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Business Description
Mellon Financial Corporation is a global financial services company providing institutional asset management, mutual funds, private wealth management, asset servicing, human resources and investor solutions and treasury services to a distinct set of clients that includes corporations and institutions and high-net-worth individuals. In 2003, the Company had approximately $3.5 trillion in assets under management, administration or custody, including more than $650 billion under management. Its businesses are divided into two overall groups: Asset Management and Corporate and Institutional Services. The Asset Management group consists of the Institutional Asset Management, Mutual Funds and Private Wealth Management sectors. The Corporate and Institutional Services group consists of the Asset Servicing, Human Resources and Investor Solutions and Treasury Services sectors.

Financial Information
For the nine months ended 9/30/04, revenues increased 6% to $3.57 billion. Net income from continuing operations before accounting change increased 22% to $601 million. Revenues reflect an increase in trust and investment fee income and higher equity investment income. Earnings also benefitted from a decrease in interest expense.