8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, 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): May 23, 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

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act

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

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

Item 7.01. Regulation FD Disclosure.

On May 24, 2011, at 8:00 a.m. (BST) (3:00 a.m. EDT), Joseph L. Hooley, Chairman, President and Chief Executive Officer of State Street Corporation, will provide a presentation at the Barclays Capital Americas Select Conference. The materials that Mr. Hooley will present are furnished herewith as Exhibit 99.1 and Exhibit 99.2, and are incorporated herein by reference. The presentation will be accessible, in listen-only mode, on State Street’s investor relations home page at www.statestreet.com/stockholder. A recorded replay of the presentation will be available on the Investor Relations website beginning later that day. The webcast replay will be available for approximately two weeks.

The information in this Item 7.01, and in Exhibit 99.1 and Exhibit 99.2 attached to this Form 8-K, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall this Item 7.01, such Exhibit 99.1 or Exhibit 99.2 or any of the information contained therein, be deemed incorporated by reference in any filing under the Securities Exchange Act of 1934 or the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Exhibits.

(d) Exhibits

99.1	Slides for the presentation by Joseph L. Hooley at the Barclays Capital Americas Select Conference on May 24, 2011 (such Exhibit 99.1 is furnished and not filed).
99.2	Reconciliations of consolidated reported results of operations to consolidated operating-basis results of operations, a description of the tier 1 common ratio, and capital ratios adjusted to reflect our estimate of the application of the Basel III capital requirements (such Exhibit 99.2 is furnished and not filed).

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: May 23, 2011

EXHIBIT INDEX

Exhibit No.	Description
99.1	Slides for the presentation by Joseph L. Hooley at the Barclays Capital Americas Select Conference on May 24, 2011 (such Exhibit 99.1 is furnished and not filed).
99.2	Reconciliations of consolidated reported results of operations to consolidated operating-basis results of operations, a description of the tier 1 common ratio, and capital ratios adjusted to reflect our estimate of the application of the Basel III capital requirements (such Exhibit 99.2 is furnished and not filed).

EX-99.1

Exhibit 99.1

Extending Our Leadership

Joseph L. Hooley

Chairman, President and

Chief Executive Officer

Barclays Capital Americas Select Conference

London

May 24, 2011

Reminder

This presentation contains “forward-looking statements” within the meaning of U.S. securities laws, including statements about industry trends, management’s expectations about our financial performance, market growth, acquisitions and divestitures, new technologies, services and opportunities and earnings, management’s confidence in our strategies and other matters that do not relate strictly to historical facts. Forward-looking statements are often identified by such forward-looking terminology as “expect,” “look,” “believe,” “anticipate,” “estimate,” “forecast,” “seek,” “may,” “will,” “trend,” “target” and “goal,” or similar statements or variations of such terms. Forward-looking statements are subject to various risks and uncertainties, which change over time, are based on management’s expectations and assumptions at the time the statements are made, and are not guarantees of future results. Management’s expectations and assumptions, and the continued validity of the forward-looking statements, are subject to change due to a broad range of factors affecting the national and global economies, the equity, debt, currency and other financial markets, as well as factors specific to State Street and its subsidiaries, including State Street Bank. 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 May 24, 2011.

Important factors that could cause changes in the expectations or assumptions on which forward-looking statements are based 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 statement of condition 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 global multi-year program designed to enhance our operating model, 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 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 statement of condition; the results of litigation, government investigations and similar disputes or proceedings; our ability to control operating 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 presentation speak only as of the date hereof, May 24, 2011, and we do not undertake efforts to revise those forward-looking statements to reflect events after that date.

2

Extending Our Leadership Agenda

This is State Street

Forward Focus

Global Expansion

Solutions Innovation

Operations & IT Transformation Financial Performance Summary

3

Extending Our Leadership Agenda

This is State Street

Forward Focus

Global Expansion

Solutions Innovation

Operations & IT Transformation Financial Performance Summary

4

This is State Street Strong Global Enterprise

Focused on Institutional Investors State Street • Founded in 1792

• 29,000 employees globally in 26 locations servicing clients in 100 markets1

• 2010 operating-basis2 revenue of $8.7 billion

Global Services • Assets under custody and administration: $22.6 trillion1

• One of the world’s leading investment service providers

• Provides fund accounting, fund administration, custody, alternative and investment manager operations outsourcing, recordkeeping, performance and analytics, and transfer agency services

1 As of March 31, 2011.

2 Financial data presented on an operating, non-GAAP basis, which is adjusted to exclude, among other things, discount accretion. For a description of operating-basis presentation and related reconciliations, see the Appendix.

5

This is State Street Strong Global Enterprise

Focused on Institutional Investors Global Advisors • Assets under management: $2.1 trillion*

• One of the world’s largest managers of institutional assets offering a powerful global investment platform

• Provides investment strategies across the risk / return spectrum of investment solutions covering every major asset class, capitalization range, region and style Global Markets • Global leader in specialized investment research, trading and securities lending

• A total of approximately $2.3 trillion in lendable assets*

• $14 trillion in foreign exchange and equity volume traded in 2010

• Provides flow-based research, innovative portfolio strategies, trade process optimization and global connectivity across multiple asset classes and markets

* As of March 31, 2011.

6

This is State Street Market Position*

Global Services Global Advisors Global Markets

• No 1 U.S. Mutual Fund Accounting1

• No . 1 Corporate and Public Pension Fund accounting2

• No. 1 Global Investment Manager Operations Outsourcing3

• No. 1 Global Alternative Asset Servicing4

• No. 2 globally:

Worldwide Institutional Asset Management5

Passive Manager of Domestic Equities and Bonds6

ETF provider5

• No. 1 defined benefit assets6

• No. 1 global equity6

• No. 6 defined contribution assets7

• No. 1 in Securities Finance3

• Innovator in electronic trading

• A leader in transition management

• A leading provider of Foreign Exchange

1. The NASDAQ Stock Market Inc., Data Products, as of 12/31/10.

2. S & P Money Market Director 12/31/10 & STT estimates

3. Scrip Issue Global Report, 3/11

4. ICFA Annual Fund Administration Survey, 2010; HFN Biannual Fund Administration Survey, 6/10.

5. Pension and Investments 6/28/10.

6. Pension and Investments 5/31/10.

7. Pensions & Investments 10/4/2010.

* All of this data is based on asset size.

7

Extending Our Leadership Agenda

This is State Street

Forward Focus

Global Expansion

Solutions Innovation

Operations & IT Transformation Financial Performance Summary

8

Forward Focus Strategic Direction

Global Expansion

Solutions Innovation

Operations & IT Transformation

Financial Performance

9

Forward Focus Global Expansion

Global Expansion

Solutions Innovation

Operations & IT Transformation

Financial Performance

10

Forward Focus Global Expansion1

Year ended 12/31/002 Year ended 12/31/10 Change

Revenue1 $3.45BN $8.71BN +152%

Non-US revenue1 $0.94BN $3.18BN +238%

Employees3 17,281 28,670 +66%

Non-US employees3 3,463 12,518 +261%

Operating-basis Revenue in $

North America Europe, Middle East, Africa Asia / Pacific

2000 $2.688BN 2000 $0.439BN 2000 $0.327BN

14,471 Employees 1,695 Employees 1,115 Employees

2010 $5.728BN 2010 $2.348BN 2010 $0.638BN

17,391 Employees 8,458 Employees 2,821 Employees

1. Financial data presented on an operating, non-GAAP basis, which is adjusted to exclude, among other things, discount accretion. For a description of operating-basis presentation and related reconciliations, see the Appendix.

2. Data exclude the revenue and employees associated with the Corporate Trust and Private Asset Management businesses divested in 2002 and 2003, respectively.

3. At period end.

11

Forward Focus

Global Expansion – Europe

European Collective, Pension State Street and Insurance Market Growth European AUA Growth 2005-20101 2005-20102

CAGR: 3.5% CAGR: 14.3%

$16.1TN $19.1TN $2.1TN $4.1TN

20053 20104 2005 2010

European market forecasted to grow 5.5% per year over the next 3 years4

1. Total assets include seven key European markets: UK, Netherlands, Germany, Ireland / Luxembourg offshore assets, Italy, Switzerland and France.

2. AUA represents all European assets under custody / administration.

3. Collectives: ICI (12/05); Pensions: Watson Wyatt Global Pension Asset Study (12/05); OECD Pension Market (Italy, (12/05); Insurance: CEA Insurance (12/05).

4. Collectives EFAMA 9/30/10; Strategic Insight 1/11; Pensions BCG (1/11); Insurance: BCG 1/11)

12

Forward Focus

Global Expansion – Asia / Pacific

Asia / Pacific Collective, Pension State Street and Government Market Growth Asia / Pacific AUA Growth 2005 – 20101 2005 – 20102

CAGR: 9.2% CAGR: 15.0%

$10.4TN $16.2TN $484BN $972BN

20053 20104 2005 2010

Asia / Pacific market forecasted to grow 8.3% per year over the next 3 years5

1. Total assets include seven key markets: Japan, Australia, Hong Kong, South Korea, Taiwan, China and Singapore.

2. AUA represents all Asia / Pacific assets under custody / administration.

3. Collectives: ICI (12/05); Pensions: Watson Wyatt Global Pension Asset Study (01/06); Singapore Central Provident Board (12/05); Government: International Financial Statistics (12/05); Japan Post Bank Annual Reports (03/05); Economist Intelligence Unit (Taiwan, (12/05); Chungwha Post Bank (12/05); Temasek Holdings (12/05), GIC (12/05).

4. Collectives: ICI (9/10); Strategic Insight (1/11); STT estimates; Pension: Towers Watson Global Pension Study 2010; Australia (Rainmaker 1/11); China (National Council of Social Security Fund,) 12/09; Taiwan (Public Pension Fund, Bureau of Labor Insurance; Labor Insurance Fund (3/2010); Korea (National Employee Pension Service , Korea Teachers Pension 12/09; Singapore (Central Provident Board (12/09); STT estimates.

5. BCG (1/11)

13

Forward Focus

Global Expansion – Contribution of Acquisitions

EUROPE Deutsche Bank’s Global Established State Street’s leadership position in Europe Securities Services

Mourant International Established State Street as No. 1 servicer of Finance Administration alternative investments*

Intesa Sanpaulo Expanded State Street’s footprint in Europe and Securities Services established leadership position in Italy

Bank of Ireland Added fundamental capabilities to SSgA’s suite Asset Management of solutions

NORTH IFS Added hedge fund servicing capability AMERICA

Currenex Expanded electronic high-speed trading capability

Palmeri Accelerated State Street’s leadership in private equity servicing

Investors Financial Expanded share of mutual fund and hedge fund servicing markets

* ICFA Annual Fund Administration Survey, 2010; HFN Biannual Fund Administration Survey 6/10.

14

Forward Focus Global Expansion

Top 20 Companies by AUC / AUA* ($TN)

25.0 $25

21.5 US

$20 Europe

16.1

Asia / Pacific

$15 12.6 $10

7.3 7.1

5.2 4.7 4.5

$5 4.1 3.6

3.0 2.8 2.4

1.1 0.9 0.8 0.7 0.6 0.4 $0

CitiSS AG SIS UFJ

NAB SEB Trust Dexia Pictet Mellon Morgan Paribas SIX Nordea STREET Societe CACEIS Brothers UBS Bancorp Generale BNY TE JP BNP HSBC itsubishi orthern RBC US Santander own STA M N Br

Source: Company reports, Global Custody.net, Institutional Investor Global Custodian Survey.

* Data for BNY, State Street, & CACEIS reflect AUA as of 12/31/2010; as of 9/30/10 for, BNP Paribas, Societe Generale, & Brown Brothers; as of 6/30/10 for RBC Dexia & HSBC ; all others reflect AUC data: JP Morgan, Citi, & Northern Trust as of 12/31/10; Nordea, NAB, & SEB as of 9/30/10; Pictet as of 6/30/10; Mitsubishi, UBS, SIX SIS, & Santander: as of 3/31/10.

15

Forward Focus Solutions Innovation

Global Expansion

Solutions Innovation

Operations & IT Transformation

Financial Performance

16

Forward Focus

Solutions Innovation – Global Services

Key Client Drivers • Flight to quality and safety

• Cost pressures on asset managers and asset owners

• Heightened regulatory environment

• Growing need for transparency, risk management and compliance

Solutions • Investment manager operations outsourcing $7.1 trillion in middle-office assets under administration as of 12/31/10

• Enhanced collateral management, risk services and derivative processing

• Alternative investment servicing

• Data and analytics

17

Forward Focus

Solutions Innovation – Global Advisors

Key Client Drivers • Demand for solutions-based management that spans risk / return spectrum

• Focus on retirement funding levels; asset allocation decisions

• Increasing demand for global mandates across asset classes

Solutions • Defined contribution

Building on strong DB and recordkeeping relationships

Move towards passive and target-date funds

• Cash investment management

$446 billion in cash AUM as of 3/31/11

Diverse product set creates opportunities in global markets

• ETFs: $260 billion as of 3/31/11

Strong SPDR brand awareness

• Investment Management Solutions

Leading LDI manager

18

Forward Focus

Operations & IT Transformation

Global Expansion

Solutions Innovation

Operations & IT Transformation

Financial Performance

19

Forward Focus

Operations & IT Transformation

Supporting Growth • Market expansion

• Mergers and acquisitions

• Geographic expansion

Enabling Productivity • Business process excellence

• Flexible global workforce

• Global shared services

Accelerating Innovation • Business process excellence

• Enabling private cloud technology

• Improving development time

Benefiting the Client • Service excellence

• Time to market

• New products and services

20

Forward Focus

Operations & IT Transformation – Financial Profile

2011 – 2014

Net Benefit • Expect to achieve annual pre-tax run rate savings of between $575MN to $625MN by the end of 2014

Cumulative Net Operating Impact • 2011: slight benefit

• 2012: about 1/3 of the total expected

• 2013: about 2/3 of the total expected

• 2014: 100% of total expected

Implementation Expenses • Incremental costs to range between $15MN to $20MN per quarter

• Costs are expected to peak in 2012 and trail off in 2014

Restructuring Charges • Expect about $400MN to $450MN

– $156MN in 2010

• Expect charges to peak in 2012, similar to the ramp of the implementation expenses

21

Forward Focus Financial Performance

Global Expansion

Solutions Innovation

Operations & IT Transformation

Financial Performance

22

Forward Focus Financial Performance

Continuing to Win • Momentum in core business

New Business • 75% of new wins from existing clients in 2010

2011 Outlook • First-quarter performance

• Key assumptions for 2011

• Enhanced risk management

Strong Capital Position • Well positioned to meet Basel III requirements

• Increased quarterly dividend to $0.18 per share

• Board approved up to $675MN in share purchase program for 2011

23

Forward Focus

Financial Performance – Winning New Business

New Wins in Q1 Wins Yet to 2010 Wins Yet Total to Be

Q1 2011 Be Installed to Be Installed Installed in 2011

Business ($BN)* ($BN)* ($BN)* ($BN)*

US Asset Servicing $95 $30 $168 $198

Non-US Asset Servicing $207 $158 $109 $267

Total Asset Servicing $302 $188 $277 $465

US Asset Management $109 $16 $0 $16

Non-US Asset Management $61 $1 $0 $1

Total Asset Management $170 $17 $0 $17

* Assets as of 3/31/11

24

Forward Focus

Financial Performance – First-Quarter 20111

BUSINESS AND FINANCIAL OVERVIEW

$ in Millions 3/31/11 3/31/10 Change

Revenue1 $2,330 $2,116 +10.1%

Expenses1 $1,683 $1,566 + 7.5%

EPS1 $0.88 $0.75 +17.3%

ROE1 9.9% 10.0% (10) bps

Positive Operating Leverage2 260 bps

1. Financial data presented on an operating, non-GAAP basis, which is adjusted to exclude, among other things, discount accretion. For a description of operating-basis presentation and related reconciliations, see the Appendix.

2. Operating leverage represents the difference between the growth rate of total revenue and the growth rate of total expenses, each determined on an operating basis.

25

Forward Focus

Financial Performance – Strong Capital Position

Capital Ratios State Street Corporation

3/31/11 Actual 3/31/11 Adjusted to

Under Basel I Reflect Basel III Proposals2

Tier 1 Capital 19.6% 11.4%

Tier 1 leverage 8.7% 6.3%

Tier 1 Common Ratio1 17.5% 10.2%

Total Capital 21.6% 12.6%

1. The tier 1 common ratio is not required by GAAP or on a recurring basis by bank regulations. See Appendix for a description of this ratio and related reconciliations.

2. 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. See Appendix for a description of the specified capital ratios and related reconciliations of these ratios to ratios calculated under presently applicable requirements.

26

Forward Focus

Financial Performance – Expectations Driving 2011 Outlook

• Continued strength in servicing fee revenue

• Modest improvement in management fee revenue

• Conservative approach to addressing market-driven revenue

• Balance sheet to generate an average NIM in the upper half of the 155 to 165 BPS range in 2011

• Disciplined expense control

• Focused on executing on a multi-year plan to transform our business model through technological innovation

27

Extending Our Leadership Agenda

This is State Street

Forward Focus

Global Expansion

Solutions Innovation

Operations & IT Transformation Financial Performance Summary

28

Extending Our Leadership Summary

Well-Positioned Against Secular Growth Trends

Deep Global Infrastructure and Client Base

Delivering Long-Term Shareholder Value Market Leadership in High-Growth Areas

Strong Financial and Capital Position

29

State Street®

30

State Street®

31

EX-99.2

Exhibit 99.2

Appendix

1

Non-GAAP Financial Measures

This presentation 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 in accordance with GAAP.

This presentation 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 capital and capital ratios adjusted to reflect our estimate of the application of the Basel III capital requirements. These non-regulatory and adjusted capital measures are non-GAAP financial measures. Management presently evaluates the non-GAAP capital ratios presented in this presentation 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 presentation 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 in the discussions on the next slide of the capital ratios referenced in this presentation, the Appendix to this presentation also includes reconciliations of operating-basis results to GAAP-basis results and Basel III-adjusted capital ratios to capital ratios calculated under presently 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 presently applicable regulatory requirements.

2

Capital Ratios

The total capital, the tier 1 capital, and the tier 1 leverage ratios are capital ratios used regularly by bank regulatory authorities to evaluate State Street’s capital adequacy. The tier 1 common ratio is sometimes used by the Federal Reserve in connection with its supervisory capital assessment programs.

The total capital, the tier 1 risk-based capital, or tier 1 capital, and tier 1 leverage ratios, as applicable, are each calculated in accordance with applicable bank regulatory requirements.

The tier 1 risk-based common, or 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 presentation, in evaluating State Street’s capital levels and believes that, at this time, the ratio may be of interest to investors. A reconciliation with respect to tier 1 common capital as of March 31, 2011 is provided in the Appendix.

3

STATE STREET CORPORATION

RECONCILIATION OF REPORTED RESULTS TO OPERATING-BASIS RESULTS

State Street prepares its consolidated financial statements in accordance with accounting principles generally accepted in the United States, or GAAP. State Street also presents certain financial information on an “operating” basis as well as a GAAP, or reported, 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 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 in accordance with GAAP.

(Dollars in millions)	Year Ended December 31, 2000							Year Ended December 31, 2010								% Change
	Reported Results		Adjustments			Operating - Basis Results		Reported Results			Adjustments			Operating - Basis Results		2010 vs 2009
Total fee revenue	$	2,690	$	(197	) (1)	$	2,493	$	6,540					$	6,540
Net interest revenue		894		65	(2)		959		2,699		$	(583	) (3)		2,116
Gains related to investment securities, net		2		—			2		(286	)		344	(4)		58
Total revenue	$	3,586	$	(132	)	$	3,454	$	8,953		$	(239	)	$	8,714		152.3	%

⁽¹⁾ Represents revenue associated with the Corporate Trust and Private Management businesses divested in 2002 and 2003, respectively.

⁽²⁾ Represents tax-equivalent adjustment of $65 million, not included in reported results.

⁽³⁾ Represents tax-equivalent adjustment of $129 million, not included in reported results, net of $712 million of discount accretion related to former conduit securities.

⁽⁴⁾ Represents a net loss related to a repositioning of the investment portfolio.

STATE STREET CORPORATION

RECONCILIATION OF REPORTED RESULTS TO OPERATING-BASIS RESULTS

State Street prepares its consolidated financial statements in accordance with accounting principles generally accepted in the United States, or GAAP. State Street also presents certain financial information on an “operating” basis as well as a GAAP, or reported, 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 in accordance with GAAP.

(Dollars in millions, except per share amounts)	Year Ended December 31, 2009									Year Ended December 31, 2010									% Change
	Reported Results			Adjustments			Operating Results			Reported Results			Adjustments			Operating Results			2010 vs 2009
Total fee revenue	$	5,935					$	5,935		$	6,540					$	6,540
Net interest revenue		2,564		$	(502	)(1)		2,062			2,699		$	(583	)(7)		2,116
Gains (Losses) related to investment securities, net		141			—			141			(286	)		344	(8)		58
Total revenue		8,640			(502	)		8,138			8,953			(239	)		8,714			7.1	%
Provision for loan losses		149			—			149			25			—			25
Total expenses		5,966			(299	)(2)		5,667			6,842			(666	)(9)		6,176			9.0	%
Income before income tax expense and extraordinary loss		2,525			(203	)		2,322			2,086			427			2,513
Income tax expense		722			(156	)(3)		566			530			146	(10)		676
Tax-equivalent adjustment		—			126	(4)		126			—			129	(4)		129
Income before extraordinary loss		1,803			(173	)		1,630			1,556			152			1,708
Extraordinary loss, net of tax		(3,684	)		3,684	(5)		—			—			—			—
Net income (loss)	$	(1,881	)	$	3,511		$	1,630		$	1,556		$	152		$	1,708
Adjustments to net income (loss):
Prepayment of preferred stock discount	$	(106	)	$	106	(6)	$	—
Dividend on preferred stock		(46	)		—			(46	)
Accretion of preferred stock discount		(11	)		—			(11	)
Earnings allocated to participating securities		—			—			—		$	(16	)	$	(2	) (11)	$	(18	)
		(163	)		106			(57	)		(16	)	$	(2	)	$	(18	)
Net income before extraordinary loss available to common shareholders	$	1,640		$	(67	)	$	1,573			1,540		$	150		$	1,690
Net income (loss) available to common shareholders	$	(2,044	)	$	3,617		$	1,573			1,540		$	150		$	1,690
Diluted earnings per common share before extraordinary loss	$	3.46		$	(.14	)	$	3.32			3.09		$	.31		$	3.40			2.4	%
Diluted earnings (loss) per common share		(4.31	)		7.63			3.32			3.09		$	.31		$	3.40
Average diluted common shares outstanding (in thousands)		474,003			474,003			474,003			497,924			497,924			497,924
Return on common equity before extraordinary loss		13.2	%		(0.6	)%		12.6	%		9.5	%		0.9	%		10.4	%

⁽¹⁾ Represents tax-equivalent adjustment of $126 million, not included in reported results, net of $24 million of revenue related to the AMLF, $621 million of discount accretion related to former conduit securities and interest expense of $17 million related to the AMLF.

⁽²⁾ Represents $250 million related to a provision for legal exposure associated with certain fixed-income strategies managed by SSgA and $49 million of merger and integration costs.

⁽³⁾ Represents net tax effect of non-operating adjustments.

⁽⁴⁾ Represents tax-equivalent adjustment, not included in reported results.

⁽⁵⁾ Represents extraordinary loss related to the May 2009 consolidation of the asset-backed commercial paper conduits onto State Street’s balance sheet.

⁽⁶⁾ Represents $106 million of prepayment of preferred stock discount in connection with redemption of the U.S.Treasury’s preferred stock investment under the TARP Capital Purchase Program.

⁽⁷⁾ Represents tax-equivalent adjustment of $129 million, not included in reported results, net of $712 million of discount accretion related to former conduit assets.

⁽⁸⁾ Represents a net loss related to a repositioning of the investment portfolio.

⁽⁹⁾ Represents a $7 million tax on bonus payments to employees in the U.K.; a $414 million charge, composed of a one-time cash contribution of $330 million to SSgA lending fund collateral pools and liquidating trusts and $9 million of associated costs, and $75 million to establish a reserve to address potential inconsistencies in connection with the application of redemption restrictions applicable to cash collateral pools underlying the agency lending program, and $245 million of acquisition and restructuring costs (composed of $156 million of restructuring charges related to a business operations and information technology transformation program and merger and integration costs of $89 million).

⁽¹⁰⁾ Represents a discrete tax benefit of $180 million generated by the restructuring of former non-U.S. conduit securities, net of the net tax effect of non-operating adjustments.

⁽¹¹⁾ Represents effect of the difference between reported and operating-basis earnings on allocation to participating securities.

STATE STREET CORPORATION

RECONCILIATION OF REPORTED RESULTS TO OPERATING-BASIS RESULTS

State Street prepares its consolidated financial statements in accordance with accounting principles generally accepted in the United States, or GAAP. State Street also presents certain financial information on an “operating” basis as well as a GAAP, or reported, 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 in accordance with GAAP.

(Dollars in millions, except per share amounts)	Quarter Ended March 31, 2010									Quarter Ended March 31, 2011									% Change
	Reported Results			Adjustments			Operating-Basis Results			Reported Results			Adjustments			Operating-Basis Results			Q1 2011 vs Q1 2010
Total fee revenue		1,540					$	1,540		$	1,791					$	1,791
Net interest revenue		661		$	(180	)(1)		481			577		$	(31	)(6)		546
Gains (Losses) related to investment securities, net		95			—			95			(7	)		—			(7	)
Total revenue		2,296			(180	)		2,116			2,361			(31	)		2,330			10.1	%
Provision for loan losses		15			—			15			(1	)		—			(1	)
Total expenses		1,579			(13	)(2)		1,566			1,702			(19	)(7)		1,683			7.5	%
Income before income tax expense		702			(167	)		535			660			(12	)		648
Income tax expense		207			(75	)(3)		132			189			(16	)(3)		173
Tax-equivalent adjustment		—			32	(4)		32			—			31	(4)		31
Net income	$	495		$	(124	)	$	371		$	471		$	(27	)	$	444
Earnings allocated to participating securities	$	(3	)	$	1	(5)	$	(2	)	$	(5	)	$	—		$	(5	)
Net income available to common shareholders	$	492		$	(123	)	$	369		$	466		$	(27	)	$	439
Diluted earnings per common share	$	.99		$	(.24	)	$	.75		$	.93		$	(.05	)	$	.88			17.3	%
Average diluted common shares outstanding (in thousands)		498,056			498,056			498,056			500,980			500,980			500,980
Return on common equity		13.4	%		(3.4	) %		10.0	%		10.5	%		(0.6	) %		9.9	%

⁽¹⁾ Represents tax-equivalent adjustment of $32 million, not included in reported results, net of $212 million of discount accretion related to former conduit securities.

⁽²⁾ Represents $13 million of merger and integration costs.

⁽³⁾ Represents 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 $31 million, not included in reported results, net of $62 million of discount accretion related to former conduit securities.

⁽⁷⁾ Represents $14 million of merger and integration costs and $5 million of restructuring charges related to a business operations and information technology transformation program.

STATE STREET CORPORATION

Tier 1 Common Ratio - Reconciliation

As of Period-End

The tier 1 risk-based common, or tier 1 common, ratio is calculated by dividing tier 1 capital, which is calculated in accordance with applicable bank regulatory requirements, less non-common elements, including preferred stock and qualifying trust preferred securities, by total risk-weighted assets, which assets are also 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. However, this ratio has been used by the Federal Reserve in connection with its evaluation of the capital adequacy of certain large U.S. bank holding companies. In addition, management is currently monitoring this ratio, along with the other capital ratios, in evaluating State Street’s capital levels and believes that, at this time, the ratio may be of interest to investors.

The table set forth below presents the calculation of State Street’s ratio of tier 1 common capital to total risk-weighted assets.

(Dollars in millions)		March 31, 2011
Tier 1 Capital		$	13,077
Less:
Trust preferred securities			950
Preferred stock			500
Tier 1 common capital	C	$	11,627
Total risk-weighted assets	D		66,597
Ratio of tier 1 common capital to total risk-weighted assets	C/D		17.5	%

STATE STREET CORPORATION

BASEL III CAPITAL RECONCILIATION

March 31, 2011

The table set forth below presents the calculations of State Street’s ratios of tier 1 risk-based, total risk-based, tier 1 common and tier 1 leverage capital, prepared in accordance with current bank regulatory requirements, and the same ratios prepared in accordance with the proposed requirements of Basel III as those proposed requirements are currently understood.

	Current Requirements  (1)			Basel III Requirements  (2)
(Dollars in millions)
Tier 1 capital	$	13,077	A	$	12,412
Less:
Trust preferred securities		950			855
Preferred stock		500			450
Tier 1 common capital		11,627	B		11,107
Total capital		14,380	C		13,653
Total risk-weighted assets		66,597	D		108,643
Adjusted quarterly average assets		149,824	E		197,500
Tier 1 capital ratio		19.6%	A/D		11.4%
Total capital ratio		21.6%	C/D		12.6%
Tier 1 common ratio		17.5%	B/D		10.2%
Tier 1 leverage ratio		8.7%	A/E		6.3%

⁽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 $665 million, as a result of applying estimated Basel III requirements to tier 1 capital of $13.077 billion as of March 31, 2011. Total capital used in the calculation of the total capital ratio decreased by $727 million, as a result of applying estimated Basel III requirements to total capital of $14.380 billion as of March 31, 2011.

• Tier 1 common capital used in the calculation of the tier 1 common ratio was $11.107 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 $12.412 billion less non-common elements of capital, composed of trust preferred securities of $855 million and preferred stock of $450 million as of March 31, 2011, resulting in tier 1 common capital of $11.107 billion. At March 31, 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 $42.046 billion as a result of applying estimated Basel III requirements to total risk-weighted assets of $66.597 billion as of March 31, 2011.

• Consolidated adjusted quarterly average assets used in the calculation of the leverage ratio increased by $47.676 billion as a result of applying estimated Basel III requirements to the actual consolidated adjusted quarterly average assets as of March 31, 2011 of $149.824 billion.