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

Exhibit 99.2

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
Table of Contents
GAAP-Basis Financial Information:
4-Year Summary of Results	2
Consolidated Financial Highlights	3
Consolidated Results of Operations	4
Consolidated Statement of Condition	6
Average Statement of Condition - Rates Earned and Paid - Fully Taxable-Equivalent Basis	7
Assets Under Custody and/or Administration	8
Assets Under Management	9
Industry Flow Data by Asset Class	10
Investment Portfolio:
Investment Portfolio Holdings by Asset Class	11
Investment Portfolio Non-U.S. Investments	12
Non-GAAP Financial Information:
Reconciliations of Non-GAAP Financial Information	13
Reconciliation of Pre-tax Margin Excluding Notable Items	15
Reconciliations of Constant Currency FX Impacts	16
Capital:
Reconciliation of Tangible Common Equity Ratio	17
Regulatory Capital	18
Reconciliations of Supplementary Leverage Ratios	19
This financial information should be read in conjunction with State Street's news release dated April 23, 2019.

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
4-YEAR SUMMARY OF RESULTS
(Dollars in millions, except per share amounts, or where otherwise noted)	2015			2016			2017			2018
Year ended December 31:
Total fee revenue	$	8,351		$	8,200		$	9,001		$	9,454
Net interest income	2,088			2,084			2,304			2,671
Gains (losses) related to investment securities, net	(6		)	7			(39		)	6
Total revenue	10,433			10,291			11,266			12,131
Provision for loan losses	12			10			2			15
Total expenses	8,050			8,077			8,269			9,015
Income before income tax expense	2,371			2,204			2,995			3,101
Income tax expense	398			67			839			508
Net income from non-controlling interest	—			1			—			—
Net income	1,973			2,138			2,156			2,593
Net income available to common shareholders	$	1,841		$	1,963		$	1,972		$	2,404
Per Common Share:
Diluted earnings per common share	$	4.45		$	4.96		$	5.19		$	6.39
Average diluted common shares outstanding (in thousands)	413,638			396,090			380,213			376,476
Cash dividends declared per common share	$	1.32		$	1.44		$	1.60		$	1.78
Closing price per share of common stock (at year end)	66.36			77.72			97.61			63.07
Average Balance Sheet:
Investment securities	$	105,611		$	100,738		$	95,779		$	88,070
Total assets	250,432			229,727			219,450			223,385
Total deposits	184,985			170,485			163,808			161,408
Ratios and Other Metrics:
Return on average common equity	9.8		%	10.5		%	10.6		%	12.2		%
Pre-tax margin	22.7			21.4			26.6			25.6
Pre-tax margin, excluding notable items(1)	26.6			26.2			28.7			28.8
Net interest margin, fully taxable-equivalent basis	1.03			1.13			1.29			1.47
Common equity tier 1 ratio(2)	12.5			11.7			12.3			12.1
Tier 1 capital ratio(2)	15.3			14.8			15.5			16.0
Total capital ratio(2)	17.4			16.0			16.5			16.8
Tier 1 leverage ratio(2)	6.9			6.5			7.3			7.2
Supplementary leverage ratio(2)	6.2			5.9			6.5			6.3
Assets under custody and/or administration (in trillions)	$	27.51		$	28.77		$	33.12		$	31.62
Assets under management (in trillions)	2.25			2.47			2.78			2.51
(1) Notable items include acquisition and restructuring costs, gains on sales, and other notable items. Refer to Reconciliations of pre-tax margin excluding notable items for details.
(2) The capital ratios presented are calculated in conformity with the applicable regulatory guidance in effect as of each period end. Effective January 1, 2018, the applicable final rules are in effect and the ratios are calculated based on fully phased-in CET1, tier 1, total capital and supplementary leverage numbers. We did not revise previously-filed reported capital metrics and ratios.

2

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED FINANCIAL HIGHLIGHTS
	Quarters															% Change
(Dollars in millions, except per share amounts, or where otherwise noted)	1Q18			2Q18			3Q18			4Q18			1Q19			1Q19 vs. 1Q18			1Q19 vs. 4Q18
Income Statement
Fee revenue(1)	$	2,415		$	2,395		$	2,318		$	2,326		$	2,260		(6.4	)%		(2.8	)%
Net interest income(1)	643			659			672			697			673			4.7			(3.4	)
Gains (losses) related to investment securities, net	(2		)	9			(1		)	—			(1		)	(50.0	)		—
Total revenue	3,056			3,063			2,989			3,023			2,932			(4.1	)		(3.0	)
Provision for loan losses	—			2			5			8			4			100.0			(50.0	)
Total expenses(2)	2,268			2,170			2,091			2,486			2,293			1.1			(7.8	)
Income before income tax expense	788			891			893			529			635			(19.4	)		20.0
Income tax expense	129			158			129			92			127			(1.6	)		38.0
Net income	659			733			764			437			508			(22.9	)		16.2
Net income available to common shareholders	$	603		$	697		$	708		$	396		$	452		(25.0	)		14.1
Per Common Share:
Diluted earnings per common share	$	1.62		$	1.88		$	1.87		$	1.03		$	1.18		(27.2	)		14.6
Average diluted common shares outstanding (in thousands)	372,619			370,410			379,383			383,651			381,703			2.4			(0.5	)
Cash dividends declared per common share	$	.42		$	.42		$	.47		$	.47		$	.47		11.9			—
Closing price per share of common stock (as of quarter end)	99.73			93.09			83.78			63.07			65.81			(34.0	)		4.3
Average for the quarter:
Investment securities	$	95,362		$	86,360		$	85,623		$	85,074		$	88,273		(7.4	)		3.8
Total assets	226,870			224,089			221,313			221,350			219,560			(3.2	)		(0.8	)
Total deposits	165,010			162,795			159,578			158,345			155,343			(5.9	)		(1.9	)
Securities On Loan (dollars in billions):
Average securities on loan	$	397		$	406		$	386		$	362		$	368		(7.3	)		1.7
End-of-period securities on loan	405			404			386			351			398			(1.7	)		13.4
Ratios and Other Metrics:
Return on average common equity	12.8		%	14.7		%	14.0		%	7.5		%	8.7		%	(410	)	bps	120		bps
Pre-tax margin	25.8			29.1			29.9			17.5			21.7			(410	)		420
Pre-tax margin, excluding notable items(3)	25.8			31.6			29.9			28.2			22.4			(340	)		(580	)
Net interest margin, fully taxable-equivalent basis	1.40			1.46			1.48			1.55			1.54			14			(1	)
Common equity tier 1 ratio(4)	12.1			12.4			14.1			12.1			12.1			—			—
Tier 1 capital ratio(4)	15.4			15.7			17.9			16.0			15.9			50			(10	)
Total capital ratio(4)	16.4			16.4			18.7			16.9			16.7			30			(20	)
Tier 1 leverage ratio(4)	6.9			7.1			8.1			7.2			7.4			50			20
Supplementary leverage ratio(4)	6.0			6.2			7.1			6.3			6.6			60			30
Assets under custody and/or administration (in billions)	$	33,284		$	33,867		$	33,996		$	31,620		$	32,643		(1.9	)		3.2
Assets under management (in billions)	2,729			2,723			2,810			2,511			2,805			2.8			11.7
(1)Approximately $15 million of swap costs in 1Q18 were reclassified from processing fees and other revenue within fee revenue to net interest income to conform to current presentation.
(2) 2Q18 includes repositioning charges of approximately $77 million, including approximately $61 million within compensation and employee benefits expense and $16 million within occupancy expense. 4Q18 expenses include repositioning charges of approximately $247 million, including approximately $198 million within compensation and employee benefits expense, $25 million within occupancy expense and $24 million of business exit costs.
(3) Notable items include acquisition and restructuring costs, gains on sales, and other notable items. Refer to Reconciliations of non-GAAP Financial Information pages for details.
(4) The capital ratios presented are calculated in conformity with the applicable regulatory guidance in effect as of each period end. Effective January 1, 2018, the applicable final rules are in effect and the ratios are calculated based on fully phased-in CET1, tier 1, total capital and supplementary leverage numbers. We did not revise previously-filed reported capital metrics and ratios.

3

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS
	Quarters													% Change
(Dollars in millions, except per share amounts, or where otherwise noted)	1Q18			2Q18		3Q18			4Q18		1Q19			1Q19 vs. 1Q18		1Q19 vs. 4Q18
Fee revenue:
Servicing fees	$	1,421		$	1,381	$	1,333		$	1,286	$	1,251		(12.0	)%	(2.7	)%
Management fees	472			465		474			440		420			(11.0	)	(4.5	)
Foreign exchange trading services	304			315		288			294		280			(7.9	)	(4.8	)
Securities finance	141			154		128			120		118			(16.3	)	(1.7	)
Processing fees and other	77			80		95			186		191			148.1		2.7
Total fee revenue(1)	2,415			2,395		2,318			2,326		2,260			(6.4	)	(2.8	)
Net interest income:
Interest income	857			907		916			982		1,027			19.8		4.6
Interest expense(1)	214			248		244			285		354			65.4		24.2
Net interest income(1)	643			659		672			697		673			4.7		(3.4	)
Gains (losses) related to investment securities, net	(2		)	9		(1		)	—		(1		)	(50.0	)	—
Total revenue	3,056			3,063		2,989			3,023		2,932			(4.1	)	(3.0	)
Provision for loan losses	—			2		5			8		4			100.0		(50.0	)
Expenses:
Compensation and employee benefits	1,249			1,125		1,103			1,303		1,229			(1.6	)	(5.7	)
Information systems and communications	315			321		332			356		362			14.9		1.7
Transaction processing services(1)	254			257		248			226		242			(4.7	)	7.1
Occupancy	120			124		110			146		116			(3.3	)	(20.5	)
Acquisition and restructuring costs	—			—		—			24		9			100.0		(62.5	)
Amortization of other intangible assets	50			48		47			81		60			20.0		(25.9	)
Other	280			295		251			350		275			(1.8	)	(21.4	)
Total expenses	2,268			2,170		2,091			2,486		2,293			1.1		(7.8	)
Income before income tax expense	788			891		893			529		635			(19.4	)	20.0
Income tax expense	129			158		129			92		127			(1.6	)	38.0
Net income	$	659		$	733	$	764		$	437	$	508		(22.9	)	16.2

4

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS (Continued)
	Quarters															% Change
(Dollars in millions, except per share amounts, or where otherwise noted)	1Q18			2Q18			3Q18			4Q18			1Q19			1Q19 vs. 1Q18			1Q19 vs. 4Q18
Adjustments to net income:
Dividends on preferred stock	$	(55	)	$	(36	)	$	(55	)	$	(41	)	$	(55	)	—	%		34.1	%
Earnings allocated to participating securities	(1		)	—			(1		)	—			(1		)	—			—
Net income available to common shareholders	$	603		$	697		$	708		$	396		$	452		(25.0	)		14.1
Earnings per common share:
Basic	$	1.64		$	1.91		$	1.89		$	1.04		$	1.20		(26.8	)		15.4
Diluted	1.62			1.88			1.87			1.03			1.18			(27.2	)		14.6
Average common shares outstanding (in thousands):
Basic	367,439			365,619			374,963			379,741			377,915			2.9			(0.5	)
Diluted	372,619			370,410			379,383			383,651			381,703			2.4			(0.5	)
Cash dividends declared per common share	$	.42		$	.42		$	.47		$	.47		$	.47		11.9			—
Closing price per share of common stock (as of quarter end)	99.73			93.09			83.78			63.07			65.81			(34.0	)		4.3
Financial ratios:
Effective tax rate	16.4		%	17.7		%	14.5		%	17.4		%	20.1		%	370		bps	270		bps
Return on average common equity	12.8			14.7			14.0			7.5			8.7			(410	)		120
Return on tangible common equity(4)	20.1			21.1			19.4			20.6			15.0			(510	)		(560	)
Pre-tax margin	25.8			29.1			29.9			17.5			21.7			(410	)		420
Pre-tax margin, excluding notable items(5)	25.8			31.6			29.9			28.2			22.4			(340	)		(580	)
(1) Approximately $15 million of swap costs in 1Q18 were reclassified from processing fees and other revenue within fee revenue to net interest income to conform to current presentation.
(2)1Q18 and 1Q19 contain approximately $148 million and $137million, respectively, in seasonal deferred incentive compensation costs.  4Q18 and 1Q19 include $313 million and $23 million, respectively, in notable items.  Excluding seasonal deferred incentive compensation costs and notable items, total expenses in 1Q19 increased 1% and decreased 2% from 1Q18 and 4Q18, respectively.
(3) 4Q18 includes notable expense items, CRD expenses and CRD intangible assets amortization of $313 million, $39 million and $18 million, respectively, and 1Q19 includes seasonal deferred incentive compensation, notable expense items, CRD expenses and CRD intangible asset amortization of $137 million, $23 million, $41 million and $15 million, respectively. Excluding these items, total expenses decreased 2% from 4Q18.
(4) Return on tangible common equity is calculated by dividing year-to-date annualized net income available to common shareholders (GAAP-basis) by tangible common equity.
(5) Notable items include acquisition and restructuring costs and other notable items. Refer to Reconciliations of non-GAAP Financial Information pages for details.

5

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED STATEMENT OF CONDITION
	As Of															% Change
(Dollars in millions, except per share amounts)	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019			1Q19 vs. 1Q18		1Q19 vs. 4Q18
Assets:
Cash and due from banks	$	2,546		$	3,886		$	4,145		$	3,597		$	4,469		75.5	%	24.2	%
Interest-bearing deposits with banks	79,418			76,366			63,618			73,040			53,864			(32.2	)	(26.3	)
Securities purchased under resale agreements	5,136			3,583			4,195			4,679			1,522			(70.4	)	(67.5	)
Trading account assets	1,178			1,160			1,001			860			856			(27.3	)	(0.5	)
Investment securities:
Investment securities available-for-sale	44,304			47,348			46,102			45,148			49,002			10.6		8.5
Investment securities held-to-maturity(1)	41,158			39,594			40,567			41,914			41,145			—		(1.8	)
Total investment securities	85,462			86,942			86,669			87,062			90,147			5.5		3.5
Loans and leases, net(2)	29,528			24,069			23,312			25,722			23,311			(21.1	)	(9.4	)
Premises and equipment, net(3)	2,194			2,189			2,193			2,214			2,230			1.6		0.7
Accrued interest and fees receivable	3,183			3,086			3,196			3,203			3,277			3.0		2.3
Goodwill	6,068			5,973			6,016			7,446			7,549			24.4		1.4
Other intangible assets	1,578			1,500			1,461			2,369			2,208			39.9		(6.8	)
Other assets	33,962			39,522			38,170			34,404			38,899			14.5		13.1
Total assets	$	250,253		$	248,276		$	233,976		$	244,596		$	228,332		(8.8	)	(6.6	)
Liabilities:
Deposits:
Non-interest-bearing	$	57,025		$	52,316		$	41,893		$	44,804		$	35,295		(38.1	)	(21.2	)
Interest-bearing -- U.S.	55,094			57,407			63,661			66,235			62,988			14.3		(4.9	)
Interest-bearing -- Non-U.S.	79,398			76,940			62,644			69,321			64,188			(19.2	)	(7.4	)
Total deposits(4)	191,517			186,663			168,198			180,360			162,471			(15.2	)	(9.9	)
Securities sold under repurchase agreements	2,020			3,088			1,690			1,082			1,420			(29.7	)	31.2
Other short-term borrowings	1,066			1,103			1,009			3,092			947			(11.2	)	(69.4	)
Accrued expenses and other liabilities	22,356			24,514			28,242			24,232			27,274			22.0		12.6
Long-term debt	10,944			10,387			10,335			11,093			11,182			2.2		0.8
Total liabilities	227,903			225,755			209,474			219,859			203,294			(10.8	)	(7.5	)
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			742			—		—
Series G, 5,000 shares issued and outstanding	493			493			493			493			493			—		—
Series H, 5,000 shares issued and outstanding	—			—			494			494			494			100.0		—
Common stock, $1 par, 750,000,000 shares authorized(5)	504			504			504			504			504			—		—
Surplus	9,796			9,820			10,418			10,061			10,082			2.9		0.2
Retained earnings	19,262			19,806			20,336			20,553			20,911			8.6		1.7
Accumulated other comprehensive income (loss)	(1,074		)	(1,488		)	(1,711		)	(1,356		)	(1,180		)	9.9		(13.0	)
Treasury stock, at cost(6)	(9,334		)	(9,317		)	(8,735		)	(8,715		)	(8,969		)	(3.9	)	2.9
Total shareholders' equity	22,350			22,521			24,502			24,737			25,038			12.0		1.2
Total liabilities and equity	$	250,253		$	248,276		$	233,976		$	244,596		$	228,332		(8.8	)	(6.6	)
	1Q18			2Q18			3Q18			4Q18			1Q19
(1) Fair value of investment securities held-to-maturity	$	40,483		$	38,805		$	39,591		$	41,351		$	40,971
(2) Allowance for loan losses	54			55			60			67			70
(3) Accumulated depreciation for premises and equipment	4,005			3,999			4,110			4,152			3,937
(4) Average total deposits	165,010			162,795			159,578			158,345			155,343
(5) Common stock shares issued	503,879,642			503,879,642			503,879,642			503,879,642			503,879,642
(6) Treasury stock shares	138,472,445			138,052,038			124,390,135			123,932,918			127,158,927

6

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
AVERAGE STATEMENT OF CONDITION - RATES EARNED AND PAID - FULLY TAXABLE-EQUIVALENT BASIS(1)
The following table presents average rates earned and paid, on a fully taxable-equivalent basis, on consolidated average interest-earning assets and average interest-bearing liabilities for the quarters indicated. Tax-equivalent adjustments were calculated using a federal income tax rate of 21%, adjusted for applicable state income taxes, net of related federal benefit.
	Quarters																									% Change
	1Q18					2Q18					3Q18					4Q18					1Q19					1Q19 vs. 1Q18		1Q19 vs. 4Q18
(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	$	51,492	0.64		%	$	55,180	0.66		%	$	56,513	0.67		%	$	54,073	0.88		%	$	48,856	0.99		%	(5.1	)%	(9.6	)%
Securities purchased under resale agreements(2)	2,872		10.89			2,474		13.20			2,932		11.77			3,320		10.69			2,775		14.33			(3.4	)	(16.4	)
Trading account assets	1,138		—			1,139		—			1,019		—			912		—			866		—			(23.9	)	(5.0	)
Investment securities:
U.S. Treasury and federal agencies:
Direct obligations	17,183		1.67			16,627		1.69			15,834		1.71			15,284		1.75			15,427		1.79			(10.2	)	0.9
Mortgage-and asset-backed securities	28,307		2.59			31,064		2.70			32,962		2.82			36,462		3.03			39,216		3.06			38.5		7.6
State and political subdivisions	8,622		3.23			6,739		3.48			4,107		3.68			2,537		3.63			1,914		3.43			(77.8	)	(24.6	)
Other investments:
Asset-backed securities	19,543		1.78			12,471		2.24			11,259		2.30			10,144		2.48			9,078		2.47			(53.5	)	(10.5	)
Collateralized mortgage-backed securities and obligations	2,088		2.07			1,492		2.95			1,415		3.05			1,212		3.35			980		3.78			(53.1	)	(19.1	)
Other debt investments and equity securities	19,619		1.25			17,967		1.31			20,046		1.20			19,435		1.08			21,658		1.04			10.4		11.4
Total investment securities	95,362		2.03			86,360		2.21			85,623		2.21			85,074		2.31			88,273		2.30			(7.4	)	3.8
Loans and leases	23,959		2.68			23,622		2.93			22,511		3.11			24,207		3.12			23,056		3.49			(3.8	)	(4.8	)
Other interest-earning assets	17,733		1.78			17,397		2.36			14,702		2.59			13,088		2.90			15,286		2.89			(13.8	)	16.8
Total interest-earning assets	192,556		1.85			186,172		1.99			183,300		2.01			180,674		2.17			179,112		2.34			(7.0	)	(0.9	)
Cash and due from banks	3,081					3,978					3,067					2,591					3,078					(0.1	)	18.8
Other assets	31,233					33,939					34,946					38,085					37,370					19.6		(1.9	)
Total assets	$	226,870				$	224,089				$	221,313				$	221,350				$	219,560				(3.2	)	(0.8	)
Liabilities:
Interest-bearing deposits:
U.S.	$	48,638	0.28		%	$	50,276	0.37		%	$	57,558	0.51		%	$	63,153	0.64		%	$	64,531	0.83		%	32.7		2.2
Non-U.S.(3)	78,582		0.15			76,307		0.23			67,741		0.06			60,097		0.16			59,775		0.26			(23.9	)	(0.5	)
Total interest-bearing deposits(3)	127,220		0.20			126,583		0.28			125,299		0.27			123,250		0.41			124,306		0.56			(2.3	)	0.9
Securities sold under repurchase agreements	2,617		0.16			2,641		0.92			1,835		0.79			1,117		0.67			1,773		2.66			(32.3	)	58.7
Other short-term borrowings	1,255		1.09			1,320		1.25			1,249		1.38			1,485		1.38			1,157		1.34			(7.8	)	(22.1	)
Long-term debt	11,412		3.37			10,649		3.66			10,375		3.84			10,323		3.72			10,955		3.89			(4.0	)	6.1
Other interest-bearing liabilities	5,260		3.87			4,994		4.17			5,306		3.88			4,271		5.05			4,642		5.31			(11.7	)	8.7
Total interest-bearing liabilities	147,764		0.59			146,187		0.68			144,064		0.67			140,446		0.80			142,833		1.00			(3.3	)	1.7
Non-interest bearing deposits	37,790					36,212					34,279					35,095					31,037					(17.9	)	(11.6	)
Other liabilities	18,942					19,454					19,585					21,208					20,921					10.4		(1.4	)
Preferred shareholders' equity	3,197					3,197					3,218					3,690					3,690					15.4		—
Common shareholders' equity	19,177					19,039					20,167					20,911					21,079					9.9		0.8
Total liabilities and shareholders' equity	$	226,870				$	224,089				$	221,313				$	221,350				$	219,560				(3.2	)	(0.8	)
Excess of rate earned over rate paid			1.26		%			1.31		%			1.34		%			1.37		%			1.34		%
Net interest margin			1.40		%			1.46		%			1.48		%			1.55		%			1.54		%
Net interest income, fully taxable-equivalent basis			$	664				$	677				$	684				$	703				$	678
Tax-equivalent adjustment			(21		)			(18		)			(12		)			(6		)			(5		)
Net interest income, GAAP-basis(3)			$	643				$	659				$	672				$	697				$	673
(1) Rates earned/paid on interest-earning assets and interest-bearing liabilities include the impact of hedge activities associated with our asset and liability management activities where applicable.
(2) Reflects the impact of balance sheet netting under enforceable netting agreements of approximately $32 billion, $31 billion,$35 billion and $45 billion in the first, second, third and fourth quarters of 2018, respectively, and approximately $58 billion in the first quarter of 2019. Excluding the impact of netting, the average interest rates would be approximately 0.89%, 0.98%, 0.91% and 0.74% for the first, second, third and fourth quarters of 2018, respectively, and approximately 0.64% in the first quarter of 2019.
(3) Average rate includes the impact of FX swap expense of approximately $34 million, $42 million, $6 million and $24 million for the first, second, third and fourth quarters of 2018, respectively, and approximately $39 million in the first quarter of 2019. The first quarter of 2018 includes approximately $15 million of swap costs that were reclassified from processing fees and other revenue within fee revenue to net interest income to conform to current presentation. Average rates for total interest-bearing deposits excluding the impact of FX swap expense were 0.09%, 0.15%, 0.25% and 0.33% for the first, second, third and fourth quarters of 2018, respectively, and approximately 0.43% for the first quarter of 2019.

7

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER CUSTODY AND/OR ADMINISTRATION
	Quarters										% Change
(Dollars in billions)	1Q18		2Q18		3Q18		4Q18		1Q19		1Q19 vs. 1Q18		1Q19 vs. 4Q18
Assets Under Custody and/or Administration
By Product Classification:
Mutual funds	$	7,503	$	8,548	$	8,717	$	7,912	$	8,586	14.4	%	8.5	%
Collective funds, including ETFs	9,908		9,615		9,646		8,999		9,436		(4.8	)	4.9
Pension products	6,802		6,808		6,807		6,489		6,513		(4.2	)	0.4
Insurance and other products	9,071		8,896		8,826		8,220		8,108		(10.6	)	(1.4	)
Total Assets Under Custody and/or Administration	$	33,284	$	33,867	$	33,996	$	31,620	$	32,643	(1.9	)	3.2
By Financial Instrument(1):
Equities	$	19,198	$	19,475	$	20,070	$	18,041	$	18,924	(1.4	)	4.9
Fixed-income	10,186		10,189		10,018		9,758		9,831		(3.5	)	0.7
Short-term and other investments	3,900		4,203		3,908		3,821		3,888		(0.3	)	1.8
Total Assets Under Custody and/or Administration	$	33,284	$	33,867	$	33,996	$	31,620	$	32,643	(1.9	)	3.2
By Geographic Location(2):
Americas	$	24,336	$	24,989	$	25,157	$	23,203	$	23,979	(1.5	)	3.3
Europe/Middle East/Africa	7,211		7,134		7,094		6,699		6,875		(4.7	)	2.6
Asia/Pacific	1,737		1,744		1,745		1,718		1,789		3.0		4.1
Total Assets Under Custody and/or Administration	$	33,284	$	33,867	$	33,996	$	31,620	$	32,643	(1.9	)	3.2
Assets Under Custody(3)
By Product Classification:
Mutual funds	$	6,894	$	7,950	$	8,086	$	7,344	$	7,966	15.5		8.5
Collective funds, including ETFs	8,189		7,602		7,455		6,936		7,445		(9.1	)	7.3
Pension products	5,682		5,703		5,627		5,237		5,307		(6.6	)	1.3
Insurance and other products	4,281		4,160		4,132		3,731		3,851		(10.0	)	3.2
Total Assets Under Custody	$	25,046	$	25,415	$	25,300	$	23,248	$	24,569	(1.9	)	5.7
By Geographic Location(2):
Americas	$	19,131	$	19,545	$	19,433	$	17,652	$	18,784	(1.8	)	6.4
Europe/Middle East/Africa	4,617		4,557		4,561		4,309		4,462		(3.4	)	3.6
Asia/Pacific	1,298		1,313		1,306		1,287		1,323		1.9		2.8
Total Assets Under Custody	$	25,046	$	25,415	$	25,300	$	23,248	$	24,569	(1.9	)	5.7
(1) Certain previously reported amounts have been reclassified to conform to current period presentation.
(2) Geographic mix is generally based on the domicile of the entity servicing the funds and is not necessarily representative of the underlying asset mix.
(3) Assets under custody are a component of assets under custody and/or administration presented above.

8

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER MANAGEMENT
	Quarters										% Change
(Dollars in billions)	1Q18		2Q18		3Q18		4Q18		1Q19		1Q19 vs. 1Q18		1Q19 vs. 4Q18
Assets Under Management
By Asset Class and Investment Approach:
Equity:
Active	$	94	$	92	$	96	$	80	$	85	(9.6	)%	6.3	%
Passive	1,576		1,575		1,693		1,464		1,696		7.6		15.8
Total Equity	1,670		1,667		1,789		1,544		1,781		6.6		15.3
Fixed-Income:
Active	79		79		80		81		88		11.4		8.6
Passive	354		358		343		341		341		(3.7	)	—
Total Fixed-Income	433		437		423		422		429		(0.9	)	1.7
Cash(1)	336		333		317		287		314		(6.5	)	9.4
Multi-Asset-Class Solutions:
Active	18		18		20		19		22		22.2		15.8
Passive	128		126		125		113		125		(2.3	)	10.6
Total Multi-Asset-Class Solutions	146		144		145		132		147		0.7		11.4
Alternative Investments(2):
Active	23		22		22		21		21		(8.7	)	—
Passive	121		120		114		105		113		(6.6	)	7.6
Total Alternative Investments	144		142		136		126		134		(6.9	)	6.3
Total Assets Under Management	$	2,729	$	2,723	$	2,810	$	2,511	$	2,805	2.8		11.7
By Geographic Location(3):
North America	$	1,885	$	1,897	$	1,956	$	1,731	$	1,899	0.7		9.7
Europe/Middle East/Africa	511		495		476		421		447		(12.5	)	6.2
Asia/Pacific	333		331		378		359		459		37.8		27.9
Total Assets Under Management	$	2,729	$	2,723	$	2,810	$	2,511	$	2,805	2.8		11.7
(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 Shares ETF and SPDR® Long Dollar Gold Trust ETF. We are not the investment manager for the SPDR® Gold Shares ETF and SPDR® Long Dollar Gold Trust ETF, but act as the marketing agent.
(3) Geographic mix is based on client location or fund management location.
Exchange-Traded Funds(1)
By Asset Class:
Alternative Investments	$	48	$	46	$	40	$	43	$	45	(6.3	)%	4.7	%
Cash	3		3		4		9		8		166.7		(11.1	)
Equity	513		524		566		482		535		4.3		11.0
Fixed-Income	65		66		69		66		73		12.3		10.6
Total Exchange-Traded Funds	$	629	$	639	$	679	$	600	$	661	5.1		10.2
(1)  Exchange-traded funds are a component of assets under management presented above.

9

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INDUSTRY FLOW DATA BY ASSET CLASS
(Dollars in billions)			Quarters
			1Q18			2Q18			3Q18			4Q18			1Q19
North America - ICI Market Data(1)(2)(5)
	Long Term Funds(3)		$	38.0		$	(28.3	)	$	(50.4	)	$	(308.8	)	$	47.3
	Money Market		(52.2		)	(51.7		)	35.8			187.9			54.0
	ETF		62.8			55.8			87.2			105.0			43.3
		Total ICI Flows	$	48.6		$	(24.2	)	$	72.6		$	(15.9	)	$	144.6
Europe - Broadridge Market Data(1)(4)(6)
	Long Term Funds(3)		$	160.5		$	(24.9	)	$	(16.2	)	$	(171.5	)	(50.0		)
	Money Market		(10.3		)	(17.8		)	(21.9		)	62.4			19.8
		Total Broadridge Flows	$	150.2		$	(42.7	)	$	(38.1	)	$	(109.1	)	$	(30.2	)
(1) Industry data is provided for illustrative purposes only and is not intended to reflect the Company's or its clients' activity.
(2) Source: Investment Company Institute. Investment Company Institute (ICI) data includes selected funds not registered under the Investment Company Act of 1940. Mutual fund data represents estimates of net new cash flow, which is new sales minus redemptions combined with net exchanges, while exchange-traded fund (ETF) data represents net issuance, which is gross issuance less gross redemptions. Data for mutual funds that invest primarily in other mutual funds and ETFs that invest primarily in other ETFs were excluded from the series. ICI classifies mutual funds and ETFs based on language in the fund prospectus.
(3) The long-term fund flows reported by ICI are composed of North America Market flows mainly in Equities, Hybrids and Fixed-Income Asset Classes. The long-term fund flows reported by Broadridge are composed of the European, Middle-Eastern, and African market flows mainly in Equities, Fixed-Income and Multi Asset Classes.
(4) Source: © Copyright 2018, Broadridge Financial Solutions, Inc. Funds of funds have been excluded from Broadridge data (to avoid double counting). Therefore, a market total is the sum of all the investment categories excluding the three funds of funds categories, as categorized by Broadridge (in-house, ex-house and hedge). ETFs are included in Broadridge’s database on mutual funds, but this excludes exchange-traded commodity products that are not mutual funds.
(5) 1Q19 data is on a rolling 3 month basis and includes January through March 2019 for North America (Investment Company Institute).
(6) 1Q19 data is on a rolling 3 month basis and includes December 2018, January and February 2019 for EMEA (Copyright 2018 Broadridge Financial Solutions, Inc.

10

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO HOLDINGS BY ASSET CLASS
March 31, 2019	Ratings
(Dollars in billions, or where otherwise noted)	UST/AGY			AAA			AA			A			BBB			<BBB			NR			Book Value(1)		Book Value (% Total)		Net Unrealized After-tax MTM Gain/(Loss) (In millions)(2)			Fixed Rate/ Floating Rate
Government & agency securities	46		%	15		%	22		%	8		%	7		%	1		%	1		%	$	30.6	34.0	%	$	21		100% / 0%
Asset-backed securities	—			66			29			2			2			1			—			9.0		10.0		23			0% / 100%
Student loans	—			35			58			1			5			1			—			3.8		42.2		1
Credit cards	—			100			—			—			—			—			—			0.9		10.0		(19		)
Auto & equipment	—			84			16			—			—			—			—			0.6		6.7		—
Non-U.S. residential mortgage backed securities	—			77			11			6			2			3			—			2.1		23.3		47
Collateralized loan obligation	—			100			—			—			—			—			—			1.5		16.7		(6		)
Other	—			23			76			1			—			—			—			0.1		1.1		—
Mortgage-backed securities	100			—			—			—			—			—			—			39.6		44.0		(114		)	98% / 2%
Agency MBS	100			—			—			—			—			—			—			39.4		99.5		(133		)
Non-agency MBS	—			8			6			8			14			50			14			0.2		0.5		19
CMBS	81			19			—			—			—			—			—			4.0		4.4		(30		)	41% / 59%
Corporate bonds	—			—			16			46			38			—			—			3.0		3.3		11			94% / 6%
Covered bonds	—			100			—			—			—			—			—			1.1		1.2		1			6% / 94%
Municipal bonds	—			25			68			7			—			—			—			0.9		1.0		14			100% / 0%
Clipper tax-exempt bonds/other	—			15			69			12			4			—			—			1.9		2.1		17			35% / 65%
Total Portfolio	64		%	14		%	13		%	5		%	4		%	—		%	—		%	$	90.1	100.0	%	$	(57	)	84% / 16%
Book Value	$	57.0		$	12.8		$	11.6		$	4.4		$	3.5		$	0.4		$	0.4
(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 March 31, 2019, the after-tax unrealized MTM gain/(loss) includes after-tax unrealized gain on securities available-for-sale of $129 million, after-tax unrealized loss on securities held-to-maturity of $128 million and after-tax unrealized loss primarily related to securities previously transferred from available-for-sale to held-to-maturity of $58 million.

11

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO NON-U.S. INVESTMENTS
March 31, 2019				Book Value
(Dollars in billions)	Book Value		Average Rating	Gov't/Agency(1)		ABS FRMBS		ABS All Other		Corporate Bonds		Covered Bonds		Other
United Kingdom	$	3.2	AA	$	1.6	$	0.5	$	0.6	$	0.2	$	0.3	$	—
Australia	2.8		AAA	0.6		1.0		—		0.2		0.2		0.8
Canada	2.2		AA	2.0		—		—		0.2		—		—
Germany	2.4		AAA	1.9		—		0.5		—		—		—
France	1.8		AA	1.0		—		0.4		0.2		0.2		—
Spain	1.6		BBB	1.4		0.1		0.1		—		—		—
Japan	1.3		A	1.3		—		—		—		—		—
Austria	1.3		AA	1.3		—		—		—		—		—
Netherlands	1.2		A	0.6		0.3		—		0.2		0.1		—
Ireland	1.3		AAA	1.3		—		—		—		—		—
Italy	1.0		BBB	0.8		0.2		—		—		—		—
Belgium	1.0		AA	0.8		—		—		—		0.2		—
Finland	0.8		AA	0.8		—		—		—		—		—
Hong Kong	0.3		AA	0.3		—		—		—		—		—
Other	0.9		AA	0.6		—		—		0.2		0.1		—
Total Non-U.S. Investments(2)	$	23.1		$	16.3	$	2.1	$	1.6	$	1.2	$	1.1	$	0.8
U.S. Investments	67.0
Total Portfolio	$	90.1
(1) Sovereign debt is reflected in the government / agency column.
(2) Country of collateral used except for corporates where country of issuer is used.

12

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF 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 certain financial information on a basis that excludes or adjusts one or more items from GAAP. This latter basis is a non-GAAP presentation. In general, our non-GAAP financial results adjust selected GAAP-basis financial results to exclude the impact of revenue and expenses outside of State Street’s normal course of business or other notable items, such as acquisition and restructuring charges, repositioning charges, gains/losses on sales, as well as, for selected comparisons, seasonal items. For example, we sometimes present expenses on a basis we may refer to as "underlying expenses", which exclude notable items and, to provide additional perspective on both prior year quarter and sequential quarter comparisons, also exclude seasonal items and expenses related to our Charles River Development acquisition (completed in October 2018). Management believes that this presentation of financial information facilitates an investor's further understanding and analysis of State Street's financial performance and trends with respect to State Street’s business operations from period-to-period, including providing additional insight into our underlying margin and profitability. In addition, Management may also provide additional non-GAAP measures. For example, we present 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 and believes may similarly be useful to investors. Additionally, we may present revenue and expense measures on a constant currency 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
(Dollars in millions)	1Q18		2Q18			3Q18			4Q18			1Q19			1Q19 vs. 1Q18			1Q19 vs. 4Q18
Fee Revenue:
Total fee revenue, GAAP-basis(1)	$	2,415	$	2,395		$	2,318		$	2,326		$	2,260		(6.4	)%		(2.8	)%
Add: legal and related	—		—			—			8			—
Total fee revenue, excluding notable items	$	2,415	$	2,395		$	2,318		$	2,334		$	2,260		(6.4	)		(3.2	)
Total Revenue:
Total revenue, GAAP-basis	$	3,056	$	3,063		$	2,989		$	3,023		$	2,932		(4.1	)%		(3.0	)%
Add: legal and related	—		—			—			8			—
Total revenue, excluding notable items	$	3,056	$	3,063		$	2,989		$	3,031		$	2,932		(4.1	)		(3.3	)
Expenses:
Total expenses, GAAP-basis	$	2,268	$	2,170		$	2,091		$	2,486		$	2,293		1.1	%		(7.8	)%
Less: Notable expense items:
Acquisition and restructuring costs(2)	—		—			—			(24		)	(9		)
Repositioning charges(3)	—		(77		)	—			(247		)	—
Legal and related	—		—			—			(42		)	(14		)
Total expenses, excluding notable items	$	2,268	$	2,093		$	2,091		$	2,173		$	2,270		0.1			4.5
								��
Fee Operating Leverage, GAAP-Basis:
Total fee revenue, GAAP-basis(1)	$	2,415	$	2,395		$	2,318		$	2,326		$	2,260		(6.4	)%		(2.8	)%
Total expenses, GAAP-basis	2,268		2,170			2,091			2,486			2,293			1.1			(7.8	)
Fee operating leverage, GAAP-basis															(750	)	pts	500		pts
Fee Operating Leverage, excluding notable items:
Total fee revenue, excluding notable items (as reconciled above)	$	2,415	$	2,395		$	2,318		$	2,334		$	2,260		(6.4	)%		(3.2	)%
Total expenses, excluding notable items (as reconciled above)	2,268		2,093			2,091			2,173			2,270			0.1			4.5
Fee operating leverage, excluding notable items															(650	)	pts	(770	)	pts
Operating Leverage, GAAP-Basis:
Total revenue, GAAP-basis	$	3,056	$	3,063		$	2,989		$	3,023		$	2,932		(4.1	)%		(3.0	)%
Total expenses, GAAP-basis	2,268		2,170			2,091			2,486			2,293			1.1			(7.8	)
Operating leverage, GAAP-basis															(520	)	pts	480		pts
Operating Leverage, excluding notable items:
Total revenue, excluding notable items (as reconciled above)	$	3,056	$	3,063		$	2,989		$	3,031		$	2,932		(4.1	)%		(3.3	)%
Total expenses, excluding notable items (as reconciled above)	2,268		2,093			2,091			2,173			2,270			0.1			4.5
Operating leverage, excluding notable items															(420	)	pts	(780	)	pts

13

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION (Continued)
	Quarters															% Change
(Dollars in millions, except per Earnings per share, or where otherwise noted)	1Q18			2Q18			3Q18			4Q18			1Q19			1Q19 vs. 1Q18			1Q19 vs. 4Q18
Net Income Available to Common Shareholders:
Net Income Available to Common Shareholders, GAAP-basis	$	603		$	697		$	708		$	396		$	452		(25.0	)%		14.1	%
Less: Notable items
Acquisition and restructuring costs(2)	—			—			—			24			9
Repositioning charges(3)	—			77			—			247			—
Legal and related	—			—			—			50			14
Tax impact of notable items	—			(16		)	—			(73		)	(2		)
Net Income Available to Common Shareholders, excluding notable items	$	603		$	758		$	708		$	644		$	473		(21.6	)		(26.6	)
Diluted Earnings per Share:
Diluted earnings per share, GAAP-basis	$	1.62		$	1.88		$	1.87		$	1.03		$	1.18		(27.2	)%		14.6	%
Less: Notable items
Acquisition and restructuring costs(2)	—			—			—			.04			0.02
Repositioning charges(3)	—			.16			—			.48			—
Legal and related	—			—			—			.12			0.04
Diluted earnings per share, excluding notable items	$	1.62		$	2.04		$	1.87		$	1.67		$	1.24		(23.5	)		(25.7	)
Pre-tax Margin:
Pre-tax margin, GAAP-basis	25.8		%	29.1		%	29.9		%	17.5		%	21.7		%	(410	)	pts	420		pts
Less: Notable items
Acquisition and restructuring costs(2)	—			—			—			0.8			0.3
Repositioning charges(3)	—			2.5			—			8.2			—
Legal and related	—			—			—			1.7			0.4
Pre-tax margin, excluding notable items	25.8		%	31.6		%	29.9		%	28.2		%	22.4		%	(340	)	pts	(580	)	pts
(1) Approximately $15 million of swap costs in 1Q18 were reclassified from processing fees and other revenue within fee revenue to net interest income to conform to current presentation.
(2) Acquisition and restructuring costs of $9 million, consisting of acquisition costs related to Charles River Development of $13 million, partially offset by a $4 million accrual release for restructuring.
(3) Includes charges in 4Q18 that were previously disclosed as "Business exit: Channel Islands."

14

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF PRE-TAX MARGIN EXCLUDING NOTABLE ITEMS
(Dollars in millions)			2015			2016			2017			2018
Total revenue, GAAP-basis			$	10,433		$	10,291		$	11,266		$	12,131
		Less: Gain on sale	(165		)	(53		)	(56		)	—
		Add: Impact of tax legislation	—			—			20			—
		Add: Legal and related	—			43			—			8
Total revenue, excluding notable items			10,268			10,281			11,230			12,139
Provision for loan losses			12			10			2			15
Total expenses, GAAP-basis			8,050			8,077			8,269			9,015
	Less:
		Acquisition and restructuring costs	(25		)	(209		)	(266		)	(24		)
		Legal and related	(432		)	(56		)	—			(42		)
		Repositioning charges(1)	(73		)	11			—			(324		)
		Acceleration of deferred cash awards	—			(249		)	—			—
Total expenses, excluding notable items			$	7,520		$	7,574		$	8,003		$	8,625
Income before income tax expense, GAAP-basis			$	2,371		$	2,204		$	2,995		$	3,101
Income before income tax expense, excluding notable items			2,736			2,697			3,225			3,499
Pre-tax margin, GAAP-basis			22.7		%	21.4		%	26.6		%	25.6		%
Pre-tax margin, excluding notable items			26.6			26.2			28.7			28.8
(1) Includes charges in 2015 and 2016 that were previously disclosed as "severance costs associated with staffing realignment" and charges in 2018 that were previously disclosed as "Business exit: Channel Islands."

15

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF CONSTANT CURRENCY FX IMPACTS
GAAP-Basis Quarter Comparison	Reported								Currency Translation Impact					Excluding Currency Impact						% Change Constant Currency
(Dollars in millions)	1Q18			4Q18		1Q19			1Q19 vs. 1Q18			1Q19 vs. 4Q18		1Q19 vs. 1Q18			1Q19 vs. 4Q18			1Q19 vs. 1Q18		1Q19 vs. 4Q18
Fee revenue:
Servicing fees	$	1,421		$	1,286	$	1,251		$	(30	)	$	2	$	1,281		$	1,249		(9.9	)%	(2.9	)%
Management fees	472			440		420			(7		)	2		427			418			(9.5	)	(5.0	)
Foreign exchange trading services	304			294		280			(1		)	—		281			280			(7.6	)	(4.8	)
Securities finance	141			120		118			—			—		118			118			(16.3	)	(1.7	)
Processing fees and other(1)	77			186		191			(1		)	1		192			190			149.4		2.2
Total fee revenue	2,415			2,326		2,260			(39		)	5		2,299			2,255			(4.8	)	(3.1	)
Net interest income(1)	643			697		673			(11		)	—		684			673			6.4		(3.4	)
Gains (losses) related to investment securities, net	(2		)	—		(1		)	—			—		(1		)	(1		)	nm		nm
Total revenue	$	3,056		$	3,023	$	2,932		$	(50	)	$	5	$	2,982		$	2,927		(2.4	)	(3.2	)
Expenses:
Compensation and employee benefits	$	1,249		$	1,303	$	1,229		$	(24	)	$	4	$	1,253		$	1,225		0.3		(6.0	)
Information systems and communications	315			356		362			(2		)	—		364			362			15.6		1.7
Transaction processing services	254			226		242			(3		)	—		245			242			(3.5	)	7.1
Occupancy	120			146		116			(3		)	—		119			116			(0.8	)	(20.5	)
Acquisition and restructuring costs	—			24		9			—			—		9			9			100.0		(62.5	)
Amortization of other intangible assets	50			81		60			(1		)	—		61			60			22.0		(25.9	)
Other	280			350		275			—			—		275			275			(1.8	)	(21.4	)
Total expenses	$	2,268		$	2,486	$	2,293		$	(33	)	$	4	$	2,326		$	2,289		2.6		(7.9	)

⁽¹⁾ Approximately $15 million of swap costs in 1Q18 were reclassified from processing fees and other revenue within fee revenue to net interest income to conform to current presentation.

16

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF TANGIBLE COMMON EQUITY RATIO
The tangible common equity, or TCE, ratio is a 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 within the Reconciliation of Tangible Common Equity Ratio within this package.
The following table presents the calculation of State Street's ratios of tangible common equity to total tangible assets.
		Quarters
(Dollars in millions)		1Q18			2Q18			3Q18			4Q18			1Q19
Consolidated total assets		$	250,253		$	248,276		$	233,976		$	244,596		$	228,332
Less:
Goodwill		6,068			5,973			6,016			7,446			7,549
Other intangible assets		1,578			1,500			1,461			2,369			2,208
Cash balances held at central banks in excess of required reserves		62,901			64,640			51,707			62,867			44,294
Adjusted assets		179,706			176,163			174,792			171,914			174,281
Plus related deferred tax liabilities		477			465			461			464			464
Total tangible assets	A	$	180,183		$	176,628		$	175,253		$	172,378		$	174,745
Consolidated total common shareholders' equity		$	19,154		$	19,325		$	20,812		$	21,047		$	21,360
Less:
Goodwill		6,068			5,973			6,016			7,446			7,549
Other intangible assets		1,578			1,500			1,461			2,369			2,208
Adjusted equity		11,508			11,852			13,335			11,232			11,603
Plus related deferred tax liabilities		477			465			461			464			464
Total tangible common equity	B	$	11,985		$	12,317		$	13,796		$	11,696		$	12,067
Tangible common equity ratio	B/A	6.7		%	7.0		%	7.9		%	6.8		%	6.9		%
GAAP-basis:
Net income available to common shareholders		$	603		$	697		$	708		$	396		$	452
Return on tangible common equity		20.1		%	21.1		%	19.4		%	20.6		%	15.0		%

17

STATE STREET CORPORATION

EARNINGS RELEASE ADDENDUM

REGULATORY CAPITAL

	Quarters
	1Q18						2Q18						3Q18						4Q18						1Q19
(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)
RATIOS:
Common equity tier 1 capital	12.1		%	10.8		%	12.4		%	11.3		%	14.1		%	13.0		%	12.1		%	11.7		%	12.1		%	11.5		%
Tier 1 capital	15.4			13.7			15.7			14.3			17.9			16.4			16.0			15.5			15.9			15.0
Total capital	16.4			14.6			16.4			15.1			18.7			17.2			16.9			16.3			16.7			15.9
Tier 1 leverage	6.9			6.9			7.1			7.1			8.1			8.1			7.2			7.2			7.4			7.4
Supporting Calculations:
Common equity tier 1 capital	$	11,950		$	11,950		$	12,223		$	12,223		$	13,703		$	13,703		$	11,580		$	11,580		$	11,899		$	11,899
Total risk-weighted assets	98,512			110,477			98,502			107,740			97,367			105,770			95,315			98,820			98,019			103,643
Common equity tier 1 risk-based capital ratio	12.1		%	10.8		%	12.4		%	11.3		%	14.1		%	13.0		%	12.1		%	11.7		%	12.1		%	11.5		%
Tier 1 capital	$	15,146		$	15,146		$	15,419		$	15,419		$	17,393		$	17,393		$	15,270		$	15,270		$	15,589		$	15,589
Total risk-weighted assets	98,512			110,477			98,502			107,740			97,367			105,770			95,315			98,820			98,019			103,643
Tier 1 risk-based capital ratio	15.4		%	13.7		%	15.7		%	14.3		%	17.9		%	16.4		%	16.0		%	15.5		%	15.9		%	15.0		%
Total capital	$	16,107		$	16,179		$	16,184		$	16,257		$	18,159		$	18,228		$	16,062		$	16,131		$	16,386		$	16,460
Total risk-weighted assets	98,512			110,477			98,502			107,740			97,367			105,770			95,315			98,820			98,019			103,643
Total risk-based capital ratio	16.4		%	14.6		%	16.4		%	15.1		%	18.7		%	17.2		%	16.9		%	16.3		%	16.7		%	15.9		%
Tier 1 capital	$	15,146		$	15,146		$	15,419		$	15,419		$	17,393		$	17,393		$	15,270		$	15,270		$	15,589		$	15,589
Adjusted quarterly average assets	219,582			219,582			216,896			216,896			214,103			214,103			211,924			211,924			210,099			210,099
Tier 1 leverage ratio	6.9		%	6.9		%	7.1		%	7.1		%	8.1		%	8.1		%	7.2		%	7.2		%	7.4		%	7.4		%
(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.

18

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, which was implemented 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.
The following tables reconcile our estimated pro forma fully-phased in SLR ratios 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, 2019 (Dollars in millions)		Fully Phased-In SLR			Fully Phased-In SLR
Tier 1 Capital	A	$	15,589		$	17,196
On-and off-balance sheet leverage exposure		245,449			242,506
Less: regulatory deductions		(9,461		)	(9,017		)
Total assets for SLR	B	235,988			233,489
Supplementary Leverage Ratio	A/B	6.6		%	7.4		%
		State Street			State Street Bank
As of December 31, 2018 (Dollars in millions)		Fully Phased-In SLR			Fully Phased-In SLR
Tier 1 Capital	C	$	15,270		$	16,941
On-and off-balance sheet leverage exposure		250,629			247,770
Less: regulatory deductions		(9,426		)	(8,989		)
Total assets for SLR	D	241,203			238,781
Supplementary Leverage Ratio	C/D	6.3		%	7.1		%
		State Street			State Street Bank
As of September 30, 2018 (Dollars in millions)		Fully Phased-In SLR			Fully Phased-In SLR
Tier 1 Capital	E	$	17,393		$	19,012
On-and off-balance sheet leverage exposure		253,821			250,764
Less: regulatory deductions		(7,210		)	(6,769		)
Total assets for SLR	F	246,611			243,995
Supplementary Leverage Ratio	E/F	7.1		%	7.8		%
As of June 30, 2018 (Dollars in millions)		State Street			State Street Bank
		Fully Phased-In SLR			Fully Phased-In SLR
Tier 1 Capital	G	$	15,419		$	16,795
On-and off-balance sheet leverage exposure		257,354			254,588
Less: regulatory deductions		(7,194		)	(6,755		)
Total assets for SLR	H	250,160			247,833
Supplementary Leverage Ratio	G/H	6.2		%	6.8		%
As of March 31, 2018 (Dollars in millions)		State Street			State Street Bank
		Fully Phased-In SLR			Fully Phased-In SLR
Tier 1 Capital	I	$	15,146		$	16,296
On-and off-balance sheet leverage exposure		259,650			256,593
Less: regulatory deductions		(7,288		)	(6,860		)
Total assets for SLR	J	252,362			249,733
Supplementary Leverage Ratio	I/J	6.0		%	6.5		%

19