January 17, 2008

The Bank of New York Mellon Reports Fourth Quarter Continuing EPS of $.61 Excluding Merger and Integration Expenses Continuing EPS of $.67


Results include write-down of CDOs in investment portfolio of $118 million after-tax, or 10 cents per share

Proactively consolidated off-balance sheet conduit, resulting in an extraordinary after-tax charge of $180 million, or 16 cents per share - improves profitability of the portfolio, conduit asset quality strong

Excellent revenue momentum, substantial operating leverage and integration on track Capital ratios remain strong

NEW YORK, January 17 2008 — The Bank of New York Mellon Corporation (NYSE: BK) reported fourth quarter income from continuing operations, before extraordinary items, of $700 million and diluted earnings per share of 61 cents, which compares to 60 cents a year ago and 56 cents sequentially. Income from continuing operations was $642 million in the third quarter of 2007, and $427 million in the fourth quarter of 2006.

Adjusting for the impact of merger and integration expense ($124 million pre-tax), diluted earnings per share for the fourth quarter of 2007 were 67 cents, which compares to 61 cents a year ago and 67 cents sequentially. The results of continuing operations for the fourth quarter of 2007 include 10 cents per share for the CDO write-down.

"I am pleased with our accomplishments in 2007. We began to successfully merge our two legacy companies and posted terrific fourth quarter results with 17% revenue and 26% earnings per share growth, excluding the CDO write-down. We are fully delivering on our commitments to clients, shareholders, and employees and business momentum remains strong. Our fourth quarter results also include the relative impact of recent market volatility on a small portion of our investment securities portfolio as well as our proactive decision to consolidate a bank-sponsored conduit. These actions are consistent with our strategy of aggressively reducing risk and complexity while exiting those businesses that do not support our global growth opportunities in asset management and securities servicing," said Robert P. Kelly, chief executive officer of The Bank of New York Mellon.

Net income totaled $520 million, or 45 cents per share, in the fourth quarter of 2007, compared with $1.625 billion or $2.27 per share in the fourth quarter of 2006. The fourth quarter of 2007 included an extraordinary charge of $180 million, net of tax, associated with management's decision to restructure and consolidate the assets of the bank-sponsored conduit, Three Rivers Funding Corporation (TRFC). This decision was based on the ongoing disruption in the capital markets impacting the funding costs of conduits which is in sharp contrast to the current level of our own funding costs, together with our continuing efforts to exit non-core activities. The extraordinary loss reflects the impact of a negative mark to market associated with spread widening on the assets consolidated. The securities within this portfolio have strong investment grade ratings and there were no downgrades of TRFC's assets during the fourth quarter. We expect to earn back the mark to market loss over the remaining lives of the assets (which average approximately 4-5 years), based on the credit quality of the assets. Further discussion of the assets consolidated and the related financial impact is provided on page 9.

Income from continuing operations, before extraordinary loss, for the full-year 2007 totaled $2.227 billion, or $2.38 per share, compared with $1.476 billion, or $2.04 per share, in 2006. Adjusting for the impact of merger and integration expense ($404 million pre-tax), and non-operating items detailed on page 11, diluted earnings per share for full-year 2007 were $2.62, compared with $2.14 for full-year 2006. Adjusting for the impact of merger and integration expenses ($404 million pre-tax), intangible amortization ($319 million pre-tax) and non-operating items, diluted earnings per share for full- year 2007 were $2.83 which compares with $2.22 for full-year 2006. Net income for the full-year 2007 totaled $2.039 billion, or $2.18 per share, compared with $2.847 billion, or $3.94 per share, for full-year 2006. Discontinued operations for the fourth quarter and full-year 2006 included a net after-tax gain of $1.217 billion from the sale of our Retail Business.

Fourth Quarter Highlights of The Bank of New York Mellon (Unless otherwise noted, all comments begin with the results of the fourth quarter of 2007. This is followed by commentary that compares the current period to pro forma combined results of the fourth quarter of 2006 unless otherwise noted. The appendix to this release provides the pro forma combined results, without purchase accounting adjustments and assumes that the merger had occurred at the beginning of the third quarter of 2006. Please refer to the Quarterly Earnings Summary Report for detailed business sector information.)

  -- Total revenue (FTE) reached a record level of $3.812 billion,
     consisting of 80% fee and other revenue and 20% net interest revenue.
     On a pro forma combined basis, the growth was 12%, driven by higher fee
     revenue of 7% and net interest revenue of 34%.  Excluding the impact of
     the CDO write-down, total revenue increased by 17%.

  -- Assets under management, excluding securities lending assets, amounted
     to $1.1 trillion.  On a pro forma combined basis, this represents an
     increase of 11% compared to the prior year.  Net asset flows totaled
     $19 billion for the fourth quarter of 2007.  Assets under custody and
     administration amounted to $23.1 trillion. On a pro forma combined
     basis, this represents an increase of 16% compared to the prior year.

  -- Asset and wealth management fees totaled $887 million. On a pro forma
     combined basis, this represents an increase of 14%, reflecting new
     business and higher equity market levels.  Sequential revenue increased
     4% (unannualized), despite a decline in the value of major equity
     indices during the fourth quarter.

  -- Performance fees were $62 million.  Performance fees were $214 million
     in the fourth quarter of 2006, on a pro forma combined basis, and
     negative $3 million in the third quarter of 2007.  The decline compared
     to the prior year represents a lower level of performance fees
     generated from alternative and other quantitative products relative to
     exceptional levels of a year ago.

  -- Asset servicing fees totaled $809 million.   On a pro forma combined
     basis, the increase was 36%, reflecting increased client activity
     related to market volatility and net new business.  Securities lending
     fee revenue was $164 million compared with $61 million in the prior
     year on a pro forma combined basis and $108 million in the third
     quarter of 2007.

     -- In December we acquired the remaining 50% interest in the ABN AMRO
        Mellon joint venture, reflecting an important milestone in the
        global integration of our asset servicing businesses.

  -- Issuer services fees were $438 million.  On a pro forma combined basis,
     the increase was 14%, reflecting a strong quarter in Depositary
     Receipts.  The sequential increase was $2 million, reflecting continued
     strength in Depositary Receipts, offset by lower fee revenue from
     Shareowner Services and Corporate Trust.

  -- Clearing and execution services fees totaled $314 million.  These fees
     increased 21% compared with the fourth quarter of 2006 and increased 3%
     (unannualized) compared with the third quarter of 2007.  The increase
     compared to the fourth quarter of 2006 reflects increased activity
     resulting from market volatility along with continued growth in money
     market and mutual fund positions.

  -- Foreign exchange and other trading activities totaled $305 million.
     This compares to $155 million in the prior year period on a pro forma
     combined basis, and $238 million in the third quarter of 2007.  The
     increases compared to both prior periods reflect higher client volumes,
     a significant increase in currency volatility, as well as a higher
     valuation of the credit derivatives portfolio.

  -- Investment income was $52 million.  This compares to $81 million in the
     prior year period on a pro forma combined basis, and $22 million in the
     third quarter of 2007.  Fluctuations with prior periods resulted
     primarily from the change in market value of seed capital investments
     associated with our Asset Management business.

  -- Securities losses totaled $191 million, compared to a gain of $2
     million in the prior year period and a loss of $9 million sequentially.
     The loss in the fourth quarter of 2007 primarily reflects the impact of
     the CDO write-down of $200 million which is discussed further on page
     8.

  -- Net interest revenue (FTE) totaled $757 million with a net interest
     margin of 2.16%.  This compares to net interest revenue of $565 million
     in the fourth quarter of 2006, on a pro forma combined basis, and $674
     million in the third quarter of 2007.  The increase compared to both
     periods reflects a strong flow of client deposits together with the
     benefit from recent Federal Reserve interest rate reductions.

  -- Total noninterest expense was $2.749 billion.  This compares to a pro
     forma combined noninterest expense of $2.464 billion in the fourth
     quarter of 2006.

     Excluding merger and integration expense, intangible amortization, and
     non-operating items in the fourth quarter of 2006, detailed in the
     Quarterly Earnings Summary Report, noninterest expense on a pro forma
     combined basis increased 7% compared to the fourth quarter of 2006.
     The results reflect $96 million in expense synergies associated with
     the merger detailed in the Quarterly Earnings Summary Report.

     On a pro forma combined basis, excluding merger and integration
     expense, intangible amortization expense, the CDO write-down, and non-
     operating items in the fourth quarter of 2006 and third quarter of 2007
     (detailed in the Quarterly Earnings Summary), we generated 1,050 bps of
     positive operating leverage compared to the prior year and 350 bps
     sequentially.

  -- The provision for credit losses was $20 million in the fourth quarter
     of 2007 compared to a credit of $10 million in the fourth quarter of
     2006, on a pro forma combined basis.

  -- Pre-tax margin (FTE) was 27% in the fourth quarter of 2007.  Excluding
     merger and integration expenses and intangible amortization expense,
     the pre-tax margin (FTE) was 34%.  Additionally, excluding the impact
     of the CDO write-down, the pre-tax margin (FTE) in the fourth quarter
     of 2007 was 37%.  This compares to 32% in the fourth quarter of 2006,
     on a pro forma combined basis excluding merger and integration expense,
     intangible amortization and non-operating items.

  -- The effective tax rate was 31.8% compared with 31.2% in the fourth
     quarter of 2006 and 28.2% in the third quarter of 2007.  Excluding
     merger and integration expense, the tax rate was 33.2% in the fourth
     quarter of 2007 compared with 31.3% in the fourth quarter of 2006 and
     30.8% in the third quarter of 2007.

  -- Total assets at Dec. 31, 2007 were $198 billion, an increase of $14
     billion from September 30, 2007, principally reflecting growth in
     client deposits as well as the consolidation of TRFC.

  -- Return on tangible common equity was 45.0% for the fourth quarter of
     2007, or 48.9% excluding merger and integration expense and intangible
     amortization expense.

  -- The Tier I capital ratio was 9.10% at Dec. 31, 2007 compared to 9.12%
     at Sept. 30, 2007.

  -- The adjusted tangible shareholders' equity ratio was 4.96% at Dec. 31,
     2007 compared to 5.31% at Sept. 30, 2007.  This decline reflects a
     larger balance sheet, as well as the goodwill and intangibles
     associated with the acquisition of the remaining 50% interest in the
     ABN AMRO Mellon joint venture.

  -- Average diluted shares of 1.148 billion increased by approximately 7
     million shares from the third quarter of 2007, primarily reflecting
     shares issued in support of benefit plans and a higher average share
     price.

On Jan. 8, 2008, The Bank of New York Mellon declared a quarterly common stock dividend of 24 cents per share. This cash dividend is payable on Feb. 1, 2008, to shareholders of record as of the close of business on Jan. 23, 2008. On Dec. 18, 2007, the Board of Directors of BNY Mellon authorized the repurchase of up to 35 million shares of common stock. This authorization is in addition to the authority to repurchase up to 6.5 million shares previously approved by the Executive Committee of the Board, of which 5.1 million shares remain at Dec. 31, 2007.

The Bank of New York Mellon Corporation is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. The company is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has more than $20 trillion in assets under custody and administration, more than $1.1 trillion in assets under management and services $11 trillion in outstanding debt. Additional information is available at http://www.bnymellon.com/.

Earnings Release Format

Results for the fourth and third quarters of 2007 reflect The Bank of New York and Mellon on a consolidated basis. The results for the 12 months ended December 31, 2007 in this release include 12 months of The Bank of New York and six months for Mellon, which reflect all related purchase accounting adjustments. All periods prior to July 1, 2007 reflect financial results for The Bank of New York only, unless labeled pro forma.

Throughout this earnings release, all information is reported on a continuing operations basis, before extraordinary (loss), unless otherwise noted. Quarterly returns are annualized. Certain amounts are presented on a fully taxable equivalent (FTE) basis. We believe that this presentation provides comparability 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. Where financial measures are presented excluding certain specified amounts, we believe the presentation enhances investor understanding of period-to-period results.

Supplemental Financial Information

Please refer to the Quarterly Earnings Summary for supplemental financial information of The Bank of New York Mellon Corporation, including 5-quarter trends of fee and other revenue, net interest revenue, noninterest expense as well as business sector trends. The Quarterly Earnings Summary is available at http://www.bnymellon.com/ (Investor Relations - financial releases).

Conference Call Data

Robert P. Kelly, chief executive officer; Gerald L. Hassell, president; and Bruce W. Van Saun, chief financial officer, along with other members of executive management from The Bank of New York Mellon, will host a conference call and simultaneous live audio webcast at 8 a.m. EST on Thursday, Jan. 17, 2008. This conference call and audio webcast will include forward-looking statements and may include other material information. Persons wishing to access the conference call and audio webcast may do so by dialing (888) 677-5383 (U.S.) and (210) 838-9221 (International) Passcode: Earnings, or by logging on to http://www.bnymellon.com/. The earnings release together with the quarterly earnings summary will be available at http://www.bnymellon.com/ beginning at approximately 6:30 a.m. EST on Jan. 17. Replays of the conference call and audio webcast will be available beginning Jan. 17 at approximately 2 p.m. EST through Thursday, Jan. 31, 2008 by dialing (866) 487-6444 (U.S.) or (203) 369-1643 (International). The archived version of the conference call and audio webcast will also be available at http://www.bnymellon.com/ for the same time period.

                 THE BANK OF NEW YORK MELLON CORPORATION
                           Financial Highlights
  ---------------------------------------------------------------------
  (dollar amounts in millions,                Quarter ended
   except per share amounts and  --------------------------------------
   unless otherwise noted;        Dec. 31,      Sept. 30,      Dec. 31,
   common shares in thousands)      2007          2007          2006(a)
  ---------------------------------------------------------------------
  Continuing Operations:
    Fee and other revenue        $  3,044       $  2,931      $  1,441
    Net interest revenue              752            669           451
                                 --------       --------      --------
    Total revenue                $  3,796       $  3,600      $  1,892
    Diluted EPS from continuing
     operations before extra-
     ordinary (loss) -
     As reported (GAAP) (b)      $    .61       $    .56      $    .60
    Non-GAAP adjusted EPS:
      Excluding merger and
       integration expense
       and non-operating items
       detailed on page 11(b)         .67            .66           .61
      Excluding merger and
       integration expense,
       non-operating items
       detailed on page 11
       and intangible
       amortization (b)               .74            .73           .65

  Memo: Diluted EPS from net
   income                             .45            .56          2.27(b)(c)

  Return on tangible common
   equity:
      GAAP-before
       extraordinary (loss)          45.0%          46.0%         36.5%
      Non-GAAP adjusted (d)          48.9%          53.1%         37.4%

    Return on equity:
      GAAP                            9.5%           8.9%         15.0%
      Non-GAAP adjusted (d)          11.5%          11.6%         16.2%

    Fee and other revenue as
     a percentage of total
     revenue (FTE)                     80%            81%           76%
    Annualized fee and other
     revenue per employee
     (based on average
     headcount) (in thousands)   $    294       $    290      $    267

    Non-U.S. percent of
     revenue (FTE) (e)                 32%            30%           29%

    Pre-tax operating margin
     (FTE):
      GAAP                             27%            25%           33%
      Non-GAAP adjusted (d)            34%            36%           36%

    Net interest margin (FTE)        2.16%          2.02%         2.27%

    Selected average balances:
      Interest-earning assets    $140,622       $133,521      $ 79,841
      Total assets               $192,987       $183,828      $102,138
      Interest-bearing
       deposits                  $ 86,278       $ 80,870      $ 44,344
      Noninterest-bearing
       deposits                  $ 28,449       $ 26,466      $ 14,721
      Shareholders' equity       $ 29,136       $ 28,669      $ 11,338

  Average common shares and
   equivalents outstanding
   (in thousands)
    Basic                       1,130,033      1,125,165       704,425(b)
    Diluted                     1,147,759      1,140,797       715,079(b)

  Period-end data
  Assets under management
   (in billions)                 $  1,121       $  1,106      $    190
  Assets under custody and
   administration (in trillions) $   23.1       $   22.7 (f)  $   15.1 (f)
    Cross-border assets
     (in trillions)              $   10.0       $    9.6 (f)  $    6.3 (f)
  Market value of securities
   on loan (in billions)         $    633       $    663      $    399

  Employees                        42,100         40,600        22,400

  Tier I capital ratio               9.10%          9.12%         8.19%
  Adjusted tangible
   shareholders' equity to
   assets ratio (g)                  4.96%          5.31%         5.31%
  Book value per common share    $  25.66       $  25.43      $  16.03(b)(c)
  Tangible book value per
   common share                  $   5.82       $   5.83      $   6.98(b)(c)
  Dividends per share            $   0.24       $   0.24      $   0.23(b)
  Closing common stock price
   per share                     $  48.76       $  44.14      $  41.73(b)
  Market capitalization          $ 55,878       $ 50,266      $ 29,761


  (dollar amounts in millions,                   Year ended
   except per share amounts and          --------------------------
   unless otherwise noted;                Dec. 31,         Dec. 31,
   common shares in thousands)              2007            2006(a)
  -----------------------------------------------------------------
  Continuing Operations:
    Fee and other revenue                $  9,031         $  5,339
    Net interest revenue                    2,300            1,499
                                         --------         --------
    Total revenue                        $ 11,331         $  6,838
    Diluted EPS from continuing
     operations before extra-
     ordinary (loss) -
     As reported (GAAP) (b)              $   2.38         $   2.04
    Non-GAAP adjusted EPS:
      Excluding merger and integration
       expense and non-operating
       items detailed on page 11(b)          2.62             2.14
      Excluding merger and integration
       expense, non-operating items
       detailed on page 11 and
       intangible amortization (b)           2.83             2.22

  Memo: Diluted EPS from net income          2.18             3.94(b)(c)

  Return on tangible common equity:
      GAAP-before extraordinary (loss)       42.3%            29.1%
      Non-GAAP adjusted (d)                  46.2%            30.5%

  Return on equity:
      GAAP                                   11.0%            14.3%
      Non-GAAP adjusted (d)                  13.1%            15.5%


    Fee and other revenue as
     a percentage of total
     revenue (FTE)                             80%              78%

    Annualized fee and other
     revenue per employee
     (based on average
     headcount) (in thousands)           $    283         $    262

    Non-U.S. percent of
     revenue (FTE) (e)                         31%              30%

    Pre-tax operating margin
     (FTE):
      GAAP                                     29%              32%
      Non-GAAP adjusted (d)                    35%              35%

    Net interest margin (FTE)                2.08%            2.01%

    Selected average balances:
      Interest-earning assets            $111,174         $ 75,606
      Total assets                       $148,642         $106,842
      Interest-bearing
       deposits                          $ 66,322         $ 43,143
      Noninterest-bearing
       deposits                          $ 21,677         $ 11,609
      Shareholders' equity               $ 20,234         $ 10,333

  Average common shares and
   equivalents outstanding
   (in thousands)
    Basic                                 920,032          713,068(b)
    Diluted                               936,145          722,369(b)
  -------------------------------------------------------------------
  (a) Year-to-date 2007 includes six months of the combined Company's
      results.  Results for 2006 include legacy The Bank of New York only.
  (b) Historical earnings per share and all other share-related data are
      presented in post-merger share count terms.  See page 11 for
      additional information.
  (c) Revised, see "Revision of prior period financial statements" on page
      11.
  (d) Calculated excluding merger and integration expense, intangible
      amortization expense, and non-operating items detailed on page 11.
  (e) Calculated excluding the $200 million CDO write-down in 4Q07.
  (f) Revised for Acquired Corporate Trust Business and harmonization
      adjustments.
  (g) Shareholders' 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.



                 THE BANK OF NEW YORK MELLON CORPORATION
                 Condensed Consolidated Income Statement
  -------------------------------------------------------------------------
                                  Quarter Ended            Year ended
                          ----------------------------     ----------
  (in millions, except    Dec. 31,  Sept. 30,  Dec. 31,  Dec. 31,  Dec. 31,
   per share amounts)       2007       2007    2006(a)     2007    2006(a)
  -------------------------------------------------------------------------
  Fee and other revenue
  ---------------------
  Securities servicing
   fees:
    Asset servicing       $  809     $  720     $  355    $2,350    $1,401
    Issuer services          438        436        340     1,560       895
    Clearing and
     execution services      314        304        267     1,192     1,248
                          ------     ------     ------    ------    ------
      Total securities
       servicing fees      1,561      1,460        962     5,102     3,544
  Asset and wealth
   management fees           887        854        152     2,060       545
  Performance fees            62         (3)        18        93        35
  Foreign exchange and
   other trading
   activities                305        238         94       786       415
  Treasury services          121        122         51       348       209
  Distribution and
   servicing                 113         95          2       212         6
  Financing-related fees      52         51         61       216       250
  Investment income           52         22         51       149       160
  Securities gains (losses) (191)        (9)         2      (201)        2
  Other                       82        101         48       266       173
                          ------     ------     ------    ------    ------
      Total fee and other
       revenue             3,044      2,931      1,441     9,031     5,339
  Net interest revenue
  --------------------
  Interest revenue         1,789      1,778      1,057     5,751     3,740
  Interest expense         1,037      1,109        606     3,451     2,241
                          ------     ------     ------    ------    ------
    Net interest revenue     752        669        451     2,300     1,499
  Provision for credit
   losses                     20          -        (15)      (10)      (20)
                          ------     ------     ------    ------    ------
    Net interest revenue
     after provision for
     credit losses           732        669        466     2,310     1,519
  Noninterest expense
  -------------------
  Staff                    1,365      1,280        736     4,120     2,640
  Professional, legal
   and other purchased
   services                  272        241        125       781       381
  Net occupancy              145        144         73       449       279
  Distribution and
   servicing                 133        127          5       268        17
  Furniture and equipment     82         80         45       267       190
  Software                    78         91         59       280       220
  Business development        72         56         30       190       108
  Sub-custodian               66         58         33       200       134
  Clearing and execution      49         52         38       183       199
  Communications              34         33         23       109        97
  Other                      198        195         67       546       241
                          ------     ------     ------    ------    ------
    Subtotal               2,494      2,357      1,234     7,393     4,506
  Amortization of
   intangible assets         131        131         34       319        76
  Merger and integration
   expense:
    The Bank of New York
     Mellon                  111        205          -       355         -
    Acquired Corporate
     Trust Business           13         13         17        49       106
                          ------     ------     ------    ------    ------
      Total noninterest
       expense             2,749      2,706      1,285     8,116     4,688
                          ------     ------     ------    ------    ------
  Income
  ------
  Income from continuing
   operations before
   income taxes and
   extraordinary (loss)    1,027        894        622     3,225     2,170
  Provision for income
   taxes                    327         252        195       998       694
                          ------     ------     ------    ------    ------
    Income from continuing
     operations, before
     extraordinary (loss)   700         642        427     2,227     1,476
  Discontinued operations:
    Income (loss) from
     discontinued
     operations              (2)         (4)     2,130       (16)    2,426
    Provision (benefit)
     for income taxes        (2)         (2)       932        (8)    1,055
                          ------     ------     ------    ------    ------
      Discontinued
       operations
       income (loss),
       net of tax            (-)         (2)     1,198        (8)    1,371
                          ------     ------     ------    ------    ------
  Income before
   extraordinary (loss)     700         640      1,625     2,219     2,847
  Extraordinary (loss) on
   consolidation of
   commercial paper
   conduit, net of tax     (180)          -          -      (180)        -
                          ------     ------     ------    ------    ------
    Net income             $520        $640     $1,625    $2,039    $2,847
                          ======     ======     ======    ======    ======
  Earnings per share (b)
  ----------------------
  Basic:
    Income from
     continuing
     operations before
     extraordinary (loss)  $.62        $.57      $. 61     $2.42     $2.07
    Income (loss) from
     discontinued
     operations, net
     of tax                   -           -       1.70      (.01)     1.92
                          ------     ------     ------    ------    ------
    Income before
     extraordinary (loss)   .62         .57       2.31      2.41      3.99
    Extraordinary (loss),
     net of tax            (.16)          -          -      (.20)        -
                          ------     ------     ------    ------    ------
    Net income             $.46        $.57      $2.31     $2.22(c)  $3.99
  Diluted:
    Income from
     continuing
     operations
     before extraordinary
     (loss)                $.61        $.56       $.60      $2.38    $2.04
    Income (loss) from
     discontinued
     operations, net
     of tax                   -           -       1.68       (.01)    1.90
                          ------     ------     ------    -------   ------
    Income before
     extraordinary (loss)   .61         .56       2.27(c)    2.37     3.94
    Extraordinary (loss),
     net of tax            (.16)          -          -       (.19)       -
                          ------     ------     ------    -------   ------
    Net income             $.45        $.56      $2.27      $2.18    $3.94
  -------------------------------------------------------------------------
  (a) Year-to-date 2007 includes six months of the combined Company's
      results.  Results for 2006 include legacy The Bank of New York only.
      Certain prior period amounts have been revised, see "Revision of prior
      period financial statements" on page 11.
  (b) All earnings per share data is presented in post-merger share count
      terms.  See page 11 for additional information
  (c) Amounts do not foot due to rounding.



                   THE BANK OF NEW YORK MELLON CORPORATION
                     Condensed Consolidated Balance Sheet

  (dollar amounts in millions,         Dec. 31,     Sept. 30,       Dec. 31,
   except per share amounts)             2007          2007          2006(a)
  --------------------------------------------------------------------------
  Assets
  Cash and due from banks            $  6,635      $  6,010      $  2,840
  Interest-bearing deposits with
   banks                               34,312        28,158        13,172
  Federal funds sold and
   securities purchased under
   resale agreements                    9,108         4,194         5,114
  Securities:
    Held-to-maturity (fair value
     of $2,173; $2,208; and $1,710)     2,180          2,221        1,729
    Available-for-sale                 46,518         44,861       19,377
                                       ------         ------       ------
      Total securities                 48,698         47,082       21,106
  Trading assets                        6,420          6,890        5,544
  Loans                                50,931         50,856       37,793
  Reserve for loan losses                (327)          (332)        (287)
                                       ------         ------       ------
    Net loans                          50,604         50,524       37,506
  Premises and equipment                1,731          1,701        1,050
  Accrued interest receivable             739            655          422
  Goodwill                             16,331         15,764        5,008
  Intangible assets                     6,402          6,554        1,453
  Other assets                         16,676         16,437        9,973
  Assets of discontinued operations         -              3           18
                                     --------       --------     --------
    Total assets                     $197,656       $183,972     $103,206
                                     ========       ========     ========
  Liabilities
  Deposits:
    Noninterest-bearing
     (principally domestic offices)  $ 32,372       $ 27,289     $ 19,554
   Interest-bearing deposits in
    domestic offices                   21,082         21,263       10,041
   Interest-bearing deposits in
    foreign offices                    64,671         59,653       32,551
                                     --------       --------     --------
     Total deposits                   118,125        108,205       62,146
  Federal funds purchased and
   securities sold under repurchase
   agreements                           2,193          2,929          790
  Trading liabilities                   4,577          4,978        2,507
  Payables to customers and
   broker-dealers                       7,578          7,917        7,266
  Commercial paper                      4,079             47          224
  Other borrowed funds                  1,840          2,065        1,401
  Accrued taxes and other expenses      8,101          7,842        5,129
  Other liabilities (including
   allowance for lending related
   commitments of $167, $178 and
   $150)                                4,887          6,679        3,477
  Long-term debt                       16,873         14,312        8,773
  Liabilities of discontinued
   operations                               -             41           64
                                       ------         ------       ------
    Total liabilities                 168,253        155,015       91,777

  Shareholders' equity (b)
  Common stock-par value $0.01 per
   share, authorized 3,500,000,000
   shares, issued  1,146,896,177;
   1,140,064,844 and 994,110,501
   shares                                  11             11           10
  Additional paid-in capital           19,990         19,713       10,035
  Retained earnings                    10,015          9,773        9,280
  Accumulated other comprehensive
   loss, net of tax                      (574)          (488)        (317)
  Less:  Treasury stock of 912,896;
   1,191,302; and 280,935,236 shares,
   at cost                                (39)           (49)      (7,576)
  Loan to ESOP (-, 95,994 and
   95,994 shares)                           -             (3)          (3)
                                       ------         ------       ------
    Total shareholders' equity         29,403         28,957       11,429
                                       ------         ------       ------
    Total liabilities and
     shareholders' equity            $197,656       $183,972     $103,206
                                     ========       ========     ========

  ------------------------------------------------------------------------

  (a) Legacy The Bank of New York only. Certain prior period balances have
      been revised, see "Revision of prior period financial statements" on
      page 11.
  (b) Par value, authorized, issued, treasury stock and loan to ESOP shares
      at Dec. 31, 2006 are presented in post-merger share count terms.  See
      page 11 for additional information.

  Note: The balance sheet at Dec. 31, 2006 has been derived from the
        audited financial statements as of that date, as revised.

Securities Available for Sale

At Dec. 31, 2007, investment securities totaled $48.7 billion. As of that date, our mortgage and asset-backed securities portfolio of $41.6 billion (excluding TRFC securities) were rated 96% AAA, 3% AA and 1% A. Included in this portfolio were $379 million of collateralized debt obligations (CDO), at par, that contained subprime exposure. Based on deteriorating conditions in the U.S. housing market, we recognized a pre-tax loss of $200 million ($118 million after-tax) for other than temporary impairment related to these securities. The $179 million carrying value of the CDOs at Dec. 31, 2007 was 47% of par.

In the third quarter of 2007, we acquired $375 million of asset-backed securities in a structured investment vehicle (SIV) from a portfolio advised by one of our asset managers. During the fourth quarter of 2007, $75 million of these securities matured and we sold $174 million of these securities, resulting in a pre-tax loss of $8 million. We applied a similar discount to the $126 million of remaining securities resulting in a write-down of $6 million. In the fourth quarter of 2007, we acquired additional SIV securities with a fair market value of $45 million from affiliated funds. The $165 million carrying amount of remaining SIV securities at Dec. 31, 2007 was 88% of par.

During the fourth quarter of 2007, we sold other investment securities available for sale, recognizing a pre-tax gain of $23 million.

As of Dec. 31, 2007, within our investment securities portfolio, our mortgage-backed securities with subprime exposure were $1.5 billion (excluding TRFC securities) and asset-backed collateralized debt obligations as described above were $179 million. Ratings on these securities are below:

  --------------------------------------------------------------------
  Ratings at Dec. 31, 2007                            Asset-backed
                             Mortgage-backed       collateralized debt
                              securities(a)            obligations
  --------------------------------------------------------------------
  AAA                              18%                      44%
  AA                               65                       38
  A                                16                       18
  BBB                               1                        -
  --------------------------------------------------------------------
  Total                           100%                     100%
  --------------------------------------------------------------------

  (a) With subprime exposure.

The unrealized net of tax loss on our securities available for sale was $339 million as of Dec. 31, 2007, compared with $250 million at Sept. 30, 2007. At December 31, 2006, the gains or losses on securities available for sale netted to zero.

Nonperforming Loans

Nonperforming loans were $186 million at Dec. 31, 2007, up from $37 million at Dec. 31, 2006 and up from $35 million at Sept. 30, 2007. The increase relates principally to liquidity facilities to two SIVs ($81 million), a related party loan provided to support an investment management product that is currently being unwound and various smaller loans. The SIV exposure added to nonperforming loans represents all of the SIV exposure within our loan portfolio.

Provision and Reserve for Credit Exposure

The provision for credit losses totaled $20 million in the fourth quarter of 2007 compared with a credit of $15 million in the fourth quarter of 2006 and no provision in the third quarter of 2007. In the third quarter of 2007, there was no net provision which was made possible in part by a $15 million release of reserves from the sale of leases. The reserve for loan losses was $327 million at Dec 31, 2007, $332 million at Sept. 30, 2007 and $287 million at Dec. 31, 2006. The reserve for unfunded commitments was $167 million at Dec. 31, 2007, $178 million at Sept. 30, 2007 and $150 million at Dec. 31, 2006.

Consolidation of Three Rivers Funding Corporation (TRFC)

On Dec. 31, 2007 we called the first loss notes of TRFC, making us the primary beneficiary and triggering the consolidation of TRFC. If we had not called the first loss notes, TRFC would not have been consolidated under FIN46R. The consolidation resulted in the recognition of an extraordinary loss (non-cash accounting charge) of $180 million after-tax, or 16 cents per share, representing the current mark to market discount from par associated with spread widening for the assets in TRFC.

Strategically TRFC is not core to our focus on high growth global opportunities in Asset Management and Securities Servicing; it had an immaterial impact on our consolidated financial results, generating only $1 million in fee revenue in the third quarter of 2007. Furthermore, the continuing disruption in the capital markets negatively impacted TRFC funding costs and related returns, which was in sharp contrast to our funding costs and balance sheet strength. This consolidation improves the profitability of this portfolio and eliminates a management distraction.

In addition to the extraordinary loss, the size of the 2007 year-end balance sheet increased by the full amount of third party funding, approximately $4.0 billion. At Dec 31, 2007, we held the remaining funding of $136 million. Our primary capital ratios were affected as follows by the consolidation:

                           Prior             Post
                     To Consolidation    Consolidation
                     ----------------    -------------
  Tier 1 capital           9.34%            9.10%
  Adjusted TCE             5.18%            4.96%

Prospectively, based on our excess liquidity, the third party funding for TRFC will be eliminated over the course of the first quarter of 2008, resulting in an expected improvement in our adjusted tangible common equity ratio of approximately 10 bps during the first quarter of 2008.

Also prospectively, the $180 million after-tax mark to market on the TRFC assets is expected to be accreted into income over the remaining lives of the assets, which are projected to average approximately 4-5 years, based on the credit quality of the assets.

The fair value of TRFC's asset-backed securities portfolio totaled approximately $3.5 billion at Dec. 31, 2007. In addition to these securities, TRFC has approximately $400 million of securitizations of client receivables that are structured to meet a credit rating of A. Below are TRFC's asset and mortgage-backed securities by credit rating.

  --------------------------------------------------------------------------
  Credit ratings
  for TRFC's asset
  and mortgage-
  backed           Variable    Home
  securities         and      equity                   Other
  Dec. 31, 2007     fixed      lines         Subprime  asset-
  (dollar amounts    rate       of   Credit  mortgage  backed
  in millions)     mortgages  credit  cards  loans   securities  Total    %
  --------------------------------------------------------------------------
  AAA                $1,608   $ 799   $  -     $270     $30     $2,707   78%
  AA                      -       -     39        -      20         59    2
  A                       -       -    701        -       -        701   20
  --------------------------------------------------------------------------
  Total              $1,608   $ 799   $740     $270     $50     $3,467  100%
  --------------------------------------------------------------------------

We will integrate these securities into our investment securities portfolio in the first quarter of 2008.

Consolidated Net Income Including Discontinued Operations

Net income, including discontinued operations, totaled $520 million, or 45 cents per share, in the fourth quarter of 2007, compared with $1.625 billion, or $2.27 per share, in the fourth quarter of 2006, and $640 million, or 56 cents per share, in the third quarter of 2007. Discontinued operations in the fourth quarter of 2006 included a net after-tax gain of $1.217 billion from the sale of our Retail Business.

Supplemental Information - Reconciliation of Earnings Per Share - GAAP to Non-GAAP

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 they facilitate comparisons with prior periods and reflect the principal basis on which our management internally monitors financial performance. These non- GAAP items also are 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.

  -------------------------------------------------------------------------
                          4Q07              3Q07              4Q06(e)
  Quarterly       ---------------   ---------------   ------------------
  Reconciliation  After-tax   EPS   After-tax   EPS   After-tax      EPS
  -------------------------------------------------------------------------
  Net income-GAAP  $ 520    $ .45    $ 640    $ .56   $ 1,625(a)  $ 2.27(a)
  Discontinued
   operations
   income (loss)       -        -       (2)       -     1,198(a)    1.68(a)
  Extraordinary
   loss-TRFC         180      .16        -        -         -          -
  -------------------------------------------------------------------------
    Continuing
     operations
     before
     extraordinary
     item            700      .61      642      .56       427        .60(d)
  Non-operating
   items-net gain(b)   -        -      (15)    (.01)        -          -
  Merger and
   integration (M&I)
   costs              69      .06      126      .11        12        .02
  -------------------------------------------------------------------------
    Continuing
     operations
     before
     extraordinary
     item,
     non-operating
     items and M&I
     costs(c)        769      .67      753      .66       439        .61(d)
  CDO write-down     118      .10        -        -         -          -
  Continuing
   operations
   before
   extraordinary
   item,
   non-operating
   items, M&I costs
   and CDO write-
   down            $ 887    $ .77    $ 753    $ .66    $  439      $ .61
  -------------------------------------------------------------------------


  -------------------------------------------------------------------------
                       YTD 2007 (e)        YTD 2006 (e)
  Year-to-date      ----------------    -----------------
  reconciliation    After-tax    EPS    After-tax     EPS
  -------------------------------------------------------------------------
  Net income-GAAP    $2,039    $2.18     $2,847(a)  $3.94(a)
  Discontinued
   operations
   income (loss)         (8)    (.01)     1,371(a)   1.90(a)
  Extraordinary
   loss-TRFC            180      .19          -         -
  -------------------------------------------------------------------------
    Continuing
     operations
     before
     extraordinary
     item             2,227     2.38      1,476      2.04
  Non-operating
   items-net gain(b)    (15)    (.02)         -         -
  Merger and
   integration (M&I)
   costs                238      .25         72       .10
  -------------------------------------------------------------------------
    Continuing
     operations
     before
     extraordinary
     item,
     non-operating
     items and M&I
     costs(c)         2,450     2.62(d)   1,548      2.14
  CDO write-down        118      .13          -         -
  -------------------------------------------------------------------------
    Continuing
     operations
     before
     extraordinary
     item,
     non-operating
     items, M&I
     costs and
     CDO write-down  $2,568    $2.74(d)  $1,548     $2.14
  -------------------------------------------------------------------------

  (a) Revised, see "Revision of prior period financial statements" on page
      11.
  (b) Non-operating items are detailed in the table on page 11.
  (c) Excluding intangible amortization, earnings per share was $.74, $.73,
      $.65, $2.83 and $2.22 for the fourth quarter 2007, third quarter 2007,
      fourth quarter of 2006, full year 2007, and full year 2006,
      respectively.
  (d) Amounts do not foot due to rounding.
  (e) Year-to-date 2007 includes six months of the combined Company's
      results.  Results for 2006 include legacy The Bank of New York only.

Supplemental Information - Trend of Earnings Per Share on a GAAP and Non- GAAP basis

In the merger transaction between The Bank of New York and Mellon, The Bank of New York shareholders received .9434 shares of The Bank of New York Mellon common stock for each share of The Bank of New York common stock outstanding on the closing date of the merger. Mellon shareholders received one share of The Bank of New York Mellon common stock for each share of Mellon common stock outstanding on the closing date of the merger. Historical earnings per share for The Bank of New York are presented in post-merger share count terms in this Earnings Release and the Quarterly Earnings Summary. The table below converts earnings per share for The Bank of New York into post- merger share count terms for periods prior to July 1, 2007. See page 10 for a discussion of use of supplemental non-GAAP information.

  -----------------------------------------------------------------
  Continuing
  operations
  before extra-
  ordinary (loss)   Legacy The Bank of
  - fully diluted   New York Only (a)
  earnings per      ------------------
  share                     Quarter ended            Year ended (a)
                 --------------------------------   ---------------
                 Dec.  March   June  Sept.   Dec.     Dec.     Dec.
                  31,    31,    30,    30,    31,      31,      31,
                 2006   2007   2007   2007   2007     2007     2006
  -----------------------------------------------------------------
  As reported    $.56   $.57   $.59   $.56   $.61   $ 2.38   $ 1.93
  As reported
   adjusted for
   exchange
   ratio (GAAP)   .60    .61    .62    .56    .61     2.38     2.04

  Non-GAAP
   adjusted -
   excluding
   merger
   and
   integration
   expense and
   non-operating
   items:
    As reported   .58    .59    .63    .66(b) .67     2.62     2.02
    Adjusted for
     exchange
     ratio        .61    .62    .66    .66(b) .67     2.62     2.14

  Non-GAAP
   adjusted -
   excluding
   merger and
   integration
   expense,
   non-operating
   items and
   intangible
   amortization:
    As reported   .61    .61    .65    .73(c) .74     2.83     2.09
    Adjusted for
     exchange
     ratio        .65    .65    .69    .73(c) .74     2.83     2.22
  ------------------------------------------------------------------

  (a) Year-to-date 2007 includes six months of the combined Company's
      results. Amounts prior to July 1, 2007, represent legacy The Bank of
      New York only.
  (b) Including the non-operating items described below, non-GAAP adjusted
      earnings per share - excluding merger and integration expense - would
      have been 67 cents in the third quarter 2007.
  (c) Including the non-operating items described below, non-GAAP adjusted
      earnings per share - excluding merger and integration expense and
      intangible amortization - would have been 74 cents in the third
      quarter 2007.

Revision of Prior Period Financial Statements

As previously reported, net income for 2006 and retained earnings at Dec. 31, 2006 reflect a non-cash charge to discontinued operations income taxes and a reduction to goodwill of $164 million, correcting the information originally reported.

Summary of Non-Operating Items

  --------------------------------------------------------------------------
  Non-operating items (in millions)             3rd Qtr 2007    4th Qtr 2007
  --------------------------------------------------------------------------
  Settlement received for early
   termination of contract                         $ (27)            $ -
  Write-off a remaining interest in hedge fund
   manager sold                                       32               -
  Recalculation of yield on leveraged lease
   portfolio - FAS 13(a)                              22               -
  Write-off of internally developed software           6               -
  --------------------------------------------------------------------------
   Reduction of pre-tax income                      $ 33(b)          $ -
  --------------------------------------------------------------------------

  (a) The recalculation of the lease portfolio also resulted in a $45
      million tax benefit recorded as a reduction to taxes.
  (b) The after-tax impact of these items was more than offset by the tax
      benefit recorded on the recalculation of the yield on the leverage
      lease portfolio, which resulted in a net increase of approximately one
      cent to earnings per share in the third quarter of 2007.


  APPENDIX

                 THE BANK OF NEW YORK MELLON CORPORATION
            Pro Forma Condensed Consolidated Income Statement
                Excluding Purchase Accounting Adjustments


                                  Three months ended December 31, 2006
                             -----------------------------------------------
                             The Bank of   Mellon                    Total
  (in millions)              New York(a)  Financial   Adjustments  Pro forma
  --------------------------------------------------------------------------
  Fee and other revenue
  ---------------------
  Securities servicing fees:
     Asset servicing          $  355       $  244       $   (4)(b)   $  595
     Issuer services             340           45            -          385
     Clearing and
      execution services         267            2           (9)(b)      260
                              ------       ------       ------       ------
         Total securities
          servicing fees         962          291          (13)       1,240
  Asset and wealth
   management fees               152          623            -          775
  Performance fees                18          196            -          214
  Foreign exchange and
   other trading activities       94           61            -          155
  Treasury services               51           67            -          118
  Distribution and servicing       2           78            -           80
  Financing-related fees          61           10            -           71
  Investment income               51           30            -           81
  Securities gains                 2            -            -            2
  Other                           48           57            -          105
                              ------       ------       ------       ------
         Total fee and
          other revenue        1,441        1,413          (13)       2,841

  Net interest revenue
  --------------------
  Interest revenue             1,057          393            -        1,450
  Interest expense               606          284            -          890
                              ------       ------       ------       ------
     Net interest revenue        451          109            -          560
  Provision for credit losses    (15)           5            -          (10)
                              ------       ------       ------       ------
     Net interest revenue
      after provision
      for credit losses          466          104            -          570

  Noninterest expense
  -------------------
  Staff                          736          635            -        1,371
  Professional, legal
   and other purchased services  125          123            -          248
  Net occupancy                   73           68            -          141
  Distribution and servicing       5          140          (13)(b)      132
  Furniture and equipment         45           31            -           76
  Software                        59           20            -           79
  Business development            30           36            -           66
  Clearing and execution          38            -            -           38
  Sub-custodian                   33           14            -           47
  Communications                  23            8            -           31
  Other                           67           83            -          150
                              ------       ------       ------       ------
     Subtotal                  1,234        1,158          (13)       2,379
  Amortization of
   intangible assets              34           23            -           57
  Merger and integration expense:
     The Bank of New York Mellon   -           11            -           11
     Acquired Corporate
      Trust Business              17            -            -           17
                              ------       ------       ------       ------
         Total noninterest
          expense              1,285        1,192          (13)       2,464
                              ------       ------       ------       ------
  Income
  ------
  Income from continuing
   operations before
   income taxes                  622          325            -          947
  Provision for income taxes     195           27            -          222
                              ------       ------       ------       ------
     Income from
      continuing operations      427          298            -          725
  Discontinued operations:
     Income (loss) from
      discontinued operations  2,130            4            -        2,134
     Provision (benefit)
      for income taxes           932           65            -          997
                              ------       ------       ------       ------
         Discontinued
          operations income
          (loss), net          1,198          (61)           -        1,137
                              ------       ------       ------       ------
     Net income               $1,625       $  237       $    -       $1,862
                              ======       ======       ======       ======

  (a) Certain prior period amounts have been revised, see "Revision of prior
      period financial statements" on page 11.
  (b) Adjustment to eliminate intercompany revenue and expenses for Clearing
      and execution services and Asset servicing paid by Mellon to The Bank
      of New York.



  APPENDIX

                 THE BANK OF NEW YORK MELLON CORPORATION
            Pro Forma Condensed Consolidated Income Statement
                Excluding Purchase Accounting Adjustments

                                      Year ended December 31, 2006
                             -----------------------------------------------
                             The Bank of   Mellon                    Total
  (in millions)              New York(a)  Financial   Adjustments  Pro forma
  --------------------------------------------------------------------------
  Fee and other revenue
  ---------------------
  Securities servicing fees:
     Asset servicing          $1,401       $  945         $(17)(b)   $2,329
     Issuer services             895          196                     1,091
     Clearing and
      execution services       1,248            9          (33)(b)    1,224
                              ------       ------       ------       ------
         Total securities
          servicing fees       3,544        1,150          (50)       4,644
  Asset and wealth
   management fees               545        2,202            -        2,747
  Performance fees                35          358            -          393
  Foreign exchange and
   other trading activities      415          250            -          665
  Treasury services              209          271            -          480
  Distribution and servicing       6          278            -          284
  Financing-related fees         250           45            -          295
  Investment income              160           88            -          248
  Securities gains                 2            3            -            5
  Other                          173          210            -          383
                              ------       ------       ------       ------
         Total fee and
          other revenue        5,339        4,855          (50)      10,144

  Net interest revenue
  --------------------
  Interest revenue             3,740        1,445            -        5,185
  Interest expense             2,241          985            -        3,226
                              ------       ------       ------       ------
     Net interest revenue      1,499          460            -        1,959
  Provision for credit losses    (20)           2            -          (18)
                              ------       ------       ------       ------
     Net interest revenue
      after provision
      for credit losses        1,519          458                     1,977

  Noninterest expense
  -------------------
  Staff                        2,640        2,147            -        4,787
  Professional, legal and
   other purchased services      381          462           (3)(b)      840
  Net occupancy                  279          236            -          515
  Distribution and servicing      17          503          (47)(b)      473
  Furniture and equipment        190          106            -          296
  Software                       220           77            -          297
  Business development           108          114            -          222
  Clearing and execution         199            -            -          199
  Sub-custodian                  134           55            -          189
  Communications                  97           33            -          130
  Other                          241          279            -          520
                              ------       ------       ------       ------
     Subtotal                  4,506        4,012          (50)       8,468
  Amortization of
   intangible assets              76           44                       120
  Merger and integration expense:
     The Bank of
      New York Mellon              -           11            -           11
     Acquired Corporate
      Trust Business             106            -            -          106
                              ------       ------       ------       ------
         Total noninterest
          expense              4,688        4,067          (50)       8,705

  Income
  ------
  Income from continuing
   operations before
   income taxes                2,170        1,246            -        3,416
  Provision for income taxes     694          314            -        1,008
                              ------       ------       ------       ------
     Income from
      continuing operations    1,476          932            -        2,408
  Discontinued operations:
     Income (loss) from
      discontinued operations  2,426          (70)           -        2,356
     Provision (benefit)
      for income taxes         1,055          (36)           -        1,019
                              ------       ------       ------       ------
         Discontinued
          operations
          income (loss), net   1,371          (34)           -        1,337
                              ------       ------       ------       ------
     Net income               $2,847       $  898       $    -       $3,745
                              ======       ======       ======       ======

  (a) Certain prior period amounts have been revised, see "Revision of prior
      period financial statements" on page 11.
  (b) Adjustment to eliminate intercompany revenue and expenses for Clearing
      and execution services and Asset servicing paid by Mellon to The Bank
      of New York.

Cautionary Statement

The information presented in this Earnings Release may contain 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, statements with respect to future financial goals, the merger of The Bank of New York and Mellon, and matters relating to the consolidation of TRFC, including future earnings generated by its assets, funding costs, impact on adjusted tangible common equity ratio and impact on income. These statements and other forward-looking statements contained in other public disclosures of The Bank of New York Mellon (the Company) 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 the Company's control). The following risks, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: the businesses of The Bank of New York and Mellon 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 it expects, revenue synergies and cost savings from the transaction; revenue following the transaction 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 transaction, including, without limitation, difficulties in maintaining relationships with employees, may be greater than expected; market volatility; operational risk; changes in political and economic conditions; equity, fixed- income and foreign exchange market fluctuations; geographic sources of income; the price of oil; and levels of tax-free income. Additional factors that could cause the Company's results to differ materially from those described in the forward-looking statements can be found in the Company's filings with the Securities and Exchange Commission and The Bank of New York Company, Inc.'s and Mellon Financial Corporation's historical reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the Securities and Exchange Commission. All forward-looking statements in this Earnings Release speak only as of January 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.