Corporate Trust - Current Issues Update Terry McRoberts EVP, Corporate Trust Services – Regional Management & National Sales March 28,

US Banks Assets U.S. RankCompany $Billions 1.J.P. Morgan $2,289 2.Bank of America $2,220 3.Citigroup $1,936 4.Wells Fargo $1,305 5.U.S. Bancorp $ Bank of NY Mellon $ PNC $ SunTrust $ BB&T $ Regions $ 130 Source: company reports & FactSet Assets as of September 30, 2011; Market Value as of October 25, 2011 Market Value U.S. RankCompany $Billions 1.Wells Fargo $135 2.J.P. Morgan $131 3.Citigroup $ 90 4.Bank of America $ 65 5.U.S. Bancorp $ 48 6.PNC $ 28 7.Bank of NY Mellon $ 26 8.BB&T $ 16 9.Fifth Third $ SunTrust $ 10 2

FIRMS Who is in the Business?  Municipal Tax-Exempt Bond Market  Corporate Taxable Bond Market  Structured Finance and Bond Market  Business Escrow Services 3

Municipal Tax-Exempt Bond Trustee Trustee Bank2011 Deals # of DealsP/V ($ billions)Market Share (#) 1. Bank of New York Mellon 549 $ % 2. US Bank 480 $ % 3. Wells Fargo Bank 213 $ % 4. UMB Bank 73 $ % 5. Regions Bank 71 $ % 6. M&T/Wilmington Trust Bank 59 $ % 7. Zions Bank 32 $ % 8. Bank of Oklahoma 32 $ % 9. Deutsche Bank 25 $ % 10. Union Bank 25 $ % Total Top $ % Source: Thompson Reuters Third Quarter

Corporate Taxable Bond Trustee Trustee Bank2011 Deals # of DealsP/V ($ billions)Market Share (#) 1. Bank of New York Mellon 375 $ % 2. US Bank 146 $ % 3. Wells Fargo Bank 134 $ % 4. Deutsche Bank 82 $ % 5. M&T/Wilmington Trust Bank 66 $ % 6. Law Debenture Bank 13 $ % 7. Citibank 7 $ 7 0.8% 8. Mitsubishi UFJ Bank 8 $ 7 0.9% 9. HSBC Bank 6 $ 6 0.7% 10. UMB Bank 4 $ 3 0.5% Total Top $ % Source: Thompson Reuters Third Quarter

Structured Finance Bond Trustee Trustee Bank2011 Deals # of DealsP/V ($ billions)Market Share (#) 1. Bank of New York Mellon 64 $4129.6% 2. Deutsche Bank 51 $2914.9% 3. Wells Fargo Bank 57 $2521.1% 4. US Bank 41 $2117.6% 5. Citibank 20 $13 9.6% 6. Law Debenture Bank 1 $ 4 2.7% 7. Perpetual Trustee 3 $ 2 1.3% 8. State Street 3 $ 2 1.3% 9. M&T/Wilmington Trust 2 $ 2 1.3% 10. Bank of Oklahoma 1 $ % Total Top $ % Source: Thompson Reuters Third Quarter

Market Issues Coming into 2012 Potential Supply / Demand Imbalance  Build America Bonds  Record volume of expiring credit facilities  Outflows from municipal bond funds Market  Expiration of an estimated $65 billion in letters of credit and liquidity facilities  Basel III impact on the availability and price for credit/liquidity facilities  Alternatives (Direct Purchase, Floating Rate Notes, Put Bonds)  Concentration of credit enhancement providers Credit Differentiation  Investors and rating agencies more focused on underlying credit profiles  Headline risk  Future of bond insurance  Counterparty risks 7

Market Issues 8 Observations  Basel III impact on the availability and price of credit  Record volume of expiring bank credit facilities have not taxed the market as expected  Issuers have been successful in extending expiring credit facilities or restructuring outstanding VRDNs  62% facilities extended*  15% facilities substituted*  22% restructured (5% with direct bank loans)* Municipal Credit Expirations Source: Thomson Reuters *Moody’s Investor Service 9/15/2011 $112 $65 $49 $42 8

Impacts of the Changing Regulatory Landscape “A Rocky Road Ahead” 9

ABA CTC OVERVIEW  SEC Rule 17Ad-16  SEC Rule 17g – 7  SEC Rule 15Ga – 1  Reputation Risk  Municipal Advisors  Municipal Disclosure - EMMA 10

ABA CTC OVERVIEW  Foreclosure Issues  Basel III Liquidity Impact  Missing Security Holders  Moody’s Appointment of Agents Issue  Cost Basis Reporting 11

Corporate Trust Audit Environment  Bank Audit  Corporate Trust Compliance  SQRM  Self Assessment  OCC Teams  Federal Reserve Bank  SEC Audits 12