Exhibit

Exhibit 99.2



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
December 31, 2019


Table of Contents

GAAP-Basis Financial Information:
5-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	9
Assets Under Management	10
Industry Flow Data by Asset Class	11

Investment Portfolio:
Investment Portfolio Holdings by Asset Class	12
Investment Portfolio Non-U.S. Investments	13

Non-GAAP Financial Information:
Reconciliations of Non-GAAP Financial Information	14
Reconciliation of Pre-tax Margin Excluding Notable Items	16
Reconciliation of Notable Items	17
Reconciliations of Constant Currency FX Impacts	18

Capital:
Reconciliation of Tangible Common Equity Ratio	19
Regulatory Capital	20
Reconciliations of Supplementary Leverage Ratios	21

This financial information should be read in conjunction with State Street's news release dated January 17, 2020.



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
5-YEAR SUMMARY OF RESULTS

(Dollars in millions, except per share amounts, or where otherwise noted)	2015⁽¹⁾			2016⁽¹⁾			2017⁽¹⁾			2018⁽¹⁾			2019
Year ended December 31:
Total fee revenue	$	8,351		$	8,200		$	9,001		$	9,454		$	9,147
Net interest income	2,088			2,084			2,304			2,671			2,566
Other income	(6		)	7			(39		)	6			43
Total revenue	10,433			10,291			11,266			12,131			11,756
Provision for loan losses	12			10			2			15			10
Total expenses	8,050			8,077			8,269			9,015			8,894
Income before income tax expense	2,371			2,204			2,995			3,101			2,852
Income tax expense	398			67			839			508			470
Net income from non-controlling interest	—			1			—			—			—
Net income	1,973			2,138			2,156			2,593			2,382
Net income available to common shareholders	$	1,841		$	1,963		$	1,972		$	2,404		$	2,149
Per common share:
Diluted earnings per common share	$	4.45		$	4.96		$	5.19		$	6.39		$	5.75
Average diluted common shares outstanding (in thousands)	413,638			396,090			380,213			376,476			373,666
Cash dividends declared per common share	$	1.32		$	1.44		$	1.60		$	1.78		$	1.98
Closing price per share of common stock (at year end)	66.36			77.72			97.61			63.07			79.10
Average balance sheet:
Investment securities	$	105,611		$	100,738		$	95,779		$	88,070		$	91,768
Total assets	250,432			229,727			219,450			223,385			223,334
Total deposits	184,985			170,485			163,808			161,408			158,262
Ratios and other metrics:
Return on average common equity	9.7		%	10.4		%	10.5		%	12.1		%	10.0		%
Pre-tax margin	22.7			21.4			26.6			25.6			24.3
Pre-tax margin, excluding notable items⁽²⁾	26.6			26.2			28.7			28.8			25.8
Net interest margin, fully taxable-equivalent basis	1.03			1.13			1.29			1.47			1.42
Common equity tier 1 ratio⁽³⁾⁽⁴⁾	12.5			11.7			12.3			12.1			11.9
Tier 1 capital ratio⁽³⁾⁽⁴⁾	15.3			14.8			15.5			16.0			14.7
Total capital ratio⁽³⁾⁽⁴⁾	17.4			16.0			16.5			16.9			15.7
Tier 1 leverage ratio⁽³⁾⁽⁴⁾	6.9			6.5			7.3			7.2			7.0
Supplementary leverage ratio⁽³⁾⁽⁴⁾	6.2			5.9			6.5			6.3			6.2
Assets under custody and/or administration (in trillions)	$	27.51		$	28.77		$	33.12		$	31.62		$	34.36
Assets under management (in trillions)	2.25			2.47			2.78			2.51			3.12

⁽¹⁾ We revised previously-filed periods in the Form 8-K filed on May 2, 2019.
⁽²⁾ 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.
⁽³⁾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.
⁽⁴⁾Under the applicable bank regulatory rules, we are not required to and, accordingly, did not revise previously-filed reported capital metrics and ratios following the change in accounting for LIHTC.



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			2Q19			3Q19			4Q19			4Q19 vs. 4Q18			4Q19 vs. 3Q19
Income statement
Fee revenue⁽¹⁾	$	2,415		$	2,395		$	2,318		$	2,326		$	2,260		$	2,260		$	2,259		$	2,368		1.8	%		4.8	%
Net interest income⁽¹⁾	643			659			672			697			673			613			644			636			(8.8	)		(1.2	)
Other income	(2		)	9			(1		)	—			(1		)	—			—			44			nm			nm
Total revenue	3,056			3,063			2,989			3,023			2,932			2,873			2,903			3,048			0.8			5.0
Provision for loan losses	—			2			5			8			4			1			2			3			(62.5	)		50.0
Total expenses⁽²⁾	2,268			2,170			2,091			2,486			2,293			2,154			2,180			2,267			(8.8	)		4.0
Income before income tax expense	788			891			893			529			635			718			721			778			47.1			7.9
Income tax expense	129			158			129			92			127			131			138			74			(19.6	)		(46.4	)
Net income	659			733			764			437			508			587			583			704			61.1			20.8
Net income available to common shareholders	$	603		$	697		$	708		$	396		$	452		$	537		$	528		$	632		59.6			19.7
Per common share:
Diluted earnings per common share	$	1.62		$	1.88		$	1.87		$	1.03		$	1.18		$	1.42		$	1.42		$	1.73		68.0			21.8
Average diluted common shares outstanding (in thousands)	372,619			370,410			379,383			383,651			381,703			377,577			370,595			365,851			(4.6	)		(1.3	)
Cash dividends declared per common share	$	.42		$	.42		$	.47		$	.47		$	.47		$	.47		$	.52		$	.52		10.6			—
Closing price per share of common stock (as of quarter end)	99.73			93.09			83.78			63.07			65.81			56.06			59.19			79.10			25.4			33.6
Average for the quarter:
Investment securities	$	95,362		$	86,360		$	85,623		$	85,074		$	88,273		$	89,930		$	93,588		$	95,186		11.9			1.7
Total assets	226,870			224,089			221,313			221,350			219,560			221,514			223,273			228,886			3.4			2.5
Total deposits	165,010			162,795			159,578			158,345			155,343			156,570			157,226			163,829			3.5			4.2
Securities on loan (dollars in billions):
Average securities on loan	$	397		$	406		$	386		$	362		$	368		$	389		$	388		$	376		3.9			(3.1	)
End-of-period securities on loan	405			404			386			351			398			396			397			380			8.3			(4.3	)
Ratios and other metrics:
Return on average common equity	12.8		%	14.7		%	14.0		%	7.5		%	8.7		%	10.1		%	9.7		%	11.6		%	410		bps	190		bps
Pre-tax margin	25.8			29.1			29.9			17.5			21.7			25.0			24.8			25.5			800			70
Pre-tax margin, excluding notable items⁽³⁾	25.8			31.6			29.9			28.2			22.5			25.4			26.4			29.1			90			270
Net interest margin, fully taxable-equivalent basis	1.40			1.46			1.48			1.55			1.54			1.38			1.42			1.36			(19	)		(6	)
Common equity tier 1 ratio⁽⁴⁾	12.1			12.4			14.1			12.1			12.1			12.3			12.2			11.9			(20	)		(30	)
Tier 1 capital ratio⁽⁴⁾	15.4			15.7			17.9			16.0			15.9			15.9			15.9			14.7			(130	)		(120	)
Total capital ratio⁽⁴⁾	16.4			16.4			18.7			16.9			16.7			16.6			16.5			15.7			(120	)		(80	)
Tier 1 leverage ratio⁽⁴⁾	6.9			7.1			8.1			7.2			7.4			7.6			7.4			7.0			(20	)		(40	)
Supplementary leverage ratio⁽⁴⁾	6.0			6.2			7.1			6.3			6.6			6.7			6.6			6.2			(10	)		(40	)
Assets under custody and/or administration (in billions)	$	33,284		$	33,867		$	33,996		$	31,620		$	32,643		$	32,754		$	32,899		$	34,358		8.7	%		4.4	%
Assets under management (in billions)	2,729			2,723			2,810			2,511			2,805			2,918			2,953			3,116			24.1			5.5

⁽¹⁾ Approximately $15 million of swap costs in 1Q18 were reclassified from software and processing fees 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. 4Q19 expenses include repositioning charges of approximately $110 million, including approximately $98 million within compensation and employee benefits expense and $12 million within occupancy expense.
⁽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.
^nm Not meaningful



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)	1Q18			2Q18		3Q18			4Q18		1Q19			2Q19		3Q19		4Q19		4Q19 vs. 4Q18		4Q19 vs. 3Q19		2018		2019			YTD2019 vs. YTD2018
Fee revenue:
Servicing fees	$	1,421		$	1,381	$	1,333		$	1,286	$	1,251		$	1,252	$	1,272	$	1,299	1.0	%	2.1	%	$	5,421	$	5,074		(6.4	)%
Management fees	472			465		474			440		420			441		445		465		5.7		4.5		1,851		1,771			(4.3	)
Foreign exchange trading services	304			315		288			294		280			273		284		274		(6.8	)	(3.5	)	1,201		1,111			(7.5	)
Securities finance	141			154		128			120		118			126		116		111		(7.5	)	(4.3	)	543		471			(13.3	)
Software and processing fees	77			80		95			186		191			168		142		219		17.7		54.2		438		720			64.4
Total fee revenue⁽¹⁾	2,415			2,395		2,318			2,326		2,260			2,260		2,259		2,368		1.8		4.8		9,454		9,147			(3.2	)
Net interest income:
Interest income	857			907		916			982		1,027			1,007		1,001		906		(7.7	)	(9.5	)	3,662		3,941			7.6
Interest expense⁽¹⁾	214			248		244			285		354			394		357		270		(5.3	)	(24.4	)	991		1,375			38.7
Net interest income⁽¹⁾	643			659		672			697		673			613		644		636		(8.8	)	(1.2	)	2,671		2,566			(3.9	)
Other income:
Gains (losses) related to investment securities, net	(2		)	9		(1		)	—		(1		)	—		—		—		nm		nm		6		(1		)	nm
Other income	—			—		—			—		—			—		—		44		nm		nm		—		44			nm
Total other income	(2		)	9		(1		)	—		(1		)	—		—		44		nm		nm		6		43			nm
Total revenue	3,056			3,063		2,989			3,023		2,932			2,873		2,903		3,048		0.8		5.0		12,131		11,756			(3.1	)
Provision for loan losses	—			2		5			8		4			1		2		3		(62.5	)	50.0		15		10			(33.3	)
Expenses:
Compensation and employee benefits⁽¹⁾	1,249			1,125		1,103			1,303		1,229			1,084		1,083		1,145		(12.1	)	5.7		4,780		4,541			(5.0	)
Information systems and communications	315			321		332			356		362			365		376		362		1.7		(3.7	)	1,324		1,465			10.6
Transaction processing services⁽¹⁾	254			257		248			226		242			245		254		242		7.1		(4.7	)	985		983			(0.2	)
Occupancy	120			124		110			146		116			115		113		126		(13.7	)	11.5		500		470			(6.0	)
Acquisition and restructuring costs	—			—		—			24		9			12		27		29		20.8		7.4		24		77			220.8
Amortization of other intangible assets	50			48		47			81		60			59		59		58		(28.4	)	(1.7	)	226		236			4.4
Other	280			295		251			350		275			274		268		305		(12.9	)	13.8		1,176		1,122			(4.6	)
Total expenses⁽¹⁾	2,268			2,170		2,091			2,486		2,293			2,154		2,180		2,267		(8.8	)	4.0		9,015		8,894			(1.3	)
Income before income tax expense	788			891		893			529		635			718		721		778		47.1		7.9		3,101		2,852			(8.0	)
Income tax expense	129			158		129			92		127			131		138		74		(19.6	)	(46.4	)	508		470			(7.5	)
Net income	$	659		$	733	$	764		$	437	$	508		$	587	$	583	$	704	61.1		20.8		$	2,593	$	2,382		(8.1	)



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)	1Q18			2Q18			3Q18			4Q18			1Q19			2Q19			3Q19			4Q19			4Q19 vs. 4Q18			4Q19 vs. 3Q19			2018			2019			YTD2019 vs. YTD2018
Adjustments to net income:
Dividends on preferred stock⁽²⁾	$	(55	)	$	(36	)	$	(55	)	$	(41	)	$	(55	)	$	(50	)	$	(55	)	$	(72	)	75.6	%		30.9	%		$	(187	)	$	(232	)	24.1	%
Earnings allocated to participating securities	(1		)	—			(1		)	—			(1		)	—			—			—			—			—			(2		)	(1		)	(50.0	)
Net income available to common shareholders	$	603		$	697		$	708		$	396		$	452		$	537		$	528		$	632		59.6			19.7			$	2,404		$	2,149		(10.6	)
Per common share:
Basic earnings	$	1.64		$	1.91		$	1.89		$	1.04		$	1.20		$	1.44		$	1.44		$	1.75		68.3			21.5			$	6.48		$	5.81		(10.3	)
Diluted earnings	1.62			1.88			1.87			1.03			1.18			1.42			1.42			1.73			68.0			21.8			6.39			5.75			(10.0	)
Average common shares outstanding (in thousands):
Basic	367,439			365,619			374,963			379,741			377,915			373,773			366,732			361,439			(4.8	)		(1.4	)		371,983			369,911			(0.6	)
Diluted	372,619			370,410			379,383			383,651			381,703			377,577			370,595			365,851			(4.6	)		(1.3	)		376,476			373,666			(0.7	)
Cash dividends declared per common share	$	.42		$	.42		$	.47		$	.47		$	.47		$	.47		$	.52		$	.52		10.6			—			$	1.78		$	1.98		11.2
Closing price per share of common stock (as of quarter end)	99.73			93.09			83.78			63.07			65.81			56.06			59.19			79.10			25.4			33.6			63.07			79.10			25.4
Financial ratios:
Effective tax rate	16.4		%	17.7		%	14.5		%	17.4		%	20.1		%	18.1		%	19.2		%	9.5		%	(790	)	bps	(970	)	bps	16.4		%	16.5		%	10		bps
Return on average common equity	12.8			14.7			14.0			7.5			8.7			10.1			9.7			11.6			410			190			12.1			10.0			(210	)
Return on tangible common equity⁽³⁾	20.1			21.1			19.4			20.6			15.0			15.8			16.3			17.2			(340	)		90			20.6			17.2			(340	)
Pre-tax margin	25.8			29.1			29.9			17.5			21.7			25.0			24.8			25.5			800			70			25.6			24.3			(130	)
Pre-tax margin, excluding notable items⁽⁴⁾	25.8			31.6			29.9			28.2			22.5			25.4			26.4			29.1			90			270			28.8			25.8			(300	)


⁽¹⁾ Approximately $15 million of swap costs in 1Q18 were reclassified from software and processing fees within fee revenue to net interest income to conform to current presentation.
⁽²⁾We redeemed all outstanding Series E noncumulative perpetual preferred stock on December 15, 2019 at a redemption price of $750 million ($100,000 per share equivalent to $25.00 per depositary share) plus accrued and unpaid dividends. The difference between the redemption value and the net carrying value of $22 million resulted in an EPS impact of approximately ($.06) per share in 2019.
⁽³⁾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.
⁽⁴⁾Notable items include acquisition and restructuring costs and other notable items. Refer to Reconciliations of non-GAAP Financial Information pages for details.



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED STATEMENT OF CONDITION
	As Of																								% Change
(Dollars in millions, except per share amounts)	March 31, 2018⁽¹⁾			June 30, 2018⁽¹⁾			September 30, 2018⁽¹⁾			December 31, 2018⁽¹⁾			March 31, 2019⁽¹⁾			June 30, 2019⁽¹⁾			September 30, 2019			December 31, 2019			4Q19 vs. 4Q18		4Q19 vs. 3Q19
Assets:
Cash and due from banks	$	2,087		$	3,254		$	4,279		$	3,212		$	4,000		$	3,110		$	3,598		$	3,302		2.8	%	(8.2	)%
Interest-bearing deposits with banks	79,418			76,366			63,618			73,040			53,864			62,534			62,324			68,965			(5.6	)	10.7
Securities purchased under resale agreements	5,136			3,583			4,195			4,679			1,522			1,732			3,041			1,487			(68.2	)	(51.1	)
Trading account assets	1,178			1,160			1,001			860			856			894			839			914			6.3		8.9
Investment securities:
Investment securities available-for-sale	44,304			47,348			46,102			45,148			49,002			53,242			54,757			53,815			19.2		(1.7	)
Investment securities held-to-maturity⁽²⁾	41,158			39,594			40,567			41,914			41,145			39,236			39,119			41,782			(0.3	)	6.8
Total investment securities	85,462			86,942			86,669			87,062			90,147			92,478			93,876			95,597			9.8		1.8
Loans and leases, net⁽³⁾	29,528			24,069			23,312			25,722			23,311			25,349			26,938			26,235			2.0		(2.6	)
Premises and equipment, net⁽⁴⁾	2,194			2,189			2,193			2,214			2,230			2,244			2,306			2,282			3.1		(1.0	)
Accrued interest and fees receivable	3,183			3,086			3,196			3,203			3,277			3,202			3,258			3,231			0.9		(0.8	)
Goodwill	6,068			5,973			6,016			7,446			7,549			7,565			7,500			7,556			1.5		0.7
Other intangible assets	1,578			1,500			1,461			2,369			2,208			2,155			2,077			2,030			(14.3	)	(2.3	)
Other assets	34,421			40,154			38,162			34,789			39,368			40,277			38,849			34,011			(2.2	)	(12.5	)
Total assets	$	250,253		$	248,276		$	234,102		$	244,596		$	228,332		$	241,540		$	244,606		$	245,610		0.4		0.4
Liabilities:
Deposits:
Non-interest-bearing	$	57,025		$	52,316		$	41,893		$	44,804		$	35,295		$	34,278		$	33,719		$	34,031		(24.0	)	0.9
Interest-bearing -- U.S.	55,094			57,407			63,661			66,235			62,988			68,964			72,260			77,504			17.0		7.3
Interest-bearing -- Non-U.S.	79,398			76,940			62,644			69,321			64,188			67,352			64,907			70,337			1.5		8.4
Total deposits⁽⁵⁾	191,517			186,663			168,198			180,360			162,471			170,594			170,886			181,872			0.8		6.4
Securities sold under repurchase agreements	2,020			3,088			1,690			1,082			1,420			1,829			1,330			1,102			1.8		(17.1	)
Other short-term borrowings	1,066			1,103			1,009			3,092			947			4,939			7,073			839			(72.9	)	(88.1	)
Accrued expenses and other liabilities	22,356			24,514			28,368			24,232			27,274			27,350			28,653			24,717			2.0		(13.7	)
Long-term debt	10,944			10,387			10,335			11,093			11,182			11,374			11,455			12,509			12.8		9.2
Total liabilities	227,903			225,755			209,600			219,859			203,294			216,086			219,397			221,039			0.5		0.7
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			—			(100.0	)	(100.0	)
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			493			—		—
Series H, 5,000 shares issued and outstanding	—			—			494			494			494			494			494			494			—		—
Common stock, $1 par, 750,000,000 shares authorized⁽⁶⁾⁽⁷⁾	504			504			504			504			504			504			504			504			—		—
Surplus	9,796			9,820			10,418			10,061			10,082			10,109			10,117			10,132			0.7		0.1
Retained earnings	19,262			19,806			20,336			20,553			20,911			21,274			21,612			22,058			7.3		2.1
Accumulated other comprehensive income (loss)	(1,074		)	(1,488		)	(1,711		)	(1,356		)	(1,180		)	(874		)	(985		)	(876		)	(35.4	)	(11.1	)
Treasury stock, at cost⁽⁸⁾	(9,334		)	(9,317		)	(8,735		)	(8,715		)	(8,969		)	(9,249		)	(9,729		)	(10,209		)	17.1		4.9
Total shareholders' equity	22,350			22,521			24,502			24,737			25,038			25,454			25,209			24,571			(0.7	)	(2.5	)
Total liabilities and equity	$	250,253		$	248,276		$	234,102		$	244,596		$	228,332		$	241,540		$	244,606		$	245,610		0.4		0.4

⁽¹⁾Certain previously reported amounts presented in this earnings release addendum have been reclassified to conform to current-period presentation.
	1Q18			2Q18			3Q18			4Q18			1Q19			2Q19			3Q19			4Q19
⁽²⁾Fair value of investment securities held-to-maturity	$	40,483		$	38,805		$	39,591		$	41,351		$	40,971		$	39,473		$	39,535		$	42,157
⁽³⁾ Allowance for loan losses	54			55			60			67			70			72			71			74
⁽⁴⁾ Accumulated depreciation for premises and equipment	4,005			3,999			4,110			4,152			3,937			4,091			4,235			4,367
⁽⁵⁾ Average total deposits	165,010			162,795			159,578			158,345			155,343			156,570			157,226			163,829
⁽⁶⁾ 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
⁽⁷⁾ Total common shares outstanding	365,407,197			365,827,604			379,489,507			379,946,724			376,720,715			372,572,622			363,623,285			357,389,416
⁽⁸⁾ Treasury stock shares	138,472,445			138,052,038			124,390,135			123,932,918			127,158,927			131,307,020			140,256,357			146,490,226



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					2Q19					3Q19					4Q19					4Q19 vs. 4Q18		4Q19 vs. 3Q19
(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 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		%	$	48,074	0.91		%	$	45,791	0.85		%	$	51,284	0.69		%	(5.2	)%	12.0	%
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			1,975		18.30			3,149		12.75			2,124		14.00			(36.0	)	(32.6	)
Trading account assets	1,138		—			1,139		—			1,019		—			912		—			866		—			892		—			880		—			897		—			(1.6	)	1.9
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			13,960		1.83			13,614		1.83			14,017		1.83			(8.3	)	3.0
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			41,905		2.83			44,357		2.71			44,009		2.60			20.7		(0.8	)
State and political subdivisions	8,622		3.23			6,739		3.48			4,107		3.68			2,537		3.63			1,914		3.43			1,909		3.34			1,839		3.27			1,815		3.20			(28.5	)	(1.3	)
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			9,335		2.54			9,913		2.39			10,593		2.28			4.4		6.9
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			918		3.69			871		3.31			818		2.95			(32.5	)	(6.1	)
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			21,903		1.05			22,994		1.04			23,934		1.07			23.1		4.1
Total investment securities	95,362		2.03			86,360		2.21			85,623		2.21			85,074		2.31			88,273		2.30			89,930		2.23			93,588		2.16			95,186		2.08			11.9		1.7
Loans and leases	23,959		2.68			23,622		2.93			22,511		3.11			24,207		3.12			23,056		3.49			23,824		3.33			23,926		3.24			25,461		2.86			5.2		6.4
Other interest-earning assets	17,733		1.78			17,397		2.36			14,702		2.59			13,088		2.90			15,286		2.89			15,104		3.02			13,990		3.02			12,295		2.13			(6.1	)	(12.1	)
Total interest-earning assets	192,556		1.85			186,172		1.99			183,300		2.01			180,674		2.17			179,112		2.34			179,799		2.26			181,324		2.20			187,247		1.93			3.6		3.3
Cash and due from banks	3,081					3,978					3,067					2,591					3,078					4,011					3,114					3,358					29.6		7.8
Other assets	31,233					33,939					34,946					38,085					37,370					37,704					38,835					38,281					0.5		(1.4	)
Total assets	$	226,870				$	224,089				$	221,313				$	221,350				$	219,560				$	221,514				$	223,273				$	228,886				3.4		2.5
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		%	$	66,502	0.91		%	$	67,170	0.83		%	$	71,910	0.64		%	13.9		7.1
Non-U.S.⁽³⁾	78,582		0.15			76,307		0.23			67,741		0.06			60,097		0.16			59,775		0.26			61,303		0.39			61,355		0.21			62,737		(0.04		)	4.4		2.3
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			127,805		0.66			128,525		0.53			134,647		0.32			9.2		4.8
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			1,488		2.19			1,998		1.45			1,208		1.18			8.1		(39.5	)
Other short-term borrowings	1,255		1.09			1,320		1.25			1,249		1.38			1,485		1.38			1,157		1.34			2,041		1.22			1,788		1.68			1,110		1.17			(25.3	)	(37.9	)
Long-term debt	11,412		3.37			10,649		3.66			10,375		3.84			10,323		3.72			10,955		3.89			11,228		3.78			11,415		3.48			12,286		3.34			19.0		7.6
Other interest-bearing liabilities	5,260		3.87			4,994		4.17			5,306		3.88			4,271		5.05			4,642		5.31			3,979		6.47			3,691		7.62			4,106		4.85			(3.9	)	11.2
Total interest-bearing liabilities	147,764		0.59			146,187		0.68			144,064		0.67			140,446		0.80			142,833		1.00			146,541		1.08			147,417		0.96			153,357		0.70			9.2		4.0
Non-interest bearing deposits	37,790					36,212					34,279					35,095					31,037					28,765					28,701					29,182					(16.8	)	1.7
Other liabilities	18,942					19,454					19,585					21,208					20,921					21,188					21,935					21,139					(0.3	)	(3.6	)
Preferred shareholders' equity	3,197					3,197					3,218					3,690					3,690					3,690					3,690					3,541					(4.0	)	(4.0	)
Common shareholders' equity	19,177					19,039					20,167					20,911					21,079					21,330					21,530					21,667					3.6		0.6
Total liabilities and shareholders' equity	$	226,870				$	224,089				$	221,313				$	221,350				$	219,560				$	221,514				$	223,273				$	228,886				3.4		2.5
Excess of rate earned over rate paid			1.26		%			1.31		%			1.34		%			1.37		%			1.34		%			1.18		%			1.24		%			1.23		%
Net interest margin			1.40		%			1.46		%			1.48		%			1.55		%			1.54		%			1.38		%			1.42		%			1.36		%
Net interest income, fully taxable-equivalent basis			$	664				$	677				$	684				$	703				$	678				$	618				$	648				$	640
Tax-equivalent adjustment			(21		)			(18		)			(12		)			(6		)			(5		)			(5		)			(4		)			(4		)
Net interest income, GAAP-basis⁽³⁾			$	643				$	659				$	672				$	697				$	673				$	613				$	644				$	636

⁽¹⁾ Average rates earned and 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 $59 billion, $75 billion, $118 billion and $94 billion in the first, second, third and fourth quarters 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%, 0.47%, 0.33% and 0.31% in the first, second, third and fourth quarters of 2019.
⁽³⁾ Average rates 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, $59 million, $37 million and $18 million in the first, second, third and fourth quarters 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%, 0.47%, 0.42% and 0.27% for the first, second, third and fourth quarters of 2019.



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
AVERAGE STATEMENT OF CONDITION - RATES EARNED AND PAID - FULLY TAXABLE-EQUIVALENT BASIS - YEAR TO DATE⁽¹⁾
The following table presents consolidated average interest-earning assets, average interest-bearing liabilities and related average rates earned and paid, respectively, for the years indicated, on a fully taxable-equivalent basis, which is a non-GAAP measure. Tax-equivalent adjustments were calculated using a federal income tax rate of 21% for periods ending in 2018 and 2019, respectively, adjusted for applicable state income taxes, net of related federal benefit.
	Year-to-Date
	2018					2019					% Change
(Dollars in millions; fully-taxable equivalent basis)	Average balance		Average rates			Average balance		Average rates			2019 vs. 2018
Assets:
Interest-bearing deposits with banks	$	54,328	0.71		%	$	48,500	0.86		%	(10.7	)%
Securities purchased under resale agreements⁽²⁾	2,901		11.55			2,506		14.54			(13.6	)
Trading account assets	1,051		—			884		0.11			(15.9	)
Investment securities:
U.S. Treasury and federal agencies:
Direct obligations	16,226		1.70			14,249		1.82			(12.2	)
Mortgage-and asset-backed securities	32,223		2.80			42,390		2.79			31.6
State and political subdivisions	5,481		3.45			1,869		3.31			(65.9	)
Other investments:
Asset-backed securities	13,323		2.14			9,734		2.41			(26.9	)
Collateralized mortgage-backed securities and obligations	1,549		2.76			896		3.46			(42.2	)
Other debt investments and equity securities	19,268		1.21			22,630		1.05			17.4
Total investment securities	88,070		2.19			91,768		2.19			4.2
Loans and leases	23,573		2.96			24,073		3.22			2.1
Other interest-earning assets	15,714		2.37			14,160		2.79			(9.9	)
Total interest-earning assets	185,637		2.00			181,891		2.18			(2.0	)
Cash and due from banks	3,178					3,390					6.7
Other assets	34,570					38,053					10.1
Total assets	$	223,385				$	223,334				—
Liabilities:
Interest-bearing deposits:
U.S.	$	54,953	0.47			$	67,547	0.80			22.9
Non-U.S.⁽³⁾	70,623		0.15			61,301		0.20			(13.2	)
Total interest-bearing deposits⁽³⁾	125,576		0.29			128,848		0.51			2.6
Securities sold under repurchase agreements	2,048		0.62			1,616		1.90			(21.1	)
Other short-term borrowings	1,327		1.28			1,524		1.37			14.8
Long-term debt	10,686		3.64			11,474		3.61			7.4
Other interest-bearing liabilities	4,956		4.20			4,103		6.00			(17.2	)
Total interest-bearing liabilities	144,593		0.68			147,565		0.93			2.1
Non-interest bearing deposits	35,832					29,414					(17.9	)
Other liabilities	19,804					21,299					7.5
Preferred shareholders' equity	3,327					3,653					9.8
Common shareholders' equity	19,829					21,403					7.9
Total liabilities and shareholders' equity	$	223,385				$	223,334				—
Excess of rate earned over rate paid			1.32		%			1.25		%
Net interest margin			1.45		%			1.42		%
Net interest income, fully taxable-equivalent basis			$	2,728				$	2,585
Tax-equivalent adjustment			(57		)			(19		)
Net interest income, GAAP-basis			$	2,671				$	2,566

⁽¹⁾ Average rates earned and 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 $36 billion and $87 billion as of December 31, 2018 and 2019, respectively. Excluding the impact of netting, the average interest rates would be approximately 0.87% and 0.41% for the years ended December 31, 2018 and 2019, respectively.
⁽³⁾Average rates include the impact of FX swap expense of approximately $106 million and $153 million for the years ended December 31, 2018 and 2019, respectively. Average rates for total interest-bearing deposits excluding the impact of FX swap expense were 0.20% and 0.40% for the years ended December 31, 2018 and 2019, respectively.



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER CUSTODY AND/OR ADMINISTRATION

	Quarters																% Change
(Dollars in billions)	1Q18		2Q18		3Q18		4Q18		1Q19		2Q19		3Q19		4Q19		4Q19 vs. 4Q18		4Q19 vs. 3Q19
Assets Under Custody and/or Administration
By Product Classification:
Mutual funds	$	7,503	$	8,548	$	8,717	$	7,912	$	8,586	$	8,645	$	8,687	$	9,221	16.5	%	6.1	%
Collective funds, including ETFs	9,908		9,615		9,646		8,999		9,436		9,272		9,224		9,796		8.9		6.2
Pension products	6,802		6,808		6,807		6,489		6,513		6,542		6,817		6,924		6.7		1.6
Insurance and other products	9,071		8,896		8,826		8,220		8,108		8,295		8,171		8,417		2.4		3.0
Total Assets Under Custody and/or Administration	$	33,284	$	33,867	$	33,996	$	31,620	$	32,643	$	32,754	$	32,899	$	34,358	8.7		4.4
By Financial Instrument⁽¹⁾:
Equities	$	19,198	$	19,475	$	20,070	$	18,041	$	18,924	$	18,504	$	18,243	$	19,301	7.0		5.8
Fixed-income	10,186		10,189		10,018		9,758		9,831		10,089		10,413		10,766		10.3		3.4
Short-term and other investments	3,900		4,203		3,908		3,821		3,888		4,161		4,243		4,291		12.3		1.1
Total Assets Under Custody and/or Administration	$	33,284	$	33,867	$	33,996	$	31,620	$	32,643	$	32,754	$	32,899	$	34,358	8.7		4.4
By Geographic Location⁽²⁾:
Americas	$	24,336	$	24,989	$	25,157	$	23,203	$	23,979	$	23,989	$	23,888	$	25,018	7.8		4.7
Europe/Middle East/Africa	7,211		7,134		7,094		6,699		6,875		6,937		7,091		7,325		9.3		3.3
Asia/Pacific	1,737		1,744		1,745		1,718		1,789		1,828		1,920		2,015		17.3		4.9
Total Assets Under Custody and/or Administration	$	33,284	$	33,867	$	33,996	$	31,620	$	32,643	$	32,754	$	32,899	$	34,358	8.7		4.4
Assets Under Custody⁽³⁾
By Product Classification:
Mutual funds	$	6,894	$	7,950	$	8,086	$	7,344	$	7,966	$	8,012	$	8,060	$	8,447	15.0		4.8
Collective funds, including ETFs	8,189		7,602		7,455		6,936		7,445		7,614		7,668		8,216		18.5		7.1
Pension products	5,682		5,703		5,627		5,237		5,307		5,236		5,457		5,554		6.1		1.8
Insurance and other products	4,281		4,160		4,132		3,731		3,851		3,909		3,893		3,978		6.6		2.2
Total Assets Under Custody	$	25,046	$	25,415	$	25,300	$	23,248	$	24,569	$	24,771	$	25,078	$	26,195	12.7		4.5
By Geographic Location⁽²⁾:
Americas	$	19,131	$	19,545	$	19,433	$	17,652	$	18,784	$	18,911	$	19,048	$	19,838	12.4		4.1
Europe/Middle East/Africa	4,617		4,557		4,561		4,309		4,462		4,515		4,615		4,858		12.7		5.3
Asia/Pacific	1,298		1,313		1,306		1,287		1,323		1,345		1,415		1,499		16.5		5.9
Total Assets Under Custody	$	25,046	$	25,415	$	25,300	$	23,248	$	24,569	$	24,771	$	25,078	$	26,195	12.7		4.5

⁽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.



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER MANAGEMENT

	Quarters																% Change
(Dollars in billions)	1Q18		2Q18		3Q18		4Q18		1Q19		2Q19		3Q19		4Q19		4Q19 vs. 4Q18		4Q19 vs. 3Q19
Assets Under Management
By Asset Class and Investment Approach:
Equity:
Active	$	94	$	92	$	96	$	80	$	85	$	86	$	84	$	88	10.0	%	4.8	%
Passive⁽¹⁾	1,576		1,575		1,693		1,464		1,694		1,757		1,747		1,903		30.0		8.9
Total Equity	1,670		1,667		1,789		1,544		1,779		1,843		1,831		1,991		29.0		8.7
Fixed-Income:
Active	79		79		80		81		88		93		92		89		9.9		(3.3	)
Passive	354		358		343		341		341		357		367		379		11.1		3.3
Total Fixed-Income	433		437		423		422		429		450		459		468		10.9		2.0
Cash⁽²⁾	336		333		317		287		314		319		336		324		12.9		(3.6	)
Multi-Asset-Class Solutions:
Active	18		18		20		19		22		23		23		24		26.3		4.3
Passive	128		126		125		113		125		132		134		133		17.7		(0.7	)
Total Multi-Asset-Class Solutions	146		144		145		132		147		155		157		157		18.9		—
Alternative Investments⁽³⁾:
Active	23		22		22		21		21		21		22		21		—		(4.5	)
Passive⁽¹⁾	121		120		114		105		115		130		148		155		47.6		4.7
Total Alternative Investments	144		142		136		126		136		151		170		176		39.7		3.5
Total Assets Under Management	$	2,729	$	2,723	$	2,810	$	2,511	$	2,805	$	2,918	$	2,953	$	3,116	24.1		5.5
By Geographic Location:
North America	$	1,885	$	1,897	$	1,956	$	1,731	$	1,899	$	1,965	$	1,999	$	2,115	22.2		5.8
Europe/Middle East/Africa	511		495		476		421		447		471		476		493		17.1		3.6
Asia/Pacific	333		331		378		359		459		482		478		508		41.5		6.3
Total Assets Under Management	$	2,729	$	2,723	$	2,810	$	2,511	$	2,805	$	2,918	$	2,953	$	3,116	24.1		5.5

⁽¹⁾ 1Q19 and 2Q19 have been revised to reflect a reclassification of $14 billion in assets from Passive equity to Passive alternative assets.
⁽²⁾ Includes both floating- and constant-net-asset-value portfolios held in commingled structures or separate accounts.
⁽³⁾ Includes real estate investment trusts, currency and commodities, including SPDR® Gold Shares and SPDR® Gold MiniSharesSM Trust, for which we are not the investment manager but act as the marketing agent.

Exchange-Traded Funds⁽¹⁾
By Asset Class:
Alternative Investments	$	48	$	46	$	40	$	43	$	45	$	48	$	56	$	56	30.2	%	—	%
Cash	3		3		4		9		8		9		9		9		—		—
Equity	513		524		566		482		535		548		553		618		28.2		11.8
Fixed-Income	65		66		69		66		73		77		80		85		28.8		6.3
Total Exchange-Traded Funds	$	629	$	639	$	679	$	600	$	661	$	682	$	698	$	768	28.0		10.0

⁽¹⁾ Exchange-traded funds are a component of assets under management presented above.



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INDUSTRY FLOW DATA BY ASSET CLASS

(Dollars in billions)			Quarters
(Dollars in billions)			1Q18			2Q18			3Q18			4Q18			1Q19			2Q19			3Q19			4Q19
North America - ICI Market Data^(1)(2)(3)
	Long Term Funds⁽⁴⁾		$	38.0		$	(28.3	)	$	(50.4	)	$	(308.8	)	$	41.8		$	(38.2	)	$	(51.6	)	$	(47.7	)
	Money Market		(52.2		)	(51.7		)	35.8			187.9			54.0			137.0			224.5			169.0
	ETF		62.8			55.8			87.2			105.0			45.7			65.4			84.8			132.2
		Total ICI Flows	$	48.6		$	(24.2	)	$	72.6		$	(15.9	)	$	141.5		$	164.2		$	257.7		$	253.5

Europe - Broadridge Market Data^(1)(5)(6)
	Long Term Funds⁽⁴⁾		$	160.5		$	(24.9	)	$	(16.2	)	$	(171.4	)	$	5.7		$	27.5		$	49.4		$	106.3
	Money Market		(10.3		)	(17.8		)	(21.9		)	62.4			(9.0		)	1.6			78.9			(16.7		)
		Total Broadridge Flows	$	150.2		$	(42.7	)	$	(38.1	)	$	(109.0	)	$	(3.3	)	$	29.1		$	128.3		$	89.6

⁽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⁾ 4Q19 data includes ICI actuals for October and November 2019 and ICI estimates for December 2019.
⁽⁴⁾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.
⁽⁵⁾Source: © Copyright 2019, 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.
⁽⁶⁾4Q19 data is on a rolling 3 month basis and includes September through November 2019 for EMEA (Copyright 2019 Broadridge Financial Solutions, Inc.).



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO HOLDINGS BY ASSET CLASS

	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⁽³⁾
Government & agency securities	44		%	19		%	22		%	8		%	6		%	—		%	1		%	$	31.8	33.5	%	$	133		100% / 0%
Asset-backed securities	—			66			30			1			2			1			—			10.8		11.4		20			0% / 100%
Student loans	—			33			62			1			3			1			—			4.3		39.8		(31		)
Credit cards	—			100			—			—			—			—			—			0.3		2.8		—
Auto & equipment	—			73			27			—			—			—			—			1.0		9.3		1
Non-U.S. residential mortgage backed securities	—			84			9			4			1			2			—			2.4		22.2		53
Collateralized loan obligation	—			100			—			—			—			—			—			2.7		25.0		(3		)
Other	—			—			100			—			—			—			—			0.1		0.9		—
Mortgage-backed securities	100			—			—			—			—			—			—			39.3		41.3		398			99% / 1%
Agency MBS	100			—			—			—			—			—			—			39.2		99.7		377
Non-agency MBS	—			2			6			9			18			49			16			0.1		0.3		21
CMBS	88			12			—			—			—			—			—			5.4		5.7		(7		)	44% / 56%
Corporate bonds	—			—			11			37			52			—			—			4.7		4.9		39			97% / 3%
Covered bonds	—			100			—			—			—			—			—			0.7		0.7		2			10% / 90%
Municipal bonds	—			24			71			5			—			—			—			0.8		0.8		28			100% / 0%
Clipper tax-exempt bonds/other	—			20			65			12			3			—			—			1.6		1.7		18			31% / 69%
Total Portfolio	61		%	16		%	13		%	5		%	5		%	—		%	—		%	$	95.1	100.0	%	$	631		83% / 17%

Book Value	$	57.8		$	15.0		$	12.4		$	4.7		$	4.6		$	0.2		$	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 December 31, 2019, the after-tax unrealized MTM gain/(loss) includes after-tax unrealized gain on securities available-for-sale of $370 million, after-tax unrealized gain on securities held-to-maturity of $278 million and after-tax unrealized loss primarily related to securities previously transferred from available-for-sale to held-to-maturity of ($17) million.
⁽³⁾ At December 31, 2019, fixed-to-floating rate securities had a book value of approximately $294 million or 0.31% of the total portfolio.



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO NON-U.S. INVESTMENTS

				Book Value
(Dollars in billions)	Book Value		Average Rating	Gov't/Agency⁽¹⁾⁽²⁾		ABS FRMBS		ABS All Other		Corporate Bonds		Covered Bonds		Other
United Kingdom	$	3.3	AAA	$	2.1	$	0.5	$	0.4	$	0.2	$	0.1	$	—
Germany	3.1		AAA	2.3		—		0.7		0.1		—		—
Australia	2.8		AAA	0.7		1.1		—		0.3		—		0.7
Canada	2.6		AA	2.4		—		—		0.2		—		—
France	2.2		AA	1.1		—		0.7		0.2		0.2		—
Spain	1.6		BBB	1.4		0.1		0.1		—		—		—
Netherlands	1.6		AA	0.6		0.5		—		0.4		0.1		—
Japan	1.4		AA	1.4		—		—		—		—		—
Austria	1.4		A	1.4		—		—		—		—		—
Ireland	1.2		A	1.2		—		—		—		—		—
Italy	1.1		A	0.6		0.2		0.3		—		—		—
Belgium	1.0		AA	0.9		—		—		—		0.1		—
Finland	0.8		AA	0.8		—		—		—		—		—
Hong Kong	0.6		AA	0.6		—		—		—		—		—
Other	1.0		AA	0.6		—		—		0.3		0.1		—
Total Non-U.S. Investments⁽³⁾	$	25.7		$	18.1	$	2.4	$	2.2	$	1.7	$	0.6	$	0.7
U.S. Investments	69.4
Total Portfolio	$	95.1

⁽¹⁾ Sovereign debt is reflected in the government / agency column.
⁽²⁾ As of December 31, 2019, the book value included $5.46 billion of supranational and non-U.S. agency bonds.
⁽³⁾Country of collateral used except for corporates where country of issuer is used.



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 (CRD) 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						Year-to-Date						% Change
(Dollars in millions)	1Q18		2Q18			3Q18		4Q18			1Q19			2Q19			3Q19			4Q19			4Q19 vs. 4Q18			4Q19 vs. 3Q19			2018			2019			YTD2019 vs. YTD2018
Fee Revenue:
Total fee revenue, GAAP-basis⁽¹⁾	$	2,415	$	2,395		$	2,318	$	2,326		$	2,260		$	2,260		$	2,259		$	2,368		1.8	%		4.8	%		$	9,454		$	9,147		(3.2	)%
Add: legal and related	—		—			—		8			—			—			—			—									8			—
Total fee revenue, excluding notable items	$	2,415	$	2,395		$	2,318	$	2,334		$	2,260		$	2,260		$	2,259		$	2,368		1.5			4.8			$	9,462		$	9,147		(3.3	)

Total Revenue:
Total revenue, GAAP-basis	$	3,056	$	3,063		$	2,989	$	3,023		$	2,932		$	2,873		$	2,903		$	3,048		0.8	%		5.0	%		$	12,131		$	11,756		(3.1	)%
Add: legal and related	—		—			—		8			—			—			—			—									8			—
Less: other income	—		—			—		—			—			—			—			(44		)							—			(44		)
Total revenue, excluding notable items	$	3,056	$	3,063		$	2,989	$	3,031		$	2,932		$	2,873		$	2,903		$	3,004		(0.9	)		3.5			$	12,139		$	11,712		(3.5	)

Expenses:
Total expenses, GAAP-basis	$	2,268	$	2,170		$	2,091	$	2,486		$	2,293		$	2,154		$	2,180		$	2,267		(8.8	)%		4.0	%		$	9,015		$	8,894		(1.3	)%
Less: Notable expense items:
Acquisition and restructuring costs⁽²⁾	—		—			—		(24		)	(9		)	(12		)	(27		)	(29		)							(24		)	(77		)
Repositioning charges⁽³⁾	—		(77		)	—		(247		)	—			—			—			(110		)							(324		)	(110		)
Legal and related	—		—			—		(42		)	(14		)	—			(18		)	—									(42		)	(32		)
Total expenses, excluding notable items	$	2,268	$	2,093		$	2,091	$	2,173		$	2,270		$	2,142		$	2,135		$	2,128		(2.1	)		(0.3	)		$	8,625		$	8,675		0.6

Fee Operating Leverage, GAAP-Basis:
Total fee revenue, GAAP-basis⁽¹⁾	$	2,415	$	2,395		$	2,318	$	2,326		$	2,260		$	2,260		$	2,259		$	2,368		1.8	%		4.8	%		$	9,454		$	9,147		(3.2	)%
Total expenses, GAAP-basis	2,268		2,170			2,091		2,486			2,293			2,154			2,180			2,267			(8.8	)		4.0			9,015			8,894			(1.3	)
Fee operating leverage, GAAP-basis																							1,060		bps	80		bps							(190	)	bps

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		$	2,260		$	2,259		$	2,368		1.5	%		4.8	%		$	9,462		$	9,147		(3.3	)%
Total expenses, excluding notable items (as reconciled above)	2,268		2,093			2,091		2,173			2,270			2,142			2,135			2,128			(2.1	)		(0.3	)		8,625			8,675			0.6
Fee operating leverage, excluding notable items																							360		bps	510		bps							(390	)	bps

Operating Leverage, GAAP-Basis:
Total revenue, GAAP-basis	$	3,056	$	3,063		$	2,989	$	3,023		$	2,932		$	2,873		$	2,903		$	3,048		0.8	%		5.0	%		$	12,131		$	11,756		(3.1	)%
Total expenses, GAAP-basis	2,268		2,170			2,091		2,486			2,293			2,154			2,180			2,267			(8.8	)		4.0			9,015			8,894			(1.3	)
Operating leverage, GAAP-basis																							960		bps	100		bps							(180	)	bps

Operating Leverage, excluding notable items:
Total revenue, excluding notable items (as reconciled above)	$	3,056	$	3,063		$	2,989	$	3,031		$	2,932		$	2,873		$	2,903		$	3,004		(0.9	)%		3.5	%		$	12,139		$	11,712		(3.5	)%
Total expenses, excluding notable items (as reconciled above)	2,268		2,093			2,091		2,173			2,270			2,142			2,135			2,128			(2.1	)		(0.3	)		8,625			8,675			0.6
Operating leverage, excluding notable items																							120		bps	380		bps							(410	)	bps



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION (Continued)

	Quarters																								% Change						Year-to-Date						% Change
(Dollars in millions, except per Earnings per share, or where otherwise noted)	1Q18			2Q18			3Q18			4Q18			1Q19			2Q19			3Q19			4Q19			4Q19 vs. 4Q18			4Q19 vs. 3Q19			2018			2019			YTD2019 vs. YTD2018
Net Income Available to Common Shareholders:
Net Income Available to Common Shareholders, GAAP-basis	$	603		$	697		$	708		$	396		$	452		$	537		$	528		$	632		59.6	%		19.7	%		$	2,404		$	2,149		(10.6	)%
Less: Notable items
Acquisition and restructuring costs⁽²⁾	—			—			—			24			9			12			27			29									24			77
Repositioning charges⁽³⁾	—			77			—			247			—			—			—			110									324			110
Legal and related	—			—			—			50			14			—			18			—									50			32
Other income	—			—			—			—			—			—			—			(44		)							—			(44		)
Preferred securities redemption⁽⁴⁾	—			—			—			—			—			—			—			22									—			22
Tax impact of notable items	—			(16		)	—			(73		)	(2		)	(3		)	(12		)	(25		)							(89		)	(42		)
Net Income Available to Common Shareholders, excluding notable items	$	603		$	758		$	708		$	644		$	473		$	546		$	561		$	724		12.4			29.1			$	2,713		$	2,304		(15.1	)

Diluted Earnings per Share:
Diluted earnings per share, GAAP-basis	$	1.62		$	1.88		$	1.87		$	1.03		$	1.18		$	1.42		$	1.42		$	1.73		68.0	%		21.8	%		$	6.39		$	5.75		(10.0	)%
Less: Notable items
Acquisition and restructuring costs⁽²⁾	—			—			—			0.04			0.02			0.03			0.06			0.06									0.05			0.16
Repositioning charges⁽³⁾	—			0.16			—			0.48			—			—			—			0.22									0.65			0.22
Legal and related	—			—			—			0.12			0.04			—			0.03			—									0.12			0.07
Other income	—			—			—			—			—			—			—			(0.09		)							—			(0.09		)
Preferred securities redemption⁽⁴⁾	—			—			—			—			—			—			—			0.06									—			0.06
Diluted earnings per share, excluding notable items	$	1.62		$	2.04		$	1.87		$	1.67		$	1.24		$	1.45		$	1.51		$	1.98		18.6			31.1			$	7.21		$	6.17		(14.2	)

Pre-tax Margin:
Pre-tax margin, GAAP-basis	25.8		%	29.1		%	29.9		%	17.5		%	21.7		%	25.0		%	24.8		%	25.5		%	800		bps	70		bps	25.6		%	24.3		%	(130	)	bps
Less: Notable items
Acquisition and restructuring costs⁽²⁾	—			—			—			0.8			0.3			0.4			1.0			1.0									0.2			0.7
Repositioning charges⁽³⁾	—			2.5			—			8.2			—			—			—			3.6									2.7			0.9
Legal and related	—			—			—			1.7			0.5			—			0.6			—									0.3			0.3
Other income	—			—			—			—			—			—			—			(1.0		)							—			(0.4		)
Pre-tax margin, excluding notable items	25.8		%	31.6		%	29.9		%	28.2		%	22.5		%	25.4		%	26.4		%	29.1		%	90			270			28.8		%	25.8		%	(300	)	bps

Return on Average Common Equity:
Return on average common equity, GAAP-basis	12.8		%	14.7		%	14.0		%	7.5		%	8.7		%	10.1		%	9.7		%	11.6		%	410		bps	190		bps	12.1		%	10.0		%	(210	)	bps
Less: Notable items
Acquisition and restructuring costs⁽²⁾	—			—			—			0.5			0.2			0.2			0.5			0.5									0.1			0.4
Repositioning charges⁽³⁾	—			1.6			—			4.7			—			—			—			2.0									1.6			0.5
Legal and related	—			—			—			0.9			0.2			—			0.3			—									0.3			0.1
Other income	—			—			—			—			—			—			—			(0.8		)							—			(0.2		)
Preferred securities redemption⁽⁴⁾	—			—			—			—			—			—			—			0.4									—			0.1
Tax impact of notable items	—			(0.3		)	—			(1.4		)	—			—			(0.2		)	(0.4		)							(0.4		)	(0.1		)
Return on average common equity, excluding notable items	12.8		%	16.0		%	14.0		%	12.2		%	9.1		%	10.3		%	10.3		%	13.3		%	110			300			13.7		%	10.8		%	(290	)	bps

⁽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 approximately $29 million in 4Q19, consisting of acquisition costs primarily related to CRD.
⁽³⁾Includes charges in 4Q18 that were previously disclosed as "Business exit: Channel Islands."
⁽⁴⁾We redeemed all outstanding Series E noncumulative perpetual preferred stock on December 15, 2019 at a redemption price of $750 million ($100,000 per share equivalent to $25.00 per depositary share) plus accrued and unpaid dividends. The difference between the redemption value and the net carrying value of $22 million resulted in an EPS impact of approximately ($.06) per share in 2019.



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF PRE-TAX MARGIN EXCLUDING NOTABLE ITEMS

(Dollars in millions)			2015⁽¹⁾			2016⁽¹⁾			2017			2018⁽¹⁾			2019
Total revenue:
Total revenue, GAAP-basis			$	10,433		$	10,291		$	11,266		$	12,131		$	11,756
		Less: Gain on sale	(165		)	(53		)	(56		)	—			—
		Add: Impact of tax legislation	—			—			20			—			—
		Add: Legal and related	—			43			—			8			—
		Less: Other income	—			—			—			—			(44		)
Total revenue, excluding notable items			10,268			10,281			11,230			12,139			11,712

Provision for loan losses			12			10			2			15			10
Total expenses:
Total expenses, GAAP-basis			8,050			8,077			8,269			9,015			8,894
	Less:
		Acquisition and restructuring costs	(25		)	(209		)	(266		)	(24		)	(77		)
		Legal and related	(432		)	(56		)	—			(42		)	(32		)
		Repositioning charges⁽¹⁾	(73		)	11			—			(324		)	(110		)
		Acceleration of deferred cash awards	—			(249		)	—			—			—
Total expenses, excluding notable items			7,520			7,574			8,003			8,625			8,675
Income before income tax expense, excluding notable items			$	2,736		$	2,697		$	3,225		$	3,499		$	3,027

Income before income tax expense, GAAP-basis			$	2,371		$	2,204		$	2,995		$	3,101		$	2,852

Pre-tax margin, excluding notable items			26.6		%	26.2		%	28.7		%	28.8		%	25.8		%
Pre-tax margin, GAAP-basis			22.7			21.4			26.6			25.6			24.3

⁽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."



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF NOTABLE ITEMS

	Quarters																							% Change				Year-to-Date						% Change
(Dollars in millions)	1Q18			2Q18			3Q18		4Q18			1Q19			2Q19			3Q19			4Q19			4Q19 vs. 4Q18		4Q19 vs. 3Q19		2018			2019			YTD2019 vs. YTD2018
Total revenue:
Total revenue, GAAP-basis	$	3,056		$	3,063		$	2,989	$	3,023		$	2,932		$	2,873		$	2,903		$	3,048		0.8	%	5.0	%	$	12,131		$	11,756		(3.1	)%
Add: legal and related	—			—			—		8			—			—			—			—							8			—
Less: other income	—			—			—		—			—			—			—			(44		)					—			(44		)
Total revenue, excluding notable items	$	3,056		$	3,063		$	2,989	$	3,031		$	2,932		$	2,873		$	2,903		$	3,004		(0.9	)	3.5		$	12,139		$	11,712		(3.5	)

Total expenses:
Total expenses, GAAP basis	$	2,268		$	2,170		$	2,091	$	2,486		$	2,293		$	2,154		$	2,180		$	2,267		(8.8	)	4.0		$	9,015		$	8,894		(1.3	)
Less: Notable expense items:
Repositioning charges:
Compensation and employee benefits	$	—		$	(61	)	$	—	$	(198	)	$	—		$	—		$	—		$	(98	)	(50.5	)	nm		$	(259	)	$	(98	)	(62.2	)
Occupancy	—			(16		)	—		(25		)	—			—			—			(12		)	(52.0	)	nm		(41		)	(12		)	(70.7	)
Repositioning charges	—			(77		)	—		(223		)	—			—			—			(110		)	(50.7	)	—		(300		)	(110		)	(63.3	)
Acquisition and restructuring costs	—			—			—		(24		)	(9		)	(12		)	(27		)	(29		)	20.8		7.4		(24		)	(77		)	220.8
Legal and related	—			—			—		(42		)	(14		)	—			(18		)	—			nm		nm		(42		)	(32		)	(23.8	)
Business exit: Channel Islands	—			—			—		(24		)	—			—			—			—			nm		nm		(24		)	—			nm
Total expenses, excluding notable items	2,268			2,093			2,091		2,173			2,270			2,142			2,135			2,128			(2.1	)	(0.3	)	8,625			8,675			0.6
CRD expenses	—			—			—		(39		)	(41		)	(46		)	(56		)	(58		)	48.7		3.6		(39		)	(201		)	415.4
CRD related expenses: intangible asset amortization costs	—			—			—		(18		)	(15		)	(17		)	(17		)	(16		)	(11.1	)	(5.9	)	(18		)	(65		)	261.1
Total expenses, excluding notable items and CRD and CRD related expenses	2,268			2,093			2,091		2,116			2,214			2,079			2,062			2,054			(2.9	)	(0.4	)	8,568			8,409			(1.9	)
Seasonal expenses	(148		)	—			—		—			(137		)	—			—			—			—		—		(148		)	(137		)	(7.4	)
Total expenses, excluding notable items, seasonal items, CRD and CRD related expenses	$	2,120		$	2,093		$	2,091	$	2,116		$	2,077		$	2,079		$	2,062		$	2,054		(2.9	)	(0.4	)	$	8,420		$	8,272		(1.8	)

Net Income Available to Common Shareholders, GAAP-basis	$	603		$	697		$	708	$	396		$	452		$	537		$	528		$	632		59.6		19.7		$	2,404		$	2,149		(10.6	)
Notable items as reconciled above: pre-tax	—			77			—		321			23			12			45			95							398			175
Tax impact on notable items as reconciled above	—			(16		)	—		(73		)	(2		)	(3		)	(12		)	(25		)					(89		)	(42		)
Preferred security cost	—			—			—		—			—			—			—			22							—			22
Net Income Available to Common Shareholders, excluding notable items	$	603		$	758		$	708	$	644		$	473		$	546		$	561		$	724		12.4		29.1		$	2,713		$	2,304		(15.1	)

^nm Denotes not meaningful



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)	4Q18		3Q19		4Q19		4Q19 vs. 4Q18			4Q19 vs. 3Q19		4Q19 vs. 4Q18		4Q19 vs. 3Q19		4Q19 vs. 4Q18		4Q19 vs. 3Q19
GAAP-Basis Results:
Fee revenue:
Servicing fees	$	1,286	$	1,272	$	1,299	$	(3	)	$	7	$	1,302	$	1,292	1.2	%	1.6	%
Management fees	440		445		465		(1		)	3		466		462		5.9		3.8
Foreign exchange trading services	294		284		274		—			—		274		274		(6.8	)	(3.5	)
Securities finance	120		116		111		—			—		111		111		(7.5	)	(4.3	)
Software and processing fees⁽¹⁾	186		142		219		—			1		219		218		17.7		53.5
Total fee revenue	2,326		2,259		2,368		(4		)	11		2,372		2,357		2.0		4.3
Net interest income⁽¹⁾	697		644		636		(2		)	3		638		633		(8.5	)	(1.7	)
Total other income	—		—		44		—			—		44		44		nm		nm
Total revenue	$	3,023	$	2,903	$	3,048	$	(6	)	$	14	$	3,054	$	3,034	1.0		4.5

Expenses:
Compensation and employee benefits	$	1,303	$	1,083	$	1,145	$	(1	)	$	5	$	1,146	$	1,140	(12.0	)	5.3
Information systems and communications	356		376		362		—			1		362		361		1.7		(4.0	)
Transaction processing services	226		254		242		—			1		242		241		7.1		(5.1	)
Occupancy	146		113		126		—			1		126		125		(13.7	)	10.6
Acquisition and restructuring costs	24		27		29		—			—		29		29		20.8		7.4
Amortization of other intangible assets	81		59		58		—			—		58		58		(28.4	)	(1.7	)
Other	350		268		305		(3		)	1		308		304		(12.0	)	13.4
Total expenses	$	2,486	$	2,180	$	2,267	$	(4	)	$	9	$	2,271	$	2,258	(8.6	)	3.6



GAAP-Basis YTD Comparison	Reported				Currency Translation Impact			Excluding Currency Impact		% Change Constant Currency
(Dollars in millions)	2018		2019		YTD2019 vs. YTD2018			2019		YTD2019 vs. YTD2018
Fee revenue:
Servicing fees	$	5,421	$	5,074	$	(71	)	$	5,145	(5.1	)%
Management fees	1,851		1,771		(18		)	1,789		(3.3	)
Foreign exchange trading services	1,201		1,111		(3		)	1,114		(7.2	)
Securities finance	543		471		(1		)	472		(13.1	)
Software and processing fees⁽¹⁾	438		720		—			720		64.4
Total fee revenue	9,454		9,147		(93		)	9,240		(2.3	)
Net interest income⁽¹⁾	2,671		2,566		(26		)	2,592		(3.0	)
Other income	6		43		—			43		nm
Total revenue	$	12,131	$	11,756	$	(119	)	$	11,875	(2.1	)

Expenses:
Compensation and employee benefits	$	4,780	$	4,541	$	(54	)	$	4,595	(3.9	)
Information systems and communications	1,324		1,465		(6		)	1,471		11.1
Transaction processing services	985		983		(9		)	992		0.7
Occupancy	500		470		(9		)	479		(4.2	)
Acquisition and restructuring costs	24		77		—			77		nm
Amortization of other intangible assets	226		236		(3		)	239		5.8
Other	1,176		1,122		(14		)	1,136		(3.4	)
Total expenses	$	9,015	$	8,894	$	(95	)	$	8,989	(0.3	)

⁽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.
^nm Denotes not meaningful



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			2Q19			3Q19			4Q19
Consolidated total assets		$	250,253		$	248,276		$	234,102		$	244,596		$	228,332		$	241,540		$	244,606		$	245,610
Less:
Goodwill		6,068			5,973			6,016			7,446			7,549			7,565			7,500			7,556
Other intangible assets		1,578			1,500			1,461			2,369			2,208			2,155			2,077			2,030
Cash balances held at central banks in excess of required reserves		62,901			64,640			51,707			62,867			44,294			52,847			57,330			65,812
Adjusted assets		179,706			176,163			174,918			171,914			174,281			178,973			177,699			170,212
Plus related deferred tax liabilities		477			465			461			464			464			464			462			475
Total tangible assets	A	$	180,183		$	176,628		$	175,379		$	172,378		$	174,745		$	179,437		$	178,161		$	170,687
Consolidated total common shareholders' equity		$	19,154		$	19,325		$	20,812		$	21,047		$	21,348		$	21,764		$	21,519		$	21,609
Less:
Goodwill		6,068			5,973			6,016			7,446			7,549			7,565			7,500			7,556
Other intangible assets		1,578			1,500			1,461			2,369			2,208			2,155			2,077			2,030
Adjusted equity		11,508			11,852			13,335			11,232			11,591			12,044			11,942			12,023
Plus related deferred tax liabilities		477			465			461			464			464			464			462			475
Total tangible common equity	B	$	11,985		$	12,317		$	13,796		$	11,696		$	12,055		$	12,508		$	12,404		$	12,498
Tangible common equity ratio	B/A	6.7		%	7.0		%	7.9		%	6.8		%	6.9		%	7.0		%	7.0		%	7.3		%

GAAP-basis:
Net income available to common shareholders		$	603		$	697		$	708		$	396		$	452		$	537		$	528		$	632
Return on tangible common equity		20.1		%	21.1		%	19.4		%	20.6		%	15.0		%	15.8		%	16.3		%	17.2		%

STATE STREET CORPORATION

EARNINGS RELEASE ADDENDUM

REGULATORY CAPITAL



	Quarters
	1Q18						2Q18						3Q18						4Q18						1Q19						2Q19						3Q19						4Q19
(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	12.1		%	10.8		%	12.4		%	11.3		%	14.1		%	13.0		%	12.1		%	11.7		%	12.1		%	11.5		%	12.3		%	11.5		%	12.2		%	11.3		%	11.9		%	11.9		%
Tier 1 capital	15.4			13.7			15.7			14.3			17.9			16.4			16.0			15.5			15.9			15.0			15.9			14.9			15.9			14.6			14.7			14.7
Total capital	16.4			14.6			16.4			15.1			18.7			17.2			16.9			16.3			16.7			15.9			16.6			15.5			16.5			15.3			15.7			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			7.6			7.6			7.4			7.4			7.0			7.0

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		$	12,367		$	12,367		$	12,229		$	12,229		$	12,352		$	12,352
Total risk-weighted assets	98,512			110,477			98,502			107,740			97,367			105,770			95,315			98,820			98,023			103,643			100,699			107,972			100,327			108,701			104,245			103,915
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		%	12.3		%	11.5		%	12.2		%	11.3		%	11.9		%	11.9		%

Tier 1 capital	$	15,146		$	15,146		$	15,419		$	15,419		$	17,393		$	17,393		$	15,270		$	15,270		$	15,589		$	15,589		$	16,058		$	16,058		$	15,919		$	15,919		$	15,315		$	15,315
Total risk-weighted assets	98,512			110,477			98,502			107,740			97,367			105,770			95,315			98,820			98,023			103,643			100,699			107,972			100,327			108,701			104,245			103,915
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		%	15.9		%	14.9		%	15.9		%	14.6		%	14.7		%	14.7		%

Total capital	$	16,107		$	16,179		$	16,184		$	16,257		$	18,159		$	18,228		$	16,062		$	16,131		$	16,386		$	16,460		$	16,672		$	16,748		$	16,530		$	16,612		$	16,415		$	16,500
Total risk-weighted assets	98,512			110,477			98,502			107,740			97,367			105,770			95,315			98,820			98,023			103,643			100,699			107,972			100,327			108,701			104,245			103,915
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		%	16.6		%	15.5		%	16.5		%	15.3		%	15.7		%	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		$	16,058		$	16,058		$	15,919		$	15,919		$	15,315		$	15,315
Adjusted quarterly average assets	219,582			219,582			216,896			216,896			214,103			214,103			211,924			211,924			210,099			210,099			212,127			212,127			213,997			213,997			219,624			219,624
Tier 1 leverage ratio	6.9		%	6.9		%	7.1		%	7.1		%	8.1		%	8.1		%	7.2		%	7.2		%	7.4		%	7.4		%	7.6		%	7.6		%	7.4		%	7.4		%	7.0		%	7.0		%
⁽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.



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 Corporation			State Street Bank
As of December 31, 2019 (Dollars in millions)		Fully Phased-In SLR			Fully Phased-In SLR
Tier 1 Capital	A	$	15,315		$	16,758
On-and off-balance sheet leverage exposure		257,127			253,506
Less: regulatory deductions		(9,262		)	(8,840		)
Total assets for SLR	B	247,865			244,666
Supplementary Leverage Ratio	A/B	6.2		%	6.8		%


		State Street Corporation			State Street Bank
As of September 30, 2019 (Dollars in millions)		Fully Phased-In SLR			Fully Phased-In SLR
Tier 1 Capital	C	$	15,919		$	17,466
On-and off-balance sheet leverage exposure		251,304			247,529
Less: regulatory deductions		(9,276		)	(8,845		)
Total assets for SLR	D	242,028			238,684
Supplementary Leverage Ratio	C/D	6.6		%	7.3		%


		State Street Corporation			State Street Bank
As of June 30, 2019 (Dollars in millions)		Fully Phased-In SLR			Fully Phased-In SLR
Tier 1 Capital	E	$	16,058		$	17,611
On-and off-balance sheet leverage exposure		248,690			245,118
Less: regulatory deductions		(9,387		)	(8,980		)
Total assets for SLR	F	239,303			236,138
Supplementary Leverage Ratio	E/F	6.7		%	7.5		%


		State Street Corporation			State Street Bank
As of March 31, 2019 (Dollars in millions)		Fully Phased-In SLR			Fully Phased-In SLR
Tier 1 Capital	G	$	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	H	235,988			233,489
Supplementary Leverage Ratio	G/H	6.6		%	7.4		%





STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF SUPPLEMENTARY LEVERAGE RATIOS (Continued)

		State Street Corporation			State Street Bank
As of December 31, 2018 (Dollars in millions)		Fully Phased-In SLR			Fully Phased-In SLR
Tier 1 Capital	I	$	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	J	241,203			238,781
Supplementary Leverage Ratio	I/J	6.3		%	7.1		%


		State Street Corporation			State Street Bank
As of September 30, 2018 (Dollars in millions)		Fully Phased-In SLR			Fully Phased-In SLR
Tier 1 Capital	K	$	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	L	246,611			243,995
Supplementary Leverage Ratio	K/L	7.1		%	7.8		%


		State Street Corporation			State Street Bank
As of June 30, 2018 (Dollars in millions)		Fully Phased-In SLR			Fully Phased-In SLR
Tier 1 Capital	M	$	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	N	250,160			247,833
Supplementary Leverage Ratio	M/N	6.2		%	6.8		%


		State Street Corporation			State Street Bank
As of March 31, 2018 (Dollars in millions)		Fully Phased-In SLR			Fully Phased-In SLR
Tier 1 Capital	O	$	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	P	252,362			249,733
Supplementary Leverage Ratio	O/P	6.0		%	6.5		%