Filed by The Bank of New York Company, Inc.

Pursuant to Rule 425

under the Securities Act of 1933 and

deemed filed pursuant to Rule 14a-12 under

the Securities Exchange Act of 1934

Subject Companies: The Bank of New York Company, Inc. (Commission File No.: 1-06152)

Mellon Financial Corporation (Commission File No.: 1-07410)

The information presented below may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current beliefs and expectations and are subject to significant risks and uncertainties. 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: (1) the businesses of The Bank of New York Company, Inc. and Mellon Financial Corporation may not be integrated successfully or the integration may be more difficult, time-consuming or costly than expected; (2) the combined company may not realize, to the extent or at the time we expect, revenue synergies and cost savings from the transaction; (3) revenues following the transaction may be lower than expected as a result of losses of customers or other reasons; (4) 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; and (5) governmental or shareholder approvals of the transaction may not be obtained on the proposed terms or expected timeframe or at all. Additional factors that could cause The Bank of New York Company, Inc.’s and Mellon Financial Corporation’s results to differ materially from those described in the forward-looking statements can be found in The Bank of New York Company, Inc.’s and Mellon Financial Corporation’s 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.

Additional Information About this Transaction

The proposed transaction between The Bank of New York Company, Inc. and Mellon Financial Corporation will be submitted to The Bank of New York Company, Inc.’s and Mellon Financial Corporation’s shareholders for their consideration. Shareholders are urged to read the joint proxy statement/prospectus regarding the proposed transaction between The Bank of New York Company, Inc. and Mellon Financial Corporation because it will contain important information. Shareholders will be able to obtain a free copy of the joint proxy statement/prospectus, as well as other filings containing information about The Bank of New York Company, Inc. and Mellon Financial Corporation, without charge, at the SEC’s Internet site (http://www.sec.gov). Copies of the joint proxy statement/prospectus and other SEC filings that will be incorporated by reference in the joint proxy statement/prospectus will also be available, without charge, from Mellon Financial Corporation, Secretary of Mellon Financial Corporation, One Mellon Center, Pittsburgh, Pennsylvania 15258-0001 (800-205-7699), or from The Bank of New York Company, Inc., Investor Relations, One Wall Street, 31st Floor, New York, New York 10286 (212-635-1578).

Directors and executive officers of The Bank of New York Company, Inc. and Mellon Financial Corporation and other persons may be deemed to be participants in the solicitation of proxies from the shareholders of Mellon Financial Corporation and/or The Bank of New York Company, Inc. in respect of the proposed transaction. Information about the directors and executive officers of Mellon Financial Corporation is set forth in the proxy statement for Mellon Financial Corporation’s 2006 annual meeting of shareholders, as filed with the SEC on March 15, 2006. Information about the directors and executive officers of The Bank of New York Company, Inc. is set forth in the proxy statement for The Bank of New York Company, Inc.’s annual meeting of shareholders, as filed with the SEC on March 24, 2006. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus when it becomes available.

***

Below is a revised version of the investor presentation which was previously filed on December 4, 2006.

A Global Financial Services Growth Company December 4, 2006

1 Disclosure and Cautionary Statement The proposed transaction between The Bank of New York Company, Inc. and Mellon Financial Corporation will be submitted to The Bank of New York Company, Inc.'s and Mellon Financial Corporation's shareholders for their consideration.  Shareholders are urged to read the joint proxy statement/prospectus regarding the proposed transaction between The Bank of New York Company, Inc. and Mellon Financial Corporation because it will contain important information. Shareholders will be able to obtain a free copy of the joint proxy statement/prospectus, as well as other filings containing information about The Bank of New York Company, Inc. and Mellon Financial Corporation, without charge, at the SEC's Internet site (http://www.sec.gov).  Copies of the joint proxy statement/prospectus and other SEC filings that will be incorporated by reference in the joint proxy statement/prospectus will also be available, without charge, from Mellon Financial Corporation, Secretary of Mellon Financial Corporation, One Mellon Center, Pittsburgh, Pennsylvania 15258- 0001 (800-205-7699), or from The Bank of New York Company, Inc., Investor Relations, One Wall Street, 31st Floor, New York, New York 10286 (212-635- 1578). Directors and executive officers of The Bank of New York Company, Inc. and Mellon Financial Corporation and other persons may be deemed to be participants in the solicitation of proxies from the shareholders of Mellon Financial Corporation and/or The Bank of New York Company, Inc. in respect of the proposed transaction.  Information about the directors and executive officers of Mellon Financial Corporation is set forth in the proxy statement for Mellon Financial Corporation’s 2006 annual meeting of shareholders, as filed with the SEC on March 15, 2006.  Information about the directors and executive officers of The Bank of New York Company, Inc. is set forth in the proxy statement for The Bank of New York Company, Inc.’s annual meeting of shareholders, as filed with the SEC on March 24, 2006.  Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus when it becomes available.  The information herein contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation: (i) statements about the benefits of the transaction between The Bank of New York Company, Inc. and Mellon Financial Corporation, including future financial and operating results, cost savings, enhanced revenues, expected market position of the combined company, and the accretion or dilution to reported earnings and to cash earnings that may be realized from the transaction; (ii) statements with respect to The Bank of New York Company, Inc.'s and Mellon Financial Corporation's plans, objectives, expectations and intentions and other statements that are not historical facts; and (iii) other statements identified by words such as "believes", "expects", "anticipates", "estimates", "intends", "plans", "targets", "projects" and similar expressions. These statements are based upon the current beliefs and expectations of The Bank of New York Company, Inc.'s and Mellon Financial Corporation's management and are subject to significant risks and uncertainties.  Actual results may differ from those set forth in the forward-looking statements.  We will not update these statements as a result of changes in circumstances or new facts, or for any other reason.  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: (1) the businesses of The Bank of New York Company, Inc. and Mellon Financial Corporation may not be integrated successfully or the integration may be more difficult, time-consuming or costly than expected; (2) the combined company may not realize, to the extent or at the time we expect, revenue synergies and cost savings from the transaction; (3) revenues following the transaction may be lower than expected as a result of losses of customers or other reasons; (4) 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; (5) governmental approvals of the transaction may not be obtained on the proposed terms or expected timeframe; (6) The Bank of New York Company, Inc.'s and Mellon Financial Corporation's shareholders may fail to approve the transaction; (7) a weakening of the economies in which the combined company will conduct operations may adversely affect our operating results; (8) the U.S. and foreign legal and regulatory framework could adversely affect the operating results of the combined company; and (9) fluctuations in interests rates, currency exchange rates and securities prices may adversely affect the operating results of the combined company.  Additional factors that could cause The Bank of New York Company, Inc.'s and Mellon Financial Corporation's results to differ materially from those described in the forward-looking statements can be found in The Bank of New York Company, Inc.'s and Mellon Financial Corporation's 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 and available at the SEC's Internet site (http://www.sec.gov).

2 Strategic Financial Operational Integration Global leadership in Securities Servicing and Asset Management Strongly accretive transaction Excellent global growth opportunities Highly complementary businesses with strong leadership positions Focused and experienced management team Disciplined and thoughtful approach Dedicated and experienced team with proven track record The Bank of New York Mellon Delivering superior shareholder value through accelerated growth

3 Compelling Strategic Attributes Capitalizing on the growth of global financial markets Strong Market Positions in High Growth Businesses #1 global custodian with over $16 trillion in AUC Top 10 asset manager globally and Top 5 in the U.S ., with more than $1.0 trillion in AUM #1 provider of all issuer services —Corporate Trust, Depositary Receipts and Stock Transfer #1 provider of clearing services Top 10 in wealth management with 81 offices in the U .S. and UK Top 10 U.S. cash management and global payments provider Leading client service scores in asset servicing, wealth management, i ssuer, clearing , and treasury services Experienced, deep and well balanced management team Business & Geographic Diversification Focused on high return businesses with strong organic growth track records and enhanced revenue opportunities Balanced synergistic business mix —no individual b usiness contributes more than 35 % of pre-tax earnings Operations in 37 countries worldwide —approximately 25% of revenue derived from higher growth international operations Reduced volatility through combination of comp lementary, stable and synergistic revenue sources

4 Compelling Financial Rationale Capitalizing on the growth of global financial markets Financially Compelling Immediately accretive on a cash basis to all shareholders and on a GAAP basis in 2008 Significant excess capital generation allows for meaningful reinvestment in organic growth, share repurchases and attractive dividend payout ratio Attractive IRR, materially exceeding cost of capital for all shareholders Potential for multiple expansion over time Potential for significant revenue synergies, not incorporated in financial projections Low Risk Transaction Disciplined and thoughtful approach to integration—three year process managed by a dedicated and experienced integration team Starting from a position of strength—both companies have significant revenue and earnings momentum  Combination further diversifies operating risk profile versus stand alone entities Best in breed systems with proven and scaleable operating platforms— many legacy businesses not impacted

5 Transaction Summary Name: The Bank of New York Mellon Overlapping businesses branded BNY Mellon Exchange Ratio: New holding company formed: 1:1 Mellon share, 0.9434:1 The Bank of New York share  Relative Ownership: 63% The Bank of New York/37% Mellon Board of Directors: 18 Directors—10 The Bank of New York/8 Mellon; includes two executives from each party Corporate Headquarters: New York, NY Pittsburgh: HQ for key business units and a Center of Excellence for Technology, Operations and Administration Executive Management: Senior management positions identified Anticipated Closing: Approximately July 1, 2007 Dividend: Quarterly dividend of $0.235 per share Cost Savings: Approximately $700 million, phased-in over three years Revenue Synergies: Meaningful potential revenue synergies have been identified, but have not been incorporated into the financial model Restructuring Charge: Approximately $1.3 billion, pre-tax Due Diligence: Completed

6 Steve Elliott Co-Head, Integration Don Monks Co-Head, Integration Lisa Peters Human Resources Mark Musi Compliance Jim Vallone * Audit Gerald Hassell President Management Depth and Experience Senior management positions identified Tom Renyi Executive Chairman Bob Kelly CEO Gerald Hassell President Bruce Van Saun CFO Ron O'Hanley CEO, Asset Management Todd Gibbons CRO Dave Lamere CEO, Wealth Management Jon Little Asset Management Carl Krasik General Counsel * Direct reporting line to Audit Committee of the Board Note: Tom Renyi to retire as Executive Chairman and from the Board of Directors 18 months following the close, at which time Bob Kelly will succeed him as Chairman of the Board.  Steve Elliott to resign from the Board in conjunction with Tom Renyi's retirement Karen Peetz Corporate Trust Tim Keaney Co-CEO, Asset Servicing Jim Palermo Co-CEO, Asset Servicing Don Monks CAO, Head of Operations & Technology Kurt Woetzel Chief Information Officer Brian Rogan Issuer & Treasury Services Torry Berntsen Client Management Richard Brueckner CEO, Pershing

7 Enhanced Global Reach and Scale Approximately 25% of combined revenue derived internationally • 36 countries • 54 cities • Serving clients in over 100 markets International Presence Capitalizing on the Growth of Global Financial Markets The Bank of New York Mellon

8 43 27 27 20 20 18 16 13 12 11 0 10 20 30 40 50 243 241 160 119 109 83 81 76 70 59 43 42 39 37 30 27 27 27 27 25 23 23 22 22 20 20 16 12 0 25 50 75 100 125 150 175 200 225 250 275 Scale Enhances Ability to Invest, Compete and Outperform Globally Top Trust & Asset Management Providers by Market Capitalization¹ Notes: Pro forma for pending transactions 1 Market capitalization as of 12/1/06. Excludes insurers 2 Equal to combined market capitalizations of The Bank of New York and Mellon as of 12/1/06 3 Mellon currently ranks #28 and Northern Trust #36 among largest U.S. financial services institutions Top 25 U.S. Financial Services Institutions by Market Capitalization¹ #1 #11 #18 #28

9 Integration—Thorough and Thoughtful Process A True Merger—combination of best of both companies “Lose no Customers” philosophy Commitment to maintaining our #1 customer service standards/levels Continued emphasis on risk management and compliance Open communication with all employees Dedicated integration team led by key senior executives—minimizes impact on day to day operations Measured integration process—3 year integration timeframe Detailed integration planning Integration complete 1H07 2H07 1H08 2H08 1H09 2H09 Transaction close Integration of overlapping businesses and shared services Applications / systems conversions and data center consolidations

10 Clearly Defined Operating Strategy Focus on high-growth global businesses—Securities Servicing and Asset Management Maintain superior client service, investment performance and the highest fiduciary standards Achieve competitive margins in each business line Deploy capital effectively to accelerate long-term growth and returns A Global Financial Services Growth Company

11 Business Line ($bn) (%) Asset Management & Wealth Management 1.2 31 Asset Servicing 0.9 24 Issuer Services  1.0 27 Treasury Services &  Clearing Services 0.9 23 Other (0.2) (5) Total $3.8 100 Balanced & Complementary Business Lines Pro Forma Revenue Mix¹ Pro Forma Pre-Tax Earnings Mix¹ High Return, Low Capital Intensive Business Model Allows for Significant Reinvestment and Share Repurchases Note: 1 Represents results through 9/30/06 annualized. The Bank of New York pro forma for Corporate Trust swap transaction $4.5bn with cost savings Business Line ($bn) (%) Asset Management & Wealth Management 3.6 29 Asset Servicing 3.5 28 Issuer Services  2.2 18 Treasury Services & Clearing Services 2.5 20 Other 0.7 5 Total $12.5 100

12 BNY Mellon Asset Management Combined global AUM of greater than $1.0 trillion as of 9/30/06 Global Asset Management 1 Notes: Revenue CAGR represents growth rate from 2003 through year to date 2006 annualized 1 Source: Pensions & Investments; data as of 12/31/05 2 Pro forma for acquisition of Mellon West LB and Walter Scott 3 Based on MLIM and BlackRock’s AUM; consolidated as of 12/31/05 – Top ten global asset manager (P&I, September 2006) – Top 5 U.S. asset manager (Institutional Investor, July 2006) A global leader… …with strong international presence… – $176 billion in assets for non-U.S. clients 1 – 7th largest asset manager in Europe (Investments & Pensions Europe, June 2006) – Over $50 billion in alternative assets 1 …an expertise in alternatives… – 46% of 50 largest global retirement plans (P&I December 2005) – 58% of top 50 U.S. corporate plans (P&I December 2005) – 46% of top 50 U.S. public plans (P&I December 2005) – 40% of top 20 U.S. endowments; 45% of top 20 foundations (P&I December 2005) …and broad client reach Greater Opportunity to Drive Growth Globally from Expanded Presence in Asset Servicing 3 Year Revenue CAGR of 18% Ranking Manager Assets ($bn) 1 UBS 2,016 2 Barclays GlobalInvestors 1,513 3 Allianz Group 1,493 4 State Street Global 1,441 5 Fidelity 1,422 6 AXA Group 1,260 7 Capital Group 1,166 8 Credit Suisse 1,128 9 Deutsche Bank 1,027 10 BNY Mellon 2 1,011 11 BlackRock 3 991 12 Vanguard Group 958 13 Mellon 2 856 – The Bank of New York 155

13 BNY Mellon Wealth Management Greater than $150 billion in client assets – Over 350 years combined experience serving financially successful families …and a shared heritage – Industry leading retention and client satisfaction …with outstanding reputation for client service… – Broad institutional asset class expertise brought to all clients …with deep and broad capabilities… – Top Ten U.S. Wealth Manager with over $150 billion in client assets – 81 offices—77 domestic and 4 international – Complementary geography represented in large metropolitan wealth markets including NYC A national leader… High Growth, High Margin Business with Expanded Opportunities Notes: Fee revenue CAGR represents growth rate from 2003 through year to date 2006 annualized 1   Source: Barron’s; data as of 6/30/06 2   Pro forma for Bank of America’s announced acquisition of U.S. Trust Ranking Manager Assets ($bn) 1 Merrill Lynch 879 2 Citigroup 825 3 Bank of America² 507 4 UBS 378 5 Morgan Stanley 350 6 Wachovia 324 7 Fidelity 299 8 J.P. Morgan 237 9 BNY Mellon 152 10 Goldman Sachs 148 17 Mellon 92 20 The Bank of New York 60 Top U.S. Wealth Managers¹ 3 Year Fee Revenue CAGR of 7%

14 BNY Mellon Asset Servicing $16.6 trillion AUC as of 9/30/06 Broad Product Capabilities – Global Custody – Global Fund Services – Foreign Exchange – Securities Lending – Global Liquidity Services – Transfer Agency – Transition Management – Trustee/Depot Bank Services – Offshore Fund Administration – Benefit Disbursements – Performance Analytics – Hedge Fund Administration Scale and Market Leadership – $16.6 trillion of assets under custody¹ – $1.7 trillion in mutual funds under custody² – Largest global provider of performance and analytics – 16% of exchange-traded funds² – Largest lender of U.S. Treasury securities and depository receipts² – #1 ranked for service quality and technology – #1 ranked provider of FX globally – Leading offshore fund administrator Global Custody Ranking¹ Ranking Provider Assets Under Custody  ($tn) BNY Mellon 16.6 1 JPMorgan 12.9 2 The Bank of New York 12.2 3 State Street 11.3 4 Citigroup 9.6 5 Mellon 4.4 6 BNP Paribas 4.3 7 Northern Trust 3.3 8 HSBC 3.0² 9 UBS 2.8² 10 U.S. Bancorp 2.3² Notes: Revenue CAGR represents growth rate from 2003 through year to date 2006 annualized 1   Data as of 9/30/06 2   Data as of 6/30/06 Increased Scale and Market Leadership Leading to Greater Growth and Efficiency Globally 3 Year Revenue CAGR of 13%

15 BNY Mellon Asset Servicing Highly complementary businesses The Bank of New York Strengths Mellon Strengths Combining Best of Breed Resulting in Greater Growth and Efficiency Globally Culture of Quality Service & Delivery Culture of Disciplined Cost Management Financial Institution Relationships Pension Relationships Custody Accounting, Performance & Risk Analytics Low Cost Locations: Syracuse & Manchester Low Cost Locations: Pittsburgh & India Real-time Global Technology Client Information Front End FX, Securities Lending, & Execution Services Asset Management Offerings Hedge Fund Administration Hedge Fund Administration

16 BNY Mellon Asset Servicing Complementary client bases Market Segment Leadership The Bank of  New York Mellon Combined Corporate Pensions Endowments & Foundations U.S. Public Funds Mutual Funds Central Banks ETFs/UITs Broker Dealers Hedge Funds Increased Scale and Market Leadership Leading to Greater Growth and Efficiency Globally

17 The Bank of New York Mellon Issuer Services Global Corporate Trust – #1 Overall Global Trustee and #1 Trustee in nearly all domestic and international debt categories – Over $8 trillion in outstanding debt and over 90,000 clients worldwide – Well positioned for continued growth of global debt markets and structured products – Corporate Trust swap transaction closed on 10/1/06 Depositary Receipts – Market leader with over 1,200 sponsored programs from 900 issuers in 60 countries – #1 market share by all DR programs, trading value, capital raisings, and successorships – Well positioned to benefit from continued market growth in all geographies and industries Leadership in High Growth, High Margin Businesses 3 Year Revenue CAGR of 14% 3 Year Revenue CAGR of 28% Note: Revenue CAGR represents growth rate from 2003 through year to date 2006 annualized. Global Corporate Trust revenue CAGR excludes revenues from Corporate Trust swap transaction

18 The Bank of New York Mellon Clearing Services Pershing – Leading provider of clearing and financial advisory solutions to IBDs and RIAs – Over $825 billion in client assets – Well positioned to grow RIA market share through Pershing Advisor Solutions – #1 ranked provider of correspondent securities clearing Broker-Dealer Services – One of two U.S. securities clearing agents – #1 ranked provider of global collateral management products – Well positioned to benefit from continued growth in global securities trading 3 Year Revenue CAGR of 11% 3 Year Fee Revenue CAGR of 14% Leadership in High Growth, High Margin Businesses Note: Revenue CAGR represents growth rate from 2003 through year to date 2006 annualized. For Pershing, 2003 amount equal to annualized revenue from date of ownership

19 Transaction Close: July 1, 2007 Consideration Mix: 100% stock Structure: New Holdco formed; 1:1 Mellon share, 0.9434:1 The Bank of New York share EPS Estimates: The Bank of New York  I/B/E/S median EPS estimate of $2.40 for 2007; thereafter, EPS grown at long-term growth rate of 10.8% Mellon I/B/E/S median EPS estimate of $2.44 for 2007; thereafter, EPS grown at long-term growth rate of 10.8% Share Repurchases: Share repurchases assumed with capital in excess of 5% TCE/TA – Represents share repurchases of approximately $1.0 billion in 2008 and $2.1 billion in 2009 Cost Savings: $700 million, phased-in 15% in 2007, 50% in 2008, 85% in 2009 and 100% thereafter Revenue Synergies: No net revenue synergies or attrition assumed Restructuring Charge: $1.3 billion, which equates to 185% of one year fully phased-in cost savings – 85% or $1.1 billion is cash related and funded at 5.25% (pre-tax) – $600 million capitalized at close, remaining $700 million incurred over 3 year period Identified Intangibles: Identified intangibles of $2.7 billion created – Amortized utilizing straight-line methodology over 10 years Incremental Tax Rate: 38%  Financial Assumptions

20 Realistic, Deliverable Expense Synergies Synergies in-line with precedent financial services transactions Represents approximately 8.5% of the combined estimated 2006 expenses – Approximately 3,900 FTEs Disciplined Integration Process: 15% realized in ’07, 50% in ’08 and 85% in ‘09 Date Transaction % of Combined 05/25/2006 Regions/AmSouth 10.0 02/15/2006 BlackRock/MLIM 6.8 01/23/2004 Regions/Union Planters 7.0 01/14/2004 JPMorgan/Bank One 7.4 04/15/2001 First Union/Wachovia 8.5 10/04/2000 Firstar/US Bancorp 5.4 03/20/2000 National Commerce/CCB 12.6 03/15/1999 Fleet/BankBoston 8.3 07/01/1998 Star Banc/Firstar 15.0 06/08/1998 Norwest/Wells Fargo 7.7 04/13/1998 NationsBank/BofA 10.0 04/13/1998 Banc One/First Chicago 10.1   Average 9.1% Business Line Cost Savings ($mm) Asset & Wealth Management 50 Securities Servicing 290 Total Direct Expenses 340 Technology 240 Shared Services & Other¹ 120 Total 700 Note:   1 Includes other allocated expenses

21 Merger Related Costs—$1.3 Billion Pre-tax (Dollars in millions) Total Personnel-Related 625 Technology & Facilities 350 Transaction Fees 100 Other¹ 225 Total Pre-tax 1,300 Total After-tax 805 Phase-in Total 2007 725 2008 400 2009 175 Total Pre-tax 1,300 Total After-tax 805 Note:   1 Other primarily includes asset write-offs, vendor contract modifications and rebranding

22 Pro Forma Impact—EPS Strongly accretive transaction Notes: Operating EPS represents EPS before merger related expenses. Operating cash EPS is equal to operating EPS plus after-tax per share impact of intangible amortization 1    Assumes transaction close on 7/1/07 2    Assumes 100% of cost savings are phased-in Financial Rationale is Compelling Year Ended, 2007/2009 Illustrative 2007 1 2008 2009 CAGR (%) 2009 2 EPS Impact to The Bank of New York The Bank of New YorkOperating EPS $2.40 $2.66 $2.94 10.8 $2.94 Pro Forma Operating EPS 2.37 2.70 3.17 15.6 3.23 Operating EPS Accretion/(Dilution) (%) (1.0) 1.4 7.7 9.8 Pro Forma Operating Cash EPS $2.52 $2.90 $3.38 15.8 $3.44 Operating Cash EPS Accretion (%) 1.1 5.3 11.3 13.3 EPS Impact to Mellon Mellon Operating EPS $2.44 $2.70 $2.99 10.8 $2.99 Pro forma Operating EPS 2.47 2.86 3.36 16.8 3.43 Operating EPS Accretion (%) 1.0 5.7 12.3 14.5 Pro Forma Operating Cash EPS $2.59 $3.07 $3.58 17.5 $3.65 Operating Cash EPS Accretion (%) 4.5 11.9 18.0 20.2 Memo: Average FD Shares Outstanding 924 1,121 1,091 1,091

23 Meaningful Revenue Synergy Opportunities (not assumed in financial model) Accelerates Revenue Growth and Enhances Operating Leverage Breadth of Mellon’s asset management products and services to The Bank of New York’s securities servicing clients Breadth of The Bank of New York’s global markets products to Mellon’s asset servicing and wealth management clients Breadth of Mellon’s risk services to The Bank of New York’s servicing clients Leverage Pershing’s distribution platform to deliver Mellon’s asset and wealth management products Leverage The Bank of New York’s credit relationships to distribute Mellon’s domestic cash management services and stock transfer Enhanced Income Realization from Existing Client Base

24 The Bank of New York Mellon Delivering superior shareholder value through accelerated growth The Bank of New York Mellon A Global Financial Services Growth Company Strategic Financial Operational Integration Global leadership in Securities Servicing and Asset Management Strongly accretive transaction Excellent global growth opportunities Highly complementary businesses with strong leadership positions Focused and experienced management team Disciplined and thoughtful approach Dedicated and experienced team with proven track record

25 Appendix THE BANK

26 Timeline Time Period Agenda January File S-4 with SEC Late February/Early March SEC review completed, estimated 6-8 weeks after filing of S-4 Mid-March Proxy mailed to shareholders Second Quarter Shareholder/regulatory approvals July 1 st Estimated Transaction close

27 Combined Balance Sheet Source:   Publicly available financial statements Note:   1 Includes discontinued operation in “Other Assets” and “Other Liabilities” 2 Does not include purchase accounting adjustments As of September 30, 2006 (Dollars in billions) The Bank of New York¹ Mellon Combined² Cash and Investment Securities $49.2 $27.2 $76.4 Loans 33.6 5.9 39.5 Goodwill and Intangibles 4.7 2.3 7.0 Other Assets 19.1 7.2 26.3 Total Assets 106.6 42.7 149.3 Deposits 55.0 29.0 83.9 Borrowings 10.6 6.3 16.9 Other Liabilities 30.6 2.9 33.6 Total Liabilities 96.2 38.2 134.3 Total Equity 10.5 4.5 15.0 Total Liabilities and Equity $106.6 $42.7 $149.3

28 Pro Forma Income Statement Notes:   Operating net income represents net income before merger related expenses. Operating cash net income is equal to operating net income plus after-tax impact of intangible amortization 1 Reflects pro forma earnings for six months of The Bank of New York Mellon, assuming transaction close on 7/1/07 2 Assumes 100% of cost savings phased-in 3 Includes restructuring charge funding, share repurchase funding and addback of Mellon’s existing identified intangible amortization 4 Excludes accounting impact of future merger related expenses realized through income statement Year Ended, Illustrative (Dollars in millions) 2007 1 2008 2009 2009 2 The Bank of New York Stand Alone Net Income $912 $2,020 $2,237 $2,237 Mellon Stand Alone Net Income 507 1,122 1,243 1,243 Pro Forma Net Income—Before Adjustments 1,418 3,142 3,480 3,480 After-tax Adjustments: Cost Savings 67 230 403 474 Transaction Identified Intangible Amortization (85) (169) (169) (169) Other 3 9 0 (47) (47) Total After-tax Adjustments 4 (9) 61 187 258 Pro Forma Operating Net Income $1,409 $3,203 $3,666 $3,738 Pro Forma Operating Cash Net Income $1,529 $3,443 $3,906 $3,978

29 Pro Forma Operating Metrics Notes:   1 Pro forma figures reflect purchase accounting adjustments. Adjustments to the income statement are detailed on page 28 2 Pro forma for recent The Bank of New York acquisitions. Adjusted for fully phased-in cost savings and restructuring charge and share repurchase funding costs 3 Includes estimated share repurchases of approximately $1.0 billion in 2008 (%) The Bank of New York Mellon Pro Forma Combined¹ 2008 Estimated Return on Common Equity 16.1 20.7 11.4 Cash Return on Tangible Common Equity 33.7 43.1 49.2 Last Twelve Months 2 Fee Income Ratio 76.9 90.5 83.0 Pre-tax Margin 36.2 25.3 36.8 Pro Forma Capital TCE/TA at 9/30/07 nm nm 4.20 TCE/TA at 12/31/07 nm nm 4.50 TCE/TA at 12/31/08 nm nm 5.00³

30 $1,290 $1,490 $1,680 $2,130 $560¹ $770¹ 4.50% 5.65% 7.00% 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 12/31/07 12/31/08 12/31/09 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 Dividends² Incremental Annual Retained Earnings³ TCE/TA Pro Forma Capital Generation Notes:   1 For the six months ended 12/31/07 2 Assumes 40% dividend payout ratio 3 Assumes no share repurchases 4    TCE/TA ratios as of year-end 4

31 (Dollars in millions) At Close 2007 2008 2009 2010 2011 Combined Value¹ (45,210) Combined Cash Net Income 1,460 3,230 3,570 3,940 4,360 After-tax Cost Savings 67 230 403 488 503 After-tax Cash Restructuring Costs² (382) (211) (92) — — Capital Requirements, Net of Funding Costs³ (140) (300) (360) (430) (500) Terminal Value (15.4x 1-year Forward GAAP) 4 76,270 Net Cash Flows (45,210) 1,005 2,949 3,521 3,998 80,633 Internal Rate of Return Materially exceeds cost of capital 19% Internal Rate of Return Notes:   1 Based on closing stock prices as of 12/1/06 2 Assumes 85% of merger related and restructuring costs are cash related 3 Assumes 5% asset growth per annum and target TCE/TA of 5.00% net of funding benefit/(cost) from restructuring charge, cost savings and change in capital assuming 5.25% pre-tax rate 4 Based on blended GAAP P/E multiple using I/B/E/S median EPS estimates for 2007 applied to 2012 estimated GAAP net income adjusted for net funding costs

32 The bank