Exhibit 99.2

MELLON FINANCIAL CORPORATION

Notes to Financial Trends

Notes:

In the third quarter of 2005, Mellon began to record gross mutual fund distribution and service fees earned and paid as noninterest revenue and operating expense. Distribution and service fee revenue and expense are now reported on a gross basis detailed in separate revenue and expense lines in our financials. These reclassified amounts are primarily recorded as “Distribution and service fees” and “Distribution and servicing expense” line items on the Consolidated Income Statement. Investment management revenue, Institutional trust and custody revenue, and professional, legal and other purchased services expense were also impacted to a lesser extent.

In the third quarter of 2005 we began to record revenue amounts passed to joint ventures as Other expense. Previously, the amounts were reported as a reduction of Other revenue.

Our lines of business have now been aggregated into five business sectors and these sectors have been aligned within three business groups. Our Asset Management group includes the new combined Institutional Asset Management and Mutual Funds sector and the Private Wealth Management sector. Our Payments and Securities Services Group includes the Asset Servicing and Payment Solutions & Investor Services (PS&IS) sectors. Our fifth sector is the Treasury Services/Other Activity sector.

All prior periods have been restated for those changes. Prior period sector data may also reflect immaterial reclassifications resulting from minor changes made to be consistent with current period presentation.

Summations may not equal due to rounding. As a result of this rounding convention, there may exist immaterial differences between the sector trends data detailed above versus the sector trends data subsequently filed on Form 10-Q.

Discontinued Operations Accounting/Accounting Change(s)—

The income/(loss) from discontinued operations accounting and the cumulative effect of accounting change(s) has not been allocated to any sector.

Average Assets—

Where average deposits in a business sector are greater than average loans, average assets include an allocation of investment securities equal to the difference.

Return on Common Equity/Pretax Operating Margin—

Ratios are presented on a continuing operations basis. Quarterly return on common equity ratios are annualized.

Page 1

MELLON FINANCIAL CORPORATION

CONSOLIDATED RESULTS—11 Quarter Trend

(dollar amounts in millions, averages in billions; presented on an FTE basis)	2003												2004												2005
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr (a)			2nd Qtr (b)			3rd Qtr			4th Qtr (c)			1st Qtr (d)			2nd Qtr			3rd Qtr
Revenue:
Investment management		317			333			347			412			405			386			379			455			429			443			479
Distribution and service		59			59			60			62			66			67			68			68			71			74			82
Institutional trust and custody		116			121			121			130			138			137			132			145			150			160			172
Securities lending revenue		15			22			16			16			18			24			16			18			24			33			25
Payment solutions & investor services		140			142			142			145			145			149			133			138			134			142			122
Other fee revenue		121			117			165			152			240			152			147			168			354			158			167
Total fee and other revenue		768			794			851			917			1,012			915			875			992			1,162			1,010			1,047
Net interest revenue		160			168			140			125			120			126			116			121			121			133			123
Total revenue		928			962			991			1,042			1,132			1,041			991			1,113			1,283			1,143			1,170
Credit quality expense		4			3			—			—			(7	)		—			—			(4	)		(1	)		3			12
Operating expense		654			673			703			756			758			762			725			815			804			826			871
Income from continuing operations before income taxes (benefits) and cumulative effect of accounting change		270			286			288			286			381			279			266			302			480			314			287
Income taxes (benefits)		96			101			100			99			134			99			85			103			175			111			91
Income (loss) from continuing operations before cumulative effect of accounting change		174			185			188			187			247			180			181			199			305			203			196
Cumulative effect of accounting change		(7	)		—			—			—			—			—			—			—			—			—			—
Income from continuing operations		167			185			188			187			247			180			181			199			305			203			196
Income from discontinued operations after-tax		(6	)		(10	)		(7	)		(3	)		(2	)		(4	)		2			(7	)		(50	)		(78	)		(2	)
Net income (loss)	$	161		$	175		$	181		$	184		$	245		$	176		$	183		$	192		$	255		$	125		$	194
EPS from Continuing Operations	$	0.40		$	0.43		$	0.44		$	0.43		$	0.58		$	0.42		$	0.43		$	0.47		$	0.72		$	0.49		$	0.47
Average loans	$	8.2		$	7.9		$	7.4		$	7.3		$	7.5		$	7.5		$	7.0		$	7.2		$	6.9		$	7.4		$	7.4
Average assets	$	35.3		$	34.3		$	33.4		$	32.4		$	33.2		$	33.4		$	33.4		$	36.0		$	36.9		$	36.4		$	37.9
Average deposits	$	21.4		$	19.1		$	19.2		$	18.2		$	19.2		$	19.8		$	20.3		$	22.0		$	23.0		$	22.3		$	23.6
Average common equity	$	3.3		$	3.5		$	3.5		$	3.7		$	3.8		$	3.8		$	3.8		$	4.0		$	4.2		$	4.1		$	4.1
Average Tier I preferred equity	$	1.0		$	1.0		$	1.0		$	1.0		$	1.0		$	1.0		$	1.0		$	1.0		$	1.0		$	1.0		$	1.0
Market value of assets under management at period end (in billions)	$	566		$	612		$	625		$	657		$	679		$	679		$	670		$	707		$	729		$	738		$	766
Market value of assets under administration or custody at period end (in billions)	$	2,181		$	2,397		$	2,493		$	2,721		$	2,824		$	2,856		$	2,978		$	3,233		$	3,293		$	3,450		$	3,777
Return on common equity		20	%		21	%		21	%		21	%		26	%		19	%		19	%		20	%		30	%		20	%		19	%
Pretax operating margin		29	%		30	%		29	%		28	%		34	%		27	%		27	%		27	%		37	%		27	%		24	%

(a) The first quarter of 2004 includes a pre-tax gain of $93 million from the sale of approximately 35% of the Corporation's investment in Shinsei Bank.

Also included in the first quarter of 2004 is a pre-tax charge of $19 million associated with a writedown of two small non-strategic businesses, one of which was sold in the third quarter of 2004.

(b) The second quarter of 2004 includes a $24 million pre-tax charge relating to vacating 10 leased locations in London and moving into the new Mellon Financial Centre in London.

(c) The fourth quarter of 2004 includes a $17 million pre-tax occupancy expense reversal relating to the reduction of a sublease loss reserve following the execution of a new lease on our Pittsburgh headquarters building.

(d) The first quarter of 2005 includes a pre-tax gain of $197 million from the sale of our remaining investment in Shinsei Bank, a pre-tax charge of $10 million associated with the early extinguishment of debt, an additional $3 million pre-tax writedown of the remaining small, non-strategic business previously identified as held for sale (see footnote above) and an additional $2 million pre-tax charge associated with the move to the new Mellon Financial Centre in London (see footnote above).

Page 2

MELLON FINANCIAL CORPORATION

CONTINUING OPERATIONS—11 Quarter Trend

NONINTEREST REVENUE

(dollar amounts in millions unless otherwise noted)	2003												2004												2005
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr (a)			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr (a)			2nd Qtr			3rd Qtr
Investment management	$	317		$	333		$	347		$	412		$	405		$	386		$	379		$	455		$	429		$	443		$	479
Distribution and service		59			59			60			62			66			67			68			68			71			74			82
Institutional trust & custody		131			143			137			146			156			161			148			163			174			193			197
Payment solutions & investor services		140			142			142			145			145			149			133			138			134			142			122
Foreign exchange trading		38			28			42			39			57			50			38			41			54			50			52
Financing-related		32			38			29			41			35			31			31			40			32			35			34
Equity investment		3			(18	)		3			6			98			9			24			29			219			15			17
Other		28			36			63			43			39			44			43			48			39			46			55
Total fee and other revenue		748			761			823			894			1,001			897			864			982			1,152			998			1,038
Gains on the sales of securities		11			21			18			12			—			8			—			—			—			—			1
Total noninterest revenue (non-FTE)	$	759		$	782		$	841		$	906		$	1,001		$	905		$	864		$	982		$	1,152		$	998		$	1,039
FTE impact		9			12			10			11			11			10			11			10			10			12			8
Total noninterest revenue (FTE)	$	768		$	794		$	851		$	917		$	1,012		$	915		$	875		$	992		$	1,162		$	1,010		$	1,047
MEMO:
Performance fees		(1	)		8			8			55			39			17			11			60			27			26			41
Fee and other revenue as a percentage of fee and net interest revenue (FTE) (a)		83	%		82	%		86	%		88	%		89	%		88	%		88	%		89	%		91	%		88	%		90	%
Market value of assets under management at period end (in billions)	$	566		$	612		$	625		$	657		$	679		$	679		$	670		$	707		$	729		$	738		$	766
Market value of assets under administration or custody at period end (in billions)	$	2,181		$	2,397		$	2,493		$	2,721		$	2,824		$	2,856		$	2,978		$	3,233		$	3,293		$	3,450		$	3,777
S&P 500 Index—period end		848			975			996			1112			1126			1141			1115			1212			1181			1191			1229
S&P 500 Index—daily average		861			938			1000			1056			1133			1123			1104			1163			1192			1182			1224

(a) The first quarter of 2004 and 2005 includes gains from the sale of the Corporation's investment in Shinsei Bank of $93 million and $197 million, respectively. Excluding these gains, fee and other revenue as a percentage of fee and net interest revenue (FTE) would have totaled 88% in the first quarter of 2005 and 87% in the first quarter of 2004.

Page 3

MELLON FINANCIAL CORPORATION

CONTINUING OPERATIONS—11 Quarter Trend

NET INTEREST REVENUE

(dollar amounts in millions unless otherwise noted)	2003												2004												2005
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr
Net Interest Revenue (FTE)	$	160		$	168		$	140		$	125		$	120		$	125		$	117		$	121		$	121		$	133		$	123
Net Interest Margin (FTE)		2.74	%		2.95	%		2.51	%		2.28	%		2.16	%		2.24	%		2.03	%		1.93	%		1.92	%		2.07	%		1.84	%
Selected Average Balances:
Money Market Investments	$	3,122		$	2,765		$	3,066		$	3,270		$	2,986		$	2,703		$	3,310		$	4,157		$	4,252		$	3,307		$	2,713
Trading Account Securities		814			761			693			622			356			268			229			248			308			293			309
Securities		11,740			11,655			10,882			10,532			11,013			11,647			11,780			12,743			13,714			14,444			15,967
Loans		8,212			7,915			7,425			7,276			7,489			7,491			7,047			7,205			6,882			7,339			7,421
Interest Earning Assets		23,888			23,096			22,066			21,700			21,844			22,109			22,366			24,353			25,156			25,383			26,410
Deposits		21,376			19,067			19,185			18,378			19,227			19,776			20,295			22,083			23,035			22,314			23,566

Page 4

MELLON FINANCIAL CORPORATION

CONTINUING OPERATIONS—11 Quarter Trend

OPERATING EXPENSE

(dollar amounts in millions unless otherwise noted)	2003								2004								2005
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr (b)		2nd Qtr (c)		3rd Qtr		4th Qtr (d)		1st Qtr (e)		2nd Qtr		3rd Qtr
Staff:
Compensation	$	237	$	230	$	235	$	240	$	233	$	235	$	241	$	263	$	247	$	250	$	258
Incentive (a)		50		61		73		109		100		89		84		120		108		114		127
Employee benefits		43		43		43		43		55		53		51		51		66		63		67
Total staff		330		334		351		392		388		377		376		434		421		427		452
Professional, legal and other purchased services		78		89		92		97		88		99		91		108		100		110		114
Distribution and servicing		74		74		76		75		79		79		81		80		81		90		100
Net occupancy		52		52		56		56		56		79		57		43		59		57		61
Equipment		40		38		45		47		44		42		41		42		41		44		44
Business development		20		21		22		25		21		22		21		23		21		23		23
Communications		21		24		19		20		22		22		18		22		25		19		19
Amortization of intangible assets		4		4		5		4		4		5		4		6		6		7		6
Other		35		37		37		40		56		37		36		57		50		49		52
Total operating expense	$	654	$	673	$	703	$	756	$	758	$	762	$	725	$	815	$	804	$	826	$	871

(a) Effective Jan. 1, 2003, Mellon began recording an expense for the estimated fair value of stock options using the prospective method under transitional guidance provided in the Statement of Financial Accounting Standards (SFAS) No. 148, "Accounting for Stock-Based Compensation—Transition and Disclosure." Stock option expense totaled less than $1 million for the first three quarters of 2003 and approximately $1 million in the fourth quarter of 2003; approximately $4 million for each of the quarters of 2004; and $6 million for all quarters of 2005.

(b) The first quarter of 2004 includes a pre-tax charge of $19 million associated with a writedown of two small non-strategic businesses held for sale, one of which was sold in the third quarter of 2004.

(c) The second quarter of 2004 includes a $24 million pre-tax charge ($23 million—occupancy, $1 million—other) relating to vacating 10 leased locations in London and moving into the new Mellon Financial Centre in London.

(d) The fourth quarter of 2004 includes a $17 million pre-tax occupancy expense reversal relating to the reduction of a sublease loss reserve following the execution of a new lease on our Pittsburgh headquarters building.

(e) The first quarter of 2005 includes a $10 million pre-tax charge (included in other expense) for the early extinguishment of debt and $5 million of additional expense ($2 million of occupancy expense and $3 million of other expenses) related to charges recorded in 2004 for the move to the new Mellon Financial Centre in London and a writedown of the remaining small non-strategic businesses previously identified as held for sale (see footnote above).

Page 5

MELLON FINANCIAL CORPORATION

ASSETS UNDER MANAGEMENT/ ADMINISTRATION OR CUSTODY—11 Quarter Trend

	2003												2004												2005
(dollar amounts in billions unless otherwise noted)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr
Market value of assets under management at period end
Institutional	$	326		$	356		$	375		$	403		$	421		$	421		$	419		$	443		$	463		$	469		$	490
Mutual Funds		193			203			196			197			200			199			191			200			203			205			212
Private Client		47			53			54			57			58			59			60			64			63			64			64
Total market value of assets under management		566			612			625			657			679			679			670			707			729			738			766
Composition of assets under management at period end
Equity Funds		30	%		32	%		34	%		36	%		36	%		36	%		37	%		39	%		37	%		37	%		37	%
Fixed Income Funds		22	%		21	%		21	%		20	%		20	%		21	%		20	%		20	%		20	%		19	%		18	%
Money Market Funds		31	%		29	%		27	%		25	%		24	%		22	%		21	%		21	%		19	%		20	%		20	%
Securities lending cash collateral		9	%		10	%		10	%		10	%		11	%		12	%		13	%		12	%		15	%		16	%		16	%
Overlay and alternative investments		8	%		8	%		8	%		9	%		9	%		9	%		9	%		8	%		9	%		8	%		9	%
Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%		100	%		100	%		100	%		100	%
Managed mutual funds fee revenue (millions)
Equity Funds	$	50		$	53		$	59		$	65		$	72		$	78		$	77		$	87		$	85		$	87		$	93
Money Market Funds		73			68			68			61			58			58			56			51			49			54			58
Fixed Income Funds		35			39			38			36			34			32			32			31			30			31			30
Nonproprietary		9			8			9			12			12			11			13			14			15			16			19
Total managed mutual funds fee revenue		167			168			174			174			176			179			178			183			179			188			200
Average assets of proprietary mutual funds
Equity Funds	$	34		$	37		$	40		$	44		$	48		$	51		$	50		$	53		$	54		$	54		$	57
Money Market Funds		121			112			110			101			96			96			91			87			85			90			96
Fixed Income Funds		26			26			26			25			25			23			23			22			22			22			21
Total average assets of proprietary mutual funds		181			175			176			170			169			170			164			162			161			166			174
Market value of assets under administration or custody at period end	$	2,181		$	2,397		$	2,493		$	2,721		$	2,824		$	2,856		$	2,978		$	3,233		$	3,293		$	3,450		$	3,777
Total Assets
Managed	$	566		$	612		$	625		$	657		$	679		$	679		$	670		$	707		$	729		$	738		$	766
Administration/Custody		2,181			2,397			2,493			2,721			2,824			2,856			2,978			3,233			3,293			3,450			3,777	(a)
Total	$	2,747		$	3,009		$	3,118		$	3,378		$	3,503		$	3,535		$	3,648		$	3,940		$	4,022		$	4,188		$	4,543

(a) Excludes assets of $328 billion that we manage and are also under administration or custody. These assets are included in assets under management.

Page 6

MELLON FINANCIAL CORPORATION

BUSINESS SECTORS

INSTITUTIONAL ASSET MANAGEMENT AND MUTUAL FUNDS—11 Quarter Trend

(dollar amounts in millions, averages in billions; presented on an FTE basis)	2003												2004												2005
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr
Revenue:
Investment management
Mutual funds		167			168			174			173			176			179			177			183			179			187			200
Institutional clients		73			79			82			93			99			97			98			115			122			129			133
Performance fees		(1	)		8			8			55			39			17			11			60			27			26			41
Private clients		13			13			14			15			17			18			19			20			20			21			22
Total investment management		252			268			278			336			331			311			305			378			348			363			396
Distribution and service		59			59			60			62			66			67			68			68			71			74			82
Institutional trust and custody		14			15			13			16			13			14			14			14			13			13			14
Transfer revenue		(7	)		(4	)		(4	)		(5	)		(3	)		—			(2	)		(2	)		—			1			1
Other fee revenue		1			1			1			5			6			(3	)		(1	)		7			3			(2	)		—
Total fee and other revenue		319			339			348			414			413			389			384			465			435			449			493
Net interest revenue (expense)		(5	)		(7	)		(5	)		(5	)		(5	)		(6	)		(6	)		(5	)		(4	)		(6	)		(6	)
Total revenue		314			332			343			409			408			383			378			460			431			443			487
Credit quality expense		—			—			—			—			—			—			—			—			—			—			—
Operating expense		256			260			268			306			294			286			287			349			323			336			358
Income from continuing operations before taxes (benefits) and cumulative effect of accounting change		58			72			75			103			114			97			91			111			108			107			129
Income taxes (benefits)		20			26			26			36			40			35			29			38			39			38			41
Income (loss) from continuing operations before cumulative effect of accounting change		38			46			49			67			74			62			62			73			69			69			88
Cumulative effect of accounting change		—			—			—			—			—			—			—			—			—			—			—
Income from continuing operations		38			46			49			67			74			62			62			73			69			69			88
Income from discontinued operations after-tax		—			—			—			—			—			—			—			—			—			—			—
Net income (loss)	$	38		$	46		$	49		$	67		$	74		$	62		$	62		$	73		$	69		$	69		$	88
Average loans	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Average assets	$	2.1		$	2.0		$	1.9		$	2.0		$	1.9		$	2.0		$	2.1		$	2.2		$	1.9		$	1.9		$	1.9
Average deposits	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Average common equity	$	0.7		$	0.7		$	0.7		$	0.8		$	0.8		$	0.8		$	0.8		$	0.8		$	1.0		$	1.0		$	1.0
Average Tier I preferred equity	$	0.4		$	0.4		$	0.4		$	0.4		$	0.4		$	0.4		$	0.4		$	0.5		$	0.5		$	0.5		$	0.5
Market value of assets under management at period end (in billions)(a)	$	480		$	515		$	526		$	554		$	568		$	565		$	550		$	585		$	587		$	587		$	612
Market value of assets under administration or custody at period end (in billions)	$	7		$	8		$	9		$	10		$	7		$	6		$	8		$	8		$	9		$	8		$	3
Return on common equity		21	%		27	%		28	%		37	%		38	%		33	%		31	%		34	%		29	%		29	%		37	%
Pretax operating margin		18	%		22	%		22	%		25	%		28	%		25	%		24	%		24	%		25	%		24	%		27	%

(a) Restated to reflect transfer of securities lending assets to the Asset Servicing sector as the fees associated with those assets are classified as securities lending revenue and recorded in the Asset Servicing sector.

Page 7

MELLON FINANCIAL CORPORATION

BUSINESS SECTORS

PRIVATE WEALTH MANAGEMENT—11 Quarter Trend

(dollar amounts in millions, averages in billions; presented on an FTE basis)	2003												2004												2005
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr
Revenue:
Investment management		65			65			69			76			74			75			74			77			81			80			83
Institutional trust and custody		2			2			2			3			2			2			3			2			3			2			3
Transfer revenue		3			2			4			1			2			1			1			—			—			—			—
Other fee revenue		3			4			3			4			4			2			2			4			3			4			4
Total fee and other revenue		73			73			78			84			82			80			80			83			87			86			90
Net interest revenue (expense)		58			59			55			51			52			55			53			52			57			55			52
Total revenue		131			132			133			135			134			135			133			135			144			141			142
Credit quality expense		—			—			—			1			—			1			—			—			—			—			—
Operating expense		68			73			76			76			77			78			78			83			80			81			84
Income from continuing operations before taxes (benefits) and cumulative effect of accounting change		63			59			57			58			57			56			55			52			64			60			58
Income taxes (benefits)		22			21			20			20			20			20			18			17			23			22			18
Income (loss) from continuing operations before cumulative effect of accounting change		41			38			37			38			37			36			37			35			41			38			40
Cumulative effect of accounting change		—			—			—			—			—			—			—			—			—			—			—
Income from continuing operations		41			38			37			38			37			36			37			35			41			38			40
Income from discontinued operations after-tax		—			—			—			—			—			—			—			—			—			—			—
Net income (loss)	$	41		$	38		$	37		$	38		$	37		$	36		$	37		$	35		$	41		$	38		$	40
Average loans	$	2.7		$	2.8		$	2.9		$	3.1		$	3.3		$	3.4		$	3.4		$	3.5		$	3.6		$	3.7		$	3.7
Average assets	$	5.4		$	5.5		$	5.5		$	5.6		$	6.0		$	6.2		$	6.3		$	6.4		$	6.6		$	6.6		$	7.1
Average deposits	$	4.6		$	4.6		$	4.6		$	4.7		$	5.0		$	5.3		$	5.4		$	5.5		$	5.7		$	5.8		$	6.2
Average common equity	$	0.4		$	0.4		$	0.4		$	0.5		$	0.5		$	0.5		$	0.5		$	0.5		$	0.4		$	0.4		$	0.4
Average Tier I preferred equity	$	0.2		$	0.2		$	0.2		$	0.2		$	0.2		$	0.2		$	0.2		$	0.1		$	0.1		$	0.1		$	0.1
Market value of total client assets at period end (in billions)(a)	$	64		$	69		$	71		$	75		$	76		$	76		$	76		$	78		$	77		$	78		$	82
Return on common equity		39	%		36	%		35	%		34	%		31	%		30	%		31	%		28	%		40	%		38	%		37	%
Pretax operating margin		48	%		45	%		43	%		43	%		43	%		41	%		41	%		38	%		44	%		43	%		40	%

(a) Includes assets under management, before amounts subadvised by/for other sectors, of $49 billion, $50 billion and $51 billion in the first, second and third quarters, respectively, of 2005, $47 billion, $46 billion, $47 billion and $50 billion in the first, second, third and fourth quarters, respectively, of 2004, $40 billion, $44 billion, $45 billion, and $47 billion in the first, second, third and fourth quarters, respectively, of 2003.

Page 8

MELLON FINANCIAL CORPORATION

BUSINESS SECTORS

ASSET SERVICING—11 Quarter Trend

(dollar amounts in millions, averages in	2003												2004												2005
billions; presented on an FTE basis)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr
Revenue:
Institutional trust and custody		100			105			104			113			120			118			113			127			132			141			154
Securities lending revenue		15			22			16			16			18			24			16			18			24			33			25
Transfer revenue		1			—			—			1			—			(2	)		—			—			(2	)		(2	)		(3	)
Other fee revenue		54			47			64			53			73			69			53			59			70			69			73
Total fee and other revenue		170			174			184			183			211			209			182			204			224			241			249
Net interest revenue (expense)		20			23			21			18			14			18			17			20			19			21			22
Total revenue		190			197			205			201			225			227			199			224			243			262			271
Credit quality expense		—			—			—			—			—			—			—			—			—			—			—
Operating expense		149			154			165			170			174			170			168			184			188			200			217
Income from continuing operations before taxes (benefits) and cumulative effect of accounting change		41			43			40			31			51			57			31			40			55			62			54
Income taxes (benefits)		15			15			14			11			18			20			10			14			20			22			17
Income (loss) from continuing operations before cumulative effect of accounting change		26			28			26			20			33			37			21			26			35			40			37
Cumulative effect of accounting change		—			—			—			—			—			—			—			—			—			—			—
Income from continuing operations		26			28			26			20			33			37			21			26			35			40			37
Income from discontinued operations after-tax		—			—			—			—			—			—			—			—			—			—			—
Net income (loss)	$	26		$	28		$	26		$	20		$	33		$	37		$	21		$	26		$	35		$	40		$	37
Average loans	$	—		$	0.1		$	—		$	—		$	0.1		$	0.1		$	—		$	—		$	—		$	—		$	—
Average assets	$	5.4		$	5.7		$	6.1		$	6.2		$	7.1		$	6.8		$	7.0		$	8.0		$	8.2		$	8.1		$	9.0
Average deposits	$	3.5		$	4.2		$	4.5		$	4.6		$	5.5		$	5.4		$	5.8		$	6.5		$	7.0		$	6.9		$	7.8
Average common equity	$	0.5		$	0.6		$	0.6		$	0.6		$	0.6		$	0.6		$	0.6		$	0.6		$	0.5		$	0.5		$	0.5
Average Tier I preferred equity	$	0.1		$	0.1		$	0.1		$	0.1		$	0.1		$	0.1		$	0.1		$	0.1		$	0.1		$	0.1		$	0.1
Market value of assets under management at period end (in billions)(a)	$	44		$	51		$	53		$	55		$	64		$	68		$	73		$	74		$	95		$	104		$	106
Market value of assets under administration or custody at period end (in billions)	$	2,157		$	2,369		$	2,463		$	2,688		$	2,793		$	2,826		$	2,946		$	3,199		$	3,259		$	3,416		$	3,746	(b)
Return on common equity		21	%		19	%		18	%		13	%		22	%		25	%		14	%		17	%		30	%		33	%		30	%
Pretax operating margin		22	%		22	%		19	%		16	%		23	%		25	%		15	%		18	%		23	%		24	%		20	%
MEMO:
Gross joint venture revenue	$	81		$	100		$	92		$	94		$	108		$	108		$	102		$	112		$	121		$	130		$	121
Securities on Loan (c)	$	63		$	71		$	76		$	79		$	100		$	95		$	100		$	115		$	150		$	160		$	165

(a) Represents the investment of securities lending cash collateral managed by the Asset Servicing Sector.

(b) Excludes assets of $328 billion that we manage and are also under administration or custody. These assets are included in assets under management.

(c) Represents the total dollar amount of securities on loan, both cash and non-cash, at period end by the Corporation, affiliates and a joint venture.

Page 9

MELLON FINANCIAL CORPORATION

BUSINESS SECTORS

PAYMENT SOLUTIONS & INVESTOR SERVICES—11 Quarter Trend

(dollar amounts in millions, averages in billions; presented on an FTE basis)	2003												2004												2005
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr
Revenue:
Payment solutions & investor services		140			142			142			145			145			149			133			138			134			142			122
Other fee revenue		5			2			5			5			3			5			5			5			8			6			5
Total fee and other revenue		145			144			147			150			148			154			138			143			142			148			127
Net interest revenue (expense)		39			45			36			32			31			30			29			33			37			33			34
Total revenue		184			189			183			182			179			184			167			176			179			181			161
Credit quality expense		—			—			—			—			—			—			—			—			—			—			—
Operating expense		128			132			132			133			125			130			120			134			133			135			127
Income from continuing operations before taxes (benefits) and cumulative effect of accounting change		56			57			51			49			54			54			47			42			46			46			34
Income taxes (benefits)		20			20			18			17			19			19			15			14			17			16			11
Income (loss) from continuing operations before cumulative effect of accounting change		36			37			33			32			35			35			32			28			29			30			23
Cumulative effect of accounting change		—			—			—			—			—			—			—			—			—			—			—
Income from continuing operations		36			37			33			32			35			35			32			28			29			30			23
Income from discontinued operations after-tax		—			—			—			—			—			—			—			—			—			—			—
Net income (loss)	$	36		$	37		$	33		$	32		$	35		$	35		$	32		$	28		$	29		$	30		$	23
Average loans	$	0.1		$	0.1		$	0.1		$	0.1		$	0.1		$	0.1		$	0.1		$	0.1		$	0.1		$	0.1		$	0.1
Average assets	$	11.3		$	7.7		$	8.0		$	6.6		$	6.6		$	6.9		$	7.0		$	7.7		$	7.8		$	7.2		$	7.0
Average deposits	$	10.5		$	6.8		$	7.1		$	5.9		$	5.9		$	6.2		$	6.2		$	7.0		$	7.1		$	6.4		$	6.2
Average common equity	$	0.4		$	0.3		$	0.3		$	0.3		$	0.3		$	0.3		$	0.3		$	0.3		$	0.3		$	0.3		$	0.3
Average Tier I preferred equity	$	0.1		$	0.1		$	0.1		$	0.1		$	0.1		$	0.1		$	0.1		$	0.1		$	0.1		$	0.1		$	0.1
Market value of assets under management at period end (in billions)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Market value of assets under administration or custody at period end (in billions)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Return on common equity		36	%		43	%		38	%		40	%		46	%		48	%		45	%		37	%		38	%		38	%		30	%
Pretax operating margin		30	%		30	%		28	%		27	%		30	%		29	%		29	%		24	%		26	%		25	%		21	%

Page 10

MELLON FINANCIAL CORPORATION

BUSINESS SECTORS

TREASURY SERVICES/OTHER ACTIVITY—11 Quarter Trend

(dollar amounts in millions, averages in billions; presented on an FTE basis)	2003											2004											2005
	1st Qtr			2nd Qtr			3rd Qtr		4th Qtr			1st Qtr (a)			2nd Qtr (b)			3rd Qtr		4th Qtr (c)			1st Qtr (d)			2nd Qtr		3rd Qtr
Revenue:
Institutional trust and custody		—			(1	)		2		(2	)		3			3			2		2			2			4		1
Transfer revenue		3			2			—		3			1			1			1		2			2			1		2
Other fee revenue		58			63			92		85			154			79			88		93			270			81		85
Total fee and other revenue		61			64			94		86			158			83			91		97			274			86		88
Net interest revenue (expense)		48			48			33		29			28			29			23		21			12			30		21
Total revenue		109			112			127		115			186			112			114		118			286			116		109
Credit quality expense		4			3			—		(1	)		(7	)		(1	)		—		(4	)		(1	)		3		12
Operating expense		53			54			62		71			88			98			72		65			80			74		85
Income from continuing operations before taxes (benefits) and cumulative effect of accounting change		52			55			65		45			105			15			42		57			207			39		12
Income taxes (benefits)		19			19			22		15			37			5			13		20			76			13		4
Income (loss) from continuing operations before cumulative effect of accounting change		33			36			43		30			68			10			29		37			131			26		8
Cumulative effect of accounting change		(7	)		—			—		—			—			—			—		—			—			—		—
Income from continuing operations		26			36			43		30			68			10			29		37			131			26		8
Income from discontinued operations after-tax		—			—			—		—			—			—			—		—			—			—		—
Net income (loss)	$	26		$	36		$	43	$	30		$	68		$	10		$	29	$	37		$	131		$	26	$	8
Average loans	$	5.4		$	4.9		$	4.4	$	4.1		$	4.0		$	3.9		$	3.5	$	3.6		$	3.2		$	3.6	$	3.6
Average assets	$	10.0		$	12.4		$	10.9	$	11.1		$	11.0		$	10.9		$	10.5	$	11.1		$	11.9		$	12.4	$	12.9
Average deposits	$	2.8		$	3.5		$	3.0	$	3.0		$	2.8		$	2.9		$	2.9	$	3.0		$	3.2		$	3.2	$	3.4
Average common equity	$	1.3		$	1.5		$	1.5	$	1.5		$	1.6		$	1.6		$	1.7	$	1.8		$	2.0		$	1.9	$	1.9
Average Tier I preferred equity	$	0.2		$	0.2		$	0.2	$	0.2		$	0.2		$	0.2		$	0.2	$	0.2		$	0.2		$	0.2	$	0.2
Market value of assets under management at period end (in billions)	$	—		$	—		$	—	$	—		$	—		$	—		$	—	$	—		$	—		$	—	$	—
Market value of assets under administration or custody at period end (in billions)	$	—		$	—		$	—	$	—		$	—		$	—		$	—	$	—		$	—		$	—	$	—
Return on common equity		n/m			n/m			n/m		n/m			n/m			n/m			n/m		n/m			n/m			n/m		n/m
Pretax operating margin		n/m			n/m			n/m		n/m			n/m			n/m			n/m		n/m			n/m			n/m		n/m

(a) The first quarter of 2004 includes a pre-tax gain of $93 million from the sale of approximately 35% of the Corporation’s investment in Shinsei Bank.

Also included in the first quarter of 2004 is a pre-tax charge of $19 million associated with a writedown of two small non-strategic businesses, one of which was sold in the third quarter of 2004.

(b) The second quarter of 2004 includes a $24 million pre-tax charge relating to vacating 10 leased locations in London and moving into the new Mellon Financial Centre in London.

(c) The fourth quarter of 2004 includes a $17 million pre-tax occupancy expense reversal relating to the reduction of a sublease loss reserve following the execution of a new lease on our Pittsburgh headquarters building.

(d) The first quarter of 2005 includes a pre-tax gain of $197 million from the sale of our remaining investment in Shinsei Bank, a pre-tax charge of $10 million associated with the early extinguishment of debt, an additional $3 million pre-tax writedown of the remaining small, non-strategic business previously identified as held for sale (see footnote above) and an additional $2 million pre-tax charge associated with the move to the new Mellon Financial Centre in London (see footnote above).

n/m—not meaningful

Page 11

MELLON FINANCIAL CORPORATION

BUSINESS SECTORS

(dollar amounts in millions, averages in billions; presented on an FTE basis)	Institutional Asset Management & Mutual Funds									Private Wealth Management									Asset Servicing
	2004			2003			2002			2004			2003			2002			2004			2003			2002
Revenue:
Investment management (a)		1,325			1,134			1,131			300			275			277			—			—			—
Distribution and service		269			240			233			—			—			—			—			—			—
Institutional trust and custody		55			58			54			9			9			11			478			422			434
Securities lending revenue		—			—			—			—			—			—			76			69			75
Payment solutions & investor services		—			—			—			—			—			—			—			—			—
Transfer revenue		(7	)		(20	)		(21	)		4			10			17			(2	)		2			(2	)
Other fee revenue		9			8			(4	)		12			14			15			254			218			171
Total fee and other revenue		1,651			1,420			1,393			325			308			320			806			711			678
Net interest revenue (expense)		(22	)		(22	)		(23	)		212			223			209			69			82			95
Total revenue		1,629			1,398			1,370			537			531			529			875			793			773
Credit quality expense		—			—			—			1			1			—			—			—			—
Total operating expense		1,216			1,090			1,065			316			293			278			696			638			581
Income from continuing operations before taxes (benefits) and cumulative effect of accounting change		413			308			305			220			237			251			179			155			192
Income taxes (benefits)		142			108			111			75			83			92			62			55			70
Income (loss) from continuing operations before cumulative effect of accounting change		271			200			194			145			154			159			117			100			122
Cumulative effect of accounting change		—			—			—			—			—			—			—			—			—
Income from continuing operations		271			200			194			145			154			159			117			100			122
Income from discontinued operations after-tax		—			—			—			—			—			—			—			—			—
Net income (loss)	$	271		$	200		$	194		$	145		$	154		$	159		$	117		$	100		$	122
Average loans	$	—		$	—		$	—		$	3.4		$	2.9		$	2.7		$	0.1		$	—		$	—
Average assets	$	2.0		$	2.0		$	1.9		$	6.2		$	5.5		$	5.0		$	7.2		$	5.9		$	4.7
Average deposits	$	—		$	—		$	—		$	5.3		$	4.6		$	4.4		$	5.8		$	4.2		$	3.4
Average common equity	$	0.8		$	0.7		$	0.6		$	0.5		$	0.4		$	0.2		$	0.6		$	0.6		$	0.5
Average Tier I preferred equity	$	0.4		$	0.4		$	—		$	0.2		$	0.2		$	—		$	0.1		$	0.1		$	—
Market value of assets under management at period end (in billions) (b)	$	585		$	554		$	496		$	48		$	48		$	44		$	74		$	55		$	41
Market value of assets under administration or custody at period end (in billions)	$	8		$	10		$	7		$	26		$	23		$	18		$	3,199		$	2,688		$	2,129
Return on common equity		34	%		28	%		32	%		30	%		36	%		76	%		20	%		18	%		26	%
Pretax operating margin		25	%		22	%		22	%		41	%		45	%		48	%		20	%		20	%		25	%

(a) Includes performance fees from Institutional Asset Management and Mutual Funds of $127 million, $70 million and $47 million for 2004, 2003 and 2002, respectively.

(b) Restated to reflect transfer of securities lending assets to the Asset Servicing sector as the fees associated with those assets are classified as securities lending revenue and recorded in the Asset Servicing sector.

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MELLON FINANCIAL CORPORATION

BUSINESS SECTORS

(dollar amounts in millions, averages in billions; presented on an FTE basis)	Payment Solutions & Investor Services									Total Treasury Services/Other Activity								Consolidated Results
	2004			2003			2002			2004			2003			2002		2004			2003			2002
Revenue:
Investment management (a)		—			—			—			—			—			—		1,625			1,409			1,408
Distribution and service		—			—			—			—			—			—		269			240			233
Institutional trust and custody		—			—			—			10			(1	)		2		552			488			501
Securities lending revenue		—			—			—			—			—			—		76			69			75
Payment solutions & investor services		565			569			561			—			—			—		565			569			561
Transfer revenue		—			—			—			5			8			6		—			—			—
Other fee revenue		18			17			29			414			298			247		707			555			458
Total fee and other revenue (b)		583			586			590			429			305			255		3,794			3,330			3,236
Net interest revenue (expense) (c)		123			152			149			101			158			210		483			593			640
Total revenue (d)		706			738			739			530			463			465		4,277			3,923			3,876
Credit quality expense		—			—			—			(12	)		6			172		(11	)		7			172
Total operating expense		509			525			520			323			240			221		3,060			2,786			2,665
Income from continuing operations before taxes (benefits) and cumulative effect of accounting change		197			213			219			219			217			72		1,228			1,130			1,039
Income taxes (benefits) (d)		67			75			79			75			75			23		421			396			375
Income (loss) from continuing operations before cumulative effect of accounting change		130			138			140			144			142			49		807			734			664
Cumulative effect of accounting change		—			—			—			—			(7	)		—		—			(7	)		—
Income from continuing operations		130			138			140			144			135			49		807			727			664
Income from discontinued operations after-tax		—			—			—			—			—			—		(11	)		(26	)		18
Net income (loss)	$	130		$	138		$	140		$	144		$	135		$	49	$	796		$	701		$	682
Average loans	$	0.1		$	0.1		$	0.1		$	3.7		$	4.7		$	6.6	$	7.3		$	7.7		$	9.4
Average assets (e)	$	7.1		$	8.4		$	9.0		$	10.9		$	11.1		$	11.6	$	34.0		$	33.9		$	33.7
Average deposits	$	6.4		$	7.6		$	8.1		$	2.9		$	3.1		$	3.1	$	20.4		$	19.5		$	19.0
Average common equity	$	0.3		$	0.3		$	0.2		$	1.6		$	1.5		$	1.9	$	3.8		$	3.5		$	3.4
Average Tier I preferred equity	$	0.1		$	0.1		$	—		$	0.2		$	0.2		$	1.0	$	1.0		$	1.0		$	1.0
Market value of assets under management at period end (in billions)	$	—		$	—		$	—		$	—		$	—		$	—	$	707		$	657		$	581
Market value of assets under administration or custody at period end (in billions)	$	—		$	—		$	—		$	—		$	—		$	—	$	3,233		$	2,721		$	2,154
Return on common equity		44	%		39	%		56	%		n/m			n/m			n/m		21	%		21	%		20	%
Pretax operating margin		28	%		29	%		30	%		n/m			n/m			n/m		29	%		29	%		27	%

(a) Includes performance fees from Institutional Asset Management and Mutual Funds of $127 million, $70 million and $47 million for 2004, 2003 and 2002, respectively.

(b) Consolidated results include FTE impact of $42 million, $42 million and $42 million for 2004, 2003 and 2002, respectively.

(c) Consolidated results include FTE impact of $17 million, $16 million and $13 million for 2004, 2003 and 2002, respectively.

(d) Consolidated results include FTE impact of $59 million, $58 million and $55 million for 2004, 2003 and 2002, respectively.

(e) Where average deposits are greater than average loans, average assets include an allocation of investment securities equal to the difference. Consolidated average assets include average assets of discontinued operations of $0.6 billion, $1.0 billion and $1.5 billion for 2004, 2003 and 2002, respectively.

n/m—not meaningful

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MELLON FINANCIAL CORPORATION

CONTINUING OPERATIONS—11 Quarter Trend

NONPERFORMING ASSETS

	2003												2004												2005
(dollar amounts in millions unless otherwise noted)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr
Nonperforming loans:
Commercial and financial	$	42		$	57		$	51		$	49		$	48		$	11		$	17		$	10		$	9		$	7		$	7
Personal		3			3			2			2			2			3			3			4			4			4			3
Commercial real estate		—			—			—			—			1			—			—			—			—			—			—
Lease finance assets		—			—			9			—			—			—			—			15			15			15			27
Total nonperforming loans		45			60			62			51			51			14			20			29			28			26			37
Total acquired property		1			1			1			1			—			1			1			—			—			—			—
Total nonperforming assets	$	46		$	61		$	63		$	52		$	51		$	15		$	21		$	29		$	28		$	26		$	37
Nonperforming loans as a percentage of total loans		0.58	%		0.77	%		0.86	%		0.69	%		0.68	%		0.20	%		0.30	%		0.43	%		0.39	%		0.34	%		0.48	%
Nonperforming assets as a percentage of Tier I capital plus the reserve for loan losses		2.01	%		2.51	%		2.48	%		2.09	%		1.99	%		0.56	%		0.82	%		1.08	%		0.98	%		0.87	%		1.23	%(a)

(a) Preliminary

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MELLON FINANCIAL CORPORATION

CONTINUING OPERATIONS—11 Quarter Trend

PROVISION AND RESERVE FOR CREDIT EXPOSURE

(dollar amounts in millions unless otherwise noted)	2003												2004												2005
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr			3rd Qtr
Reserve Activity:
Loan losses		127			114			113			110			103			94			96			98			98			87			87
Unfunded commitments		52			64			66			71			75			77			73			71			67			77			81
Reserve at beginning of period	$	179		$	178		$	179		$	181		$	178		$	171		$	169		$	169		$	165		$	164		$	168
Total credit losses		(1	)		(1	)		(2	)		(2	)		—			(2	)		(1	)		(1	)		(1	)		—			(24	)
Total recoveries		10			1			4			2			—			2			1			2			1			1			1
Sub-total—net credit recoveries (losses)	$	9		$	—		$	2		$	—		$	—		$	—		$	—		$	1		$	—		$	1		$	(23	)
Credit losses on loans transferred to held for sale		(11	)		(2	)		—			(3	)		—			—			—			—			—			—			—
Total net credit recoveries (losses)	$	(2	)	$	(2	)	$	2		$	(3	)	$	—		$	—		$	—		$	1		$	—		$	1		$	(23	)
Impact of disposals and acquisitions		—			—			—			—			—			—			—			—			—			—			—
Securitizations		—			—			—			—			—			(2	)		—			(1	)		—			—			—
Loss on sale of commitments		(3	)		—			—			—			—			—			—			—			—			—			—
Provision for credit losses		4			3			—			—			(7	)		—			—			(4	)		(1	)		3			12
Reserve at end of period	$	178		$	179		$	181		$	178		$	171		$	169		$	169		$	165		$	164		$	168		$	157
Reserve for loan losses	$	114		$	113		$	110		$	103		$	94		$	96		$	98		$	98		$	87		$	87		$	80
Reserve for unfunded commitments		64			66			71			75			77			73			71			67			77			81			77
Reserve at end of period	$	178		$	179		$	181		$	178		$	171		$	169		$	169		$	165		$	164		$	168		$	157
Reserve for loan losses as a percentage of total loans (a)		1.46	%		1.46	%		1.52	%		1.37	%		1.27	%		1.39	%		1.40	%		1.45	%		1.23	%		1.15	%		1.05	%
Reserve for unfunded commitments as a percentage of unfunded commitments (a)		0.32	%		0.35	%		0.39	%		0.44	%		0.46	%		0.47	%		0.47	%		0.47	%		0.54	%		0.58	%		0.55	%
Annualized net credit losses to average loans		0.09	%		0.11	%		-0.12	%		0.21	%		-	%		-	%		-	%		-0.03	%		-	%		-	%		1.23	%

(a) At period end.

Page 15