8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

FORM 8-K
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported): October 18, 2011

State Street Corporation

(Exact name of registrant as specified in its charter)

Massachusetts	001-07511	04-2456637
(State of Incorporation)	(Commission File Number)	(IRS Employer Identification Number)

One Lincoln Street, Boston, Massachusetts	02111
(Address of principal executive offices)	(Zip code)

Registrant's telephone number, including area code:    (617) 786-3000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.          Results of Operations and Financial Condition.

On October 18, 2011, State Street Corporation issued a news release announcing its results of operations and related financial information for the third quarter of 2011.  A copy of that news release is furnished herewith as Exhibit 99.1, and is incorporated herein by reference.

In addition, copies of slide presentations pertaining to State Street’s investment portfolio as of September 30, 2011, and an update with respect to State Street’s business operations and information technology transformation program, which will be referenced in connection with the investor conference call to be held by State Street on October 18, 2011, are furnished with this Form 8-K as Exhibits 99.2 and 99.3, respectively.

Item 9.01.          Financial Statements and Exhibits.

(d) Exhibits.

State Street Corporation’s news release dated October 18, 2011, announcing third-quarter 2011 results of operations and related financial information, is furnished herewith as Exhibit 99.1, and slide presentations pertaining to State Street’s investment portfolio and its business operations and information technology transformation program, which will be made available in connection with the investor conference call referenced in the October 18, 2011 news release, are furnished herewith as Exhibits 99.2 and 99.3, respectively.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		STATE STREET CORPORATION
		By:	/s/ James J. Malerba
		Name:	James J. Malerba
		Title:	Executive Vice President,
			Corporate Controller and
			Chief Accounting Officer
Date:	October 18, 2011

EXHIBIT INDEX

Exhibit No.	Description
99.1	News release dated October 18, 2011, announcing third-quarter 2011 results of operations and related financial information
99.2	Slide presentation pertaining to State Street’s investment portfolio as of September 30, 2011
99.3	Slide presentation providing an update with respect to State Street’s business operations and information technology transformation program

EX-99.1

Exhibit 99.1

State Street Reports EPS of $1.10 for the Third Quarter of 2011 up 10% Compared to the Second Quarter of 2011

Operating Basis EPS of $0.96 Equal to the Second Quarter of 2011

Achieved Positive Operating Leverage Compared to Second Quarter of 2011 on an Operating Basis

BOSTON--(BUSINESS WIRE)--October 18, 2011--State Street Corporation today announced third-quarter 2011 earnings per common share of $1.10, compared to $1.08 in the third quarter of 2010. Revenue of $2.427 billion in the third quarter of 2011 increased 5% from $2.310 billion in the third quarter of 2010 and expenses were $1.798 billion, up 18% from $1.527 billion in the third quarter of 2010. Third-quarter 2011 revenue included net interest revenue of $46 million, or $0.06 per share, associated with discount accretion related to former conduit securities consolidated onto the Company’s balance sheet in 2009. Third-quarter 2011 results also included a discrete tax benefit of $91 million, or $0.18 per share, related to a restructuring of former non-U.S. conduit assets and $85 million, or $0.10 per share, attributable to acquisition and restructuring costs. Third-quarter 2010 results included net interest revenue of $189 million, or $0.23 per share, associated with conduit-related discount accretion and acquisition and restructuring costs of $23 million, or $0.03 per share. Return on average common shareholders’ equity was 11.2% in the third quarter of 2011 compared to 12.9% in the third quarter of 2010.

In the second quarter of 2011, the Company reported earnings per common share of $1.00 on revenue of $2.491 billion. Expenses in the second quarter of 2011 were $1.774 billion. Second-quarter 2011 revenue included net interest revenue of $51 million, or $0.06 per share, associated with conduit-related discount accretion. Expenses in that quarter included acquisition and restructuring costs of $17 million, or $0.02 per share. Return on average common shareholders’ equity was 10.6% in the second quarter of 2011.

NON-GAAP BASIS

In addition to presenting State Street’s financial results in conformity with U.S. generally accepted accounting principles (GAAP), management also presents results on a non-GAAP basis, to which management refers as “operating basis,” in order to highlight comparable financial trends and other characteristics with respect to State Street’s ongoing business operations from period to period. Reconciliations of operating-basis results to GAAP-basis results are provided in the addendum at the end of this news release. Also see “Additional Information.”

Operating-basis earnings per common share in the third quarter of 2011 were $0.96 compared to $0.86 in the third quarter of 2010 and $0.96 in the second quarter of 2011. Operating-basis revenue in the third quarter of 2011 was $2.413 billion, up 12.0% from $2.154 billion in the third quarter of 2010 and down 2.4% from $2.473 billion in the second quarter of 2011. Operating-basis expenses increased to $1.713 billion, up 12.8% from $1.518 billion in the third quarter of 2010 and down 2.5% from $1.757 billion in the second quarter of 2011. On an operating basis, return on average common shareholders’ equity was 9.8% in the third quarter of 2011, down from 10.2% in both the third quarter of 2010 and the second quarter of 2011.

Joseph L. Hooley, State Street's chairman, president and chief executive officer, said, “Our third-quarter results demonstrate the resiliency of our business model as our operating-basis revenues increased from last year’s third quarter by about 12%, supported by prior period new business wins as well as stronger foreign exchange revenue. On an operating basis, we achieved positive operating leverage compared to the second quarter, reflecting effective expense control and expense savings from the business operations and information technology transformation program we launched last November. Salaries and benefits expenses declined during the third quarter from the second quarter, as a result of reductions in incentive compensation and our success in executing this transformation program.”

Hooley continued, “In the third quarter we purchased approximately 5.8 million of our common shares which brought the total shares purchased in 2011 to 10.7 million, leaving about $225 million remaining to complete the previously announced share purchase program authorized by our Board of Directors in March. We ended the third quarter with a tier 1 common ratio of 16.0%. With our strong capital position, we believe we are well positioned as we formulate our 2012 capital plan to be submitted to the Federal Reserve early next year.”

Hooley concluded, “As we approach the end of 2011 and plan for 2012, we expect to face a prolonged, worldwide low interest-rate environment, constrained economic growth, anticipated higher capital requirements, and increased regulatory and compliance costs. We are addressing these challenges by remaining focused on our clients and growing our business, while controlling expenses with a goal of continuing to generate positive operating leverage.”

The table below provides a summary of selected financial information and key ratios for the indicated periods, presented on an operating basis where noted. Unless otherwise specified, all capital ratios referenced in this news release refer to State Street Corporation and not State Street Bank and Trust Company. See “Additional Information” for a further description of these ratios and the addendum at the end of this news release for reconciliations applicable to the operating-basis financial information and to the tier 1 common and TCE ratios.

	Q3 2011		Q2 2011		Increase/(Decrease)			Q3 2010		Increase/(Decrease)
(Dollars in millions, except per share amounts or where otherwise noted)
Operating-basis measures for the quarters ended:
Total revenue(1)	$	2,413	$	2,473	$	(60)	(2.4)%	$	2,154	$	259	12.0%
Total expenses(1)		1,713		1,757		(44)	(2.5)%		1,518		195	12.8%
Earnings per common share(1)	$	0.96	$	0.96	$	-	-%	$	0.86	$	0.10	11.6%
Return on average common equity(1)		9.8%		10.2%	(40) bps				10.2%	(40) bps
As of period end:
Total assets	$	208,242	$	190,455	$	17,787	9.3%	$	172,964	$	35,278	20.4%
Net unrealized loss on investment portfolio, after-tax		(259)		(94)		(165)	(175.5%)		(281)		22	7.8%
AUCM (dollars in billions):
Assets under custody and administration(2)	$	21,510	$	22,762	$	(1,252)	(5.5)%	$	20,226	$	1,284	6.3%
Assets under management		1,877		2,116		(239)	(11.3)%		1,959		(82)	(4.2%)
Capital structure:
Total capital ratio		19.6%		20.8%	(120) bps				17.1%	250 bps
Tier 1 capital ratio		18.0%		18.9%	(90) bps				15.8%	220 bps
Tier 1 leverage ratio		7.8%		8.6%	(80) bps				8.3%	(50) bps
Tier 1 common ratio		16.0%		16.9%	(90) bps				13.9%	210 bps
TCE ratio		7.1%		7.3%	(20) bps				6.9%	20 bps
TCE/RWA ratio		15.7%		16.7%	(100) bps				13.3%	240 bps
(1) Presented on an operating basis, a non-GAAP presentation. (2) Includes assets under custody of $15,714 billion, $16,789 billion, and $14,860 billion, respectively, as of period end Q3 2011, Q2 2011, and Q3 2010.

Total assets were $208.2 billion and $190.5 billion and included $33.7 billion and $22.1 billion of excess deposits held at the Federal Reserve and other central banks at September 30, 2011 and June 30, 2011, respectively. The average balance sheet for the third quarter of 2011 was $181 billion, compared to $164 billion for the second quarter of 2011 and $154 billion for the third quarter of 2010. State Street’s regulatory capital ratios continue to be strong as of September 30, 2011, with the Company’s total capital ratio at 19.6%, its tier 1 capital ratio at 18.0% and its tier 1 leverage ratio at 7.8%. In addition, at that date, the Company’s tier 1 common ratio was 16.0%, its TCE ratio was 7.1%, and its TCE to risk-weighted assets ratio was 15.7%. September 30, 2011 ratios adjusted for the effects of the applicable methodologies provided for in the Basel III capital requirements are: total capital ratio of 14.5%, tier 1 capital ratio of 12.8%, tier 1 leverage ratio of 6.0%, and tier 1 common ratio of 11.7%. These ratios reflect State Street’s estimates of the impact of the requirements under Basel III affecting capital, based upon published statements of the Basel Committee and the Federal Reserve. See “Additional Information” below for information concerning the specified capital ratios and the addendum at the end of this news release for reconciliations of these ratios to ratios calculated under presently applicable requirements.

At September 30, 2011, the net after-tax unrealized mark-to-market losses in the investment portfolio were $259 million, an increase from net unrealized mark-to-market losses of $94 million at June 30, 2011, primarily due to a modest widening in spreads, offset partially by lower interest rates, but down from $281 million as of September 30, 2010, primarily due to lower rates.

The Company expects to record aggregate pre-tax conduit-related accretion of about $1.14 billion in interest revenue from September 30, 2011 through the remaining terms of the former conduit securities, of which it continues to expect to record approximately $40 million in the fourth quarter and a total of approximately $200 million in 2011. These expectations are based on numerous assumptions, including holding the securities to maturity, anticipated pre-payment speeds, credit quality and sales.

The following tables provide the components of operating-basis revenue and operating-basis expenses for the periods noted:

Operating-Basis Revenue (non-GAAP)
(Dollars in millions)	Q3 2011		Q2 2011		% Increase/ (Decrease)	Q3 2010		% Increase/ (Decrease)
Servicing fees	$	1,106	$	1,124	(1.6)%	$	1,006	9.9%
Investment management fees		229		250	(8.4)		196	16.8
Trading services revenue		334		311	7.4		228	46.5
Securities finance revenue		85		137	(38.0)		68	25.0
Processing fees and other revenue		90		70	28.6		71	26.8
Net interest revenue, fully taxable- equivalent basis(1)		564		554	1.8		568	(0.7)
Gains related to investment securities, net		5		27			17
Total Operating-Basis Revenue	$	2,413	$	2,473	(2.4)%	$	2,154	12.0%

⁽¹⁾ Operating-basis information for the third and second quarters of 2011, and the third quarter of 2010, included $32 million, $33 million, and $33 million, respectively, of tax-equivalent adjustments, and excluded $46 million, $51 million, and $189 million, respectively, of conduit-related discount accretion. GAAP-basis net interest revenue for these periods was $578 million, $572 million, and $724 million, respectively.

Operating-Basis Expenses (non-GAAP)
(Dollars in millions)	Q3 2011		Q2 2011		% Increase/ (Decrease)	Q3 2010		% Increase/ (Decrease)
Salaries and employee benefits	$	965	$	1,009	(4.4)%	$	871	10.8%
Information systems and communications		191		199	(4.0)		181	5.5
Transaction processing services		180		193	(6.7)		165	9.1
Occupancy		119		113	5.3		112	6.3
Other		258		243	6.2		189	36.5
Total Operating-Basis Expenses	$	1,713	$	1,757	(2.5)%	$	1,518	12.8%

THIRD-QUARTER 2011 RESULTS VS. THIRD QUARTER 2010

Servicing fees were up 10% to $1.106 billion from $1.006 billion in the third quarter of 2010. The increase was attributable primarily to net new business and the improvement in daily average equity valuations. Total assets under custody and administration were $21.510 trillion at September 30, 2011, up 6% compared with $20.226 trillion at September 30, 2010. Daily average values for the S & P 500 Index and the MSCI^® EAFE Index^ES were up approximately 12% and 4%, respectively, from the third quarter of 2010.

Investment management fees, generated by State Street Global Advisors, were $229 million, up 17% from $196 million in the third quarter of 2010. The increase in management fees was attributable primarily to increases in the average of month-end valuations in worldwide equity markets, the 2011 acquisition of the Bank of Ireland asset management business, and net new business installed. Total assets under management at September 30, 2011, were $1.877 trillion, down 4% compared to $1.959 trillion at September 30, 2010 due to scheduled redemptions by the Department of the U.S. Treasury. Average month-end equity valuations increased about 11% and 3%, respectively, compared to the third quarter of 2010 as measured by the S & P 500 and the MSCI^® EAFE Index^ES.

Trading services revenue, which includes foreign exchange trading revenue and brokerage and other fees, was $334 million for the third quarter of 2011, an increase of 46% from $228 million in the third quarter of 2010. Foreign exchange trading revenue increased 91% primarily due to higher volatility, as well as higher volumes. Brokerage and other fees were up about 7% due to stronger revenue from electronic trading.

Securities finance revenue was $85 million in the quarter, up 25% from $68 million in the third quarter of 2010, due primarily to improved spreads. Processing fees and other revenue was $90 million, up 27% from $71 million due to $22 million of gains related to real estate and certain leases.

Net interest revenue on a fully taxable-equivalent basis, which includes conduit-related discount accretion, was $610 million in the third quarter of 2011, compared to $757 million in the third quarter of 2010. On an operating basis, which excludes discount accretion, net interest revenue was $564 million, a decrease of 1% from $568 million in the third quarter of 2010 primarily due to lower yields on the investment portfolio, offset partially by growth in client deposits and lower funding costs. Clients placed additional deposits with State Street during the third quarter of 2011, which we invested with central banks, the impact of which contributed to a lower net interest margin than we would otherwise have achieved. Including this unusually high level of deposits, the fully taxable-equivalent net interest margin, including the discount accretion, was 156 basis points in the third quarter of 2011 compared to 236 basis points in the third quarter of 2010. Operating-basis net interest margin, including the excess central bank deposits, was 144 basis points in the third quarter of 2011 and excluding the excess deposits was 157 basis points, compared to 177 basis points in the third quarter of 2010.

In the third quarter of 2011, we recorded $15 million of net gains from sales of available-for-sale securities and, separately, $10 million of losses from other-than-temporary impairment, resulting in $5 million of net gains related to investment securities.

Operating-basis expenses of $1.713 billion in the third quarter of 2011 increased 13% compared to $1.518 billion in the third quarter of 2010 for several reasons, including an increase in salaries and benefits expenses. Salaries and benefits expenses increased 11% from $871 million to $965 million, primarily due to year-over-year salary adjustments and acquisitions, as well as about $13 million of expenses associated with non-recurring costs for staff supporting the business operations and information technology transformation program. Information systems and communications expenses were $191 million, an increase of 6% from $181 million due primarily to the impact of infrastructure improvements. Transaction processing services expenses were up 9% to $180 million from $165 million due to higher volumes in the investment servicing business. Occupancy expenses increased to $119 million from $112 million. Other expenses increased 37%, or $69 million, to $258 million, primarily as a result of the impact of a $50 million insurance recovery in the third quarter of 2010.

The effective tax rate on third-quarter 2011 GAAP-basis earnings was 11.7% due primarily to the benefit from a restructuring of former non-US. conduit assets, compared to 30.1% in the third quarter of 2010. The effective tax rate on operating-basis earnings for the third quarter of 2011 was 27.0%, consistent with our previously disclosed annual outlook. Our effective tax rate on operating-basis earnings for the full year 2011 is expected to be between 27% and 28%.

THIRD-QUARTER 2011 RESULTS VS. THE SECOND QUARTER 2011

Servicing fees were $1.106 billion, down 2% from $1.124 billion in the second quarter due primarily to declines in daily average equity valuations, offset partially by net new business installed. Daily average values as measured by the S & P 500 and the MSCI^® EAFE Index^ES decreased about 7% and 10%, respectively. Management fees were $229 million down 8% from $250 million, due primarily to lower average month-end equity valuations, offset partially by net new business installed. Average month-end equity valuations for the S & P 500 and MSCI^® EAFE Index^ES were down about 10% and 13%, respectively. Trading services revenue, which includes foreign exchange trading and brokerage and other fees, was $334 million, up 7% from $311 million. Foreign exchange trading revenue of $204 million increased 21% due to higher volatility. Brokerage and other fee revenue was $130 million, down 8% from the second quarter due to lower revenue from transition management, offset partially by higher revenue from electronic trading. Securities finance revenue was $85 million, down 38% from $137 million, primarily due to seasonality in the second quarter. Processing fees and other revenue was up 29% to $90 million due to $22 million of gains related to real estate and leases.

Fully taxable-equivalent net interest revenue in the third quarter of 2011 totaled $610 million, including discount accretion, compared to $605 million in the second quarter. On an operating basis, fully taxable-equivalent net interest revenue in the third quarter of 2011 was $564 million, up 2% from $554 million due to an increase in earning assets driven by an increase in client deposits.

Compared to the second quarter of 2011, salaries and benefits expense decreased 4% to $965 million from $1.009 billion, due to reductions in incentive compensation and benefits achieved from the business operations and IT transformation program. Information systems and communications expense was $191 million, down 4% from $199 million. Transaction processing expense was $180 million down 7% from $193 million, primarily due to lower volumes in the investment servicing business. Occupancy expense increased 5% to $119 million from $113 million. Other expenses were $258 million, up about 6% from the second quarter due to an increase in securities processing costs.

ADDITIONAL INFORMATION

All per share amounts represent fully diluted earnings per common share. Return on average common shareholders’ equity is determined by dividing full-year or annualized net income available to common equity by average common shareholders’ equity for the period. Operating-basis return on average common equity utilizes full-year or annualized operating-basis net income available to common equity in the calculation. Operating leverage is defined as the rate of growth of total revenue less the rate of growth of total expenses, each determined on an operating basis.

Non-GAAP Financial Measures

This news release includes financial information presented on a GAAP basis as well as on an operating basis. Operating-basis financial information is a non-GAAP presentation. Management measures and compares certain financial information on an operating basis, as it believes that this presentation supports meaningful comparisons from period to period and the analysis of comparable financial trends with respect to State Street’s normal ongoing business operations. Management believes that operating-basis financial information, which reports revenue from non-taxable sources on a fully taxable-equivalent basis and excludes the impact of revenue and expenses outside of the normal course of business, facilitates an investor’s understanding and analysis of State Street’s underlying financial performance and trends in addition to financial information prepared and reported in accordance with GAAP.

This news release also includes capital ratios in addition to, or adjusted from, those calculated in accordance with applicable regulatory requirements. These include capital ratios based on tier 1 common risk-based capital and tangible common equity as well as capital ratios adjusted to reflect our estimate of the impact of the Basel III capital requirements. These non-regulatory and adjusted capital measures are non-GAAP financial measures. Management currently evaluates the non-GAAP capital ratios presented in this news release to aid in its understanding of State Street’s capital position under a variety of standards, including presently applicable and evolving regulatory requirements. Management believes that the use of the non-GAAP capital ratios described in this news release similarly aids in an investor's understanding of State Street's capital position and therefore is of interest to investors.

In addition to the reconciliations, described below, of the capital ratios referenced in this news release, the addendum to this news release also includes reconciliations of the following other non-GAAP financial measures referenced in this news release: operating-basis results to GAAP-basis results and Basel III-adjusted capital ratios to capital ratios calculated under currently applicable requirements.

Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in accordance with GAAP and capital ratios determined in accordance with currently applicable regulatory requirements.

Capital Ratios

The total capital, tier 1 risk-based capital, or tier 1 capital, and tier 1 leverage ratios are capital ratios used regularly by bank regulatory authorities to evaluate the Company’s capital adequacy. The tier 1 risk-based common, or tier 1 common, ratio is sometimes used by the Federal Reserve in connection with its capital assessment and review programs. The tangible common equity, or TCE, and TCE/risk-weighted assets, or RWA, ratios are other capital ratios management believes provide additional context for understanding and assessing the Company’s capital adequacy.

• The total capital, tier 1 capital, and tier 1 leverage ratios, as applicable, are each calculated in accordance with applicable bank regulatory requirements.
• The tier 1 common ratio is calculated by dividing (a) tier 1 capital less non-common elements including qualifying perpetual preferred stock, qualifying minority interest in subsidiaries and qualifying trust preferred securities, by (b) total risk-weighted assets, which assets are calculated in accordance with applicable bank regulatory requirements. The tier 1 common ratio is not required by GAAP or on a recurring basis by bank regulations. Management is currently monitoring this ratio, along with the other capital ratios described in this news release, in evaluating State Street’s capital levels and believes that, at this time, the ratio may be of interest to investors. Reconciliations with respect to the tier 1 common ratios as of September 30, 2011, June 30, 2011, and September 30, 2010 are provided in the addendum at the end of this news release.
• 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 bank 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. Reconciliations with respect to the calculation of the TCE ratio as of September 30, 2011, June 30, 2011, and September 30, 2010 are provided in the addendum at the end of this news release.
• The TCE/RWA ratio is calculated by dividing consolidated total common shareholders’ equity (reduced by goodwill and other intangible assets net of related deferred taxes) by total risk-weighted assets (determined in accordance with applicable bank regulatory requirements). The TCE/RWA ratio is not required by GAAP or by bank 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/RWA ratio, our TCE/RWA ratio is not necessarily comparable to similar capital measures disclosed or used by other companies in the financial services industry. Tangible common equity is a non-GAAP financial measure and should be considered in addition to, not as a substitute for or superior to, financial measures determined in accordance with GAAP. Reconciliations with respect to the calculation of the TCE/RWA ratio as of September 30, 2011, June 30, 2011, and September 30, 2010 are provided in the addendum at the end of this news release.

INVESTOR CONFERENCE CALL

State Street will webcast an investor conference call today, Tuesday, October 18, 2011, at 9:30 a.m. EDT, available at www.statestreet.com/stockholder. The conference call will also be available via telephone, at +1 706/679-5594 or +1 888/391-4233 (Conference ID #36968947). Recorded replays of the conference call will be available on the web site, and by telephone at +1 706/645-9291 or +1 800/642-1687 (Conference ID#36968947), beginning approximately two hours after the call’s completion. The telephone replay will be available for approximately two weeks following the conference call. This news release, presentation materials referred to on the conference call (including those concerning our business operations and information technology transformation program and our investment portfolio), and additional financial information are available on State Street’s website, at www.statestreet.com/stockholder under “Investor Relations--Investor News & Events and under the title “Events and Presentations.”

State Street Corporation (NYSE: STT) is the world's leading provider of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $21.510 trillion in assets under custody and administration and $1.877 trillion in assets under management at September 30, 2011, State Street operates in 26 countries and more than 100 geographic markets and employs 29,685 worldwide. For more information, visit State Street’s web site at www.statestreet.com or call +1 877/639-7788 [NEWS STT] toll-free in the United States and Canada, or +1 678/999-4577 outside those countries.

Forward-Looking Statements

This news release contains forward-looking statements as defined by United States securities laws, including statements relating to our goals and expectations regarding our business, financial and capital condition, results of operations, investment portfolio performance and strategies, the financial and market outlook, governmental and regulatory initiatives and developments, and the business environment. Forward-looking statements are often, but not always, identified by such forward-looking terminology as "plan," "expect," "look," "believe," "anticipate," "estimate," "seek," "may," "will," "trend," "target,” and "goal," or similar statements or variations of such terms. These statements are not guarantees of future performance, are inherently uncertain, are based on current assumptions that are difficult to predict and involve a number of risks and uncertainties. Therefore, actual outcomes and results may differ materially from what is expressed in those statements, and those statements should not be relied upon as representing our expectations or beliefs as of any date subsequent to October 18, 2011.

Important factors that may affect future results and outcomes include, but are not limited to:

• the manner in which the Federal Reserve and other regulators implement the Dodd-Frank Act and other regulatory initiatives in the U.S. and internationally, including any increases in the minimum regulatory capital ratios applicable to us and regulatory developments that result in changes to our operating model or other changes to the provision of our services in order to comply with or respond to such regulations;
• required regulatory capital ratios under Basel II and Basel III, in each case as fully implemented by State Street and State Street Bank (and in the case of Basel III, when finally adopted by the Federal Reserve), which may result in the need for substantial additional capital or increased levels of liquidity in the future;
• changes in law or regulation that may adversely affect our, our clients’ or our counterparties’ business activities and the products or services that we sell, including additional or increased taxes or assessments thereon, capital adequacy requirements and changes that expose us to risks related to compliance;
• financial market disruptions and the economic recession, whether in the U.S. or internationally;

• the liquidity of the U.S. and international securities markets, particularly the markets for fixed-income securities, and the liquidity requirements of our clients;
• increases in the volatility of, or declines in the levels of, our net interest revenue, changes in the composition of the assets on our consolidated balance sheet and the possibility that we may be required to change the manner in which we fund those assets;
• the financial strength and continuing viability of the counterparties with which we or our clients do business and to which we have investment, credit or financial exposure;
• the credit quality, credit agency ratings, and fair values of the securities in our investment securities portfolio, a deterioration or downgrade of which could lead to other-than-temporary impairment of the respective securities and the recognition of an impairment loss in our consolidated statement of income;
• delays or difficulties in the execution of our previously announced business operations and information technology transformation program, which could lead to changes in our estimates of the charges, expenses or savings associated with the planned program, resulting in increased volatility of our earnings;
• the maintenance of credit agency ratings for our debt and depository obligations as well as the level of credibility of credit agency ratings;
• the results of, and costs associated with, government investigations, litigation, and similar claims, disputes, or proceedings;
• the risks that acquired businesses will not be integrated successfully, or that the integration will take longer than anticipated, that expected synergies will not be achieved or unexpected disynergies will be experienced, that client and deposit retention goals will not be met, that other regulatory or operational challenges will be experienced and that disruptions from the transaction will harm relationships with clients, employees or regulators;
• the ability to complete acquisitions, divestitures and joint ventures, including the ability to obtain regulatory approvals, the ability to arrange financing as required and the ability to satisfy closing conditions;
• the performance of and demand for the products and services we offer, including the level and timing of redemptions and withdrawals from our collateral pools and other collective investment products;
• the possibility that our clients will incur substantial losses in investment pools where we act as agent, and the possibility of significant reductions in the valuation of assets;
• our ability to attract deposits and other low-cost, short-term funding;
• potential changes to the competitive environment, including changes due to the effects of consolidation, and perceptions of State Street as a suitable service provider or counterparty;
• the level and volatility of interest rates and the performance and volatility of securities, credit, currency and other markets in the U.S. and internationally;
• our ability to measure the fair value of the investment securities on our consolidated balance sheet;
• our ability to control operating risks, data security breach risks, information technology systems risks and outsourcing risks, and our ability to protect our intellectual property rights, the possibility of errors in the quantitative models we use to manage our business and the possibility that our controls will prove insufficient, fail or be circumvented;
• adverse publicity or other reputational harm;

• our ability to grow revenue, attract and/or retain and compensate highly skilled people, control expenses and attract the capital necessary to achieve our business goals and comply with regulatory requirements;
• the potential for new products and services to impose additional costs on us and expose us to increased operational risk;
• changes in accounting standards and practices; and
• changes in tax legislation and in the interpretation of existing tax laws by U.S. and non-U.S. tax authorities that affect the amount of taxes due.

Other important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in our 2010 Annual Report on Form 10-K and our subsequent SEC filings. We encourage investors to read these filings, particularly the sections on risk factors, for additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking statements contained in this news release speak only as of the date hereof, October 18, 2011, and we do not undertake efforts to revise those forward-looking statements to reflect events after that date.

STATE STREET CORPORATION
Earnings Release Addendum
CONSOLIDATED FINANCIAL HIGHLIGHTS
September 30, 2011
		Quarters Ended									% Change
											Q3 2011			Q3 2011
(Dollars in millions, except per share amounts		September 30,			June 30,			September 30,			vs.			vs.
or where otherwise noted)		2011			2011			2010			Q2 2011			Q3 2010
Revenue:
Fee revenue	$	1,844		$	1,892		$	1,569			(3	)	%	18		%
Net interest revenue (1)		578			572			724			1			(20	)
Net gains from sales of available-for-sale securities		15			62			91
Net losses from other-than-temporary impairment		(10	)		(35	)		(74	)
Total Revenue		2,427			2,491			2,310			(3	)		5
Provision for Loan Losses		-			2			1
Total Expenses:
Expenses from operations		1,713			1,757			1,518			(3	)		13
Acquisition and restructuring costs and U.K. bonus tax, net		85			17			9
Income tax expense (2)		74			202			236
Net Income		555			513			546			8			2
Net Income Available to Common Shareholders		543			502			540
Diluted Earnings Per Common Share		1.10			1.00			1.08			10			2
Average Diluted Common Shares Outstanding (in thousands)		494,780			501,044			498,159
Cash Dividends Declared Per Common Share	$	.18		$	.18		$	.01
Closing Price Per Share of Common Stock (at quarter end)		32.16			45.09			37.66
Ratios:
Return on average common equity		11.2		%	10.6		%	12.9		%
Net interest margin, fully taxable-equivalent basis		1.56			1.76			2.36
Tier 1 risk-based capital		18.0			18.9			15.8
Total risk-based capital		19.6			20.8			17.1
Tier 1 leverage		7.8			8.6			8.3
Tier 1 common to risk-weighted assets (3)		16.0			16.9			13.9
Tangible common equity to tangible assets (3)		7.1			7.3			6.9
Tangible common equity to risk-weighted assets (3)		15.7			16.7			13.3
At Quarter End:
Assets Under Custody and Administration (4) (in trillions)	$	21.51		$	22.76		$	20.23
Assets Under Management (in trillions)		1.88			2.12			1.96
		Nine Months Ended						% Change
								2011
		September 30,			September 30,			vs.
(Dollars in millions, except per share amounts)		2011			2010			2010
Revenue:
Fee revenue	$	5,527		$	4,805			15		%
Net interest revenue (1)		1,727			2,043			(15	)
Net gains from sales of available-for-sale securities		81			286
Net losses from other-than-temporary impairment		(56	)		(224	)
Total Revenue		7,279			6,910			5
Provision for Loan Losses		1			26
Total Expenses:
Expenses from operations		5,153			4,552			13
Securities lending charge		-			414
Acquisition and restructuring costs and U.K. bonus tax, net		121			84			44
Income tax expense (2), (5)		465			361
Net Income		1,539			1,473			4
Net Income Available to Common Shareholders		1,511			1,459
Diluted Earnings Per Common Share		3.03			2.93			3
Average Diluted Common Shares Outstanding (in thousands):		498,417			497,715
Cash Dividends Declared Per Common Share	$	.54		$	.03
Return on Average Common Equity		10.8		%	12.4		%
Net interest margin, fully taxable-equivalent basis		1.71			2.30
(1) Amounts included discount accretion related to former conduit securities of $46 million, $51 million and $189 million for the quarters ended September 30, 2011, June 30, 2011 and September 30, 2010, respectively, and $159 million and $573 million for the nine months ended September 30, 2011 and 2010, respectively.
(2) Amounts for the three and nine months ended September 30, 2011 reflected a discrete tax benefit of $91 million generated by a restructuring of former non-U.S. conduit assets completed during the quarter ended September 30, 2011.
(3) Refer to accompanying reconciliations for additional information.
(4) Includes assets under custody of $15.71 trillion, $16.79 trillion and $14.86 trillion, respectively.
(5) Amount for the nine months ended September 30, 2010 reflected a discrete tax benefit of $180 million generated by a restructuring of former non-U.S. conduit securities during the quarter ended June 30, 2010.

STATE STREET CORPORATION
Earnings Release Addendum
SELECTED CONSOLIDATED FINANCIAL INFORMATION
Quarters and Nine Months Ended September 30, 2011 and September 30, 2010
	Quarters Ended									Nine Months Ended
	September 30,			September 30,						September 30,			September 30,
(Dollars in millions, except per share amounts)	2011			2010			% Change			2011			2010			% Change
Fee Revenue:
Servicing fees	$	1,106		$	1,006		10		%	$	3,325		$	2,874		16		%
Management fees		229			196		17				715			608		18
Trading services		334			228		46				947			796		19
Securities finance		85			68		25				288			249		16
Processing fees and other		90			71		27				252			278		(9	)
Total fee revenue		1,844			1,569		18				5,527			4,805		15
Net Interest Revenue:
Interest revenue		728			904		(19	)			2,181			2,628		(17	)
Interest expense		150			180		(17	)			454			585		(22	)
Net interest revenue (1)		578			724		(20	)			1,727			2,043		(15	)
Gains (Losses) related to investment securities, net:
Net gains from sales of available-for-sale securities		15			91						81			286
Losses from other-than-temporary impairment		(25	)		(132	)					(104	)		(612	)
Losses not related to credit		15			58						48			388
Gains related to investment securities, net		5			17						25			62
Total revenue		2,427			2,310		5.1				7,279			6,910		5.3
Provision for loan losses		-			1						1			26
Expenses:
Salaries and employee benefits		965			857		13				2,948			2,589		14
Information systems and communications		191			181		6				581			522		11
Transaction processing services		180			165		9				553			482		15
Occupancy		119			112		6				339			346		(2	)
Securities lending charge		-			-						-			414
Acquisition and restructuring costs		85			23		270				121			77		57
Other		258			189		37				732			620		18
Total expenses		1,798			1,527		17.7				5,274			5,050		4.4
Income before income tax expense		629			782		(20	)			2,004			1,834		9
Income tax expense		74			236						465			361
Net income	$	555		$	546		2			$	1,539		$	1,473		4
Adjustments to net income:
Dividends on preferred stock	$	(6	)							$	(13	)
Earnings allocated to participating securities		(6	)	$	(6	)					(15	)	$	(14	)
Net income available to common shareholders	$	543		$	540					$	1,511		$	1,459
Earnings Per Common Share:
Basic	$	1.11		$	1.09		2			$	3.05		$	2.94		4
Diluted		1.10			1.08		2				3.03			2.93		3
Average Common Shares Outstanding (in thousands):
Basic		490,840			495,729						495,015			495,312
Diluted		494,780			498,159						498,417			497,715
Selected consolidated financial information presented above was prepared in accordance with accounting principles generally accepted in the U.S.
(1) Net interest revenue on a fully taxable-equivalent basis was $610 million and $757 million for the quarters ended September 30, 2011 and 2010, respectively, and $1.82 billion and $2.14 billion for the nine months ended September 30, 2011 and 2010, respectively. These amounts included tax-equivalent adjustments of $32 million and $33 million for the quarters ended September 30, 2011 and 2010, respectively, and $96 million for each of the nine months ended September 30, 2011 and 2010.

STATE STREET CORPORATION
Earnings Release Addendum
SELECTED CONSOLIDATED FINANCIAL INFORMATION
Quarters Ended September 30, 2011 and June 30, 2011
	Quarters Ended
	September 30,			June 30,
(Dollars in millions, except per share amounts)		2011			2011		% Change
Fee Revenue:
Servicing fees	$	1,106		$	1,124		(2	)	%
Management fees		229			250		(8	)
Trading services		334			311		7
Securities finance		85			137		(38	)
Processing fees and other		90			70		29
Total fee revenue		1,844			1,892		(3	)
Net Interest Revenue:
Interest revenue		728			719		1
Interest expense		150			147		2
Net interest revenue (1)		578			572		1
Gains (Losses) related to investment securities, net:
Net gains from sales of available-for-sale securities		15			62
Losses from other-than-temporary impairment		(25	)		(44	)
Losses not related to credit		15			9
Gains related to investment securities, net		5			27
Total revenue		2,427			2,491		(2.6	)
Provision for loan losses		-			2
Expenses:
Salaries and employee benefits		965			1,009		(4	)
Information systems and communications		191			199		(4	)
Transaction processing services		180			193		(7	)
Occupancy		119			113		5
Acquisition and restructuring costs		85			17		400
Other		258			243		6
Total expenses		1,798			1,774		1.4
Income before income tax expense		629			715		(12	)
Income tax expense		74			202
Net income	$	555		$	513		8
Adjustments to net income:
Dividends on preferred stock	$	(6	)	$	(7	)
Earnings allocated to participating securities		(6	)		(4	)
Net income available to common shareholders	$	543		$	502
Earnings Per Common Share:
Basic	$	1.11		$	1.01		10
Diluted		1.10			1.00		10
Average Common Shares Outstanding (in thousands):
Basic		490,840			496,806
Diluted		494,780			501,044
Selected consolidated financial Information presented above was prepared in accordance with accounting principles generally accepted in the U.S.
(1) Net interest revenue on a fully taxable-equivalent basis was $610 million and $605 million for the quarters ended September 30, 2011 and June 30, 2011, respectively. These amounts included tax-equivalent adjustments of $32 million and $33 million for the quarters ended September 30, 2011 and June 30, 2011, respectively.

STATE STREET CORPORATION
Earnings Release Addendum
SELECTED CONSOLIDATED OPERATING-BASIS FINANCIAL INFORMATION
(NON-GAAP PRESENTATION)
Quarters and Nine Months Ended September 30, 2011 and September 30, 2010
State Street prepares its consolidated statement of income in accordance with accounting principles generally accepted in the U.S., or GAAP. In addition, State Street presents financial information on a non-GAAP basis, referred to as “operating” basis. Management measures and compares certain financial information on an operating basis, as it believes that this presentation supports meaningful comparisons from period to period and the analysis of comparable financial trends with respect to State Street’s normal ongoing business operations. Management believes that operating-basis financial information, which reports revenue from non-taxable sources on a fully taxable-equivalent basis and excludes the impact of revenue and expenses outside of the normal course of business, facilitates an investor’s understanding and analysis of State Street’s underlying financial performance and trends in addition to financial information prepared and reported in accordance with GAAP. The financial information presented below has been prepared on an operating basis; reconciliations of this information to financial information prepared in accordance with GAAP, referred to as "reported," is included in this Earnings Release Addendum.
	Quarters Ended (1)											Nine Months Ended (1)
	September 30,				September 30,							September 30,				September 30,
(Dollars in millions, except per share amounts)	2011				2010				% Change			2011				2010				% Change
Fee Revenue:
Servicing fees	$	1,106			$	1,006			10		%	$	3,325			$	2,874			16		%
Management fees		229				196			17				715				608			18
Trading services		334				228			46				947				796			19
Securities finance		85				68			25				288				249			16
Processing fees and other		90				71			27				252				278			(9	)
Total fee revenue		1,844				1,569			18				5,527				4,805			15
Net Interest Revenue:
Interest revenue, operating basis		714				748			(5	)			2,118				2,151			(2	)
Interest expense		150				180			(17	)			454				585			(22	)
Net interest revenue, operating basis		564				568			(1	)			1,664				1,566			6
Gains related to investment securities, net		5				17							25				62
Total revenue, operating basis (2)		2,413				2,154			12.0				7,216				6,433			12.2
Provision for loan losses		-				1							1				26
Expenses:
Salaries and employee benefits		965				871			11				2,948				2,582			14
Information systems and communications		191				181			6				581				522			11
Transaction processing services		180				165			9				553				482			15
Occupancy		119				112			6				339				346			(2	)
Other		258				189			37				732				620			18
Total expenses, operating basis (2)		1,713				1,518			12.8				5,153				4,552			13.2
Income before income tax expense, operating basis		700				635			10				2,062				1,855			11
Income tax expense, operating basis		181				170							541				492
Tax-equivalent adjustment		32				33							96				96
Net income, operating basis	$	487			$	432			13			$	1,425			$	1,267			12
Adjustments to net income:
Dividends on preferred stock	$	(6	)									$	(13	)
Earnings allocated to participating securities		(5	)		$	(5	)						(14	)		$	(12	)
Net income available to common shareholders, operating basis	$	476			$	427						$	1,398			$	1,255
Diluted earnings per common share, operating basis	$	.96			$	.86			12			$	2.80			$	2.52			11
Average diluted common shares outstanding (in thousands)		494,780				498,159							498,417				497,715
Return on average common equity, operating basis		9.8		%		10.2		%					10.0		%		10.7		%
(1) Refer to the accompanying reconciliation of operating-basis results to reported results.
(2) For the quarter ended September 30, 2011, negative operating leverage in the year-over-year comparison was 80 basis points, based on an increase in total operating-basis revenue of 12.0% and an increase in total operating-basis expenses of 12.8%. For the nine months ended September 30, 2011, negative operating leverage in the year-over-year comparison was 100 basis points, based on an increase in total operating-basis revenue of 12.2% and an increase in total operating-basis expenses of 13.2%.

STATE STREET CORPORATION
Earnings Release Addendum
SELECTED CONSOLIDATED OPERATING-BASIS FINANCIAL INFORMATION
(NON-GAAP PRESENTATION)
Quarters Ended September 30, 2011 and June 30, 2011
State Street prepares its consolidated statement of income in accordance with accounting principles generally accepted in the U.S., or GAAP. In addition, State Street presents financial information on a non-GAAP basis, referred to as “operating” basis. Management measures and compares certain financial information on an operating basis, as it believes that this presentation supports meaningful comparisons from period to period and the analysis of comparable financial trends with respect to State Street’s normal ongoing business operations. Management believes that operating-basis financial information, which reports revenue from non-taxable sources on a fully taxable-equivalent basis and excludes the impact of revenue and expenses outside of the normal course of business, facilitates an investor’s understanding and analysis of State Street’s underlying financial performance and trends in addition to financial information prepared and reported in accordance with GAAP. The financial information presented below has been prepared on an operating basis; reconciliations of this information to financial information prepared in accordance with GAAP, referred to as "reported," is included in this Earnings Release Addendum.
	Quarters Ended (1)
	September 30,				June 30,
(Dollars in millions, except per share amounts)	2011				2011				% Change
Fee Revenue:
Servicing fees	$	1,106			$	1,124			(2	)	%
Management fees		229				250			(8	)
Trading services		334				311			7
Securities finance		85				137			(38	)
Processing fees and other		90				70			29
Total fee revenue		1,844				1,892			(3	)
Net Interest Revenue:
Interest revenue, operating basis		714				701			2
Interest expense		150				147			2
Net interest revenue, operating basis		564				554			2
Gains related to investment securities, net		5				27
Total revenue, operating basis (2)		2,413				2,473			(2.4	)
Provision for loan losses		-				2
Expenses:
Salaries and employee benefits		965				1,009			(4	)
Information systems and communications		191				199			(4	)
Transaction processing services		180				193			(7	)
Occupancy		119				113			5
Other		258				243			6
Total expenses, operating basis (2)		1,713				1,757			(2.5	)
Income before income tax expense, operating basis		700				714			(2	)
Income tax expense		181				187
Tax-equivalent adjustment		32				33
Net income, operating basis	$	487			$	494			(1	)
Adjustments to net income:
Dividends on preferred stock	$	(6	)		$	(7	)
Earnings allocated to participating securities		(5	)			(4	)
Net income available to common shareholders, operating basis	$	476			$	483
Diluted earnings per common share, operating basis	$	.96			$	.96			-
Average diluted common shares outstanding (in thousands)		494,780				501,044
Return on average common equity, operating basis		9.8		%		10.2		%
(1) Refer to the accompanying reconciliation of operating-basis results to reported results.
(2) For the quarter ended September 30, 2011, positive operating leverage in the quarter-over-quarter comparison was 10 basis points, based on a decrease in total operating-basis revenue of 2.4% and a decrease in total operating-basis expenses of 2.5%.

STATE STREET CORPORATION
Earnings Release Addendum
RECONCILIATION OF REPORTED RESULTS TO OPERATING-BASIS RESULTS
Quarter and Nine Months Ended September 30, 2011
The tables presented below reconcile financial information prepared on a non-GAAP, or operating, basis to financial information prepared and reported in accordance with GAAP.
(Dollars in millions, except per share amounts)	Quarter Ended September 30, 2011												Nine Months Ended September 30, 2011
		Reported								Operating - Basis				Reported								Operating - Basis
		Results				Adjustments				Results				Results				Adjustments				Results
Fee Revenue:
Servicing fees	$	1,106							$	1,106			$	3,325							$	3,325
Management fees		229								229				715								715
Trading services		334								334				947								947
Securities finance		85								85				288								288
Processing fees and other		90								90				252								252
Total fee revenue		1,844								1,844				5,527								5,527
Net Interest Revenue:
Interest revenue		728			$	(14	)	(1)		714				2,181			$	(63	)	(6)		2,118
Interest expense		150				-				150				454				-				454
Net interest revenue		578				(14	)			564				1,727				(63	)			1,664
Gains related to investment securities, net:		5				-				5				25				-				25
Total revenue		2,427				(14	)			2,413				7,279				(63	)			7,216
Provision for loan losses		-				-				-				1				-				1
Expenses:
Salaries and employee benefits		965								965				2,948								2,948
Information systems and communications		191								191				581								581
Transaction processing services		180								180				553								553
Occupancy		119								119				339								339
Acquisition and restructuring costs		85				(85	)	(2)		-				121				(121	)	(7)		-
Other		258				-				258				732				-				732
Total expenses		1,798				(85	)			1,713				5,274				(121	)			5,153
Income before income tax expense		629				71				700				2,004				58				2,062
Income tax expense		74				107		(3)		181				465				76		(3)		541
Tax-equivalent adjustment		-				32		(4)		32				-				96		(4)		96
Net income	$	555			$	(68	)		$	487			$	1,539			$	(114	)		$	1,425
Adjustments to net income:
Dividends on preferred stock	$	(6	)						$	(6	)		$	(13	)						$	(13	)
Earnings allocated to participating securities		(6	)		$	1		(5)		(5	)			(15	)		$	1		(5)		(14	)
Net income available to common shareholders	$	543			$	(67	)		$	476			$	1,511			$	(113	)		$	1,398
Diluted earnings per common share	$	1.10			$	(.14	)		$	.96			$	3.03			$	(.23	)		$	2.80
Average diluted common shares outstanding (in thousands)		494,780				494,780				494,780				498,417				498,417				498,417
Return on average common equity		11.2		%		(1.4	)	%		9.8		%		10.8		%		(0.8	)	%		10.0		%
(1) Represents tax-equivalent adjustment of $32 million, not included in reported results, net of $46 million of discount accretion related to former conduit securities.
(2) Represents $19 million of integration costs and $66 million of restructuring charges related to the business operations and information technology transformation program.
(3) Represents a discrete tax benefit of $91 million generated by a restructuring of former non-U.S. conduit assets and the net tax effect of non-operating adjustments.
(4) Represents tax-equivalent adjustment, not included in reported results.
(5) Represents effect of the difference between reported and operating-basis earnings on allocation to participating securities.
(6) Represents tax-equivalent adjustment of $96 million, not included in reported results, net of $159 million of discount accretion related to former conduit securities.
(7) Represents $46 million of integration costs and $75 million of restructuring charges related to the business operations and information technology transformation program.

STATE STREET CORPORATION
Earnings Release Addendum
RECONCILIATION OF REPORTED RESULTS TO OPERATING-BASIS RESULTS
Quarter and Nine Months Ended September 30, 2010
The tables presented below reconcile financial information prepared on a non-GAAP, or operating, basis to financial information prepared and reported in accordance with GAAP.
(Dollars in millions, except per share amounts)	Quarter Ended September 30, 2010												Nine Months Ended September 30, 2010
		Reported								Operating - Basis				Reported								Operating - Basis
		Results				Adjustments				Results				Results				Adjustments				Results
Fee Revenue:
Servicing fees	$	1,006							$	1,006			$	2,874							$	2,874
Management fees		196								196				608								608
Trading services		228								228				796								796
Securities finance		68								68				249								249
Processing fees and other		71								71				278								278
Total fee revenue		1,569								1,569				4,805								4,805
Net Interest Revenue:
Interest revenue		904			$	(156	)	(1)		748				2,628			$	(477	)	(7)		2,151
Interest expense		180				-				180				585				-				585
Net interest revenue		724				(156	)			568				2,043				(477	)			1,566
Gains related to investment securities, net:		17				-				17				62				-				62
Total revenue		2,310				(156	)			2,154				6,910				(477	)			6,433
Provision for loan losses		1				-				1				26				-				26
Expenses:
Salaries and employee benefits		857				14		(2)		871				2,589				(7	)	(8)		2,582
Information systems and communications		181				-				181				522				-				522
Transaction processing services		165				-				165				482				-				482
Occupancy		112				-				112				346				-				346
Securities lending charge		-				-				-				414				(414	)	(9)		-
Acquisition and restructuring costs		23				(23	)	(3)		-				77				(77	)	(3)		-
Other		189				-				189				620				-				620
Total expenses		1,527				(9	)			1,518				5,050				(498	)			4,552
Income before income tax expense		782				(147	)			635				1,834				21				1,855
Income tax expense		236				(66	)	(4)		170				361				131		(10)		492
Tax-equivalent adjustment		-				33		(5)		33				-				96		(5)		96
Net income	$	546			$	(114	)		$	432			$	1,473			$	(206	)		$	1,267
Earnings allocated to participating securities	$	(6	)		$	1		(6)	$	(5	)		$	(14	)		$	2		(6)	$	(12	)
Net income available to common shareholders	$	540			$	(113	)		$	427			$	1,459			$	(204	)		$	1,255
Diluted earnings per common share	$	1.08			$	(.22	)		$	.86			$	2.93			$	(.41	)		$	2.52
Average diluted common shares outstanding (in thousands)		498,159				498,159				498,159				497,715				497,715				497,715
Return on average common equity		12.9		%		(2.7	)	%		10.2		%		12.4		%		(1.7	)	%		10.7		%
(1) Represents tax-equivalent adjustment of $33 million, not included in reported results, net of $189 million of discount accretion related to former conduit securities.
(2) Represents the partial reversal of expense associated with a tax on bonus payments to employees in the U.K.
(3) Represents integration costs.
(4) Represents net tax effect of non-operating adjustments.
(5) Represents tax-equivalent adjustment, not included in reported results.
(6) Represents effect of the difference between reported and operating-basis earnings on allocation to participating securities.
(7) Represents tax-equivalent adjustment of $96 million, not included in reported results, net of $573 million of discount accretion related to former conduit securities.
(8) Represents a tax on bonus payments to employees in the U.K.
(9) Represents a charge, including associated costs of $9 million, to provide for a one-time cash contribution of $330 million to SSgA lending fund collateral pools and liquidating trusts and $75 million to establish a reserve to address potential inconsistencies in the application of the redemption policy for the agency lending collateral pools.
(10) Represents a discrete tax benefit of $180 million generated by a restructuring of former non-U.S. conduit securities and the net tax effect of non-operating adjustments.

STATE STREET CORPORATION
Earnings Release Addendum
RECONCILIATION OF REPORTED RESULTS TO OPERATING-BASIS RESULTS
Quarter Ended June 30, 2011
The table presented below reconciles financial information prepared on a non-GAAP, or operating, basis to financial information prepared and reported in accordance with GAAP.
(Dollars in millions, except per share amounts)	Quarter Ended June 30, 2011
		Reported								Operating - Basis
		Results				Adjustments				Results
Fee Revenue:
Servicing fees	$	1,124							$	1,124
Management fees		250								250
Trading services		311								311
Securities finance		137								137
Processing fees and other		70								70
Total fee revenue		1,892								1,892
Net Interest Revenue:
Interest revenue		719			$	(18	)	(1)		701
Interest expense		147				-				147
Net interest revenue		572				(18	)			554
Gains related to investment securities, net		27				-				27
Total revenue		2,491				(18	)			2,473
Provision for loan losses		2				-				2
Expenses:
Salaries and employee benefits		1,009				-				1,009
Information systems and communications		199				-				199
Transaction processing services		193				-				193
Occupancy		113				-				113
Acquisition and restructuring costs		17				(17	)	(2)		-
Other		243				-				243
Total expenses		1,774				(17	)			1,757
Income before income tax expense		715				(1	)			714
Income tax expense		202				(15	)	(3)		187
Tax-equivalent adjustment		-				33		(4)		33
Net income	$	513			$	(19	)		$	494
Dividends on preferred stock	$	(7	)		$	-			$	(7	)
Earnings allocated to participating securities		(4	)			-				(4	)
Net income available to common shareholders	$	502			$	(19	)		$	483
Diluted earnings per common share	$	1.00			$	(.04	)		$	.96
Average diluted common shares outstanding (in thousands)		501,044				501,044				501,044
Return on average common equity		10.6		%		(0.4	)	%		10.2		%
(1) Represents tax-equivalent adjustment of $33 million, not included in reported results, net of $51 million of discount accretion related to former conduit securities.
(2) Represents $13 million of integration costs and $4 million of restructuring charges related to the business operations and information technology transformation program.
(3) Represents net tax effect of non-operating adjustments.
(4) Represents tax-equivalent adjustment, not included in reported results.

STATE STREET CORPORATION
Earnings Release Addendum
CONSOLIDATED STATEMENT OF CONDITION
	September 30,			December 31,			September 30,
(Dollars in millions, except per share amounts)	2011			2010			2010
Assets
Cash and due from banks	$	3,929		$	3,311		$	4,583
Interest-bearing deposits with banks		41,820			22,234			24,560
Securities purchased under resale agreements		6,058			2,928			3,941
Trading account assets		1,936			479			1,485
Investment securities available for sale		96,595			81,881			80,719
Investment securities held to maturity		10,018			12,249			17,577
Loans and leases (less allowance for losses of $22, $100 and $101)		11,445			11,857			13,665
Premises and equipment		1,818			1,843			1,835
Accrued income receivable		1,932			1,733			1,767
Goodwill		5,639			5,597			5,521
Other intangible assets		2,486			2,593			2,812
Other assets		24,566			13,800			14,499
Total assets	$	208,242		$	160,505		$	172,964
Liabilities
Deposits:
Noninterest-bearing	$	36,435		$	17,464		$	17,313
Interest-bearing -- U.S.		7,994			6,957			9,823
Interest-bearing -- Non-U.S.		90,468			73,924			77,898
Total deposits		134,897			98,345			105,034
Securities sold under repurchase agreements		9,521			7,599			8,671
Federal funds purchased		6,956			7,748			5,308
Other short-term borrowings		9,170			8,694			13,657
Accrued expenses and other liabilities		19,935			11,782			14,152
Long-term debt		8,112			8,550			8,573
Total liabilities		188,591			142,718			155,395
Shareholders' Equity
Preferred stock, no par: 3,500,000 shares authorized; 5,001 shares
issued and outstanding		500			-			-
Common stock, $1 par: 750,000,000 shares authorized;
504,000,556, 502,064,454 and 502,029,493 shares issued		504			502			502
Surplus		9,528			9,356			9,310
Retained earnings		9,889			8,634			8,556
Accumulated other comprehensive loss		(315	)		(689	)		(782	)
Treasury stock, at cost (10,918,592, 420,016 and 437,953 shares)		(455	)		(16	)		(17	)
Total shareholders' equity		19,651			17,787			17,569
Total liabilities and shareholders' equity	$	208,242		$	160,505		$	172,964

STATE STREET CORPORATION
Earnings Release Addendum
Tangible Common Equity and Tier 1 Common Ratios - Reconciliations
As of Period End
The table set forth below presents the calculations of State Street's ratios of tangible common equity to total tangible assets and to total risk-weighted assets, and its ratios of tier 1 common capital to total risk-weighted assets.
		For the periods ended
		September 30,		June 30,		September 30,
(Dollars in millions)			2011		2011		2010
Consolidated Total Assets		$	208,242	$	190,455	$	172,964
Less:
Goodwill			5,639		5,748		5,521
Other intangible assets			2,486		2,616		2,812
Excess reserves held at central banks			33,657		22,148		20,217
Adjusted assets			166,460		159,943		144,414
Plus deferred tax liabilities			764		775		803
Total tangible assets	A	$	167,224	$	160,718	$	145,217
Consolidated Total Common Shareholders' Equity		$	19,151	$	19,334	$	17,569
Less:
Goodwill			5,639		5,748		5,521
Other intangible assets			2,486		2,616		2,812
Adjusted equity			11,026		10,970		9,236
Plus deferred tax liabilities			764		775		803
Total tangible common equity	B	$	11,790	$	11,745	$	10,039
Tangible common equity ratio	B/A		7.1%		7.3%		6.9%
Ratio of tangible common equity to total risk-weighted assets	B/D		15.7%		16.7%		13.3%
Tier 1 Capital		$	13,520	$	13,333	$	11,964
Less:
Trust preferred securities			950		950		1,450
Preferred stock			500		500		-
Tier 1 common capital	C	$	12,070	$	11,883	$	10,514
Total risk-weighted assets	D	$	75,262	$	70,394	$	75,625
Ratio of tier 1 common capital to total risk-weighted assets	C/D		16.0%		16.9%		13.9%

STATE STREET CORPORATION
BASEL III CAPITAL RECONCILIATION
September 30, 2011
(Dollars in millions)	Current Requirements (1)			Basel III Requirements (2)
Tier 1 capital	$	13,520	A	$	13,046
Less:
Trust preferred securities		950			637
Preferred stock		500			500
Tier 1 common capital		12,070	B		11,909
Total capital		14,762	C		14,738
Total risk-weighted assets		75,262	D		101,767
Adjusted quarterly average assets		172,532	E		217,237
Tier 1 capital ratio		18.0%	A/D		12.8%
Total capital ratio		19.6%	C/D		14.5%
Tier 1 common ratio		16.0%	B/D		11.7%
Tier 1 leverage ratio		7.8%	A/E		6.0%

(1) Actual (unaudited) total capital, tier 1 capital and tier 1 leverage ratios were calculated in accordance with currently applicable bank regulatory requirements. Tier 1 common ratio was calculated by dividing (a) tier 1 capital less non-common elements including qualifying perpetual preferred stock, qualifying minority interest in subsidiaries and qualifying trust preferred securities (tier 1 common capital), by (b) total risk-weighted assets, which were calculated in accordance with currently applicable bank regulatory requirements.

(2) For purposes of the calculations in accordance with Basel III (see below), total capital, tier 1 capital and tier 1 leverage ratios and total risk-weighted assets were calculated based on State Street’s estimates, based upon published statements of the Basel Committee and the Federal Reserve, of the effects of the requirements under Basel III affecting capital. The tier 1 common ratio is calculated by dividing (a) tier 1 common capital (as described in footnote (1)), but with tier 1 capital calculated in accordance with Basel III by (b) total risk-weighted assets, which are calculated in accordance with Basel III. State Street reports its financial ratios in accordance with the requirements of the Board of Governors of the Federal Reserve System, which has not yet adopted Basel III. There remains considerable uncertainty concerning the timing for adoption and implementation of Basel III by the Federal Reserve. When adopted, the Federal Reserve may implement Basel III with some or more modifications or adjustments. Therefore, State Street’s current understanding of Basel III, as reflected in the table above, may be different from the ultimate application of Basel III by the Federal Reserve to State Street.

• Tier 1 capital used in the calculation of the tier 1 capital and tier 1 leverage ratios decreased by $474 million, as a result of applying estimated Basel III requirements to tier 1 capital of $13.520 billion as of September 30, 2011. Total capital used in the calculation of the total capital ratio decreased by $24 million, as a result of applying estimated Basel III requirements to total capital of $14.762 billion as of September 30, 2011.
• Tier 1 common capital used in the calculation of the tier 1 common ratio was $11.909 billion, reflecting the adjustments to tier 1 capital described in the first bullet above. Tier 1 common capital used in the calculation is therefore calculated as adjusted tier 1 capital of $13.046 billion less non-common elements of capital, composed of trust preferred securities of $637 million and preferred stock of $500 million as of September 30, 2011, resulting in tier 1 common capital of $11.909 billion. At September 30, 2011, there was no qualifying minority interest in subsidiaries.
• Total risk-weighted assets used in the calculation of the total capital, tier 1 capital and tier 1 common ratios increased by $26.505 billion as a result of applying estimated Basel III requirements to total risk-weighted assets of $75.262 billion as of September 30, 2011.
• Consolidated adjusted quarterly average assets used in the calculation of the leverage ratio increased by $44.705 billion as a result of applying estimated Basel III requirements to the actual consolidated adjusted quarterly average assets of $172.532 billion as of September 30, 2011.

CONTACT:
State Street Corporation
Investors:
Kelley MacDonald, +1 617-664-3477
or
Media:
Hannah Grove, +1 617-664-3377

EX-99.2

Exhibit 99.2

Investment Portfolio As of September 30, 2011

Asset-backed securities (ABS) Mortgage-backed securities (MBS) Commercial mortgage-backed securities (CMBS) $43 billion  $12 billion  Corporate bonds Municipals TreasuriesAgency debentures Agency mortgages Small Business Administration loans OECD governmentsFFELP Student Loans  Investment Portfolio  Government / Agency  Structured Securities  Unsecured Credit  Portfolio amounts are expressed at Book Value; Book Value includes the amortized cost of transferred securities at the time they were transferred. OECD=Organization for Economic Cooperation and Development FFELP=Federal Family Education Loan Program ASSETS: INVESTMENT PORTFOLIO (PERIOD END 09/30/11)  $52 billion 2

Assets selected using rigorous credit processDiversified by asset class and geography 89.3% AAA / AA rated Constructed to perform well through periods of economic weakness Unrealized after-tax available for sale (AFS) & held to maturity (HTM) mark to market (MTM) loss = $(0.259)B(1) INVESTMENT PORTFOLIO DETAIL (PERIOD END 09/30/11) Investment Portfolio Portfolio amounts are expressed at Book Value; Book Value includes the amortized cost of transferred securities at the time they were transferred. At 09/30/11: After-tax Unrealized MTM Gain/(Loss) includes after-tax unrealized gain on securities available for sale of $13 million, after-tax unrealized gain on securities held to maturity of $53 million and after-tax unrealized loss primarily related to securities transferred from available for sale to held to maturity of $(325) million.US Treasuries and Agencies/Agency MBS are split rated - AAA by Moody’s and AA+ by S&P. These securities are classified separately in the table above and not included in either the AAA or AA classifications.Certain securities previously categorized as Not Rated, are now included in the AAA category, based on Moody’s/S&P ratings. US$ in billions US Treasuries & Agencies (2) AAA AA A BBB <BBB Not Rated(3) Total 09/30/11 $33.0 $51.6 $11.0 $6.6 $2.6 $2.1 $0.2 $107.1 30.8% 48.2% 10.3% 6.1% 2.4% 2.0% 0.2% 100.0% 12/31/10 $74 8 $10 6 $5 5 $2 3 $1 9 $0 2 $95 3 74.8 10.6 5.5 2.3 1.9 0.2 95.3 78.5% 11.1% 5.8% 2.4% 2.0% 0.2% 100.0% 12/31/09 $67.9 $11.3 $6.8 $3.5 $7.5 $0.3 $97.3 69.7% 11.6% 7.0% 3.6% 7.8% 0.3% 100.0% 12/31/08 $62.0 $8.8 $3.9 $2.9 $0.8 $0.4 $78.8 78.6% 11.1% 4.9% 3.7% 1.1% 0.6% 100.0%  3

Investment Portfolio US Treasuries and Agencies/Agency MBS are split rated - AAA by Moody’s and AA+ by S&P. These securities are classified separately in the table above and not included in either the AAA or AA classifications. At 09/30/11: After-tax Unrealized MTM Gain/(Loss) includes after-tax unrealized gain on securities available for sale of $13 million, after-tax unrealized gain on securities held to maturity of $53 million and after-tax unrealized loss primarily related to securities transferred from available for sale to held to maturity of $(325) million. Securities/municipals and corporate issuers added to negative credit watch within the respective quarter, excluding downgrades. Securities/municipals and corporate issuers experiencing one or more downgrades in respective quarter.  We report credit profiles based on the lower of the Moody’s or S & P ratings; based on this methodology approximately $0.4 billion of the $2.3 billion Downgrades ex Munis has been downgraded by another rating agency and reported in previous quarters, leaving $1.9 billion net new Downgrades ex Munis in the third quarter of 2011. Excludes the downgrade of US Treasuries and Agencies/Agency MBS due to the S&P downgrade of the US in Q3 2011. That downgrade affected 1,836 securities in the portfolio. All previously discounted or impaired. INVESTMENT PORTFOLIO (AT PERIOD END) Portfolio amounts are expressed at Book Value; Book Value includes the amortized cost of transferred securities at the time they were transferred. (1)  Q1 ‘10 Q2 ‘10 Q3 ‘10 Q4 ‘10 Q1 ‘11 Q2 ‘11 Q3 ‘11 Q3 ‘11 Asset Value Size of portfolio $95.6B $100.2B $99.6B $95.3B $103.9B $106.4B $107.1B — Ratings 69.5% AAA 71.4% AAA 71.3% AAA 78.5% AAA 79.7% AAA 79.9% AAA 30.8% UST/AGY 48.2% AAA — (1) g 11.7% AA 10.9% AA 11.1% AA 11.1% AA 10.0% AA 9.8% AA 10.3% AA Unrealized after-tax MTM gain/(loss) $(1,435)M $(994)M $(281)M $(504)M $(352)M $(94)M $(259)M(2) — Credit watch(3) 391 165 62 31 159 186 516 $16.4B Credit watch ex Munis(3) 391 164 62 30 158 184 229 $15.6B Downgrades(4) (5) 189 239 120 39 128 105 145 $2.6B Downgrades ex Munis(4) (5) 181 233 117 33 108 93 114 $2.3B Defaults (6) 9 4 13 3 3 3 5 $57M 4

Investment Portfolio HOLDINGS BY ASSET CLASS (PERIOD END 09/30/11) Portfolio amounts are expressed at Book Value; Book Value includes the amortized cost of transferred securities at the time they were transferred. US Treasuries and Agencies/Agency MBS are split rated - AAA by Moody’s and AA+ by S&P. These securities are classified separately in the table above and not included in either the AAA or AA classifications. At 09/30/11: After-tax Unrealized MTM Gain/(Loss) includes after-tax unrealized gain on securities available for sale of $13 million, after-tax unrealized gain on securities held to maturity of $53 million and after-tax unrealized loss primarily related to securities transferred from available for sale to held to maturity of $(325) million (1) Ratings B kV l B kV l Unrealized After-tax MTM G i /(L ) N t Book Value ($B) Book Value (% Total) Gain/(Loss) ($M) Investment UST/AGY AAA AA A BBB <BBB Not Rated # CUSIPS Government/Agency securities 64% 36% — — — — — 8.3 7.8 49 496 Asset-backed securities — 82% 9% 6% 1% 2% — 51 9 48 5 (725) 1 132 (1) Asset 51.9 48.5 1,132 Mortgage-backed securities 91% 3% 1% 1% 1% 3% — 30.2 28.2 327 1,664 Commercial mortgage backed 1% 75% 10% 11% 3% — — 4.5 4.2 (34) 173 backed securities Corporate bonds — 2% 16% 52% 30% — — 4.4 4.1 92 262 Municipal bonds — 11% 71% 13% 3% — 2% 3.9 3.6 109 6,230 Clipper tax-exempt bonds/other — 30% 67% — 1% — 2% 3.9 3.6 (77) 401 TOTAL PORTFOLIO 31% 48% 10% 6% 3% 2% 0% 107.1 100.0 (259)(2) 10,358 5

Investment Portfolio ASSET-BACKED SECURITIES HOLDINGS (PERIOD END 09/30/11) Portfolio amounts are expressed at Book Value; Book Value includes the amortized cost of transferred securities at the time they were transferred. (1) US Treasuries and Agencies/Agency MBS are split rated - AAA by Moody’s and AA+ by S&P. These securities are classified separately in the table above and not included in either the AAA or AA classifications. RMBS = Residential Mortgage Backed Securities; CLO = Collateralized Loan Obligation; HELOC = Home Equity Line of Credit Ratings Unrealized After tax Book Value ($B) Book Value (% Total) After-MTM Gain/(Loss) ($M) Investment UST/AGY AAA AA A BBB <BBB Not Rated # CUSIPS Student Loans — 90% 7% 2% 1% — — 17.1 32.9 (363) 266 Credit 98% 1% 1% 12 0 23 1 28 121 (1) Cards — — — — 12.0 23.1 Auto/Equipment — 97% 1% 1% — 1% — 2.7 5.2 (2) 59 Foreign RMBS — 79% 9% 10% 1% 1% — 14.7 28.3 (140) 349 CLOs — 42% 51% 7% — — — 2.7 5.2 45 90 Sub-Prime — 6% 20% 17% 13% 44% — 1.9 3.7 (279) 212 HELOC — — 17% — — 83% — 0.1 0.2 (12) 9 Other — — 24% 48% 26% 2% — 0.7 1.4 (2) 26 TOTAL ABS — 82% 9% 6% 1% 2% — 51.9 100.0 ( 725) 1,132 6

Investment Portfolio ASSET- BACKED SECURITIES COLLATERALIZED BY SUB-PRIME FIRST- LIEN MORTGAGES (AT PERIOD END) (1)  Securities/municipals and corporate issuers added to negative credit watch within the respective quarter, excluding downgrades. Securities/municipals and corporate Issuers downgraded in respective quarter. Previously discounted or impaired. Portfolio amounts are expressed at Book Value; Book Value includes the amortized cost of transferred securities at the time they were transferred. Q1 ’10 Q2 ’10 Q3 ’10 Q4 ’10 Q1 ’11 Q2 ’11 Q3 ’11 Q3 ‘11 Asset Value Size of portfolio $4.8B $4.6B $4.5B $2.2B $2.1B $2.0B $1.9B — Ratings 11% AAA 26% AA, 11% A, 4% BBB, 48% <BBB 9% AAA 19% AA, 11% A, 3% BBB, 58% <BBB 9% AAA 14% AA, 8% A, 4% BBB, 65% <BBB 15% AAA 26% AA, 13% A, 8% BBB, 38% <BBB 7% AAA 26% AA, 13% A, 12% BBB, 42% <BBB 6% AAA 25% AA, 13% A, 13% BBB, 43% <BBB 6% AAA 20% AA, 17% A, 13% BBB, 44% <BBB Credit enhancement 41.2% 41.1% 41.0% 53.2% 53.0% 52.8% 52.5% — Unrealized MTM After-tax Gain/(Loss) $(987)M $(924)M $(811)M $(207)M $(199)M $(220)M $(279)M — Credit watch(1) 205 72 11 1 10 94 2 $0M Downgrades(2) 43 109 66 1 63 4 29 $463M D f lt (3) 2 6 1 $10M

Investment Portfolio HCL = historic cumulative loss; Avg. CE = average credit enhancement; CRE= Commercial Real Estate; SFL = STT’s stressed future losses; Coverage = Avg. CE/SFL See Appendix for additional information. STRESS COVERAGE: ASSET-BACKED SECURITIES PORTFOLIO (PERIOD END 09/30/11)   Govt. student loans: $16.2B HCL: < 0.2% Avg. CE: >100% - 97% govt. guarantee + 8.00% CE SFL: 12% - Historic default rate before government guarantees with 0% recoveries With >100% Avg. CE, evaluated as no risk of loss Private student loans: $0.9B HCL: 7.62% - With insurance Avg. CE: 17.70% SFL: 12.98% - Assumes no insurance; industry/rating agency assumption Coverage: 1.36x Credit Cards: $12.0B HCL: 5.21% - Wgtd. avg. charge-offs Avg. CE: 31.55% SFL: 10.32% - Industry projected wgtd. avg. charge-offs Coverage: 3.06x Auto/Equipment: $2.7B HCL: 0.4% Avg. CE: 19.16% SFL: 1.64% - Using worst vintage in 10 years (2001) blended by portfolio weighting, excluding wrapped deals Coverage: 11.67x Foreign RMBS: $14.7B HCL: 0.21% Avg CE: 12 85% SFL: 1.82% - Aggregate regional projection averaged by holdings Avg. 12.85% Coverage: 7.05x CLO/CREs: $2.7B HCL: 0.81% - Current Gross Defaults Avg. CE: 33.87% SFL: 9.6% - Historical annual 4% default rate over 4 years with 60% loss severity Coverage: 3.53x Sub-prime: $1 9B 8 75% SFL: 26 85% - 1.9B HCL: 8.75% Avg. CE: 52.47% (AAA 74.17%, AA 65.52%) 26.85% Roll rate analysis average cumulative loss across all vintages Coverage: 2.51x – Gives benefit to bonds carried at a discount HELOC: $0.1B HCL: 0% - With insurance Avg. CE: 1.52 SFL: If all monoline wrappers except FSA fail and defaults stay elevated in perpetuity, and we have 20% recoveries, on value pre-tax is 8 HCL = historic cumulative loss; Avg. CE = average credit enhancement; CRE= Commercial Real Estate; SFL = STT’s stressed future losses; Coverage = Avg. CE/SFL See Appendix for additional information. % overcollateralization plus monoline insurance a present basis loss = $0M

Investment Portfolio MORTGAGE-BACKED SECURITIES HOLDINGS (PERIOD END 09/30/11) (1) US Treasuries and Agencies/Agency MBS are split rated - AAA by Moody’s and AA+ by S&P. These securities are classified separately in the table above and not included in either the AAA or AA classifications. Ratings Book Value ($B) Book Value (% Total) Unrealized Aftertax MTM Gain/(Loss) ($M) Investment UST/AGY AAA AA A BBB <BBB Not Rated # CUSIPS (1) Agency MBS 100% — — — — — — 27.6 79.5 421 1,422 Non-Agency MBS — 37% 4% 16% 10% 33% — 2.6 7.5 (94) 242 CMBS 1% 75% 10% 11% 3% — — 4.5 13.0 (34) 173 TOTAL MBS 79% 13% 2% 3% 1% 2% — 34.7 100.0 293 1,837 9

Investment Portfolio STRESS COVERAGE: MORTGAGE-BACKED SECURITIES PORTFOLIO (PERIOD END 09/30/11) HCL = historic cumulative loss; Avg. CE = average credit enhancement; SFL = STT’s stressed future losses; Coverage = CE/SFLSee Appendix for additional information. Agency MBS: $27.6B 100% AA-backed primarily by Fannie Mae, Freddie Mac & Ginnie Mae Securities No losses expected Non-Agency Prime MBS: $1.6B HCL: 1.73% Avg. CE: 6.69% SFL: 6.58% - Roll rate analysis Coverage: 4.90x - Gives benefit to bonds carried at a discount Alt-A: $1.0B HCL: 4.03% Avg. CE: 19.47% SFL: 15.30% - Roll rate analysis Coverage: 3.25x - Gives benefit to bonds carried at a discount CMBS: $4.5B HCL: 1.23% SFL: 8.1% - Highest historic cumulative loss for any Avg. CE: 24.52% single CMBS cohort Coverage: 3.03x

Investment Portfolio NON-US INVESTMENT SUMMARY (PERIOD END 09/30/11) Non-US Investments:  Ratings Non-US Investments:  Asset Class (1) Country of Collateral except for Corporates, where Country of Issuer is used Excludes equity securities of approximately $0.2 billion United Kingdom 9.9 AAA - 7.9 1.8 0.2 Australia 5.2 AA 1.4 2.7 0.9 0.2 Netherlands 3 0 AAA 2 9 0 1 AA 7.8% 10.2% 3.0 - 2.9 - 0.1 Canada 1.8 AAA 1.6 - - 0.2 Germany 1.3 AAA - - 1.3 - Italy 0.6 AA - 0.4 - 0.2 Spain 0.5 AA - 0.4 0.1 - France 0 4 AA - - 0 2 0 2 AAA 78.8% Gov't/Agency 12.9% ABS: All Other 18.7% CMBS 0.2% Corp 5.3% 0.4 0.2 0.2 Belgium 0.1 AAA - 0.1 - - Ireland 0.1 BB - 0.1 - - Greece 0.1 BB - 0.1 - - Portugal 0.1 BBB - 0.1 - - Other 0.2 A - - - 0.2 Non-US Investments: Asset Class Non-US Investments 23.3 3.0 14.7 4.3 Book 1.3 83.8 107.1 BBB 2.1% BB1.0% <BB 0.1% NR 0.0% 11

Investment Portfolio APPENDIX 12

Investment Portfolio – Appendix The following is intended to provide a general overview of the terms, analysis and our monthly surveillance process used in the foregoing slides that discuss State Street Corporation’s (“State Street”) investment portfolio. As a general matter, the preceding slides summarize key performance statistics including credit enhancement and the stress analysis, as determined by State Street for each asset position. It should be noted that slides represent a point in time depiction and that results can fluctuate each month.We place our securities into asset classes using industry standard nomenclature. Some of the asset classes detailed in the slides include government student loans (“Govt. student loans”), private student loans, credit cards, automobile and equipment (“Auto/equipment”), foreign residential mortgage-backed security (“Foreign RMBS”), collateralized loan obligations (“CLOs”), sub-prime mortgages (“Sub-prime”), Home Equity Line of Credit (“HELOC”), agency mortgage-backed security (“Agency MBS”), non-agency mortgage-backed security, non-alternative A (“Non-Agency MBS, Non-Alt-A”), non-agency mortgage-backed security, alternative A (“Non-Agency MBS, Alt-A”), and commercial mortgage-backed securities (“CMBS”).As noted in the slides, State Street’s investment portfolio contains asset-backed securities (“ABS”) and mortgage-backed securities (“MBS”). ABS represent a secured interest in a pool of assets, while MBS represent ownership of an undivided interest in a group of mortgages. In evaluating each asset position for potential stressed future losses (“SFL”), State Street considers a number of factors including historical cumulative loss (“HCL”), average credit enhancement (“Avg. CE”), and State Street’s coverage amount (“Coverage”). The calculation of each of these factors is discussed in detail and with more specificity below. SFL Stressed future losses are State Street’s estimate of potential future losses under a stressed economic scenario. We can not provide a generic calculation applicable across all asset classes as our estimates for each asset class are unique and in many cases are not a calculation, but a figure based upon our subjective assessment of relevant worst case historical performance. In the cases where we calculate a projected loss ourselves we describe the calculation in the slides. As SFL can be based upon historical worst case scenarios, SFL will vary among the asset classes, which we describe in our slides. Certain assumptions made by State Street in estimating SFL for various asset classes are set forth below. INFORMATION CONCERNING OUR INVESTMENT PORTFOLIO 13

Investment Portfolio – Appendix Government Student Loans:  Based on the average Sallie Mae Non-consolidation FFELP vintages 2001-2006.Private Student Loans:  Based on forecasted private student loan gross default rates of 17.85% with a recovery rate of approximately 48%.Credit Cards:  Based on the average industry projections for peak charge-offs in the current credit cycle.Auto/Equipment:  Based on the worst annual cumulative net loss vintage (2001) going back to 1997 using 65% Barclay’s prime auto index, 34% Barclay’s near prime auto index, and 1% Barclay’s sub prime index, consistent with the split of the portfolio’s prime, near prime, and sub prime auto holdings after backing out deals wrapped by monoline insurers. This calculation is combined with the worst experience of an agency international auto index on a 33% US, 67% non-US weighted basis.Foreign RMBS:  Applied the following assumptions weighted by regional exposureAustralian MBS:      0.0%      No losses expected, given 100% lenders mortgage insurance coverage on the underlying mortgagesDutch MBS:      0.5% Based on historical Dutch loss performance, which in recent years has been around 0.05%UK Prime MBS: 2.5% Used a simple average of five worst historical performing vintages (1987 – 1991), using historical severitiesUK Non-conforming: 7.5%       No historical performance available, so used 3X Prime, which is consistent with what we understand rating agencies useSpanish MBS: 3.5% Used a 2x multiple to the worst performing Spanish RMBS transaction’s cumulative default rate and a historically conservative recovery rateItalian MBS:    3.0% Used a 2x multiple to the worst performing Italian RMBS transaction’s cumulative default rate and a historically conservative recovery rateGreek MBS: 5.0% Used a 2x multiple to the worst performing Greek RMBS transaction’s cumulative gross default figure plus an additional buffer to account for additional sovereign stress; used a historically conservative recovery ratePortuguese MBS: 4.0% Used a 2x multiple to the second worst performing Portuguese RMBS vintage for cumulative defaults plus an additional buffer to account for additional sovereign stress; used a historically conservative recovery rateIrish MBS: 5.0%    Used a 2x multiple to the worst performing Irish RMBS vintage for cumulative defaults plus an additional buffer to account for additional sovereign stress; used a historically conservative recovery rate 14

CLOs:  Based on Moody’s average issuer-weighted default rate of 4% for B2-rated issuers during 1983-2009 period over assumed WAL of 4 years with 60% loss severity.  According to Moody’s, the highest loss severity rate on 1st lien loans in the 1990-2009 period was 46.6% in 1993.Subprime:  Calculated by applying projected loss assumptions to the remaining pool of mortgages based upon the stage within the delinquency pipeline, (i.e. current to foreclosure), to obtain a projected future gross loss. A 70% severity rate for 2006 and 2007 vintages, a 65% for 2005 vintages, and a 55% severity rate for vintages prior to 2005 was applied to obtain the stressed future net loss.HELOC:  Main assumptions include – 100% loss severity, projected loss rate of current 3-month average loss rate and projected payment rates at current 3-month average payment rates.Agency MBS:  No losses are assumed due to implied (Fannie Mae and Freddie Mac) or explicit (Ginnie Mae) government guarantee.Non-Agency MBS (Prime):  Calculated by applying projected loss assumptions to the remaining pool of mortgages based upon the stage within the delinquency pipeline, (i.e. current to foreclosure), to obtain a projected future gross loss. An interpolated severity based on current Loan to Value (LTV) and a future negative Home Price Appreciation (HPA) assumption. Non-Agency MBS (Alt-A):  Calculated by applying projected loss assumptions to the remaining pool of mortgages based upon the stage within the delinquency pipeline, (i.e. current to foreclosure), to obtain a projected future gross loss. An interpolated severity based on current LTV and a future negative HPA assumption. CMBS:  Calculated by applying the highest cumulative loss experienced by any cohort vintage (1986) over the time period 1972-2002 as reported in Commercial Mortgage Defaults: 30 Years of History by Howard Esaki and Masumi Goldman, as it appeared in the Winter 2005 issue of CMBS World magazine. Investment Portfolio - Appendix 15

Investment Portfolio – Appendix HCL Historical cumulative loss is determined by State Street based upon data obtained from third party providers. Avg. CE Credit enhancement is determined by State Street based upon data obtained from third party providers. CE can include excess spread for the most recent year, over-collateralization, cash reserves, and subordination. Coverage Coverage is calculated by dividing CE by SFL, which results in the coverage multiple.  Coverage is provided as a measure of excess enhancement above our projected future losses under a stressed economic scenario.  For subprime, non-agency prime MBS, and Alt-A, coverage is calculated by dividing the break even loss value by SFL.  The break even loss is calculated by a third party provider.  It represents  the loss value a bond can withstand before experiencing a principal loss after giving benefit to all credit enhancement, both structural and excess spread, as well as any discount to the carrying value of the bond (eg. due to purchase discount or impairment). As noted above and in the slides, in performing these calculations we collect and use information provided by third party providers. The information we used to create these slides included information from the latest surveillance reports that included data from servicer reports received during the most recent month. Third party sources use assumptions, judgments and estimates in determining data, and different third parties may provide different data. It should be noted that certain securities report on a quarterly vs. monthly basis. For those securities, the most recent available information was used. It should be noted that industry information, rather than portfolio experience was used in certain instances where industry information resulted in a more conservative approach. State Street does not independently verify the data obtained from third party providers that is used in determining and estimating SFL, HCL, Avg. CE and Coverage and the information is subject to the risk of inaccuracy. As noted above and in the slides, State Street’s estimates are based upon various subjective assumptions, and there is no assurance that these assumptions accurately predict maximum potential or likely future losses.

EX-99.3

Exhibit 99.3

Update of the Business Operations and Information Technology Transformation Program October 18, 2011

Forward-Looking Statements Other Placeholder: This presentation contains forward-looking statements as defined by United States securities laws, including statements relating to our financial, operational, strategic, commercial, technological and other goals and expectations regarding our Business Operations and Information Technology Transformation program, as well as regarding other goals and expectations for our business, financial and capital condition, results of operations, operating margins, strategies and the business environment. Forward-looking statements are often, but not always, identified by such forward-looking terminology as "plan," "expect," "look," "believe," "anticipate," "estimate," "seek," "may," "will," "trend," "target,” and "goal," or similar statements or variations of such terms. These statements are not guarantees of future performance, are inherently uncertain, are based on current assumptions that are difficult to predict and involve a number of risks and uncertainties. Therefore, actual outcomes and results may differ materially from what is expressed in those statements, and those statements should not be relied upon as representing our expectations or beliefs as of any date subsequent to October 18, 2011.Important factors that may affect future results and outcomes include, but are not limited to: delays or difficulties in the execution of our previously announced business operations and information technology transformation program, which could lead to changes in our estimates of the charges, expenses or savings associated with the planned program, resulting in increased volatility of our earnings; our ability to control operating risks, data security breach risks, information technology systems risks and outsourcing risks, and our ability to protect our intellectual property rights, the possibility of errors in the quantitative models we use to manage our business and the possibility that our controls will prove insufficient, fail or be circumvented; the potential for new products and services to impose additional costs on us and expose us to increased operational risk; the manner in which the Federal Reserve and other regulators implement the Dodd-Frank Act and other regulatory initiatives in the U.S. and internationally, including any increases in the minimum regulatory capital ratios applicable to us and regulatory developments that result in changes to our operating model or other changes to the provision of our services in order to comply with or respond to such regulations; required regulatory capital ratios under Basel II and Basel III, in each case as fully implemented by State Street and State Street Bank (and in the case of Basel III, when finally adopted by the Federal Reserve), which may result in the need for substantial additional capital or increased levels of liquidity in the future; changes in law or regulation that may adversely affect our, our clients’ or our counterparties’ business activities and the products or services that we sell, including additional or increased taxes or assessments thereon, capital adequacy requirements and changes that expose us to risks related to compliance; financial market disruptions and the economic recession, whether in the U.S. or internationally; the liquidity of the U.S. and international securities markets, particularly the markets for fixed-income securities, and the liquidity requirements of our clients; increases in the volatility of, or declines in the levels of, our net interest revenue, changes in the composition of the assets on our consolidated balance sheet and the possibility that we may be required to change the manner in which we fund those assets; the financial strength and continuing viability of the counterparties with which we or our clients do business and to which we have investment, credit or financial exposure; the credit quality, credit agency ratings, and fair values of the securities in our investment securities portfolio, a deterioration or downgrade of which could lead to other-than-temporary impairment of the respective securities and the recognition of an impairment loss in our consolidated statement of income; the maintenance of credit agency ratings for our debt and depository obligations as well as the level of credibility of credit agency ratings; the results of, and costs associated with, government investigations, litigation and similar claims, disputes, or proceedings; the risks that acquired businesses will not be integrated successfully, or that the integration will take longer than anticipated, that expected synergies will not be achieved or unexpected disynergies will be experienced, that client and deposit retention goals will not be met, that other regulatory or operational challenges will be experienced and that disruptions from the transaction will harm relationships with clients, employees or regulators; the ability to complete acquisitions, divestitures and joint ventures, including the ability to obtain regulatory approvals, the ability to arrange financing as required and the ability to satisfy closing conditions; the performance of and demand for the products and services we offer, including the level and timing of redemptions and withdrawals from our collateral pools and other collective investment products; the possibility that our clients will incur substantial losses in investment pools where we act as agent, and the possibility of significant reductions in the valuation of assets; our ability to attract deposits and other low-cost, short-term funding; potential changes to the competitive environment, including changes due to the effects of consolidation, and perceptions of State Street as a suitable service provider or counterparty; the level and volatility of interest rates and the performance and volatility of securities, credit, currency and other markets in the U.S. and internationally; our ability to measure the fair value of the investment securities on our consolidated balance sheet; adverse publicity or other reputational harm; our ability to grow revenue, attract and/or retain and compensate highly skilled people, control expenses and attract the capital necessary to achieve our business goals and comply with regulatory requirements; changes in accounting standards and practices; and changes in tax legislation and in the interpretation of existing tax laws by U.S. and non-U.S. tax authorities that affect the amount of taxes due.Other important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in our 2010 Annual Report on         Form 10-K and our subsequent SEC filings. We encourage investors to read these filings, particularly the sections on risk factors, for additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking statements contained in this presentation speaks only as of the date hereof, October 18, 2011, and we do not undertake efforts to revise those forward-looking statements to reflect events after that date. Among the initiatives incorporated within Business Operations and Information Technology Transformation program, we are standardizing several core business and information technology processes, primarily through the execution of Lean efficiency principles and increased automation.  We are also creating a new technology platform, including moving many core software applications to a private cloud.  In addition, we are planning additional servicing and processing centers of excellence in globally distributed low-cost locations to improve the work allocation and responsiveness of service demands and have also expanded our relationships with strategic information technology service providers to enhance efficiencies.

Update of the Business Operations and Information Technology Transformation Program Program Overview*  2011 – 2014 Goals Position the company for accelerated growth  Achieve estimated annual pre-tax run-rate expense savings of $575MN to $625MN by the end of 2014 for full effect in 2015    Achieve, by the end of 2015, a 400-bp improvement in operating-basis pre-tax margin, compared to 2010 operating–basis pre-tax margin, assuming all else being equal**    Enhance service excellence and innovation   Deliver efficiencies in operating model   Process standardization and automation   Efficient use of technology for product development   Components of the Program Business Operations Transformation ‒ $440MN*** in estimated annual pre-tax run-rate expense savings by the end of 2014 for full effect in 2015   Information Technology Transformation‒ $160MN*** in estimated annual pre-tax run-rate expense savings by the end of 2014 for full effect in 2015   Estimated annual pre-tax, run-rate expense savings and operating-basis pre-tax margin improvement relate only to the Business Operations and Information Technology Transformation program; actual operating expenses and operating margin of the Company may increase or decrease due to other factors. ** Includes operating-basis information.  Operating-basis information is a non-GAAP presentation.  See Appendix for a description of the operating-basis presentation. ***Based on the approximate mid-point of the range of the estimated annual pre-tax run-rate expense savings of $575MN-$625MN by the end of 2014 for full effect in 2015. October 18, 2011

Update of the Business Operations and Information Technology Transformation Program Financial Profile of Program  2011 – 2014   Expected Net Benefit To achieve estimated annual pre-tax, run-rate expense savings of $575MN to $625MN by the end of 2014 for full effect in 2015*   Estimated Annual   Pre-Tax, Run-Rate Expense Savings** 2012: about 1/3 of the Expected Net Benefit   2013: about 2/3 of the Expected Net Benefit    2014: substantially all of the Expected Net Benefit   Expected Pre-Tax Non-Recurring, Project-Related Operating Expenses Incremental costs to range $15MN to $20MN per quarter, primarily in salaries and benefits   Incremental costs to peak in 2012 and trail off in 2014   Expected Pre-tax Restructuring Charges Between $400MN and $450MN from December 2010 to December 2014 – $156MN in 2010 – $120MN-$140MN in 2011 – $100MN-$175MN in 2012 to 2014    * Estimated annual pre-tax, run-rate expense savings relate only to the Business Operations and Information Technology Transformation program; actual operating expenses of the Company may increase or decrease due to other factors. **Average pre-tax , run-rate expense savings expected in each year, based on estimated annual pre-tax, run-rate expense savings of $575MN - $625MN by the end of 2014 for the full effect in 2015.  October 18, 2011

Update of the Business Operations and Information Technology Transformation Program Planned Business Operations Transformation Component Drivers Goal: Achieve Annual Pre-Tax, Run-Rate Expense Savings of $440MN by the End of 2014* Estimated   % of Savings Process Transformation and Standardization Use Lean to standardize our 14 core business processes Apply standardization to drive efficiency and consistency 10% Automation of Key Business Processes Automate a significant portion of key business processes Minimize manual processing 30% Centers of Excellence in Globally Balanced Model Establish additional low-cost locations in globally distributed footprint Balance workloads globally across focused Centers of Excellence 60% Expected Impact on Income Statement Approximately 95% of the overall estimated Business Operations Transformation expense savings are expected to be reflected as a reduction of salaries and benefits**     *  Estimated annual pre-tax, run-rate expense savings expected by the end of 2014 for full effect in 2015, based on projected total pre-tax, run-rate expense savings of $575MN - $625MN for the full Business Operations and Information Technology Transformation program.**Estimated annual pre-tax, run-rate expense savings relate only to the Business Operations and Information Technology Transformation program; actual operating expenses of the Company may increase or decrease due to other factors. October 18, 2011

Update of the Business Operations and Information Technology Transformation Program Planned Information Technology Transformation Component Drivers Goal: Achieve Annual Pre-Tax, Run-rate Expense Savings of $160MN by the End of 2014* Estimated   % of Savings New Technology Architecture Introduce new cloud computing platform Designed to reduce cost structure and improve product delivery 20% IT Optimization Deploy LEAN methodology to IT processes across State Street and strategic servicing relationships 40% Workforce Optimization Leverage strategic servicing relationships to deploy IT services with globally distributed model and to reduce costs 40% Expected Impact on Income Statement Approximately 165% of the overall estimated IT Transformation expense savings are expected to be reflected as a reduction in salaries and benefits** Information systems and communications expense is expected to increase by an amount equal to approximately 65% of total IT Transformation benefits, partially off-setting the expected improvement in salaries and benefits**   October 18, 2011  * Estimated annual pre-tax, run-rate expense savings expected by the end of 2014, for full effect in 2015 based on projected total pre-tax, run-rate expense savings of $575MN - $625MN for the full Business Operations and Information Technology Transformation program. **Estimated annual pre-tax, run-rate expense savings relate only to the Business Operations and Information Technology Transformation program; actual operating expenses of the Company may increase or decrease due to other factors.

Update of the Business Operations and Information Technology Transformation Program Estimated Annual Pre-Tax, Run-Rate Expense Savings Goal:  Achieve Annual Pre-Tax, Run-Rate Expense Savings of $575MN to $625MN by the End of 2014* $MN 2011 2012 2013 2014 2015 Business Operations Transformation $150 $250 $370 $430 $440 Information Technology Transformation 5 20 90 150 160 Net Benefits Before Non-Recurring Project-Related Expenses 155 270 460 580 600 Less:  Non-Recurring Project-Related Expenses 75 100 70 40 0 Annual Pre-Tax, Run-Rate Expense Savings $80 $170 $390 $540 $600   As of the end of 2014, approximately 105% to 115% of the estimated annual pre-tax, run-rate savings for 2015 associated with the program will be reflected as a reduction of salaries and benefits.  Non-recurring project-related operating expenses are expected to be reflected primarily in salaries and benefits expenses. As of the end of 2014, information systems and communications expenses are expected to increase by 10% to 20% of the estimated annual pre-tax, run-rate savings for 2015, partially offsetting the improvement in salaries and benefits.  Other expenses are estimated to decrease by an amount equal to 5% of the estimated annual pre-tax, run-rate expense savings for 2015. *The full effect of the annual pre-tax, run-rate savings is not expected to be experienced until 2015. Chart data based on the approximate mid-point of the range of the estimated annual pre-tax, run-rate expense savings of $575MN-$625MN at the end of 2014;for full effect in 2015; estimated savings for individual years may vary up or down based on the execution of the Business Operations and Information Technology Transformation program.  Annual pre-tax, run-rate expense savings relate only to the Business Operations and Information Technology Transformation program; actual operating expenses of the Company may increase or decrease due to other factors.  

Update of the Business Operations and Information Technology Transformation Program Key Milestones Expected in 2012 Other Placeholder: 14 core business operations processes are in scope Establish 2 additional global Centers of Excellence for a total of 7 overall Achieve 20% targeted automation benefits Establish 2 new low-cost locations to balance our global footprint Scale the cloud computing platform to enable major migrations in 2013 and 2014 Realize 20% of the expected benefits from our IT application portfolio rationalization Substantially complete transition to previously announced strategic servicing relationships  with IBM and Wipro October 18, 2011

Appendix—Non-GAAP Financial Measures October 18, 2011 Other Placeholder: This presentation includes financial information presented on an operating basis. Operating-basis financial information is a non-GAAP presentation.  Management measures and compares certain financial information on an operating basis, as it believes that this presentation supports meaningful comparisons from period to period and the analysis of comparable financial trends with respect to State Street’s normal ongoing business operations.  Management believes that operating-basis financial information, which reports revenue from non-taxable sources on a fully taxable-equivalent basis and excludes the impact of revenue and expenses outside of the normal course of business, facilitates an investor’s understanding and analysis of State Street’s underlying financial performance and trends in addition to financial information prepared and reported in accordance with GAAP.  Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in accordance with GAAP.