The Bank of New York Mellon Corporation (BK) 8-K The Bank of New York Mellon Corporation

Exhibit 99.1

The Bank of New York Mellon Corporation

Quarterly Earnings Summary

Financial Results

July 17, 2008

Table of Contents

Cautionary Statement/Additional Information	2
Second Quarter 2008 Financial Highlights (vs. second quarter 2007)	3
Financial Summary/Key Metrics	4
Assets Under Management/Custody and Administration/Market Indices	5
Fee and Other Revenue	6
Net Interest Revenue	7
Noninterest Expense	8
Investment Portfolio	9
SILO Transactions	10
Capital Support Agreements	10
Capital Ratios	11
Nonperforming Assets	11
Allowance for Credit Loss, Provision and Net Charge-offs	11
Merger Update – Integration Milestones	12
Business Segments	13
•        Asset Management	14
•        Wealth Management	15
•        Asset Servicing	16
•        Issuer Services	17
•        Clearing Services	18
•        Treasury Services	19
•        Other	20
Supplemental Information - GAAP to Non-GAAP Reconciliations	21
Supplemental Information – Converted Earnings Per Share	21

All narrative comparisons in this Quarterly Earnings Summary are with the second quarter of 2007 and all information is reported on a continuing operations basis, unless otherwise noted.

Throughout this Quarterly Earnings Summary, certain measures, which are noted, exclude certain items. 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 they reflect the principal basis on which our management internally monitors financial performance. These items are also excluded from our segment measures used internally to evaluate segment performance because management does not consider them particularly relevant or useful in evaluating the operating performance of our business segments. Pro forma combined financial results for The Bank of New York Mellon Corporation prior to the consummation of the merger exclude the pro forma impact of incremental purchase accounting including intangible amortization resulting from the merger.

The Bank of New York Mellon Corporation 2Q08 Quarterly Earnings Summary

CAUTIONARY STATEMENT

A number of statements (i) in this Quarterly Earnings Summary, (ii) in our presentations and (iii) in the responses to questions are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, which may be expressed in a variety of ways, including the use of future or present tense language, relate to, among other things, the Company’s future financial goals, including future revenue, expenses and earnings, new business wins, and pipelines for new business; ability and intention to hold certain securities; expectations and other matters relating to SILO transactions; ability to achieve plans for revenue and expense synergies and growth in asset management and securities servicing businesses; possible future activities related to further entry into future capital support agreements; statements with respect to the merger integration, including revenue synergies and targeted run rates, expense synergy targets and estimated merger and integration charges; as well as the Company’s overall plans, strategies, goals, objectives, expectations, estimates and intentions, and are based on assumptions that involve risks and uncertainties and are subject to change based on various important factors (some of which are beyond the Company’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 businesses of Mellon Financial and The Bank of New York may not be integrated successfully or the integration may be more difficult, time-consuming or costly than expected; the combined company may not realize, to the extent or at the time we expect, revenue synergies and cost savings from the transaction; service quality metrics in Asset Servicing may not be attained; revenue following the merger may be lower than expected as a result of losses of customers or other reasons; deposit attrition, operating costs, customer loss and business disruption following the merger, including, without limitation, difficulties in maintaining relationships with employees, may be greater than expected; as well as the risk factors and other uncertainties set forth in the Company’s annual report on Form 10-K for the year ended December 31, 2007 and the Company’s other filings with the SEC. Such forward-looking statements speak only as of July 17, 2008 and the Company 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.

ADDITIONAL INFORMATION

The results prior to the consummation of the merger on July 1, 2007, reflect the sum of The Bank of New York and Mellon Financial’s historical results, but do not include the pro forma impact of purchase accounting adjustments. The business segment combined results, for periods prior to the merger, reflect actions taken to report consistent transfer pricing and cost allocation methodologies as well as intercompany eliminations between The Bank of New York and Mellon Financial.

Page 2

The Bank of New York Mellon Corporation 2Q08 Quarterly Earnings Summary

SECOND QUARTER 2008 FINANCIAL HIGHLIGHTS (vs. second quarter 2007)

	Income after-tax from Continuing Operations	EPS from Continuing Operations	EPS Growth vs.
			2Q07                1Q08
	$ millions
GAAP	$    302	$    0.26	(58)%	(60)%
Non-GAAP adjusted(a):
Ex. merger and integration/SILO charge	$    771	$    0.67	2%	(7)%
Ex. merger and integration/SILO charge/ intangible amortization	$    848	$    0.74	7%	(5)%

• Results for 2Q08 included writedowns of certain investments securities ($152 million pre-tax) and a charge related to credit monitoring in our Issuer and Treasury Services segments ($22 million pre-tax). Combined, these items decreased EPS by approximately $0.09.

	Revenue – 2Q08(a)(b)					Pre-tax Income – 2Q08(b)
	Total		% of Total		Growth vs. 2Q07(c)	Total		% of Total		Growth vs. 2Q07(c)
Asset & Wealth Management Sector:
Asset Management	$	807	21	%	(6)%	$	271	18	%	(14)%
Wealth Management		209	6		5		68	5		15
		1,016	27		(4)		339	23		(10)
Institutional Services Sector:
Securities Servicing:
Asset Servicing		1,298	34		26		495	34		67
Issuer Services		655	17		10		308	21		2
Clearing Services		404	11		2		113	8		11
		2,357	62		16		916	63		31
Treasury Services		408	11		17		205	14		42
		2,765	73		16		1,121	77		33
Total Business Segments(d)	$	3,781	100	%	10%	$	1,460	100	%	20%

KEY POINTS Pro Forma Combined Basis(b)

• Continued revenue and earnings momentum, excluding the SILO charge

• Revenue + 7% (+12% excluding securities losses); Expense + 2%

• More than 500 basis points of positive operating leverage, (approximately 1,000 basis points excluding securities losses)

• EPS +2% excluding merger and integration expense; pre-tax operating margin increased to 34% (+300 basis points)

• 35% of revenues from outside the U.S. vs. 30% in 2Q07

• Capital ratios strengthened

• Tier I capital ratio improved to 9.13% at 6/30/08 from 8.76% at 3/31/08.

• Adjusted tangible common equity to assets ratio improved to 4.31% at 6/30/08 (4.44% average assets) from 4.14% at 3/31/08 (4.23% average assets)

• Unrealized net of tax loss on available for sale portfolio was $1.818 billion at 6/30/08; $1.789 billion at 3/31/08, increase resulted from higher interest rates partially offset by narrower credit spreads

• Standard & Poor’s upgraded credit ratings

• Assets under management of $1.113 trillion, + 3%; 2Q08 net asset flows totaled $13 billion

• Assets under custody and administration of $23.0 trillion, + 4%

• Continue to improve corporate risk profile and exit non-core businesses

• Closed on the sale of Mellon 1^st Business Bank (June 2008)

• Continue to exceed merger-related expense and revenue synergies

• 2Q08 expense synergies of $131 million ($524 million annualized); up 11% vs. 1Q08 level

(a) See page 21 for a reconciliation of EPS and Total Revenue-GAAP to Non-GAAP.

(b) Results exclude merger and integration expenses, intangible amortization expense and the SILO charge.

(c) Comparison is with pro forma results for 2Q07.

(d) Excludes the Other segment.

Page 3

The Bank of New York Mellon Corporation 2Q08 Quarterly Earnings Summary

FINANCIAL SUMMARY

The Bank of New York Mellon Corporation

Continuing Operations

(dollar amounts in millions, non-FTE basis unless otherwise noted)	2007									2008						2Q08 vs.
	2nd Qtr(a)			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			2Q07		1Q08
Fee and other revenue	$	2,929		$	2,931		$	3,044	(c)	$	2,978		$	2,986		2	%	-	%
Net interest revenue-excluding the SILO charge		586			669			752			767			788		34		3
Total revenue-excluding the SILO charge		3,515			3,600			3,796			3,745			3,774	(d)	7	(d)	1	(d)
Provision for credit losses		(18	)		-			20			16			25		N/M		N/M
Total noninterest expense - excluding merger and integration expense and amortization of intangible assets		2,439			2,357			2,494			2,371			2,485		2		5
Pre-tax income from continuing operations-before extraordinary (loss) (non-GAAP)	$	1,094		$	1,243		$	1,282		$	1,358		$	1,264		16	%	(7	)%
SILO charge		-			-			-			-			377
Merger and integration expense:
The Bank of New York Mellon Corporation		151			205			111			121			146
Acquired Corporate Trust Business		12			13			13			5			3
Amortization of intangible assets		40			131			131			122			124
Pre-tax income from continuing operations – before extraordinary (loss) (GAAP)	$	891		$	894		$	1,027		$	1,110		$	614
Provision for income taxes					252			327			361			312
Income from continuing operations-before extraordinary (loss)					642			700			749			302
Discontinued operations income (loss), net of tax					(2	)		-			(3	)		7
Extraordinary (loss) on consolidation of commercial paper conduit, net of tax					-			(180	)		-			-
Net income				$	640		$	520		$	746		$	309
KEY METRICS:
Pre-tax operating margin (FTE):
GAAP-before extraordinary (loss)		26	%		25	%		27	%		30	%		18	%
Non-GAAP adjusted(b)		31	%		35	%		34	%		36	%		34	%
Return on tangible common equity(annualized):
GAAP-before extraordinary (loss)					46.0	%		45.0	%(e)		49.1	%		26.7	%
Non-GAAP adjusted(b)					54.0	%		48.9	%(e)		53.6	%		59.7	%
Return on equity(annualized):
GAAP-before extraordinary (loss)					8.9	%		9.5	%(f)		10.2	%		4.3	%
Non-GAAP adjusted(b)					11.8	%		11.5	%(f)		12.2	%		12.0	%
Fee and other revenue as a percentage of total revenue, excluding the SILO charge (FTE)		83	%		81	%		80	%		79	%		79	%
Non-U.S. percent of revenue, excluding the SILO charge (FTE)		30	%		30	%		32	%		33	%		35	%
Employees					40,600			42,500			42,600			43,100
Tier I capital ratio					9.12	%		9.32	%		8.76	%		9.13	%(g)
Adjusted tangible common equity to assets ratio(h)					5.31	%		4.96	%		4.14	%		4.31	%
Adjusted tangible common equity to average assets ratio					5.31	%		5.09	%		4.23	%		4.44	%
Market capitalization				$	50,266		$	55,878		$	47,732		$	43,356
Common shares outstanding(in thousands)					1,138,874			1,145,983			1,143,818			1,146,070

(a) Pro forma combined results are presented and exclude the pro forma impact of incremental purchase accounting, including intangible amortization resulting from the merger of The Bank of New York and Mellon Financial.

(b) Excludes merger and integration expense, intangible amortization expense and the SILO charge.

(c) Includes $200 million CDO writedown.

(d) Excluding investment securities writedowns of $152 million in 2Q08 and $74 million in 1Q08, total revenue increased12% compared with 2Q07 and3% (unannualized) sequentially. Total revenue for the second quarter of 2008, including the SILO charge, was $3.397 billion and declined 3% compared with 2Q07 and 9% (unannualized) sequentially. See page 21 for a reconciliation of total revenue GAAP to non-GAAP.

(e) Excluding the CDO writedown, returns on tangible common equity would have been51.8% and55.8%, respectively.

(f) Excluding the CDO writedown, returns on equity would have been11.1% and13.2%, respectively.

(g) Preliminary.

(h) Common equity less goodwill and intangible assets plus the benefit of the deferred tax liability associated with tax deductible intangibles divided by total assets less goodwill and intangible assets.

Page 4

The Bank of New York Mellon Corporation 2Q08 Quarterly Earnings Summary

ASSETS UNDER MANAGEMENT/CUSTODY AND ADMINISTRATION TREND

	2007						2008				2Q08 vs.
	2nd Qtr(a)		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr		2Q07		1Q08
Market value of assets under management at period-end(in billions)	$	1,082	$	1,106	$	1,121	$	1,105	$	1,113	3	%	1	%
Market value of assets under custody and administration at period-end(in trillions)	$	22.2	$	22.7	$	23.1	$	23.1	$	23.0	4	%	-	%
Market value of securities on loan at period-end(in billions)	$	678	$	663	$	633	$	660	$	588	(13	)%	(11	)%

(a) Pro forma combined results for The Bank of New York Mellon Corporation.

ASSETS UNDER MANAGEMENT FLOWS(a)

Changes in market value of assets under management from March 31, 2008 to June 30, 2008 - by business segment
(in billions)	Asset Management			Wealth Management			Total
Market value of assets under management at March 31, 2008	$	1,021		$	84		$	1,105
Net inflows/(outflows):
Long-term		(8	)		-			(8	)
Money market		21			-			21
Total net inflows		13			-			13
Net market (depreciation)(b)		(3	)		(3	)		(6	)
Other		1			-			1
Market value of assets under management at June 30, 2008	$	1,032	(c)	$	81		$	1,113

(a) Preliminary.

(b) Includes the effect of changes in foreign exchange rates.

(c) Excludes $8 billion subadvised for other segments.

COMPOSITION OF ASSETS UNDER MANAGEMENT

Composition of assets under management at period-end(a)	2007			2008
	2nd Qtr(b)	3rd Qtr	4th Qtr	1st Qtr	2nd Qtr
Equity	42%	41%	41%	38%	37%
Money market	23%	25%	26%	29%	31%
Fixed income	20%	19%	20%	20%	20%
Alternative investments and overlay	15%	15%	13%	13%	12%
Total	100%	100%	100%	100%	100%

(a) Excludes securities lending cash management assets.

(b) Pro forma combined results for The Bank of New York Mellon Corporation.

MARKET INDICES

Market indices	2Q07	3Q07	4Q07	1Q08	2Q08	2Q08 vs.
						2Q07		1Q08
S&P 500 Index(a)	1503	1527	1468	1323	1280	(15	)%	(3	)%
S&P 500 Index-daily average	1496	1490	1496	1353	1371	(8	)	1
FTSE 100 Index(a)	6608	6467	6457	5702	5626	(15	)	(1	)
FTSE 100 Index-daily average	6534	6366	6455	5891	5979	(8	)	1
NASDAQ Composite Index(a)	2603	2702	2652	2279	2293	(12	)	1
Lehman Brothers Aggregate Bondsm Index(a)	227.9	246.2	257.5	281.2	270.1	19		(4	)
MSCI EAFE® Index(a)	2262.2	2300.3	2253.4	2038.6	1967.2	(13	)	(4	)
NYSE Volume(in billions)	127.7	145.5	135.0	158.5	140.7	10		(11	)
NASDAQ Volume(in billions)	134.0	137.0	137.4	148.9	134.5	-		(10	)

(a) Period end.

Page 5

The Bank of New York Mellon Corporation 2Q08 Quarterly Earnings Summary

FEE AND OTHER REVENUE

(dollar amounts in millions, non-FTE basis unless otherwise noted)	2007									2008						2Q08 vs.
	2nd Qtr(a)			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			2Q07		1Q08
Securities servicing fees:
Asset servicing	$	694		$	720		$	809		$	897		$	868		25	%	(3	)%
Issuer services		415			436			438			376			444		7		18
Clearing and execution services		285			304			314			267			270		(5	)	1
Total securities servicing fees		1,394			1,460			1,561			1,540			1,582		13		3
Asset and wealth management fees		856			854			887			842			844		(1	)	-
Performance fees		63			(3	)		62			20			16		(75	)	(20	)
Foreign exchange and other trading activities		176			238			305			259			308		75		19
Treasury services		121			122			121			124			130		7		5
Distribution and servicing		83			95			113			98			110		33		12
Financing-related fees		69			51			52			48			50		(28	)	4
Investment income		77			22			52			23			45		(42	)	96
Other		89			101			82			97			53		(40	)	(45	)
Total fee revenue (non-FTE)	$	2,928		$	2,940		$	3,235		$	3,051		$	3,138		7		3
Securities gains (losses)		1			(9	)		(191	)		(73	)		(152	)	N/M		N/M
Total fee and other revenue (non-FTE)	$	2,929		$	2,931		$	3,044		$	2,978		$	2,986		2		-
Total fee and other revenue (FTE)	$	2,939		$	2,940		$	3,055		$	2,987		$	2,997		2	%	-	%
Fee and other revenue as a percentage of total revenue (FTE)		83	%		81	%		80	%		79	%		88	%(b)

(a) Pro forma combined results for The Bank of New York Mellon Corporation.

(b) Excluding the SILO charge, fee and other revenue as a percentage of total revenue was79%.

N/M - Not meaningful.

KEY POINTS

• Total fee revenue excluding securities losses increased 7% compared with 2Q07 and 3% (unannualized) sequentially.

• Total securities servicing fees increased 13% reflecting:

• An increase in asset servicing fees of 25% resulting from higher securities lending revenue, strong new business activity and the impact of the completed acquisition of the remaining 50% interest in the joint venture with ABN AMRO in 4Q07. The sequential decline of 3% was due primarily to lower securities lending revenue reflecting the impact on spreads for government securities, partially offset by seasonality.

• An increase in issuer services fees of 7% primarily reflecting growth in Depositary Receipts and an increase in non-U.S. revenue related to Corporate Trust. The sequential increase of 18% primarily reflects typical seasonality in the Depositary Receipts business.

• Higher clearing and execution services fees of 13%, adjusted for the impact of the first quarter of 2008 sale of the B-Trade and G-Trade execution businesses to BNY ConvergEx. This increase principally resulted from growth in trading activity along with continued growth in money market and mutual fund fees.

• Asset and wealth management fees decreased 1% reflecting broad declines in the equity markets and the prior loss of business at one of the investment boutiques, partially offset by strength in money market flows and certain global equity strategies.

• Performance fees were $16 million in 2Q08 compared to $63 million in 2Q07 and $20 million in 1Q08. The year-over-year decline was primarily due to a lower level of performance fees generated from certain equity and alternative strategies.

• Foreign exchange and other trading activities increased 75% year-over-year and 19% (unannualized) sequentially reflecting the benefit of increased volatility as well as higher client volumes. The sequential increase also reflects the negative impact of the adoption of FAS 157 in 1Q08.

• Investment income decreased $32 million compared to 2Q07 and increased $22 million sequentially. Fluctuations to prior periods resulted primarily from the change in market value of seed capital investments associated with our asset management business.

• Other revenue compared to 2Q07 decreased $36 million primarily due to lower economic value payments related to the Acquired Corporate Trust Business and lower expense reimbursements related to the custody joint venture acquisition noted above. The sequential decline was due primarily to the $42 million gain associated with the initial public offering for VISA recorded in 1Q08.

• Securities losses totaled $152 million in 2Q08 primarily reflecting writedowns related to Alt-A securities ($72 million), asset-backed securities CDOs ($50 million) and the HELOC portfolio ($30 million). Further information on the securities portfolio is detailed on page 9.

Page 6

The Bank of New York Mellon Corporation 2Q08 Quarterly Earnings Summary

NET INTEREST REVENUE

	2007									2008						2Q08 vs.
(dollar amounts in millions unless otherwise noted)	2nd Qtr(a)			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			2Q07		1Q08
Net interest revenue (non-FTE)	$	586		$	669		$	752		$	767		$	411		(30	)%	(46	)%
Net interest revenue (FTE)		592			674			757			773			415		(30	)	(46	)
Net interest margin (FTE)		1.95	%		2.02	%		2.16	%		2.14	%		1.16	%	(79	) bps	(98	) bps
Excluding the SILO charge:
Net interest revenue (non-FTE)	$	586		$	669		$	752		$	767		$	788		34	%	3	%
Net interest revenue (FTE)		592			674			757			773			792		34		2
Net interest margin (FTE)		1.95	%		2.02	%		2.16	%		2.14	%		2.21	%	26	bps	7	bps
Selected average balances:
Money market investments	$	31,818		$	39,965		$	44,203		$	46,857		$	50,105		57	%	7	%
Trading account securities		1,892			1,872			2,351			1,459			1,918		1		31
Securities		43,705			46,167			46,959			48,306			45,081		3		(7	)
Loans		43,824			45,517			47,109			48,496			47,151		8		(3	)
Interest-earning assets		121,239			133,521			140,622			145,118			144,255		19		(1	)
Interest-bearing deposits		72,450			80,870			86,278			92,881			94,785		31		2
Noninterest-bearing deposits		24,002			26,466			28,449			26,240			24,822		3		(5	)
Selected average yields:
Money market investments		4.72	%		4.89	%		4.74	%		4.08	%		3.61	%
Trading account securities		4.27			3.93			5.35			5.36			3.74
Securities		5.28			5.66			5.40			5.16			4.97
Loans		5.30			5.40			5.06			4.50			0.61	(b)
Interest-earning assets		5.15			5.32			5.08			4.59			3.05	(b)
Interest-bearing deposits		3.64			3.79			3.36			2.66			2.02
Noninterest-bearing deposits as a percentage of interest-earning assets		20	%		20	%		20	%		18	%		17	%

(a) Pro forma combined results for The Bank of New York Mellon Corporation.

(b) Excluding the SILO charge, the yield on loans and on interest-earning assets was 3.81% and 4.10%, respectively.

bps - basis points.

KEY POINTS

• Net interest revenue (FTE), excluding the SILO charge, increased 34% year-over-year and 2% (unannualized) sequentially.

• The increase compared with 2Q07 principally reflects wider spreads on investment securities and a higher level of average interest earning assets, driven by a 31% increase in interest-bearing deposits resulting primarily from growth in Securities Servicing. This increase was partially offset by the lower value of non-interest bearing deposits in a low interest rate environment.

• The sequential increase primarily reflects wider spreads on investment securities, partially offset by a lower level and value of non-interest bearing deposits.

• The net interest margin, excluding the SILO charge, increased 26 basis points year-over-year and 7 basis points sequentially. Both increases primarily reflect the benefit of wider spreads on investment securities.

Page 7

The Bank of New York Mellon Corporation 2Q08 Quarterly Earnings Summary

NONINTEREST EXPENSE

(dollar amounts in millions, non-FTE basis unless otherwise noted)	2007									2008						2Q08 vs.
	2nd Qtr(a)			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			2Q07		1Q08
Staff:
Compensation	$	754		$	764		$	758		$	795		$	804		7	%	1	%
Incentives		362			347			443			366			386		7		5
Employee benefits		187			169			164			191			201		7		5
Total staff		1,303			1,280			1,365			1,352			1,391		7		3
Professional, legal and other purchased services		253			241			272			252			280		11		11
Net occupancy		172			144			145			129			139		(19	)	8
Distribution and servicing		141			127			133			130			131		(7	)	1
Software		77			91			78			79			88		14		11
Furniture and equipment		80			80			82			79			79		(1	)	-
Business development		72			56			72			66			75		4		14
Sub-custodian		60			58			66			61			62		3		2
Communications		33			33			34			32			33		-		3
Clearing and execution		44			52			49			9			21		(52	)	N/M
Other		204			195			198			182	��		186		(9	)	2
Subtotal		2,439			2,357			2,494			2,371			2,485		2		5
Amortization of intangible assets		40			131			131			122			124		N/M		2
Merger & integration expense:
The Bank of New York Mellon Corporation		151			205			111			121			146		(3	)	21
Acquired Corporate Trust Business		12			13			13			5			3		(75	)	(40	)
Total noninterest expense	$	2,642		$	2,706		$	2,749		$	2,619		$	2,758		4	%	5	%
Total staff expense as a percentage of total revenue (FTE)		37	%		35	%		36	%		36	%		41	% (b)

(a) Pro forma combined results for The Bank of New York Mellon Corporation. Results exclude the pro forma impact of incremental purchase accounting intangible amortization resulting from the merger of The Bank of New York and Mellon Financial.

(b) Excluding the SILO charge, total staff expense as a percentage of total revenue was 37%.

N/M - Not meaningful.

KEY POINTS

• Strong revenue growth and overall expense control as well as the benefit of merger-related expense synergies resulted in more than 500 basis points of positive operating leverage year-over-year.¹

• Year-over-year expense increases were primarily driven by business growth, the 4Q07 acquisition of the remaining 50% interest in the joint venture with ABN AMRO, the 2Q08 merit increase ($25 million) and credit monitoring expense related to lost tapes ($22 million) as well as higher incentives, benefits and professional, legal and other purchased services expenses. Partially offsetting these increases was the impact of the sale of the B-Trade and G-Trade businesses, the benefit of merger-related expense synergies as well as charges in 2Q07 for occupancy ($30 million) and the redemption of subordinated notes ($46 million).

• Sequential expense increases were primarily driven by the 2Q08 merit increase, business growth, expense rebates received in 1Q08 as well as higher incentives, benefits and professional, legal and other purchased services expenses, which were partially offset by the impact of merger-related expense synergies. The previously mentioned credit monitoring charge for lost tapes in 2Q08 ($22 million) was primarily offset by the writedown in 1Q08 of seed capital investments ($25 million) related to a formerly affiliated hedge fund manager.

¹ The operating leverage calculation excludes merger and integration, intangible amortization expense and the SILO charge.

Page 8

The Bank of New York Mellon Corporation 2Q08 Quarterly Earnings Summary

INVESTMENT PORTFOLIO

At June 30, 2008, investment securities totaled $44.3 billion, which consists of our core portfolio of $41.5 billion and Three Rivers Funding Corp.’s (“TRFC”) portfolio of $2.8 billion. TRFC was consolidated in the fourth quarter of 2007. The unrealized net of tax loss on our total securities available for sale portfolio was $1.818 billion at June 30 2008, which was comprised of $1.480 billion in our core portfolio and $338 million in our TRFC portfolio. The unrealized net of tax loss at March 31, 2008 was $1.789 billion, which was comprised of $1.523 billion in our core portfolio and $266 million in our TRFC portfolio. The increase in the unrealized net of tax loss in the second quarter of 2008 compared with the first quarter of 2008 resulted from higher interest rates partially offset by narrower credit spreads.

At June 30, 2008, the unrealized net of tax loss on our securities available for sale portfolio decreased our adjusted tangible common equity to assets ratio by 93 basis points. We continue to have the ability and intent to hold our investment securities until any temporary impairment is recovered, or until maturity. The securities in our core asset and mortgage-backed securities portfolio continued to remain highly rated, with 93% rated AAA.

Below are the securities in our core portfolio, at fair value, which incorporates our unrealized loss, by credit rating.

Credit ratings for core securities portfolio June 30, 2008 (dollar amounts in millions)	Variable & Fixed Rate										Subprime Mortgage Securities			Commercial Mortgage- Backed Securities		Asset-Backed Securities CDOs			European Floating Rate Notes			Other			Total			%
		Agency			Alt-A			Prime
AAA	$	10,456		$	6,542		$	6,929			$	173		$      2,740		$	16		$	8,741		$	2,837		$	38,434		93	%
AA		-			52			27				737		85			18			159			650			1,728		4
A		-			-			18		��		171		-			8			-			475			672		2
Other		-			32			-				17		-			-			-			229			278		1
Total fair value	$	10,456		$	6,626		$	6,974			$	1,098		$      2,825		$	42		$	8,900		$	4,191	(a)	$	41,112		100	%
Amortized cost less writedowns	$	10,503		$	7,694		$	7,370			$	1,390		$      2,929		$	79		$	9,245		$	4,305		$	43,515
Mark-to-market unrealized gain/loss (pre-tax)	$	(47	)	$	(1,068	)	$	(396	)		$	(292	)	$       (104)		$	(37	)	$	(345	)	$	(114	)		$ (2,403)
Percent of total fair value		25	%		16	%		17	%			3	%	7	%		-	%		22	%		10	%		100	%

(a) Excludes $.4 billion of unrated investments that principally support our asset management activities.

Below are the securities in the TRFC portfolio, at fair value which incorporates our unrealized loss, by credit rating.

Credit ratings for the TRFC portfolio June 30, 2008	Variable & Fixed Rate							Subprime Mortgage Securities			Credit Cards		Home Equity Lines of Credit		Other Asset- Backed Securities		Total			%
(dollar amounts in millions)	Agency		Alt-A		Prime
AAA	$  95		$  1,110		$	11		$	192		$          -		$    128		$    20		$	1,556		57	%
AA	-		-			-			33		38		109		27			207		7
A	-		-			-			-		670		144		-			814		30
Other	-		-			-			17		-		140		-			157		6
Total fair value	$  95		$  1,110		$	11		$	242		$      708		$    521		$    47		$	2,734		100	%
Amortized cost less writedowns	$  96		$  1,456		$	12		$	273		$      744		$    669		$    50		$	3,300
Mark-to-market unrealized gain/loss (pre-tax)	$  (1)		$   (346)		$	(1)		$	(31)		$      (36)		$  (148)		$   (3)		$	(566)
Percent of total fair value	3	%	41	%		-	%		9	%	26	%	19	%	2	%		100	%

We routinely test our investment securities for other than temporary impairment (“OTTI”). In the second quarter of 2008, we assumed an additional 17% decline in national home prices over the next two years and estimated the impact it would have on the cash flows underlying the individual securities. As a result, we impaired certain securities and wrote them down to current market value and recorded a $152 million pre-tax securities loss associated with OTTI comprising the following:

• $72 million related to securities backed by Alt-A loans.

• $50 million related to asset-backed securities (“ABS”) CDOs. At June 30, 2008, the amortized cost/fair value of our total ABS CDOs was $93 million. The amortized cost/fair value of this portfolio, net of OTTI, was 24% of par at June 30, 2008. At June 30, 2008, $14 million (fair value) of ABS CDOs are included in trading assets and $79 million (amortized cost) are included in securities available for sale.

• $30 million related to securities backed by home equity lines of credit (“HELOC”) in the TRFC portfolio resulting from both a deterioration of specific securities combined with weakening credit support due to below investment grade ratings of certain bond insurers.

Page 9

The Bank of New York Mellon Corporation 2Q08 Quarterly Earnings Summary

Our Alt-A portfolio is 99% AAA-rated and 1% AA-rated. At origination, the portfolio’s weighted-average FICO score was 716 and its weighted-average LTV was 74%. Approximately 50% of the total portfolio is supported by better performing fixed-rate collateral. Finally, the portfolio’s weighted-average current credit enhancement is 13%.

The HELOC securities in the TRFC portfolio are tested for impairment based on the quality of the underlying security and the condition of the monoline insurer providing credit support. Securities were deemed impaired if we expected they would not be repaid in full without the support of the insurer and the insurer was rated below investment grade.

At June 30, 2008, the combined fair value of the core and TRFC subprime mortgage securities portfolios was $1.3 billion with 85% of the portfolios rated AA or higher. The core portfolio is primarily comprised of vintages from 2005 or earlier. The TRFC portfolio is primarily comprised of vintages originated in 2006 and 2007. The weighted-average current credit enhancement on these portfolios was 35% at June 30, 2008.

SILO TRANSACTIONS

In the second quarter of 2008 we recorded a $380 million charge related to sale-in, lease-out (SILO) transactions. This charge includes $237 million, in accordance with FAS 13-2, related to revising the cash flows associated with the Company’s SILO transactions, as well as $143 million for establishing interest reserves on associated tax benefits. The charge was prompted by recent federal court decisions inBB&T Corp. v. United StatesandAWG Leasing Trust v. United States, where the tax benefits from certain SILO and lease-in, lease-out (LILO) transactions were denied. In the third quarter of 2008, we expect to deposit funds with the IRS to offset the accrual of interest on the disputed SILO transactions. The cost of the deposit, as well as the recalculation of the cash flows associated with the SILO transactions will result in a decrease in earnings per share of approximately $0.02 per share in both the second half of 2008 and full year 2009. We continue to believe our tax treatment of the SILO transactions was proper under the tax law as it existed at the time the tax benefits were reported. We are currently in discussions with the IRS.

CAPITAL SUPPORT AGREEMENTS

During the second quarter of 2008, we executed the following capital support agreements: $28.6 million and $18 million covering securities in two short-term net asset value (“NAV”) funds, both in the Asset Management segment. These agreements are in addition to the capital support agreement for the commingled short-term NAV fund (“CNAV fund”) of $55.5 million covering securities related to Whistle Jacket Capital/White Pine Financial, LLC, in the Asset Servicing segment. Under these agreements, we could provide capital in specified circumstances in varying maturities through June 2009. A previously disclosed capital support agreement for the CNAV Fund covering securities related to Thornburg Mortgage Capital Resources was canceled during the second quarter of 2008 resulting in a $12 million credit recorded in Other expense, which was partially offset by $8 million of expense related to the current estimated fair value of the remaining capital support agreements. We continue to monitor exposure to NAV and money market funds that we manage. On a case-by-case basis, depending on future circumstances, we could enter into further capital support agreements with the funds.

Page 10

The Bank of New York Mellon Corporation 2Q08 Quarterly Earnings Summary

CAPITAL RATIOS

Capital Ratios	Quarter ended
	June 30, 2008		March 31, 2008		Dec. 31, 2007
Adjusted tangible common equity to assets ratio(a) (b)	4.31	%	4.14	%	4.96	%
Adjusted tangible common equity to average assets ratio	4.44		4.23		5.09
Tier I capital ratio(b) (c)	9.13		8.76		9.32
Total (Tier I plus Tier II) capital ratio(c)	12.63		12.14		13.25
Leverage capital ratio	6.39		6.18		6.53
Average shareholders’ equity to assets ratio	14.54		14.72		13.61

(a) Common equity less goodwill and intangible assets divided by total assets less goodwill and intangible assets, adjusted for deferred tax liabilities associated with non-tax deductible identifiable intangible assets. The Company’s major credit rating agencies have notified us that in their computation of our capital adequacy, they will give credit for deferred tax liabilities associated with tax deductible goodwill. The regulators are also considering giving credit for deferred tax liabilities in their capital computations. If the ratio had also been adjusted for the benefit of the deferred liability associated with tax deductible goodwill ($548 million) the ratio would have been 31 basis points higher at June 30, 2008.

(b) Consolidated target ratios for Tier I and adjusted tangible common equity are 8.00% and 5.00%, respectively.

(c) Preliminary.

NONPERFORMING ASSETS

Nonperforming assets	Quarter ended
(dollar amounts in millions)	June 30, 2008		March 31, 2008			June 30, 2007 (a)
Loans:
Commercial	$    52		$	50		$    16
Commercial real estate	106			49		-
Residential real estate	55			33		4
Foreign	60			78		6
Total nonperforming loans	273			210		26
Other assets owned	6			5		1
Total nonperforming assets	$    279		$	215		$    27
Nonperforming loans ratio	0.5	%		0.4	%	0.1	%
Allowance for loan losses/nonperforming loans	129.3			149.5		1,084.6
Total allowance for credit losses/nonperforming loans	178.0			231.9		1,596.2

(a) Legacy The Bank of New York only.

ALLOWANCE FOR CREDIT LOSS, PROVISION AND NET CHARGE-OFFS

Allowance for credit loss, provision and net charge-offs	Quarter ended
(dollar amounts in millions)	June 30, 2008			March 31, 2008			June 30, 2007 (a)
Allowance for credit losses – beginning of period	$	487		$	494		$	425
Provision for credit losses		25			16			(15	)
Sale of Mellon 1st Business Bank		(13	)		-			-
SFAS 159 adoption		-			(10	)		-
Net (charge-offs)/recoveries:
Commercial		(12	)		(6	)		-
Leasing		1			-			5
Foreign		-			(5	)		-
Other		(2	)		(2	)		-
Total net (charge-offs)/recoveries		(13	)		(13	)		5
Allowance for credit losses – end of period	$	486		$	487		$	415
Allowance for loan losses	$	353		$	314		$	282
Allowance for unfunded commitments		133			173			133

(a) Legacy The Bank of New York only.

The unallocated allowance was 22% at June 30, 2008 compared with 23% at March 31, 2008 and 28% at June 30, 2007.

Page 11

The Bank of New York Mellon Corporation 2Q08 Quarterly Earnings Summary

MERGER UPDATE - INTEGRATION MILESTONES

1) Revenue Synergies

(in millions)	2007 Actuals		Forecast
			2008		2009		2010		2011
Annual revenue synergies	$	90	$	180	$	215-275	$	270-350	$	325-425

2) Expense Synergies

	-----------Actuals-------------						Annual -------- Cumulative Targets-------
(dollar amounts in millions)	4Q07		1Q08		2Q08		2008			2009			Goal
Expense synergies	$	96	$	118	$	131	$	520/61	%	$	710/84	%	$	850
# of net positions eliminated (cumulative)		1,723		1,873		2,075								3,200

Business Segment Expense
Synergies Achieved(in millions)	3Q07		4Q07		1Q08		2Q08
Asset Management	$	6	$	7	$	10	$	10
Wealth Management		4		5		6		7
Asset Servicing		28		32		44		51
Issuer Services		8		10		12		14
Clearing Services		1		2		2		2
Treasury Services		10		12		14		15
Subtotal		57		68		88		99
Other		22		28		30		32
Total	$	79	$	96	$	118	$	131
Total – annualized	$	316	$	384	$	472	$	524

3) Merger & Integration Charges (The Bank of New York Mellon Corporation)

(in millions)				Cumulative Thru 2Q08(a)
	2Q08 Total Expense			Expense			Included in Goodwill			Total		Total Estimated
Personnel-related(b)	$	45		$	266		$	123		$	389	$	530
Integration/conversion		94			331			-			331		545
One-time costs(c)		7			41			44			85		230
Transaction costs(d)		-			117			45			162		170
Total	$	146		$	755		$	212		$	967	$	1,475
% of total estimated		10	%		51	%		66	%

(a) Represents total merger and integration charges from 4Q06 - 2Q08.

(b) Includes severance, retention, relocation expenses and accelerated vesting of stock options and restricted stock.

(c) Includes facilities related expenses, balance sheet write-offs, vendor contract modifications, rebranding and net gain (loss) on disposals.

(d) Includes investment banker and legal fees and foundation funding.

4) Service Quality Goals for 2010 - Asset Servicing

• #1 vs. major peers in the three major external global client satisfaction surveys

- BNY Mellon #1 rated custodian among the large custodian peer group

> Global Investor Survey (May 2008)

> R&M Global Custody Survey (March 2008)

> Global Custodian Survey (December 2007)

• Expect 85% of our clients to be satisfied/highly satisfied with our service quality.

5) Reorganization of Banks – Completed July 1, 2008.

Page 12

The Bank of New York Mellon Corporation 2Q08 Quarterly Earnings Summary

BUSINESS SEGMENTS

During the second quarter of 2008 we moved the financial results of Mellon 1^St Business Bank, National Association and Mellon United National Bank to the Other segment from the Wealth Management segment. This change reflects the sale of Mellon 1^st Business Bank in June 2008, as well as our focus on reducing non-core activities. Historical segment results for Wealth Management and Other have been restated to reflect these changes.

Page 13

The Bank of New York Mellon Corporation 2Q08 Quarterly Earnings Summary

ASSET MANAGEMENT(provides asset management services through a number of asset management companies to institutional and individual investors)

• Represented 18% of pre-tax income in the second quarter of 2008(a)

(dollar amounts in millions unless otherwise noted; presented on an FTE basis)	2007									2008						2Q08 vs.
	2nd Qtr(b)			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			2Q07		1Q08
Revenue:
Asset and wealth management:
Mutual funds	$	291		$	307		$	323		$	323		$	340		17	%	5	%
Institutional clients		351			331			342			304			290		(17	)	(5	)
Private clients		46			47			47			45			47		2		4
Total asset and wealth management		688			685			712			672			677		(2	)	1
Performance fees		63			(3	)		62			20			16		(75	)	(20	)
Distribution and servicing		82			89			104			86			99		21		15
Other		31			(26	)		10			(26	)		4		(87	)	N/M
Total fee and other revenue		864			745			888			752			796		(8	)	6
Net interest revenue (expense)		(6	)		(4	)		18			15			11		N/M		(27	)
Total revenue		858			741			906			767			807		(6	)	5
Noninterest expense (ex. intangible amortization)		542			538			559			562			536		(1	)	(5	)
Income before taxes (ex. intangible amortization)		316			203			347			205			271		(14	)	32
Amortization of intangible assets		13	(c)		70			70			62			68		N/M		10
Income before taxes	$	303		$	133		$	277		$	143		$	203		(33	)%	42	%
Pre-tax operating margin (ex. intangible amortization) – Non-GAAP		37	%		27	%		38	%		27	%		34	%
Market value of assets under management at period-end(in billions)	$	1,006		$	1,028		$	1,044		$	1,029		$	1,040		3	%	1	%
Assets under management-net inflows(outflows)
Long-term(in billions)	$	5		$	1		$	(21	)	$	(8	)	$	(8	)
Money market(in billions)	$	17		$	27		$	39		$	29		$	21

(a) Excluding intangible amortization and the Other segment.

(b) Pro forma combined results for The Bank of New York Mellon Corporation.

(c) Results prior to 3Q07 exclude the pro forma impact of incremental purchase accounting intangible amortization resulting from the merger of The Bank of New York and Mellon Financial.

KEY POINTS

• Asset and wealth management fees decreased compared with the second quarter of 2007, as broad declines in the equity markets and the prior loss of business at one of the investment boutiques were primarily offset by strength in money market flows and certain global equity strategies. Sequentially, asset and wealth management fees increased 1% (unannualized) as strength in money market flows and certain global equity strategies more than offset lower equity values.

• Performance fees were $16 million in 2Q08 compared to $63 million in 2Q07 and $20 million in 1Q08. The year-over-year decline was primarily due to a lower level of performance fees generated from certain equity and alternative strategies.

• Distribution and servicing fees increased 21% reflecting strong money market flows as well as redemptions in certain international funds.

• Other fee revenue decreased $27 million year-over-year and increased $30 million sequentially. The decrease compared with 2Q07 primarily reflects lower seed capital revenue. The sequential increase resulted from higher seed capital revenue and 1Q08 writedowns to securities previously purchased from investment boutiques.

• 2Q08 noninterest expense (excluding intangible amortization) decreased $6 million, or 1%, compared with 2Q07 reflecting lower incentive expense and overall strong expense control, partially offset by the merit increase in 2Q08 and the impact of the ARX Capital Management (1Q08) acquisition. Noninterest expense decreased $26 million sequentially as 1Q08 included a $25 million writedown of seed capital investments related to a formerly affiliated hedge fund manager.

• 42% non-U.S. revenue in 2Q08 vs. 34% in 2Q07.

Page 14

The Bank of New York Mellon Corporation 2Q08 Quarterly Earnings Summary

WEALTH MANAGEMENT(provides investment management, wealth management and banking services to high-net-worth individuals, families and charitable gift programs, foundations and endowments)

• Represented 5% of pre-tax income in the second quarter of 2008(a)

(dollar amounts in millions unless otherwise noted; presented on an FTE basis) (b)	2007									2008						2Q08 vs.
	2nd Qtr(c)			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			2Q07		1Q08
Revenue:
Asset and wealth management	$	153		$	151		$	157		$	153		$	150		(1	)%	(2	)%
Other		3			5			10			13			11		N/M		(15	)
Total fee and other revenue		156			156			167			166			161		4		(2	)
Net interest revenue		44			41			42			46			48		10		4
Total revenue		200			197			209			212			209		5		(1	)
Provision for credit losses		-			-			-			-			(1	)	N/M		N/M
Noninterest expense (ex. intangible amortization)		141			139			142			142			142		1		-
Income before taxes (ex. intangible amortization)		59			58			67			70			68		15		(3	)
Amortization of intangible assets		-	(d)		14			14			13			13		N/M		-
Income before taxes	$	59		$	44		$	53		$	57		$	55		(6	)%	(4	)%
Pre-tax operating margin (ex. intangible amortization)- Non-GAAP		30	%		29	%		32	%		33	%		33	%
Average loans	$	4,083		$	4,133		$	4,342		$	4,390		$	4,816		18	%	10	%
Average deposits	$	6,346		$	7,585		$	7,464		$	7,993		$	7,782		23	%	(3	)%
Market value of total client assets at period end
(in billions)	$	162		$	170		$	170		$	164		$	162		-	%	(2	)%

(a) Excluding intangible amortization and the Other segment.

(b) In the second quarter of 2008, the financial results of Mellon 1^st Business Bank, National Association and Mellon United National Bank were reclassified from Wealth Management to the Other segment. This change reflects the sale of Mellon 1^st Business Bank in June 2008, as well as our focus on reducing non-core activities. All prior periods have been reclassified.

(c) Pro forma combined results for The Bank of New York Mellon Corporation.

(d) Results prior to 3Q07 exclude the pro forma impact of incremental purchase accounting intangible amortization resulting from the merger of The Bank of New York and Mellon Financial.

KEY POINTS

• Total fee and other revenue increased 4% compared with 2Q07 as net new business and organic growth more than offset broad declines in the equity markets. Fee revenue decreased 2% (unannualized) sequentially as the impact of lower market levels offset new business.

• Strong asset flows offset the broad declines in the equity markets, resulting in no change to total client assets of $162 billion compared to 2Q07. Client assets decreased only 2% (unannualized) sequentially as $2 billion of net assets under custody flows in 2Q08 were offset by lower market values.

• Net interest revenue increased 10% year-over-year and 4% (unannualized) sequentially due to higher levels and improved spreads. Average deposit levels were up $1.4 billion or 23% over the prior year period due to new business and products, and down 3% (unannualized) sequentially due to seasonality. Average loan levels were up $0.7 billion or 18% over the prior year period and up 10% (unannualized) sequentially due to new business.

• Noninterest expense (excluding intangible amortization) was essentially unchanged year-over-year and sequentially as the impact of merit increases was fully offset by the impact of merger-related synergies and strong overall expense control.

• Generated 400 basis points of positive operating leverage year-over-year (excluding intangible amortization), through net new business growth and expense management.

• Wealth Management has a presence in 15 of the top 25 domestic wealth markets.

Page 15

The Bank of New York Mellon Corporation 2Q08 Quarterly Earnings Summary

ASSET SERVICING(provides institutional trust and custody and related services and broker-dealer services to global financial institutions, corporate and public retirement funds and foundations and endowments)

• Represented 34% of pre-tax income in the second quarter of 2008(a)

(dollar amounts in millions unless otherwise noted; presented on an FTE basis)	2007									2008						2Q08 vs.
	2nd Qtr(b)			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			2Q07		1Q08
Revenue:
Securities servicing fees - asset servicing	$	665		$	689		$	774		$	857		$	825		24	%	(4	)%
Foreign exchange and other trading activities		125			161			206			200			224		79		12
Other		61			56			53			44			36		(41	)	(18	)
Total fee and other revenue		851			906			1,033			1,101			1,085		27		(1	)
Net interest revenue		179			195			224			221			213		19		(4	)
Total revenue		1,030			1,101			1,257			1,322			1,298		26		(2	)
Noninterest expense (ex. intangible amortization)		733			753			807			745			803		10		8
Income before taxes (ex. intangible amortization)		297			348			450			577			495		67		(14	)
Amortization of intangible assets		3	(c)		6			6			7			5		67		(29	)
Income before taxes	$	294		$	342		$	444		$	570		$	490		67	%	(14	)%
Average deposits	$	37,237		$	37,971		$	42,338		$	46,011		$	48,340		30	%	5	%
Pre-tax operating margin (ex. intangible amortization) - Non-GAAP		29	%		32	%		36	%		44	%		38	%
Market value of securities on loan at period-end(in billions)(d)	$	678		$	663		$	633		$	660		$	588		(13	)%	(11	)%
Securities lending revenue	$	99		$	110		$	164		$	242		$	207		109	%	(14	)%
Global collateral management balances at period-end(in billions)	$	1,548		$	1,692		$	1,717		$	1,864		$	1,702		10	%	(9	)%

(a) Excluding intangible amortization and the Other segment.

(b) Pro forma combined results for The Bank of New York Mellon Corporation.

(c) Results prior to 3Q07 exclude the pro forma impact of incremental purchase accounting intangible amortization resulting from the merger of The Bank of New York and Mellon Financial.

(d) Represents the total amount of securities on loan, both cash and non-cash managed by the Asset Servicing segment.

KEY POINTS

• Asset servicing fees increased 24% reflecting increased securities lending revenue, net new business, cross sells and organic growth and the 4Q07 acquisition of the remaining 50% interest in the joint venture with ABN AMRO.

• Securities lending fees increased $108 million compared to 2Q07 and declined $35 million sequentially. The year-over-year increase reflects favorable spreads in the short-term credit markets. The sequential decline primarily reflects the impact on spreads for government securities, partially offset by seasonality.

• Foreign exchange and other trading activities increased 79% year-over-year and 12% (unannualized) sequentially, reflecting the benefit of higher client volumes as well as significant increases in currency volatility.

• Net interest revenue increased 19% compared to the prior year due to strong deposit growth partially offset by lower spreads due to the declining interest rate environment. Net interest revenue decreased 4% (unannualized) as higher deposit levels were more than offset by lower spreads.

• Noninterest expense (excluding intangible amortization) increased 10% year-over-year and 8% (unannualized) sequentially.

• The increase compared to 2Q07 was driven by the acquisition of the remaining 50% interest in the joint venture with ABN AMRO, the 2Q08 merit increase, higher foreign exchange revenue related costs, higher than normal legal expenses and systems impairment costs. Adjusting for the joint venture acquisition, the higher legal expense and the systems impairment costs, noninterest expense increased 4% as the impact of new business and growth initiatives were partially offset by the impact of merger-related synergies.

• The sequential increase principally reflects the factors noted above as well as a higher level of expense rebates in 1Q08. Adjusting for the impact of the rebates as well as the higher 2Q08 legal expenses and systems impairment costs, noninterest expense increased 3% (unannualized) primarily in support of business growth.

• 41% non-U.S. revenue in 2Q08 vs. 42% in 2Q07.

• New business pipelines remain strong.

• Global Investor Survey – BNY Mellon #1 rated custodian among the large custodian peer group (released May 2008).

• Revenue retention rate continues to exceed 98% target.

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The Bank of New York Mellon Corporation 2Q08 Quarterly Earnings Summary

ISSUER SERVICES (provides corporate trust, depositary receipt and shareowner services to corporations and institutions)

• Represented 21% of pre-tax income in the second quarter of 2008(a)

(dollar amounts in millions unless otherwise noted; presented on an FTE basis)	2007									2008						2Q08 vs.
	2nd Qtr(b)			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			2Q07		1Q08
Revenue:
Securities servicing fees - issuer services	$	415		$	436		$	438		$	374		$	443		7	%	18	%
Other		25			24			19			33			36		44		9
Total fee and other revenue		440			460			457			407			479		9		18
Net interest revenue		158			159			175			153			176		11		15
Total revenue		598			619			632			560			655		10		17
Noninterest expense (ex. intangible amortization)		297			291			324			317			347		17		9
Income before taxes (ex. intangible amortization)		301			328			308			243			308		2		27
Amortization of intangible assets		17	(c)		20			21			20			20		18		-
Income before taxes	$	284		$	308		$	287		$	223		$	288		1	%	29	%
Pre-tax operating margin (ex. intangible amortization)- Non-GAAP		50	%		53	%		49	%		43	%		47	%
Depositary receipts outstanding(in billions)	$	779		$	1,178		$	1,360		$	1,221		$	961		23	%	(21	)%
Depositary receipt trading value(in billions)	$	248		$	354		$	519		$	499		$	461		86	%	(8	)%
Average deposits	$	21,370		$	26,153		$	28,272		$	27,608		$	30,537		43	%	11	%

(a) Excluding intangible amortization and the Other segment.

(b) Pro forma combined results for The Bank of New York Mellon Corporation.

(c) Results prior to 3Q07 exclude the pro forma impact of incremental purchase accounting intangible amortization resulting from the merger of The Bank of New York and Mellon Financial.

KEY POINTS

• Total revenue grew 10% driven by:

• Issuer services fee growth of 7% reflecting growth in Depositary Receipts and an increase in non-U.S. revenue related to Corporate Trust. The sequential increase in fee and other revenue resulted from seasonality associated with Depositary Receipts and increased non-U.S. revenue related to Corporate Trust.

• Net interest revenue growth of 11% year-over-year and 15% (unannualized) sequentially. The increase compared with 2Q07 reflects the transition of deposits from the Acquired Corporate Trust Business, new business and increased client volumes. The sequential increase primarily reflects continued growth in client deposits.

• Noninterest expense (excluding intangible amortization) increased by 17%, compared to 2Q07 and 9% (unannualized) sequentially. Both increases reflect the impact of the 2Q08 charge recorded in Shareowner Services for credit monitoring charges related to lost tapes. Excluding this charge, noninterest expense increased 10% compared with 2Q07 and 3% (unannualized) sequentially. The increase from 2Q07 was primarily in support of business growth and the increases over both periods were impacted by the 2008 merit increase.

• 40% non-U.S. revenue in 2Q08 vs. 35% in 2Q07.

Page 17

The Bank of New York Mellon Corporation 2Q08 Quarterly Earnings Summary

CLEARING SERVICES (provides clearing, execution, financing and custody services for introducing broker-dealers and registered investment advisors)

• Represented 8% of pre-tax income in the second quarter of 2008(a)

(dollar amounts in millions unless otherwise noted; presented on an FTE basis)	2007									2008						2Q08 vs.
	2nd Qtr(b)			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			2Q07		1Q08
Revenue:
Securities servicing fees – clearing & execution services	$	281		$	302		$	310		$	265		$	265		(6	)%	-	%
Other		40			70			47			54			65		63		20
Total fee and other revenue		321			372			357			319			330		3		3
Net interest revenue		75			77			78			74			74		(1	)	-
Total revenue		396			449			435			393			404		2		3
Noninterest expense (ex. intangible amortization)		294			316			305			274			291		(1	)	6
Income before taxes (ex. intangible amortization)		102			133			130			119			113		11		(5	)
Amortization of intangible assets		6	(c)		6			6			6			6		-		-
Income before taxes	$	96		$	127		$	124		$	113		$	107		11	%	(5	)%
Pre-tax operating margin (ex. intangible amortization) – Non-GAAP		26	%		30	%		30	%		30	%		28	%
Average active accounts(in thousands)		5,195			5,064			5,069			5,170			5,280		2	%	2	%
Average margin loans(in millions)	$	5,551		$	5,287		$	5,301		$	5,245		$	5,791		4	%	10	%

(a) Excluding intangible amortization and the Other segment.

(b) Pro forma combined results for The Bank of New York Mellon Corporation.

(c) Results prior to 3Q07 exclude the pro forma impact of incremental purchase accounting intangible amortization resulting from the merger of The Bank of New York and Mellon Financial.

KEY POINTS

• In 1Q08, we completed the sale of the B-Trade and G-Trade execution businesses to BNY ConvergEx. These businesses have historically contributed approximately $50-60 million of revenue and $10-15 million of pre-tax income on a quarterly basis. These businesses were sold at book value with the potential for an earnout to be realized in 1Q09.

• Total fee and other revenue increased 3% compared with 2Q07. Adjusted for the 1Q08 sale of the B-Trade and G-Trade execution businesses to BNY ConvergEx, total fee and other revenue increased 20% reflecting continued strong growth in trading activity along with growth in money market and mutual fund fees, as well as strong earnings from BNY ConvergEx in 2Q08.

• Net interest revenue was essentially flat compared to 2Q07 as the benefit of higher customer balances was offset by the impact of the lower interest rate environment.

• Noninterest expense (excluding intangible amortization) decreased 1% compared with 2Q07. Adjusted for the 1Q08 sale of the B-Trade and G-Trade execution businesses noninterest expense increased 14% in support of business growth and the 2Q08 merit increase.

• New business pipeline remains strong.

Page 18

The Bank of New York Mellon Corporation 2Q08 Quarterly Earnings Summary

TREASURY SERVICES (provides global payment services, working capital solutions, global markets and institutional banking services, including lending)

• Represented 14% of pre-tax income in the second quarter of 2008(a)

(dollar amounts in millions unless otherwise noted; presented on an FTE basis)	2007									2008						2Q08 vs.
	2nd Qtr(b)			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			2Q07		1Q08
Revenue:
Treasury services	$	114		$	114		$	118		$	121		$	125		10	%	3	%
Other		104			110			125			106			130		25		23
Total fee and other revenue		218			224			243			227			255		17		12
Net interest revenue		132			140			162			183			153		16		(16	)
Total revenue		350			364			405			410			408		17		-
Noninterest expense (ex. intangible amortization)		206			196			201			205			203		(1	)	(1	)
Income before taxes (ex. intangible amortization)		144			168			204			205			205		42		-
Amortization of intangible assets		-	(c)		7			7			7			7		N/M		-
Income before taxes	$	144		$	161		$	197		$	198		$	198		38	%	-	%
Pre-tax operating margin (ex. intangible amortization)- Non-GAAP		41	%		46	%		50	%		50	%		50	%
Average loans	$	13,191		$	13,715		$	14,330		$	15,341		$	15,606		18	%	2	%
Average deposits	$	16,574		$	17,677		$	17,991		$	19,838		$	17,107		3	%	(14	)%

(a) Excluding intangible amortization and the Other segment.

(b) Pro forma combined results for The Bank of New York Mellon Corporation.

(c) Results prior to 3Q07 exclude the pro forma impact of incremental purchase accounting intangible amortization resulting from the merger of The Bank of New York and Mellon Financial.

KEY POINTS

• Total revenue increased 17% compared to 2Q07 due to:

• A 10% increase in treasury services revenue reflecting higher global payment and cash management fees due primarily to higher client volumes.

• A 25% increase in other revenue due primarily to gains in our hedging portfolio.

• A 16% increase in net interest revenue resulting from increased spreads.

• Total revenue decreased $2 million sequentially due to a 16% (unannualized) decrease in net interest revenue resulting from lower deposit levels due primarily to the decline of a large government agency deposit. Largely offsetting the decline in net interest revenue was a 23% (unannualized) increase in other fee revenue due primarily to gains in our hedging portfolio in 2Q08.

• Noninterest expense (excluding intangible amortization) decreased 1% driven by the impact of merger-related synergies, as well as the exit of a non-core capital markets business.

Page 19

The Bank of New York Mellon Corporation 2Q08 Quarterly Earnings Summary

OTHER(primarily includes the leasing portfolio, business exits, Corporate Treasury activities, merger and integration charges and other corporate revenue and expense items)

(dollar amounts in millions unless otherwise noted; presented on an FTE basis) (a)	2007									2008
	2nd Qtr(b)			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr
Revenue:
Fee and other revenue	$	89		$	77		$	(90	)	$	15		$	(109	)
Net interest revenue		10			66			58			81			(260	)
Total revenue		99			143			(32	)		96			(369	)
Provision for credit losses		(18	)		-			20			16			26
Noninterest expense (ex. intangible amortization & merger and integration expense)		226			124			156			126			163
Income (loss) before taxes (ex. intangible amortization & merger and integration expense)		(109	)		19			(208	)		(46	)		(558	)
Amortization of intangible assets		1	(c)		8			7			7			5
Merger and integration expenses:
The Bank of New York Mellon Corporation		151			205			111			121			146
Acquired Corporate Trust Business		12			13			13			5			3
Income (loss) before taxes	$	(273	)	$	(207	)	$	(339	)	$	(179	)	$	(712	)

(a) In 2Q08, the financial results of Mellon 1^st Business Bank, National Association and Mellon United National Bank were reclassified from Wealth Management to the Other segment. This change reflects the sale of Mellon 1^st Business Bank in June 2008, as well as our focus on reducing non-core activities. All prior periods have been reclassified.

(b) Pro forma combined results for The Bank of New York Mellon Corporation.

(c) Results prior to 3Q07 exclude the pro forma impact of incremental purchase accounting intangible amortization resulting from the merger of The Bank of New York and Mellon Financial.

KEY POINTS

• Fee and other revenue decreased $198 million, due primarily to the writedown of certain investments in the securities portfolio.

• Net interest revenue decreased $270 million due to the SILO charge, partially offset by the impact of the changing interest rate environment on Corporate Treasury allocations.

• Noninterest expense (excluding intangible amortization & merger and integration expense) decreased $63 million due primarily to the charges recorded in 2Q07 related to the redemption of subordinated notes ($46 million) and costs associated with excess office space ($30 million), partially offset by higher incentives, benefits and professional, legal and other purchased services expenses. The sequential increase in noninterest expense was also impacted by the previously noted increases.

Page 20

The Bank of New York Mellon Corporation 2Q08 Quarterly Earnings Summary

SUPPLEMENTAL INFORMATION - GAAP TO NON-GAAP RECONCILIATIONS

Reported amounts are presented in accordance with GAAP. We believe that this supplemental non-GAAP information is useful to the investment community in analyzing the financial results and trends of our business. We believe this information facilitates comparisons with prior periods and reflects the principal basis on which our management internally monitors financial performance. These items are also excluded from our segment measures used internally to evaluate segment performance because management does not consider them to be particularly relevant or useful in evaluating the operating performance of our business segments.

Quarterly reconciliation of earnings per share (in millions, except per share amounts)	2Q08				1Q08						2Q07(a)
	After-tax		EPS		After-tax			EPS			After-tax			EPS
Net income-GAAP	$	309	$	0.27	$	746		$	0.65		$	445		$	0.62
Discontinued operations income (loss)		7		0.01		(3	)		-			(3	)		-
Continuing operations		302		0.26		749			0.65			448			0.62
Merger and integration (M&I) expenses		89		0.08		75			0.07			32			0.04
SILO charge		380		0.33		-			-			-			-
Continuing operations excluding M&I expenses and SILO charge		771		0.67		824			0.72			480			0.66
Intangible amortization		77		0.07		75			0.07			19			0.03
Continuing operations excluding M&I expenses, SILO charge and intangible amortization	$	848	$	0.74	$	899		$	0.78	(b)	$	499		$	0.69

Year-to-date reconciliation of earnings per share (in millions, except per share amounts)	June 30, 2008				June 30, 2007(a)
	After-tax		EPS		After-tax			EPS
Net income-GAAP	$	1,055	$	0.92	$	879		$	1.22
Discontinued operations income (loss)		4		-		(6	)		(0.01	)
Continuing operations		1,051		0.92		885			1.23
Merger and integration (M&I) expenses		164		0.14		42			0.06
SILO charge		380		0.33		-			-
Continuing operations excluding M&I expenses and SILO charge		1,595		1.39		927			1.28	(b)
Intangible amortization		152		0.13		35			0.05
Continuing operations excluding M&I expenses, SILO charge and intangible amortization	$	1,747	$	1.52	$	962		$	1.33

(a) Legacy The Bank of New York only.

(b) Does not foot due to rounding.

Reconciliation of total revenue (in millions)							2Q08 vs.
	2Q08		1Q08		2Q07(a)		2Q07		1Q08
Fee and other revenue	$	2,986	$	2,978	$	2,929
Net interest revenue		411		767		586
Total revenue - GAAP		3,397		3,745		3,515	(3	)%	(9	)%
FTE increment		15		15		16
SILO charge		377		-		-
Total revenue (FTE) – non-GAAP, excluding the SILO charge		3,789		3,760		3,531	7	%	1	%
Securities writedowns		152		74		-
Total revenue (FTE) – non-GAAP, excluding SILO charge and securities writedowns	$	3,941	$	3,834	$	3,531	12	%	3	%

(a) Proforma combined.

SUPPLEMENTAL INFORMATION – CONVERTED EARNINGS PER SHARE

In the merger transaction between The Bank of New York and Mellon Financial, The Bank of New York shareholders received 0.9434 shares of the Company’s common stock for each share of The Bank of New York common stock outstanding on the closing date of the merger. Mellon Financial shareholders received one share of the Company’s common stock for each share of Mellon Financial common stock outstanding on the closing date of the merger.

Converting The Bank of New York Company’s common stock into post-merger share count terms for the second quarter of 2007 increased diluted earnings per share and diluted earnings per share excluding merger and integration expense by $0.03 and increased diluted earnings per share excluding merger and integration expense and intangible amortization by $0.04.

Page 21