State Street (STT) 8-K State Street Reports Fourth-quarter 2016 Gaap-basis Eps of $1.43

Exhibit 99.2

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
December 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
Assets Under Custody and Administration	6
Assets Under Management	7
Investment Portfolio:
Investment Portfolio Credit Ratings	8
Investment Portfolio Holdings by Asset Class	9
Investment Portfolio Non-U.S. Investments	10
Operating-Basis (Non-GAAP) Financial Information:
Reconciliations of Operating-Basis (Non-GAAP) Financial Information	11
Reconciliations of Constant Currency FX Impacts	16
Capital:
Regulatory Capital	21
Reconciliation of Tangible Common Equity Ratio	22
Reconciliations of Fully Phased-In Ratios	23
Reconciliations of Supplementary Leverage Ratios	27

This financial information should be read in conjunction with State Street's news release dated January 25, 2017.

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED FINANCIAL HIGHLIGHTS
	Quarters																								% Change				Year-to-Date						% Change
(Dollars in millions, except per share amounts, or where otherwise noted)	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16			4Q16 vs. 4Q15		4Q16 vs. 3Q16		2015			2016			2016 vs. 2015
Revenue:
Fee revenue	$	2,055		$	2,076		$	2,103		$	2,044		$	1,970		$	2,053		$	2,079		$	2,014		(1.5	)%	(3.1	)%	$	8,278		$	8,116		(2.0	)%
Net interest revenue	546			535			513			494			512			521			537			514			4.0		(4.3	)	2,088			2,084			(0.2	)
Net gains (losses) from sales of available-for-sale securities	—			(3		)	(2		)	—			2			(1		)	6			2			nm		nm		(5		)	9			nm
Net losses from other-than-temporary impairment	(1		)	—			—			—			—			—			(2		)	—			nm		nm		(1		)	(2		)	nm
Total revenue	2,600			2,608			2,614			2,538			2,484			2,573			2,620			2,530			(0.3	)	(3.4	)	10,360			10,207			(1.5	)
Provision for loan losses	4			2			5			1			4			4			—			2			nm		nm		12			10			nm
Total expenses	2,097			2,134			1,962			1,857			2,050			1,860			1,984			2,183			17.6		10.0		8,050			8,077			0.3
Income before income tax expense	499			472			647			680			430			709			636			345			(49.3	)	(45.8	)	2,298			2,120			(7.7	)
Income tax expense	94			54			67			103			62			92			72			(248		)	(340.8	)	(444.4	)	318			(22		)	(106.9	)
Net income (loss) from non-controlling interest	—			—			1			(1		)	—			2			(1		)	—			nm		nm		—			1			nm
Net income	405			418			581			576			368			619			563			593			3.0		5.3		1,980			2,143			8.2
Net income available to common shareholders	$	373		$	389		$	539		$	547		$	319		$	585		$	507		$	557		1.8		9.9		$	1,848		$	1,968		6.5
Diluted earnings per common share(4)	$	.89		$	.93		$	1.31		$	1.34		$	.79		$	1.47		$	1.29		$	1.43		6.7		10.9		$	4.47		$	4.97		11.2
Average diluted common shares outstanding (in thousands)	418,750			416,712			412,167			407,012			403,615			398,847			393,212			389,046			(4.4	)	(1.1	)	413,638			396,090			(4.2	)
Cash dividends declared per common share	$	.30		$	.34		$	.34		$	.34		$	.34		$	.34		$	.38		$	.38		11.8		—		$	1.32		$	1.44		9.1
Closing price per share of common stock (as of quarter end)	73.53			77.00			67.21			66.36			58.52			53.92			69.63			77.72			17.1		11.6		66.36			77.72			17.1
Ratios:
Return on average common equity	7.9		%	8.2		%	11.3		%	11.6		%	6.8		%	12.4		%	10.6		%	12.1		%	4.3		14.2		9.8		%	10.5		%	7.1
Pre-tax operating margin	19.2			18.1			24.8			26.8			17.3			27.6			24.3			13.6			(49.3	)	(44.0	)	22.2			20.8			(6.3	)
Common equity tier 1 risk-based capital(1)	12.0			12.0			12.0			12.5			12.3			12.0			12.3			11.7			(6.4	)	(4.9	)	12.5			11.7			(6.4	)
Tier 1 risk-based capital(1)	14.0			14.7			14.7			15.3			14.9			15.0			15.4			14.8			(3.3	)	(3.9	)	15.3			14.8			(3.3	)
Total risk-based capital(1)	16.1			16.8			16.8			17.4			17.1			17.1			17.6			16.0			(8.0	)	(9.1	)	17.4			16.0			(8.0	)
Tier 1 leverage(1)	5.8			6.0			6.3			6.9			6.9			7.0			6.8			6.5			(5.8	)	(4.4	)	6.9			6.5			(5.8	)
Tangible common equity(2)	6.0			6.5			6.6			6.8			6.7			6.7			6.5			6.4			(5.9	)	(1.5	)	6.8			6.4			(5.9	)
At quarter-end:
Assets under custody and administration (in trillions)(3)	$	28.49		$	28.65		$	27.27		$	27.51		$	26.94		$	27.79		$	29.18		$	28.77		4.6		(1.4	)	$	27.51		$	28.77		4.6
Asset under management (in trillions)	2.44			2.37			2.20			2.25			2.30			2.30			2.45			2.47			9.8		0.8		2.25			2.47			9.8
Total assets	279,448			294,544			247,235			245,155			243,685			255,386			256,140			242,698			(1.0	)	(5.2	)	245,155			242,698			(1.0	)
Investment securities	112,857			101,463			97,560			100,022			102,298			103,121			99,888			97,167			(2.9	)	(2.7	)	100,022			97,167			(2.9	)
Deposits	211,352			230,591			186,367			191,627			185,516			193,130			198,766			187,163			(2.3	)	(5.8	)	191,627			187,163			(2.3	)
Long-term debt	9,146			9,058			11,986			11,497			10,323			11,924			11,834			11,430			(0.6	)	(3.4	)	11,497			11,430			(0.6	)
Total shareholders' equity	20,670			21,347			21,343			21,103			21,496			22,073			22,150			21,219			0.5		(4.2	)	21,103			21,219			0.5
(1) In early 2014, we announced that we had completed our Basel III qualification period. As a result, our regulatory capital ratios for each period presented in the table above have been calculated under the advanced approaches provisions of the Basel III final rule. Refer to page 21 of this earnings release addendum for additional information about our regulatory capital ratios for each period.
(2) Tangible common equity ratio is a non-GAAP measure. Refer to accompanying reconciliations on page 22 for additional information.
(3) Included assets under custody of $21.98 trillion, $22.06 trillion, $20.95 trillion, $21.26 trillion, $20.79 trillion, $21.35 trillion, $21.91 trillion and $21.73 trillion as of March 31, 2015, June 30, 2015, September 30, 2015, December 31, 2015, March 31, 2016, June 30, 2016, September 30, 2016 and December 31, 2016, respectively.
(4) Diluted earnings per common share for year to date December 31, 2016 does not equal the sum of the quarters.
nm Not meaningful

1

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS
	Quarters																								% Change				Year-to-Date						% Change
(Dollars in millions, except per share amounts, or where otherwise noted)	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16			4Q16 vs. 4Q15		4Q16 vs. 3Q16		2015			2016			2016 vs. 2015
Reported Results
Fee revenue:
Servicing fees	$	1,268		$	1,319		$	1,289		$	1,277		$	1,242		$	1,239		$	1,303		$	1,289		0.9	%	(1.1	)%	$	5,153		$	5,073		(1.6	)%
Management fees	301			304			287			282			270			293			368			361			28.0		(1.9	)	1,174			1,292			10.1
Trading services:
Direct sales and trading	135			88			108			79			90			87			94			115			45.6		22.3		410			386			(5.9	)
Indirect foreign exchange trading(1)	68			79			69			64			66			70			65			67			4.7		3.1		280			268			(4.3	)
Total foreign exchange trading	203			167			177			143			156			157			159			182			27.3		14.5		690			654			(5.2	)
Electronic foreign exchange services	48			44			46			37			44			43			41			41			10.8		—		175			169			(3.4	)
Other trading, transition management and brokerage	73			70			71			67			72			67			67			70			4.5		4.5		281			276			(1.8	)
Total brokerage and other trading services	121			114			117			104			116			110			108			111			6.7		2.8		456			445			(2.4	)
Total trading services	324			281			294			247			272			267			267			293			18.6		9.7		1,146			1,099			(4.1	)
Securities finance	101			155			113			127			134			156			136			136			7.1		—		496			562			13.3
Processing fees and other	61			17			120			111			52			98			5			(65		)	nm		nm		309			90			nm
Total fee revenue	2,055			2,076			2,103			2,044			1,970			2,053			2,079			2,014			(1.5	)	(3.1	)	8,278			8,116			(2.0	)
Net interest revenue:
Interest revenue	642			629			614			603			629			620			647			616			2.2		(4.8	)	2,488			2,512			1.0
Interest expense	96			94			101			109			117			99			110			102			(6.4	)	(7.3	)	400			428			7.0
Net interest revenue	546			535			513			494			512			521			537			514			4.0		(4.3	)	2,088			2,084			(0.2	)
Gains (losses) related to investment securities, net:
Net gains (losses) from sales of available-for-sale securities	—			(3		)	(2		)	—			2			(1		)	6			2							(5		)	9
Losses from other-than-temporary impairment	(1		)	—			—			—			—			—			(2		)	—							(1		)	(2		)
Gains (losses) related to investment securities, net	(1		)	(3		)	(2		)	—			2			(1		)	4			2							(6		)	7
Total revenue	2,600			2,608			2,614			2,538			2,484			2,573			2,620			2,530			(0.3	)	(3.4	)	10,360			10,207			(1.5	)
Provision for loan losses	4			2			5			1			4			4			—			2							12			10
Expenses:
Compensation and employee benefits	1,087			984			1,051			939			1,107			989			1,013			1,244			32.5		22.8		4,061			4,353			7.2
Information systems and communications	247			249			265			261			272			270			285			278			6.5		(2.5	)	1,022			1,105			8.1
Transaction processing services	197			201			201			194			200			201			200			199			2.6		(0.5	)	793			800			0.9
Occupancy	113			109			110			112			113			111			107			109			(2.7	)	1.9		444			440			(0.9	)
Acquisition and restructuring costs	6			3			10			6			104			20			42			43			616.7		2.4		25			209			736.0
Other	447			588			325			345			254			269			337			310			(10.1	)	(8.0	)	1,705			1,170			(31.4	)
Total expenses	2,097			2,134			1,962			1,857			2,050			1,860			1,984			2,183			17.6		10.0		8,050			8,077			0.3
Income before income tax expense	499			472			647			680			430			709			636			345			(49.3	)	(45.8	)	2,298			2,120			(7.7	)
Income tax expense	94			54			67			103			62			92			72			(248		)	(340.8	)	(444.4	)	318			(22		)	(106.9	)
Net income (loss) from non-controlling interest	—			—			1			(1		)	—			2			(1		)	—			nm		nm		—			1			nm
Net income	$	405		$	418		$	581		$	576		$	368		$	619		$	563		$	593		3.0		5.3		$	1,980		$	2,143		8.2
Effective tax rate	18.8		%	11.3		%	10.5		%	15.1		%	14.4		%	12.9		%	11.4		%	(72.3		)%					13.8		%	(1.1		)%

2

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS (Continued)
	Quarters																								% Change				Year-to-Date						% Change
(Dollars in millions, except per share amounts, or where otherwise noted)	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16			4Q16 vs. 4Q15		4Q16 vs. 3Q16		2015			2016			2016 vs. 2015
Adjustments to net income:
Dividends on preferred stock	$	(31	)	$	(29	)	$	(42	)	$	(28	)	$	(49	)	$	(33	)	$	(55	)	$	(36	)	28.6	%	(34.5	)%	$	(130	)	$	(173	)	33.1	%
Earnings allocated to participating securities	(1		)	—			—			(1		)	—			(1		)	(1		)	—			nm		nm		(2		)	(2		)	nm
Net income available to common shareholders	$	373		$	389		$	539		$	547		$	319		$	585		$	507		$	557		1.8		9.9		$	1,848		$	1,968		6.5
Earnings per common share(2):
Basic	$	.90		$	.95		$	1.33		$	1.36		$	.80		$	1.48		$	1.31		$	1.45		6.6		10.7		$	4.53		$	5.03		11.0
Diluted	.89			.93			1.31			1.34			.79			1.47			1.29			1.43			6.7		10.9		4.47			4.97			11.2
Average common shares outstanding:
Basic	412,225			410,674			406,612			402,041			399,421			394,160			388,358			384,115			(4.5	)	(1.1	)	407,856			391,485			(4.0	)
Diluted	418,750			416,712			412,167			407,012			403,615			398,847			393,212			389,046			(4.4	)	(1.1	)	413,638			396,090			(4.2	)
Cash dividends declared per common share	$	.30		$	.34		$	.34		$	.34		$	.34		$	.34		$	.38		$	.38		11.8		—		$	1.32		$	1.44		9.1
Closing price per share of common stock (as of quarter end)	73.53			77.00			67.21			66.36			58.52			53.92			69.63			77.72			17.1		11.6		66.36			77.72			17.1
Financial ratios:
Return on average common equity	7.9		%	8.2		%	11.3		%	11.6		%	6.8		%	12.4		%	10.6		%	12.1		%	4.3		14.2		9.8		%	10.5		%	7.1
Pre-tax operating margin	19.2			18.1			24.8			26.8			17.3			27.6			24.3			13.6			(49.3	)	(44.0	)	22.2			20.8			(6.3	)
After-tax margin	15.6			16.0			22.2			22.7			12.8			22.7			19.4			22.0			(3.1	)	13.4		19.1			19.3			1.0
Common dividend payout ratio	33.1			35.6			25.5			24.9			42.5			22.7			28.9			26.1			4.8		(9.7	)	29.0			28.5			(1.7	)
(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.
(2)Basic and diluted earnings per common share for year to date December 31, 2016 does not equal the sum of the quarters.
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			2Q16			3Q16			4Q16			4Q16 vs. 4Q15		4Q16 vs. 3Q16
Assets:
Cash and due from banks	$	3,149		$	3,084		$	3,660		$	1,207		$	3,735		$	4,673		$	3,490		$	1,314		8.9	%	(62.3	)%
Interest-bearing deposits with banks	83,398			116,728			68,361			75,338			65,032			75,169			79,090			70,935			(5.8	)	(10.3	)
Securities purchased under resale agreements	11,331			4,447			9,155			3,404			3,722			2,010			2,442			1,956			(42.5	)	(19.9	)
Trading account assets	1,145			1,373			1,223			849			873			890			1,063			1,024			20.6		(3.7	)
Investment securities:
Investment securities available for sale	96,612			85,308			80,097			70,070			71,086			72,735			71,520			61,998			(11.5	)	(13.3	)
Investment securities held to maturity(1)	16,245			16,155			17,463			29,952			31,212			30,386			28,368			35,169			17.4		24.0
Total investment securities	112,857			101,463			97,560			100,022			102,298			103,121			99,888			97,167			(2.9	)	(2.7	)
Loans and leases, net(2)	18,278			18,547			19,019			18,753			19,140			19,788			21,451			19,704			5.1		(8.1	)
Premises and equipment, net(3)	1,933			2,035			1,984			1,894			1,949			1,994			2,042			2,062			8.9		1.0
Accrued interest and fees receivable	2,281			2,385			2,271			2,346			2,371			2,399			2,594			2,644			12.7		1.9
Goodwill	5,663			5,729			5,716			5,671			5,733			5,671			5,911			5,814			2.5		(1.6	)
Other intangible assets	1,892			1,871			1,820			1,768			1,749			1,682			1,849			1,750			(1.0	)	(5.4	)
Other assets	37,521			36,882			36,466			33,903			37,083			37,989			36,320			38,328			13.1		5.5
Total assets	$	279,448		$	294,544		$	247,235		$	245,155		$	243,685		$	255,386		$	256,140		$	242,698		(1.0	)	(5.2	)
Liabilities:
Deposits:
Non-interest-bearing	$	72,704		$	83,120		$	58,426		$	65,800		$	54,248		$	57,268		$	60,545		$	59,397		(9.7	)	(1.9	)
Interest-bearing -- U.S.	30,769			32,839			30,407			29,958			31,159			33,060			33,767			30,911			3.2		(8.5	)
Interest-bearing -- Non-U.S.	107,879			114,632			97,534			95,869			100,109			102,802			104,454			96,855			1.0		(7.3	)
Total deposits	211,352			230,591			186,367			191,627			185,516			193,130			198,766			187,163			(2.3	)	(5.8	)
Securities sold under repurchase agreements	10,158			10,978			7,760			4,499			4,224			4,350			4,364			4,400			(2.2	)	0.8
Federal funds purchased	17			15			25			6			23			29			28			—			(100.0	)	(100.0	)
Other short-term borrowings	4,346			4,756			3,761			1,748			1,683			1,683			1,385			1,585			(9.3	)	14.4
Accrued expenses and other liabilities	23,759			17,799			15,961			14,643			20,388			22,166			17,582			16,901			15.4		(3.9	)
Long-term debt	9,146			9,058			11,986			11,497			10,323			11,924			11,834			11,430			(0.6	)	(3.4	)
Total liabilities	258,778			273,197			225,860			224,020			222,157			233,282			233,959			221,479			(1.1	)	(5.3	)
Shareholders' equity:
Preferred stock, no par, 3,500,000 shares authorized:
Series C, 5,000 shares issued and outstanding	491			491			491			491			491			491			491			491			—		—
Series D, 7,500 shares issued and outstanding	742			742			742			742			742			742			742			742			—		—
Series E, 7,500 shares issued and outstanding	728			728			728			728			728			728			728			728			—		—
Series F, 7,500 shares issued and outstanding	—			742			742			742			742			742			742			742			—		—
Series G, 5,000 shares issued and outstanding	—			—			—			—			—			493			493			493			nm		—
Common stock, $1 par, 750,000,000 shares authorized(4)	504			504			504			504			504			504			504			504			—		—
Surplus	9,744			9,744			9,742			9,746			9,739			9,767			9,778			9,782			0.4		—
Retained earnings	14,986			15,237			15,638			16,049			16,233			16,686			17,047			17,459			8.8		2.4
Accumulated other comprehensive income (loss)	(1,006		)	(1,011		)	(1,101		)	(1,442		)	(964		)	(997		)	(993		)	(2,040		)	41.5		105.4
Treasury stock, at cost(5)	(5,519		)	(5,830		)	(6,143		)	(6,457		)	(6,719		)	(7,083		)	(7,382		)	(7,682		)	19.0		4.1
Total shareholders' equity	20,670			21,347			21,343			21,103			21,496			22,073			22,150			21,219			0.5		(4.2	)
Non-controlling interest-equity	—			—			32			32			32			31			31			—
Total equity	20,670			21,347			21,375			21,135			21,528			22,104			22,181			21,219			0.4		(4.3	)
Total liabilities and equity	$	279,448		$	294,544		$	247,235		$	245,155		$	243,685		$	255,386		$	256,140		$	242,698		(1.0	)	(5.2	)
nm Not meaningful
	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16
(1) Fair value of investment securities held to maturity	$	16,417		$	16,198		$	17,536		$	29,798		$	31,555		$	30,895		$	28,780		$	34,994
(2) Allowance for loan losses	41			43			48			46			47			51			51			53
(3) Accumulated depreciation for premises and equipment	4,653			4,780			4,768			4,820			4,929			3,164			3,271			3,333
(4) Common stock shares issued	503,879,642			503,879,642			503,879,642			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			114,229,535			118,309,341			121,940,502

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		2Q16		3Q16		4Q16		4Q16 vs. 4Q15		4Q16 vs. 3Q16
Investment securities and short-duration instruments	80.4	%	81.8	%	81.2	%	79.9	%	78.5	%	78.4	%	78.7	%	78.2	%	(2.1	)%	(0.6	)%
Loans and leases	7.0		6.6		7.0		8.2		8.3		8.1		8.0		8.6		4.9		7.5
Non-interest-earning assets	12.6		11.6		11.8		11.9		13.2		13.5		13.3		13.2		10.9		(0.8	)
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
Client funds bearing interest	59.9	%	61.5	%	61.6	%	60.4	%	59.0	%	60.2	%	60.3	%	58.8	%	(2.6	)	(2.5	)
Client funds not bearing interest	21.2		21.3		20.4		19.4		20.1		18.3		19.1		20.5		5.7		7.3
Other non-interest-bearing liabilities	6.9		5.6		5.1		5.6		6.3		7.0		6.0		6.4		14.3		6.7
Long-term debt and common shareholders' equity	11.2		10.7		11.8		13.4		13.4		13.1		13.2		12.9		(3.7	)	(2.3	)
Preferred shareholders' equity	0.8		0.9		1.1		1.2		1.2		1.4		1.4		1.4		16.7		—
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

(Dollars in millions)	Quarters																% Change
Average Asset Backed Securities	1Q15		2Q15		3Q15		4Q15		1Q16		2Q16		3Q16		4Q16		4Q16 vs. 4Q15		4Q16 vs. 3Q16
Fixed	$	1,293	$	1,748	$	2,231	$	2,151	$	2,045	$	2,023	$	1,904	$	1,702	(20.9	)%	(10.6	)%
Floating	40,306		36,931		29,973		26,891		24,795		24,313		22,988		22,470		(16.4	)	(2.3	)
Total	$	41,599	$	38,679	$	32,204	$	29,042	$	26,840	$	26,336	$	24,892	$	24,172	(16.8	)	(2.9	)

(Dollars in millions)	Quarters																							% Change
Investment Securities - Appreciation (Depreciation)	1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16		4Q16			4Q16 vs. 4Q15		4Q16 vs. 3Q16
Held to maturity:
Amortized cost (book value)	$	16,245		$	16,155		$	17,463		$	29,952		$	31,212		$	30,386		$	28,368	$	35,169		17.4	%	24.0	%
Fair value	16,417			16,198			17,536			29,798			31,555			30,895			28,780		34,994			17.4		21.6
Appreciation (depreciation)	172			43			73			(154		)	343			509			412		(175		)	13.6		(142.5	)
Available for sale:
Amortized cost	95,524			84,689			79,415			69,843			70,366			71,720			70,795		61,912			(11.4	)	(12.5	)
Fair value (book value)	96,612			85,308			80,097			70,070			71,086			72,735			71,520		61,998			(11.5	)	(13.3	)
Appreciation (depreciation)	1,088			619			682			227			720			1,015			725		86			(62.1	)	(88.1	)
Pre-tax appreciation (depreciation) related to securities available for sale transferred to held to maturity	(95		)	(86		)	(70		)	23			(193		)	(197		)	35		(194		)	(943.5	)	(654.3	)
Total pre-tax appreciation (depreciation) related to investment securities portfolio	1,165			576			685			96			870			1,327			1,172		(283		)	(394.8	)	(124.1	)
Total after-tax appreciation (depreciation) related to investment securities portfolio	699			346			411			58			522			796			703		(170		)	(393.1	)	(124.2	)

(Dollars in billions)	Quarters																% Change
Securities on Loan	1Q15		2Q15		3Q15		4Q15		1Q16		2Q16		3Q16		4Q16		4Q16 vs. 4Q15		4Q16 vs. 3Q16
Average securities on loan	$	350	$	356	$	331	$	341	$	334	$	348	$	347	$	353	3.5	%	1.7	%
End-of-period securities on loan	350		333		332		323		341		348		348		364		12.7		4.6

5

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER CUSTODY AND ADMINISTRATION
	Quarters																% Change
(Dollars in billions)	1Q15		2Q15		3Q15		4Q15		1Q16		2Q16		3Q16		4Q16		4Q16 vs. 4Q15		4Q16 vs. 3Q16
Assets Under Custody and Administration
By Product Classification:
Mutual funds	$	7,073	$	7,107	$	6,698	$	6,768	$	6,728	$	6,734	$	6,906	$	6,841	1.1	%	(0.9	)%
Collective funds	7,113		7,189		6,883		7,088		7,000		7,234		7,541		7,501		5.8		(0.5	)
Pension products	5,745		5,830		5,497		5,510		5,197		5,496		5,671		5,584		1.3		(1.5	)
Insurance and other products	8,560		8,524		8,187		8,142		8,018		8,322		9,060		8,845		8.6		(2.4	)
Total Assets Under Custody and Administration	$	28,491	$	28,650	$	27,265	$	27,508	$	26,943	$	27,786	$	29,178	$	28,771	4.6		(1.4	)
By Financial Instrument:
Equities	$	15,660	$	16,006	$	14,223	$	14,888	$	14,433	$	14,960	$	16,012	$	15,833	6.3		(1.1	)
Fixed-income	9,157		8,939		9,470		9,264		9,199		9,530		9,891		9,665		4.3		(2.3	)
Short-term and other investments	3,674		3,705		3,572		3,356		3,311		3,296		3,275		3,273		(2.5	)	(0.1	)
Total Assets Under Custody and Administration	$	28,491	$	28,650	$	27,265	$	27,508	$	26,943	$	27,786	$	29,178	$	28,771	4.6		(1.4	)
By Geographic Location(1):
North America	$	21,554	$	21,667	$	20,536	$	20,842	$	20,505	$	21,072	$	21,561	$	21,544	3.4		(0.1	)
Europe/Middle East/Africa	5,590		5,621		5,452		5,387		5,159		5,356		6,107		5,734		6.4		(6.1	)
Asia/Pacific	1,347		1,362		1,277		1,279		1,279		1,358		1,510		1,493		16.7		(1.1	)
Total Assets Under Custody and Administration	$	28,491	$	28,650	$	27,265	$	27,508	$	26,943	$	27,786	$	29,178	$	28,771	4.6		(1.4	)
Assets Under Custody(2)
By Product Classification:
Mutual funds	$	6,786	$	6,744	$	6,369	$	6,413	$	6,363	$	6,361	$	6,461	$	6,395	(0.3	)	(1.0	)
Collective funds	5,626		5,674		5,412		5,642		5,589		5,788		6,080		6,100		8.1		0.3
Pension products	5,160		5,243		4,921		4,944		4,673		4,947		5,107		5,039		1.9		(1.3	)
Insurance and other products	4,406		4,403		4,245		4,259		4,163		4,258		4,262		4,191		(1.6	)	(1.7	)
Total Assets Under Custody	$	21,978	$	22,064	$	20,947	$	21,258	$	20,788	$	21,354	$	21,910	$	21,725	2.2		(0.8	)
By Geographic Location(1):
North America	$	17,221	$	17,255	$	16,379	$	16,664	$	16,420	$	16,756	$	17,074	$	17,083	2.5		0.1
Europe/Middle East/Africa	3,732		3,779		3,615		3,635		3,422		3,584		3,698		3,508		(3.5	)	(5.1	)
Asia/Pacific	1,025		1,030		953		959		946		1,014		1,138		1,134		18.2		(0.4	)
Total Assets Under Custody	$	21,978	$	22,064	$	20,947	$	21,258	$	20,788	$	21,354	$	21,910	$	21,725	2.2		(0.8	)
(1) Geographic mix is based on the location at which the assets are serviced.
(2) Assets under custody are a component of assets under custody and administration presented above.

6

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER MANAGEMENT
	Quarters																% Change
(Dollars in billions)	1Q15		2Q15		3Q15		4Q15		1Q16		2Q16		3Q16		4Q16		4Q16 vs. 4Q15		4Q16 vs. 3Q16
Assets Under Management
By Asset Class and Investment Approach:
Equity:
Active	$	38	$	36	$	29	$	32	$	32	$	32	$	70	$	73	128.1	%	4.3	%
Passive	1,434		1,386		1,237		1,294		1,295		1,275		1,340		1,401		8.3		4.6
Total Equity	1,472		1,422		1,266		1,326		1,327		1,307		1,410		1,474		11.2		4.5
Fixed-Income:
Active	17		17		16		18		17		17		73		70		288.9		(4.1	)
Passive	306		303		300		294		310		318		318		308		4.8		(3.1	)
Total Fixed-Income	323		320		316		312		327		335		391		378		21.2		(3.3	)
Cash(1)	393		376		380		368		381		380		351		333		(9.5	)	(5.1	)
Multi-Asset-Class Solutions:
Active	31		29		26		17		17		17		19		19		11.8		—
Passive	84		89		85		86		92		100		106		107		24.4		0.9
Total Multi-Asset-Class Solutions	115		118		111		103		109		117		125		126		22.3		0.8
Alternative Investments(2):
Active	17		18		17		17		18		18		29		28		64.7		(3.4	)
Passive	123		120		113		119		134		144		140		129		8.4		(7.9	)
Total Alternative Investments	140		138		130		136		152		162		169		157		15.4		(7.1	)
Total Assets Under Management	$	2,443	$	2,374	$	2,203	$	2,245	$	2,296	$	2,301	$	2,446	$	2,468	9.9		0.9
By Geographic Location(3):
North America	$	1,549	$	1,486	$	1,409	$	1,452	$	1,491	$	1,501	$	1,641	$	1,691	16.5		3.0
Europe/Middle East/Africa	566		563		500		489		496		492		495		482		(1.4	)	(2.6	)
Asia/Pacific	328		325		294		304		309		308		310		295		(3.0	)	(4.8	)
Total Assets Under Management	$	2,443	$	2,374	$	2,203	$	2,245	$	2,296	$	2,301	$	2,446	$	2,468	9.9		0.9
(1) Includes both floating- and constant-net-asset-value portfolios held in commingled structures or separate accounts.
(2) 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.
(3) Geographic mix is based on client location or fund management location.
Exchange-Traded Funds(1)
By Asset Class:
Alternative investments	$	40	$	37	$	35	$	34	$	45	$	54	$	54	$	42	23.5	%	(22.2	)%
Cash	1		2		3		3		3		2		2		2		(33.3	)	—
Equity	356		342		323		350		349		348		370		426		21.7		15.1
Fixed-income	43		41		39		41		46		48		52		51		24.4		(1.9	)
Total Exchange-Traded Funds	$	440	$	422	$	400	$	428	$	443	$	452	$	478	$	521	21.7		9.0
(1)  Exchange-traded funds are a component of assets under management presented above.

7

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO CREDIT RATINGS
(Dollars in billions, book value)	U.S. Treasuries & Agencies			AAA			AA			A			BBB			<BBB			Not Rated			Total			Unrealized After-tax MTM Gain/(Loss) (in millions)(1)
12/31/2016	$	45.5		$	30.5		$	12.8		$	4.5		$	2.8		$	1.2		$	—		$	97.3		$	(170	)
	47		%	31		%	13		%	5		%	3		%	1		%	—		%	100		%
12/31/2015	$	45.3		$	34.7		$	12.5		$	4.7		$	1.6		$	1.0		$	—		$	99.8		$	58
	45		%	35		%	12		%	5		%	2		%	1		%	—		%	100		%
12/31/2014	$	36.4		$	45.8		$	18.6		$	7.2		$	2.2		$	1.6		$	0.1		$	111.9		$	487
	32		%	41		%	17		%	6		%	2		%	2		%	—		%	100		%
12/31/2013	$	29.6		$	51.7		$	22.4		$	7.7		$	3.4		$	2.2		$	0.1		$	117.1		$	(213	)
	26		%	44		%	19		%	6		%	3		%	2		%	—		%	100		%
12/31/2012	$	37.6		$	46.0		$	22.7		$	8.5		$	3.2		$	2.1		$	0.1		$	120.2		$	697
	31		%	38		%	19		%	7		%	3		%	2		%	—		%	100		%
(1) As of December 31, 2016 the after tax unrealized MTM gain/(loss) includes after-tax unrealized loss on securities available for sale of $(35) million, after-tax unrealized loss on securities held to maturity of $(105) million and after-tax unrealized loss primarily related to securities previously transferred from available for sale to held to maturity of $(30) million.

8

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO HOLDINGS BY ASSET CLASS
	Ratings
December 31, 2016	UST/AGY		AAA		AA		A		BBB		<BBB		NR		Book Value (In billions)(1)		Book Value (% Total)		Unrealized After-tax MTM Gain/(Loss) (In millions)(2)			Fixed Rate/ Floating Rate
Government & agency securities	78	%	11	%	6	%	5	%	—	%	—	%	—	%	$	27.8	28.6	%	$	16		98% / 2%
Asset-backed securities	—		70		17		3		6		4		—		22.8		23.4		(47		)	7% / 93%
Student loans	—		41		33		4		16		6		—		8.6		37.7		(74		)
Credit cards	—		100		—		—		—		—		—		2.8		12.3		(14		)
Auto & equipment	—		92		8		—		—		—		—		2.1		9.2		1
Non-US residential mortgage backed securities	—		86		8		3		1		2		—		7.7		33.8		43
Collateralized loan obligation	—		99		1		—		—		—		—		1.0		4.4		7
Sub-prime	—		9		15		21		2		53		—		0.3		1.3		(10		)
Other	—		23		77		—		—		—		—		0.3		1.3		—
Mortgage-backed securities	95		4		—		—		—		1		—		24.0		24.7		(185		)	92% / 8%
Agency MBS	100		—		—		—		—		—		—		22.6		94.2		(191		)
Non-Agency MBS	—		72		2		1		5		20		—		1.4		5.8		6
CMBS	29		68		2		—		—		1		—		3.8		3.9		(18		)	72% / 28%
Corporate bonds	—		—		16		48		35		1		—		3.5		3.6		(5		)	91% / 9%
Covered bonds	—		100		—		—		—		—		—		3.8		3.9		13			14% / 86%
Municipal bonds	—		33		62		5		—		—		—		8.3		8.5		53			99% / 1%
Clipper tax-exempt bonds/other	—		45		41		12		1		—		1		3.3		3.4		3			24% / 76%
Total Portfolio	47	%	31	%	13	%	5	%	3	%	1	%	—	%	$	97.3	100.0	%	$	(170	)	68% / 32%
(1) Portfolio amounts are expressed at book value; book value includes the amortized cost of transferred securities at the time they were transferred.
(2) At December 31, 2016 the after-tax unrealized MTM gain/(loss) includes after-tax unrealized loss on securities available for sale of $(35) million, after-tax unrealized loss on securities held to maturity of $(105) million and after-tax unrealized loss primarily related to securities previously transferred from available for sale to held to maturity of $(30) million.

9

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO NON-U.S. INVESTMENTS
				Book Value (In billions)
December 31, 2016	Book Value (In billions)		Average Rating	Gov't/Agency(1)		ABS FRMBS		ABS All Other		Corporate Bonds		Covered Bonds		Other
United Kingdom	$	5.6	AAA	$	—	$	3.6	$	1.1	$	0.2	$	0.7	$	—
Australia	4.7		AAA	0.8		1.7		0.3		0.3		0.7		0.9
Canada	3.0		AAA	1.9		—		—		0.1		1.0		—
Netherlands	1.8		AAA	—		1.5		0.1		0.1		0.1		—
Japan	1.3		A	1.3		—		—		—		—		—
Germany	1.0		AAA	0.1		—		0.9		—		—		—
France	1.0		AA	0.2		—		0.2		0.2		0.4		—
Italy	0.7		AA	0.1		0.4		0.2		—		—		—
Korea	0.6		AA	0.6		—		—		—		—		—
Norway	0.5		AAA	—		—		—		—		0.5		—
Spain	0.4		A	—		0.2		0.2		—		—		—
Finland	0.2		AAA	—		—		—		—		0.2		—
Ireland	0.1		AAA	—		0.1		—		—		—		—
Other	1.6		AA	1.0		0.1		—		0.2		0.3		—
Total Non-U.S. Investments(2)	$	22.5		$	6.0	$	7.6	$	3.0	$	1.1	$	3.9	$	0.9
U.S. Investments	74.8
Total Portfolio	$	97.3
(1) Sovereign debt is reflected in the government agency column.
(2) Country of collateral used except for corporates where country of issuer is used; excludes equity securities of approximately $18.3 million.

10

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, or GAAP, management also presents results on a non-GAAP, or "operating" basis, as it believes that this presentation supports meaningful analysis and comparisons of trends with respect to State Street's normal ongoing business operations from period to period, as well as additional information (such as capital ratios calculated under regulatory standards scheduled to be effective in the future or other standards) that management uses in evaluating State Street’s business and activities.
Management believes that operating-basis financial information, which excludes the impact of revenue and expenses outside of State Street's normal course of business (such as acquisitions and restructuring charges), 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. Excluding the impact of revenue and expenses outside of State Street's normal course of business (such as acquisition and restructuring charges) provides additional insight into our underlying margin and profitability. Our operating-basis presentation also 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. Taxable-equivalent revenue allows management to provide more meaningful comparisons of yields and margins on assets and to evaluate investment opportunities with different tax profiles. Management also, where notable, presents operating-basis financial information which also excludes the estimated results of operations of the GE Asset Management business (acquired on July 1, 2016) and other metrics (e.g. the fourth quarter 2016 acceleration of compensation expense or the effects of changes in foreign expense rates), as this presentation aids the comparability of financial results to prior periods that did not include those events. Management also believes that the use of other non-GAAP financial measures in the calculation of identified capital ratios is useful to understanding State Street's capital position and is of interest to investors. Additionally, management presents revenue and expense measures on a constant currency (non-GAAP) basis to identify the significance of changes in foreign currency exchange rates (which often are variable) in period-to-period comparisons. This presentation represents the effects of applying prior period weighted average foreign currency exchange rates to current period results. 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.
		Quarters																				% Change				Year-to-Date						% Change
(Dollars in millions, except per share amounts, or where otherwise noted)		1Q15		2Q15		3Q15			4Q15			1Q16		2Q16			3Q16		4Q16			4Q16 vs. 4Q15		4Q16 vs. 3Q16		2015			2016			2016 vs. 2015
Total Revenue:
Total revenue, GAAP-basis		$2,600		$2,608		$2,614			$2,538			$2,484		$2,573			$	2,620	$	2,530		(0.3	)%	(3.4	)%	$	10,360		$	10,207		(1.5	)%
	Adjustment to processing fees and other revenue (see below)	53		98		12			31			63		34			134		186							194			417
	Adjustment to net interest revenue (see below)	19		21		16			19			27		25			—		33							75			85
	Adjustment to servicing and management fee revenue (see below)	—		—		—			—			—		43			—		—							—			43
Total revenue, operating-basis		$2,672		$2,727		$2,642			$2,588			$2,574		$2,675			$	2,754	$	2,749		6.2		(0.2	)	$	10,629		$	10,752		1.2
Fee Revenue:
Total fee revenue, GAAP-basis		$2,055		$2,076		$2,103			$2,044			$1,970		$2,053			$	2,079	$	2,014		(1.5	)	(3.1	)	$	8,278		$	8,116		(2.0	)
	Tax-equivalent adjustment associated with tax-advantaged investments	53		98		95			113			63		87			134		186							359			470
	Gain on sale of CRE and CRE loan extinguishment / paydown	—		—		(83		)	(82		)	—		—			—		—							(165		)	—
	Gain on sale of WM/Reuters Business	—		—		—			—			—		(53		)	—		—							—			(53		)
	Expense billing matter, net	—		—		—			—			—		43			—		—							—			43
Total fee revenue, operating-basis		$2,108		$2,174		$2,115			$2,075			$2,033		$2,130			$	2,213	$	2,200		6.0		(0.6	)	$	8,472		$	8,576		1.2
Servicing Fees:
Total servicing fees, GAAP-basis		$1,268		$1,319		$1,289			$1,277			$1,242		$1,239			$	1,303	$	1,289		0.9		(1.1	)	$	5,153		$	5,073		(1.6	)
	Expense billing matter	—		—		—			—			—		48			—		—							—			48
Total servicing fees, operating-basis		$1,268		$1,319		$1,289			$1,277			$1,242		$1,287			$	1,303	$	1,289		0.9		(1.1	)	$	5,153		$	5,121		(0.6	)
Management Fees:
Total management fees, GAAP-basis		$	301	$	304	$	287		$	282		$	270	$	293		$	368	$	361		28.0		(1.9	)	$	1,174		$	1,292		10.1
	Expense billing matter	—		—		—			—			—		(5		)	—		—							—			(5		)
Total management fees, operating-basis		$	301	$	304	$	287		$	282		$	270	$	288		$	368	$	361		28.0		(1.9	)	$	1,174		$	1,287		9.6
Processing Fees and Other Revenue:
Total processing fees and other revenue, GAAP-basis		$	61	$	17	$	120		$	111		$	52	$	98		$	5	$	(65	)	(158.6	)	(1,400.0	)	$	309		$	90		(70.9	)
	Tax-equivalent adjustment associated with tax-advantaged investments	53		98		95			113			63		87			134		186							359			470
	Gain on sale of CRE and CRE loan extinguishment / paydown	—		—		(83		)	(82		)	—		—			—		—							(165		)	—
	Gain on sale of WM/Reuters Business	—		—		—			—			—		(53		)	—		—							—			(53		)
Total processing fees and other revenue, operating-basis		$	114	$	115	$	132		$	142		$	115	$	132		$	139	$	121		(14.8	)	(12.9	)	$	503		$	507		0.8

11

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF OPERATING-BASIS (NON-GAAP) FINANCIAL INFORMATION (Continued)
		Quarters																								% Change						Year-to-Date						% Change
(Dollars in millions, except per share amounts, or where otherwise noted)		1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16			4Q16 vs. 4Q15			4Q16 vs. 3Q16			2015			2016			2016 vs. 2015
Net Interest Revenue & Net Interest Margin:
Net interest revenue, GAAP-basis		$	546		$	535		$	513		$	494		$	512		$	521		$	537		$	514		4.0	%		(4.3	)%		$	2,088		$	2,084		(0.2	)%
	Tax-equivalent adjustment associated with tax-exempt investment securities	44			44			43			42			42			40			42			43									173			167
Net interest revenue, fully taxable-equivalent basis(1)		$	590		$	579		$	556		$	536		$	554		$	561		$	579		557									$	2,261		$	2,251
	Average interest earning assets(1)	226,359			233,411			221,424			200,899			194,081			198,243			202,155			202,194									220,456			199,184
Net interest margin, fully taxable-equivalent basis(1)		1.06		%	1.00		%	1.00		%	1.06		%	1.15		%	1.14		%	1.14		%	1.09		%	3		bps	(5	)	bps	1.03		%	1.13		%	10		bps
Net interest revenue, fully taxable-equivalent basis(1)		$	590		$	579		$	556		$	536		$	554		$	561		579			557									$	2,261		$	2,251
	Discount accretion associated with former conduit securities	(25		)	(23		)	(27		)	(23		)	(15		)	(15		)	(42		)	(10		)							(98		)	(82		)
Net interest revenue, operating-basis(1)		$	565		$	556		$	529		$	513		$	539		$	546		$	537		$	547		6.6	%		1.9	%		$	2,163		$	2,169		0.3	%
	Average interest earning assets(1)	226,359			233,411			221,424			200,899			194,081			198,243			202,155			202,194									220,456			199,184
Net interest margin, operating-basis(1)		1.01		%	0.96		%	0.95		%	1.01		%	1.12		%	1.11		%	1.06		%	1.08		%	7		bps	2		bps	0.98		%	1.09		%	11		bps
	Effect of discount accretion	0.05		%	0.04		%	0.05		%	0.05		%	0.03		%	0.03		%	0.08		%	0.01		%							0.05		%	0.04		%
Expenses:
Total expenses, GAAP-basis		$2,097			$2,134			$1,962			$1,857			$2,050			$1,860			$	1,984		$	2,183		17.6	%		10.0	%		$	8,050		$	8,077		0.3	%
	Severance costs associated with staffing realignment	1			—			(75		)	1			(3		)	3			9			2									(73		)	11
	Provisions for legal contingencies	(150		)	(250		)	—			(15		)	—			—			(42		)	1									(415		)	(41		)
	Expense billing matter, net	—			—			—			(17		)	—			(15		)	—			—									(17		)	(15		)
	Acquisition costs	(5		)	(3		)	(7		)	(5		)	(7		)	(7		)	(33		)	(22		)							(20		)	(69		)
	Restructuring charges, net	(1		)	—			(3		)	(1		)	(97		)	(13		)	(9		)	(21		)							(5		)	(140		)
Total expenses, operating-basis		$1,942			$1,881			$1,877			$1,820			$1,943			$1,828			$	1,909		$	2,143		17.7			12.3			$	7,520		$	7,823		4.0
Compensation and Employee Benefits Expenses:
Total compensation and employee benefits expenses, GAAP-basis		$1,087			$	984		$	1,051		$	939		$	1,107		$	989		$	1,013		$	1,244		32.5			22.8			$	4,061		$	4,353		7.2
	Severance costs associated with staffing realignment	1			—			(75		)	1			(3		)	3			9			2									(73		)	11
Total compensation and employee benefits expenses, operating-basis(2)		$1,088			$	984		$	976		$	940		$	1,104		$	992		$	1,022		$	1,246		32.6			21.9			$	3,988		$	4,364		9.4
Other Expenses:
Total other expenses, GAAP-basis		$	447		$	588		$	325		$	345		$	254		$	269		$	337		$	310		(10.1	)		(8.0	)		$	1,705		$	1,170		(31.4	)
	Provisions for legal contingencies	(150		)	(250		)	—			(15		)	—			—			(42		)	1									(415		)	(41		)
	Expense billing matter, net	—			—			—			(17		)	—			(15		)	—			—									(17		)	(15		)
Total other expenses, operating-basis		$	297		$	338		$	325		$	313		$	254		$	254		$	295		$	311		(0.6	)		5.4			$	1,273		$	1,114		(12.5	)
Income Before Income Tax Expense:
Income before income tax expense, GAAP-basis		$	499		$	472		$	647		$	680		$	430		$	709		$	636		$	345		(49.3	)		(45.8	)		$	2,298		$	2,120		(7.7	)
	Net pre-tax effect of non-operating adjustments to revenue and expenses	227			372			113			87			197			134			209			259									799			799
Income before income tax expense, operating-basis		$	726		$	844		$	760		$	767		$	627		$	843		$	845		$	604		(21.3	)		(28.5	)		$	3,097		$	2,919		(5.7	)

12

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF OPERATING-BASIS (NON-GAAP) FINANCIAL INFORMATION (Continued)
		Quarters																								% Change						Year-to-Date						% Change
(Dollars in millions, except per share amounts, or where otherwise noted)		1Q15			2Q15			3Q15			4Q15			1Q16			2Q16			3Q16			4Q16			4Q16 vs. 4Q15			4Q16 vs. 3Q16			2015			2016			2016 vs. 2015
Pre-tax operating margin:
Pre-tax operating margin, GAAP-basis		19.2		%	18.1		%	24.8		%	26.8		%	17.3		%	27.6		%	24.3		%	13.6		%	(1,320	)	bps	(1,070	)	bps	22.2		%	20.8		%	(140	)	bps
	Net effect of non-operating adjustments	8.0			12.8			4.0			2.8			7.1			3.9			6.4			8.4									6.9			6.3
Pre-tax operating margin, operating-basis(3)		27.2		%	30.9		%	28.8		%	29.6		%	24.4		%	31.5		%	30.7		%	22.0		%	(760	)	bps	(870	)	bps	29.1		%	27.1		%	(200	)	bps
Income Tax Expense:
Income tax expense, GAAP-basis		$	94		$	54		$	67		$	103		$	62		$	92		$	72		$	(248	)	(340.8	)%		(444.4	)%		$	318		$	(22	)	(106.9	)%
	Aggregate tax-equivalent adjustments	97			142			138			155			105			127			176			229									532			637
	Italian deferred tax liability	—			—			25			(33		)	—			—			—			—									(8		)	—
	Net tax effect of non-operating adjustments	16			54			13			18			15			10			8			10									101			43
Income tax expense, operating-basis		$	207		$	250		$	243		$	243		$	182		$	229		$	256		$	(9	)	(103.7	)		(103.5	)		$	943		$	658		(30.2	)
Effective Tax Rate:
Income before income tax expense, operating-basis		$	726		$	844		$	760		$	767		$	627		$	843		$	845		$	604		(21.3)			(28.5)			$	3,097		$	2,919		(5.7)
Income tax expense, operating-basis		207			250			243			243			182			229			256			(9		)							943			658
Effective tax rate, operating-basis(4)		28.4		%	29.6		%	32.0		%	31.8		%	29.1		%	27.0		%	30.3		%	(1.5		)%	(3,330.0)		bps	(3,180.0)		bps	30.4		%	22.5		%	(790.0)		bps
Net Income Available to Common Shareholders:
Net income available to common shareholders, GAAP-basis		$	373		$	389		$	539		$	547		$	319		$	585		$	507		$	557		1.8	%		9.9	%		$	1,848		$	1,968		6.5	%
	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			(3		)	25			20									174			119
Net income available to common shareholders, operating-basis		$	487		$	565		$	476		$	494		$	396		$	582		$	532		$	577		16.8			8.5			$	2,022		$	2,087		3.2
Diluted Earnings per Common Share(5):
Diluted earnings per common share, GAAP-basis		$	.89		$	.93		$	1.31		$	1.34		$	.79		$	1.47		$	1.29		$	1.43		6.7			10.9			$	4.47		$	4.97		11.2
	Severance costs associated with staffing realignment	—			—			.11			—			.01			(.01		)	(.01		)	—									.11			(.02		)
	Provisions for legal contingencies	.36			.37			—			.02			—			—			.11			.02									.76			.13
	Expense billing matter, net	—			—			—			.03			—			.10			—			—									.03			.10
	Acquisition costs	.01			—			.01			.01			.01			.01			.05			.03									.03			.11
	Restructuring charges, net	—			—			—			—			.15			.02			.01			.02									.01			.21
	Effect on income tax of non-operating adjustments	(.06		)	.08			.02			(.04		)	.04			(.01		)	(.03		)	(.01		)							—			—
	Discount accretion associated with former conduit securities	(.04		)	(.02		)	(.04		)	(.03		)	(.02		)	(.02		)	(.07		)	(.01		)							(.14		)	(.13		)
	Gain on sale of CRE and CRE loan extinguishment / paydown	—			—			(.12		)	(.12		)	—			—			—			—									(.24		)	—
	Italian deferred tax liability	—			—			(.14		)	—			—			—			—			—									(.14		)	—
	Gain on sale of WM/Reuters Business	—			—			—			—			—			(.10		)	—			—									—			(.10		)
Diluted earnings per common share, operating-basis		$	1.16		$	1.36		$	1.15		$	1.21		$	.98		$	1.46		$	1.35		$	1.48		22.3			9.6			$	4.89		$	5.27		7.8

13

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF OPERATING-BASIS (NON-GAAP) FINANCIAL INFORMATION (Continued)
		Quarters																		% Change				Year-to-Date						% Change
(Dollars in millions, except per share amounts, or where otherwise noted)		1Q15		2Q15		3Q15		4Q15		1Q16		2Q16		3Q16			4Q16			4Q16 vs. 4Q15		4Q16 vs. 3Q16		2015			2016			2016 vs. 2015
Return on Average Common Equity:
Return on average common equity, GAAP-basis		7.9	%	8.2	%	11.3	%	11.6	%	6.8	%	12.4	%	10.6		%	12.1		%	50	bps	150	bps	9.8		%	10.5		%	70	bps
	Severance costs associated with staffing realignment	—		—		1.0		—		—		(.1	)	(.1		)	—							.2			—
	Provisions for legal contingencies	3.2		3.3		—		.2		—		—		.9			.2							1.6			.3
	Expense billing matter, net	—		—		—		.3		—		.8		—			—							.1			.2
	Acquisition costs	.1		—		.1		.1		.1		.1		.3			.3							.1			.2
	Restructuring charges, net	—		—		—		—		1.3		.2		.1			.1							—			.4
	Effect on income tax of non-operating adjustments	(.5	)	.7		.1		(.3	)	.4		(.1	)	(.2		)	(.1		)					—			—
	Discount accretion associated with former conduit securities	(.3	)	(.3	)	(.3	)	(.3	)	(.2	)	(.2	)	(.5		)	(.1		)					(.3		)	(.3		)
	Gain on sale of CRE and CRE loan extinguishment / paydown	—		—		(1.0	)	(1.1	)	—		—		—			—							(.5		)	—
	Italian deferred tax liability	—		—		(1.2	)	—		—		—		—			—							(.3		)	—
	Gain on sale of WM/Reuters Business	—		—		—		—		—		(0.8	)	—			—							—			(.2		)
Return on average common equity, operating-basis(6)		10.4	%	11.9	%	10.0	%	10.5	%	8.4	%	12.3	%	11.1		%	12.5		%	200	bps	140	bps	10.7		%	11.1		%	40	bps
Fee Operating Leverage:
Total fee revenue, operating-basis (as reconciled above)		$2,108		$2,174		$2,115		$2,075		$2,033		$2,130		$	2,213		$	2,200		6.02%				$	8,472		$	8,576		1.23%
Total expenses, operating-basis (as reconciled above)		1,942		1,881		1,877		1,820		1,943		1,828		1,909			2,143			17.75				7,520			7,823			4.03
Fee operating leverage																				(1,173)	bps									(280)	bps
Operating Leverage:
Total revenue, operating-basis (as reconciled above)		$2,672		$2,727		$2,642		$2,588		$2,574		$2,675		$	2,754		$	2,749		6.22%				$	10,629		$	10,752		1.16%
Total expenses, operating-basis (as reconciled above)		1,942		1,881		1,877		1,820		1,943		1,828		1,909			2,143			17.75				7,520			7,823			4.03
Operating leverage																				(1,153)	bps									(287)	bps
Fee Operating Leverage excluding acquired operations and accelerated compensation expense:
Total fee revenue, operating-basis (as reconciled above)		$2,108		$2,174		$2,115		$2,075		$2,033		$2,130		$	2,213		$	2,200						$	8,472		$	8,576
	Impact of acquired operations	—		—		—		—		—		—		(65		)	(64		)					—			(129		)
Total fee revenue, operating-basis excluding acquired operations		$2,108		$2,174		$2,115		$2,075		$2,033		$2,130		$	2,148		$	2,136		2.94%				$	8,472		$	8,447		(0.30)%
Total expenses, operating-basis (as reconciled above)		$1,942		$1,881		$1,877		$1,820		$1,943		$1,828		$	1,909		$	2,143						$	7,520		$	7,823
	Impact of accelerated compensation expense	—		—		—		—		—		—		—			(249		)					—			(249		)
	Impact of acquired operations	—		—		—		—		—		—		(57		)	(58		)					—			(115		)
Total expenses, operating-basis excluding accelerated compensation expense		$1,942		$1,881		$1,877		$1,820		$1,943		$1,828		$	1,852		$	1,836		0.88				$	7,520		$	7,459		(0.81)
Fee operating leverage excluding acquired operations and accelerated compensation expense																				206	bps									51	bps

14

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF OPERATING-BASIS (NON-GAAP) FINANCIAL INFORMATION (Continued)
		Quarters												% Change			Year-to-Date					% Change
(Dollars in millions, except per share amounts, or where otherwise noted)		1Q15	2Q15	3Q15	4Q15	1Q16	2Q16	3Q16			4Q16			4Q16 vs. 4Q15		4Q16 vs. 3Q16	2015		2016			2016 vs. 2015
Operating Leverage excluding acquired operations and accelerated compensation expense:
Total revenue, operating-basis (as reconciled above)		$2,672	$2,727	$2,642	$2,588	$2,574	$2,675	$	2,754		$	2,749					$	10,629	$	10,752
	Impact of acquired operations	—	—	—	—	—	—	(65		)	(64		)				—		(129		)
Total revenue, operative-basis excluding acquired operations		$2,672	$2,727	$2,642	$2,588	$2,574	$2,675	$	2,689		$	2,685		3.75%			$	10,629	$	10,623		(0.06)%
Total expenses, operating-basis (as reconciled above)		$1,942	$1,881	$1,877	$1,820	$1,943	$1,828	$	1,909		$	2,143					$	7,520	$	7,823
	Impact of accelerated compensation expense	—	—	—	—	—	—	—			(249		)				—		(249		)
	Impact of acquired operations	—	—	—	—	—	—	(57		)	(58		)				—		(115		)
Total expenses, operating-basis excluding accelerated compensation expense		$1,942	$1,881	$1,877	$1,820	$1,943	$1,828	$	1,852		$	1,836		0.88			$	7,520	$	7,459		(0.81)
Operating leverage excluding acquired operations and accelerated compensation expense														287	bps							75	bps
(1) Fully taxable-equivalent net interest margin for the periods presented above represented fully taxable-equivalent net interest revenue composed of GAAP-basis net interest revenue plus tax-equivalent adjustments, on an annualized basis, as a percentage of average total interest-earning assets for the quarters presented.
(2) Compensation and employee benefits includes $249 million of accelerated compensation expense ($161 million after tax) for the fourth quarter and year to date December 31, 2016.
(3) Pre-tax operating margin for the first, second, third and fourth quarters of 2015 and first, second, third and fourth quarters of 2016 was calculated by dividing income before income tax expense by total revenue.
(4) Excluding tax benefits related to accelerated compensation expense and acquired operations the effective tax rate was 30.2% for year to date December 31, 2016.
(5) Diluted earnings per common share information for year to date December 31, 2015 do not equal the sum of the quarters.
(6) Excluding the effects of accelerated compensation expense and acquired operations the return on average common equity was 11.4% for year to date December 31, 2016.

15

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF CONSTANT CURRENCY FX IMPACTS
GAAP-Basis Quarter Comparison
	Reported							Currency Translation Impact						Excluding Currency Impact						% Change Constant Currency
(Dollars in millions)	4Q15		3Q16		4Q16			4Q16 vs. 4Q15			4Q16 vs. 3Q16			4Q16 vs. 4Q15			4Q16 vs. 3Q16			4Q16 vs. 4Q15		4Q16 vs. 3Q16
Fee revenue:
Servicing fees	$	1,277	$	1,303	$	1,289		$	(16	)	$	(14	)	$	1,305		$	1,303		2.2	%	—	%
Management fees	282		368		361			(7		)	(4		)	368			365			30.5		(0.8	)
Trading services	247		267		293			(2		)	(1		)	295			294			19.4		10.1
Securities finance	127		136		136			—			—			136			136			7.1		—
Processing fees and other	111		5		(65		)	(2		)	(2		)	(63		)	(63		)	nm		nm
Total fee revenue	2,044		2,079		2,014			(27		)	(21		)	2,041			2,035			(0.1	)	(2.1	)
Net interest revenue	494		537		514			(7		)	(3		)	521			517			5.5		(3.7	)
Gains (losses) related to investment securities, net	—		4		2			—			—			2			2			nm		(50.0	)
Total revenue	$	2,538	$	2,620	$	2,530		$	(34	)	$	(24	)	$	2,564		$	2,554		1.0		(2.5	)
Expenses:
Compensation and employee benefits	$	939	$	1,013	$	1,244		$	(18	)	$	(12	)	$	1,262		$	1,256		34.4		24.0
Information systems and communications	261		285		278			—			(2		)	278			280			6.5		(1.8	)
Transaction processing services	194		200		199			(3		)	(2		)	202			201			4.1		0.5
Occupancy	112		107		109			(3		)	(1		)	112			110			—		2.8
Other	351		379		353			(3		)	(3		)	356			356			1.4		(6.1	)
Total expenses	$	1,857	$	1,984	$	2,183		$	(27	)	$	(20	)	$	2,210		$	2,203		19.0		11.0

GAAP-Basis YTD Comparison
	Reported					Currency Translation Impact			Excluding Currency Impact		% Change
(Dollars in millions)	2015			2016		YTD 2016 vs. YTD 2015			2016		YTD 2016 vs. YTD 2015
Fee revenue:
Servicing fees	$	5,153		$	5,073	$	(42	)	$	5,115	(0.7	)%
Management fees	1,174			1,292		(17		)	1,309		11.5
Trading services	1,146			1,099		(5		)	1,104		(3.7	)
Securities finance	496			562		—			562		13.3
Processing fees and other	309			90		(3		)	93		(69.9	)
Total fee revenue	8,278			8,116		(67		)	8,183		(1.1	)
Net interest revenue	2,088			2,084		(18		)	2,102		0.7
Gains (losses) related to investment securities, net	(6		)	7		—			7		(216.7	)
Total revenue	$	10,360		$	10,207	$	(85	)	$	10,292	(0.7	)
Expenses:
Compensation and employee benefits	$	4,061		$	4,353	$	(44	)	$	4,397	8.3
Information systems and communications	1,022			1,105		(8		)	1,113		8.9
Transaction processing services	793			800		(5		)	805		1.5
Occupancy	444			440		(6		)	446		0.5
Other	1,730			1,379		(5		)	1,384		(20.0	)
Total expenses	$	8,050		$	8,077	$	(68	)	$	8,145	1.2

16

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF CONSTANT CURRENCY FX IMPACTS (Continued)
Operating-Basis Quarter Comparison
	Reported						Currency Translation Impact						Excluding Currency Impact				% Change Constant Currency
(Dollars in millions)	4Q15		3Q16		4Q16		4Q16 vs. 4Q15			4Q16 vs. 3Q16			4Q16 vs. 4Q15		4Q16 vs. 3Q16		4Q16 vs. 4Q15		4Q16 vs. 3Q16
Fee revenue:
Servicing fees	$	1,277	$	1,303	$	1,289	$	(16	)	$	(14	)	$	1,305	$	1,303	2.2	%	—	%
Management fees	282		368		361		(7		)	(4		)	368		365		30.5		(0.8	)
Trading services	247		267		293		(2		)	(1		)	295		294		19.4		10.1
Securities finance	127		136		136		—			—			136		136		7.1		—
Processing fees and other	142		139		121		(2		)	(2		)	123		123		(13.4	)	(11.5	)
Total fee revenue	2,075		2,213		2,200		(27		)	(21		)	2,227		2,221		7.3		0.4
Net interest revenue	513		537		547		(7		)	(3		)	554		550		8.0		2.4
Gains (losses) related to investment securities, net	—		4		2		—			—			2		2		nm		(50.0	)
Total revenue	$	2,588	$	2,754	$	2,749	$	(34	)	$	(24	)	$	2,783	$	2,773	7.5		0.7
Expenses:
Compensation and employee benefits	$	940	$	1,022	$	1,246	$	(18	)	$	(12	)	$	1,264	$	1,258	34.5		23.1
Information systems and communications	261		285		278		—			(2		)	278		280		6.5		(1.8	)
Transaction processing services	194		200		199		(3		)	(2		)	202		201		4.1		0.5
Occupancy	112		107		109		(3		)	(1		)	112		110		—		2.8
Other	313		295		311		(3		)	(3		)	314		314		0.3		6.4
Total expenses	$	1,820	$	1,909	$	2,143	$	(27	)	$	(20	)	$	2,170	$	2,163	19.2		13.3

Operating-Basis YTD Comparison
	Reported					Currency Translation Impact			Excluding Currency Impact		% Change
(Dollars in millions)	2015			2016		YTD 2016 vs. YTD 2015			2016		YTD 2016 vs. YTD 2015
Fee revenue:
Servicing fees	$	5,153		$	5,121	$	(42	)	$	5,163	0.2	%
Management fees	1,174			1,287		(17		)	1,304		11.1
Trading services	1,146			1,099		(5		)	1,104		(3.7	)
Securities finance	496			562		—			562		13.3
Processing fees and other	503			507		(3		)	510		1.4
Total fee revenue	8,472			8,576		(67		)	8,643		2.0
Net interest revenue	2,163			2,169		(18		)	2,187		1.1
Gains (losses) related to investment securities, net	(6		)	7		—			7		(216.7	)
Total revenue	$	10,629		$	10,752	$	(85	)	$	10,837	2.0
Expenses:
Compensation and employee benefits	$	3,988		$	4,364	$	(44	)	$	4,408	10.5
Information systems and communications	1,022			1,105		(8		)	1,113		8.9
Transaction processing services	793			800		(5		)	805		1.5
Occupancy	444			440		(6		)	446		0.5
Other	1,273			1,114		(5		)	1,119		(12.1	)
Total expenses	$	7,520		$	7,823	$	(68	)	$	7,891	4.9

17

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF CONSTANT CURRENCY FX IMPACTS (Continued)
Operating-Basis Quarter Comparison Excluding Acquired Operations
	Reported Excluding Acquired Operations						Currency Translation Impact						Excluding Currency Impact				% Change Constant Currency
(Dollars in millions)	4Q15		3Q16		4Q16		4Q16 vs. 4Q15			4Q16 vs. 3Q16			4Q16 vs. 4Q15		4Q16 vs. 3Q16		4Q16 vs. 4Q15		4Q16 vs. 3Q16
Fee revenue:
Servicing fees	$	1,277	$	1,303	$	1,289	$	(16	)	$	(14	)	$	1,305	$	1,303	2.2	%	—	%
Management fees	282		303		297		(7		)	(4		)	304		301		7.8		(0.7	)
Trading services	247		267		293		(2		)	(1		)	295		294		19.4		10.1
Securities finance	127		136		136		—			—			136		136		7.1		—
Processing fees and other	142		139		121		(2		)	(2		)	123		123		(13.4	)	(11.5	)
Total fee revenue	2,075		2,148		$	2,136	(27		)	(21		)	2,163		2,157		4.2		0.4
Net interest revenue	513		537		547		(7		)	(3		)	554		550		8.0		2.4
Gains (losses) related to investment securities, net	—		4		2		—			—			2		2		nm		(50.0	)
Total revenue	$	2,588	$	2,689	$	2,685	$	(34	)	$	(24	)	$	2,719	$	2,709	5.1		0.7
Expenses:
Compensation and employee benefits	$	940	$	996	$	1,222	$	(18	)	$	(12	)	$	1,240	$	1,234	31.9		23.9
Information systems and communications	261		279		272		—			(2		)	272		274		4.2		(1.8	)
Transaction processing services	194		197		196		(3		)	(2		)	199		198		2.6		0.5
Occupancy	112		105		106		(3		)	(1		)	109		107		(2.7	)	1.9
Other	313		275		289		(3		)	(3		)	292		292		(6.7	)	6.2
Total expenses	$	1,820	$	1,852	$	2,085	$	(27	)	$	(20	)	$	2,112	$	2,105	16.0		13.7

Operating Basis YTD Comparison Excluding Acquired Operations
	Reported Excluding Acquired Operations					Currency Translation Impact			Excluding Currency Impact		% Change
(Dollars in millions)	2015			2016		YTD 2016 vs. YTD 2015			2016		YTD 2016 vs. YTD 2015
Fee revenue:
Servicing fees	$	5,153		$	5,121	$	(42	)	$	5,163	0.2	%
Management fees	1,174			1,158		(17		)	1,175		0.1
Trading services	1,146			1,099		(5		)	1,104		(3.7	)
Securities finance	496			562		—			562		13.3
Processing fees and other	503			507		(3		)	510		1.4
Total fee revenue	8,472			8,447		(67		)	8,514		0.5
Net interest revenue	2,163			2,169		(18		)	2,187		1.1
Gains (losses) related to investment securities, net	(6		)	7		—			7		(216.7	)
Total revenue	$	10,629		$	10,623	$	(85	)	$	10,708	0.7
Expenses:
Compensation and employee benefits	$	3,988		$	4,314	$	(44	)	$	4,358	9.3
Information systems and communications	1,022			1,093		(8		)	1,101		7.7
Transaction processing services	793			794		(5		)	799		0.8
Occupancy	444			435		(6		)	441		(0.7	)
Other	1,273			1,072		(5		)	1,077		(15.4	)
Total expenses	$	7,520		$	7,708	$	(68	)	$	7,776	3.4

18

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF CONSTANT CURRENCY FX IMPACTS (Continued)
Operating-Basis Quarter Comparison Excluding Accelerated Compensation Expense
	Reported Excluding Accelerated Compensation Expense						Currency Translation Impact						Excluding Currency Impact				% Change Constant Currency
(Dollars in millions)	4Q15		3Q16		4Q16		4Q16 vs. 4Q15			4Q16 vs. 3Q16			4Q16 vs. 4Q15		4Q16 vs. 3Q16		4Q16 vs. 4Q15		4Q16 vs. 3Q16
Fee revenue:
Servicing fees	$	1,277	$	1,303	$	1,289	$	(16	)	$	(14	)	$	1,305	$	1,303	2.2	%	—	%
Management fees	282		368		361		(7		)	(4		)	368		365		30.5		(0.8	)
Trading services	247		267		293		(2		)	(1		)	295		294		19.4		10.1
Securities finance	127		136		136		—			—			136		136		7.1		—
Processing fees and other	142		139		121		(2		)	(2		)	123		123		(13.4	)	(11.5	)
Total fee revenue	2,075		2,213		2,200		(27		)	(21		)	2,227		2,221		7.3		0.4
Net interest revenue	513		537		547		(7		)	(3		)	554		550		8.0		2.4
Gains (losses) related to investment securities, net	—		4		2		—			—			2		2		nm		(50.0	)
Total revenue	$	2,588	$	2,754	$	2,749	$	(34	)	$	(24	)	$	2,783	$	2,773	7.5		0.7
Expenses:
Compensation and employee benefits	$	940	$	1,022	$	997	$	(18	)	$	(12	)	$	1,015	$	1,009	8.0		(1.3	)
Information systems and communications	261		285		278		—			(2		)	278		280		6.5		(1.8	)
Transaction processing services	194		200		199		(3		)	(2		)	202		201		4.1		0.5
Occupancy	112		107		109		(3		)	(1		)	112		110		—		2.8
Other	313		295		311		(3		)	(3		)	314		314		0.3		6.4
Total expenses	$	1,820	$	1,909	$	1,894	$	(27	)	$	(20	)	$	1,921	$	1,914	5.5		0.3

Operating Basis YTD Comparison Excluding Accelerated Compensation Expense
	Reported Excluding Accelerated Compensation Expense					Currency Translation Impact			Excluding Currency Impact		% Change
(Dollars in millions)	2015			2016		YTD 2016 vs. YTD 2015			2016		YTD 2016 vs. YTD 2015
Fee revenue:
Servicing fees	$	5,153		$	5,121	$	(42	)	$	5,163	0.2	%
Management fees	1,174			1,287		(17		)	1,304		11.1
Trading services	1,146			1,099		(5		)	1,104		(3.7	)
Securities finance	496			562		—			562		13.3
Processing fees and other	503			507		(3		)	510		1.4
Total fee revenue	8,472			8,576		(67		)	8,643		2.0
Net interest revenue	2,163			2,169		(18		)	2,187		1.1
Gains (losses) related to investment securities, net	(6		)	7		—			7		(216.7	)
Total revenue	$	10,629		$	10,752	$	(85	)	$	10,837	2.0
Expenses:
Compensation and employee benefits	$	3,988		$	4,115	$	(44	)	$	4,159	4.3
Information systems and communications	1,022			1,105		(8		)	1,113		8.9
Transaction processing services	793			800		(5		)	805		1.5
Occupancy	444			440		(6		)	446		0.5
Other	1,273			1,114		(5		)	1,119		(12.1	)
Total expenses	$	7,520		$	7,574	$	(68	)	$	7,642	1.6

19

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF CONSTANT CURRENCY FX IMPACTS (Continued)
AUCA and AUM Quarter Comparison
	Reported						Currency Translation Impact						Excluding Currency Impact				% Change Constant Currency
(Dollars in billions)	4Q15		3Q16		4Q16		4Q16 vs. 4Q15			4Q16 vs. 3Q16			4Q16 vs. 4Q15		4Q16 vs. 3Q16		4Q16 vs. 4Q15		4Q16 vs. 3Q16
Assets Under Custody and Administration	$	27,508	$	29,178	$	28,771	$	(431	)	$	(298	)	$	29,202	$	29,069	6.2	%	(0.4	)%
Assets Under Management	2,245		2,446		2,468		(20		)	(38		)	2,488		2,506		10.8		2.5
nm Not meaningful

20

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. For the periods below 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 advanced approaches-based ratios (actual and estimated) included in this presentation reflect calculations and determinations with respect to our capital and related matters, based on State Street and external data, quantitative formula, statistical models, historical correlations and assumptions, collectively referred to as “advanced systems,” in effect and used by us for those purposes as of the respective date of each ratio’s first public announcement. Significant components of these advanced systems involve the exercise of judgment by us and our regulators, and these advanced systems may not, individually or collectively, precisely represent or calculate the scenarios, circumstances, outputs or other results for which they are designed or intended. Due to the influence of changes in these advanced systems, whether resulting from changes in data inputs, regulation or regulatory supervision or interpretation, State Street-specific or market activities or experiences or other updates or factors, we expect that our advanced systems and our capital ratios calculated in conformity with the Basel III framework will change and may be volatile over time, and that those latter changes or volatility could be material as calculated and measured from period to period.

     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 22 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						2Q16						3Q16						4Q16
(Dollars in millions)	Basel III Advanced Approaches(1)			Basel III Standardized Approach(2)			Basel III Advanced Approaches(1)			Basel III Standardized Approach(2)			Basel III Advanced Approaches(1)			Basel III Standardized Approach(2)			Basel III Advanced Approaches(1)			Basel III Standardized Approach(2)			Basel III Advanced Approaches(1)			Basel III Standardized Approach(2)			Basel III Advanced Approaches(1)			Basel III Standardized Approach(2)			Basel III Advanced Approaches(1)			Basel III Standardized Approach(2)			Basel III Advanced Approaches(1)			Basel III Standardized Approach(2)
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		%	12.0		%	12.0		%	12.3		%	12.5		%	11.7		%	11.6		%
Tier 1 capital	14.0			12.0			14.7			14.0			14.7			14.5			15.3			15.9			14.9			15.1			15.0			15.0			15.4			15.7			14.8			14.7
Total capital	16.1			13.7			16.8			16.0			16.8			16.6			17.4			18.1			17.1			17.3			17.1			17.1			17.6			17.9			16.0			16.0
Tier 1 leverage	5.8			5.8			6.0			6.0			6.3			6.3			6.9			6.9			6.9			6.9			7.0			7.0			6.8			6.8			6.5			6.5
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		$	12,518		$	12,518		$	12,269		$	12,269		$	11,624		$	11,624
Total risk-weighted assets	103,998			121,946			104,533			109,788			104,365			105,765			99,552			95,893			100,633			99,617			104,012			104,492			99,736			98,374			99,374			99,954
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		%	12.0		%	12.0		%	12.3		%	12.5		%	11.7		%	11.6		%
Tier 1 capital	$	14,598		$	14,598		$	15,401		$	15,401		$	15,361		$	15,361		$	15,264		$	15,264		$	15,032		$	15,032		$	15,642		$	15,642		$	15,407		$	15,407		$	14,717		$	14,717
Total risk-weighted assets	103,998			121,946			104,533			109,788			104,365			105,765			99,552			95,893			100,633			99,617			104,012			104,492			99,736			98,374			99,374			99,954
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		%	15.0		%	15.0		%	15.4		%	15.7		%	14.8		%	14.7		%
Total capital	$	16,752		$	16,752		$	17,554		$	17,554		$	17,526		$	17,583		$	17,349		$	17,403		$	17,191		$	17,248		$	17,794		$	17,869		$	17,560		$	17,632		$	15,909		$	15,967
Total risk-weighted assets	103,998			121,946			104,533			109,788			104,365			105,765			99,552			95,893			100,633			99,617			104,012			104,492			99,736			98,374			99,374			99,954
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		%	17.1		%	17.1		%	17.6		%	17.9		%	16.0		%	16.0		%
Tier 1 capital	$	14,598		$	14,598		$	15,401		$	15,401		$	15,361		$	15,361		$	15,264		$	15,264		$	15,032		$	15,032		$	15,642		$	15,642		$	15,407		$	15,407		$	14,717		$	14,717
Adjusted quarterly average assets	252,406			252,406			257,227			257,227			244,553			244,553			221,880			221,880			217,029			217,029			222,666			222,666			226,093			226,093			226,310			226,310
Tier 1 leverage ratio	5.8		%	5.8		%	6.0		%	6.0		%	6.3		%	6.3		%	6.9		%	6.9		%	6.9		%	6.9		%	7.0		%	7.0		%	6.8		%	6.8		%	6.5		%	6.5		%
(1) CET1, tier 1 capital, total capital and tier 1 leverage ratios for each period above 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 for each period above were calculated in conformity with the standardized approach provisions of the Basel III final rule.

21

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			2Q16			3Q16			4Q16
Consolidated total assets		$	279,448		$	294,544		$	247,235		$	245,155		$	243,685		$	255,386		$	256,140		$	242,698
Less:
Goodwill		5,663			5,729			5,716			5,671			5,733			5,671			5,911			5,814
Other intangible assets		1,892			1,871			1,820			1,768			1,749			1,682			1,849			1,750
Cash balances held at central banks in excess of required reserves		71,740			106,202			60,160			66,259			58,639			67,710			67,571			62,037
Adjusted assets		200,153			180,742			179,539			171,457			177,564			180,323			180,809			173,097
Plus related deferred tax liabilities		814			834			713			694			698			688			685			655
Total tangible assets	A	$	200,967		$	181,576		$	180,252		$	172,151		$	178,262		$	181,011		$	181,494		$	173,752
Consolidated total common shareholders' equity		$	18,709		$	18,643		$	18,640		$	18,399		$	18,793		$	18,877		$	18,954		$	18,023
Less:
Goodwill		5,663			5,729			5,716			5,671			5,733			5,671			5,911			5,814
Other intangible assets		1,892			1,871			1,820			1,768			1,749			1,682			1,849			1,750
Adjusted equity		11,154			11,043			11,104			10,960			11,311			11,524			11,194			10,459
Plus related deferred tax liabilities		814			834			713			694			698			688			685			655
Total tangible common equity	B	$	11,968		$	11,877		$	11,817		$	11,654		$	12,009		$	12,212		$	11,879		$	11,114
Tangible common equity ratio	B/A	6.0		%	6.5		%	6.6		%	6.8		%	6.7		%	6.7		%	6.5		%	6.4		%

22

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 December 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	$	11,624		$	(770	)	$	10,854		$	11,624		$	(770	)	$	10,854
Tier 1 capital	14,717			(666		)	14,051			14,717			(666		)	14,051
Total capital	15,909			(667		)	15,242			15,967			(667		)	15,300
Risk weighted assets	99,374			34			99,408			99,954			31			99,985
Adjusted average assets	226,310			(475		)	225,835			226,310			(475		)	225,835
Capital ratios:
Common equity tier 1 capital	11.7		%				10.9		%	11.6		%				10.9		%
Tier 1 capital	14.8						14.1			14.7						14.1
Total capital	16.0						15.3			16.0						15.3
Tier 1 leverage	6.5						6.2			6.5						6.2
As of September 30, 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	$	12,269		$	(537	)	$	11,732		$	12,269		$	(537	)	$	11,732
Tier 1 capital	15,407			(479		)	14,928			15,407			(479		)	14,928
Total capital	17,560			(525		)	17,035			17,632			(525		)	17,107
Risk weighted assets	99,736			(528		)	99,208			98,374			(497		)	97,877
Adjusted average assets	226,093			(297		)	225,796			226,093			(297		)	225,796
Capital ratios:
Common equity tier 1 capital	12.3		%				11.8		%	12.5		%				12.0		%
Tier 1 capital	15.4						15.0			15.7						15.3
Total capital	17.6						17.2			17.9						17.5
Tier 1 leverage	6.8						6.6			6.8						6.6

23

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF FULLY PHASED-IN CAPITAL RATIOS (Continued)
As of June 30, 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	$	12,518		$	(452	)	$	12,066		$	12,518		$	(452	)	$	12,066
Tier 1 capital	15,642			(393		)	15,249			15,642			(393		)	15,249
Total capital	17,794			(438		)	17,356			17,869			(438		)	17,431
Risk weighted assets	104,012			65			104,077			104,492			62			104,554
Adjusted average assets	222,666			(283		)	222,383			222,666			(283		)	222,383
Capital ratios:
Common equity tier 1 capital	12.0		%				11.6		%	12.0		%				11.5		%
Tier 1 capital	15.0						14.7			15.0						14.6
Total capital	17.1						16.7			17.1						16.7
Tier 1 leverage	7.0						6.9			7.0						6.9
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	100,633			95			100,728			99,617			89			99,706
Adjusted average assets	217,029			(357		)	216,672			217,029			(357		)	216,672
Capital ratios:
Common equity tier 1 capital	12.3		%				11.8		%	12.5		%				11.9		%
Tier 1 capital	14.9						14.4			15.1						14.6
Total capital	17.1						16.5			17.3						16.8
Tier 1 leverage	6.9						6.7			6.9						6.7

24

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF FULLY PHASED-IN CAPITAL RATIOS (Continued)
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			(406		)	99,146			95,893			(382		)	95,511
Adjusted average assets	221,880			(545		)	221,335			221,880			(545		)	221,335
Capital ratios:
Common equity tier 1 capital	12.5		%				11.6		%	13.0		%				12.0		%
Tier 1 capital	15.3						14.3			15.9						14.9
Total capital	17.4						16.5			18.1						17.2
Tier 1 leverage	6.9						6.4			6.9						6.4
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

25

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF FULLY PHASED-IN CAPITAL RATIOS (Continued)
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
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

26

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 for the periods below 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 July 27, 2016 and as applied to our businesses and operations for the periods below.
The following tables reconcile our estimated pro forma fully-phased in SLR ratios for the periods below 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 December 31, 2016 (Dollars in millions)	Transitional SLR				Fully Phased-In SLR			Transitional SLR			Fully Phased-In SLR
Tier 1 Capital	$	14,717		A	$	14,051		$	15,805		$	15,169
On-and off-balance sheet leverage exposure	257,508				257,508			253,488			253,488
Less: regulatory deductions	(6,476		)		(6,950		)	(6,078		)	(6,532		)
Total assets for SLR	251,032			B	250,558			247,410			246,956
Supplementary Leverage Ratio	5.9		%	A/B	5.6		%	6.4		%	6.1		%
	State Street							State Street Bank
As of September 30, 2016 (Dollars in millions)	Transitional SLR				Fully Phased-In SLR			Transitional SLR			Fully Phased-In SLR
Tier 1 Capital	$	15,407		C	$	14,928		$	15,817		$	15,374
On-and off-balance sheet leverage exposure	257,179				257,179			252,104			252,104
Less: regulatory deductions	(6,188		)		(6,485		)	(5,798		)	(6,072		)
Total assets for SLR	250,991			D	250,694			246,306			246,032
Supplementary Leverage Ratio	6.1		%	C/D	6.0		%	6.4		%	6.2		%
	State Street							State Street Bank
As of June 30, 2016 (Dollars in millions)	Transitional SLR				Fully Phased-In SLR			Transitional SLR			Fully Phased-In SLR
Tier 1 Capital	$	15,642		E	$	15,249		$	15,742		$	15,385
On-and off-balance sheet leverage exposure	254,999				254,999			250,061			250,061
Less: regulatory deductions	(5,949		)		(6,232		)	(5,578		)	(5,835		)
Total assets for SLR	249,050			F	248,767			244,483			244,226
Supplementary Leverage Ratio	6.3		%	E/F	6.1		%	6.4		%	6.3		%
	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		G	$	14,546		$	15,071		$	14,628
On-and off-balance sheet leverage exposure	247,923				247,923			243,043			243,043
Less: regulatory deductions	(6,130		)		(6,487		)	(5,751		)	(6,073		)
Total assets for SLR	241,793			H	241,436			237,292			236,970
Supplementary Leverage Ratio	6.2		%	G/H	6.0		%	6.4		%	6.2		%

27

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF SUPPLEMENTARY LEVERAGE RATIOS (Continued)
	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		I	$	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			J	246,312			242,200			241,700
Supplementary Leverage Ratio	6.2		%	I/J	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		K	$	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			L	270,274			265,797			265,354
Supplementary Leverage Ratio	5.7		%	K/L	5.3		%	5.6		%	5.3		%
	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		M	$	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			N	284,945			281,075			280,336
Supplementary Leverage Ratio	5.4		%	M/N	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		O	$	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			P	282,034			278,326			277,571
Supplementary Leverage Ratio	5.2		%	O/P	4.9		%	4.9		%	4.8		%

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