Goldman Buying Mellon Ventures Stake

Mellon Financial Corp. has completed a substantial portion of the sale of its ownership interests in the direct and indirect portfolios of Mellon Ventures, Mellon's venture capital business, to Goldman Sachs Private Investments Ltd. and New MVI LP. One or more subsequent closings will occur during the first quarter of 2007 once remaining consents to the transfer are obtained. Based on this transaction, the financial results from Mellon's venture capital portfolio will be classified as discontinued operations in the fourth quarter of 2006. The disposal of the portfolio and related costs are expected to generate an after-tax loss of approximately $70 million. (source: Mellon 8-K filing)