Leading UK Liability Driven Investment & Fixed Income manager joins BNY Mellon Asset Management

NEW YORK & LONDON, August 12, 2009 — The Bank of New York Mellon Corporation (NYSE: BK) announced it has agreed to acquire Insight Investment Management Limited ("Insight Investment") from Lloyds Banking Group plc for 235 million pounds Sterling. Based in London, Insight Investment specialises in LDI (Liability Driven Investment) solutions, active Fixed Income and Alternatives. Its clients include some of the UK's largest pension schemes, corporates, insurance companies and local authorities, along with a growing number of non-UK clients and some of the best known financial services and intermediary companies. Insight Investment's assets under management, net of identified internal assets that will be retained by another part of the Lloyds Banking Group, are approximately 80 billion pounds.

Insight Investment will join the other investment boutiques at BNY Mellon Asset Management, a leading global asset management franchise. With this acquisition, The Bank of New York Mellon will have more than $1 trillion in assets under management. The acquisition is expected to close in the fourth quarter of 2009.

Ronald P. O'Hanley, president and chief executive officer of BNY Mellon Asset Management, said: "Two equity downturns in 10 years and rapidly growing liabilities have left many retirement plans at a crisis level and have created an urgent need to overhaul many aspects of the current funding system. LDI is a critical tool for meeting the needs of current and future retirees, while improving the stability of plan sponsors. Moreover, LDI has great potential to assist life insurance companies with similar liability issues. Thus, we look forward to Insight Investment offering our clients access to sophisticated investment solutions and expertise.

"Not only is this acquisition financially compelling from our shareholders' perspective, but it deepens our global capabilities and is consistent with our ongoing strategy to create broad-based solutions for our clients and address key issues facing the investment industry."

Jon Little, vice chairman of BNY Mellon Asset Management, said: "Through its impressive record of innovation, investment skills and new approach to investment management, Insight Investment has been at the forefront of helping its clients resolve the challenges faced by defined benefit pension plans in the UK. In a very short time, it has built a market leading position in LDI to add to its already impressive reputation as a leading fixed income manager. We believe that together, BNY Mellon Asset Management and Insight Investment can take these award-winning investment capabilities and expand Insight Investment's international reach."

Founded in 2002, Insight Investment has delivered year on year organic growth in assets under management. Through the development of its specialist investment capabilities, Insight Investment is now the third largest manager of UK pension funds. Despite a difficult market environment in 2008, Insight Investment was the fastest growing UK institutional asset manager with strong growth in assets under management, revenue and profitability. In 2009, these positive trends have continued as Insight Investment has expanded its external client franchise through net sales in LDI solutions and sustained growth in Fixed Income, Absolute Return and liquidity strategies.

Abdallah Nauphal, CEO and CIO of Insight Investment, said: "Insight Investment has grown its business by focusing on our clients and developing solutions that are tailored to our clients needs. I believe that Insight's innovative culture and business philosophy fits very well with BNY Mellon Asset Management. Their multi-boutique approach to asset management offers us the attractive combination of continued autonomy, together with the backing of a very strong Aaa/AA-rated global financial institution, for which asset management is a core strategic priority. I am delighted that we have achieved this very positive outcome for clients of Insight. We are confident that we can realise Insight's full potential by partnering with BNY Mellon Asset Management."

BNY Mellon Asset Management is a leading global provider of investment management products and services offering a broad range of equity, fixed-income, hedge and liquidity management products through individual asset management companies and multiple distribution channels. Its other investment boutiques include The Alcentra Group, Ankura Capital, Blackfriars Asset Management, BNY Mellon ARX Capital Management, The Boston Company Asset Management, EACM Advisors, Ivy Asset Management, Mellon Capital Management, Mellon Global Alternative Investments, Newton Investment Management, Pareto Investment Management, Standish Asset Management, Urdang, Walter Scott, WestLB Mellon Asset Management and Hamon Investment Group. The Dreyfus Corporation serves mutual fund and retail intermediary clients in the United States, while BNY Mellon Asset Management International serves non-U.S. clients. Other information is available at www.bnymellonam.com.

The Bank of New York Mellon Corporation is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. The company is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $20.7 trillion in assets under custody and administration, $926 billion in assets under management, services $11.8 trillion in outstanding debt and processes global payments averaging $1.8 trillion per day. Additional information is available at www.bnymellon.com.

This press release contains statements relating to future results of The Bank of New York Mellon Corporation that are considered "forward-looking statements." 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, the expected closing date, future assets under management, the future of retirement systems, long-term strategies, plans for and implications of the announced transaction. These forward-looking statements, and other forward-looking statements contained in other public disclosures of The Bank of New York Mellon which make reference to the cautionary factors contained in this press release, 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 Bank of New York Mellon 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; changes in global market values; success in gaining regulatory approvals when required; client retention rates; integrations of acquired businesses; and other risks and uncertainties detailed in reports filed by The Bank of New York Mellon Corporation with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934. All statements speak only as of August 12, 2009, and The Bank of New York Mellon Corporation undertakes no obligation to update any statement to reflect events or circumstances after August 13, 2009 or to reflect the occurrence of unanticipated events.