Exhibit 99.3



Mellon Financial Corporation

Audit Committee



I.    PURPOSE



The Audit Committee is appointed by the Board of Directors to assist the Board in fulfilling its oversight responsibilities in respect of:



|· |  | The integrity of the Corporations financial reporting process and systems of internal controls regarding finance and accounting.
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|· |  | The independence and performance of the Corporations independent auditors and internal auditors.
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|· |  | Compliance with legal and regulatory requirements related to the above.
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The Audit Committee shall be available to provide an avenue of communication among the independent auditors, management, the
internal auditors and the Board of Directors.



The Audit
Committee has the authority to conduct any investigation appropriate to fulfilling its responsibilities, and it has direct access to the independent auditors as well as anyone in the organization. The Audit Committee has the ability to retain, at
the Corporations expense, special legal, accounting or other consultants or experts it deems necessary in the performance of its duties.



For purposes of this Charter, the term review when used with respect to a responsibility or duty of the Audit Committee shall mean such
consideration and evaluation as the Audit Committee in its business judgment shall determine to be appropriate and shall not mean or require a review as contemplated in Statement on Auditing Standards No. 71.



II.    ALLOCATION OF
RESPONSIBILITIES



The function of the Audit Committee is
oversight. The management of the Corporation is responsible for the preparation, presentation and integrity of the Corporations financial statements. Management is responsible for maintaining appropriate accounting and financial reporting
principles and policies and internal controls and procedures designed to provide reasonable assurance of compliance with accounting standards and related laws and regulations.



The internal auditors are responsible for providing reliable and timely information to the Board of Directors and senior
management concerning the quality and effectiveness of, and the level of adherence to, the Corporations control and compliance procedures and risk management systems. The independent auditors are responsible for planning and carrying out an
audit in accordance with generally accepted auditing standards and reviews of the Corporations quarterly financial statements prior to the filing of each quarterly report on Form 10-Q.



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Exhibit 99.3



In fulfilling their responsibilities hereunder, it is
recognized that members of the Audit Committee are not, and do not represent themselves to be, accountants or auditors by profession or experts in the fields of accounting or auditing. As such, it is not the duty or responsibility of the Audit
Committee or its members to plan or conduct audits, to conduct field work or other types of auditing or accounting reviews or procedures or to determine that the Corporations financial statements are complete and accurate and are
in accordance with generally accepted accounting principles. In addition, it is not the responsibility of the Audit Committee to plan or conduct investigations, to assure compliance with laws and regulations and the Corporations Code of
Conduct or to set auditor independence standards. Each member of the Audit Committee shall be entitled to rely in good faith on information, opinions, reports or statements, including financial statements and other financial data, prepared or
presented by those persons and under those circumstances specified in the Pennsylvania Business Corporation Law.



III.    COMPOSITION AND MEETINGS



Audit Committee members shall meet the requirements of the New York Stock Exchange. The Audit Committee shall be comprised of
three or more directors as determined by the Board of Directors, each of whom shall, in the Boards business judgment, be free from any relationship that would interfere with the exercise of his or her independent judgment. All members of the
Committee shall be financially literate as interpreted by the Board of Directors in its business judgment. At least one member of the Committee shall have accounting or related financial management expertise as interpreted by the Board of Directors
in its business judgment.



Audit Committee members, including a
Chairman and a Vice Chairman, shall be appointed by the Board of Directors on recommendation of the Corporate Governance and Nominating Committee and serve at the pleasure of the Board. If the Audit Committee Chairman is not present at a meeting of
the Committee, the Vice Chairman shall preside.



The Committee
shall meet at least four times annually, or more frequently as circumstances dictate. The agenda for each Audit Committee meeting will provide time during which the Committee can meet separately in executive session with management, the Chief
Auditor, the independent auditors and as a Committee to discuss any matters that the Committee or any of these groups believe should be discussed.



Except as limited by law, regulation or the rules of the New York Stock Exchange, the Audit Committee may form subcommittees for any purpose that it deems
appropriate and may delegate to such subcommittees such power and authority as it deems appropriate.



IV.    RESPONSIBILITIES AND DUTIES



A.      Review Procedures



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Exhibit 99.3



The Audit Committee shall:



| | 1. |  | Review and reassess the adequacy of this Charter at least annually; submit the Charter to the Board of Directors for approval and cause the Charter to be published
in the Corporations proxy statement at least every three years in accordance with Securities and Exchange Commission regulations.
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| | 2. |  | Review the Corporations annual audited financial statements prior to filing or distribution and recommend whether the financial statements should be included
in the Corporations Annual Report on Form 10-K. This review should include discussion with management and independent auditors of significant issues regarding accounting principles, practices and judgments.
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| | 3. |  | In consultation with management, the independent auditors and the internal auditors, consider the integrity of the Corporations financial reporting processes
and controls; discuss significant related financial risk exposures and the steps management has taken to monitor, control and report such exposures; and review significant related findings and reports prepared by the internal auditors together with
managements responses.
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| | 4. |  | Review with financial management and the independent auditors the Corporations quarterly financial results prior to the release of earnings and/or the
Corporations quarterly financial statements prior to filing or distribution. Discuss any significant changes to the Corporations accounting principles and any items required to be communicated by the independent auditors in accordance
with SAS 61 (see item B.5).
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| | 5. |  | Serve as the Audit Committee for Mellon Bank (DE) National Association.
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B.    Independent Auditors



| | 1. |  | The independent auditors are ultimately accountable to the Audit Committee and the Board of Directors. The Audit Committee and the Board of Directors have the
ultimate authority and responsibility to recommend and appoint, respectively (subject to shareholder ratification), evaluate and, where appropriate, replace the independent auditors.
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| | 2. |  | The Audit Committee shall approve on an annual basis the estimated fees to be paid to the independent auditors for the annual audit of the consolidated financial
statements of the Corporation and limited reviews of its quarterly financial information. The Audit Committee shall also approve all non-audit services to be provided by the independent auditors.
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| | 3. |  | The Audit Committee is responsible for ensuring that the independent auditors submit on a periodic basis to the Audit Committee a formal written statement
delineating all relationships between the independent auditors and the Corporation, and the Audit Committee is responsible for actively engaging in
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Exhibit 99.3



| |  |  | a dialogue with the independent auditors with respect to any disclosed relationships or services that may impact the objectivity and independence of the independent
auditors and for recommending that the Board of Directors take appropriate action in response to the independent auditors report to satisfy itself of the independent auditors independence.
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| | 4. |  | The Audit Committee shall review the independent auditors engagement letter and discuss general audit approach.
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| | 5. |  | Prior to releasing the year-end earnings, the Audit Committee shall discuss the results of the audit with the independent auditors. The Audit Committee shall also
discuss certain matters required to be communicated to audit committees in accordance with AICPA SAS 61.
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| | 6. |  | The Audit Committee shall consider the independent auditors judgments about the quality and appropriateness of the Corporations accounting principles as
applied in its financial reporting.
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C.    Internal Audit Department and Legal Compliance



| | 1. |  | The Audit Committee shall review the organizational structure and qualifications of the internal audit department and the scope of its work and planned activities.
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| | 2. |  | The Audit Committee shall review the appointment, performance and replacement of the Chief Auditor.
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| | 3. |  | Except to the extent subject to the jurisdiction of another committee of the Board of Directors pursuant to that committees charter,
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| | (a) |  | the Audit Committee shall review significant findings identified by the internal audit department that relate to the Audit Committees Purpose, together with
managements responses and follow-up to these reports;
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| | (b) |  | on a quarterly basis, the Audit Committee shall review with the Corporations counsel any significant litigation; and
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| | (c) |  | the Audit Committee shall review significant reports from regulatory agencies that relate to the Audit Committees Purpose, and managements responses.
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D.    Other Audit Committee Responsibilities



The Audit Committee shall:



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Exhibit 99.3



| | 1. |  | Annually prepare a report to shareholders to be contained in the Corporations annual proxy statement as required by the Securities and Exchange Commission.
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| | 2. |  | As a consequence of the delegation by the Board of Directors to the Corporations Risk Committee of oversight responsibilities for the risks inherent in the
businesses of the Corporation and the control processes with respect to such risks, receive periodic reports from the Chief Auditor as to any significant matters presented to the Corporations Risk Committee. Significant matters would include,
among other things, internal and external reports containing substantial or significant issues.
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| | 3. |  | Perform any other activities consistent with this Charter, the Corporations By-laws and governing law as the Board of Directors shall specifically delegate to
the Audit Committee.
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| | 4. |  | Maintain minutes of meetings and periodically report to the Board of Directors on significant results of the foregoing activities.
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As adopted April 16, 2002 and amended effective January 1, 2003