NYSE:BK 2/17 close $27.71 July 2, 2007 - BK acquires Mellon Financial Creates largest global custodian with over $16 trillion (‘07) Merger integration completed end of 2009

Business Overview Core competencies in institutional services, private banking, and asset management Global client base of leading financial institutions, corporations, government entities, endowments, and foundations Issuer : not standard debt and equity, things like depositary receipt services, etc. Treasury S: Major exporting companies need efficiency in liquidity and risk mgmt Benefits is they are a marketmaker in over 100 currencies

Asset Servicing (33%) AUC 1 BNY Mellon 22.3 2 State Street 18.8 3 $Trillions 1 BNY Mellon 22.3 2 State Street 18.8 3 JP Morgan 14.9 4 Citi 12.1 5 BNP Paribas 5.7 6 Soc Gen 4.5 7 Northern Trust 3.7 all others ~18.0 Custodian ETF – played role in midcap SPDRs, QQQ Securities lending – leverage and margin calls AAA derivatives counterparty, more on execution Hedge Fund administation is big Technology consulting, outsourcing, risk, accounting

Asset Management (18%) $1.0+ trillion AUM Evolving to compete in non-U.S. markets while increasing market share in the U.S. institutional market Separation of alpha and beta, and risk management in high demand

Asset Management (18%) • Moving from low margin activities to high margin activities

Diversified Holdings Over $1 trillion AUM Successful mult-iboutique model

BK to acquire PNC’s GIS February 2, 2010 Will acquire PNC’s Global Investment Servicing unit for $2.31BB BK will sell $800MM in equity to fund deal and cover the balance with cash on hand In CY ’09, GIS did $781MM in revenue and $63MM net income PNC looking to exit all or most of its $7.76BB in TARP this year Complements multiple business lines e.g. Asset Servicing (custody, mutual fund admin., alt. investments) Expands BNY Mellon’s fund services to compete globally Significant opportunities to realize revenue and cost synergies BK’s merger with Mellon in 2007 realized cost synergies of $700MM (equivalent to 8.5% 2006 expenses) w/ revenue synergies, expected IRR ~20% Accretive (expected) by $0.01 in 2010 and $0.04-5 in 2011 Analysts believe BK will remain accretive afterwards and agree with accretion schedule.

SRI Report SRI Assets SRI Liabilities Pursue Energy Star, LEED and ISO 14001 certification in new buildings/offices Investments in alternative energy strategies and minimizing waste output Launched 2 SRI funds and increased flows to socially responsible investment products Voluntary Carbon Unit Registry client numbers increased 200%, VCU volume increased 600%. SRI Liabilities Questionable involvement in predatory lending practices and derivative trading Recommendation: SRI report does not affect the value of BNY Mellon Analysts believe BK will remain accretive afterwards and agree with accretion schedule.

NYSE:BK Revenue Drivers July 2, 2007 - BK acquires Mellon Financial Creates largest global custodian with over $16 trillion (‘07)

Revenue Growth Q3 ’09 writedown on securities portfolio (accounted for in revenue as net securities gains) $Millions Fee revenue steadily increasing on trend line, thus revenue is back on track to where it was prior and seems to have hit an inflection point

Fee-based business in client-centric business Revenue Breakdown Fee-based business in client-centric business

Leader in diverse business segments Client Retention Leader in diverse business segments

Sustained and deliberate growth in non-U.S. markets Geographic Growth Sustained and deliberate growth in non-U.S. markets Percentage of overseas employees increased from 22% in 07 To 28% in 09 Goal of ~35% by 2012

NYSE:BK Macroeconomic Trends July 2, 2007 - BK acquires Mellon Financial Creates largest global custodian with over $16 trillion (‘07)

U.S. Monthly Savings Rate Trend Impacts Asset & Wealth Mgmt Derivative trend on BK, as higher savings lead to increased asset and wealth management generally

Equity Market Values Impacts Asset & Wealth Mgmt, and Asset Srvc A 100 point increase in the S&P 500 impacts fee revenue by ~1-2% and EPS by $0.06 - $0.07

Equity Market Values Impacts Asset & Wealth Mgmt, and Asset Srvc A 100 bp increase in the Fed Funds rate results in a $500MM increase in pre-tax income

TED Spread Trends Impacts Securities Lending Wider spreads lead to increased securities lending revenue

FX Volume & Volatility Trends Impacts Asset Servicing fees (for. ex.) Fee-based business feeds off volume and volatility

NYSE:BK Financials

Some Key Numbers Market Cap: $33.4B (Large Cap) Shares Outstanding: 1.2B Debt/Capital: 52.3% ROE: 9.8% Revenue: $8.28B Beta: 0.66 (82% institutionally owned) 1year EPS forecast: 6.82% 5year EPS forecast: 13.50% Analysts believe BK will remain accretive afterwards and agree with accretion schedule.

Strong Liquidity Position Analysts believe BK will remain accretive afterwards and agree with accretion schedule.

Superior Credit Rating Analysts believe BK will remain accretive afterwards and agree with accretion schedule.

Financials: EPS Analysts believe BK will remain accretive afterwards and agree with accretion schedule.

Financials: Revenue Analysts believe BK will remain accretive afterwards and agree with accretion schedule.

High and Stable Dividend Yield Analysts believe BK will remain accretive afterwards and agree with accretion schedule.

Financials Even though third quarter is usually seasonally weak, revenues at BONY were up 4% sequentially, excluding securities losses. Fee revenue up by 4% as AUC up by 7% Assets under management up by 4% Reduced the unrealized loss in its securities portfolio by more than 80% to $1.4 billion. On May 7, 09 regulators announced that Bank of New York Mellon would not be required to issue more capital as a result of the government's stress test Analysts believe BK will remain accretive afterwards and agree with accretion schedule.

Valuation: comparables Analysts believe BK will remain accretive afterwards and agree with accretion schedule.

Future Value Drivers Primary focus on fee based services Restructuring of portfolio and liquidation of troubled assets to reduce earnings volatility and exposure to market risks Geographic diversity as a hedge against NA risks Possibility of increase in Fed Funds rate, volatility in FX markets, TED spreads and s&p BK’s new business wins (PNC Global Investment Servicing Unit and plans to acquire Corporate Trust Business of CIBC Mellon) Analysts believe BK will remain accretive afterwards and agree with accretion schedule.

Valuation Modest P/E of 15 (still less than its slower growing competitors) and 2010 EPS estimate of $2.47 Current Price: $27.71 Target Price: $37.05 Undervalued: 33% Undervalued 78% with P/E of 20 (equal to its competitors) Analysts believe BK will remain accretive afterwards and agree with accretion schedule.