Filed by Mellon Financial Corporation

Pursuant to Rule 425 under the Securities Act of 1933

and deemed filed pursuant to Rule 14a-12

of the Securities Exchange Act of 1934

Subject Companies: Mellon Financial Corporation (Commission File No. 1-7410)

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

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.

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).

The respective 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 2006 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.

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Below are the slides that accompanied a presentation given at the Citigroup 2007 Financial Services Conference on January 31, 2007.

A Global Financial Services Growth Company Citigroup 2007 Financial Services Conference Thomas A. Renyi Chairman & CEO, The Bank of New York January 31, 2007 Update on

Disclosure and Cautionary Statement The information presented herein may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon the Company’s 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 expected, 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. 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 The Bank of New York Company, Inc., Investor Relations, One Wall Street, 31st Floor, New York, New York 10286 (212-635-1578), or from Mellon Financial Corporation, Secretary of Mellon Financial Corporation, One Mellon Center, Pittsburgh, Pennsylvania 15258-0001 (800-205-7699). 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 The Bank of New York Company, Inc and/or Mellon Financial Corporation. in respect of the proposed transaction. 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 2006 annual meeting of shareholders, as filed with the SEC on March 24, 2006.  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. 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. 1

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 2

Compelling Strategic Attributes Capitalizing on the growth of global financial markets * As of 12/31/06 3 Strong Market Positions in High Growth Businesses - #1 global custodian with over $17 trillion in AUC* - Top 10 asset manager globally and Top 5 in the U.S . , with more than $1.1 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, issuer, 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 business 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 complementary, stable and synergistic revenue sources

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 4

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 5

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 6

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 7

Merger announced and integration  planning teams established Organizational design established Ready to Win December/January February/March Multiple integration planning teams across businesses and shared services The Bank of New York Mellon Integration Planning: Dedicated & Disciplined Process Merger Integration Committee Overall accountability for integration planning and execution Merger Integration Project Management Office (PMO) Day-to-day oversight of integration planning and execution Business Line/Shared Services PMOs Planning organizational design Early Third Quarter 8

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 9

BNY Mellon Asset Servicing Complementary client bases Increased Scale and Market Leadership Leading to Greater Growth and Efficiency Globally Hedge Funds Broker Dealers ETFs / UITs Insurance Companies Central Banks Mutual Funds U.S. Public Funds Endowments & Foundations Corporate Pensions Combined Mellon The Bank of New York Market Segment Leadership 10

The Bank of New York Mellon Delivering superior shareholder value through accelerated growth 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 11

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2007 Citigroup Financial Services Conference Mellon Building momentum Citigroup Financial Services Conference January 31, 2007

2007 Citigroup Financial Services Conference 1 Cautionary Statement A number of statements (i) in our presentations, (ii) in the accompanying slides and (iii) in the responses to your questions are “forward-looking statements”.  These statements relate to, among other things, the Corporation’s future financial results, including future revenue, expenses, earnings and margins, the use of excess capital, asset management revenue sensitivity, interest rate sensitivity analysis, the expected tax rate and the expected number of average fully diluted shares outstanding, as well as the Corporation’s overall plans, strategies, goals, objectives, expectations, estimates, intentions, targets, opportunities and initiatives, and are based on assumptions that involve risks and uncertainties and that are subject to change based on various important factors (some of which are beyond the Corporation’s control).  Actual results may differ materially from those expressed or implied as a result of these risks and uncertainties, including, but not limited to, changes in political and economic conditions; equity, fixed-income and foreign exchange market fluctuations; changes in the mix of assets under management; the effects of the adoption of new accounting standards; customers’ sensitivity to increases in oil prices and decreasing travel; corporate and personal customers’ bankruptcies; operational risk; inflation; levels of tax free revenue; technological change; success in the timely development of new products and services; competitive product and pricing pressures within the Corporation’s markets; consumer spending and savings habits; interest rate fluctuations; geographic sources of income; monetary fluctuations; currency rate fluctuations; acquisitions and integrations of acquired businesses; changes in law; changes in fiscal, monetary, regulatory, trade and tax policies and laws; success in gaining regulatory approvals when required;  the uncertainties inherent in the litigation process and the litigation settlement process; the effects of recent and any further terroristic acts and the results of the war on terrorism; as well as other risks and uncertainties detailed from time to time in the filings of the Corporation with the Securities and Exchange Commission.  Such forward-looking statements speak only as of January 31, 2007, and the Corporation 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. Non-GAAP Measures:  In this presentation we will discuss some non-GAAP measures in detailing  the Corporation’s performance.

2007 Citigroup Financial Services Conference 2 Strategies for outperformance Focus on high-growth global businesses – Asset Management and Servicing 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

2007 Citigroup Financial Services Conference 3 • Revenue +18%, EPS +20% (operating)* – Excellent organic growth in Asset Management and Asset Servicing:  91%* of pretax income – Four consecutive quarters of double digit revenue and EPS growth • ROE: +22% • Total shareholder return: +26% (1 st Quartile vs. 19 peers) • Strong investment performance and top ranked client satisfaction • Acquisition of Walter Scott & Partners and joint venture with WestLB • Merger agreement with The Bank of New York Highlights: 2006 *Operating basis defined in the Appendix.  Pre-tax percentage excludes results of the Other sector.

2007 Citigroup Financial Services Conference 4 90 100 110 120 130 +18% 19 Peers +26% MEL +16% S&P 500 S&P 500 19 Peers MEL Mellon Total Return to Shareholders Significantly outperformed 19 member peer group and S&P 500 in 2006 Dec Note: 19-member peer group detailed in Appendix 2006 Jan

2007 Citigroup Financial Services Conference 5 International momentum Note: 2006 Pretax income ratios have been adjusted for certain expense items as described on Page 14 of our 4 th Qtr 2006 Quarterly Earnings Summary report.  Employee totals include joint venture operations as of 12/31/06. Target 2000 2006 4Q06 2008 Pretax Income – non U.S. 5% 18% 21% >25% Employees: 19,100 • Non-U.S.: 26%

2007 Citigroup Financial Services Conference 6 Performance vs. long-term Financial Goals First look Mellon Asset Management 33% 11-14% 31% 31-33% Private Wealth Management 5% 8-10% 40% 38-40% Asset Servicing 24% 10-12% 21% 25-27% Payment Solutions & Investor Services 1% 3-5% 22% 25-27% Total Corporation 18%  26% 29-30%+ Actual (a) Goal Actual Goal 2006 vs. 2005 2007-2009 2006 (a) 2009 Revenue Growth Pre-tax Margin (Operating) (Operating) (a) Adjusted for non-operating items.  See Appendix for details.

2007 Citigroup Financial Services Conference 7 Revenue $2,530 24% 33% Operating Expense 1,754 20 25 Pretax Income 776 37 53 Pretax Margin 31% ROE 53% AUM (in billions) $824 19% 31% Mellon Asset Management – Highlights 2006 2-Year 1-Year CAGR • Annualized new business revenue increased 170% year-over-year • 75% of net sales from outside the US • Strong investment performance and client satisfaction ratings ($ in millions) Record Record Record

2007 Citigroup Financial Services Conference 8 2000 2001 2002 2003 2004 2005 2006 Cumulative Net Asset Flows ($ billions) Averaging >$44B p.a. AUM: Delivering strong organic growth 7 consecutive years Mellon Organic AUM 7% p.a. S&P 500 (1%) p.a. +$52 +$31 +$12 +$13 +$63 +$72 2000-2006 $121 $69 $152 $164 $177 $240 $312

2007 Citigroup Financial Services Conference 9 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 1 year 3 year 5 year 10 year Percentage of Institutional Investment Products that Exceeded Their Benchmark (periods ending September 30, 2006) All U.S. Equity International Equity Fixed Income Alternatives/ Other Organic growth based on strong investment performance See Appendix for disclosures

2007 Citigroup Financial Services Conference 10 2% 3% 4% 5% 7% 8% 10% 10% AUM: Strong growth rate vs. peers Outperforming our peers - organic growth rates for the past 12 months Blackrock Blackrock Federated Federated T. Rowe T. Rowe Janus Janus Mellon Asset Mgmt Mellon Asset Mgmt Franklin Resources Franklin Resources Note:Represents net flows in assets under management over the period 12/31/05 through 12/31/06.  Growth rates excludes impact from acquisition and market. Peer information obtained from company financial reports. Alliance Bernstein Alliance Bernstein Legg Mason Legg Mason

2007 Citigroup Financial Services Conference 11 Revenue $1,316 23% 24% Operating Expense 1,055 23 25 Pretax Income 261 25 (a) 25 (a) Pretax Margin – Operating (a) 21% ROE 32% AUC (in billions) $4,453 18% 15% Asset Servicing – Highlights 2006 2-Year 1-Year CAGR • $509B in new business wins – 55% from outside North America – $50B of wins since the BNY Mellon merger announcement • Opened offices in Beijing, Hong Kong, Luxembourg and Singapore • Significant investments to service higher growth financial institutions • Maintained #1 quality ranking in all three major custodian surveys ($ in millions) Record Record Record (a) Adjusted for 4 th Qtr 2006 non-operating items. See Appendix for details.

2007 Citigroup Financial Services Conference 12 2000 2001 2002 2003 2004 2005 2006 AUC: Delivering strong organic growth Asset Servicing – Cumulative New Business Wins ($ billions) Averaging > $340B p.a. +$360 +$211 +$264 +$290 +$517 +$509 7 consecutive years $603 $243 $814 $1,078 $1,368 $1,885 $2,394

2007 Citigroup Financial Services Conference 13 2006 2005 2004 2003 2002 R&M Survey 1 1 1 1 1 Global Investor 1 1 2 1 1 Global Custodian 1 1 1 1 1 Consistently superior client service Mellon vs. Large Global Custodians: The major annual surveys High win rate vs. large global custodians and strong client retention

2007 Citigroup Financial Services Conference 14 Fee Revenue $404 10% 12% Net Interest Revenue 305 - (2 ) Operating Expense 426 10 13 Pretax Income 283  1 (4 ) Pretax Margin 40% ROE 34% Total Client Assets (in billions) $95 10% 10% 2006 2-Year 1-Year CAGR Private Wealth Management – Growing the Business • Opened 5 new office locations: Florida (Naples and Vero Beach), Century City, Greensboro and London • Added 17 (net) wealth professionals to sales-force • Initiated national private banking platform • Introducing new technology interface for the family office and wealth clients • 95%+ client retention last 5 years ($ in millions) Record Record

2007 Citigroup Financial Services Conference 15 4.85% 3.57% 4.44% 4.72% 5.19% 4.74% 8.81% 7.87% 8.55% 10.54% 10.90% 12.14% 0% 2% 4% 6% 8% 10% 12% 14% 2001 2002 2003 2004 2005 2006 Tier I Tier I Tangible Shareholders’ Equity Ratio* Tangible Shareholders’ Equity Ratio* *Targeted common shareholders’ equity ratio is 4.25% to 5.25% Maintain strong capital ratios/debt ratings Moody’s Standard & Poor’s Fitch P-1 A-1 F1+ A1 A+ AA- Mellon Financial Corporation 3Q06 Debt Ratings Long Term Short Term

2007 Citigroup Financial Services Conference 16 19 peers defined in the Appendix.  Long-term financial goals First quartile EPS growth vs. 19 peers – Top ranked client service and strong investment performance vs. sector peers – Above median revenue growth vs. sector peers – Median operating margins vs. sector peers – Positive Operating Leverage

2007 Citigroup Financial Services Conference 0 c Appendix

2007 Citigroup Financial Services Conference 1 c Reconciliation of Non-GAAP measures Revenue (FTE) – As reported $5,367 $4,740 13% Shinsei Gain* - (197) Adjusted Revenue $5,367 $4,543 18% Earnings Per Share – Reported $2.25 $2.11 7% Shinsei / Expenses / Taxes* (.05 ) (.28) Adjusted Earnings per Share $2.20 $1.83 20% 2006 2005 Growth Revenue ($ in millions) 2006 2005 Growth Continuing Operations EPS ($ in millions) * As detailed on Page 14 of our 4 th quarter 2006 Quarterly Earnings Summary Report, 2006 results included $78 million pre-tax of non-operating expenses, which negatively impacted earnings per share by approximately $.13.  Also, as detailed on Page 2 of the Quarterly Earnings Summary Report, 2006 results included a one-time tax benefit of $74 million, which favorably impacted earnings per share by approximately $.18. 2005 results included a $197 million pre-tax gain from the sale of our investment in Shinsei Bank, which together with $15 million of other expenses (detailed on Page 7 of our 2005 Financial Annual Report), netted to an approximately $.28 favorable impact to earnings per share.

2007 Citigroup Financial Services Conference 2 c Reconciliation of Non-GAAP Measures Mellon Asset Management 31% 31% Private Wealth Management 40% 40% Asset Servicing 20% 21% Payment Solutions & Investor Services 21% 22% Total Corporation 24% 26% Reported Operating (a) Full Year 2006 Pre-Tax margin (a) Full-year 2006 included the following expenses: Mellon Asset Management - $8 million of severance expense and $5 million of impairment charges, which combined, negatively impacted the full-year 2006 pre-tax operating margin by approximately 50 basis points. Asset Servicing - $11 million of impairment charges and $7 million of severance expense, which combined, negatively impacted the full-year 2006 pre-tax operating margin by approximately 100 basis points. Payment Solutions & Investor Services - $7 million of severance expense that negatively impacted the full-year 2006 pre-tax operating margin by approximately 100 basis points. Total Corporation - 1Q06 charges recorded in connection with payments, awards and benefits for Mellon’s former chairman and chief executive officer pursuant to his employment agreement; 4Q06 additional severance expense; impairment charges; merger-related expenses; and additional occupancy reserves.  Combined, these expenses totaled $78 million, and negatively impacted the full-year 2006 pre-tax operating margin by approximately 200 basis points.

2007 Citigroup Financial Services Conference 3 c 19 member Peer Group Asset Managers AllianceBernstein Blackrock Eaton Vance Federated Investors Franklin Resources Janus Legg Mason T. Rowe Price Trust Banks Bank of New York Northern Trust State Street Processors/Regionals/Other Charles Schwab DST First Data Keycorp Marsch & McLennan National City PNC SunTrust

2007 Citigroup Financial Services Conference 4 c Note:  AUM as 12/31/06. WestLB Mellon Asset Management represents a 50:50 joint venture between WestLB and Mellon Financial Corporation.  Active fundamental equity manager; core, growth & value styles $72.7B Benchmark-driven structured US portfolio specialist; quantitative approach  $34.5B US and global tactical asset allocation, indexing & quantitative specialist $174.9B Active stock and bond selection within a global framework $66.8B Specialists in currency and risk management $60.3B One of the world’s largest dedicated fixed income managers $158.1B Active manager with a quantitative approach, focused on European and Emerging Markets $46.5B Cash & Tax-exempt fixed income $145.5B Fund of funds manager specializing in alternative funds and traditional long-only products $5.2B Structured, active US equity and balanced management $21.9B Non-benchmark constraint: fundamental global equity $30.8B Distinct Investment Boutiques Separate firms with distinct, autonomous investment philosophies, processes and products; no Mellon CIO or house view; committed to manufacturing excellence

2007 Citigroup Financial Services Conference 5 c Disclosures – All references to assets under management are as of 12/31/06.  Except where The Dreyfus Corporation assets under management are listed separately, assets under management include assets managed by the individual firm’s officers as dual officers of Mellon Bank, N.A., Mellon Trust of New England, N.A. and The Dreyfus Corporation.  – Mellon Capital AUM includes $30.8 billion in overlay and currency assets. – Pareto Investment Management Limited AUM includes $58 billion in currency risk management and $2 billion in currency absolute return. – Standish Mellon AUM includes $10 billion in securities lending collateral assets. – Newton Capital Management LLC provides marketing services in the U.S. for Newton Capital Management Limited . 'Newton' refers to the Newton group of companies that include Newton Investment Management Limited and Newton Capital Management Limited. Assets under management include assets managed by Newton Investment Management Limited, Newton Capital Management Limited, Newton International Investment Management Limited and Newton Fund Managers (CI) Limited. Newton Capital Management LLC, Newton Capital Management Limited, Newton Investment Management Limited, Newton International Investment Management Limited and Newton Fund Managers (CI) Limited are affiliated entities. – Mellon holds a 80% interest in Mellon Brascan. – Hamon’s services are offered in the U.S. by Hamon US Investment Advisors Limited.  Mellon holds a 19.9% interest in  Hamon Investment Group. – WestLB Mellon Asset Management is a joint venture between Mellon Financial Corporation and WestLB AG. – Mellon Global Alternative Investments (MGAI) does not offer services in the U.S.  This presentation does not constitute an offer to sell, or a solicitation of an offer to purchase, any of the firm’s funds to any U.S. investor. – Franklin Portfolio Associates has no affiliation to the Franklin Templeton Group of Funds or Franklin Resources, Inc. – This material is not intended as an offer to sell or a solicitation of an offer to buy any security.  Securities are offered in the U.S. through Mellon Funds Distributor, LP, a registered broker-dealer and NASD/SIPC member.  This information is not provided as a sales or advertising communication and does not constitute investment advice.

2007 Citigroup Financial Services Conference 6 c Disclosures Institutional Asset Management Performance Mellon Asset Management is the umbrella organization for Mellon Financial Corporation’s affiliated investment management firms and global distribution companies Performance versus benchmarks detailed in the presentation is for all Mellon Asset Management  active (non index) institutional products representing $419 billion of AUM, with the exception of securities lending products. Calculations are equal weighted.  Investment performance is gross of fees except for privately offered funds.