NEW YORK, July 2 /PRNewswire/ --

- Creates Global Leader in Asset Management and Securities Servicing

- A Financial Services Growth Company

The Bank of New York Company, Inc. (NYSE: BK) and Mellon Financial 
Corporation (NYSE: MEL) announced today they have completed their merger to 
form The Bank of New York Mellon Corporation, creating the global leader in 
asset management and securities servicing. The new company trades on the New 
York Stock Exchange under the symbol "BK."

The company ranks as one of the largest global asset managers with more
than US$1 trillion in assets under management and is the world's leading
asset servicer with more than US$18 trillion in assets under custody and
administration.

"Today we are establishing a global financial services growth company
without peer," said Robert P. Kelly, chief executive officer of the company.
"We have leadership positions across a range of high-growth businesses,
unmatched product breadth, and the ability to accelerate our global expansion
through strategic investments. With exceptional service and performance as
the hallmarks of the new company, we will foster a culture that rewards
winning through relentless client focus, teamwork and execution."

In addition to asset management and securities servicing, the company is
the leading provider of corporate trust, depositary receipts, clearing and
shareowner services. It ranks as a top 10 U.S. wealth manager with more than
US$160 billion in client assets and is a leading U.S. cash management and
global payments provider. The company has a balanced business mix, with
diversified revenues and earnings across all regions of the world and a
presence in the fastest-growing segments of asset management and securities
servicing.

"The Bank of New York Mellon is positioned to provide superior service
and value to our clients and deliver faster growth to our shareholders," said
Thomas A. Renyi, executive chairman of the company. "We have closed the
merger on target and are now ready to execute a disciplined, thoughtful
integration of our capabilities to meet the current and future demands of our
clients."

The Bank of New York and Mellon Financial announced plans to merge in
December 2006, and shareholders of each company overwhelmingly approved the
transaction in May. The company has annual revenues of approximately US$13
billion and pro-forma market capitalization of approximately US$50 billion.
The company is headquartered in New York and has 40,000 employees around the
world.

The Bank of New York Mellon Corporation is a global financial services
company focused on helping clients move and manage their financial assets,
operating in 37 countries and serving more than 100 markets. The company is a
leading provider of financial services for institutions, corporations and
high-net-worth individuals, providing superior asset and wealth management,
asset servicing, issuer services, and treasury services through a worldwide
client-focused team. It has more than US$18 trillion in assets under custody
and administration and US$1 trillion in assets under management, and it
services more than US$11 trillion in outstanding debt. Additional information
is available at http://www.bnymellon.com.

The information presented in this press release may contain
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements, which may be expressed in a
variety of ways, including the use of future or present tense language,
relate to, among other things, statements with respect to the merger of The
Bank of New York and Mellon Financial, including expectations with respect to
the merged companies, integration and operations after the merger, future
growth and delivery of faster growth to shareholders. These statements are
based upon 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 and Mellon Financial 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; and (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. Additional
factors that could cause the Company's results to differ materially from
those described in the forward-looking statements can be found in the
Company's filings with the Securities and Exchange Commission and The Bank of
New York Company, Inc.'s and Mellon Financial's historical reports (such as
Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K) filed with the Securities and Exchange Commission. All
forward-looking statements in this press release speak only as of the date on
which such statements are made, and the Company undertakes no obligation to
update any forward-looking statement to reflect events or circumstances after
the date on which such statement is made or to reflect the occurrence of
unanticipated events.

Web site: http://www.bnymellon.com