		%	34		%	33		%	34		%	36		%	34		%	34		%	35		%
(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 per share charge related to litigation and restructuring. The fourth quarter of 2015 includes an $0.11 per share 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 per share charge related to litigation and restructuring. The third quarter of 2016 also includes a $0.01 per share recovery of the previously impaired Sentinel loan. The first quarter of 2017 includes a $0.03 per share 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 July 20, 2017, for the second 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 - 10 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			2nd Qtr
Investment services fees:
Asset servicing	$	995		$	1,011		$	1,019		$	986		$	990		$	1,017		$	1,016		$	1,014		$	1,014		$	1,037
Securities lending	43			49			38			46			50			52			51			54			49			48
Clearing services	344			347			345			339			350			350			349			355			376			394
Issuer services	232			234			313			199			244			234			337			211			251			241
Treasury services	137			144			137			137			131			139			137			140			139			140
Total investment services fees	1,751			1,785			1,852			1,707			1,765			1,792			1,890			1,774			1,829			1,860
Investment management and performance fees (a)	867			878			829			864			812			830			860			848			842			879
Foreign exchange and other trading revenue	229			187			179			173			175			182			183			161			164			165
Distribution and servicing	41			39			41			41			39			43			43			41			41			41
Financing-related fees	40			58			71			51			54			57			58			50			55			53
Investment and other income (a)	60			104			59			93			105			74			92			70			77			122
Total fee revenue (a)	2,988			3,051			3,031			2,929			2,950			2,978			3,126			2,944			3,008			3,120
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		$	3,120
Fee revenue as a percentage of total revenue	79		%	79		%	81		%	79		%	79		%	79		%	79		%	78		%	78		%	79		%
(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 - 10 Quarter Trend

	2015																				2016
	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			Average
(dollar amounts in millions)																					balance			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	%	$	14,909		0.69	%
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		89,092			0.28
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		23,623			0.84
Margin loans	20,051			1.00		20,467			1.01		19,839			1.05		19,321			1.09		18,907			1.34
Non-margin loans:
Domestic offices	25,256			2.14		26,716			2.06		27,411			2.15		27,751			2.06		28,506			2.21
Foreign offices	12,628			1.24		13,893			1.19		14,407			1.13		14,892			1.17		13,783			1.39
Total non-margin loans	37,884			1.84		40,609			1.77		41,818			1.80		42,643			1.75		42,289			1.95
Securities:
U.S. government obligations	27,454			1.38		28,331			1.42		23,935			1.52		23,955			1.53		24,479			1.50
U.S. government agency obligations	52,744			1.68		56,332			1.77		55,624			1.76		55,441			1.81		55,966			1.79
Obligations of states and political subdivisions	5,213			2.64		5,021			2.67		4,465			2.81		4,164			2.80		3,979			2.89
Other securities	38,065			1.33		38,957			1.24		37,164			1.28		35,972			1.25		34,114			1.22
Trading securities	3,046			2.46		3,253			2.63		2,737			2.74		2,786			2.79		3,320			2.16
Total securities	126,522			1.57		131,894			1.59		123,925			1.63		122,318			1.65		121,858			1.62
Total interest-earning assets	308,104			1.07		318,596			1.08		315,672			1.08		312,610			1.08		310,678			1.16
Allowance for loan losses	(191		)			(190		)			(184		)			(181		)			(157		)
Cash and due from banks	6,204					6,785					6,140					5,597					3,879
Other assets	51,966					50,808					49,700					48,849					48,845
Assets of consolidated investment funds (a)	2,328					2,280					2,125					1,715					1,309
Total Assets (a)	$	368,411				$	378,279				$	373,453				$	368,590				$	364,554
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	%	$	8,249		0.11	%
Savings	1,429			0.30		1,326			0.27		1,279			0.27		1,217			0.27		1,235			0.27
Other time deposits	43,259			0.04		46,807			0.03		43,529			0.04		43,061			0.03		42,678			0.04
Foreign offices	104,811			0.03		112,261			—		114,322			—		106,764			—		109,855			0.03
Total interest-bearing deposits	159,520			0.04		170,716			0.02		169,753			0.02		160,334			0.01		162,017			0.04
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	)	18,689			0.20
Trading Liabilities	795			1.07		632			1.84		475			1.42		638			1.34		551			1.43
Other borrowed funds	2,108			0.50		3,795			0.37		2,823			0.35		733			1.13		781			0.96
Payables to customers and broker-dealers	10,932			0.07		11,234			0.07		11,504			0.06		12,904			0.06		16,801			0.09
Long-term debt	20,199			1.21		20,625			0.99		21,070			1.21		21,418			1.19		21,556			1.57
Total interest-bearing liabilities	207,431			0.15		223,734			0.12		220,421			0.14		216,376			0.14		220,395			0.21
Total noninterest-bearing deposits	89,592					84,890					85,046					85,878					82,944
Other liabilities	32,341					29,840					27,880					26,530					22,300
Liabilities and obligations of consolidated investment funds (a)	1,004					857					841					629					259
Total The Bank of New York Mellon Corporation Shareholders' Equity	37,048					37,829					38,140					38,216					37,804
Noncontrolling interest (a)	995					1,129					1,125					961					852
Total liabilities and shareholders' equity (a)	$	368,411				$	378,279				$	373,453				$	368,590				$	364,554
Net interest margin - GAAP				0.95	%				0.98	%				0.96	%				0.97	%				0.99	%
Net interest margin - Taxable equivalent basis - Non-GAAP (b)				0.97	%				1.00	%				0.98	%				0.99	%				1.01	%
(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) See "Appendix - GAAP to Non-GAAP Reconciliations" beginning on page 17 for the reconciliation of Non-GAAP measures.
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.

5

THE BANK OF NEW YORK MELLON CORPORATION - Average Balances and Interest Rates - 10 Quarter Trend (continued)

	2016															2017
	June 30					Sept. 30					Dec. 31					March 31					June 30
	Average balance			Average rate		Average balance			Average rate		Average balance			Average rate		Average balance			Average rate		Average balance			Average rate
(dollar amounts in millions)
Assets
Interest-earning assets:
Interest-bearing deposits with banks (primarily foreign)	$	14,394		0.68	%	$	14,066		0.74	%	$	15,447		0.71	%	$	14,714		0.60	%	$	14,832		0.73	%
Interest-bearing deposits with Federal Reserve & other central banks	97,788			0.30		74,102			0.20		61,672			0.18		66,043			0.35		69,316			0.41
Federal funds sold and securities purchased under resale agreements	25,813			0.87		26,376			0.93		27,233			0.97		25,312			1.07		26,873			1.29
Margin loans	18,226			1.40		18,132			1.48		17,547			1.61		15,753			1.94		15,058			2.32
Non-margin loans:
Domestic offices	29,413			2.25		30,534			2.22		32,730			2.23		30,963			2.44		30,734			2.70
Foreign offices	12,645			1.57		12,912			1.45		13,370			1.58		13,596			1.71		13,001			1.99
Total non-margin loans	42,058			2.04		43,446			1.99		46,100			2.04		44,559			2.22		43,735			2.49
Securities
U.S. government obligations	24,571			1.50		25,279			1.49		25,953			1.54		26,239			1.60		25,928			1.64
U.S. government agency obligations	56,050			1.68		56,464			1.70		57,049			1.82		56,857			1.90		59,533			1.95
Obligations of states and political subdivisions	3,778			2.90		3,598			2.98		3,461			3.08		3,373			3.11		3,298			3.09
Other securities	33,603			1.24		33,064			1.23		31,197			1.36		28,317			1.25		28,468			1.15
Trading securities	2,152			2.45		2,176			2.62		2,288			3.17		2,254			3.12		2,455			2.85
Total securities	120,154			1.57		120,581			1.58		119,948			1.70		117,040			1.74		119,682			1.74
Total interest-earning assets	318,433			1.14		296,703			1.19		287,947			1.30		283,421			1.38		289,496			1.47
Allowance for loan losses	(163		)			(165		)			(148		)			(169		)			(164		)
Cash and due from banks	4,141					4,189					5,017					5,097					4,972
Other assets	50,563					49,463					50,322					46,731					47,303
Assets of consolidated investment funds (a)	1,246					1,040					1,004					1,120					908
Total Assets (a)	$	374,220				$	351,230				$	344,142				$	336,200				$	342,515
Liabilities and total equity
Interest-bearing liabilities:
Money market rate accounts and demand deposit accounts	$	9,070		0.13	%	$	10,027		0.14	%	$	13,821		0.08	%	$	12,881		0.08	%	$	13,038		0.08	%
Savings	1,175			0.39		1,201			0.41		1,152			0.42		1,094			0.61		1,014			0.75
Other time deposits	46,629			0.06		45,186			0.07		37,766			0.07		35,429			0.12		34,757			0.18
Foreign offices	108,248			0.01		98,695			(0.08	)	92,942			(0.07	)	90,416			(0.03	)	93,527			0.05
Total interest-bearing deposits	165,122			0.03		155,109			(0.02	)	145,681			(0.01	)	139,820			0.03		142,336			0.09
Federal funds purchased and securities sold under repurchase agreements	18,204			0.28		9,585			0.24		11,567			0.30		18,995			0.51		17,970			0.84
Trading Liabilities	662			0.66		735			1.11		892			0.54		908			0.89		1,216			0.61
Other borrowed funds	4,628			0.48		2,047			0.53		1,286			0.77		2,986			0.91		3,408			1.05
Payables to customers and broker-dealers	16,935			0.05		16,873			0.07		17,091			0.07		18,961			0.16		20,609			0.30
Long-term debt	22,838			1.54		23,930			1.54		24,986			1.36		25,882			1.85		27,398			1.87
Total interest-bearing liabilities	228,389			0.21		208,279			0.19		201,503			0.19		207,552			0.33		212,937			0.42
Total noninterest-bearing deposits	84,033					81,619					82,267					73,555					73,886
Other liabilities	22,345					21,343					20,760					15,600					15,545
Liabilities and obligations of consolidated investment funds (a)	253					238					229					244					111
Total The Bank of New York Mellon Corporation Shareholders' Equity	38,379					39,051					38,713					38,507					39,404
Noncontrolling interest (a)	821					700					670					742					632
Total liabilities and shareholders' equity (a)	$	374,220				$	351,230				$	344,142				$	336,200				$	342,515
Net interest margin - GAAP				0.97	%				1.05	%				1.16	%				1.13	%				1.14	%
Net interest margin - Taxable equivalent basis - Non-GAAP (b)				0.98	%				1.06	%				1.17	%				1.14	%				1.16	%
(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) See "Appendix - GAAP to Non-GAAP Reconciliations" beginning on page 17 for the reconciliation of Non-GAAP measures.
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.

6

THE BANK OF NEW YORK MELLON CORPORATION

NONINTEREST EXPENSE - 10 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		2nd Qtr
Staff	$	1,485		$	1,434	$	1,437	$	1,481	$	1,459	$	1,412	$	1,467	$	1,395	$	1,472	$	1,417
Professional, legal and other purchased services	302			299		301		328		278		290		292		325		312		319
Software and equipment	228			228		226		225		219		223		215		237		223		232
Net occupancy	151			149		152		148		142		152		143		153		136		139
Distribution and servicing	98			96		95		92		100		102		105		98		100		104
Sub-custodian	70			75		65		60		59		70		59		57		64		65
Bank assessment charges (a)	55			59		41		2		53		52		61		53		57		59
Business development	61			72		59		75		57		65		52		71		51		63
Other (a)	187			191		227		199		188		188		170		175		167		192
Amortization of intangible assets	66			65		66		64		57		59		61		60		52		53
Merger & integration, litigation and restructuring charges	(3		)	59		11		18		17		7		18		7		8		12
Total noninterest expense - GAAP	$	2,700		$	2,727	$	2,680	$	2,692	$	2,629	$	2,620	$	2,643	$	2,631	$	2,642	$	2,655
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	$	2,590
Full-time employees at period-end	50,500			50,700		51,300		51,200		52,100		52,200		52,300		52,000		52,600		52,800
(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.

7

THE BANK OF NEW YORK MELLON CORPORATION

ASSETS UNDER MANAGEMENT, CUSTODY AND/OR ADMINISTRATION AND SECURITIES LENDING - 10 Quarter Trend

	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			2nd 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		$	1,265
Mutual Funds	445			454			419			420			405			398			396			381			397			418
Private Client	84			83			77			78			79			84			85			85			87			88
Assets under management	$	1,717		$	1,700		$	1,625		$	1,625		$	1,639		$	1,664		$	1,715		$	1,648		$	1,727		$	1,771		(b)
AUM at period end, by product type: (a)(c)
Equity	10		%	10		%	9		%	9		%	9		%	9		%	9		%	9		%	9		%	9		%
Fixed income	12			11			12			12			12			12			11			11			11			11
Index	21			21			19			20			19			18			18			19			19			18
Liability-driven investments (d)	30			30			32			31			33			34			35			34			34			35
Multi-asset and alternative investments	10			11			11			11			11			11			11			11			11			11
Cash	17			17			17			17			16			16			16			16			16			16
Total AUM	100		%	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		$	31.1		(b)
Market value of securities on loan at period end (f)	$	291		$	283		$	288		$	277		$	300		$	278		$	288		$	296		$	314		$	336
Key Market Metrics
S&P 500 Index (g)	2068			2063			1920			2044			2060			2099			2168			2239			2363			2423
S&P 500 Index - daily average	2064			2102			2027			2052			1951			2075			2162			2185			2326			2398
FTSE 100 Index (g)	6773			6521			6062			6242			6175			6504			6899			7143			7323			7313
FTSE 100 Index-daily average	6793			6920			6399			6271			5988			6204			6765			6923			7274			7391
MSCI EAFE (g)	1849			1842			1644			1716			1652			1608			1702			1684			1793			1883
MSCI EAFE-daily average	1818			1905			1785			1732			1593			1648			1677			1660			1749			1856
Barclays Capital Global Aggregate BondSM Index (g)(h)	448			442			446			442			468			482			486			451			459			471
NYSE & NASDAQ Share Volume (in billions)	187			185			206			198			218			203			186			189			186			199
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			7.98
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		%	1.04		%
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		$	1.30
British pound - average rate	1.51			1.53			1.55			1.52			1.43			1.43			1.31			1.24			1.24			1.28
Euro (g)	1.07			1.11			1.12			1.09			1.14			1.11			1.12			1.05			1.07			1.14
Euro - average rate	1.13			1.11			1.11			1.10			1.10			1.13			1.12			1.08			1.07			1.10
(a) Excludes securities lending cash management assets and assets managed in the Investment Services business.  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, March 31, 2017 and June 30, 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 $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, $65 billion at March 31, 2017 and $66 billion at June 30, 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.

8

THE BANK OF NEW YORK MELLON CORPORATION

ASSETS UNDER MANAGEMENT NET FLOWS - 10 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			2nd 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		$	1,727
Net inflows (outflows):
Long-term strategies:
Equity	(5		)	(11		)	(5		)	(10		)	(2		)		(2		)		(6		)	(5		)	(4		)	(2		)
Fixed income	3			(2		)	(4		)	2			—				(3		)		(1		)	(1		)	2			2
Liability-driven investments (c)	8			5			11			11			14				15				4			(7		)	14			15
Multi-asset and alternative investments	1			2			2			4			—				2				7			3			2			1
Total long-term active inflows (outflows)	7			(6		)	4			7			12			—	12			—	4			(10		)	14			16
Index	8			(10		)	(10		)	(17		)	(11		)		(17		)		(3		)	(1		)	—			(13		)
Total long-term strategies inflows (outflows)	15			(16		)	(6		)	(10		)	1			—	(5		)	—	1			(11		)	14			3
Short-term strategies:
Cash	1			(11		)	(9		)	1			(9		)		4				(1		)	(3		)	13			11
Total net inflows (outflows)	16			(27		)	(15		)	(9		)	(8		)	—	(1		)	—	—			(14		)	27			14
Net market impact / Other	32			(29		)	(35		)	24			41				71				80			(11		)	41			1
Net currency impact	(35		)	39			(25		)	(15		)	(19		)		(47		)		(29		)	(42		)	11			29
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		$	1,771		(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.

9

THE BANK OF NEW YORK MELLON CORPORATION

INVESTMENT MANAGEMENT BUSINESS - 10 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			2nd Qtr
Revenue:
Investment management fees:
Mutual funds	$	301		$	312		$	301		$	294		$	300		$	304		$	309		$	297		$	299		$	314
Institutional clients	365			363			347			350			334			344			362			340			348			362
Wealth management	159			160			156			155			152			160			166			164			167			169
Total investment management fees(a)	825			835			804			799			786			808			837			801			814			845
Performance fees	15			20			7			55			11			9			8			32			12			17
Investment management and performance fees	840			855			811			854			797			817			845			833			826			862
Distribution and servicing	38			38			37			39			46			49			49			48			52			53
Other (a)	41			17			(5		)	22			(31		)	(10		)	(18		)	(1		)	(1		)	(16		)
Total fee and other revenue (a)	919			910			843			915			812			856			876			880			877			899
Net interest revenue	75			77			83			84			83			82			82			80			86			87
Total revenue	994			987			926			999			895			938			958			960			963			986
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			683
Amortization of intangible assets	24			25			24			24			19			19			22			22			15			15
Total noninterest expense	732			725			689			713			679			703			702			694			683			698
Income before taxes	$	263		$	259		$	236		$	290		$	217		$	234		$	256		$	260		$	277		$	288
Income before taxes (ex. intangible amortization) - Non-GAAP	$	287		$	284		$	260		$	314		$	236		$	253		$	278		$	282		$	292		$	303
Average assets	$	31,361		$	30,414		$	30,960		$	30,982		$	29,971		$	30,229		$	30,392		$	30,532		$	31,067		$	31,355
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		$	1,771		(c)
Pre-tax operating margin	26		%	26		%	25		%	29		%	24		%	25		%	27		%	27		%	29		%	29		%
Adjusted pre-tax operating margin- Non-GAAP (d)	32		%	32		%	31		%	34		%	30		%	30		%	33		%	33		%	34		%	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.

10

THE BANK OF NEW YORK MELLON CORPORATION

INVESTMENT SERVICES BUSINESS - 10 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			2nd Qtr
Revenue:
Investment services fees
Asset servicing - ex. securities lending	$	979		$	995		$	1,001		$	970		$	974		$	1,001		$	997		$	999		$	998		$	1,019
Securities lending revenue	38			43			33			39			42			42			42			44			40			42
Clearing services	342			346			345			337			348			350			347			354			375			393
Issuer services	231			234			312			199			244			233			336			211			250			241
Treasury services	135			141			135			135			129			137			136			139			139			139
Total investment services fees	1,725			1,759			1,826			1,680			1,737			1,763			1,858			1,747			1,802			1,834
Foreign exchange and other trading revenue	212			181			179			150			168			161			177			157			153			145
Other (a)	92			117			129			127			125			130			148			128			129			136
Total fee and other revenue	2,029			2,057			2,134			1,957			2,030			2,054			2,183			2,032			2,084			2,115
Net interest revenue	629			667			662			664			679			690			715			713			707			761
Total revenue	2,658			2,724			2,796			2,621			2,709			2,744			2,898			2,745			2,791			2,876
Provision for credit losses	7			6			7			8			14			(7		)	1			—			—			(3		)
Noninterest expense (ex. intangible amortization)	1,822			1,874			1,853			1,791			1,770			1,819			1,812			1,786			1,812			1,889
Amortization of intangible assets	41			40			41			40			38			40			39			38			37			38
Total noninterest expense	1,863			1,914			1,894			1,831			1,808			1,859			1,851			1,824			1,849			1,927
Income before taxes	$	788		$	804		$	895		$	782		$	887		$	892		$	1,046		$	921		$	942		$	952
Income before taxes (ex. amortization of intangible assets) - Non-GAAP	$	829		$	844		$	936		$	822		$	925		$	932		$	1,085		$	959		$	979		$	990
Average loans	$	45,071		$	45,822		$	46,222		$	45,844		$	45,004		$	43,786		$	44,329		$	45,832		$	42,818		$	40,931
Average assets	$	287,321		$	292,264		$	285,195		$	281,766		$	273,289		$	277,225		$	275,714		$	269,036		$	251,027		$	254,724
Average deposits	$	235,524		$	238,404		$	232,250		$	229,241		$	215,707		$	221,998		$	220,316		$	213,531		$	197,690		$	200,417
Pre-tax operating margin	30		%	30		%	32		%	30		%	33		%	33		%	36		%	34		%	34		%	33		%
Adjusted pre-tax operating margin (ex. provision for credit losses and intangible amortization) - Non-GAAP	31		%	31		%	34		%	32		%	35		%	34		%	37		%	35		%	35		%	34		%
Investment services fees as a percentage of noninterest expense (ex. intangible amortization)	95		%	94		%	99		%	94		%	98		%	97		%	103		%	98		%	99		%	97		%
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		$	31.1		(c)
Market value of securities on loan at period end (in billions) (d)	$	291		$	283		$	288		$	277		$	300		$	278		$	288		$	296		$	314		$	336
(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, March 31, 2017 and June 30, 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, $65 billion at March 31, 2017 and $66 billion at June 30, 2017.

11

THE BANK OF NEW YORK MELLON

OTHER SEGMENT- 10 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			2nd Qtr
Revenue:
Fee and other revenue	$	85		$	103		$	59		$	89		$	129		$	95		$	100		$	42		$	72		$	113
Net interest revenue (expense)	24			35			14			12			4			(5		)	(23		)	38			(1		)	(22		)
Total revenue	109			138			73			101			133			90			77			80			71			91
Provision for credit losses	(4		)	(15		)	(7		)	159			(3		)	(3		)	(20		)	1			(8		)	(4		)
Noninterest expense (ex. amortization of intangible assets, M&I and restructuring (recoveries) charges)	108			79			97			150			141			53			88			108			106			28
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			28
Income (loss) before taxes	$	8		$	66		$	(16	)	$	(204	)	$	(4	)	$	37		$	9		$	(31	)	$	(28	)	$	67
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	)	$	67
Average loans and leases	$	1,230		$	2,956		$	2,656		$	2,673		$	1,917		$	1,703		$	1,941		$	2,142		$	1,341		$	1,302
Average assets	$	49,729		$	55,601		$	57,298		$	55,842		$	61,294		$	66,766		$	45,124		$	44,577		$	54,106		$	56,436

12

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

13

THE BANK OF NEW YORK MELLON CORPORATION

NONPERFORMING ASSETS - 10 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			June 30
Nonperforming loans:
Other residential mortgages	$	111		$	110		$	103		$	102		$	99		$	97		$	93		$	91		$	88		$	84
Wealth management loans and mortgages	12			11			12			11			11			10			7			8			10			10
Commercial real estate	1			1			1			2			2			2			1			—			—			—
Lease financing	—			—			—			—			—			4			4			4			—			—
Commercial	—			—			—			—			5			—			—			—			—			—
Financial institutions	—			—			—			171			171			171			—			—			—			2
Total nonperforming loans	124			122			116			286			288			284			105			103			98			96
Other assets owned	4			5			7			6			4			5			4			4			9			4
Total nonperforming assets (a)	$	128		$	127		$	123		$	292		$	292		$	289		$	109		$	107		$	107		$	100
Nonperforming assets ratio	0.21		%	0.20		%	0.20		%	0.46		%	0.48		%	0.45		%	0.17		%	0.17		%	0.18		%	0.16		%
Nonperforming assets ratio excluding margin loans	0.30			0.30			0.28			0.67			0.69			0.63			0.23			0.23			0.24			0.21
Allowance for loan losses/nonperforming loans	153.2			150.0			156.0			54.9			56.3			55.6			141.0			164.1			167.3			171.9
Allowance for loan losses/nonperforming assets	148.4			144.1			147.2			53.8			55.5			54.7			135.8			157.9			153.3			165.0
Total allowance for credit losses/nonperforming loans	228.2			227.9			241.4			96.2			99.7			98.6			261.0			272.8			281.6			281.3
Total allowance for credit losses/nonperforming assets	221.1			218.9			227.6			94.2			98.3			96.9			251.4			262.6			257.9			270.0
(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.

14

THE BANK OF NEW YORK MELLON CORPORATION

ALLOWANCE FOR CREDIT LOSSES, PROVISION AND NET CHARGE-OFFS - 10 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			June 30
Allowance for credit losses:
Allowance for credit losses	$	191		$	190		$	183		$	181		$	157		$	162		$	158		$	148		$	169		$	164
Allowance for lending-related commitments	89			93			95			99			118			125			122			126			112			112
Allowance for credit losses - beginning of period	$	280		$	283		$	278		$	280		$	275		$	287		$	280		$	274		$	281		$	276
Net (charge-offs) recoveries:
Charge-offs	—			—			—			(170		)	—			—			(1		)	(1		)	(1		)	—
Recoveries	1			1			1			2			2			2			14			1			1			1
Total net (charge-offs) recoveries	1			1			1			(168		)	2			2			13			—			—			1
Provision for credit losses	2			(6		)	1			163			10			(9		)	(19		)	7			(5		)	(7		)
Allowance for credit losses - end of period	$	283		$	278		$	280		$	275		$	287		$	280		$	274		$	281		$	276		$	270
Allowance for loan losses	$	190		$	183		$	181		$	157		$	162		$	158		$	148		$	169		$	164		$	165
Allowance for lending-related commitments	93			95			99			118			125			122			126			112			112			105
Allowance for credit losses - end of period	$	283		$	278		$	280		$	275		$	287		$	280		$	274		$	281		$	276		$	270
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		%	0.27		%

15

THE BANK OF NEW YORK MELLON CORPORATION

Quarterly Financial Trends

July 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 June 30, 2017 or other reports filed with the SEC.

16

Appendix - GAAP to Non-GAAP Reconciliations

17

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. 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. 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 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 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.

18

THE BANK OF NEW YORK MELLON CORPORATION
PRE-TAX OPERATING MARGIN RATIO RECONCILIATION - 10 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			2nd Qtr
Income before income taxes – GAAP	$	1,090		$	1,165		$	1,109		$	871		$	1,091		1,165			1,317			$	1,152		$	1,206		$	1,308
Less: Net income (loss) attributable to noncontrolling interests of consolidated investment management funds	31			37			(5		)	5			(7		)	4			9			4			18			3
Add: Amortization of intangible assets	66			65			66			64			57			59			61			60			52			53
M&I, litigation and restructuring charges (recoveries)	(3		)	59			11			18			17			7			18			7			8			12
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		$	1,370
Fee and other revenue – GAAP	$	3,012		$	3,067		$	3,053		$	2,950		$	2,970		$	2,999		$	3,150		$	2,954		$	3,018		$	3,120
Income (loss) from consolidated investment management funds – GAAP	52			40			(22		)	16			(6		)	10			17			5			33			10
Net interest revenue – GAAP	728			779			759			760			766			767			774			831			792			826
Total revenue – GAAP	3,792			3,886			3,790			3,726			3,730			3,776			3,941			3,790			3,843			3,956
Less: Net income (loss) attributable to noncontrolling interests of consolidated investment management funds	31			37			(5		)	5			(7		)	4			9			4			18			3
Total revenue, as adjusted – Non-GAAP (a)	$	3,761		$	3,849		$	3,795		$	3,721		$	3,737		$	3,772		$	3,932		$	3,786		$	3,825		$	3,953
Pre-tax operating margin - GAAP (b)(c)	29		%	30		%	29		%	23		%	29		%	31		%	33		%	30		%	31		%	33		%
Adjusted pre-tax operating margin – Non-GAAP (a)(b)(c)	30		%	33		%	31		%	30		%	31		%	33		%	35		%	32		%	33		%	35		%
(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, $101 million for 1Q17 and $106 million for 2Q17, 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 and 2Q17.

19

THE BANK OF NEW YORK MELLON CORPORATION
RETURN ON TANGIBLE COMMON EQUITY RECONCILIATION - 10 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			2nd 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		$	926
Add:  Amortization of intangible assets	66			65			66			64			57			59			61			60			52			53
Less: Tax impact of amortization of intangible assets	23			21			23			22			20			21			21			19			18			19
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		$	960
Average common shareholders’ equity	$	35,486		$	35,516		$	35,588		$	35,664		$	35,252		$	35,827		$	35,767		$	35,171		$	34,965		$	35,862
Less: Average goodwill	17,756			17,752			17,742			17,673			17,562			17,622			17,463			17,344			17,338			17,408
Average intangible assets	4,088			4,031			3,962			3,887			3,812			3,789			3,711			3,638			3,578			3,532
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			1,542
Deferred tax liability – intangible assets (a)	1,200			1,179			1,164			1,148			1,140			1,129			1,116			1,105			1,100			1,095
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		$	17,559
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		%	21.9		%
(a) Deferred tax liabilities are based on fully phased-in Basel III rules.
(b) Quarterly returns are annualized.

20

THE BANK OF NEW YORK MELLON CORPORATION
NONINTEREST EXPENSE RECONCILIATION - 10 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		2nd Qtr
Total noninterest expense -GAAP	$	2,700		$	2,727	$	2,680	$	2,692	$	2,629	$	2,620	$	2,643	$	2,631	$	2,642	$	2,655
Less: Amortization of intangible assets	66			65		66		64		57		59		61		60		52		53
M&I, litigation and restructuring charges (recoveries)	(3		)	59		11		18		17		7		18		7		8		12
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	$	2,590

21

THE BANK OF NEW YORK MELLON CORPORATION
PRE-TAX OPERATING MARGIN - INVESTMENT MANAGEMENT BUSINESS - 10 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			2nd Qtr
Income before income taxes – GAAP	$	263		$	259		$	236		$	290		$	217		$	234		$	256		$	260		$	277		$	288
Add: Amortization of intangible assets	24			25			24			24			19			19			22			22			15			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		$	303
Total revenue – GAAP	$	994		$	987		$	926		$	999		$	895		$	938		$	958		$	960		$	963		$	986
Less: Distribution and servicing expense	97			95			94			92			100			102			104			98			101			104
Adjusted total revenue net of distribution and servicing expense – Non-GAAP	$	897		$	892		$	832		$	907		$	795		$	836		$	854		$	862		$	862		$	882
Pre-tax operating margin - GAAP (a)	26		%	26		%	25		%	29		%	24		%	25		%	27		%	27		%	29		%	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		%	34		%
(a) Income before taxes divided by total revenue.

22

THE BANK OF NEW YORK MELLON CORPORATION
NET INTEREST MARGIN RECONCILIATION - 10 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			2nd Qtr
Net interest revenue - GAAP	$	728		$	779		$	759		$	760		$	766		$	767		$	774		$	831		$	792		$	826
Add: Tax equivalent adjustment	15			15			14			14			14			13			12			12			12			12
Net interest revenue - (FTE) - Non-GAAP	$	743		$	794		$	773		$	774		$	780		$	780		$	786		$	843		$	804		$	838
Average interest-earning assets	$	308,104		$	318,596		$	315,672		$	312,610		$	310,678		$	318,433		$	296,703		$	287,947		$	283,421		$	289,496
Net interest margin - GAAP (a)	0.95		%	0.98		%	0.96		%	0.97		%	0.99		%	0.97		%	1.05		%	1.16		%	1.13		%	1.14		%
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		%	1.16		%
(a) Net interest margin is annualized.

23

EX-99.3

BNY Mellon Second Quarter 2017 Financial Highlights July 20, 2017

2 Second 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: 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 Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 (the “1Q17 Form 10-Q”), 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 June 30, 2017, included as an exhibit to our Current Report on Form 8-K filed on July 20, 2017 (the “Earnings Release”). Such forward-looking statements speak only as of July 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 measures are contained in the Corporation’s reports filed with the SEC, including the 2016 Annual Report, the 1Q17 Form 10-Q and the Earnings Release, available at www.bnymellon.com/investorrelations.

3 Second Quarter 2017 – Financial Highlights Summary Financial Results for Second Quarter 2017 - GAAP Growth vs. $ in millions, except per share data 2Q17 1Q17 2Q16 1Q17 2Q16 Revenue $ 3,956 $ 3,843 $ 3,776 3% 5% Expenses $ 2,655 $ 2,642 $ 2,620 —% 1% Operating leverage1 +245 bps +343 bps Income before income taxes $ 1,308 $ 1,206 $ 1,165 8% 12% Pre-tax operating margin 33% 31% 31% EPS $ 0.88 $ 0.83 $ 0.75 6% 17% Return on common equity2 10.4% 10.2% 9.3% +16 bps +110 bps 1 Operating leverage is the rate of increase in total revenue less the rate of increase in total noninterest expense. The year-over-year operating leverage was based on an increase in total revenue of 477 basis points, and an increase in total noninterest expense, of 134 basis points. The sequential operating leverage was based on an increase in total revenue of 294 basis points, and an increase in total noninterest expense, of 49 basis points. 2 Annualized. Note: Provision for credit losses was a credit of $7 million in 2Q17 versus a provision credit of $5 million in 1Q17 and a provision credit of $9 million in 2Q16. bps - basis points

4 Second Quarter 2017 – Financial Highlights Summary Financial Results for Second Quarter 2017 (Non-GAAP)1 Growth vs. $ in millions, except per share data 2Q17 1Q17 2Q16 1Q17 2Q16 Revenue $ 3,953 $ 3,825 $ 3,772 3% 5% Expenses $ 2,590 $ 2,582 $ 2,554 —% 1% Adjusted operating leverage2 +304 bps +339 bps Income before income taxes $ 1,370 $ 1,248 $ 1,227 10% 12% Adjusted pre-tax operating margin 35% 33% 33% Return on tangible common equity3 21.9% 22.2% 20.4% (28) bps +152 bps Adjusted return on tangible common equity3 22.1% 22.4% 20.5% (24) bps +160 bps 1 Represents Non-GAAP measures. See Appendix for reconciliations. Additional disclosures regarding these measures and other Non-GAAP 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 in total revenue less the rate of increase 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 480 basis points, and an increase in total noninterest expense, as adjusted (Non-GAAP), of 141 basis points. The sequential operating leverage (Non-GAAP) was based on an increase in total revenue, as adjusted (Non-GAAP), of 335 basis points, and an increase of total noninterest expense, as adjusted (Non-GAAP), of 31 basis points. 3Annualized. bps - basis points

5 Second Quarter 2017 – Financial Highlights Second Quarter Financial Highlights (comparisons are 2Q17 versus 2Q16) Fee Revenue • Investment services fees increased +4% • Investment management and performance fees increased +6% Net Interest Revenue • Primarily driven by higher interest rates • NIM +17 bps to 114 bps Positive Operating Leverage • Pretax operating margin increased to +33% • Adjusted Pretax operating margin increased to +35%1 Adjusted Return on Tangible Common Equity (“ROTCE”) • Adjusted ROTCE improved to +22.1%1 1 Represents a Non-GAAP measure. See Appendix for reconciliations. Additional disclosures regarding these measures and other Non-GAAP measures are available in the Corporation’s reports filed with the SEC, available at www.bnymellon.com/investorrelations. 2 Includes the repurchase of $500 million of common stock contingent on the prior issuance of $500 million of noncumulative perpetual preferred stock. +5% +8% +343 bps +160 bps1 Earnings Per Share 2Q16 2Q17 $ 0.75 $0.88+17% Executing on capital plan and returning value to common shareholders • Returned nearly $700 million 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 6.2%; SLR - fully phased-in of 6.0%1 Noninterest Expense • Primarily driven by regulatory, legal and software expense +1% Strong Capital Position and Return to Shareholders Ÿ In 2Q17, we returned over $700 million to shareholders through share repurchases and dividends Ÿ The Federal Reserve did not object to our 2017 capital plan within the annual Comprehensive Capital Analysis and Review (“CCAR”) Ÿ Board approved quarterly common stock dividend increase of 26% to $0.24 per share and the repurchase of up to $3.1 billion of common stock over the next four quarters2

6 Second Quarter 2017 – Financial Highlights Second Quarter 2017 Key Performance Drivers (comparisons are 2Q17 versus 2Q16) • Earnings per common share of $0.88, +17%, driven by strength in investment services fees, net interest revenue, investment management and performance fees and continued execution of our business improvement process • Investment management and performance fees +6% due to higher market values, money market fees, and performance fees offset by the unfavorable impact of a stronger U.S. dollar (principally versus the British pound). On a constant currency basis, investment management and performance fees increased +9% (Non-GAAP)1 • Record Assets under Management of $1.8 trillion, +6% • Investment services fees +4% reflecting growth in clearing services fees, net new business, including collateral management solutions, and higher equity market values, offset by the unfavorable impact of a stronger U.S. dollar • Record Assets under Custody and/or Administration of $31.1 trillion, +5% • Net interest revenue (“NIR”) and net interest margin (“NIM”) growth primarily reflect higher interest rates • NIR (FTE) up +7%; NIM (FTE) up +18 bps to 116 bps1 • Trading and market-driven revenue • Foreign Exchange (9)% primarily reflects lower volatility, offset by higher volumes • Securities Lending (8)% due to decreased equity spreads • Investment and Other income increased $48 million primarily driven by lease-related gains • Noninterest expense +1%, reflecting higher professional, legal, and other purchased services (related to regulatory and compliance costs, including the 2017 resolution plan), software and litigation expenses, offset by the favorable impact of a stronger U.S. dollar and lower net occupancy expense • Business improvement process driving efficiencies • Enhancing the client experience through continued investments in growth initiatives including the roll out of our NEXEN digital platform • Improving efficiencies through initiatives by refining our location strategy and optimizing our physical footprint • Effective tax rate of 25.4% 1 Represents a Non-GAAP measure. See page 10 for NIR (FTE) and NIM (FTE) reconciliation and Appendix for all other reconciliations. Additional disclosures regarding these measures and other Non-GAAP measures are available in the Corporation’s reports filed with the SEC, available at www.bnymellon.com/investorrelations. FTE - fully taxable equivalent

7 Second Quarter 2017 – Financial Highlights Fee and Other Revenue (Consolidated) Growth vs. Year-over-Year Drivers ($ in millions) 2Q17 1Q17 2Q16 Investment services fees: Asset ServicingŸ Primarily reflecting net new business, including growth of collateral management 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 Primarily higher money market fees and growth in long-term mutual fund assets Issuer Services Ÿ Primarily higher Depositary Receipts revenue Treasury Services Ÿ Primarily reflecting higher payment volumes, partially offset by higher compensating balance credits to clients, which reduces fee revenue and increases net interest revenue Investment Management and Performance Fees Ÿ Primarily reflecting higher market values, money market fees, and performance fees, partially offset by the unfavorable impact of a stronger U.S. dollar (principally versus the British pound). On a constant currency basis, investment management and performance fees increased 9% (Non-GAAP)2 Foreign Exchange & Other Trading Revenue Ÿ Principally lower volatility partially offset by higher volumes Financing-related fees Ÿ Primarily lower underwriting fees Investment and other income Ÿ Primarily lease-related gains and higher income from corporate/bank-owned life insurance, partially offset by the negative impact of foreign exchange translation and lower other income driven by our investments in renewable energy Asset servicing1 $ 1,085 2% 1% Clearing services 394 5 13 Issuer services 241 (4) 3 Treasury services 140 1 1 Total investment services fees 1,860 2 4 Investment management and performance fees 879 4 6 Foreign exchange and other trading revenue 165 1 (9) Financing-related fees 53 (4) (7) Distribution and servicing 41 — (5) Investment and other income 122 N/M N/M Total fee revenue 3,120 4 5 Net securities gains — N/M N/M Total fee and other revenue $ 3,120 3% 4% 1 Asset servicing fees include securities lending revenue of $48 million in 2Q17, $49 million in 1Q17, and $52 million in 2Q16. 2Represents a Non-GAAP measure. See Appendix for reconciliations. Additional disclosures regarding these measures and other Non-GAAP 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

8 Second Quarter 2017 – Financial Highlights Investment Management Metrics Change in Assets Under Management (AUM)1,2 Growth vs. ($ in billions) 2Q17 LTM 2Q17 1Q17 2Q16 Beginning balance of AUM $1,727 $1,664 Net inflows (outflows): Long-term strategies: Equity (2) (17) Fixed income 2 2 Liability-driven investments3 15 26 Multi-asset and alternative investments 1 13 Total long-term active strategies inflows (outflows) 16 24 Index (13) (17) Total long-term strategies inflows (outflows) 3 7 Short-term strategies: Cash 11 20 Total net inflows (outflows) 14 27 Net market impact/other 1 111 Net currency impact 29 (31) Acquisition — — Ending balance of AUM $1,771 $1,771 3% 6% Average balances: Growth vs. $ in millions 2Q17 1Q17 2Q16 Average loans $ 16,560 3 % 12 % Average deposits $ 14,866 (6)% (4)% 1 Changes and ending balance are preliminary. 2 Excludes securities lending cash management assets and assets managed in the Investment Services business. 3 Includes currency overlay assets under management.

9 Second Quarter 2017 – Financial Highlights Investment Services Metrics Growth vs. 2Q17 1Q17 2Q16 Assets under custody and/or administration at period end (trillions)1,2 $ 31.1 2 % 5 % Estimated new business wins (AUC/A) (billions)1 $ 152 Market value of securities on loan at period end (billions)3 $ 336 7 % 21 % Average loans (millions) $ 40,931 (4)% (7)% Average deposits (millions) $ 200,417 1 % (10)% Broker-Dealer Average tri-party repo balances (billions) $ 2,498 5 % 19 % Clearing Services Average active clearing accounts (U.S. platform) (thousands) 6,159 2 % 4 % Average long-term mutual fund assets (U.S. platform) (millions) $ 480,532 4 % 11 % Depositary Receipts Number of sponsored programs 1,025 (2)% (8)% 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 June 30, 2017, $1.2 trillion at March 31, 2017, and $1.1 trillion at June 30, 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 $66 billion at June 30, 2017, $65 billion at March 31, 2017 and $56 billion at June 30, 2016.

10 Second Quarter 2017 – Financial Highlights Net Interest Revenue Growth vs. Year-over-Year Drivers ($ in millions) 2Q17 1Q17 2Q16 Net interest revenue - GAAP $ 826 4% 8 % Net Interest Revenue Ÿ Primarily reflects higher interest rates and lower premium amortization, partially offset by lower interest-earning assets and higher average long-term debt Tax equivalent adjustment 12 N/M N/M Net interest revenue (FTE) - Non-GAAP1 $ 838 4% 7 % Net interest margin - GAAP 1.14% 1 bps 17 bps Net interest margin (FTE) - Non-GAAP1 1.16% 2 bps 18 bps Selected Average Balances: Cash/interbank investments $ 111,021 5% (20)% Trading account securities 2,455 9 14 Securities 117,227 2 (1) Loans 58,793 (3) (2) Interest-earning assets 289,496 2 (9) Interest-bearing deposits 142,336 2 (14) Noninterest-bearing deposits 73,886 — (12) Long-term debt 27,398 6 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

11 Second Quarter 2017 – Financial Highlights Noninterest Expense Growth vs. Year-over-Year Drivers ($ in millions) 2Q17 1Q17 2Q16 Staff $ 1,417 (4)% —% Ÿ Higher professional, legal and other purchased services, software and litigation expenses, partially offset by the impact of a stronger U.S. dollar and lower net occupancy expense. The increase primarily reflects elevated regulatory and compliance cost, including the 2017 resolution plan Ÿ Net occupancy expense decreased, benefiting from the savings generated by the business improvement process Professional, legal and other purchased services 319 2 10 Software and equipment 232 4 4 Net occupancy 139 2 (9) Distribution and servicing 104 4 2 Sub-custodian 65 2 (7) Bank assessment charges 59 4 13 Business development 63 24 (3) Other 192 15 2 Amortization of intangible assets 53 2 (10) M&I, litigation and restructuring charges 12 N/M N/M Total noninterest expense – GAAP $ 2,655 — % 1% Total noninterest expense excluding amortization of intangible assets and M&I, litigation and restructuring charges – Non-GAAP1 $ 2,590 — % 1% Full-time employees 52,800 200 600 1Represents a Non-GAAP measure. See Appendix for reconciliations. Additional disclosures regarding these measures and other Non-GAAP 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

12 Second Quarter 2017 – Financial Highlights Capital Ratios Highlights06/30/17 03/31/17 12/31/16 Consolidated regulatory capital ratios:1 Ÿ Repurchased 11 million common shares for $506 million and paid $199 million in dividends to common shareholders in 2Q17 Ÿ Supplementary Leverage Ratio (“SLR”) increased to 6.0% - compliant on a fully phased-in basis and increased to 6.2% on a transitional basis Ÿ Compliant with U.S. Liquidity Coverage Ratio (“LCR”)5 Standardized Approach Common equity Tier 1 (“CET1”) ratio 11.8% 12.0% 12.3% Tier 1 capital ratio 14.1 14.4 14.5 Total (Tier 1 plus Tier 2) capital ratio 14.6 14.9 15.2 Advanced Approach CET1 ratio 10.8 10.4 10.6 Tier 1 capital ratio 12.8 12.5 12.6 Total (Tier 1 plus Tier 2) capital ratio 13.2 12.8 13.0 Leverage capital ratio2 6.7 6.6 6.6 Supplementary leverage ratio ("SLR") 6.2 6.1 6.0 BNY Mellon shareholder’s equity to total asset ratio 11.3 11.6 11.6 BNY Mellon common shareholders’ equity to total assets ratio 10.3 10.5 10.6 Selected regulatory capital ratios - fully phased-in - Non- GAAP:1,3,4 CET1 ratio: Standardized approach 11.4% 11.5% 11.3% Advanced approach 10.4 10.0 9.7 SLR 6.0 5.9 5.6 Note: See corresponding footnotes on following slide.

13 Second Quarter 2017 – Financial Highlights Capital Ratio Footnotes 1 June 30, 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 22 & 23. 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 average LCR was 116% for 2Q17. High-quality liquid assets (“HQLA”) before haircuts and trapped liquidity totaled $174 billion at June 30, 2017 and averaged $166 billion for 2Q17.

Appendix

15 Second 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 • Streamlining systems and centralizing investment infrastructure through NEXEN digital platform • Broadening existing client relationships and selectively adding new business • Business Improvement Process designed to leverage scale, increase efficiency and effectiveness, and improve service quality and client experience while reducing risk • The Business Improvement Process is funding: • Global regulatory requirements • Enhancements to our technology and servicing platforms • Revenue growth initiatives • Improvements to our operating margin and shareholder return • Continue to return significant value to shareholders through share repurchases and dividends

16 Second 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, strong revenue growth vs. 2Q16: • Improved performance across the enterprise, strength of our diversified business in a rising global market, and focus on high-value active solutions to meet growing client demand • Record Assets under management of $1.8T, supported by higher market values and strong asset inflows1 • Cash business, in contrast to industry trend of outflows in 2Q17, contributed significantly to $11B of cash inflows1 • Continued solid investment performance against the backdrop of a relatively strong quarter for global markets • 72% and 84% of our long-term active strategies above their 3 and 5-year benchmarks • Strong wealth management performance, reflecting record revenue, pretax income, client assets and loan volume • In IS, solid revenue growth vs. 2Q16 while enhancing the client experience: • Revenue reflecting growth in collateral management solutions, higher money market fees and higher equity market values, partially offset by the unfavorable impact of a stronger U.S. dollar •Record AUC/A of $31.1T and estimated new business wins of $152B1 •Continued strong clearing services performance • Money market fee waiver recovery and growth in mutual fund balances • Benefiting from investments in cutting-edge collateral management and U.S. government securities clearing capabilities and in technology to increase capacity and enhance services 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 • Results of the 2017 CCAR stress tests demonstrate the resiliency of our capital position • Strengthened our key regulatory capital ratios • Estimated SLR of 6.0% (fully phased-in) • Strong capital and liquidity positions • Simplified our legal entity structure in Europe and across the globe, eliminating a number of entities • Established a separate legal entity for the operations aspects of our U.S. government securities clearing and tri-party repo business Generating Excess Capital and Deploying Capital Effectively • Executing on capital plan and returning value to shareholders • Over $700MM returned to shareholders in 2Q17; repurchased 11MM shares for $506MM and paid $199MM in dividends to common shareholders • Board approved the repurchase of up to $3.1B of common stock, including the repurchase of $500MM of common stock contingent on a preferred stock issuance, over the next four quarters Attracting, Developing, and Retaining Top Talent • Executive appointments in 2Q17 demonstrated our ongoing focus on tapping into great talent and fresh perspectives in the marketplace while providing growth opportunities for top contributors from within our ranks • Charles Scharf (CEO); Bridget Engle (CIO); Michelle Neal (promoted to EC); Frank La Salla (CEO of Corporate Trust); Chandresh Iyer (CEO of AIS & Structured Products); and Rohan Singh (APAC Head of Asset Servicing) 1 Preliminary.

17 Second 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 (e.g. Collateral Portfolio Optimization, robo advisory, other APIs) • Evaluating new solutions to help clients better manage their assets and portfolios through Enterprise Teamwork COMPLETED • Exited our German derivatives clearing and transition management businesses • Optimized Derivatives Sales & Trading business • Realigned our UK transfer agency operating model to improve profitability, downsizing 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 250 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 • Executing NEXEN platform to improve client experience and growth while retiring legacy platforms • Implementing the global location migration strategy by relocating positions into our global delivery centers Business Excellence Continuous Process Improvement Corporate Services Client Technology Solutions Excellence Business Partner Activity Process Revenue Initiatives Expense Initiatives API - application programming interface

18 Second Quarter 2017 – Financial Highlights Investment Management . Growth vs. ($ in millions) 2Q17 1Q17 2Q16 Investment management and performance fees $ 862 4% 6% Distribution and servicing 53 2 8 Other1 (16) N/M N/M Net interest revenue 87 1 6 Total Revenue 986 2 5 Provision for credit losses — N/M N/M Noninterest expense (ex. amortization of intangible assets) 683 2 — Amortization of intangible assets 15 — (21) Total noninterest expense 698 2 (1) Income before taxes $ 288 4% 23% Income before taxes (ex. amortization of intangible assets) - Non-GAAP3 $ 303 4% 20% Pre-tax operating margin 29% +48 bps +438 bps Adjusted pre-tax operating margin - Non-GAAP2,3 34% +11 bps +397 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 24 for reconciliation. Additional disclosures regarding these measures and other Non-GAAP 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

19 Second Quarter 2017 – Financial Highlights Investment Services Growth vs. ($ in millions) 2Q17 1Q17 2Q16 Investment services fees: Asset servicing $ 1,061 2% 2% Clearing services 393 5 12 Issuer services 241 (4) 3 Treasury services 139 — 1 Total investment services fees 1,834 2 4 Foreign exchange and other trading revenue 145 (5) (10) Other1 136 5 5 Net interest revenue 761 8 10 Total revenue 2,876 3 5 Provision for credit losses (3) N/M N/M Noninterest expense (ex. amortization of intangible assets) 1,889 4 4 Amortization of intangible assets 38 3 (5) Total noninterest expense 1,927 4 4 Income before taxes $ 952 1% 7% Income before taxes (ex. amortization of intangible assets) - Non-GAAP $ 990 1% 6% Pre-tax operating margin 33% (69) bps +55 bps Adjusted pre-tax operating margin (ex. provision for credit losses and amortization of intangible assets) - Non-GAAP 34% (79) bps +60 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

20 Second Quarter 2017 – Financial Highlights Expense, Pre-Tax Operating Margin & Operating Leverage - Non-GAAP Reconciliations 2Q17 1Q17 2Q16 Growth vs. ($ in millions) 1Q17 2Q16 Total revenue – GAAP $ 3,956 $ 3,843 $ 3,776 2.94% 4.77% Less: Net income attributable to noncontrolling interests of consolidated investment management funds 3 18 4 Total revenue, as adjusted – Non-GAAP1 $ 3,953 $ 3,825 $ 3,772 3.35% 4.80% Total noninterest expense – GAAP $ 2,655 $ 2,642 $ 2,620 0.49% 1.34% Less: Amortization of intangible assets 53 52 59 M&I, litigation and restructuring charges 12 8 7 Total noninterest, as adjusted – Non-GAAP1 $ 2,590 $ 2,582 $ 2,554 0.31% 1.41% Less: Provision for credit losses (7) (5) (9) Operating Leverage Income before income taxes, as adjusted – Non-GAAP1 $ 1,370 $ 1,248 $ 1,227 +245 bps +343 bps Adjusted Operating Leverage (Non-GAAP) Adjusted pre-tax operating margin – Non-GAAP1,2,3 35% 33% 33% +304 bps +339 bps 1 Non-GAAP information for all periods presented excludes net income 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 $106 million for 2Q17, $101 million for 1Q17, $74 million for 2Q16 and would increase our pre-tax operating margin by approximately 1.8% for 2Q17 and 1Q17, and 1.3% for 2Q16.

21 Second Quarter 2017 – Financial Highlights Return on Common Equity and Tangible Common Equity Reconciliation 2Q17 1Q17 2Q16 ($ in millions) Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP $ 926 $ 880 $ 825 Add: Amortization of intangible assets 53 52 59 Less: Tax impact of amortization of intangible assets 19 18 21 Net income applicable to common shareholders of The Bank of New York Mellon Corporation excluding amortization of intangible assets – Non- GAAP 960 914 863 Add: M&I, litigation and restructuring charges 12 8 7 Less: Tax impact of M&I, litigation and restructuring charges 3 2 2 Net income applicable to common shareholders of The Bank of New York Mellon Corporation, as adjusted – Non-GAAP1 $ 969 $ 920 $ 868 Average common shareholders’ equity $ 35,862 $ 34,965 $ 35,827 Less: Average goodwill 17,408 17,338 17,622 Average intangible assets 3,532 3,578 3,789 Add: Deferred tax liability – tax deductible goodwill2 1,542 1,518 1,452 Deferred tax liability – intangible assets2 1,095 1,100 1,129 Average tangible common shareholders’ equity - Non-GAAP $ 17,559 $ 16,667 $ 16,997 Return on common equity - GAAP3 10.4% 10.2% 9.3% Adjusted return on common equity - Non-GAAP1,3 10.8% 10.7% 9.7% Return on tangible common equity – Non-GAAP3 21.9% 22.2% 20.4% Adjusted return on tangible common equity – Non-GAAP1,3 22.1% 22.4% 20.5% 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 capital rules. 3 Quarterly returns are annualized.

22 Second Quarter 2017 – Financial Highlights Basel III Capital Components & Ratios 1 Preliminary. 2 Reflects transitional adjustments to CET1, Tier 1 capital and Tier 2 capital required under the U.S. capital rules. 3 Estimated. ($ in millions) 06/30/171 03/31/17 12/31/16 Transitional basis2 Fully Phased-inNon-GAAP3 Transitional basis 2 Fully Phased-in Non-GAAP3 Transitional basis 2 Fully Phased-in Non-GAAP3 CET1: Common shareholders’ equity $ 36,652 $ 36,432 $ 35,837 $ 35,596 $ 35,794 $ 35,269 Goodwill and intangible assets (17,843) (18,326) (17,796) (18,286) (17,314) (18,312) Net pension fund assets (72) (90) (72) (90) (55) (90) Equity method investments (325) (339) (326) (341) (313) (344) Deferred tax assets (29) (37) (27) (34) (19) (32) Other (12) (11) (10) (10) — (1) Total CET1 18,371 17,629 17,606 16,835 18,093 16,490 Other Tier 1 capital: Preferred stock 3,542 3,542 3,542 3,542 3,542 3,542 Deferred tax assets (8) — (7) — (13) — Net pension fund assets (18) — (18) — (36) — Other (18) (19) (14) (14) (121) (121) Total Tier 1 capital 21,869 21,152 21,109 20,363 21,465 19,911 Tier 2 capital: Trust preferred securities — — — — 148 — Subordinated debt 550 550 550 550 550 550 Allowance for credit losses 270 270 276 276 281 281 Other (2) (2) (2) (2) (12) (11) Total Tier 2 capital - Standardized Approach 818 818 824 824 967 820 Excess of expected credit losses 55 55 51 51 50 50 Less: Allowance for credit losses 270 270 276 276 281 281 Total Tier 2 capital - Advanced Approach $ 603 $ 603 $ 599 $ 599 $ 736 $ 589 Total capital: Standardized Approach $ 22,687 $ 21,970 $ 21,933 $ 21,187 $ 22,432 $ 20,731 Advanced Approach $ 22,472 $ 21,755 $ 21,708 $ 20,962 $ 22,201 $ 20,500 Risk-weighted assets: Standardized Approach $ 155,313 $ 154,779 $ 146,747 $ 146,122 $ 147,671 $ 146,475 Advanced Approach $ 170,445 $ 169,879 $ 169,195 $ 168,534 $ 170,495 $ 169,227 Standardized Approach: CET1 ratio 11.8% 11.4% 12.0% 11.5% 12.3% 11.3% Tier 1 capital ratio 14.1 13.7 14.4 13.9 14.5 13.6 Total (Tier 1 plus Tier 2) capital ratio 14.6 14.2 14.9 14.5 15.2 14.2 Advanced Approach: CET1 ratio 10.8% 10.4% 10.4% 10.0% 10.6% 9.7% Tier 1 capital ratio 12.8 12.5 12.5 12.1 12.6 11.8 Total (Tier 1 plus Tier 2) capital ratio 13.2 12.8 12.8 12.4 13.0 12.1

23 Second Quarter 2017 – Financial Highlights Supplementary Leverage Ratio ($ in millions) 06/30/17 1 03/31/17 12/31/16 Transitional basis Fully phased-in (Non-GAAP)2 Transitional basis Fully phased-in (Non-GAAP)2 Transitional basis Fully phased-in (Non-GAAP)2 Consolidated: Tier 1 capital $ 21,869 $ 21,152 $ 21,109 $ 20,363 $ 21,465 $ 19,911 Total leverage exposure: Quarterly average total assets $ 342,515 $ 342,515 $ 336,200 $ 336,200 $ 344,142 $ 344,142 Less: Amounts deducted from Tier 1 capital 18,070 18,809 18,016 18,763 17,333 18,887 Total on-balance sheet assets 324,445 323,706 318,184 317,437 326,809 325,255 Off-balance sheet exposures: Potential future exposure for derivative contracts (plus certain other items) 6,013 6,013 5,898 5,898 6,021 6,021 Repo-style transaction exposures 598 598 536 536 533 533 Credit-equivalent amount of other off-balance sheet exposures (less SLR exclusions) 22,092 22,092 22,901 22,901 23,274 23,274 Total off-balance sheet exposures 28,703 28,703 29,335 29,335 29,828 29,828 Total leverage exposure $ 353,148 $ 352,409 $ 347,519 $ 346,772 $ 356,637 $ 355,083 SLR - Consolidated3 6.2% 6.0% 6.1% 5.9% 6.0% 5.6% The Bank of New York Mellon, our largest bank subsidiary Tier 1 capital $ 19,897 $ 19,125 $ 19,320 $ 18,523 $ 19,011 $ 17,708 Total leverage exposure $ 286,972 $ 286,604 $ 281,114 $ 280,741 $ 291,022 $ 290,230 SLR - The Bank of New York Mellon3 6.9% 6.7% 6.9% 6.6% 6.5% 6.1% 1 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.”

24 Second Quarter 2017 – Financial Highlights Investment Management Pre-Tax Operating Margin - Non-GAAP Reconciliation Pre-tax operating margin 2Q17 1Q17 2Q16 ($ in millions) Income before income taxes – GAAP $ 288 $ 277 $ 234 Add: Amortization of intangible assets 15 15 19 Provision for credit losses — 3 1 Adjusted income before income taxes excluding amortization of intangible assets and provision for credit losses – Non-GAAP $ 303 $ 295 $ 254 Total revenue – GAAP $ 986 $ 963 $ 938 Less: Distribution and servicing expense 104 101 102 Adjusted total revenue net of distribution and servicing expense - Non-GAAP $ 882 $ 862 $ 836 Pre-tax operating margin - GAAP1 29% 29% 25% Adjusted pre-tax operating margin, excluding amortization of intangible assets, provision for credit losses and distribution and servicing expense – Non-GAAP1 34% 34% 30% 1 Income before taxes divided by total revenue. Investment Management and Performance Fees - Non-GAAP Reconciliation Growth vs. ($ in millions) 2Q17 2Q16 2Q16 Investment management and performance fees - GAAP $ 879 $ 830 6% Impact of changes in foreign currency exchange rates — (26) Investment management and performance fees, as adjusted - Non-GAAP $ 879 $ 804 9%