Exhibit 99.2

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
December 31, 2017
Table of Contents
	Page
GAAP-Basis Financial Information:
5-Year Summary of Results	1
Consolidated Financial Highlights	2
Consolidated Results of Operations	3
Consolidated Statement of Condition	5
Average and Period-End Balance Sheet Trends	6
Assets Under Custody and Administration	7
Assets Under Management	8
Investment Portfolio:
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
Reconciliation of 2016 Operating-Basis Notable Items	18
Capital:
Regulatory Capital	19
Reconciliation of Tangible Common Equity Ratio	20
Reconciliations of Fully Phased-In Capital Ratios	21
Reconciliations of Supplementary Leverage Ratios	25

This financial information should be read in conjunction with State Street's news release dated January 23, 2018.

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
5-YEAR SUMMARY OF RESULTS
(Dollars in millions, except per share amounts, or where otherwise noted)	2013			2014			2015			2016			2017
YEARS ENDED DECEMBER 31:
Total fee revenue	$	7,570		$	8,010		$	8,278		$	8,116		$	8,905
Net interest income	2,303			2,260			2,088			2,084			2,304
Gains (losses) from sales of available-for-sale securities, net	(9		)	4			(6		)	7			(39		)
Total revenue	9,864			10,274			10,360			10,207			11,170
Provision for loan losses	6			10			12			10			2
Total expenses	7,192			7,827			8,050			8,077			8,269
Income before income tax expense	2,666			2,437			2,298			2,120			2,899
Income tax expense (benefit)	616			415			318			(22		)	722
Net income (loss) from non-controlling interest	—			—			—			1			—
Net income	2,050			2,022			1,980			2,143			2,177
Adjustments to net income	(34		)	(64		)	(132		)	(175		)	(184		)
Net income available to common shareholders	$	2,016		$	1,958		$	1,848		$	1,968		$	1,993
PER COMMON SHARE:
Earnings per common share:
Basic	$	4.52		$	4.62		$	4.53		$	5.03		$	5.32
Diluted	4.43			4.53			4.47			4.97			5.24
Cash dividends declared per common share	1.04			1.16			1.32			1.44			1.60
Closing price per share of common stock (at year end)	$	73.39		$	78.50		$	66.36		$	77.72		$	97.61
AS OF DECEMBER 31:
Investment securities	$	116,914		$	112,636		$	100,022		$	97,167		$	97,579
Average total interest-earning assets	178,101			209,054			220,456			199,184			191,235
Total assets	243,262			274,089			245,155			242,698			238,425
Deposits	182,268			209,040			191,627			187,163			184,896
Long-term debt	9,670			10,012			11,497			11,430			11,620
Total shareholders' equity	20,248			21,328			21,103			21,219			22,317
Assets under custody and administration (in billions)	27,427			28,188			27,508			28,771			33,119
Assets under management (in billions)	2,345			2,448			2,245			2,468			2,782
Number of employees	29,430			29,970			32,356			33,783			36,643
RATIOS:
Return on average common equity	10.2		%	9.8		%	9.8		%	10.5		%	10.6		%
Return on average assets	0.99			0.85			0.79			0.93			0.99
Common dividend payout	22.89			25.03			28.99			28.46			29.89
Average common equity to average total assets	9.6			8.4			7.6			8.2			8.6
Net interest margin, fully taxable-equivalent basis	1.37			1.16			1.03			1.13			1.29
Common equity tier 1 ratio	15.3			12.4			12.5			11.7			12.3
Tier 1 capital ratio	17.1			14.5			15.3			14.8			15.5
Total capital ratio	19.5			16.4			17.4			16.0			16.5
Tier 1 leverage ratio	6.8			6.3			6.9			6.5			7.3
Supplementary leverage ratio	NA			5.6			6.2			5.9			6.5

1

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)	1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			4Q17 vs. 4Q16			4Q17 vs. 3Q17			2016			2017			YTD 2017 vs. YTD 2016
Revenue:
Fee revenue	$	1,970		$	2,053		$	2,079		$	2,014		$	2,198		$	2,235		$	2,242		$	2,230		10.7	%		(0.5	)%		$	8,116		$	8,905		9.7	%
Net interest income	512			521			537			514			510			575			603			616			19.8			2.2			2,084			2,304			10.6
Gains (losses) from sales of available-for-sale securities, net	2			(1		)	6			2			(40		)	—			1			—			nm			nm			9			(39		)	nm
Losses from other-than-temporary impairment	—			—			(2		)	—			—			—			—			—			—			—			(2		)	—			nm
Total revenue	2,484			2,573			2,620			2,530			2,668			2,810			2,846			2,846			12.5			—			10,207			11,170			9.4
Provision for loan losses	4			4			—			2			(2		)	3			3			(2		)	nm			nm			10			2			(80.0	)
Total expenses	2,050			1,860			1,984			2,183			2,086			2,031			2,021			2,131			(2.4	)		5.4			8,077			8,269			2.4
Income before income tax expense	430			709			636			345			584			776			822			717			107.8			(12.8	)		2,120			2,899			36.7
Income tax expense (benefit)	62			92			72			(248		)	82			156			137			347			(239.9	)		153.3			(22		)	722			nm
Net income (loss) from non-controlling interest	—			2			(1		)	—			—			—			—			—			—			—			1			—			nm
Net income	368			619			563			593			502			620			685			370			(37.6	)		(46.0	)		2,143			2,177			1.6
Net income available to common shareholders	$	319		$	585		$	507		$	557		$	446		$	584		$	629		$	334		(40.0	)		(46.9	)		$	1,968		$	1,993		1.3
Diluted earnings per common share	$	.79		$	1.47		$	1.29		$	1.43		$	1.15		$	1.53		$	1.66		$	.89		(37.8	)		(46.4	)		$	4.97		$	5.24		5.4
Average diluted common shares outstanding (in thousands)	403,615			398,847			393,212			389,046			386,417			380,915			378,518			375,477			(3.5	)		(0.8	)		396,090			380,213			(4.0	)
Cash dividends declared per common share	$	.34		$	.34		$	.38		$	.38		$	.38		$	.38		$	.42		$	.42		10.5			—			$	1.44		$	1.60		11.1
Closing price per share of common stock (as of quarter end)	58.52			53.92			69.63			77.72			79.61			89.73			95.54			97.61			25.6			2.2			77.72			97.61			25.6
Ratios:
Return on average common equity	6.8		%	12.4		%	10.6		%	12.1		%	9.9		%	12.6		%	13.0		%	6.9		%	(520	)	bps	(610	)	bps	10.5		%	10.6		%	10		bps
Return on tangible common equity(1)	10.6			14.8			15.8			17.7			16.0			17.3			18.0			16.7			(100	)		(130	)		17.7			16.7			(100	)
Pre-tax operating margin	17.3			27.6			24.3			13.6			21.9			27.6			28.9			25.2			1,160			(370	)		20.8			26.0			520
Common equity tier 1 risk-based capital(2)	12.3			12.0			12.3			11.7			11.2			12.0			12.6			12.3			60			(30	)		11.7			12.3			60
Tier 1 risk-based capital(2)	14.9			15.0			15.4			14.8			14.4			15.1			15.8			15.5			70			(30	)		14.8			15.5			70
Total risk-based capital(2)	17.1			17.1			17.6			16.0			15.4			16.2			16.9			16.5			50			(40	)		16.0			16.5			50
Tier 1 leverage(2)	6.9			7.0			6.8			6.5			6.8			7.0			7.4			7.3			80			(10	)		6.5			7.3			80
Tangible common equity(3)	6.7			6.7			6.5			6.4			6.6			6.8			6.9			6.9			50			—			6.4			6.9			50
At quarter-end:
Assets under custody and administration (in trillions)(4)	$	26.94		$	27.79		$	29.18		$	28.77		$	29.83		$	31.04		$	32.11		$	33.12		15.1	%		3.1	%		$	28.77		$	33.12		15.1	%
Asset under management (in trillions)	2.30			2.30			2.45			2.47			2.56			2.61			2.67			2.78			12.6			4.1			2.47			2.78			12.6
Total assets	243,685			255,386			256,140			242,698			236,802			238,274			235,986			238,425			(1.8	)		1.0			242,698			238,425			(1.8	)
Investment securities	102,298			103,121			99,888			97,167			94,639			95,255			93,088			97,579			0.4			4.8			97,167			97,579			0.4
Deposits	185,516			193,130			198,766			187,163			183,465			181,416			179,263			184,896			(1.2	)		3.1			187,163			184,896			(1.2	)
Long-term debt	10,323			11,924			11,834			11,430			11,394			11,737			11,716			11,620			1.7			(0.8	)		11,430			11,620			1.7
Total shareholders' equity	21,496			22,073			22,150			21,219			21,294			22,068			22,497			22,317			5.2			(0.8	)		21,219			22,317			5.2
(1) 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.
(2) 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 Regulatory Capital within this package for additional information about our regulatory capital ratios for each period.
(3) Tangible common equity ratio is a non-GAAP measure. Refer to the Reconciliation of Tangible Common Equity Ratio within this package for additional information.
(4) Included assets under custody of $20.79 trillion, $21.35 trillion, $21.91 trillion, $21.73 trillion, $22.51 trillion, $23.36 trillion, $24.24 trillion and $25.02 trillion as of March 31, 2016, June 30, 2016, September 30, 2016, December 31, 2016, March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017, respectively.
nm Not meaningful

2

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)	1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			4Q17 vs. 4Q16		4Q17 vs. 3Q17		2016			2017			YTD 2017 vs. YTD 2016
Reported Results
Fee revenue:
Servicing fees	$	1,242		$	1,239		$	1,303		$	1,289		$	1,296		$	1,339		$	1,351		$	1,379		7.0	%	2.1	%	$	5,073		$	5,365		5.8	%
Management fees	270			293			368			361			382			397			419			418			15.8		(0.2	)	1,292			1,616			25.1
Trading services:
Total foreign exchange trading(1)	156			157			159			182			164			178			150			149			(18.1	)	(0.7	)	654			641			(2.0	)
Total brokerage and other trading services	116			110			108			111			111			111			109			99			(10.8	)	(9.2	)	445			430			(3.4	)
Total trading services	272			267			267			293			275			289			259			248			(15.4	)	(4.2	)	1,099			1,071			(2.5	)
Securities finance	134			156			136			136			133			179			147			147			8.1		—		562			606			7.8
Processing fees and other	52			98			5			(65		)	112			31			66			38			nm		(42.4	)	90			247			174.4
Total fee revenue	1,970			2,053			2,079			2,014			2,198			2,235			2,242			2,230			10.7		(0.5	)	8,116			8,905			9.7
Net interest income:
Interest income	629			620			647			616			650			700			761			797			29.4		4.7		2,512			2,908			15.8
Interest expense	117			99			110			102			140			125			158			181			77.5		14.6		428			604			41.1
Net interest income	512			521			537			514			510			575			603			616			19.8		2.2		2,084			2,304			10.6
Gains (losses) related to investment securities, net:
Gains (losses) from sales of available-for-sale securities, net	2			(1		)	6			2			(40		)	—			1			—			nm		nm		9			(39		)	nm
Losses from other-than-temporary impairment	—			—			(2		)	—			—			—			—			—			—		—		(2		)	—			nm
Gains (losses) related to investment securities, net	2			(1		)	4			2			(40		)	—			1			—			nm		nm		7			(39		)	nm
Total revenue	2,484			2,573			2,620			2,530			2,668			2,810			2,846			2,846			12.5		—		10,207			11,170			9.4
Provision for loan losses	4			4			—			2			(2		)	3			3			(2		)	nm		nm		10			2			(80.0	)
Expenses:
Compensation and employee benefits	1,107			989			1,013			1,244			1,166			1,071			1,090			1,067			(14.2	)	(2.1	)	4,353			4,394			0.9
Information systems and communications	272			270			285			278			287			283			296			301			8.3		1.7		1,105			1,167			5.6
Transaction processing services	200			201			200			199			197			207			215			219			10.1		1.9		800			838			4.8
Occupancy	113			111			107			109			110			116			118			117			7.3		(0.8	)	440			461			4.8
Acquisition and restructuring costs	104			20			42			43			29			71			33			133			209.3		303.0		209			266			27.3
Other	254			269			337			310			297			283			269			294			(5.2	)	9.3		1,170			1,143			(2.3	)
Total expenses	2,050			1,860			1,984			2,183			2,086			2,031			2,021			2,131			(2.4	)	5.4		8,077			8,269			2.4
Income before income tax expense	430			709			636			345			584			776			822			717			107.8		(12.8	)	2,120			2,899			36.7
Income tax expense (benefit)	62			92			72			(248		)	82			156			137			347			(239.9	)	153.3		(22		)	722			nm
Net income (loss) from non-controlling interest	—			2			(1		)	—			—			—			—			—			—		—		1			—			nm
Net income	$	368		$	619		$	563		$	593		$	502		$	620		$	685		$	370		(37.6	)	(46.0	)	$	2,143		$	2,177		1.6
Effective tax rate(3)	14.4		%	12.9		%	11.4		%	(72.3		)%	14.0		%	20.1		%	16.7		%	48.4		%					(1.0		)%	24.9		%

3

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)	1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			4Q17 vs. 4Q16			4Q17 vs. 3Q17			2016			2017			YTD 2017 vs. YTD 2016
Adjustments to net income:
Dividends on preferred stock	$	(49	)	$	(33	)	$	(55	)	$	(36	)	$	(55	)	$	(36	)	$	(55	)	$	(36	)	—	%		(34.5	)%		$	(173	)	$	(182	)	5.2	%
Earnings allocated to participating securities	—			(1		)	(1		)	—			(1		)	—			(1		)	—			—			nm			(2		)	(2		)	—
Net income available to common shareholders	$	319		$	585		$	507		$	557		$	446		$	584		$	629		$	334		(40.0	)		(46.9	)		$	1,968		$	1,993		1.3
Earnings per common share:
Basic	$	.80		$	1.48		$	1.31		$	1.45		$	1.17		$	1.56		$	1.69		$	.91		(37.2	)		(46.2	)		$	5.03		$	5.32		5.8
Diluted	.79			1.47			1.29			1.43			1.15			1.53			1.66			.89			(37.8	)		(46.4	)		4.97			5.24			5.4
Average common shares outstanding:
Basic	399,421			394,160			388,358			384,115			381,224			375,395			372,765			369,934			(3.7	)		(0.8	)		391,485			374,793			(4.3	)
Diluted	403,615			398,847			393,212			389,046			386,417			380,915			378,518			375,477			(3.5	)		(0.8	)		396,090			380,213			(4.0	)
Cash dividends declared per common share	$	.34		$	.34		$	.38		$	.38		$	.38		$	.38		$	.42		$	.42		10.5			—			$	1.44		$	1.60		11.1
Closing price per share of common stock (as of quarter end)	58.52			53.92			69.63			77.72			79.61			89.73			95.54			97.61			25.6			2.2			77.72			97.61			25.6
Financial ratios:
Return on average common equity	6.8		%	12.4		%	10.6		%	12.1		%	9.9		%	12.6		%	13.0		%	6.9		%	(520	)	bps	(610	)	bps	10.5		%	10.6		%	10		bps
Return on tangible common equity(2)	10.6			14.8			15.8			17.7			16.0			17.3			18.0			16.7			(100	)		(130	)		17.7			16.7			(100	)
Pre-tax operating margin	17.3			27.6			24.3			13.6			21.9			27.6			28.9			25.2			1,160			(370	)		20.8			26.0			520
After-tax margin	12.8			22.7			19.4			22.0			16.7			20.8			22.1			11.7			(1,030	)		(1,040	)		19.3			17.8			(150	)
Common dividend payout ratio	42.5			22.7			28.9			26.1			32.1			24.4			24.8			46.1			2,000			2,130			28.5			29.9			140
(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) 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.
(3) As a result of the enactment of the Tax Cuts and Jobs Act, the fourth-quarter of 2017 included a one-time estimated net cost of $270 million. The fourth-quarter of 2016 reflected a one-time benefit of $211 million. The impact of each of these items on the GAAP-basis effective tax rate for the fourth-quarter of 2017 and 2016 was 13.2% and 8.5%, respectively.
nm  Not meaningful

4

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED STATEMENT OF CONDITION
	As of Quarter End																								% Change
(Dollars in millions, except per share amounts)	1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			4Q17 vs. 4Q16		4Q17 vs. 3Q17
Assets:
Cash and due from banks	$	3,735		$	4,673		$	3,490		$	1,314		$	2,909		$	3,156		$	3,939		$	2,107		60.4	%	(46.5	)%
Interest-bearing deposits with banks	65,032			75,169			79,090			70,935			66,789			63,617			60,956			67,227			(5.2	)	10.3
Securities purchased under resale agreements	3,722			2,010			2,442			1,956			2,181			3,172			3,465			3,241			65.7		(6.5	)
Trading account assets	873			890			1,063			1,024			945			896			1,135			1,093			6.7		(3.7	)
Investment securities:
Investment securities available-for-sale	71,086			72,735			71,520			61,998			58,810			59,025			56,238			57,121			(7.9	)	1.6
Investment securities held-to-maturity(1)	31,212			30,386			28,368			35,169			35,829			36,230			36,850			40,458			15.0		9.8
Total investment securities	102,298			103,121			99,888			97,167			94,639			95,255			93,088			97,579			0.4		4.8
Loans and leases, net(2)	19,140			19,788			21,451			19,704			22,486			24,307			23,581			23,240			17.9		(1.4	)
Premises and equipment, net(3)	1,949			1,994			2,042			2,062			2,101			2,137			2,167			2,186			6.0		0.9
Accrued interest and fees receivable	2,371			2,399			2,594			2,644			2,690			2,805			3,043			3,099			17.2		1.8
Goodwill	5,733			5,671			5,911			5,814			5,855			5,945			5,997			6,022			3.6		0.4
Other intangible assets	1,749			1,682			1,849			1,750			1,710			1,693			1,658			1,613			(7.8	)	(2.7	)
Other assets	37,083			37,989			36,320			38,328			34,497			35,291			36,957			31,018			(19.1	)	(16.1	)
Total assets	$	243,685		$	255,386		$	256,140		$	242,698		$	236,802		$	238,274		$	235,986		$	238,425		(1.8	)	1.0
Liabilities:
Deposits:
Non-interest-bearing	$	54,248		$	57,268		$	60,545		$	59,397		$	56,786		$	50,957		$	49,850		$	47,175		(20.6	)	(5.4	)
Interest-bearing -- U.S.	31,159			33,060			33,767			30,911			26,746			24,438			33,742			50,139			62.2		48.6
Interest-bearing -- Non-U.S.	100,109			102,802			104,454			96,855			99,933			106,021			95,671			87,582			(9.6	)	(8.5	)
Total deposits	185,516			193,130			198,766			187,163			183,465			181,416			179,263			184,896			(1.2	)	3.1
Securities sold under repurchase agreements	4,224			4,350			4,364			4,400			4,003			3,856			3,867			2,842			(35.4	)	(26.5	)
Other short-term borrowings	1,706			1,712			1,413			1,585			1,177			1,465			1,253			1,144			(27.8	)	(8.7	)
Accrued expenses and other liabilities	20,388			22,166			17,582			16,901			15,469			17,732			17,390			15,606			(7.7	)	(10.3	)
Long-term debt	10,323			11,924			11,834			11,430			11,394			11,737			11,716			11,620			1.7		(0.8	)
Total liabilities	222,157			233,282			233,959			221,479			215,508			216,206			213,489			216,108			(2.4	)	1.2
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			742			—		—
Series G, 5,000 shares issued and outstanding	—			493			493			493			493			493			493			493			—		—
Common stock, $1 par, 750,000,000 shares authorized(4)	504			504			504			504			504			504			504			504			—		—
Surplus	9,739			9,767			9,778			9,782			9,796			9,803			9,803			9,799			0.2		—
Retained earnings	16,233			16,686			17,047			17,459			17,762			18,202			18,675			18,856			8.0		1.0
Accumulated other comprehensive income (loss)	(964		)	(997		)	(993		)	(2,040		)	(1,805		)	(1,270		)	(984		)	(1,009		)	(50.5	)	2.5
Treasury stock, at cost(5)	(6,719		)	(7,083		)	(7,382		)	(7,682		)	(8,159		)	(8,367		)	(8,697		)	(9,029		)	17.5		3.8
Total shareholders' equity	21,496			22,073			22,150			21,219			21,294			22,068			22,497			22,317			5.2		(0.8	)
Non-controlling interest-equity	32			31			31			—			—			—			—			—			—		—
Total equity	21,528			22,104			22,181			21,219			21,294			22,068			22,497			22,317			5.2		(0.8	)
Total liabilities and equity	$	243,685		$	255,386		$	256,140		$	242,698		$	236,802		$	238,274		$	235,986		$	238,425		(1.8	)	1.0
	1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17
(1) Fair value of investment securities held-to-maturity	$	31,555		$	30,895		$	28,780		$	34,994		$	35,694		$	36,169		$	36,836		$	40,255
(2) Allowance for loan losses	47			51			51			53			51			54			58			54
(3) Accumulated depreciation for premises and equipment	4,929			3,164			3,271			3,333			3,463			3,611			3,750			3,881
(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	108,316,401			114,229,535			118,309,341			121,940,502			127,520,264			129,773,003			133,038,955			136,229,784

5

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
AVERAGE AND PERIOD-END BALANCE SHEET TRENDS
	Quarters																% Change
Average Balance Sheet Mix	1Q16		2Q16		3Q16		4Q16		1Q17		2Q17		3Q17		4Q17		4Q17 vs. 4Q16		4Q17 vs. 3Q17
Investment securities and short-duration instruments	78.5	%	78.4	%	78.7	%	78.2	%	78.3	%	77.8	%	76.5	%	76.0	%	(2.8	)%	(0.7	)%
Loans and leases	8.3		8.1		8.0		8.6		9.2		9.4		10.5		10.9		26.7		3.8
Non-interest-earning assets	13.2		13.5		13.3		13.2		12.5		12.8		13.0		13.1		(0.8	)	0.8
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
Client funds bearing interest	59.0	%	60.2	%	60.3	%	58.8	%	59.9	%	60.7	%	60.1	%	60.2	%	2.4		0.2
Client funds not bearing interest	20.1		18.3		19.1		20.5		20.2		18.9		18.2		18.0		(12.2	)	(1.1	)
Other non-interest-bearing liabilities	6.3		7.0		6.0		6.4		4.8		5.6		6.1		6.1		(4.7	)	—
Long-term debt and common shareholders' equity	13.4		13.1		13.2		12.9		13.6		13.4		14.1		14.2		10.1		0.7
Preferred shareholders' equity	1.2		1.4		1.4		1.4		1.5		1.4		1.5		1.5		7.1		—
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	1Q16		2Q16		3Q16		4Q16		1Q17		2Q17		3Q17		4Q17		4Q17 vs. 4Q16		4Q17 vs. 3Q17
Fixed	$	2,045	$	2,023	$	1,904	$	1,702	$	1,285	$	1,137	$	1,038	$	816	(52.1	)%	(21.4	)%
Floating	24,795		24,313		22,988		22,470		21,324		22,230		22,828		20,911		(6.9	)	(8.4	)
Total	$	26,840	$	26,336	$	24,892	$	24,172	$	22,609	$	23,367	$	23,866	$	21,727	(10.1	)	(9.0	)

(Dollars in millions)	Quarters																							% Change
Investment Securities - Appreciation (Depreciation)	1Q16			2Q16			3Q16		4Q16			1Q17			2Q17			3Q17			4Q17			4Q17 vs. 4Q16		4Q17 vs. 3Q17
Held-to-maturity:
Amortized cost (book value)	$	31,212		$	30,386		$	28,368	$	35,169		$	35,829		$	36,230		$	36,850		$	40,458		15.0	%	9.8	%
Fair value	31,555			30,895			28,780		34,994			35,694			36,169			36,836			40,255			15.0		9.3
Appreciation (depreciation)	343			509			412		(175		)	(135		)	(61		)	(14		)	(203		)	16.0		1,350.0
Available-for-sale:
Amortized cost	70,366			71,720			70,795		61,912			58,658			58,714			55,882			57,000			(7.9	)	2.0
Fair value (book value)	71,086			72,735			71,520		61,998			58,810			59,025			56,238			57,121			(7.9	)	1.6
Appreciation (depreciation)	720			1,015			725		86			152			311			356			121			40.7		(66.0	)
Pre-tax appreciation (depreciation) related to securities available-for-sale transferred to held-to-maturity	(193		)	(197		)	35		(194		)	(41		)	(35		)	(34		)	13			(106.7	)	(138.2	)
Net pre-tax appreciation (depreciation) related to investment securities portfolio	870			1,327			1,172		(283		)	(24		)	215			308			(69		)	(75.6	)	(122.4	)
Net after-tax appreciation (depreciation) related to investment securities portfolio	522			796			703		(170		)	(14		)	129			185			(41		)	(75.9	)	(122.2	)

(Dollars in billions)	Quarters																% Change
Securities on Loan	1Q16		2Q16		3Q16		4Q16		1Q17		2Q17		3Q17		4Q17		4Q17 vs. 4Q16		4Q17 vs. 3Q17
Average securities on loan	$	334	$	348	$	347	$	353	$	368	$	384	$	383	$	397	12.5	%	3.7	%
End-of-period securities on loan	341		348		348		364		378		376		385		389		6.9		1.0

6

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER CUSTODY AND ADMINISTRATION
	Quarters																% Change
(Dollars in billions)	1Q16		2Q16		3Q16		4Q16		1Q17		2Q17		3Q17		4Q17		4Q17 vs. 4Q16		4Q17 vs. 3Q17
Assets Under Custody and Administration
By Product Classification:
Mutual funds	$	6,728	$	6,734	$	6,906	$	6,841	$	7,033	$	7,123	$	7,394	$	7,603	11.1	%	2.8	%
Collective funds, including ETFs	7,000		7,234		7,541		7,501		8,024		8,560		9,190		9,707		29.4		5.6
Pension products	5,197		5,496		5,671		5,584		5,775		5,937		6,571		6,704		20.1		2.0
Insurance and other products	8,018		8,322		9,060		8,845		9,001		9,417		8,955		9,105		2.9		1.7
Total Assets Under Custody and Administration	$	26,943	$	27,786	$	29,178	$	28,771	$	29,833	$	31,037	$	32,110	$	33,119	15.1		3.1
By Financial Instrument(1):
Equities	$	14,718	$	15,347	$	16,400	$	16,189	$	17,041	$	17,859	$	18,423	$	19,214	18.7		4.3
Fixed-income	8,914		9,143		9,500		9,231		9,300		9,560		9,883		10,070		9.1		1.9
Short-term and other investments	3,311		3,296		3,278		3,351		3,492		3,618		3,804		3,835		14.4		0.8
Total Assets Under Custody and Administration	$	26,943	$	27,786	$	29,178	$	28,771	$	29,833	$	31,037	$	32,110	$	33,119	15.1		3.1
By Geographic Location(2):
North America	$	20,505	$	21,072	$	21,561	$	21,544	$	22,361	$	23,020	$	23,675	$	24,418	13.3		3.1
Europe/Middle East/Africa	5,159		5,356		6,107		5,734		5,979		6,464		6,806		7,028		22.6		3.3
Asia/Pacific	1,279		1,358		1,510		1,493		1,493		1,553		1,629		1,673		12.1		2.7
Total Assets Under Custody and Administration	$	26,943	$	27,786	$	29,178	$	28,771	$	29,833	$	31,037	$	32,110	$	33,119	15.1		3.1
Assets Under Custody(3)
By Product Classification:
Mutual funds	$	6,363	$	6,361	$	6,461	$	6,395	$	6,499	$	6,577	$	6,818	$	6,998	9.4		2.6
Collective funds, including ETFs	5,589		5,788		6,080		6,100		6,601		7,107		7,638		8,091		32.6		5.9
Pension products	4,673		4,947		5,107		5,039		5,212		5,399		5,480		5,606		11.3		2.3
Insurance and other products	4,163		4,258		4,262		4,191		4,193		4,279		4,304		4,325		3.2		0.5
Total Assets Under Custody	$	20,788	$	21,354	$	21,910	$	21,725	$	22,505	$	23,362	$	24,240	$	25,020	15.2		3.2
By Geographic Location(2):
North America	$	16,420	$	16,756	$	17,074	$	17,083	$	17,747	$	18,223	$	18,691	$	19,276	12.8		3.1
Europe/Middle East/Africa	3,422		3,584		3,698		3,508		3,635		3,969		4,323		4,487		27.9		3.8
Asia/Pacific	946		1,014		1,138		1,134		1,123		1,170		1,226		1,257		10.8		2.5
Total Assets Under Custody	$	20,788	$	21,354	$	21,910	$	21,725	$	22,505	$	23,362	$	24,240	$	25,020	15.2		3.2
(1) Certainly previously reported amounts have been reclassified to conform to current period presentation.
(2) Geographic mix is based on the location at which the assets are serviced.
(3) Assets under custody are a component of assets under custody and administration presented above.

7

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER MANAGEMENT
	Quarters																% Change
(Dollars in billions)	1Q16		2Q16		3Q16		4Q16		1Q17		2Q17		3Q17		4Q17		4Q17 vs. 4Q16		4Q17 vs. 3Q17
Assets Under Management
By Asset Class and Investment Approach:
Equity:
Active	$	32	$	32	$	70	$	73	$	77	$	82	$	95	$	95	30.1	%	—	%
Passive	1,295		1,275		1,340		1,401		1,482		1,512		1,545		1,650		17.8		6.8
Total Equity	1,327		1,307		1,410		1,474		1,559		1,594		1,640		1,745		18.4		6.4
Fixed-Income:
Active	17		17		73		70		69		71		73		77		10.0		5.5
Passive	310		318		318		308		312		327		325		337		9.4		3.7
Total Fixed-Income	327		335		391		378		381		398		398		414		9.5		4.0
Cash(1)	381		380		351		333		335		334		347		330		(0.9	)	(4.9	)
Multi-Asset-Class Solutions:
Active	17		17		19		19		19		18		18		18		(5.3	)	—
Passive	92		100		106		107		113		113		117		129		20.6		10.3
Total Multi-Asset-Class Solutions	109		117		125		126		132		131		135		147		16.7		8.9
Alternative Investments(2):
Active	18		18		29		28		26		27		24		23		(17.9	)	(4.2	)
Passive	134		144		140		129		128		122		129		123		(4.7	)	(4.7	)
Total Alternative Investments	152		162		169		157		154		149		153		146		(7.0	)	(4.6	)
Total Assets Under Management	$	2,296	$	2,301	$	2,446	$	2,468	$	2,561	$	2,606	$	2,673	$	2,782	12.7		4.1
By Geographic Location(3):
North America	$	1,491	$	1,501	$	1,641	$	1,691	$	1,772	$	1,802	$	1,845	$	1,931	14.2		4.7
Europe/Middle East/Africa	496		492		495		482		486		496		510		521		8.1		2.2
Asia/Pacific	309		308		310		295		303		308		318		330		11.9		3.8
Total Assets Under Management	$	2,296	$	2,301	$	2,446	$	2,468	$	2,561	$	2,606	$	2,673	$	2,782	12.7		4.1
(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. State Street is not the investment manager for SPDR® Gold Shares ETF and SPDR® Long Dollar Gold Trust ETF, but acts as marketing agent.
(3) Geographic mix is based on client location or fund management location.
Exchange-Traded Funds(1)
By Asset Class:
Alternative investments	$	45	$	54	$	54	$	42	$	46	$	46	$	48	$	48	14.3	%	—	%
Cash	3		2		2		2		2		2		2		2		—		—
Equity	349		348		370		426		457		460		478		531		24.6		11.1
Fixed-income	46		48		52		51		53		58		61		63		23.5		3.3
Total Exchange-Traded Funds	$	443	$	452	$	478	$	521	$	558	$	566	$	589	$	644	23.6		9.3
(1)  Exchange-traded funds are a component of assets under management presented above.

8

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO HOLDINGS BY ASSET CLASS
December 31, 2017	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	59		%	13		%	15		%	7		%	6		%	—		%	—		%	$	29.0	29.7	%	$	(77	)	99% / 1%
Asset-backed securities	—			72			21			2			4			1			—			21.1		21.6		75			4% / 96%
Student loans	—			37			48			2			12			1			—			6.4		30.3		23
Credit cards	—			100			—			—			—			—			—			3.1		14.7		(12		)
Auto & equipment	—			84			14			2			—			—			—			1.7		8.1		1
Non-U.S. residential mortgage backed securities	—			83			12			3			1			1			—			7.6		36.0		57
Collateralized loan obligation	—			100			—			—			—			—			—			1.9		9.0		5
Other	—			28			72			—			—			—			—			0.4		1.9		1
Mortgage-backed securities	98			1			—			—			—			1			—			25.9		26.6		(176		)	96% / 4%
Agency MBS	100			—			—			—			—			—			—			25.3		97.7		(189		)
Non-Agency MBS	—			58			—			1			8			30			3			0.6		2.3		13
CMBS	59			41			—			—			—			—			—			4.1		4.2		(18		)	60% / 40%
Corporate bonds	—			—			16			52			32			—			—			4.4		4.5		4			93% / 7%
Covered bonds	—			100			—			—			—			—			—			3.5		3.6		14			15% / 85%
Municipal bonds	—			32			63			4			—			—			1			7.4		7.6		117			99% / 1%
Clipper tax-exempt bonds/other	—			31			47			16			4			—			2			2.1		2.2		19			3% / 97%
Total Portfolio	46		%	28		%	16		%	6		%	4		%	—		%	—		%	$	97.5	100.0	%	$	(42	)	71% / 29%
Book Value	$	44.9		$	27.6		$	15.1		$	5.4		$	4.1		$	0.3		$	0.1		$	97.5
(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, 2017 the after-tax unrealized MTM gain/(loss) includes after-tax unrealized gain on securities available-for-sale of $101 million, after-tax unrealized loss on securities held-to-maturity of $(122) million and after-tax unrealized loss primarily related to securities previously transferred from available-for-sale to held-to-maturity of $(21) million.

9

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO NON-U.S. INVESTMENTS
December 31, 2017				Book Value
(In billions)	Book Value		Average Rating	Gov't/Agency(1)		ABS FRMBS		ABS All Other		Corporate Bonds		Covered Bonds		Other
United Kingdom	$	6.1	AAA	$	0.8	$	2.8	$	1.4	$	0.4	$	0.7	$	—
Australia	5.0		AAA	1.2		2.4		0.3		0.3		0.6		0.2
Canada	3.1		AAA	2.0		—		—		0.2		0.9		—
France	2.5		AA	1.4		0.1		0.4		0.3		0.3		—
Netherlands	1.7		AAA	—		1.1		0.2		0.3		0.1		—
Italy	1.7		A	0.8		0.6		0.3		—		—		—
Japan	1.3		A	1.3		—		—		—		—		—
Spain	1.5		A	1.0		0.3		0.2		—		—		—
Belgium	1.2		AA	0.9		0.1		—		—		0.2		—
Hong Kong	0.7		AA	0.7		—		—		—		—		—
Germany	0.5		AAA	0.1		—		0.4		—		—		—
Sweden	0.5		AA	—		—		—		0.2		0.3		—
Norway	0.5		AAA	—		—		—		—		0.5		—
Ireland	0.8		A	0.7		0.1		—		—		—		—
Other	1.1		AA	0.8		0.1		—		0.1		0.1		—
Total Non-U.S. Investments(2)	$	28.2		$	11.7	$	7.6	$	3.2	$	1.8	$	3.7	$	0.2
U.S. Investments	69.3
Total Portfolio	$	97.5
(1) Sovereign debt is reflected in the government / agency column.
(2) Country of collateral used except for corporates where country of issuer is used.

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 has also historically (and in this Supplemental Information Package) presented results on a non-GAAP, or operating-basis or otherwise adjusted bases. Management believed this presentation would support additional meaningful analysis and comparisons of trends with respect to State Street's business operations from period to period. Management may also provide (and in this Supplemental Information Package has provided) additional non-GAAP measures, including 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.

    Our operating-basis, or otherwise adjusted basis, financial results have historically adjusted our GAAP-basis financial results to both: (1) exclude the impact of revenue and expenses outside of State Street’s normal course of business, such as restructuring charges; and (2) present revenue from non-taxable sources, such as interest income from tax-exempt investment securities and processing fees and other revenue associated with tax-advantaged adjustments, on a fully taxable-equivalent basis. Management believed that this presentation of financial information facilitates an investor's further understanding and analysis of State Street's financial performance and trends, including providing additional insight into our underlying margin and profitability, in addition to financial information prepared and reported in conformity with GAAP. The tax-equivalent adjustments allow for more meaningful comparisons of yields and margins on assets and the evaluation of investment opportunities with different tax profiles.

    Beginning with the first quarter of 2017, we began simplifying our operating-basis presentation of our financial results to no longer exclude, as part of the non-ordinary course adjustment, the effects of gains/losses on sales of businesses or the discount accretion associated with former conduit securities. In the first and third quarters of 2017, operating-basis results included a pre-tax gain of approximately $30 million on the sale of our transfer agency joint venture interests and a pre-tax gain of approximately $26 million on the sale of an alternative trading system, respectively. In the first, second, third, and fourth quarters of 2017, operating-basis results included $5 million, $6 million, $4 million and $4 million, respectively, of discount accretion. These changes resulted in total increases in operating-basis revenue of $35 million, $6 million, $30 million and $4 million in the first, second, third and fourth quarters of 2017, respectively, relative to our historical operating-basis presentation. Note that in the second quarter of 2016, operating-basis results excluded a pre-tax gain of approximately $53 million on the sale of the WM/Reuters business. We believe that these changes to our operating-basis presentation simplify the overall presentation of our financial results, making them easier to understand, while, overall, continuing to facilitate a useful and helpful additional understanding of our financial results.

    We also believe 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 may present 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.

    We provide forward-looking financial estimates and expectations on an operating basis (non-GAAP) because information needed to provide corresponding GAAP-basis information is primarily dependent on future events or conditions that may be uncertain and are difficult to predict or estimate. Management is therefore, in general, unable to provide a reconciliation of our operating-basis forward-looking financial estimates and expectations to a GAAP-basis presentation.

    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.

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)		1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			4Q17 vs. 4Q16			4Q17 vs. 3Q17			2016			2017			YTD 2017 vs. YTD 2016
Total Revenue(1), (2), (3):
Total revenue, GAAP-basis		$	2,484		$	2,573		$	2,620		$	2,530		$	2,668		$	2,810		$	2,846		$	2,846		12.5	%		—	%		$	10,207		$	11,170		9.4	%
	Adjustment to processing fees and other revenue (see below)	63			34			134			186			70			89			79			96									417			334
	Adjustment to net interest income (see below)	27			25			—			33			43			42			42			42									85			169
	Adjustment to servicing and management fee revenue (see below)	—			43			—			—			—			—			—			—									43			—
Total revenue, operating-basis		$	2,574		$	2,675		$	2,754		$	2,749		$	2,781		$	2,941		$	2,967		$	2,984		8.5			0.6			$	10,752		$	11,673		8.6
Fee Revenue(1), (3):
Total fee revenue, GAAP-basis		$	1,970		$	2,053		$	2,079		$	2,014		$	2,198		$	2,235		$	2,242		$	2,230		10.7			(0.5	)		$	8,116		$	8,905		9.7
	Tax-equivalent adjustment associated with tax-advantaged investments	63			87			134			186			70			89			79			78									470			316
	Gain on sale of WM/Reuters Business	—			(53		)	—			—			—			—			—			—									(53		)	—
	Expense billing matter, net	—			43			—			—			—			—			—			—									43			—
	Impact of tax legislation(7)	—			—			—			—			—			—			—			18									—			18
Total fee revenue, operating-basis		$	2,033		$	2,130		$	2,213		$	2,200		$	2,268		$	2,324		$	2,321		$	2,326		5.7			0.2			$	8,576		$	9,239		7.7
Servicing Fees:
Total servicing fees, GAAP-basis		$	1,242		$	1,239		$	1,303		$	1,289		$	1,296		$	1,339		$	1,351		$	1,379		7.0			2.1			$	5,073		$	5,365		5.8
	Expense billing matter	—			48			—			—			—			—			—			—									48			—
Total servicing fees, operating-basis		$	1,242		$	1,287		$	1,303		$	1,289		$	1,296		$	1,339		$	1,351		$	1,379		7.0			2.1			$	5,121		$	5,365		4.8
Management Fees:
Total management fees, GAAP-basis		$	270		$	293		$	368		$	361		$	382		$	397		$	419		$	418		15.8			(0.2	)		$	1,292		$	1,616		25.1
	Expense billing matter	—			(5		)	—			—			—			—			—			—									(5		)	—
Total management fees, operating-basis		$	270		$	288		$	368		$	361		$	382		$	397		$	419		$	418		15.8			(0.2	)		$	1,287		$	1,616		25.6
Processing Fees and Other Revenue(1):
Total processing fees and other revenue, GAAP-basis		$	52		$	98		$	5		$	(65	)	$	112		$	31		$	66		$	38		nm			(42.4	)		$	90		$	247		174.4
	Tax-equivalent adjustment associated with tax-advantaged investments	63			87			134			186			70			89			79			78									470			316
	Gain on sale of WM/Reuters Business	—			(53		)	—			—			—			—			—			—									(53		)	—
	Impact of tax legislation(7)	—			—			—			—			—			—			—			18									—			18
Total processing fees and other revenue, operating-basis		$	115		$	132		$	139		$	121		$	182		$	120		$	145		$	134		10.7			(7.6	)		$	507		$	581		14.6
Net Interest Income & Net Interest Margin(2), (4):
Net interest income, GAAP-basis		$	512		$	521		$	537		$	514		$	510		$	575		$	603		$	616		19.8	%		2.2	%		$	2,084		$	2,304		10.6	%
	Tax-equivalent adjustment associated with tax-exempt investment securities	42			40			42			43			43			42			42			40									167			167
Net interest income, fully taxable-equivalent basis		$	554		$	561		$	579		$	557		$	553		$	617		$	645		656									$	2,251		$	2,471
	Average interest earning assets	194,081			198,243			202,155			202,194			191,840			195,287			189,916			187,953									199,184			191,235
Net interest margin, fully taxable-equivalent basis		1.15		%	1.14		%	1.14		%	1.09		%	1.17		%	1.27		%	1.35		%	1.38		%	29		bps	3		bps	1.13		%	1.29		%	16		bps
Net interest income, fully taxable-equivalent basis		$	554		$	561		$	579		$	557		$	553		$	617		$	645		656									$	2,251		$	2,471
	Impact of tax legislation(7)	—			—			—			—			—			—			—			2									—			2
	Discount accretion associated with former conduit securities	(15		)	(15		)	(42		)	(10		)	—			—			—			—									(82		)	—
Net interest income, operating-basis		$	539		$	546		$	537		$	547		$	553		$	617		$	645		$	658		20.3	%		2.0	%		$	2,169		$	2,473		14.0	%
	Average interest earning assets	194,081			198,243			202,155			202,194			191,840			195,287			189,916			187,953									199,184			191,235
Net interest margin, operating-basis		1.12		%	1.11		%	1.06		%	1.08		%	1.17		%	1.27		%	1.35		%	1.38		%	31		bps	4		bps	1.09		%	1.29		%	20		bps
	Effect of discount accretion	0.03		%	0.03		%	0.08		%	0.01		%	N/A			N/A			N/A			N/A									0.04		%	N/A

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)		1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			4Q17 vs. 4Q16			4Q17 vs. 3Q17			2016			2017				YTD 2017 vs. YTD 2016
Expenses(3):
Total expenses, GAAP-basis		$	2,050		$	1,860		$	1,984		$	2,183		$	2,086		$	2,031		$	2,021		$	2,131		(2.4	)%		5.4	%		$	8,077		$	8,269			2.4	%
	Severance costs associated with staffing realignment	(3		)	3			9			2			—			—			—			—									11			—
	Provisions for legal contingencies	—			—			(42		)	1			—			—			—			—									(41		)	—
	Expense billing matter, net	—			(15		)	—			—			—			—			—			—									(15		)	—
	Acquisition costs	(7		)	(7		)	(33		)	(22		)	(12		)	(9		)	—			—									(69		)	(21		)
	Restructuring charges, net	(97		)	(13		)	(9		)	(21		)	(17		)	(62		)	(33		)	(133		)							(140		)	(245		)
Total expenses, operating-basis		$	1,943		$	1,828		$	1,909		$	2,143		$	2,057		$	1,960		$	1,988		$	1,998		(6.8	)		0.5			$	7,823		$	8,003			2.3
Compensation and Employee Benefits Expenses:
Total compensation and employee benefits expenses, GAAP-basis		$	1,107		$	989		$	1,013		$	1,244		$	1,166		$	1,071		$	1,090		$	1,067		(14.2	)		(2.1	)		$	4,353		$	4,394			0.9
	Severance costs associated with staffing realignment	(3		)	3			9			2			—			—			—			—									11			—
Total compensation and employee benefits expenses, operating-basis(6)		$	1,104		$	992		$	1,022		$	1,246		$	1,166		$	1,071		$	1,090		$	1,067		(14.4	)		(2.1	)		$	4,364		$	4,394			0.7
Other Expenses:
Total other expenses, GAAP-basis		$	254		$	269		$	337		$	310		$	297		$	283		$	269		$	294		(5.2	)		9.3			$	1,170		$	1,143			(2.3	)
	Provisions for legal contingencies	—			—			(42		)	1			—			—			—			—									(41		)	—
	Expense billing matter, net	—			(15		)	—			—			—			—			—			—									(15		)	—
Total other expenses, operating-basis		$	254		$	254		$	295		$	311		$	297		$	283		$	269		$	294		(5.5	)		9.3			$	1,114		$	1,143			2.6
Income Before Income Tax Expense:
Income before income tax expense, GAAP-basis		$	430		$	709		$	636		$	345		$	584		$	776		$	822		$	717		107.8			(12.8	)		$	2,120		$	2,899			36.7
	Net pre-tax effect of non-operating adjustments to revenue and expenses	197			134			209			259			142			202			154			271									799			769
Income before income tax expense, operating-basis		$	627		$	843		$	845		$	604		$	726		$	978		$	976		$	988		63.6			1.2			$	2,919		$	3,668			25.7
Pre-tax operating margin(5):
Pre-tax operating margin, GAAP-basis		17.3		%	27.6		%	24.3		%	13.6		%	21.9		%	27.6		%	28.9		%	25.2		%	1,160		bps	(370	)	bps	20.8		%	26.0		%		520		bps
	Net effect of non-operating adjustments	7.1			3.9			6.4			8.4			4.2			5.7			4.0			7.9									6.3			5.4
Pre-tax operating margin, operating-basis		24.4		%	31.5		%	30.7		%	22.0		%	26.1		%	33.3		%	32.9		%	33.1		%	1,110		bps	20		bps	27.1		%	31.4		%		430		bps
Income Tax Expense:
Income tax expense (benefit), GAAP-basis		$	62		$	92		$	72		$	(248	)	$	82		$	156		$	137		$	347		(239.9	)%		153.3	%		$	(22	)	$	722			nm
	Aggregate tax-equivalent adjustments	105			127			176			229			113			131			121			118									637			483			232
	Net tax effect of non-operating adjustments	15			10			8			10			7			20			14			50									43			91			25
	Impact of tax legislation(7)	—			—			—			—			—			—			—			(250		)							—			(250		)
Income tax expense (benefit), operating-basis		$	182		$	229		$	256		$	(9	)	$	202		$	307		$	272		$	265		nm			(2.6	)		$	658		$	1,046			59.0
Effective Tax Rate:
Income before income tax expense, operating-basis		$	627		$	843		$	845		$	604		$	726		$	978		$	976		$	988		63.6	%		1.2	%		$	2,919		$	3,668			25.7	%
Income tax expense, operating-basis		182			229			256			(9		)	202			307			272			265									658			1,046
Effective tax rate, operating-basis		29.1		%	27.0		%	30.3		%	(1.5		)%	27.8		%	31.4		%	27.9		%	26.8		%	2,830		bps	(110	)	bps	22.5		%	28.5		%		600		bps

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)		1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17			4Q17 vs. 4Q16			4Q17 vs. 3Q17			2016			2017			YTD 2017 vs. YTD 2016
Net Income Available to Common Shareholders:
Net income available to common shareholders, GAAP-basis		$	319		$	585		$	507		$	557		$	446		$	584		$	629		$	334		(40.0	)%		(46.9	)%		$	1,968		$	1,993		1.3	%
	Net after-tax effect of non-operating adjustments to processing fees and other revenue, net interest income, expenses and income tax expense	77			(3		)	25			20			22			51			19			353									119			445
Net income available to common shareholders, operating-basis		$	396		$	582		$	532		$	577		$	468		$	635		$	648		$	687		19.1			6.0			$	2,087		$	2,438		16.8
Diluted Earnings per Common Share(1), (2):
Diluted earnings per common share, GAAP-basis		$	.79		$	1.47		$	1.29		$	1.43		$	1.15		$	1.53		$	1.66		$	.89		(37.8	)		(46.4	)		$	4.97		$	5.24		5.4
	Severance costs associated with staffing realignment	.01			(.01		)	(.01		)	—			—			—			—			—									(.02		)	—
	Provisions for legal contingencies	—			—			.11			.02			—			—			—			—									.13			—
	Expense billing matter, net	—			.10			—			—			—			—			—			—									.10			—
	Acquisition costs	.01			.01			.05			.03			.02			.02			—			—									.11			.03
	Restructuring charges, net	.15			.02			.01			.02			.03			.11			.06			.23									.21			.43
	Effect on income tax of non-operating adjustments	.04			(.01		)	(.03		)	(.01		)	.01			.01			(.01		)	(.01		)							—			—
	Impact of tax legislation(7)	—			—			—			—			—			—			—			.72									—			.72
	Discount accretion associated with former conduit securities	(.02		)	(.02		)	(.07		)	(.01		)	—			—			—			—									(.13		)	—
	Gain on sale of WM/Reuters Business	—			(.10		)	—			—			—			—			—			—									(.10		)	—
Diluted earnings per common share, operating-basis		$	.98		$	1.46		$	1.35		$	1.48		$	1.21		$	1.67		$	1.71		$	1.83		23.6			7.0			$	5.27		$	6.41		21.6
Return on Average Common Equity(1), (2):
Return on average common equity, GAAP-basis		6.8		%	12.4		%	10.6		%	12.1		%	9.9		%	12.6		%	13.0		%	6.9		%	(520	)	bps	(610	)	bps	10.5		%	10.6		%	10		bps
	Severance costs associated with staffing realignment	—			(.1		)	(.1		)	—			—			—			—			—									—			—
	Provisions for legal contingencies	—			—			.9			.2			—			—			—			—									.3			—
	Expense billing matter, net	—			.8			—			—			—			—			—			—									.2			—
	Acquisition costs	.1			.1			.3			.3			.2			.1			—			—									.2			.1
	Restructuring charges, net	1.3			.2			.1			.1			.2			.9			.5			1.8									.4			.8
	Effect on income tax of non-operating adjustments	.4			(.1		)	(.2		)	(.1		)	.1			.1			(.1		)	(.1		)							—			—
	Impact of tax legislation(7)	—			—			—			—			—			—			—			5.5									—			1.4
	Discount accretion associated with former conduit securities	(.2		)	(.2		)	(.5		)	(.1		)	—			—			—			—									(.3		)	—
	Gain on sale of WM/Reuters Business	—			(.8		)	—			—			—			—			—			—									(0.2		)	—
Return on average common equity, operating-basis		8.4		%	12.3		%	11.1		%	12.5		%	10.4		%	13.7		%	13.4		%	14.1		%	160		bps	70		bps	11.1		%	12.9		%	180		bps
Fee Operating Leverage, GAAP-Basis:
Total fee revenue, GAAP-basis (as reconciled above)		$	1,970		$	2,053		$	2,079		$	2,014		$	2,198		$	2,235		$	2,242		$	2,230		10.72	%		(0.54	)%		$	8,116		$	8,905		9.72	%
Total expenses, GAAP-basis (as reconciled above)		2,050			1,860			1,984			2,183			2,086			2,031			2,021			2,131			(2.38	)		5.44			8,077			8,269			2.38
Fee operating leverage, GAAP-basis																										1,310		bps	(598	)	bps							734		bps
Fee Operating Leverage, Operating-Basis(1):
Total fee revenue, operating-basis (as reconciled above)		$	2,033		$	2,130		$	2,213		$	2,200		$	2,268		$	2,324		$	2,321		$	2,326		5.73	%		0.22	%		$	8,576		$	9,239		7.73	%
Total expenses, operating-basis (as reconciled above)		1,943			1,828			1,909			2,143			2,057			1,960			1,988			1,998			(6.77	)		0.50			7,823			8,003			2.30
Fee operating leverage, operating-basis																										1,250		bps	(28	)	bps							543		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)	1Q16		2Q16		3Q16		4Q16			1Q17		2Q17		3Q17		4Q17		4Q17 vs. 4Q16			4Q17 vs. 3Q17			2016			2017		YTD 2017 vs. YTD 2016
Operating Leverage, GAAP-Basis:
Total revenue, GAAP-basis (as reconciled above)	$	2,484	$	2,573	$	2,620	$	2,530		$	2,668	$	2,810	$	2,846	$	2,846	12.49	%		—	%		$	10,207		$	11,170	9.43	%
Total expenses, GAAP-basis (as reconciled above)	2,050		1,860		1,984		2,183			2,086		2,031		2,021		2,131		(2.38	)		5.44			8,077			8,269		2.38
Operating leverage, GAAP-basis																		1,487		bps	(544	)	bps						705		bps
Operating Leverage, Operating-Basis(1), (2):
Total revenue, operating-basis (as reconciled above)	$	2,574	$	2,675	$	2,754	$	2,749		$	2,781	$	2,941	$	2,967	$	2,984	8.55	%		0.57	%		$	10,752		$	11,673	8.57	%
Total expenses, operating-basis (as reconciled above)	1,943		1,828		1,909		2,143			2,057		1,960		1,988		1,998		(6.77	)		0.50			7,823			8,003		2.30
Operating leverage, operating-basis																		1,532		bps	7		bps						627		bps
Fee Operating Leverage excluding notable items, GAAP-Basis:
Total fee revenue, GAAP-basis (as reconciled above)	$	1,970	$	2,053	$	2,079	2,014			$	2,198	$	2,235	$	2,242	$	2,230							$	8,116		$	8,905
Impact of tax legislation(7)	—		—		—		—			—		—		—		18								—			18
Total fee revenue, GAAP-basis excluding notable items	$	1,970	$	2,053	$	2,079	$	2,014		$	2,198	$	2,235	$	2,242	$	2,248	11.62	%		0.27	%		$	8,116		$	8,923	9.94	%
Total expenses, GAAP-basis (as reconciled above)	$	2,050	$	1,860	$	1,984	$	2,183		$	2,086	$	2,031	$	2,021	$	2,131							$	8,077		$	8,269
Impact of accelerated compensation expense	—		—		—		(249		)	—		—		—		—								(249		)	—
Total expenses, GAAP-basis excluding notable items	$	2,050	$	1,860	$	1,984	$	1,934		$	2,086	$	2,031	$	2,021	$	2,131	10.19	%		5.44	%		$	7,828		$	8,269	5.63	%
Fee operating leverage excluding notable items																		143		bps	(517	)	bps						431		bps
Fee Operating Leverage excluding notable items, Operating-Basis:
Total fee revenue, operating-basis (as reconciled above)	$	2,033	$	2,130	$	2,213	$	2,200		$	2,268	$	2,324	$	2,321	$	2,326							$	8,576		$	9,239
Impact of tax legislation(7)	—		—		—		—			—		—		—		—								—			—
Total fee revenue, operating-basis excluding notable items	$	2,033	$	2,130	$	2,213	$	2,200		$	2,268	$	2,324	$	2,321	$	2,326	5.73	%		0.22	%		$	8,576		$	9,239	7.73	%
Total expenses, operating-basis (as reconciled above)	$	1,943	$	1,828	$	1,909	$	2,143		$	2,057	$	1,960	$	1,988	$	1,998							$	7,823		$	8,003
Impact of accelerated compensation expense	—		—		—		(249		)	—		—		—		—								(249		)	—
Total expenses, operating-basis excluding notable items	$	1,943	$	1,828	$	1,909	$	1,894		$	2,057	$	1,960	$	1,988	$	1,998	5.49	%		0.50	%		$	7,574		$	8,003	5.66	%
Fee operating leverage excluding notable items																		24		bps	(28	)	bps						207		bps
(1) The first and third quarters of 2017 GAAP-basis and operating-basis results include a pre-tax gain of approximately $30 million on the sale of our transfer agency joint venture interests and a pre-tax gain of approximately $26 million on the sale of an alternative trading system, respectively, reflecting a change in our operating-basis presentation effective the first quarter of 2017 to include gains/losses on sales of businesses. In the second quarter of 2016, under our historical presentation, operating-basis results excluded a $53 million pre-tax gain on the sale of WM/Reuters business, and such results have not been revised.
(2) Beginning in the first quarter of 2017, management no longer presents discount accretion associated with former conduit securities as an operating-basis adjustment. Therefore, the first, second, third and fourth quarters of 2017 GAAP and operating-basis results included $5 million, $6 million, $4 million and $4 million, respectively, of discount accretion.  In the first, second, third and fourth quarters of 2016, operating-basis net interest income excluded $15 million, $15 million, $42 million and $10 million of discount accretion, respectively, and such results have not been revised.
(3) The impact of acquired operations on total revenue and fee revenue contributed approximately $65 million, $64 million, $71 million, and $72 million for the third and fourth quarters of 2016 and first and second quarters of 2017, respectively. The impact of acquired operations on expenses contributed approximately $57 million, $58 million, $51 million, and $51 million for the third and fourth quarters of 2016 and first and second quarters of 2017, respectively, excluding merger and integration charges and financing costs.
(4) Fully taxable-equivalent net interest margin for the periods presented above represents fully taxable-equivalent net interest income composed of GAAP-basis net interest income plus tax-equivalent adjustments, on an annualized basis, as a percentage of average total interest-earning assets for the periods presented. Net interest income and net interest margin on an operating-basis is also adjusted to reflect th impact of discount accretion for all quarters in 2016 and full year 2016, and the impact of tax legislation in 4Q17 and full year 2017.
(5) Pre-tax operating margin was calculated by dividing income before income tax expense by total revenue.
(6) 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.
(7) The effects of the TCJA described in this presentation are estimates. Actual effects of the TCJA may differ from these estimates, among other things, due to additional tax and regulatory guidance and changes in State Street assumptions and interpretations.

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)	4Q16			3Q17		4Q17		4Q17 vs. 4Q16		4Q17 vs. 3Q17		4Q17 vs. 4Q16		4Q17 vs. 3Q17		4Q17 vs. 4Q16		4Q17 vs. 3Q17
Fee revenue:
Servicing fees	$	1,289		$	1,351	$	1,379	$	38	$	—	$	1,341	$	1,379	4.0	%	2.1	%
Management fees	361			419		418		5		—		413		418		14.4		(0.2	)
Trading services	293			259		248		5		1		243		247		(17.1	)	(4.6	)
Securities finance	136			147		147		1		—		146		147		7.4		—
Processing fees and other	(65		)	66		38		—		—		38		38		nm		(42.4	)
Total fee revenue	2,014			2,242		2,230		49		1		2,181		2,229		8.3		(0.6	)
Net interest income	514			603		616		6		—		610		616		18.7		2.2
Gains (losses) related to investment securities, net	2			1		—		—		—		—		—		nm		nm
Total revenue	$	2,530		$	2,846	$	2,846	$	55	$	1	$	2,791	$	2,845	10.3		—
Expenses:
Compensation and employee benefits	$	1,244		$	1,090	$	1,067	$	23	$	2	$	1,044	$	1,065	(16.1	)	(2.3	)
Information systems and communications	278			296		301		2		—		299		301		7.6		1.7
Transaction processing services	199			215		219		3		—		216		219		8.5		1.9
Occupancy	109			118		117		3		—		114		117		4.6		(0.8	)
Acquisition and restructuring costs	43			33		133		—		—		133		133		209.3		303.0
Other	310			269		294		5		—		289		294		(6.8	)	9.3
Total expenses	$	2,183		$	2,021	$	2,131	$	36	$	2	$	2,095	$	2,129	(4.0	)	5.3

GAAP-Basis YTD Comparison	Reported					Currency Translation Impact			Excluding Currency Impact			% Change Constant Currency
(Dollars in millions)	2016		2017			YTD 2017 vs. YTD 2016			2017			YTD 2017 vs. YTD 2016
Fee revenue:
Servicing fees	$	5,073	$	5,365		$	30		$	5,335		5.2	%
Management fees	1,292		1,616			(1		)	1,617			25.2
Trading services	1,099		1,071			(3		)	1,074			(2.3	)
Securities finance	562		606			(1		)	607			8.0
Processing fees and other	90		247			1			246			173.3
Total fee revenue	8,116		8,905			26			8,879			9.4
Net interest income	2,084		2,304			(6		)	2,310			10.8
Gains (losses) related to investment securities, net	7		(39		)	—			(39		)	nm
Total revenue	$	10,207	$	11,170		$	20		$	11,150		9.2
Expenses:
Compensation and employee benefits	$	4,353	$	4,394		$	6		$	4,388		0.8
Information systems and communications	1,105		1,167			—			1,167			5.6
Transaction processing services	800		838			—			838			4.8
Occupancy	440		461			(1		)	462			5.0
Acquisition and restructuring costs	209		266			—			266			27.3
Other	1,170		1,143			1			1,142			(2.4	)
Total expenses	$	8,077	$	8,269		$	6		$	8,263		2.3
nm Not meaningful

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)	4Q16		3Q17		4Q17		4Q17 vs. 4Q16		4Q17 vs. 3Q17		4Q17 vs. 4Q16		4Q17 vs. 3Q17		4Q17 vs. 4Q16		4Q17 vs. 3Q17
Fee revenue:
Servicing fees	$	1,289	$	1,351	$	1,379	$	38	$	—	$	1,341	$	1,379	4.0	%	2.1	%
Management fees	361		419		418		5		—		413		418		14.4		(0.2	)
Trading services	293		259		248		5		1		243		247		(17.1	)	(4.6	)
Securities finance	136		147		147		1		—		146		147		7.4		—
Processing fees and other	121		145		134		—		—		134		134		10.7		(7.6	)
Total fee revenue	2,200		2,321		2,326		49		1		2,277		2,325		3.5		0.2
Net interest income	547		645		658		6		—		652		658		19.2		2.0
Gains (losses) related to investment securities, net	2		1		—		—		—		—		—		nm		nm
Total revenue	$	2,749	$	2,967	$	2,984	$	55	$	1	$	2,929	$	2,983	6.5		0.5
Expenses:
Compensation and employee benefits	$	1,246	$	1,090	$	1,067	$	23	$	2	$	1,044	$	1,065	(16.2	)	(2.3	)
Information systems and communications	278		296		301		2		—		299		301		7.6		1.7
Transaction processing services	199		215		219		3		—		216		219		8.5		1.9
Occupancy	109		118		117		3		—		114		117		4.6		(0.8	)
Other	311		269		294		5		—		289		294		(7.1	)	9.3
Total expenses	$	2,143	$	1,988	$	1,998	$	36	$	2	$	1,962	$	1,996	(8.4	)	0.4

Operating-Basis YTD Comparison	Reported					Currency Translation Impact			Excluding Currency Impact			% Change Constant Currency
(Dollars in millions)	2016		2017			YTD 2017 vs. YTD 2016			2017			YTD 2017 vs. YTD 2016
Fee revenue:
Servicing fees	$	5,121	$	5,365		$	30		$	5,335		4.2	%
Management fees	1,287		1,616			(1		)	1,617			25.6
Trading services	1,099		1,071			(3		)	1,074			(2.3	)
Securities finance	562		606			(1		)	607			8.0
Processing fees and other	507		581			1			580			14.4
Total fee revenue	8,576		9,239			26			9,213			7.4
Net interest income	2,169		2,473			(6		)	2,479			14.3
Gains (losses) related to investment securities, net	7		(39		)	—			(39		)	nm
Total revenue	$	10,752	$	11,673		$	20		$	11,653		8.4
Expenses:
Compensation and employee benefits	$	4,364	$	4,394		$	6		$	4,388		0.5
Information systems and communications	1,105		1,167			—			1,167			5.6
Transaction processing services	800		838			—			838			4.8
Occupancy	440		461			(1		)	462			5.0
Other	1,114		1,143			1			1,142			2.5
Total expenses	$	7,823	$	8,003		$	6		$	7,997		2.2
nm Not meaningful

17

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF 2016 OPERATING-BASIS NOTABLE ITEMS
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 or otherwise adjusted bases, as it believes this presentation supports additional meaningful analysis and comparisons of trends with respect to State Street's business operations from period to period, as well as 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.
	4Q16															YTD 2016
(Dollars in millions)	GAAP-Basis			Non-Operating Adjustments(1)			Operating-Basis			4Q16 Notable Items(2)			Operating-Basis ex. 4Q16 Notable Items			GAAP-Basis			Non-Operating Adjustments(1)			Operating-Basis			2016 Notable Items(2)			Operating-Basis ex. 2016 Notable Items
Revenue:
Servicing fees	$	1,289		$	—		$	1,289		$	—		$	1,289		$	5,073		$	48		$	5,121		$	—		$	5,121
Management fees	361			—			361			—			361			1,292			(5		)	1,287			—			1,287
Trading services	293			—			293			—			293			1,099			—			1,099			—			1,099
Securities finance	136			—			136			—			136			562			—			562			—			562
Processing fees and other	(65		)	186			121			—			121			90			417			507			—			507
Total fee revenue	2,014			186			2,200			—			2,200			8,116			460			8,576			—			8,576
Net interest income	514			33			547			—			547			2,084			85			2,169			—			2,169
Gains (losses) related to investment securities, net	2			—			2			—			2			7			—			7			—			7
Total revenue	2,530			219			2,749			—			2,749			10,207			545			10,752			—			10,752
Provision for loan losses	2			—			2			—			2			10			—			10			—			10
Expenses:
Compensation and employee benefits	1,244			2			1,246			249			997			4,353			11			4,364			249			4,115
Information systems and communications	278			—			278			—			278			1,105			—			1,105			—			1,105
Transaction processing services	199			—			199			—			199			800			—			800			—			800
Occupancy	109			—			109			—			109			440			—			440			—			440
Acquisition and restructuring costs	43			(43		)	—			—			—			209			(209		)	—			—			—
Other	310			1			311			—			311			1,170			(56		)	1,114			—			1,114
Total expenses	2,183			(40		)	2,143			249			1,894			8,077			(254		)	7,823			249			7,574
Income before income tax expense	345			259			604			(249		)	853			2,120			799			2,919			(249		)	3,168
Income tax expense (benefit)	(248		)	239			(9		)	(299		)	290			(22		)	680			658			(299		)	957
Net income (loss) from non-controlling interest	—			—			—			—			—			1			—			1			—			1
Net income	$	593		$	20		$	613		$	50		$	563		$	2,143		$	119		$	2,262		$	50		$	2,212
Dividends on preferred stock	(36		)	—			(36		)	—			(36		)	(173		)	—			(173		)	—			(173		)
Earnings allocated to participating securities	—			—			—			—			—			(2		)	—			(2		)	—			(2		)
Net income available to common shareholders	$	557		$	20		$	577		$	50		$	527		$	1,968		$	119		$	2,087		$	50		$	2,037
(1) Refer to GAAP-to-Operating basis reconciliation section of this supplement for details on non-operating adjustments
(2) Notable items in expenses include a $249 million pre-tax acceleration of compensation expense. Notable items in taxes include a $145 million tax benefit from designation of certain foreign earnings as indefinitely invested overseas, a $66 million tax benefit attributable to incremental foreign tax credits and a foreign affiliate tax loss, and an $88 million tax benefit associated with the accelerated compensation expense

18

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 within the Reconciliation of Tangible Common Equity Ratio within this package.

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

	Quarters
	1Q16						2Q16						3Q16						4Q16						1Q17						2Q17						3Q17						4Q17
(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	12.3		%	12.5		%	12.0		%	12.0		%	12.3		%	12.5		%	11.7		%	11.6		%	11.2		%	11.5		%	12.0		%	11.2		%	12.6		%	11.6		%	12.3		%	11.9		%
Tier 1 capital	14.9			15.1			15.0			15.0			15.4			15.7			14.8			14.7			14.4			14.7			15.1			14.2			15.8			14.5			15.5			15.0
Total capital	17.1			17.3			17.1			17.1			17.6			17.9			16.0			16.0			15.4			15.9			16.2			15.2			16.9			15.6			16.5			16.0
Tier 1 leverage	6.9			6.9			7.0			7.0			6.8			6.8			6.5			6.5			6.8			6.8			7.0			7.0			7.4			7.4			7.3			7.3
Supporting Calculations:
Common equity tier 1 capital	$	12,404		$	12,404		$	12,518		$	12,518		$	12,269		$	12,269		$	11,624		$	11,624		$	11,319		$	11,319		$	12,007		$	12,007		$	12,439		$	12,439		$	12,204		$	12,204
Total risk-weighted assets	100,633			99,617			104,012			104,492			99,736			98,374			99,301			99,876			100,843			98,494			100,265			107,069			98,997			107,580			99,237			102,866
Common equity tier 1 risk-based capital	12.3		%	12.5		%	12.0		%	12.0		%	12.3		%	12.5		%	11.7		%	11.6		%	11.2		%	11.5		%	12.0		%	11.2		%	12.6		%	11.6		%	12.3		%	11.9		%
Tier 1 capital	$	15,032		$	15,032		$	15,642		$	15,642		$	15,407		$	15,407		$	14,717		$	14,717		$	14,475		$	14,475		$	15,165		$	15,165		$	15,606		$	15,606		$	15,382		$	15,382
Total risk-weighted assets	100,633			99,617			104,012			104,492			99,736			98,374			99,301			99,876			100,843			98,494			100,265			107,069			98,997			107,580			99,237			102,866
Tier 1 risk-based capital ratio	14.9		%	15.1		%	15.0		%	15.0		%	15.4		%	15.7		%	14.8		%	14.7		%	14.4		%	14.7		%	15.1		%	14.2		%	15.8		%	14.5		%	15.5		%	15.0		%
Total capital	$	17,191		$	17,248		$	17,794		$	17,869		$	17,560		$	17,632		$	15,909		$	15,967		$	15,542		$	15,617		$	16,243		$	16,314		$	16,684		$	16,758		$	16,367		$	16,435
Total risk-weighted assets	100,633			99,617			104,012			104,492			99,736			98,374			99,301			99,876			100,843			98,494			100,265			107,069			98,997			107,580			99,237			102,866
Total risk-based capital ratio	17.1		%	17.3		%	17.1		%	17.1		%	17.6		%	17.9		%	16.0		%	16.0		%	15.4		%	15.9		%	16.2		%	15.2		%	16.9		%	15.6		%	16.5		%	16.0		%
Tier 1 capital	$	15,032		$	15,032		$	15,642		$	15,642		$	15,407		$	15,407		$	14,717		$	14,717		$	14,475		$	14,475		$	15,165		$	15,165		$	15,606		$	15,606		$	15,382		$	15,382
Adjusted quarterly average assets	217,029			217,029			222,666			222,666			226,093			226,093			226,310			226,310			212,361			212,361			216,940			216,940			211,396			211,396			209,318			209,318
Tier 1 leverage ratio	6.9		%	6.9		%	7.0		%	7.0		%	6.8		%	6.8		%	6.5		%	6.5		%	6.8		%	6.8		%	7.0		%	7.0		%	7.4		%	7.4		%	7.3		%	7.3		%
(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.

19

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)		1Q16			2Q16			3Q16			4Q16			1Q17			2Q17			3Q17			4Q17
Consolidated total assets		$	243,685		$	255,386		$	256,140		$	242,698		$	236,802		$	238,274		$	235,986		$	238,425
Less:
Goodwill		5,733			5,671			5,911			5,814			5,855			5,945			5,997			6,022
Other intangible assets		1,749			1,682			1,849			1,750			1,710			1,693			1,658			1,613
Cash balances held at central banks in excess of required reserves		58,639			67,710			67,571			62,037			59,780			56,326			51,965			56,712
Adjusted assets		177,564			180,323			180,809			173,097			169,457			174,310			176,366			174,078
Plus related deferred tax liabilities		698			688			685			655			649			651			647			479
Total tangible assets	A	$	178,262		$	181,011		$	181,494		$	173,752		$	170,106		$	174,961		$	177,013		$	174,557
Consolidated total common shareholders' equity		$	18,793		$	18,877		$	18,954		$	18,023		$	18,098		$	18,872		$	19,301		$	19,121
Less:
Goodwill		5,733			5,671			5,911			5,814			5,855			5,945			5,997			6,022
Other intangible assets		1,749			1,682			1,849			1,750			1,710			1,693			1,658			1,613
Adjusted equity		11,311			11,524			11,194			10,459			10,533			11,234			11,646			11,486
Plus related deferred tax liabilities		698			688			685			655			649			651			647			479
Total tangible common equity	B	$	12,009		$	12,212		$	11,879		$	11,114		$	11,182		$	11,885		$	12,293		$	11,965
Tangible common equity ratio	B/A	6.7		%	6.7		%	6.5		%	6.4		%	6.6		%	6.8		%	6.9		%	6.9		%
GAAP Basis:
Year-to-date annualized net income available to common shareholders		$	319		$	585		$	507		$	557		$	446		$	584		$	629		$	334
Return on tangible common equity		10.6		%	14.8		%	15.8		%	17.7		%	16.0		%	17.3		%	18.0		%	16.7		%
Operating Basis:
Year-to-date annualized net income available to common shareholders		$	396		$	582		$	532		$	577		$	468		$	635		$	648		$	687
Return on tangible common equity(1)		13.2		%	16.0		%	16.9		%	18.8		%	16.7		%	18.6		%	19.0		%	20.4		%
(1) This ratio is dividing annualized net income available to common shareholders on an operating basis by the tangible equity calculated on a GAAP basis.

20

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, 2017 (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	$	12,204		$	(320	)	$	11,884		$	12,204		$	(320	)	$	11,884
Tier 1 capital	15,382			(302		)	15,080			15,382			(302		)	15,080
Total capital	16,367			(302		)	16,065			16,435			(302		)	16,133
Risk weighted assets	99,237			(42		)	99,195			102,866			(39		)	102,827
Adjusted quarterly average assets	209,318			(220		)	209,098			209,318			(220		)	209,098
Capital ratios:
Common equity tier 1 capital	12.3		%				12.0		%	11.9		%				11.6		%
Tier 1 capital	15.5						15.2			15.0						14.7
Total capital	16.5						16.2			16.0						15.7
Tier 1 leverage	7.3						7.2			7.3						7.2
As of September 30, 2017 (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	$	12,439		$	(297	)	$	12,142		$	12,439		$	(297	)	$	12,142
Tier 1 capital	15,606			(268		)	15,338			15,606			(268		)	15,338
Total capital	16,684			(267		)	16,417			16,758			(268		)	16,490
Risk weighted assets	98,997			(57		)	98,940			107,580			(54		)	107,526
Adjusted quarterly average assets	211,396			(184		)	211,212			211,396			(184		)	211,212
Capital ratios:
Common equity tier 1 capital	12.6		%				12.3		%	11.6		%				11.3		%
Tier 1 capital	15.8						15.5			14.5						14.3
Total capital	16.9						16.6			15.6						15.3
Tier 1 leverage	7.4						7.3			7.4						7.3

21

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF FULLY PHASED-IN CAPITAL RATIOS (Continued)
As of June 30, 2017 (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	$	12,007		$	(315	)	$	11,692		$	12,007		$	(315	)	$	11,692
Tier 1 capital	15,165			(277		)	14,888			15,165			(277		)	14,888
Total capital	16,243			(277		)	15,966			16,314			(277		)	16,037
Risk weighted assets	100,265			66			100,331			107,069			62			107,131
Adjusted quarterly average assets	216,940			(205		)	216,735			216,940			(205		)	216,735
Capital ratios:
Common equity tier 1 capital	12.0		%				11.7		%	11.2		%				10.9		%
Tier 1 capital	15.1						14.8			14.2						13.9
Total capital	16.2						15.9			15.2						15.0
Tier 1 leverage	7.0						6.9			7.0						6.9
As of March 31, 2017 (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	$	11,319		$	(339	)	$	10,980		$	11,319		$	(339	)	$	10,980
Tier 1 capital	14,475			(299		)	14,176			14,475			(299		)	14,176
Total capital	15,542			(299		)	15,243			15,617			(299		)	15,318
Risk weighted assets	100,843			134			100,977			98,494			127			98,621
Adjusted quarterly average assets	212,361			(270		)	212,091			212,361			(270		)	212,091
Capital ratios:
Common equity tier 1 capital	11.2		%				10.9		%	11.5		%				11.1		%
Tier 1 capital	14.4						14.0			14.7						14.4
Total capital	15.4						15.1			15.9						15.5
Tier 1 leverage	6.8						6.7			6.8						6.7

22

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF FULLY PHASED-IN CAPITAL RATIOS (Continued)
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		$	(769	)	$	10,855		$	11,624		$	(769	)	$	10,855
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	99,301			33			99,334			99,876			31			99,907
Adjusted quarterly average assets	226,310			(474		)	225,836			226,310			(474		)	225,836
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 quarterly 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 quarterly 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 quarterly 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
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 October 23, 2017 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, 2017 (Dollars in millions)	Transitional SLR				Fully Phased-In SLR			Transitional SLR			Fully Phased-In SLR
Tier 1 Capital	$	15,382		A	$	15,080		$	16,531		$	16,240
On-and off-balance sheet leverage exposure	243,958				243,958			240,373			240,373
Less: regulatory deductions	(6,972		)		(7,250		)	(6,583		)	(6,854		)
Total assets for SLR	236,986			B	236,708			233,790			233,519
Supplementary Leverage Ratio	6.5		%	A/B	6.4		%	7.1		%	7.0		%
	State Street							State Street Bank
As of September 30, 2017 (Dollars in millions)	Transitional SLR				Fully Phased-In SLR			Transitional SLR			Fully Phased-In SLR
Tier 1 Capital	$	15,606		C	$	15,338		$	16,323		$	16,067
On-and off-balance sheet leverage exposure	247,527				247,527			244,114			244,114
Less: regulatory deductions	(6,891		)		(7,161		)	(6,535		)	(6,795		)
Total assets for SLR	240,636			D	240,366			237,579			237,319
Supplementary Leverage Ratio	6.5		%	C/D	6.4		%	6.9		%	6.8		%
	State Street							State Street Bank
As of June 30, 2017 (Dollars in millions)	Transitional SLR				Fully Phased-In SLR			Transitional SLR			Fully Phased-In SLR
Tier 1 Capital	$	15,165		E	$	14,888		$	16,002		$	15,738
On-and off-balance sheet leverage exposure	250,543				250,543			247,156			247,156
Less: regulatory deductions	(6,633		)		(6,838		)	(6,237		)	(6,434		)
Total assets for SLR	243,910			F	243,705			240,919			240,722
Supplementary Leverage Ratio	6.2		%	E/F	6.1		%	6.6		%	6.5		%
	State Street							State Street Bank
As of March 31, 2017 (Dollars in millions)	Transitional SLR				Fully Phased-In SLR			Transitional SLR			Fully Phased-In SLR
Tier 1 Capital	$	14,475		G	$	14,176		$	15,492		$	15,206
On-and off-balance sheet leverage exposure	244,964				244,964			241,563			241,563
Less: regulatory deductions	(6,818		)		(7,087		)	(6,422		)	(6,683		)
Total assets for SLR	238,146			H	237,877			235,141			234,880
Supplementary Leverage Ratio	6.1		%	G/H	6.0		%	6.6		%	6.5		%

25

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF SUPPLEMENTARY LEVERAGE RATIOS (Continued)
	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		I	$	14,051		$	15,805		$	15,169
On-and off-balance sheet leverage exposure	257,509				257,509			253,487			253,487
Less: regulatory deductions	(6,476		)		(6,950		)	(6,078		)	(6,532		)
Total assets for SLR	251,033			J	250,559			247,409			246,955
Supplementary Leverage Ratio	5.9		%	I/J	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		K	$	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			L	250,694			246,306			246,032
Supplementary Leverage Ratio	6.1		%	K/L	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		M	$	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			N	248,767			244,483			244,226
Supplementary Leverage Ratio	6.3		%	M/N	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		O	$	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			P	241,436			237,292			236,970
Supplementary Leverage Ratio	6.2		%	O/P	6.0		%	6.4		%	6.2		%

26