Bank of New York Mellon : Quarterly Financial Supplement 2Q 2020 (PDF)

The Bank of New York Mellon Corporation

Financial Supplement Second Quarter 2020

Table of Contents

Consolidated Results	Page
Consolidated Financial Highlights	3
Condensed Consolidated Income Statement	4
Condensed Consolidated Balance Sheet	5
Fee and Other Revenue	6
Average Balances and Interest Rates	7
Capital and Liquidity	8
Business Segment Results
Investment Services Business	9
Investment and Wealth Management Business	11
AUM by Product, AUM Flows and Wealth Management Client Assets	12
Other Segment	13
Other
Securities Portfolio	14
Allowance for Credit Losses and Nonperforming Assets	15
Supplemental Information - Explanation of GAAP and Non-GAAP Financial Measures	16

THE BANK OF NEW YORK MELLON CORPORATION

CONSOLIDATED FINANCIAL HIGHLIGHTS

(dollars in millions, except per common share amounts, or unless otherwise												2Q20 vs.							YTD20 vs.
noted)		2Q20		1Q20		4Q19		3Q19		2Q19					YTD20		YTD19		YTD19
					1Q20	2Q19
Selected income statement data				3,323		3,971		3,129		3,105
Fee revenue	$	3,167	$	$	$	$		(5)%	2 %	$	6,490	$	6,136	6 %
Net securities gains (losses)		9		9		(25)		(1)		7		N/M	N/M			18		8		N/M
Total fee and other revenue		3,176		3,332		3,946		3,128		3,112		(5)	2			6,508		6,144	6
Income (loss) from consolidated investment management funds		54		(38)		17		3		10		N/M	N/M			16		36		N/M
Net interest revenue		780		814		815		730		802		(4)	(3)			1,594		1,643	(3)
Total revenue		4,010		4,108		4,778		3,861		3,924		(2)	2			8,118		7,823	4
Provision for credit losses		143		169		(8)		(16)		(8)		N/M	N/M			312		(1)		N/M
Noninterest expense		2,686		2,712		2,964		2,590		2,647		(1)	1			5,398		5,346	1
Income before income taxes		1,181		1,227		1,822		1,287		1,285		(4)	(8)			2,408		2,478	(3)
Provision for income taxes		216		265		373		246		264		(18)	(18)			481		501	(4)
Net income	$	965	$	962	$	1,449	$	1,041	$	1,021		- %	(5)%	$	1,927	$	1,977	(3)%
Net income applicable to common shareholders of The Bank of New York	$	901	$	944	$	1,391	$	1,002	$	969		(5)%	(7)%	$	1,845	$	1,879	(2)%
Mellon Corporation
Diluted earnings per common share	$	1.01	$	1.05	$	1.52	$	1.07	$	1.01		(4)%	- %	$	2.06	$	1.95	6 %
Average common shares and equivalents outstanding - diluted (in thousands)		890,561		896,689		914,739		935,677		953,928		(1)%	(7)%			893,603		959,957	(7)%
Financial ratios(Quarterly returns are annualized)
Pre-tax operating margin		29%		30%		38%		33%		33%						30%		32%
Return on common equity		9.4%		10.1%		14.6%		10.6%		10.4%						9.7%		10.2%
Return on tangible common equity - Non-GAAP(a)		18.5%		20.4%		29.3%		21.4%		21.2%						19.4%		20.9%
Non-U.S. revenue as a percentage of total revenue		36%		36%		31%		37%		36%						36%		36%
Period end				35.2		37.1		35.8		35.5
Assets under custody and/or administration ("AUC/A") (in trillions) (b)	$	37.3	$	$	$	$		6 %	5 %
Assets under management ("AUM") (in trillions)	$	1.96	$	1.80	$	1.91	$	1.88	$	1.84		9 %	6 %
Full-time employees		48,300		47,900		48,400		48,700		49,100		1 %	(2)%
Book value per common share	$	44.21	$	42.47	$	42.12	$	40.75	$	40.30
Tangible book value per common share - Non-GAAP(a)	$	23.31	$	21.53	$	21.33	$	20.59	$	20.45
Cash dividends per common share	$	0.31	$	0.31	$	0.31	$	0.31	$	0.28
Common dividend payout ratio		31%		30%		20%		29%		28%
Closing stock price per common share	$	38.65	$	33.68	$	50.33	$	45.21	$	44.15
Market capitalization	$	34,239	$	29,822	$	45,331	$	41,693	$	41,619
Common shares outstanding (in thousands)		885,862		885,443		900,683		922,199		942,662
Capital ratios at period end(c)				11.3%		11.5%		11.1%		11.1%
Common Equity Tier 1 ("CET1") ratio		12.6%
Tier 1 capital ratio		15.4%		13.5%		13.7%		13.2%		13.2%
Total capital ratio		16.3%		14.3%		14.4%		14.0%		14.0%
Tier 1 leverage ratio		6.2%		6.0%		6.6%		6.5%		6.8%
Supplementary leverage ratio ("SLR")		8.2%		5.6%		6.1%		6.0%		6.3%

1. Non-GAAPinformation, for all periods presented, excludes goodwill and intangible assets, net of deferred tax liabilities. See "Supplemental Information - Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 16 for the reconciliation of Non-GAAP measures.
2. Includes the AUC/A of CIBC Mellon Global Securities Services Company ("CIBC Mellon"), a joint venture with the Canadian Imperial Bank of Commerce, of $1.3 trillion at June 30, 2020, $1.2 trillion at March 31, 2020, $1.5 trillion at Dec. 31, 2019 and $1.4 trillion at Sept. 30, 2019 and June 30, 2019.
3. Regulatory capital ratios for June 30, 2020 are preliminary. For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches, which for June 30, 2020, Dec. 31, 2019, Sept. 30, 2019 and June 30, 2019, was the Advanced Approaches, and for March 31, 2020 was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio.

N/M - Not meaningful.

3

THE BANK OF NEW YORK MELLON CORPORATION

CONDENSED CONSOLIDATED INCOME STATEMENT

(dollars in millions, except per share amounts; common shares in												2Q20 vs.							YTD20 vs.
thousands)		2Q20		1Q20		4Q19		3Q19		2Q19	1Q20	2Q19			YTD20		YTD19		YTD19
Revenue
Investment services fees:
Asset servicing fees	$	1,173	$	1,159	$	1,148	$	1,152	$	1,141		1 %	3 %	$	2,332	$	2,263	3 %
Clearing services fees		431		470		421		419		410		(8)	5			901		808	12
Issuer services fees		277		263		264		324		291		5	(5)			540		542		-
Treasury services fees		144		149		147		140		140		(3)	3			293		272	8
Total investment services fees		2,025		2,041		1,980		2,035		1,982		(1)	2			4,066		3,885	5
Investment management and performance fees		786		862		883		832		833		(9)	(6)			1,648		1,674	(2)
Foreign exchange and other trading revenue		166		319		168		150		166		(48)	-			485		336	44
Financing-related fees		58		59		46		49		50		(2)	16			117		101	16
Distribution and servicing		27		31		34		33		31		(13)	(13)			58		62	(6)
Investment and other income		105		11		860		30		43		N/M	N/M			116		78		N/M
Total fee revenue		3,167		3,323		3,971		3,129		3,105		(5)	2			6,490		6,136	6
Net securities gains (losses)		9		9		(25)		(1)		7		N/M	N/M			18		8		N/M
Total fee and other revenue		3,176		3,332		3,946		3,128		3,112		(5)	2			6,508		6,144	6
Income (loss) from consolidated investment management funds		54		(38)		17		3		10		N/M	N/M			16		36		N/M
Net interest revenue		780		814		815		730		802		(4)	(3)			1,594		1,643	(3)
Total revenue		4,010		4,108		4,778		3,861		3,924		(2)	2			8,118		7,823	4
Provision for credit losses		143		169		(8)		(16)		(8)		N/M	N/M			312		(1)		N/M
Noninterest expense
Staff		1,464		1,482		1,639		1,479		1,421		(1)	3			2,946		2,945		-
Software and equipment		345		326		326		309		304		6	13			671		587	14
Professional, legal and other purchased services		337		330		367		316		337		2	-			667		662	1
Net occupancy		137		135		151		138		138		1	(1)			272		275	(1)
Sub-custodian and clearing		120		105		119		111		115		14	4			225		220	2
Distribution and servicing		85		91		92		97		94		(7)	(10)			176		185	(5)
Bank assessment charges		35		35		32		31		31		-	13			70		62	13
Business development		20		42		65		47		56		(52)	(64)			62		101	(39)
Amortization of intangible assets		26		26		28		30		30		-	(13)			52		59	(12)
Other		117		140		145		32		121		(16)	(3)			257		250	3
Total noninterest expense		2,686		2,712		2,964		2,590		2,647		(1)	1			5,398		5,346	1
Income before income taxes		1,181		1,227		1,822		1,287		1,285		(4)	(8)			2,408		2,478	(3)
Provision for income taxes		216		265		373		246		264		(18)	(18)			481		501	(4)
Net income		965		962		1,449		1,041		1,021		-	(5)			1,927		1,977	(3)
Net (income) loss attributable to noncontrolling interests		(15)		18		(9)		(3)		(4)		N/M	N/M			3		(14)		N/M
Preferred stock dividends		(49)		(36)		(49)		(36)		(48)		N/M	N/M			(85)		(84)	1
Net income applicable to common shareholders of The Bank of New York	$	901	$	944	$	1,391	$	1,002	$	969		(5)%	(7)%	$	1,845	$	1,879	(2)%
Mellon Corporation
Average common shares and equivalents outstanding: Basic		889,020		894,122		911,324		933,264		951,281		(1)%	(7)%			891,642		956,887	(7)%
Diluted		890,561		896,689		914,739		935,677		953,928		(1)%	(7)%			893,603		959,957	(7)%
Earnings per common share: Basic	$	1.01	$	1.05	$	1.52	$	1.07	$	1.01		(4)%	- %	$	2.06	$	1.95	6 %
Diluted	$	1.01	$	1.05	$	1.52	$	1.07	$	1.01		(4)%	- %	$	2.06	$	1.95	6 %
N/M - Not meaningful.

4

THE BANK OF NEW YORK MELLON CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEET

		2020						2019
(in millions)		June 30		March 31			Dec. 31		Sept. 30		June 30
Assets
Cash and due from banks	$	4,776	$	5,091	$	4,830	$	6,718	$	5,556
Interest-bearing deposits with the Federal Reserve and other central banks		112,728		146,535			95,042		73,811		69,700
Interest-bearing deposits with banks		18,045		22,672			14,811		15,417		15,491
Federal funds sold and securities purchased under resale agreements		36,638		27,363			30,182		43,723		61,201
Securities		154,682		139,273			123,033		122,340		120,142
Trading assets		14,150		12,918			13,571		10,180		8,629
Loans		55,397		62,368			54,953		54,881		52,396
Allowance for loan losses		(302)		(140)			(122)		(127)		(146)
Net loans		55,095		62,228			54,831		54,754		52,250
Premises and equipment		3,598		3,514			3,625		3,149		2,970
Accrued interest receivable		540		576			624		596		658
Goodwill		17,253		17,240			17,386		17,248		17,337
Intangible assets		3,045		3,070			3,107		3,124		3,160
Other assets		21,306		27,446			20,221		21,727		23,737
Subtotal assets of operations		441,856		467,926			381,263		372,787		380,831
Assets of consolidated investment management funds, at fair value		460		229			245		381		337
Total assets	$	442,316	$	468,155	$	381,508	$	373,168	$	381,168
Liabilities
Deposits	$	305,470	$	336,717	$	259,466	$	249,660	$	252,877
Federal funds purchased and securities sold under repurchase agreements		14,512		13,128			11,401		11,796		11,757
Trading liabilities		5,595		6,625			4,841		4,756		3,768
Payables to customers and broker-dealers		25,012		24,016			18,758		18,364		18,946
Commercial paper		665		1,121			3,959		3,538		8,894
Other borrowed funds		1,628		1,544			599		820		1,921
Accrued taxes and other expenses		5,029		4,705			5,642		5,081		5,045
Other liabilities		12,869		11,425			7,612		9,796		7,916
Long-term debt		27,566		27,494			27,501		27,872		28,203
Subtotal liabilities of operations		398,346		426,775			339,779		331,683		339,327
Liabilities of consolidated investment management funds, at fair value		4		1			1		15		6
Total liabilities		398,350		426,776			339,780		331,698		339,333
Temporary equity
Redeemable noncontrolling interests		157		140			143		147		136
Permanent equity
Preferred stock		4,532		3,542			3,542		3,542		3,542
Common stock		14		14			14		14		14
Additional paid-in capital		27,702		27,644			27,515		27,471		27,406
Retained earnings		33,224		32,601			31,894		30,789		30,081
Accumulated other comprehensive loss, net of tax		(1,943)		(2,827)			(2,638)		(2,893)		(2,688)
Less: Treasury stock, at cost		(19,832)		(19,829)			(18,844)		(17,803)		(16,822)
Total The Bank of New York Mellon Corporation shareholders' equity		43,697		41,145			41,483		41,120		41,533
Nonredeemable noncontrolling interests of consolidated investment management funds		112		94			102		203		166
Total permanent equity		43,809		41,239			41,585		41,323		41,699
Total liabilities, temporary equity and permanent equity	$	442,316	$	468,155	$	381,508	$	373,168	$	381,168

5

THE BANK OF NEW YORK MELLON CORPORATION

FEE AND OTHER REVENUE

				1Q20		4Q19		3Q19		2Q19	2Q20 vs.					YTD19		YTD20 vs.
(dollars in millions)		2Q20					1Q20	2Q19			YTD20			YTD19
Investment services fees:
Asset servicing fees (a)	$	1,117	$	1,108	$	1,104	$	1,109	$	1,097		1 %	2%	$	2,225	$	2,171	2%
Securities lending revenue		56		51		44		43		44		10	27			107		92	16
Clearing services fees (b)		431		470		421		419		410		(8)	5			901		808	12
Issuer services fees		277		263		264		324		291		5	(5)			540		542		-
Treasury services fees		144		149		147		140		140		(3)	3			293		272	8
Total investment services fees		2,025		2,041		1,980		2,035		1,982		(1)	2			4,066		3,885	5
Investment management and performance fees (c)
Investment management fees		781		812		835		830		831		(4)	(6)			1,593		1,641	(3)
Performance fees		5		50		48		2		2		N/M	N/M			55		33	67
Total investment management and performance fees (d)		786		862		883		832		833		(9)	(6)			1,648		1,674	(2)
Foreign exchange and other trading revenue:
Foreign exchange		174		253		138		129		150		(31)	16			427		310	38
Other trading revenue		(8)		66		30		21		16		N/M	N/M			58		26		N/M
Total foreign exchange and other trading revenue		166		319		168		150		166		(48)	-			485		336	44
Financing-related fees		58		59		46		49		50		(2)	16			117		101	16
Distribution and servicing		27		31		34		33		31		(13)	(13)			58		62	(6)
Investment and other income:
Corporate/bank-owned life insurance		36		36		43		33		32		N/M	N/M			72		62		N/M
Expense reimbursements from joint venture		19		21		20		21		19		N/M	N/M			40		38		N/M
Asset-related gains		3		4		815		2		1		N/M	N/M			7		2		N/M
Seed capital gains (losses) (c)		23		(31)		4		-		8		N/M	N/M			(8)		10		N/M
Other income (loss)		24		(19)		(22)		(26)		(17)		N/M	N/M			5		(34)		N/M
Total investment and other income (c)		105		11		860		30		43		N/M	N/M			116		78		N/M
Total fee revenue		3,167		3,323		3,971		3,129		3,105		(5)	2			6,490		6,136	6
Net securities gains (losses)		9		9		(25)		(1)		7		N/M	N/M			18		8		N/M
Total fee and other revenue	$	3,176	$	3,332	$	3,946	$	3,128	$	3,112		(5)%	2%	$	6,508	$	6,144	6%

1. Asset servicing fees include the fees from the Clearance and Collateral Management business.
2. Clearing services fees are almost entirely earned by our Pershing business.
3. Excludes seed capital gains related to consolidated investment management funds, which are reflected in operations of consolidated investment management funds.
4. On a constant currency basis (Non-GAAP), investment management and performance fees decreased 5% compared with 2Q19. See "Supplemental Information - Explanation of GAAP and Non- GAAP Financial Measures" beginning on page 16 for the reconciliation of this Non-GAAP measure.

N/M - Not meaningful.

6

THE BANK OF NEW YORK MELLON CORPORATION

AVERAGE BALANCES AND INTEREST RATES

		2Q20				1Q20				4Q19				3Q19					2Q19
		Average	Average			Average	Average			Average	Average			Average	Average				Average	Average
(dollars in millions; average rates are annualized)		balance	rate			balance	rate			balance	rate			balance	rate				balance	rate
Assets
Interest-earning assets:
Interest-bearing deposits with the Federal Reserve and other central banks	$	94,229	(0.03)%	$	80,403	0.39%	$	61,627	0.60%	$	60,030	0.67%		$	61,756	0.72%
Interest-bearing deposits with banks (primarily foreign banks)		21,093	0.76			17,081	1.37			15,788	1.63			15,324	1.89				13,666	1.87
Federal funds sold and securities purchased under resale agreements (a)		30,265	0.82			34,109	4.67			38,846	4.62			40,816	6.42				38,038	5.99
Margin loans		12,791	1.28			12,984	2.69			11,609	3.25			10,303	4.02				10,920	4.36
Non-margin loans:
Domestic offices		31,185	2.21			31,720	3.02			29,690	3.36			29,285	2.75	(b)			29,492	3.86
Foreign offices		12,743	1.84			11,170	2.55			11,418	2.70			11,247	2.97				9,961	3.29
Total non-margin loans		43,928	2.10			42,890	2.89			41,108	3.18			40,532	2.81	(b)			39,453	3.71
Securities:
U.S. government obligations		27,901	1.52			23,175	1.87			18,444	2.08			19,315	2.11				18,870	2.19
U.S. government agency obligations		74,583	1.92			69,046	2.32			67,494	2.36			67,235	2.49				66,445	2.58
State and political subdivisions (c)		1,025	2.98			1,033	3.06			1,134	3.03			1,217	3.05				1,735	2.89
Other securities (c)		45,511	0.82			36,375	0.95			35,242	1.64			33,729	1.75				30,770	2.04
Trading securities (c)		6,236	1.13			6,840	2.36			6,695	2.41			5,653	2.80				5,764	2.72
Total securities (c)		155,256	1.50			136,469	1.88			129,009	2.13			127,149	2.25				123,584	2.40
Total interest-earning assets (c)	$	357,562	1.06 %	$	323,936	1.95%	$	297,987	2.30%	$	294,154	2.63% (b)	$	287,417	2.74%
Noninterest-earning assets		57,797				61,342				56,354				56,525					54,967
Total assets	$	415,359		$	385,278		$	354,341		$	350,679			$	342,384
Liabilities and equity
Interest-bearing liabilities:
Interest-bearing deposits:
Domestic offices	$	102,135	0.06 %	$	99,915	0.69%	$	87,162	0.98%	$	82,663	1.28%		$	74,180	1.36%
Foreign offices		108,508	(0.12)			97,717	0.29			95,262	0.49			94,738	0.71				93,365	0.78
Total interest-bearing deposits		210,643	(0.03)			197,632	0.49			182,424	0.73			177,401	0.98				167,545	1.04
Federal funds purchased and securities sold under repurchase		14,209	0.03			13,919	7.96			12,668	9.11			13,432	13.08				11,809	12.64
agreements (a)
Trading liabilities		1,974	0.39			1,626	1.61			1,504	2.25			1,371	2.33				1,735	2.47
Other borrowed funds		2,272	1.30			719	2.27			709	2.83			1,148	3.24				2,455	3.36
Commercial paper		191	1.02			1,581	1.56			1,792	1.66			3,796	2.26				2,957	2.43
Payables to customers and broker-dealers		18,742	(0.01)			16,386	0.73			15,178	1.07			15,440	1.52				15,666	1.76
Long-term debt		28,122	2.42			27,231	2.83			28,117	3.09			28,386	3.24				27,681	3.45
Total interest-bearing liabilities	$	276,153	0.24 %	$	259,094	1.17%	$	242,392	1.48%	$	240,974	1.99%		$	229,848	2.03%
Total noninterest-bearing deposits		72,411				60,577				49,632				49,027					52,956
Other noninterest-bearing liabilities		24,121				24,229				20,681				19,280					18,362
Total The Bank of New York Mellon Corporation shareholders' equity		42,486				41,206				41,384				41,139					41,029
Noncontrolling interests		188				172				252				259					189
Total liabilities and equity	$	415,359		$	385,278		$	354,341		$	350,679			$	342,384
Net interest margin			0.88 %				1.01%				1.09%				0.99% (b)				1.12%
Net interest margin (FTE) - Non-GAAP(d)			0.88 %				1.01%				1.09%				1.00% (b)				1.12%

1. Includes the average impact of offsetting under enforceable netting agreements of approximately $67 billion for 2Q20, $80 billion for 1Q20, $60 billion for 4Q19, $68 billion for 3Q19 and $51 billion for 2Q19. On a Non-GAAP basis, excluding the impact of offsetting, the yield on federal funds sold and securities purchased under resale agreements would have been 0.26% for 2Q20, 1.39% for 1Q20, 1.82% for 4Q19, 2.42% for 3Q19 and 2.57% for 2Q19. On a Non-GAAP basis, excluding the impact of offsetting, the rate on federal funds purchased and securities sold under repurchase agreements would have been 0.00% for 2Q20, 1.18% for 1Q20, 1.59% for 4Q19, 2.17% for 3Q19 and 2.39% for 2Q19. We believe providing the rates excluding the impact of netting is useful to investors as it is more reflective of the actual rates earned and paid.
2. Includes the impact of the lease-related impairment of $70 million in 3Q19. On a Non-GAAP basis, excluding the lease-related impairment, the yield on non-margin loans in domestic offices would have been 3.70%, the yield on total non-margin loans would have been 3.50%, the yield on total interest-earning assets would have been 2.72% and the net interest margin and the net interest margin (FTE) - Non-GAAP would have been 1.09% in 3Q19.
3. Average rates were calculated on an FTE basis, at tax rates of approximately 21%.
4. See "Supplemental Information - Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 16 for the reconciliation of this Non-GAAP measure.

7

THE BANK OF NEW YORK MELLON CORPORATION

CAPITAL AND LIQUIDITY

		2020							2019
(dollars in millions)		June 30			March 31			Dec. 31		Sept. 30		June 30
Consolidated regulatory capital ratios (a)
Standardized Approach:
CET1 capital	$	20,036		$	18,465	$	18,540	$	18,196	$	18,534
Tier 1 capital		24,487			21,933			21,996		21,677		22,015
Total capital		26,198			23,494			23,449		23,145		23,500
Risk-weighted assets		157,550			163,006			148,695		148,399		149,226
CET1 ratio		12.7 %			11.3%			12.5%		12.3%		12.4%
Tier 1 capital ratio		15.5			13.5			14.8		14.6		14.8
Total capital ratio		16.6			14.4			15.8		15.6		15.7
Advanced Approaches:
CET1 capital	$	20,036		$	18,465	$	18,540	$	18,196	$	18,534
Tier 1 capital		24,487			21,933			21,996		21,677		22,015
Total capital		25,948			23,281			23,233		22,921		23,300
Risk-weighted assets		159,191			162,561			160,898		164,172		166,570
CET1 ratio		12.6 %			11.4%			11.5%		11.1%		11.1%
Tier 1 capital ratio		15.4			13.5			13.7		13.2		13.2
Total capital ratio		16.3			14.3			14.4		14.0		14.0
Tier 1 leverage ratio		6.2 %			6.0%			6.6%		6.5%		6.8%
SLR:
Leverage exposure	$	297,281	(b)	$	392,807	$	362,452	$	359,023	$	350,747
SLR		8.2 % (b)		5.6%			6.1%		6.0%		6.3%
Average liquidity coverage ratio		112 %			115%			120%		117%		117%

1. Regulatory capital ratios for June 30, 2020 are preliminary. For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches, which for June 30, 2020, Dec. 31, 2019, Sept. 30, 2019 and June 30, 2019, was the Advanced Approaches, and for March 31, 2020 was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio.
2. Reflects the application of a new rule effective April 1, 2020 to exclude certain central bank placements as well as the temporary exclusion of U.S. Treasury securities from the leverage exposure used in the SLR calculation. The temporary exclusion of U.S. Treasury securities from the SLR's leverage exposure increased our SLR by 40 basis points.

8

THE BANK OF NEW YORK MELLON CORPORATION

INVESTMENT SERVICES BUSINESS

												2Q20 vs.							YTD20 vs.
(dollars in millions)		2Q20		1Q20		4Q19		3Q19		2Q19	1Q20	2Q19			YTD20		YTD19		YTD19
Revenue:
Investment services fees:
Asset servicing fees (ex. securities lending revenue) (a)	$	1,113	$	1,101	$	1,098	$	1,099	$	1,086		1 %	2 %	$	2,214	$	2,153	3%
Securities lending revenue		51		46		40		39		40		11	28			97		84	15
Clearing services fees (b)		431		470		421		419		411		(8)	5			901		809	11
Issuer services fees		277		263		264		324		291		5	(5)			540		542		-
Treasury services fees		144		149		147		139		140		(3)	3			293		272	8
Total investment services fees		2,016		2,029		1,970		2,020		1,968		(1)	2			4,045		3,860	5
Foreign exchange and other trading revenue		178		261		151		160		153		(32)	16			439		310	42
Other (c)		145		146		115		116		112		(1)	29			291		224	30
Total fee and other revenue		2,339		2,436		2,236		2,296		2,233		(4)	5			4,775		4,394	9
Net interest revenue		768		806		778		761		783		(5)	(2)			1,574		1,587	(1)
Total revenue		3,107		3,242		3,014		3,057		3,016		(4)	3			6,349		5,981	6
Provision for credit losses		145		149		(5)		(15)		(4)		N/M	N/M			294		4		N/M
Noninterest expense (ex. amortization of intangible assets)		1,971		1,969		2,160		1,952		1,943		-	1			3,940		3,904	1
Amortization of intangible assets		18		18		19		21		20		-	(10)			36		40	(10)
Total noninterest expense		1,989		1,987		2,179		1,973		1,963		-	1			3,976		3,944	1
Income before taxes	$	973	$	1,106	$	840	$	1,099	$	1,057		(12)%	(8)%	$	2,079	$	2,033	2%
Pre-tax operating margin		31%		34%		28%		36%		35%						33%		34%
Total revenue by line of business:
Asset Servicing	$	1,463	$	1,531	$	1,411	$	1,411	$	1,397		(4)%	5 %	$	2,994	$	2,812	6%
Pershing		578		653		579		575		572		(11)	1			1,231		1,133	9
Issuer Services		431		419		415		466		446		3	(3)			850		842	1
Treasury Services		340		339		329		312		317		-	7			679		634	7
Clearance and Collateral Management		295		300		280		293		284		(2)	4			595		560	6
Total revenue by line of business	$	3,107	$	3,242	$	3,014	$	3,057	$	3,016		(4)%	3 %	$	6,349	$	5,981	6%

1. Asset servicing fees include the fees from the Clearance and Collateral Management business.
2. Clearing services fees are almost entirely earned by our Pershing business.
3. Other revenue includes investment management fees, financing-related fees, distribution and servicing revenue, securities gains and losses and investment and other income. N/M - Not meaningful.

9

THE BANK OF NEW YORK MELLON CORPORATION

INVESTMENT SERVICES BUSINESS

												2Q20 vs.							YTD20 vs.
(dollars in millions, unless otherwise noted)		2Q20		1Q20		4Q19		3Q19		2Q19	1Q20	2Q19			YTD20		YTD19	YTD19
Average loans	$	43,113	$	41,789	$	38,721	$	37,005	$	36,404		3%	18%		$	42,451	$	36,818		15%
Average assets	$	335,288	$	304,089	$	278,098	$	269,926	$	264,781		10%	27%	$	319,689	$	260,432		23%
Average deposits	$	268,467	$	242,187	$	215,388	$	208,044	$	201,146		11%	33%	$	255,327	$	198,131		29%
AUC/A at period end (in trillions) (a)(b)	$	37.3	$	35.2	$	37.1	$	35.8	$	35.5		6%	5%
Market value of securities on loan at period end (in billions) (c)	$	384	$	389	$	378	$	362	$	369		(1)%	4%
Pershing
Net new assets (U.S. platform) (in billions) (d)	$	11	$	31	$	33	$	19	$	21		N/M	N/M
Average active clearing accounts (U.S. platform) (in thousands)		6,507		6,437		6,340		6,283		6,254		1%	4%
Average long-term mutual fund assets (U.S. platform)	$	547,579	$	549,206	$	573,475	$	547,522	$	532,384		-%	3%
Average investor margin loans (U.S. platform)	$	9,235	$	9,419	$	9,420	$	9,222	$	9,440		(2)%	(2)%
Clearance and Collateral Management
Average tri-party collateral management balances (in billions)	$	3,573	$	3,724	$	3,562	$	3,550	$	3,400		(4)%	5%

1. June 30, 2020 information is preliminary.
2. Includes the AUC/A of CIBC Mellon of $1.3 trillion at June 30, 2020, $1.2 trillion at March 31, 2020, $1.5 trillion at Dec. 31, 2019 and $1.4 trillion at Sept. 30, 2019 and June 30, 2019.
3. Represents the total amount of securities on loan in our agency securities lending program managed by the Investment Services business. Excludes securities for which BNY Mellon acts as agent on behalf of CIBC Mellon clients, which totaled $62 billion at June 30, 2020, $59 billion at March 31, 2020, $60 billion at Dec. 31, 2019, $66 billion at Sept. 30, 2019 and $64 billion at June 30, 2019.
4. Net new assets represents net flows of assets (e.g., net cash deposits and net securities transfers) in customer accounts in Pershing LLC, a U.S. broker-dealer.

N/M - Not meaningful.

10

THE BANK OF NEW YORK MELLON CORPORATION

INVESTMENT AND WEALTH MANAGEMENT BUSINESS (formerly Investment Management business)

												2Q20 vs.							YTD20 vs.
(dollars in millions)		2Q20		1Q20		4Q19		3Q19		2Q19	1Q20	2Q19			YTD20		YTD19		YTD19
Revenue:
Investment management fees (a)	$	782	$	812	$	836	$	830	$	831		(4)%	(6)%	$	1,594	$	1,641	(3)%
Performance fees		5		50		48		2		2		N/M	150			55		33	67
Investment management and performance fees (b)		787		862		884		832		833		(9)	(6)			1,649		1,674	(1)
Distribution and servicing		34		43		44		45		44		(21)	(23)			77		89	(13)
Other (a)		17		(59)		(4)		(39)		(23)		N/M	N/M			(42)		(40)		N/M
Total fee and other revenue (a)		838		846		924		838		854		(1)	(2)			1,684		1,723	(2)
Net interest revenue		48		52		47		49		59		(8)	(19)			100		126	(21)
Total revenue		886		898		971		887		913		(1)	(3)			1,784		1,849	(4)
Provision for credit losses		7		9		-		-		(2)		N/M	N/M			16		(1)		N/M
Noninterest expense (ex. amortization of intangible assets)		650		687		722		582		646		(5)	1			1,337		1,306	2
Amortization of intangible assets		8		8		9		10		9		-	(11)			16		18	(11)
Total noninterest expense		658		695		731		592		655		(5)	-			1,353		1,324	2
Income before taxes	$	221	$	194	$	240	$	295	$	260		14 %	(15)%	$	415	$	526	(21)%
Pre-tax operating margin		25%		22%		25%		33%		29%						23%		28%
Adjusted pre-tax operating margin - Non-GAAP(c)		28%		24%		27%		37%		32%						26%		32%
Total revenue by line of business:
Investment Management (formerly Asset Management)	$	621	$	620	$	692	$	608	$	622		- %	- %	$	1,241	$	1,262	(2)%
Wealth Management		265		278		279		279		291		(5)	(9)			543		587	(7)
Total revenue by line of business	$	886	$	898	$	971	$	887	$	913		(1)%	(3)%		$	1,784	$	1,849		(4)%
Average loans	$	11,791	$	12,124	$	12,022	$	12,013	$	12,205		(3)%	(3)%	$	11,958	$	12,271	(3)%
Average assets	$	30,327	$	30,543	$	28,481	$	27,840	$	29,793		(1)%	2 %	$	30,435	$	30,819	(1)%
Average deposits	$	17,491	$	16,144	$	15,195	$	14,083	$	14,615		8 %	20 %	$	16,817	$	15,211	11 %

1. Total fee and other revenue includes the impact of the consolidated investment management funds, net of noncontrolling interests. Additionally, other revenue includes asset servicing fees, treasury services fees, foreign exchange and other trading revenue and investment and other income.
2. On a constant currency basis (Non-GAAP), investment management and performance fees decreased 4% compared with 2Q19. See "Supplemental Information - Explanation of GAAP and Non- GAAP Financial Measures" beginning on page 16 for the reconciliation of this Non-GAAP measure.
3. Net of distribution and servicing expense. See "Supplemental Information - Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 16 for the reconciliation of this Non-GAAP measure.

N/M - Not meaningful.

11

THE BANK OF NEW YORK MELLON CORPORATION

AUM BY PRODUCT, AUM FLOWS AND WEALTH MANAGEMENT CLIENT ASSETS

												2Q20 vs.
(dollars in billions)		2Q20		1Q20		4Q19		3Q19		2Q19	1Q20	2Q19
AUM by product type (a)(b)
Equity	$	141	$	120	$	154	$	147	$	152		18%	(7)%
Fixed income		224		211		224		211		209		6	7
Index		333		274		339		321		322		22	3
Liability-driven investments		752		705		728		742		709		7	6
Multi-asset and alternative investments		185		171		192		182		184		8	1
Cash		326		315		273		278		267		3	22
Total AUM by product type	$	1,961	$	1,796	$	1,910	$	1,881	$	1,843		9%	6 %
Changes in AUM (a)(b)
Beginning balance of AUM	$	1,796	$	1,910	$	1,881	$	1,843	$	1,841
Net inflows (outflows):
Long-term strategies:
Equity		(2)		(2)		(6)		(4)		(2)
Fixed income		4		-		5		2		(4)
Liability-driven investments		(2)		(5)		(3)		(4)		1
Multi-asset and alternative investments		-		(1)		3		(1)		1
Total long-term active strategies (outflows)		-		(8)		(1)		(7)		(4)
Index		9		3		(5)		(3)		(22)
Total long-term strategies inflows (outflows)		9		(5)		(6)		(10)		(26)
Short-term strategies:
Cash		11		43		(7)		11		2
Total net inflows (outflows)		20		38		(13)		1		(24)
Net market impact		143		(91)		(20)		66		42
Net currency impact		2		(61)		62		(29)		(16)
Ending balance of AUM	$	1,961	$	1,796	$	1,910	$	1,881	$	1,843		9%	6 %
Wealth Management client assets (a)(c)	$	254	$	236	$	266	$	259	$	257		8%	(1)%

1. June 30, 2020 information is preliminary.
2. Excludes securities lending cash management assets and assets managed in the Investment Services business.
3. Includes AUM and AUC/A in the Wealth Management business.

12

THE BANK OF NEW YORK MELLON CORPORATION

OTHER SEGMENT

(in millions)		2Q20		1Q20		4Q19			3Q19		2Q19			YTD20		YTD19
Fee revenue	$	29	$	21	$	817	(a)	$	(5)	$	24		$	50	$	41
Net securities gains (losses)		9		9		(23)			(1)		7			18		8
Total fee and other revenue		38		30		794			(6)		31			68		49
Net interest (expense)		(36)		(44)		(10)			(80)		(40)			(80)		(70)
Total revenue (loss)		2		(14)		784			(86)		(9)			(12)		(21)
Provision for credit losses		(9)		11		(3)			(1)		(2)			2		(4)
Noninterest expense		39		30		54			25		29			69		78
(Loss) income before taxes	$	(28)	$	(55)	$	733		$	(110)	$	(36)	$	(83)	$	(95)
Average loans and leases	$	1,815	$	1,961	$	1,974		$	1,817	$	1,764	$	1,887	$	1,774
Average assets	$	49,744	$	50,646	$	47,762		$	52,913	$	47,810	$	50,194	$	48,041

1. Includes a gain on sale of an equity investment.

13

THE BANK OF NEW YORK MELLON CORPORATION

SECURITIES PORTFOLIO

		March 31,		2Q20		June 30, 2020	Fair value						Ratings (b)
		2020		change in					as a % of								A1+/
			unrealized	Amortized			amortized	Unrealized		AAA/	A+/	BBB+/	BB+ and	A2 &	Not
(dollars in millions)		Fair value	gain (loss)		cost	Fair value	cost (a)	gain (loss)		AA-	A-	BBB-	lower	SP-1+	rated
Agency RMBS	$	57,074	$	455	$	58,874	$	60,401	103% $	1,527		100%	-%	-%	-%	-%	-%
U.S. Treasury		24,825		(31)		28,224		28,651	102		427		100	-	-	-	-	-
Sovereign debt/sovereign guaranteed		13,833		47		16,698		16,868	101		170		75	6	18	1	-	-
Agency commercial MBS		11,416		159		11,339		11,731	103		392		100	-	-	-	-	-
Foreign covered bonds		5,349		62		5,548		5,598	101		50		100	-	-	-	-	-
Supranational		4,339		27		5,434		5,484	101		50		100	-	-	-	-	-
U.S. government agencies		3,346		29		4,984		5,056	101		72		100	-	-	-	-	-
CLOs		4,098		149		4,526		4,432	98		(94)		99	-	-	-	-	1
Foreign government agencies		2,761		14		3,536		3,575	101		39		95	5	-	-	-	-
Commercial paper and certificates of		3,465		5		3,386		3,392	100		6		-	-	-	-	100	-
deposits (c)(d)
Other asset-backed securities		2,220		56		2,724		2,743	101		19		99	-	1	-	-	-
Non-agency commercial MBS		2,446		140		2,517		2,602	103		85		100	-	-	-	-	-
Non-agency RMBS (e)		1,548		66		1,537		1,672	109		135		50	8	2	24	-	16
State and political subdivisions		1,001		12		1,166		1,196	103		30		76	22	-	-	1	1
Corporate bonds		818		28		789		831	105		42		19	68	13	-	-	-
Other		1		-		1		1	100		-		-	-	-	-	-	100
Total securities	$	138,540	(f) $	1,218	$	151,283	$	154,233 (f)(g)	102% $	2,950	(f)(h)	94%	2%	2%	-%	2%	-%

1. Amortized cost reflects historical impairments.
2. Represents ratings by S&P, or the equivalent.
3. Includes amounts purchased from affiliated money market funds of $2,145 million at March 31, 2020 and $1,853 million at June 30, 2020.
4. Includes amounts funded by borrowings from the Federal Reserve Bank under its Money Market Mutual Fund Liquidity Facility ("MMLF") program of $651 million at March 31, 2020 and $1,539 million at June 30, 2020.
5. Includes RMBS that were included in the former Grantor Trust of $535 million at March 31, 2020 and $538 million at June 30, 2020.
6. Includes net unrealized losses on derivatives hedging securities available-for-sale (including terminated hedges) of $1,846 million at March 31, 2020 and $1,817 million at June 30, 2020.
7. At June 30, 2020, the securities portfolio, including the impact of interest rate swap hedges, is 74% fixed rate and 26% floating rate.
8. Includes unrealized gains of $1,582 million at June 30, 2020 related to available-for-sale securities, net of hedges.

14

THE BANK OF NEW YORK MELLON CORPORATION

ALLOWANCE FOR CREDIT LOSSES AND NONPERFORMING ASSETS

			2020							2019
(dollars in millions)		June 30		March 31				Dec. 31		Sept. 30		June 30
Allowance for credit losses - beginning of period:
Allowance for loan losses	$	140	$	122		$	127	$	146	$	146
Allowance for lending-related commitments		148		94				97		95		102
Allowance for other financial instruments		41	(a)	N/A				N/A		N/A		N/A
Allowance for credit losses - beginning of period	$	329	$	216		$	224	$	241	$	248
Impact of adopting ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on		N/A		(55)	(b)			N/A		N/A		N/A
Financial Instruments, effective Jan. 1, 2020
Net recoveries (charge-offs):
Charge-offs		-		(1)				(1)		(1)		(1)
Recoveries		3		-				1		-		2
Total net recoveries (charge-offs)		3		(1)				-		(1)		1
Provision for credit losses		143	(b)	169	(b)			(8)		(16)		(8)
Allowance for credit losses - end of period	$	475	$	329		$	216	$	224	$	241
Allowance for credit losses - end of period:
Allowance for loan losses	$	302	$	140		$	122	$	127	$	146
Allowance for lending-related commitments		152		148				94		97		95
Allowance for other financial instruments		21	(a)	41	(a)			N/A		N/A		N/A
Allowance for credit losses - end of period	$	475	$	329		$	216	$	224	$	241
Allowance for loan losses as a percentage of total loans		0.55%		0.22%				0.22%		0.23%		0.28%
Nonperforming assets	$	88	$	88		$	89	$	88	$	186	(c)

1. Includes allowance for credit losses on federal funds sold and securities purchased under resale agreements, available-for-sale securities, accounts receivable, cash and due from banks and interest-bearing deposits with banks.
2. Includes all instruments within the scope of ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments.
3. Includes nonperforming loans to a California utility company that filed for bankruptcy that were sold in 3Q19.

N/A - Not applicable.

15

THE BANK OF NEW YORK MELLON CORPORATION

SUPPLEMENTAL INFORMATION - EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES

BNY Mellon has included in this Financial Supplement certain Non-GAAP financial measures on a tangible basis as a supplement to GAAP information, which exclude goodwill and intangible assets, net of deferred tax liabilities. We believe that the return on tangible common equity is additional useful information for investors because it presents a measure of those assets that can generate income, and the tangible book value per common share is additional useful information because it presents the level of tangible assets in relation to shares of common stock outstanding.

Net interest revenue, on a fully taxable equivalent ("FTE") basis - Non-GAAP and net interest margin (FTE) - Non-GAAP and other FTE measures include the tax equivalent adjustments on tax-exempt income which allows for the comparison of amounts arising from both taxable and tax-exempt sources and is consistent with industry practice. The adjustment to an FTE basis has no impact on net income.

BNY Mellon has also included the adjusted pre-tax operating margin - Non-GAAP, which is the pre-tax operating margin for the Investment and Wealth Management business net of distribution and servicing expense that was passed to third parties who distribute or service our managed funds. We believe that this measure is useful when evaluating the performance of the Investment and Wealth Management business relative to industry competitors.

The presentation of the growth rates of investment management and performance fees on a constant currency basis permits investors to assess the significance of changes in foreign currency exchange rates. Growth rates on a constant currency basis were determined by applying the current period foreign currency exchange rates to the prior period revenue. BNY Mellon believes that this presentation, as a supplement to GAAP information, gives investors a clearer picture of the related revenue results without the variability caused by fluctuations in foreign currency exchange rates.

Notes:

Certain immaterial reclassifications/revisions have been made to prior periods to place them on a basis comparable with the current period's presentation.

In businesses where average deposits are greater than average loans, average assets include an allocation of investment securities equal to the difference.

Quarterly return on common and tangible common equity ratios are annualized.

Return on common equity and tangible common equity reconciliation
(dollars in millions)		2Q20		1Q20		4Q19		3Q19		2Q19			YTD20		YTD19
Net income applicable to common shareholders of The Bank of New York Mellon Corporation - GAAP	$	901	$	944	$	1,391	$	1,002	$	969		$	1,845	$	1,879
Add: Amortization of intangible assets		26		26		28		30		30			52		59
Less: Tax impact of amortization of intangible assets		6		6		7		7		7			12		14
Adjusted net income applicable to common shareholders of The Bank of New York Mellon	$	921	$	964	$	1,412	$	1,025	$	992	$	1,885	$	1,924
Corporation, excluding amortization of intangible assets - Non-GAAP
Average common shareholders' equity	$	38,476	$	37,664	$	37,842	$	37,597	$	37,487	$	38,070	$	37,287
Less: Average goodwill		17,243		17,311		17,332		17,267		17,343			17,277		17,360
Average intangible assets		3,058		3,089		3,119		3,141		3,178			3,073		3,193
Add: Deferred tax liability - tax deductible goodwill		1,119		1,109		1,098		1,103		1,094			1,119		1,094
Deferred tax liability - intangible assets		664		666		670		679		687			664		687
Average tangible common shareholders' equity - Non-GAAP	$	19,958	$	19,039	$	19,159	$	18,971	$	18,747	$	19,503	$	18,515
Return on common equity - GAAP		9.4%		10.1%		14.6%		10.6%		10.4%			9.7%		10.2%
Return on tangible common equity - Non-GAAP		18.5%		20.4%		29.3%		21.4%		21.2%			19.4%		20.9%

16

THE BANK OF NEW YORK MELLON CORPORATION

SUPPLEMENTAL INFORMATION - EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES

Book value and tangible book value per common share reconciliation		2020						2019
(dollars in millions, except common shares)		June 30		March 31			Dec. 31		Sept. 30		June 30
BNY Mellon shareholders' equity at period end - GAAP	$	43,697	$	41,145	$	41,483	$	41,120	$	41,533
Less: Preferred stock		4,532		3,542			3,542		3,542		3,542
BNY Mellon common shareholders' equity at period end - GAAP		39,165		37,603			37,941		37,578		37,991
Less: Goodwill		17,253		17,240			17,386		17,248		17,337
Intangible assets		3,045		3,070			3,107		3,124		3,160
Add: Deferred tax liability - tax deductible goodwill		1,119		1,109			1,098		1,103		1,094
Deferred tax liability - intangible assets		664		666			670		679		687
BNY Mellon tangible common shareholders' equity at period end - Non-GAAP	$	20,650	$	19,068	$	19,216	$	18,988	$	19,275
Period-end common shares outstanding (in thousands)		885,862		885,443			900,683		922,199		942,662
Book value per common share - GAAP	$	44.21	$	42.47	$	42.12	$	40.75	$	40.30
Tangible book value per common share - Non-GAAP	$	23.31	$	21.53	$	21.33	$	20.59	$	20.45

Net interest margin reconciliation
(dollars in millions)		2Q20		1Q20		4Q19		3Q19		2Q19
Net interest revenue - GAAP	$	780	$	814	$	815	$	730	$	802
Add: Tax equivalent adjustment		2		2		2		3		4
Net interest revenue (FTE) - Non-GAAP	$	782	$	816	$	817	$	733	$	806
Average interest-earning assets	$	357,562	$	323,936	$	297,987	$	294,154	$	287,417
Net interest margin - GAAP (a)		0.88%		1.01%		1.09%		0.99%		1.12%
Net interest margin (FTE) - Non-GAAP(a)		0.88%		1.01%		1.09%		1.00%		1.12%
(a) Net interest margin is annualized.

17

THE BANK OF NEW YORK MELLON CORPORATION

SUPPLEMENTAL INFORMATION - EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES

Pre-tax operating margin reconciliation - Investment and Wealth Management business
(dollars in millions)		2Q20		1Q20		4Q19		3Q19		2Q19			YTD20		YTD19
Income before income taxes - GAAP	$	221	$	194	$	240	$	295	$	260		$	415	$	526
Total revenue - GAAP	$	886	$	898	$	971	$	887	$	913	$	1,784	$	1,849
Less: Distribution and servicing expense		86		91		93		98		94			177		185
Adjusted total revenue, net of distribution and servicing expense - Non-GAAP	$	800	$	807	$	878	$	789	$	819	$	1,607	$	1,664
Pre-tax operating margin - GAAP (a)		25%		22%		25 %		33%		29%			23%		28%
Adjusted pre-tax operating margin, net of distribution and servicing expense - Non-GAAP(a)		28%		24%		27 %		37%		32%			26%		32%
(a) Income before income taxes divided by total revenue.
Constant currency reconciliations						2Q20 vs.
(dollars in millions)		2Q20		2Q19		2Q19
Consolidated:
Investment management and performance fees - GAAP	$	786	$	833		(6)%
Impact of changes in foreign currency exchange rates		-		(9)
Adjusted investment management and performance fees - Non-GAAP	$	786	$	824		(5)%
Investment and Wealth Management business:
Investment management and performance fees - GAAP	$	787	$	833		(6)%
Impact of changes in foreign currency exchange rates		-		(9)
Adjusted investment management and performance fees - Non-GAAP	$	787	$	824		(4)%

18