<table><tr><th>From:</th><th>Richard Kahn</th></tr><tr><td>Sent:</td><td>Wednesday, August 5, 2015 3:36 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>BK</td></tr></table>

Bernstein Upgrades Bank of New York Mellon (BK) to Outperform

Bernstein upgraded Bank of New York Mellon (NYSE: BK <http://www.streetinsider.com/stock_lookup.php?q=BK> ) from Market Perform to Outperform with a price target of $56.00.

For an analyst ratings summary and ratings history on Bank of New York Mellon click here <http://www.streetinsider.com/rating_history.php?q=BK> . For more ratings news on Bank of New York Mellon click here <http://www.streetinsider.com/stock_lookup_news.php?q=BK&type=analyst> .

Shares of Bank of New York Mellon closed at $43.89 yesterday.

Stock at 44.94 at 11:35am today

Richard Kahn
HBRK Associates Inc.
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