Mellon Bank Corporation ($ in millions) Total NPAs at year end Net credit losses Provision for credit losses End Res. For credit losses Year end net profit ,

Mellon Bank Corporation ($ in millions) Total NPAs at year end Net credit losses Provision for credit losses End Res. For credit losses Year end net profit , , ,056 1,130 (844)

GSNB Opening Balance Sheet Assets Loans $497 Acquired assets 143 $640 Liabilities & Equity A-1 notes $225 A-2 Notes 288 Shareholders Equity: Senior preferred 94 Junior preferred 3 Common 34 $640 ($ in millions)

Assets Purchased From Mellon ($ in millions) Commercial and industrial loans Real estate loans Total loans Real estate assets Energy properties Total assets Number 47 69* Mellon Gross Amount $ $1,357 GSNB Book Value 7/1/88 $ $639 Book / Gross 44% % * Portfolio of 1,144 residential mortgages considered to be one asset

33% 63% 4% Total = $209 million Housing units and land ($132) Commercial ($59) Hotel ($8) Real Estate Loans ($ in millions)

Real Estate Assets ($ in millions) 22% 47% Total = $127 million 1% Multi-Family ($2) Land ($28) Commercial ($59) 2% Hotel ($3) 28% Housing Units ($35)

($ in millions) Forecasted Net Cash Flows A-1 Notes A-2 Notes Preferred and common ’89 ’90 ’91 ’92 ’93 ’94 ’95 ’96 ’97 ‘ June 30 Fiscal Year

Characteristics of Notes Note overcollateralization Asset diversity Extensive asset reviews Experienced management team

Overview of Transaction GSNB – Newly chartered liquidating national bank Equity purchased by Mellon - $131 million Mellon will dividend GSNB common to shareholders Assets purchased from Mellon at fair market value with proceeds from notes and equity

Collection Services Corporation (Subsidiary of Mellon) Headed by R.H. Daniel - 35 years credit / workout experience - Security Pacific, Crocker, Mellon 46 key full-time asset managers - More than 250 years of bank credit experience

Mellon Bank Corporation ($ in millions) Total NPAs at year end Net credit losses Provision for credit losses End Res. For credit losses Year end net profit , , ,056 1,130 (844) (65)

Mellon Bank Corporation ($ in millions) Total NPAs at year end Net credit losses Provision for credit losses End Res. For credit losses Year end net profit , , ,056 1,130 (844) (65)

Mellon Bank Corporation ($ in millions) Total NPAs at year end Net credit losses Provision for credit losses End Res. For credit losses Year end net profit , , ,056 1,130 (844) (65)