<table><tr><th>From:</th><th>Richard Kahn &lt;</th></tr><tr><td>Sent:</td><td>Monday, January 11, 2016 6:12 PM</td></tr><tr><td>To:</td><td>Jeffrey Epstein</td></tr><tr><td>Subject:</td><td>BK</td></tr></table>

BNY Mellon touched by Goldman

Jan 11 2016, 11:26 ET | B=: Stephen Alpher <http://seekingalpha.com=author/sa-editor-stephen-alpher>, SA News Editor <http://s=ekingalpha.com/images/mail_icon.png>

"We believe Bank of New Yor= Mellon's (BK<=a>) leverage to higher rates, cost discipline and less beta exposure will top-line d=ive backdrop," better-than-expected says analyst EPS Alexande= growth Blotstein, at a time upgrading when other the areas stock of to capital Conviction m=rkets Buy are from facing Neutral. more The challenging $48 pri=e target is about 30% above the current level. <http://seekingalpha.com/symbol/BK>

The stock has underperformed the XLF by more than 500 basis po=nts over the past month, leaving it trading at just 12x earnings, 10% below=its historical multiple and at a 20% discount to the S&P (vs. a typical=10%).

Blotstein sees BNY as havin= a more certain EPS profile as a result of lower deposit beta and less expo=ure to the credit cycle than other banks.

He boosts his 2015.17 EPS estimates, with 2016 and 2017 now 3% and =% higher than consensus, respectively. Blotstein also introduces a 2018 EPS=estimate of $4.50.