Exhibit - 12.1



COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND RATIO

OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS



Mellon Financial Corporation

(Parent Corporation)(a)



|                                                                                                                                        |  |                    
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|                                                                                                                                       
|                                                                                                                                        |  | Year ended Dec. 31,
|(dollar amounts in millions)                                                                                                            |  | 2002               
|                                                                                                                                       
|1.    Income before income taxes and equity in undistributed net
income of subsidiaries                                                 |  | $                  
|2.    Fixed charges: interest expense, one-third of rental expense
net of income from subleases and
amortization of debt issuance costs |  |                    
|                                                                                                                                       
|3.    Income before income taxes and equity in undistributed net
income of subsidiaries, plus fixed
charges (line 1 + line 2)           |  | $                  
|                                                                                                                                       
|4.    Preferred stock dividend
requirements(b)                                                                                          |  | $                  
|                                                                                                                                       
|5.    Ratio of earnings (as defined) to fixed charges (line 3
divided by line 2)                                                        |  |                    
|6.    Ratio of earnings (as defined) to combined fixed charges and
preferred stock dividends [line 3 divided
by (line 2 + line 4)]      |  |                    
|                                                                                                                                       

|(a) |  | The parent corporation ratios include the accounts of Mellon Financial Corporation (the Corporation) and Mellon Funding Corporation, a wholly owned
subsidiary of the Corporation that functions as a financing entity for the Corporation and its subsidiaries by issuing commercial paper and other debt guaranteed by the Corporation, and Mellon Capital I and Mellon Capital II, special purpose
business trusts formed by the Corporation, that exist solely to issue capital securities, and MIPA, LLC, single member limited liability company wholly owned by the Corporation, created to hold and administer corporate owned life insurance. Because
these ratios exclude from earnings the equity in undistributed net income (loss) of subsidiaries, these ratios vary with the payment of dividends by such subsidiaries.
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|(b) |  | Preferred stock dividend requirements for 1998 represent the pretax amounts required to cover preferred stock dividends.
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