State Street (STT) 8-K Results of Operations and Financial Condition

	Exhibit 99.2
STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
March 31, 2016
Table of Contents
	Page
GAAP-Basis Financial Information:
Consolidated Financial Highlights	1
Consolidated Results of Operations	2
Consolidated Statement of Condition	4
Average and Period-End Balance Sheet Trends	5
Average Statement of Condition - Rates Earned and Paid - Fully Taxable-Equivalent Basis	6
Assets Under Custody and Administration	7
Assets Under Management	8
Operating-Basis (Non-GAAP) Financial Information:
Reconciliations of Operating-Basis (Non-GAAP) Financial Information	9
Capital:
Regulatory Capital	12
Reconciliation of Tangible Common Equity Ratio	13
Reconciliations of Fully Phased-In Ratios	14
Reconciliations of Supplementary Leverage Ratios	17

This financial information should be read in conjunction with State Street's news release dated April 27, 2016.

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED FINANCIAL HIGHLIGHTS
	Quarters															% Change
(Dollars in thousands, except per share amounts, or where otherwise noted)	1Q15			2Q15			3Q15			4Q15			1Q16			1Q16 vs. 1Q15		1Q16 vs. 4Q15
Revenue:
Fee revenue	$	2,055		$	2,076		$	2,103		$	2,044		$	1,970		(4.1	)%	(3.6	)%
Net interest revenue	546			535			513			494			512			(6.2	)	3.6
Net gains (losses) from sales of available-for-sale securities	—			(3		)	(2		)	—			2			—		—
Net losses from other-than-temporary impairment	(1		)	—			—			—			—			nm		—
Net losses reclassified (from) to other comprehensive income	—			—			—			—			—			—		—
Total revenue	2,600			2,608			2,614			2,538			2,484			(4.5	)	(2.1	)
Provision for loan losses	4			2			5			1			4			—		nm
Total expenses	2,097			2,134			1,962			1,857			2,050			(2.2	)	10.4
Income before income tax expense	499			472			647			680			430			(13.8	)	(36.8	)
Income tax expense	94			54			67			103			62			(34.0	)	(39.8	)
Net income (loss) from minority interest	—			—			1			(1		)	—			—		nm
Net income	405			418			581			576			368			(9.1	)	(36.1	)
Net income available to common shareholders	373			389			539			547			319			(14.5	)	(41.7	)
Diluted earnings per common share	.89			.93			1.31			1.34			.79			(11.2	)	(41.0	)
Average diluted common shares outstanding (in thousands)	418,750			416,712			412,167			407,012			403,615			(3.6	)	(0.8	)
Cash dividends declared per common share	$	.30		$	.34		$	.34		$	.34		$	.34		13.3		—
Closing price per share of common stock (as of quarter end)	73.53			77.00			67.21			66.36			58.52			(20.4	)	(11.8	)
Ratios:
Return on average common equity	7.9		%	8.2		%	11.3		%	11.6		%	6.8		%	(13.9	)	(41.4	)
Pre-tax operating margin	19.2			18.1			24.8			26.8			17.3			(9.9	)	(35.4	)
Common equity tier 1 risk-based capital1	12.0			12.0			12.0			12.5			12.3			2.5		(1.6	)
Tier 1 risk-based capital1	14.0			14.7			14.7			15.3			14.9			6.4		(2.6	)
Total risk-based capital1	16.1			16.8			16.8			17.4			17.1			6.2		(1.7	)
Tier 1 leverage1	5.8			6.0			6.3			6.9			6.9			19.0		—
Tangible common equity2	6.0			6.5			6.6			6.8			6.7			11.7		(1.5	)
At quarter-end:
Assets under custody and administration (in trillions)3	$	28.49		$	28.65		$	27.27		$	27.51		$	26.94		(5.4	)	(2.1	)
Asset under management (in trillions)	2.44			2.37			2.20			2.25			2.30			(5.7	)	2.2
Total assets	279,448			294,544			247,235			245,155			243,685			(12.8	)	(0.6	)
Investment securities	112,857			101,463			97,560			100,022			102,298			(9.4	)	2.3
Deposits	211,352			230,591			186,367			191,627			185,516			(12.2	)	(3.2	)
Long-term debt	9,146			9,058			11,986			11,497			10,323			12.9		(10.2	)
Total shareholders' equity	20,670			21,347			21,343			21,103			21,496			4.0		1.9
1 In early 2014, we announced that we had completed our Basel III qualification period. As a result, our regulatory capital ratios as of March 31, 2015, June 30, 2015, September 30, 2015, December 31, 2015 and March 31, 2016 presented in the table above have been calculated under the advanced approaches provisions of the Basel III final rule. Refer to page 12 of this earnings release addendum for additional information about our regulatory capital ratios as of March 31, 2015, June 30, 2015, September 30, 2015, December 31, 2015 and March 31, 2016.
2  Tangible common equity ratio is a non-GAAP measure. Refer to accompanying reconciliations on page 13 of this earnings release addendum for additional information.
3  Included assets under custody of $21.98 trillion, $22.06 trillion, $20.95 trillion, $21.26 trillion and $20.79 trillion as of March 31, 2015, June 30, 2015, September 30, 2015, December 31, 2015 and March 31, 2016, respectively.
nm  Not meaningful

1

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS
	Quarters														% Change
(Dollars in thousands, except per share amounts, or where otherwise noted)	1Q15			2Q15			3Q15			4Q15			1Q16		1Q16 vs. 1Q15		1Q16 vs. 4Q15
Reported Results
Fee revenue:
Servicing fees	$	1,268		$	1,319		$	1,289		$	1,277		$	1,242	(2.1	)%	(2.7	)%
Management fees	301			304			287			282			270		(10.3	)	(4.3	)
Trading services:
Direct sales and trading	135			88			108			79			90		(33.3	)	13.9
Indirect foreign exchange trading2	68			79			69			64			66		(2.9	)	3.1
Total foreign exchange trading	203			167			177			143			156		(23.2	)	9.1
Electronic foreign exchange services	48			44			46			37			44		(8.3	)	18.9
Other trading, transition management and brokerage	73			70			71			67			72		(1.4	)	7.5
Total brokerage and other trading services	121			114			117			104			116		(4.1	)	11.5
Total trading services	324			281			294			247			272		(16.0	)	10.1
Securities finance	101			155			113			127			134		32.7		5.5
Processing fees and other	61			17			120			111			52		(14.8	)	(53.2	)
Total fee revenue	2,055			2,076			2,103			2,044			1,970		(4.1	)	(3.6	)
Net interest revenue:
Interest revenue	642			629			614			603			629		(2.0	)	4.3
Interest expense	96			94			101			109			117		21.9		7.3
Net interest revenue	546			535			513			494			512		(6.2	)	3.6
Gains (losses) related to investment securities, net:
Net gains (losses) from sales of available-for-sale securities	—			(3		)	(2		)	—			2
Losses from other-than-temporary impairment	(1		)	—			—			—			—
Losses reclassified (from) to other comprehensive income	—			—			—			—			—
Gains (losses) related to investment securities, net	(1		)	(3		)	(2		)	—			2
Total revenue	2,600			2,608			2,614			2,538			2,484		(4.5	)	(2.1	)
Provision for loan losses	4			2			5			1			4
Expenses:
Compensation and employee benefits	1,087			984			1,051			939			1,107		1.8		17.9
Information systems and communications	247			249			265			261			272		10.1		4.2
Transaction processing services	197			201			201			194			200		1.5		3.1
Occupancy	113			109			110			112			113		—		0.9
Acquisition and restructuring costs	6			3			10			6			104		1,633.3		1,633.3
Other	447			588			325			345			254		(43.2	)	(26.4	)
Total expenses	2,097			2,134			1,962			1,857			2,050		(2.2	)	10.4
Income before income tax expense	499			472			647			680			430		(13.8	)	(36.8	)
Income tax expense	94			54			67			103			62		(34.0	)	(39.8	)
Net income (loss) from minority interest	—			—			1			(1		)	—		—		nm
Net income	$	405		$	418		$	581		$	576		$	368	(9.1	)	(36.1	)

2

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS (Continued)
	Quarters															% Change
(Dollars in thousands, except per share amounts, or where otherwise noted)	1Q15			2Q15			3Q15			4Q15			1Q16			1Q16 vs. 1Q15		1Q16 vs. 4Q15
Adjustments to net income:
Dividends on preferred stock	$	(31	)	$	(29	)	$	(42	)	$	(28	)	$	(49	)	58.1	%	75.0	%
Earnings allocated to participating securities	(1		)	—			—			(1		)	—			(100.0	)	(100.0	)
Net income available to common shareholders	$	373		$	389		$	539		$	547		$	319		(14.5	)	(41.7	)
Earnings per common share:
Basic	$	.90		$	.95		$	1.33		$	1.36		$	.80		(11.1	)	(41.2	)
Diluted	.89			.93			1.31			1.34			.79			(11.2	)	(41.0	)
Average common shares outstanding:
Basic	412,225			410,674			406,612			402,041			399,421			(3.1	)	(0.7	)
Diluted	418,750			416,712			412,167			407,012			403,615			(3.6	)	(0.8	)
Cash dividends declared per common share	$	.30		$	.34		$	.34		$	.34		$	.34		13.3		—
Closing price per share of common stock (as of quarter end)	73.53			77.00			67.21			66.36			58.52			(20.4	)	(11.8	)
Financial ratios:
Return on average common equity	7.9		%	8.2		%	11.3		%	11.6		%	6.8		%	(13.9	)	(41.4	)
Pre-tax operating margin	19.2			18.1			24.8			26.8			17.3			(9.9	)	(35.4	)
After-tax margin	15.6			16.0			22.2			22.7			12.8			(17.9	)	(43.6	)
Internal capital generation rate	5.3			5.3			8.3			8.7			3.9			(26.4	)	(55.2	)
Common dividend payout ratio	33.1			35.6			25.5			24.9			42.5			28.4		70.7
1 We calculate revenue for indirect foreign exchange using an attribution methodology. This methodology takes into consideration estimated effective mark-ups/downs and observed client volumes. Direct sales and trading revenue is total foreign exchange trading revenue excluding the revenue attributed to indirect foreign exchange.
nm  Not meaningful

3

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED STATEMENT OF CONDITION
	As of Quarter End															% Change
(Dollars in millions, except per share amounts)	1Q15			2Q15			3Q15			4Q15			1Q16			1Q16 vs. 1Q15		1Q16 vs. 4Q15
Assets:
Cash and due from banks	$	3,149		$	3,084		$	3,660		$	1,207		$	3,735		18.6	%	209.4	%
Interest-bearing deposits with banks	83,398			116,728			68,361			75,338			65,032			(22.0	)	(13.7	)
Securities purchased under resale agreements	11,331			4,447			9,155			3,404			3,722			(67.2	)	9.3
Trading account assets	1,145			1,373			1,223			849			873			(23.8	)	2.8
Investment securities:
Investment securities available for sale	96,612			85,308			80,097			70,070			71,086			(26.4	)	1.4
Investment securities held to maturity1	16,245			16,155			17,463			29,952			31,212			92.1		4.2
Total investment securities	112,857			101,463			97,560			100,022			102,298			(9.4	)	2.3
Loans and leases2	18,278			18,547			19,019			18,753			19,140			4.7		2.1
Premises and equipment3	1,933			2,035			1,984			1,894			1,949			0.8		2.9
Accrued interest and fees receivable	2,281			2,385			2,271			2,346			2,371			3.9		1.1
Goodwill	5,663			5,729			5,716			5,671			5,733			1.2		1.1
Other intangible assets	1,892			1,871			1,820			1,768			1,749			(7.6	)	(1.1	)
Other assets	37,521			36,882			36,466			33,903			37,083			(1.2	)	9.4
Total assets	$	279,448		$	294,544		$	247,235		$	245,155		$	243,685		(12.8	)	(0.6	)
Liabilities:
Deposits:
Non-interest-bearing	$	72,704		$	83,120		$	58,426		$	65,800		$	54,248		(25.4	)	(17.6	)
Interest-bearing -- U.S.	30,769			32,839			30,407			29,958			31,159			1.3		4.0
Interest-bearing -- Non-U.S.	107,879			114,632			97,534			95,869			100,109			(7.2	)	4.4
Total deposits	211,352			230,591			186,367			191,627			185,516			(12.2	)	(3.2	)
Securities sold under repurchase agreements	10,158			10,978			7,760			4,499			4,224			(58.4	)	(6.1	)
Federal funds purchased	17			15			25			6			23			35.3		283.3
Other short-term borrowings	4,346			4,756			3,761			1,748			1,683			(61.3	)	(3.7	)
Accrued expenses and other liabilities	23,759			17,799			15,961			14,643			20,388			(14.2	)	39.2
Long-term debt	9,146			9,058			11,986			11,497			10,323			12.9		(10.2	)
Total liabilities	258,778			273,197			225,860			224,020			222,157			(14.2	)	(0.8	)
Shareholders' equity:
Preferred stock, no par, 3,500,000 shares authorized:
Series C, 5,000 shares issued and outstanding	491			491			491			491			491			—		—
Series D, 7,500 shares issued and outstanding	742			742			742			742			742			—		—
Series E, 7,500 shares issued and outstanding	728			728			728			728			728			—		—
Series F, 7,500 shares issued and outstanding	—			742			742			742			742			—		—
Common stock, $1 par, 750,000,000 shares authorized4	504			504			504			504			504			—		—
Surplus	9,744			9,744			9,742			9,746			9,739			(0.1	)	(0.1	)
Retained earnings	14,986			15,237			15,638			16,049			16,233			8.3		1.1
Accumulated other comprehensive income (loss)	(1,006		)	(1,011		)	(1,101		)	(1,442		)	(964		)	(4.2	)	(33.1	)
Treasury stock, at cost5	(5,519		)	(5,830		)	(6,143		)	(6,457		)	(6,719		)	21.7		4.1
Total shareholders' equity	20,670			21,347			21,343			21,103			21,496			4.0		1.9
Non-controlling interest-equity	—			—			32			32			32
Total equity	20,670			21,347			21,375			21,135			21,528
Total liabilities and equity	$	279,448		$	294,544		$	247,235		$	245,155		$	243,685		(12.8	)	(0.6	)
	1Q15			2Q15			3Q15			4Q15			1Q16
1  Fair value of investment securities held to maturity	$	16,417		$	16,198		$	17,536		$	29,798		$	31,555
2  Allowance for loan losses	41			43			48			46			47
3  Accumulated depreciation for premises and equipment	4,653			4,780			4,768			4,820			4,929
4  Common stock shares issued	503,879,642			503,879,642			503,879,642			503,879,642			503,879,642
5  Treasury stock shares	92,569,079			96,125,524			100,086,970			104,227,647			108,316,401

4

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
AVERAGE AND PERIOD-END BALANCE SHEET TRENDS
	Quarters										% Change
Average Balance Sheet Mix	1Q15		2Q15		3Q15		4Q15		1Q16		1Q16 vs. 1Q15		1Q16 vs. 4Q15
Investment securities and short-duration instruments	80.4	%	81.8	%	81.2	%	79.9	%	78.5	%	(2.4	)%	(1.8	)%
Loans and leases	7.0		6.6		7.0		8.2		8.3		18.6		1.2
Non-interest-earning assets	12.6		11.6		11.8		11.9		13.2		4.8		10.9
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
Client funds bearing interest	59.9	%	61.5	%	61.6	%	60.4	%	59.0	%	(1.5	)	(2.3	)
Client funds not bearing interest	21.2		21.3		20.4		19.4		20.1		(5.2	)	3.6
Other non-interest-bearing liabilities	6.9		5.6		5.1		5.6		6.3		(8.7	)	12.5
Long-term debt and common shareholders' equity	11.2		10.7		11.8		13.4		13.4		19.6		—
Preferred shareholders' equity	0.8		0.9		1.1		1.2		1.2		50.0		—
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

(Dollars in millions)	Quarters										% Change
Average Asset Backed Securities	1Q15		2Q15		3Q15		4Q15		1Q16		1Q16 vs. 1Q15		1Q16 vs. 4Q15
Fixed	$	1,293	$	1,748	$	2,231	$	2,151	$	2,045	58.2	%	(4.9	)%
Floating	40,306		36,931		29,973		26,891		24,795		(38.5	)	(7.8	)
Total	$	41,599	$	38,679	$	32,204	$	29,042	$	26,840

(Dollars in millions)	Quarters															% Change
Investment Securities - Appreciation (Depreciation)	1Q15			2Q15			3Q15			4Q15			1Q16			1Q16 vs. 1Q15		1Q16 vs. 1Q15
Held to maturity:
Amortized cost (book value)	$	16,245		$	16,155		$	17,463		$	29,952		$	31,212		92.1	%	4.2	%
Fair value	16,417			16,198			17,536			29,798			31,555			92.2		5.9
Appreciation (depreciation)	172			43			73			(154		)	343			99.4		(322.7	)
Available for sale:
Amortized cost	95,524			84,689			79,415			69,843			70,366			(26.3	)	0.7
Fair value (book value)	96,612			85,308			80,097			70,070			71,086			(26.4	)	1.4
Appreciation (depreciation)	1,088			619			682			227			720			(33.8	)	217.2
Pre-tax depreciation related to securities available for sale transferred to held to maturity	(95		)	(86		)	(70		)	23			(193		)	103.2		(939.1	)
Total pre-tax appreciation (depreciation) related to investment securities portfolio	1,165			576			685			96			870			(25.3	)	806.3
Total after-tax appreciation (depreciation) related to investment securities portfolio	699			346			411			58			522			(25.3	)	800.0

(Dollars in billions)	Quarters										% Change
Securities on Loan	1Q15		2Q15		3Q15		4Q15		1Q16		1Q16 vs. 1Q15		1Q16 vs. 1Q15
Average securities on loan	$	350	$	356	$	331	$	341	$	334	(4.6	)%	(2.1	)%
End-of-period securities on loan	350		333		332		323		341		(2.6	)	5.6

5

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
AVERAGE STATEMENT OF CONDITION - RATES EARNED AND PAID - FULLY TAXABLE-EQUIVALENT BASIS
The following table presents consolidated average interest-earning assets, average interest-bearing liabilities and related average rates earned and paid, respectively, for the quarters indicated, on a fully taxable-equivalent basis, which is a non-GAAP measure. Tax-equivalent adjustments were calculated using a federal income tax rate of 35%, adjusted for applicable state income taxes, net of related federal benefit. Refer to page 9 of this earnings release addendum for reconciliations of GAAP basis to fully taxable-equivalent basis net interest revenue for each of the periods shown below.
	Quarters																									% Change
	1Q15					2Q15					3Q15					4Q15					1Q16					1Q16 vs. 1Q15		1Q16 vs. 4Q15
(Dollars in millions; fully-taxable equivalent basis)	Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average balance
Assets:
Interest-bearing deposits with banks	$	71,568	0.30		%	$	79,435	0.27		%	$	73,466	0.29		%	$	54,689	0.34		%	$	48,545	0.36		%	(32.2	)%	(11.2	)%
Securities purchased under resale agreements	2,449		1.88			2,662		2.24			4,838		1.51			2,960		2.36			2,490		5.86			1.7		(15.9	)
Trading account assets	1,117		—			1,243		—			1,338		—			1,078		—			860		—			(23.0	)	(20.2	)
Investment securities
U.S. Treasury and federal agencies
Direct obligations	17,123		1.60			18,189		1.57			20,179		1.56			25,275		1.54			28,149		1.56			64.4		11.4
Mortgage- and asset-backed securities	20,944		2.18			20,217		2.08			19,123		2.08			19,112		2.12			18,725		2.16			(10.6	)	(2.0	)
State and political subdivisions	10,963		3.73			10,827		3.75			10,300		3.87			9,848		3.86			9,941		3.82			(9.3	)	0.9
Other investments
Asset-backed securities	41,599		1.36			38,679		1.40			32,204		1.61			29,042		1.56			26,840		1.51			(35.5	)	(7.6	)
Collateralized mortgage-backed securities and obligations	7,757		2.57			7,226		2.60			5,632		2.66			4,855		2.57			4,496		2.58			(42.0	)	(7.4	)
Money market mutual funds	531		—			493		—			166		—			258		—			328		0.15			(38.2	)	27.1
Other debt investments and equity securities	13,739		1.97			13,322		1.94			12,571		1.89			12,461		1.83			12,420		1.68			(9.6	)	(0.3	)
Total investment securities	112,656		1.93			108,953		1.93			100,175		2.02			100,851		1.96			100,899		1.94			(10.4	)	—
Loans and leases	18,025		1.65			17,508		1.77			17,606		1.77			18,650		1.74			18,615		1.96			3.3		(0.2	)
Other interest-earning assets	20,544		0.06			23,610		0.03			24,001		0.03			22,671		0.05			22,672		0.22			10.4		—
Total interest-earning assets	226,359		1.23			233,411		1.16			221,424		1.18			200,899		1.27			194,081		1.39			(14.3	)	(3.4	)
Cash and due from banks	2,397					2,807					2,526					2,114					2,690					12.2		27.2
Other assets	30,297					27,616					27,063					25,150					26,852					(11.4	)	6.8
Total assets	$	259,053				$	263,834				$	251,013				$	228,163				$	223,623				(13.7	)%	(2.0	)%
Liabilities:
Interest-bearing deposits:
U.S.	$	30,174	0.13		%	$	28,165	0.13		%	$	36,033	0.16		%	$	28,863	0.23		%	$	27,096	0.40		%	(10.2	)%	(6.1	)%
Non-U.S. transaction accounts	102,624					109,560					99,873					92,985					92,008					(10.3	)	(1.1	)
Non-U.S. nontransaction accounts	1,207					1,382					1,424					1,030					963					(20.2	)	(6.5	)
Total Non-U.S.	103,831		0.06			110,942		0.02			101,297		0.05			94,015		0.05			92,971		0.05			(10.5	)	(1.1	)
Securities sold under repurchase agreements	9,354		—			10,155		0.02			9,220		—			6,796		—			4,243		—			(54.6	)	(37.6	)
Federal funds purchased	24		—			22		—			17		—			19		—			15		—			(37.5	)	(21.1	)
Other short-term borrowings	4,448		0.13			4,400		0.16			3,791		0.18			2,684		0.14			1,688		—			(62.1	)	(37.1	)
Long-term debt	9,707		2.55			9,126		2.68			10,497		2.36			11,848		2.22			11,027		2.20			13.6		(6.9	)
Other interest-bearing liabilities	7,465		0.41			8,609		0.74			4,463		0.88			5,392		0.91			5,951		1.22			(20.3	)	10.4
Total interest-bearing liabilities	165,003		0.24			171,419		0.22			165,318		0.24			149,617		0.29			142,991		0.33			(13.3	)	(4.4	)
Non-interest bearing deposits	55,066					56,281					51,155					44,323					45,001					(18.3	)	1.5
Other liabilities	17,914					14,864					12,969					12,832					14,053					(21.6	)	9.5
Preferred shareholders' equity	1,961					2,295					2,703					2,703					2,703					37.8		—
Common shareholders' equity	19,109					18,975					18,868					18,688					18,875					(1.2	)	1.0
Total liabilities and shareholders' equity	$	259,053				$	263,834				$	251,013				$	228,163				$	223,623				(13.7	)%	(2.0	)%
Excess of rate earned over rate paid			0.99		%			0.94		%			0.94		%			0.98		%			1.06		%
Net interest margin			1.06		%			1.00		%			1.00		%			1.06		%			1.15		%
Net interest revenue, fully taxable-equivalent basis			$	590				$	579				$	556				$	536				$	554
Tax-equivalent adjustment			(44		)			(44		)			(43		)			(42		)			(42		)
Net interest revenue, GAAP basis			$	546				$	535				$	513				$	494				$	512

6

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER CUSTODY AND ADMINISTRATION1
	Quarters										% Change
(Dollars in billions)	1Q15		2Q15		3Q15		4Q15		1Q16		1Q16 vs. 1Q15		1Q16 vs. 4Q15
Assets Under Custody and Administration
By Product Classification:
Mutual funds	$	7,073	$	7,107	$	6,698	$	6,768	$	6,728	(4.9	)%	(0.6	)%
Collective funds	7,113		7,189		6,883		7,088		7,000		(1.6	)	(1.2	)
Pension products	5,745		5,830		5,497		5,510		5,197		(9.5	)	(5.7	)
Insurance and other products	8,560		8,524		8,187		8,142		8,018		(6.3	)	(1.5	)
Total Assets Under Custody and Administration	$	28,491	$	28,650	$	27,265	$	27,508	$	26,943	(5.4	)	(2.1	)
By Financial Instrument:
Equities	$	15,660	$	16,006	$	14,223	$	14,888	$	14,433	(7.8	)	(3.1	)
Fixed-income	9,157		8,939		9,470		9,264		9,199		0.5		(0.7	)
Short-term and other investments	3,674		3,705		3,572		3,356		3,311		(9.9	)	(1.3	)
Total Assets Under Custody and Administration	$	28,491	$	28,650	$	27,265	$	27,508	$	26,943	(5.4	)	(2.1	)
By Geographic Location2:
North America	$	21,554	$	21,667	$	20,536	$	20,842	$	20,505	(4.9	)	(1.6	)
Europe/Middle East/Africa	5,590		5,621		5,452		5,387		5,159		(7.7	)	(4.2	)
Asia/Pacific	1,347		1,362		1,277		1,279		1,279		(5.0	)	—
Total Assets Under Custody and Administration	$	28,491	$	28,650	$	27,265	$	27,508	$	26,943	(5.4	)	(2.1	)
Assets Under Custody3
By Product Classification:
Mutual funds	$	6,786	$	6,744	$	6,369	$	6,413	$	6,363	(6.2	)	(0.8	)
Collective funds	5,626		5,674		5,412		5,642		5,589		(0.7	)	(0.9	)
Pension products	5,160		5,243		4,921		4,944		4,673		(9.4	)	(5.5	)
Insurance and other products	4,406		4,403		4,245		4,259		4,163		(5.5	)	(2.3	)
Total Assets Under Custody	$	21,978	$	22,064	$	20,947	$	21,258	$	20,788	(5.4	)	(2.2	)
By Geographic Location2:
North America	$	17,221	$	17,255	$	16,379	$	16,664	$	16,420	(4.7	)	(1.5	)
Europe/Middle East/Africa	3,732		3,779		3,615		3,635		3,422		(8.3	)	(5.9	)
Asia/Pacific	1,025		1,030		953		959		946		(7.7	)	(1.4	)
Total Assets Under Custody	$	21,978	$	22,064	$	20,947	$	21,258	$	20,788	(5.4	)	(2.2	)
1   Amounts as of quarter-end.
2   Geographic mix is based on the location at which the assets are serviced.
3   Assets under custody are a component of assets under custody and administration presented above.

7

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER MANAGEMENT1
	Quarters										% Change
(Dollars in billions)	1Q15		2Q15		3Q15		4Q15		1Q16		1Q16 vs. 1Q15		1Q16 vs. 4Q15
Assets Under Management
By Asset Class and Investment Approach:
Equity:
Active	$	38	$	36	$	29	$	32	$	32	(15.8	)%	—	%
Passive	1,434		1,386		1,237		1,294		1,295		(9.7	)	0.1
Total Equity	1,472		1,422		1,266		1,326		1,327		(9.9	)	0.1
Fixed-Income:
Active	17		17		16		18		17		—		(5.6	)
Passive	306		303		300		294		310		1.3		5.4
Total Fixed-Income	323		320		316		312		327		1.2		4.8
Cash2	393		376		380		368		381		(3.1	)	3.5
Multi-Asset-Class Solutions:
Active	31		29		26		17		17		(45.2	)	—
Passive	84		89		85		86		92		9.5		7.0
Total Multi-Asset-Class Solutions	115		118		111		103		109		(5.2	)	5.8
Alternative Investments3:
Active	17		18		17		17		18		5.9		5.9
Passive	123		120		113		119		134		8.9		12.6
Total Alternative Investments	140		138		130		136		152		8.6		11.8
Total Assets Under Management	$	2,443	$	2,374	$	2,203	$	2,245	$	2,296	(6.0	)	2.3
By Geographic Location4:
North America	$	1,549	$	1,486	$	1,409	$	1,452	$	1,491	(3.7	)	2.7
Europe/Middle East/Africa	566		563		500		489		496		(12.4	)	1.4
Asia/Pacific	328		325		294		304		309		(5.8	)	1.6
Total Assets Under Management	$	2,443	$	2,374	$	2,203	$	2,245	$	2,296	(6.0	)	2.3
1  Amounts as of quarter-end.
2  Includes both floating- and constant-net-asset-value portfolios held in commingled structures or separate accounts.
3  Includes real estate investment trusts, currency and commodities, including SPDR® Gold Fund for which State Street is not the investment manager, but acts as distribution agent.
4  Geographic mix is based on client location or fund management location.
Exchange-Traded Funds1
By Asset Class:
Alternative investments	$	40	$	37	$	35	$	34	$	45	12.5	%	32.4	%
Cash	1		2		3		3		3		200.0		—
Equity	356		342		323		350		349		(2.0	)	(0.3	)
Fixed-income	43		41		39		41		46		7.0		12.2
Total Exchange-Traded Funds	$	440	$	422	$	400	$	428	$	443	0.7		3.5
1  Exchange-traded funds are a component of assets under management presented above.

8

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF OPERATING-BASIS (NON-GAAP) FINANCIAL INFORMATION
In addition to presenting State Street’s financial results in conformity with U.S. generally accepted accounting principles, referred to as GAAP, management also presents results on a non-GAAP, or "operating" basis, as it believes that this presentation supports meaningful comparisons from period to period and the analysis of comparable financial trends with respect to State Street’s normal ongoing business operations.
Management believes that operating-basis financial information, which reports revenue from non-taxable sources, such as interest revenue from tax-exempt investment securities and processing fees and other revenue associated with tax-advantaged investments, on a fully taxable-equivalent basis and excludes the impact of revenue and expenses outside of State Street's normal course of business, facilitates an investor's understanding and analysis of State Street's underlying financial performance and trends in addition to financial information prepared and reported in conformity with GAAP. Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in conformity with GAAP.
The accompanying materials present financial information prepared on a GAAP as well as on an operating basis; accordingly, this earnings release addendum provides reconciliations of operating-basis financial measures. The following tables reconcile operating-basis financial information presented in the accompanying earnings release to financial information prepared and reported in conformity with GAAP.
		Quarters															% Change
(Dollars in millions, except per share amounts, or where otherwise noted)		1Q15			2Q15			3Q15			4Q15			1Q16			1Q16 vs. 1Q15			1Q16 vs. 4Q15
Total Revenue:
Total revenue, GAAP basis		$	2,600		$	2,608		$	2,614		$	2,538		$	2,484		(4.5	)%		(2.1	)%
	Adjustment to processing fees and other revenue (see below)	53			98			12			31			63
	Adjustment to net interest revenue (see below)	44			44			43			42			42
	Adjustment to net interest revenue (see below)	(25		)	(23		)	(27		)	(23		)	(15		)
Total revenue, operating basis1,2,3		$	2,672		$	2,727		$	2,642		$	2,588		$	2,574		(3.7	)		(0.5	)
Fee Revenue:
Total fee revenue, GAAP basis		$	2,055		$	2,076		$	2,103		$	2,044		$	1,970		(4.1	)		(3.6	)
	Tax-equivalent adjustment associated with tax-advantaged investments	53			98			95			113			63
	Gain on sale of CRE and paydown of CRE loan	—			—			(83		)	(82		)	—
Total fee revenue, operating basis		$	2,108		$	2,174		$	2,115		$	2,075		$	2,033		(3.6	)		(2.0	)
Processing Fees and Other Revenue:
Total processing fees and other revenue, GAAP basis		$	61		$	17		$	120		$	111		$	52		(14.8	)		(53.2	)
	Tax-equivalent adjustment associated with tax-advantaged investments	53			98			95			113			63
	Gain on sale of CRE and paydown of CRE loan	—			—			(83		)	(82		)	—
Total processing fees and other revenue, operating basis		$	114		$	115		$	132		$	142		$	115		0.9			(19.0	)
Net Interest Revenue:
Net interest revenue, GAAP basis		$	546		$	535		$	513		$	494		$	512		(6.2	)		3.6
	Tax-equivalent adjustment associated with tax-exempt investment securities	44			44			43			42			42
Net interest revenue, fully taxable-equivalent basis4		590			579			556			536			554
	Discount accretion associated with former conduit securities	(25		)	(23		)	(27		)	(23		)	(15		)
Net interest revenue, operating basis4		$	565		$	556		$	529		$	513		$	539		(4.6	)		5.1
Net Interest Margin:
Net interest margin, fully taxable-equivalent basis4		1.06		%	1.00		%	1.00		%	1.06		%	1.15		%	9		bps	9		bps
	Effect of discount accretion	0.05			0.04			0.05			0.05			0.03
Net interest margin, operating basis		1.01		%	0.96		%	0.95		%	1.01		%	1.12		%	11			11

9

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF OPERATING-BASIS (NON-GAAP) FINANCIAL INFORMATION (Continued)
		Quarters															% Change
(Dollars in millions, except per share amounts, or where otherwise noted)		1Q15			2Q15			3Q15			4Q15			1Q16			1Q16 vs. 1Q15		1Q16 vs. 4Q15
Expenses:
Total expenses, GAAP basis		$	2,097		$	2,134		$	1,962		$	1,857		$	2,050		(2.2	)%	10.4	%
	Severance costs associated with staffing realignment	1			—			(75		)	1			(3		)
	Provisions for legal contingencies	(150		)	(250		)	—			(15		)	—
	Expense billing matter	—			—			—			(17		)	—
	Acquisition costs	(5		)	(3		)	(7		)	(5		)	(7		)
	Restructuring charges, net	(1		)	—			(3		)	(1		)	(97		)
Total expenses, operating basis1,2,3		$	1,942		$	1,881		$	1,877		$	1,820		$	1,943		0.1		6.8
Compensation and Employee Benefits Expenses:
Total compensation and employee benefits expenses, GAAP basis		$	1,087		$	984		$	1,051		$	939		$	1,107		1.8		17.9
	Severance costs associated with staffing realignment	1			—			(75		)	1			(3		)
Total compensation and employee benefits expenses, operating basis		$	1,088		$	984		$	976		$	940		$	1,104		1.5		17.4
Other Expenses:
Total other expenses, GAAP basis		$	447		$	588		$	325		$	345		$	254		(43.2	)	(26.4	)
	Provisions for legal contingencies	(150		)	(250		)	—			(15		)	—
	Expense billing matter	—			—			—			(17		)	—
Total other expenses, operating basis		$	297		$	338		$	325		$	313		$	254		(14.5	)	(18.8	)
Income Before Income Tax Expense:
Income before income tax expense, GAAP basis		$	499		$	472		$	647		$	680		$	430		(13.8	)	(36.8	)
	Net pre-tax effect of non-operating adjustments to revenue and expenses	227			372			113			87			197
Income before income tax expense, operating basis		$	726		$	844		$	760		$	767		$	627		(13.6	)	(18.3	)
Pre-tax operating margin:
Pre-tax operating margin, GAAP basis		19.2		%	18.1		%	24.8		%	26.8		%	17.3		%
	Net effect of non-operating adjustments	8.0			12.8			4.0			2.8			7.1
Pre-tax operating margin, operating basis5		27.2		%	30.9		%	28.8		%	29.6		%	24.4		%
Income Tax Expense:
Income tax expense, GAAP basis		$	94		$	54		$	67		$	103		$	62		(34.0	)	(39.8	)
	Aggregate tax-equivalent adjustments	97			142			138			155			105
	Italian deferred tax liability	—			—			25			(33		)	—
	Net tax effect of non-operating adjustments	16			54			13			18			15
Income tax expense, operating basis		$	207		$	250		$	243		$	243		$	182		(12.1	)	(25.1	)
Effective Tax Rate:
	Income before income tax expense, operating basis	$	726		$	844		$	760		$	767		$	627
	Income tax expense, operating basis	207			250			243			243			182
Effective tax rate, operating basis		28.4		%	29.6		%	32.0		%	31.8		%	29.1		%

10

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF OPERATING-BASIS (NON-GAAP) FINANCIAL INFORMATION (Continued)
		Quarters															% Change
(Dollars in millions, except per share amounts, or where otherwise noted)		1Q15			2Q15			3Q15			4Q15			1Q16			1Q16 vs. 1Q15			1Q16 vs. 4Q15
Net Income Available to Common Shareholders:
Net income available to common shareholders, GAAP basis		$	373		$	389		$	539		$	547		$	319		(14.5	)%		(41.7	)%
Net after-tax effect of non-operating adjustments to processing fees and other revenue, net interest revenue, expenses and income tax expense		114			176			(63		)	(53		)	77
Net income available to common shareholders, operating basis		$	487		$	565		$	476		$	494		$	396		(18.7	)		(19.8	)
Diluted Earnings per Common Share:
Diluted earnings per common share, GAAP basis		$	.89		$	.93		$	1.31		$	1.34		$	.79		(11.2	)		(41.0	)
	Severance costs	—			—			.11			—			.01
	Provisions for legal contingencies	.36			.37			—			.02			—
	Expense billing matter	—			—			—			.03			—
	Acquisition costs	.01			—			.01			.01			.01
	Restructuring charges, net	—			—			—			—			.15
	Effect on income tax of non-operating adjustments	(.06		)	.08			.02			(.04		)	.04
	Discount accretion associated with former conduit securities	(.04		)	(.02		)	(.04		)	(.03		)	(.02		)
��	Gain on sale of CRE and paydown of CRE loan	—			—			(.12		)	(.12		)	—
	Italian deferred tax liability	—			—			(.14		)	—			—
Diluted earnings per common share, operating basis		$	1.16		$	1.36		$	1.15		$	1.21		$	.98		(15.5	)		(19.0	)
Return on Average Common Equity:
Return on average common equity, GAAP basis		7.9		%	8.2		%	11.3		%	11.6		%	6.8		%	(110	)	bps	(480	)	bps
	Severance costs	—			—			1.0			—			—
	Provisions for legal contingencies	3.2			3.3			—			.2			—
	Expense billing matter	—			—			—			.3			—
	Acquisition costs	.1			—			.1			.1			.1
	Restructuring charges, net	—			—			—			—			1.3
	Effect on income tax of non-operating adjustments	(.5		)	.7			.1			(.3		)	.4
	Discount accretion associated with former conduit securities	(.3		)	(.3		)	(.3		)	(.3		)	(.2		)
	Gain on sale of CRE and paydown of CRE loan	—			—			(1.0		)	(1.1		)	—
	Italian deferred tax liability	—			—			(1.2		)	—			—
Return on average common equity, operating basis		10.4		%	11.9		%	10.0		%	10.5		%	8.4		%	(200	)		(210	)
1 For the quarters ended March 31, 2016 and March 31, 2015, negative operating leverage in the year-over-year comparison was approximately 372 basis points, based on a decrease in total operating-basis revenue of 3.67% and an increase in total operating-basis expenses of 0.05%.
2 For the quarters ended March 31, 2016 and December 31, 2015, negative operating leverage in the quarter-over-quarter comparison was approximately 730 basis points, based on a decrease in total operating-basis revenue of 0.54% and an increase in total operating-basis expenses of 6.76%.
3 Fully taxable-equivalent net interest margin for the first, second, third and fourth quarters of 2015 and the first quarter of 2016 represented fully taxable-equivalent net interest revenue of $590 million, $579 million, $556 million, $536 million and $554 million, respectively (GAAP-basis net interest revenue of $546 million, $535 million $513 million, $494 million and $512 million plus tax-equivalent adjustments of $44 million, $44 million $43 million, $42 million and $42 million, respectively), on an annualized basis, as a percentage of average total interest-earning assets for the quarters presented.
4 Pre-tax operating margin for the first, second, third and fourth quarters of 2015 and first quarter of 2016 was calculated by dividing income before income tax expense by total revenue.

11

STATE STREET CORPORATION

EARNINGS RELEASE ADDENDUM

REGULATORY CAPITAL

     The accompanying materials present capital ratios in addition to, or adjusted from, those calculated in conformity with applicable regulatory requirements. These include capital ratios based on tangible common equity, as well as capital ratios adjusted to reflect our estimate of the impact of the relevant Basel III requirements, as specified in the July 2013 final rule issued by the Board of Governors of the Federal Reserve System, referred to as the Basel III final rule. These non-regulatory and adjusted capital measures are non-GAAP financial measures. Management currently calculates the non-GAAP capital ratios presented in the news release to aid in its understanding of State Street’s capital position under a variety of standards, including currently applicable and transitioning regulatory requirements. Management believes that the use of the non-GAAP capital ratios presented in the accompanying materials similarly aids in an investor's understanding of State Street's capital position and therefore is of interest to investors.

     The common equity tier 1 risk-based capital, or CET1, tier 1 risk-based capital, total risk-based capital and tier 1 leverage ratios have each been calculated in conformity with applicable regulatory requirements as of the dates that each was first publicly disclosed. The capital component, or numerator, of these ratios was calculated in conformity with the provisions of the Basel III final rule. As of March 31, 2015, June 30, 2015, September 30, 2015, December 31, 2015 and March 31, 2016, the total risk-weighted assets component, or denominator, used in the calculation of the CET1, tier 1 risk-based capital and total risk-based capital ratios were each calculated in conformity with the advanced approaches and standardized approach provisions of Basel III, as the case may be.

     The tangible common equity, or TCE, ratio is an additional capital ratio that management believes provides context useful in understanding and assessing State Street's capital adequacy. The TCE ratio is calculated by dividing consolidated total common shareholders’ equity by consolidated total assets, after reducing both amounts by goodwill and other intangible assets net of related deferred taxes. Total assets reflected in the TCE ratio also exclude cash balances on deposit at the Federal Reserve Bank and other central banks in excess of required reserves. The TCE ratio is not required by GAAP or by banking regulations, but is a metric used by management to evaluate the adequacy of State Street’s capital levels. Since there is no authoritative requirement to calculate the TCE ratio, our TCE ratio is not necessarily comparable to similar capital measures disclosed or used by other companies in the financial services industry. Tangible common equity and adjusted tangible assets are non-GAAP financial measures and should be considered in addition to, not as a substitute for or superior to, financial measures determined in accordance with GAAP or other applicable requirements. Reconciliations with respect to the calculation of the TCE ratios are provided on page 13 of this earnings release addendum.

    The following table presents State Street's regulatory capital ratios and underlying components, calculated in conformity with applicable regulatory requirements as described above.

	Quarters
	1Q15						2Q15						3Q15						4Q15						1Q16
(Dollars in millions)	Basel III Advanced Approach1			Basel III Standardized Approach2			Basel III Advanced Approach1			Basel III Standardized Approach2			Basel III Advanced Approach1			Basel III Standardized Approach2			Basel III Advanced Approach1			Basel III Standardized Approach2			Basel III Advanced Approach1			Basel III Standardized Approach2
RATIOS:
Common equity tier 1 capital	12.0		%	10.2		%	12.0		%	11.4		%	12.0		%	11.8		%	12.5		%	13.0		%	12.3		%	12.5		%
Tier 1 capital	14.0			12.0			14.7			14.0			14.7			14.5			15.3			15.9			14.9			15.1
Total capital	16.1			13.7			16.8			16.0			16.8			16.6			17.4			18.1			17.1			17.3
Tier 1 leverage	5.8			5.8			6.0			6.0			6.3			6.3			6.9			6.9			6.9			6.9
Supporting Calculations:
Common equity tier 1 capital	$	12,494		$	12,494		$	12,559		$	12,559		$	12,515		$	12,515		$	12,433		$	12,433		$	12,404		$	12,404
Total risk-weighted assets	103,998			121,946			104,533			109,788			104,365			105,765			99,552			95,893			100,612			99,597
Common equity tier 1 risk-based capital	12.0		%	10.2		%	12.0		%	11.4		%	12.0		%	11.8		%	12.5		%	13.0		%	12.3		%	12.5		%
Tier 1 capital	$	14,598		$	14,598		$	15,401		$	15,401		$	15,361		$	15,361		$	15,264		$	15,264		$	15,032		$	15,032
Total risk-weighted assets	103,998			121,946			104,533			109,788			104,365			105,765			99,552			95,893			100,612			99,597
Tier 1 risk-based capital ratio	14.0		%	12.0		%	14.7		%	14.0		%	14.7		%	14.5		%	15.3		%	15.9		%	14.9		%	15.1		%
Total capital	$	16,752		$	16,752		$	17,554		$	17,554		$	17,526		$	17,583		$	17,349		$	17,403		$	17,191		$	17,248
Total risk-weighted assets	103,998			121,946			104,533			109,788			104,365			105,765			99,552			95,893			100,612			99,597
Total risk-based capital ratio	16.1		%	13.7		%	16.8		%	16.0		%	16.8		%	16.6		%	17.4		%	18.1		%	17.1		%	17.3		%
Tier 1 capital	$	14,598		$	14,598		$	15,401		$	15,401		$	15,361		$	15,361		$	15,264		$	15,264		$	15,032		$	15,032
Adjusted quarterly average assets	252,406			252,406			257,227			257,227			244,553			244,553			221,880			221,880			216,964			216,964
Tier 1 leverage ratio	5.8		%	5.8		%	6.0		%	6.0		%	6.3		%	6.3		%	6.9		%	6.9		%	6.9		%	6.9		%

¹ CET1, tier 1 capital, total capital and tier 1 leverage ratios as of March 31, 2015, June 30, 2015, September 30, 2015, December 31, 2015 and March 31, 2016 were calculated in conformity with the advanced approaches provisions of the Basel III final rule.

² CET1, tier 1 capital, total capital, and tier 1 leverage ratios as of March 31, 2015, June 30, 2015, September 30, 2015, December 31, 2015 and March 31, 2016 were calculated in conformity with the standardized approaches provisions of the Basel III final rule.

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF TANGIBLE COMMON EQUITY RATIO
The following table presents the calculation of State Street's ratios of tangible common equity to total tangible assets.
		Quarters
(Dollars in millions)		1Q15			2Q15			3Q15			4Q15			1Q16
Consolidated total assets		$	279,448		$	294,544		$	247,235		$	245,155		$	243,685
Less:
Goodwill		5,663			5,729			5,716			5,671			5,733
Other intangible assets		1,892			1,871			1,820			1,768			1,749
Cash balances held at central banks in excess of required reserves		71,740			106,202			60,160			66,259			58,639
Adjusted assets		200,153			180,742			179,539			171,457			177,564
Plus related deferred tax liabilities		814			834			713			694			698
Total tangible assets	A	200,967			181,576			180,252			172,151			178,262
Consolidated total common shareholders' equity		$	18,709		$	18,643		$	18,640		$	18,399		$	18,793
Less:
Goodwill		5,663			5,729			5,716			5,671			5,733
Other intangible assets		1,892			1,871			1,820			1,768			1,749
Adjusted equity		11,154			11,043			11,104			10,960			11,311
Plus related deferred tax liabilities		814			834			713			694			698
Total tangible common equity	B	$	11,968		$	11,877		$	11,817		$	11,654		$	12,009
Tangible common equity ratio	B/A	6.0		%	6.5		%	6.6		%	6.8		%	6.7		%

13

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF FULLY PHASED-IN CAPITAL RATIOS
Fully phased-in pro-forma estimates of common equity tier 1 capital include 100% of the accumulated other comprehensive income component of common shareholder’s equity, including accumulated other comprehensive income attributable to available-for-sale securities, cash flow hedges and defined benefit pension plans, as well as 100% of applicable deductions, including but not limited to, intangible assets net of deferred tax liabilities. Fully phased-in pro-forma estimates of tier 1 and total capital both reflect the transition of trust preferred capital securities from tier 1 capital to total capital. For both Basel III advanced and standardized approaches, fully phased-in pro-forma estimates of risk-weighted assets reflect the exclusion of intangible assets, offset by additions related to non-significant equity exposures and deferred tax assets related to temporary differences. All fully phased-in ratios are preliminary estimates, based on our interpretations of the Basel III final rule as of the date each such ratio was first announced publicly and as applied to our businesses and operations as of the date of such ratio.
The following tables reconcile our fully phased-in estimated pro-forma common equity tier 1 capital, tier 1 capital, total capital and tier 1 leverage ratios, calculated in conformity with the Basel III final rule, as of the dates indicated, to those same ratios calculated in conformity with the applicable regulatory requirements as of such dates.
As of March 31, 2016 (Dollars in millions)	Basel III Advanced Approaches			Phase-In Provisions			Basel III Advanced Approaches Fully Phased-In Pro-Forma Estimate			Basel III Standardized Approach			Phase-In Provisions			Basel III Standardized Approach Fully Phased-In Pro-Forma Estimate
Common equity tier 1 capital	$	12,404		$	(547	)	$	11,857		$	12,404		$	(547	)	$	11,857
Tier 1 capital	15,032			(486		)	14,546			15,032			(486		)	14,546
Total capital	17,191			(532		)	16,659			17,248			(532		)	16,716
Risk weighted assets	100,612			(570		)	100,042			99,597			(538		)	99,059
Adjusted average assets	216,964			(249		)	216,715			216,964			(249		)	216,715
Capital ratios:
Common equity tier 1 capital	12.3		%				11.9		%	12.5		%				12.0		%
Tier 1 capital	14.9						14.5			15.1						14.7
Total capital	17.1						16.7			17.3						16.9
Tier 1 leverage	6.9						6.7			6.9						6.7
As of December 31, 2015 (Dollars in millions)	Basel III Advanced Approaches			Phase-In Provisions			Basel III Advanced Approaches Fully Phased-In Pro-Forma Estimate			Basel III Standardized Approach			Phase-In Provisions			Basel III Standardized Approach Fully Phased-In Pro-Forma Estimate
Common equity tier 1 capital	$	12,433		$	(929	)	$	11,504		$	12,433		$	(929	)	$	11,504
Tier 1 capital	15,264			(1,076		)	14,188			15,264			(1,076		)	14,188
Total capital	17,349			(946		)	16,403			17,403			(946		)	16,457
Risk weighted assets	99,552			(405		)	99,402			95,893			(382		)	95,721
Adjusted average assets	221,880			(546		)	221,334			221,880			(546		)	221,334
Capital ratios:
Common equity tier 1 capital	12.5		%				11.6		%	13.0		%				12.0		%
Tier 1 capital	15.3						14.3			15.9						14.8
Total capital	17.4						16.5			18.1						17.2
Tier 1 leverage	6.9						6.4			6.9						6.4

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF FULLY PHASED-IN CAPITAL RATIOS
As of September 30, 2015 (Dollars in millions)	Basel III Advanced Approaches			Phase-In Provisions			Basel III Advanced Approaches Fully Phased-In Pro-Forma Estimate			Basel III Standardized Approach			Phase-In Provisions			Basel III Standardized Approach Fully Phased-In Pro-Forma Estimate
Common equity tier 1 capital	$	12,515		$	(855	)	$	11,660		$	12,515		$	(855	)	$	11,660
Tier 1 capital	15,361			(998		)	14,363			15,361			(998		)	14,363
Total capital	17,526			(868		)	16,658			17,583			(868		)	16,715
Risk weighted assets	104,365			(478		)	103,887			105,765			(451		)	105,314
Adjusted average assets	244,553			(488		)	244,065			244,553			(488		)	244,065
Capital ratios:
Common equity tier 1 capital	12.0		%				11.2		%	11.8		%				11.1		%
Tier 1 capital	14.7						13.8			14.5						13.6
Total capital	16.8						16.0			16.6						15.9
Tier 1 leverage	6.3						5.9			6.3						5.9
As of June 30, 2015 (Dollars in millions)	Basel III Advanced Approaches			Phase-In Provisions			Basel III Advanced Approaches Fully Phased-In Pro-Forma Estimate			Basel III Standardized Approach			Phase-In Provisions			Basel III Standardized Approach Fully Phased-In Pro-Forma Estimate
Common equity tier 1 capital	$	12,559		$	(846	)	$	11,713		$	12,559		$	(846	)	$	11,713
Tier 1 capital	15,401			(985		)	14,416			15,401			(985		)	14,416
Total capital	17,554			(855		)	16,699			17,554			(855		)	16,699
Risk weighted assets	104,533			(481		)	104,052			109,788			(453		)	109,335
Adjusted average assets	257,227			(295		)	256,932			257,227			(295		)	256,932
Capital ratios:
Common equity tier 1 capital	12.0		%				11.3		%	11.4		%				10.7		%
Tier 1 capital	14.7						13.9			14.0						13.2
Total capital	16.8						16.0			16.0						15.3
Tier 1 leverage	6.0						5.6			6.0						5.6

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF FULLY PHASED-IN CAPITAL RATIOS
As of March 31, 2015 (Dollars in millions)	Basel III Advanced Approaches			Phase-In Provisions			Basel III Advanced Approaches Fully Phased-In Pro-Forma Estimate			Basel III Standardized Approach			Phase-In Provisions			Basel III Standardized Approach Fully Phased-In Pro-Forma Estimate
Common equity tier 1 capital	$	12,494		$	(684	)	$	11,810		$	12,494		$	(684	)	$	11,810
Tier 1 capital	14,598			(827		)	13,771			14,598			(827		)	13,771
Total capital	16,752			(697		)	16,055			16,752			(697		)	16,055
Risk weighted assets	103,998			(552		)	103,446			121,946			(520		)	121,426
Adjusted average assets	252,406			(215		)	252,191			252,406			(215		)	252,191
Capital ratios:
Common equity tier 1 capital	12.0		%				11.4		%	10.2		%				9.7		%
Tier 1 capital	14.0						13.3			12.0						11.3
Total capital	16.1						15.5			13.7						13.2
Tier 1 leverage	5.8						5.5			5.8						5.5

16

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF SUPPLEMENTARY LEVERAGE RATIOS
In 2014, U.S. banking regulators issued final rules implementing a supplementary leverage ratio, or SLR, for certain bank holding companies, like State Street, and their insured depository institution subsidiaries, like State Street Bank. We refer to these final rules as the SLR final rule. Under the SLR final rule, upon implementation as of January 1, 2018, (i) State Street Bank must maintain an SLR of at least 6% to be well capitalized under the U.S. banking regulators’ Prompt Corrective Action framework and (ii) if State Street maintains an SLR of at least 5%, it is not subject to limitations on distribution and discretionary bonus payments under the SLR final rule. Beginning with reporting for March 31, 2015, State Street was required to include SLR disclosures with its other Basel disclosures.
Estimated pro forma fully phased-in SLR ratios as of March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015 and March 31, 2015 are preliminary estimates by State Street (in each case, fully phased-in as of January 1, 2018, as per the phase-in requirements of the SLR final rule), calculated based on our interpretations of the SLR final rule as of April 27, 2016 and as applied to our businesses and operations as of March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015 and March 31, 2015.
The following tables reconcile our estimated pro forma fully-phased in SLR ratios as of March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015, and March 31, 2015 calculated in conformity with the SLR final rule, as described, to our SLR ratios calculated in conformity with applicable regulatory requirements as of the dates indicated.
	State Street							State Street Bank
As of March 31, 2016 (Dollars in millions)	Transitional SLR				Fully Phased-In SLR			Transitional SLR			Fully Phased-In SLR
Tier 1 Capital	$	15,032		A	$	14,546		$	15,071		$	14,628
On-and off-balance sheet leverage exposure	248,008				248,008			243,095			243,095
Less: regulatory deductions	(6,223		)		(6,488		)	(5,843		)	(6,073		)
Total assets for SLR	241,785			B	241,520			237,252			237,022
Supplementary Leverage Ratio	6.2		%	A/B	6.0		%	6.4		%	6.2		%
	State Street							State Street Bank
As of December 31, 2015 (Dollars in millions)	Transitional SLR				Fully Phased-In SLR			Transitional SLR			Fully Phased-In SLR
Tier 1 Capital	$	15,264		C	$	14,188		$	14,647		$	13,869
On-and off-balance sheet leverage exposure	252,752				252,752			247,736			247,736
Less: regulatory deductions	(5,895		)		(6,440		)	(5,536		)	(6,036		)
Total assets for SLR	246,857			D	246,312			242,200			241,700
Supplementary Leverage Ratio	6.2		%	C/D	5.8		%	6.0		%	5.7		%
	State Street							State Street Bank
As of September 30, 2015 (Dollars in millions)	Transitional SLR				Fully Phased-In SLR			Transitional SLR			Fully Phased-In SLR
Tier 1 Capital	$	15,361		E	$	14,363		$	14,863		$	14,162
On-and off-balance sheet leverage exposure	276,673				276,673			271,347			271,347
Less: regulatory deductions	(5,911		)		(6,399		)	(5,550		)	(5,993		)
Total assets for SLR	270,762			F	270,274			265,797			265,354
Supplementary Leverage Ratio	5.7		%	E/F	5.3		%	5.6		%	5.3		%

17

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF SUPPLEMENTARY LEVERAGE RATIOS (Continued)
	State Street							State Street Bank
As of June 30, 2015 (Dollars in millions)	Transitional SLR				Fully Phased-In SLR			Transitional SLR			Fully Phased-In SLR
Tier 1 Capital	$	15,401		G	$	14,416		$	14,352		$	13,667
On-and off-balance sheet leverage exposure	291,875				291,875			286,851			286,851
Less: regulatory deductions	(6,138		)		(6,930		)	(5,776		)	(6,515		)
Total assets for SLR	285,737			H	284,945			281,075			280,336
Supplementary Leverage Ratio	5.4		%	G/H	5.1		%	5.1		%	4.9		%
	State Street							State Street Bank
As of March 31, 2015 (Dollars in millions)	Transitional SLR				Fully Phased-In SLR			Transitional SLR			Fully Phased-In SLR
Tier 1 Capital	$	14,598		I	$	13,772		$	13,770		$	13,245
On-and off-balance sheet leverage exposure	288,932				288,932			284,060			284,060
Less: regulatory deductions	(6,088		)		(6,898		)	(5,734		)	(6,489		)
Total assets for SLR	282,844			J	282,034			278,326			277,571
Supplementary Leverage Ratio	5.2		%	I/J	4.9		%	4.9		%	4.8		%

18