Exhibit

Exhibit 99.2



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM

December 31, 2018

Table of Contents

GAAP-Basis Financial Information:	Page
5-Year Summary of Results	2
Consolidated Financial Highlights	3
Consolidated Results of Operations	4
Consolidated Statement of Condition	6
Average Statement of Condition - Rates Earned and Paid - Fully Taxable-Equivalent Basis	7
Average Statement of Condition - Rates Earned and Paid - Fully Taxable-Equivalent Basis - Year to Date	8
Assets Under Custody and/or Administration	9
Assets Under Management	10
Industry Flow Data	11

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

Non-GAAP Financial Information:
Reconciliations of Non-GAAP Financial Information	14
Reconciliations of Constant Currency FX Impacts	16

Capital:
Reconciliation of Tangible Common Equity Ratio	17
Regulatory Capital	18
Reconciliations of Fully Phased-In Capital Ratios	19
Reconciliations of Supplementary Leverage Ratios	21


This financial information should be read in conjunction with State Street's news release dated January 18, 2019.



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

(Dollars in millions, except per share amounts, or where otherwise noted)	2014			2015			2016			2017			2018
Year ended December 31:
Total fee revenue	$	8,010		$	8,278		$	8,116		$	8,905		$	9,305
Net interest income	2,260			2,088			2,084			2,304			2,671
Gains (losses) related to investment securities, net	4			(6		)	7			(39		)	6
Total revenue	10,274			10,360			10,207			11,170			11,982
Provision for loan losses	10			12			10			2			15
Total expenses	7,827			8,050			8,077			8,269			8,968
Income before income tax expense	2,437			2,298			2,120			2,899			2,999
Income tax expense (benefit)	415			318			(22		)	722			400
Net income from non-controlling interest	—			—			1			—			—
Net income	2,022			1,980			2,143			2,177			2,599
Net income available to common shareholders	$	1,958		$	1,848		$	1,968		$	1,993		$	2,410
Per Common Share:
Diluted earnings per common share	$	4.53		$	4.47		$	4.97		$	5.24		$	6.40
Average diluted common shares outstanding (in thousands)	432,007			413,638			396,090			380,213			376,476
Cash dividends declared per common share	$	1.16		$	1.32		$	1.44		$	1.60		$	1.78
Closing price per share of common stock (at year end)	78.50			66.36			77.72			97.61			63.07
Balance Sheet, as of December 31:
Investment securities	$	112,636		$	100,022		$	97,167		$	97,579		$	87,062
Average total interest-earning assets	209,054			220,456			199,184			191,235			185,637
Total assets	274,089			245,155			242,698			238,425			244,626
Deposits	209,040			191,627			187,163			184,896			180,360
Long-term debt	10,012			11,497			11,430			11,620			11,093
Total shareholders' equity	21,328			21,103			21,219			22,317			24,790
Ratios and Other Metrics:
Return on average common equity	9.8		%	9.8		%	10.5		%	10.6		%	12.2		%
Pre-tax margin (GAAP-basis)	23.7			22.2			20.8			26.0			25.0
Net interest margin, fully taxable-equivalent basis	1.16			1.03			1.13			1.29			1.47
Common equity tier 1 ratio⁽¹⁾	12.4			12.5			11.7			12.3			12.1
Tier 1 capital ratio⁽¹⁾	14.5			15.3			14.8			15.5			16.0
Total capital ratio⁽¹⁾	16.4			17.4			16.0			16.5			16.8
Tier 1 leverage ratio⁽¹⁾	6.3			6.9			6.5			7.3			7.2
Supplementary leverage ratio⁽¹⁾	5.6			6.2			5.9			6.5			6.3
Assets under custody and/or administration (in trillions)	$	28.19		$	27.51		$	28.77		$	33.12		$	31.62
Assets under management (in trillions)	2.45			2.25			2.47			2.78			2.51


⁽¹⁾The capital ratios presented are calculated in conformity with the applicable regulatory guidance in effect as of each period end. See Reconciliation of Fully Phased-In Capital Ratios and Supplementary Leverage Ratios for details of reconciliations between these ratios and our fully phased-in ratios. Effective January 1, 2018, the applicable final rules are in effect and the ratios are calculated based on fully phased-in CET1, tier 1, total capital and supplementary leverage numbers.



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED FINANCIAL HIGHLIGHTS

	Quarters																								% Change
(Dollars in millions, except per share amounts, or where otherwise noted)	1Q17			2Q17			3Q17			4Q17			1Q18			2Q18			3Q18			4Q18			4Q18 vs. 4Q17			4Q18 vs. 3Q18
Income Statement
Fee revenue⁽¹⁾⁽²⁾	$	2,198		$	2,235		$	2,242		$	2,230		$	2,378		$	2,358		$	2,280		$	2,289		2.6	%		0.4	%
Net interest income⁽¹⁾	510			575			603			616			643			659			672			697			13.1			3.7
Gains (losses) related to investment securities, net	(40		)	—			1			—			(2		)	9			(1		)	—			nm			nm
Total revenue	2,668			2,810			2,846			2,846			3,019			3,026			2,951			2,986			4.9			1.2
Provision for loan losses	(2		)	3			3			(2		)	—			2			5			8			nm			60.0
Total expenses^(3)(4)(5)	2,086			2,031			2,021			2,131			2,256			2,159			2,079			2,474			16.1			19.0
Income before income tax expense	584			776			822			717			763			865			867			504			(29.7	)		(41.9	)
Income tax expense	82			156			137			347			102			131			102			65			(81.3	)		(36.3	)
Net income	502			620			685			370			661			734			765			439			18.6			(42.6	)
Net income available to common shareholders	$	446		$	584		$	629		$	334		$	605		$	698		$	709		$	398		19.2			(43.9	)
Per Common Share:
Diluted earnings per common share	$	1.15		$	1.53		$	1.66		$	.89		$	1.62		$	1.88		$	1.87		$	1.04		16.9			(44.4	)
Average diluted common shares outstanding (in thousands)	386,417			380,915			378,518			375,477			372,619			370,410			379,383			383,651			2.2			1.1
Cash dividends declared per common share	$	.38		$	.38		$	.42		$	.42		$	.42		$	.42		$	.47		$	.47		11.9			—
Closing price per share of common stock (as of quarter end)	79.61			89.73			95.54			97.61			99.73			93.09			83.78			63.07			(35.4	)		(24.7	)
At quarter-end:
Total assets	$	236,802		$	238,274		$	235,986		$	238,425		$	250,286		$	248,308		$	234,007		$	244,626		2.6			4.5
Investment securities	94,639			95,255			93,088			97,579			85,462			86,942			86,669			87,062			(10.8	)		0.5
Deposits	183,465			181,416			179,263			184,896			191,517			186,663			168,198			180,360			(2.5	)		7.2
Long-term debt	11,394			11,737			11,716			11,620			10,944			10,387			10,335			11,093			(4.5	)		7.3
Total shareholders' equity	21,294			22,068			22,497			22,317			22,399			22,571			24,553			24,790			11.1			1.0
Securities On Loan (dollars in billions):
Average securities on loan	$	368		$	384		$	383		$	397		$	397		$	406		$	386		$	362		(8.8	)		(6.2	)
End-of-period securities on loan	378			376			385			389			405			404			386			351			(9.8	)		(9.1	)
Ratios and Other Metrics:
Return on average common equity	9.9		%	12.6		%	13.0		%	6.9		%	12.8		%	14.7		%	14.0		%	7.5		%	60		bps	(650	)	bps
Pre-tax margin (GAAP-basis)	21.9			27.6			28.9			25.2			25.3			28.6			29.4			16.9			(830	)		(1,250	)
Pre-tax margin (excluding notable items)⁽⁶⁾	21.9			30.1			29.2			30.4			25.3			31.1			29.4			27.6			(280	)		(180	)
Net interest margin, fully taxable-equivalent basis	1.17			1.27			1.35			1.38			1.40			1.46			1.48			1.55			17			7
Common equity tier 1 ratio⁽⁷⁾	11.2			12.0			12.6			12.3			12.1			12.4			14.1			12.1			(20	)		(200	)
Tier 1 capital ratio⁽⁷⁾	14.4			15.1			15.8			15.5			15.4			15.7			17.9			16.0			50			(190	)
Total capital ratio⁽⁷⁾	15.4			16.2			16.9			16.5			16.4			16.4			18.7			16.8			30			(190	)
Tier 1 leverage ratio⁽⁷⁾	6.8			7.0			7.4			7.3			6.9			7.1			8.1			7.2			(10	)		(90	)
Supplementary leverage ratio⁽⁷⁾	6.1			6.2			6.5			6.5			6.0			6.2			7.1			6.3			(20	)		(80	)
Assets under custody and/or administration (in billions)	$	29,833		$	31,037		$	32,110		$	33,119		$	33,284		$	33,867		$	33,996		$	31,620		(4.5	)%		(7.0	)%
Assets under management (in billions)	2,561			2,606			2,673			2,782			2,729			2,723			2,810			2,511			(9.7	)		(10.6	)

⁽¹⁾Approximately $15 million of swap costs in 1Q18 were reclassified from processing fees and other revenue within fee revenue to net interest income to conform to current presentation. No other prior periods were revised.
⁽²⁾ Revenues associated with the acquired CRD business and included within fee revenue were $121 million for 4Q18.
⁽³⁾ 2Q18 includes repositioning charges of approximately $77 million, including approximately $61 million within compensation and employee benefits expense and $16 million within occupancy expense. 4Q18 expenses include repositioning charges of approximately $223 million, including approximately $198 million within compensation and employee benefits expense and $25 million within occupancy expense.
⁽⁴⁾ Expenses associated with the acquired CRD business include approximately $39 million for 4Q18 across multiple expense lines, and $18 million intangible asset amortization.
⁽⁵⁾Excluding the 4Q17 acquisition and restructuring costs of $133 million and the 4Q18 notable expense items, CRD expenses and CRD intangible assets amortization of $313 million, $39 million and $18 million, respectively, total expenses increased 5% from 4Q17, and 1% from 3Q18, respectively. Refer to Reconciliations of Non-GAAP Financial Information pages for details on notable items.
⁽⁶⁾ Refer to Reconciliations of Non-GAAP Financial Information pages for details on non-GAAP metrics.
⁽⁷⁾The capital ratios presented are calculated in conformity with the applicable regulatory guidance in effect as of each period end. See Reconciliation of Fully Phased-In Capital Ratios and Supplementary Leverage Ratios for details of reconciliations between these ratios and our fully phased-in ratios. Effective January 1, 2018, the applicable final rules are in effect and the ratios are calculated based on fully phased-in CET1, tier 1,total capital and supplementary leverage numbers.
^nm Not meaningful



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS

	Quarters																				% Change				Year-to-Date					% Change
(Dollars in millions, except per share amounts, or where otherwise noted)	1Q17			2Q17		3Q17		4Q17			1Q18			2Q18		3Q18			4Q18		4Q18 vs. 4Q17		4Q18 vs. 3Q18		2017			2018		YTD 2018 vs. YTD 2017
Reported Results
Fee revenue:
Servicing fees	$	1,296		$	1,339	$	1,351	$	1,379		$	1,421		$	1,381	$	1,333		$	1,286	(6.7	)%	(3.5	)%	$	5,365		$	5,421	1.0	%
Management fees	382			397		419		418			472			465		474			440		5.3		(7.2	)	1,616			1,851		14.5
Foreign exchange trading services	275			289		259		248			304			315		288			294		18.5		2.1		1,071			1,201		12.1
Securities finance	133			179		147		147			141			154		128			120		(18.4	)	(6.3	)	606			543		(10.4	)
Processing fees and other	112			31		66		38			40			43		57			149		292.1		161.4		247			289		17.0
Total fee revenue⁽¹⁾⁽²⁾	2,198			2,235		2,242		2,230			2,378			2,358		2,280			2,289		2.6		0.4		8,905			9,305		4.5
Net interest income:
Interest income	650			700		761		797			857			907		916			982		23.2		7.2		2,908			3,662		25.9
Interest expense⁽¹⁾	140			125		158		181			214			248		244			285		57.5		16.8		604			991		64.1
Net interest income⁽¹⁾	510			575		603		616			643			659		672			697		13.1		3.7		2,304			2,671		15.9
Gains (losses) related to investment securities, net	(40		)	—		1		—			(2		)	9		(1		)	—		nm		nm		(39		)	6		nm
Total revenue	2,668			2,810		2,846		2,846			3,019			3,026		2,951			2,986		4.9		1.2		11,170			11,982		7.3
Provision for loan losses	(2		)	3		3		(2		)	—			2		5			8		nm		60.0		2			15		nm
Expenses:
Compensation and employee benefits⁽³⁾	1,166			1,071		1,090		1,067			1,249			1,125		1,103			1,303		22.1		18.1		4,394			4,780		8.8
Information systems and communications⁽⁴⁾	287			283		296		301			315			321		332			356		18.3		7.2		1,167			1,324		13.5
Transaction processing services	197			207		215		219			242			246		236			214		(2.3	)	(9.3	)	838			938		11.9
Occupancy⁽⁵⁾	110			116		118		117			120			124		110			146		24.8		32.7		461			500		8.5
Acquisition and restructuring costs	29			71		33		133			—			—		—			24		(82.0	)	100.0		266			24		(91.0	)
Amortization of other intangible assets⁽²⁾⁽⁶⁾	52			54		54		54			50			48		47			81		50.0		72.3		214			226		5.6
Other⁽⁷⁾	245			229		215		240			280			295		251			350		45.8		39.4		929			1,176		26.6
Total expenses⁽²⁾⁽⁸⁾	2,086			2,031		2,021		2,131			2,256			2,159		2,079			2,474		16.1		19.0		8,269			8,968		8.5
Income before income tax expense	584			776		822		717			763			865		867			504		(29.7	)	(41.9	)	2,899			2,999		3.4
Income tax expense	82			156		137		347			102			131		102			65		(81.3	)	(36.3	)	722			400		(44.6	)
Net income	$	502		$	620	$	685	$	370		$	661		$	734	$	765		$	439	18.6		(42.6	)	$	2,177		$	2,599	19.4



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS (Continued)

	Quarters																								% Change						Year-to-Date						% Change
(Dollars in millions, except per share amounts, or where otherwise noted)	1Q17			2Q17			3Q17			4Q17			1Q18			2Q18			3Q18			4Q18			4Q18 vs. 4Q17			4Q18 vs. 3Q18			2017			2018			YTD 2018 vs. YTD 2017
Adjustments to net income:
Dividends on preferred stock	$	(55	)	$	(36	)	$	(55	)	$	(36	)	$	(55	)	$	(36	)	$	(55	)	$	(41	)	13.9	%		(25.5	)%		$	(182	)	$	(188	)	3.3	%
Earnings allocated to participating securities	(1		)	—			(1		)	—			(1		)	—			(1		)	—			—			nm			(2		)	(1		)	(50.0	)
Net income available to common shareholders	$	446		$	584		$	629		$	334		$	605		$	698		$	709		$	398		19.2			(43.9	)		$	1,993		$	2,410		20.9
Earnings per common share:
Basic	$	1.17		$	1.56		$	1.69		$	.91		$	1.65		$	1.91		$	1.89		$	1.05		15.4			(44.4	)		$	5.32		$	6.48		21.8
Diluted	1.15			1.53			1.66			.89			1.62			1.88			1.87			1.04			16.9			(44.4	)		5.24			6.40			22.1
Average common shares outstanding (in thousands):
Basic	381,224			375,395			372,765			369,934			367,439			365,619			374,963			379,741			2.7			1.3			374,793			371,983			(0.7	)
Diluted	386,417			380,915			378,518			375,477			372,619			370,410			379,383			383,651			2.2			1.1			380,213			376,476			(1.0	)
Cash dividends declared per common share	$	.38		$	.38		$	.42		$	.42		$	.42		$	.42		$	.47		$	.47		11.9			—			$	1.60		$	1.78		11.3
Closing price per share of common stock (as of quarter end)	79.61			89.73			95.54			97.61			99.73			93.09			83.78			63.07			(35.4	)		(24.7	)		97.61			63.07			(35.4	)
Financial ratios:
Effective tax rate⁽⁹⁾	14.0		%	20.1		%	16.7		%	48.4		%	13.5		%	15.1		%	11.8		%	12.7		%	(3,570	)	bps	90		bps	24.9		%	13.3		%	(1,160	)	bps
Return on average common equity	9.9			12.6			13.0			6.9			12.8			14.7			14.0			7.5			60			(650	)		10.6			12.2			160
Return on tangible common equity⁽¹⁰⁾	16.0			17.3			18.0			16.7			20.1			21.1			19.4			20.5			380			110			16.7			20.5			380
Pre-tax margin (GAAP-basis)	21.9			27.6			28.9			25.2			25.3			28.6			29.4			16.9			(830	)		(1,250	)		26.0			25.0			(100	)
Pre-tax margin (excluding notable items)⁽¹¹⁾	21.9			30.1			29.2			30.4			25.3			31.1			29.4			27.6			(280	)		(180	)		28.1			28.3			20


⁽¹⁾ Approximately $15 million of swap costs in 1Q18 were reclassified from processing fees and other revenue within fee revenue to net interest income to conform to current presentation. No other prior periods were revised.
⁽²⁾ The acquired CRD business contributed $121 million of fee revenue, $39 million across multiple expense lines and $18 million of intangible asset amortization in 4Q18.
⁽³⁾4Q18 compensation and employee benefits includes approximately $198 million of repositioning charges and $28 million of CRD compensation and employee benefits. Excluding these items, compensation and employee benefits totaled approximately $1,077 million in 4Q18.
⁽⁴⁾4Q18 Information systems and communications includes CRD expenses of approximately $7 million. Excluding the impact of $7 million CRD expenses in 4Q18, informations systems and communication expenses totaled $349 million in 4Q18.
⁽⁵⁾4Q18 Occupancy expenses include approximately $25 million of repositioning charges, $2 million of CRD Occupancy expenses and $5 million of Occupancy expense related to the divestiture of a business. Excluding these items, 4Q18 Occupancy expenses totaled $114 million.
⁽⁶⁾4Q18 amortization of other intangible assets includes approximately $18 million CRD intangible asset amortization and $16 million intangible asset amortization related to the divestiture of a business. Excluding these items, 4Q18 amortization of other intangible assets totaled $47 million.
⁽⁷⁾4Q18 other expenses include approximately $42 million of legal and related costs, $3 million related to the divestiture of a business and $2 million other expenses related to CRD. Excluding these items, 4Q18 other expenses totaled approximately $303 million.
⁽⁸⁾ Excluding the 4Q17 acquisition and restructuring costs of $133 million and the 4Q18 notable expense items, CRD expenses and CRD intangible assets amortization of $313 million, $39 million and $18 million, respectively, total expenses increased 5% from 4Q17, and 1% from 3Q18, respectively. Refer to Reconciliations of Non-GAAP Financial Information pages for details on notable items.
⁽⁹⁾As a result of the enactment of the Tax Cuts and Jobs Act, the 4Q17 included a one-time estimated net cost of $250 million. The GAAP-basis effective tax rate for 4Q17 excluding this one-time cost was 13.2%.
⁽¹⁰⁾Return on tangible common equity is calculated by dividing year-to-date annualized net income available to common shareholders (GAAP-basis) by tangible common equity.
⁽¹¹⁾Refer to Reconciliations of Non-GAAP Financial Information pages for details on non-GAAP basis metrics.
^nm Not meaningful



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED STATEMENT OF CONDITION

	Quarters																								% Change
(Dollars in millions, except per share amounts)	1Q17			2Q17			3Q17			4Q17			1Q18			2Q18			3Q18			4Q18			4Q18 vs. 4Q17		4Q18 vs. 3Q18
Assets:
Cash and due from banks	$	2,909		$	3,156		$	3,939		$	2,107		$	2,546		$	3,886		$	4,145		$	3,597		70.7	%	(13.2	)%
Interest-bearing deposits with banks	66,789			63,617			60,956			67,227			79,418			76,366			63,618			73,040			8.6		14.8
Securities purchased under resale agreements	2,181			3,172			3,465			3,241			5,136			3,583			4,195			4,679			44.4		11.5
Trading account assets	945			896			1,135			1,093			1,178			1,160			1,001			860			(21.3	)	(14.1	)
Investment securities:
Investment securities available-for-sale	58,810			59,025			56,238			57,121			44,304			47,348			46,102			45,148			(21.0	)	(2.1	)
Investment securities held-to-maturity⁽¹⁾	35,829			36,230			36,850			40,458			41,158			39,594			40,567			41,914			3.6		3.3
Total investment securities	94,639			95,255			93,088			97,579			85,462			86,942			86,669			87,062			(10.8	)	0.5
Loans and leases, net⁽²⁾	22,486			24,307			23,581			23,240			29,528			24,069			23,312			25,722			10.7		10.3
Premises and equipment, net⁽³⁾	2,101			2,137			2,167			2,186			2,194			2,189			2,193			2,214			1.3		1.0
Accrued interest and fees receivable	2,690			2,805			3,043			3,099			3,183			3,086			3,196			3,203			3.4		0.2
Goodwill	5,855			5,945			5,997			6,022			6,068			5,973			6,016			7,446			23.6		23.8
Other intangible assets	1,710			1,693			1,658			1,613			1,578			1,500			1,461			2,369			46.9		62.1
Other assets	34,497			35,291			36,957			31,018			33,995			39,554			38,201			34,434			11.0		(9.9	)
Total assets	$	236,802		$	238,274		$	235,986		$	238,425		$	250,286		$	248,308		$	234,007		$	244,626		2.6		4.5
Liabilities:
Deposits:
Non-interest-bearing	$	56,786		$	50,957		$	49,850		$	47,175		$	57,025		$	52,316		$	41,893		$	44,804		(5.0	)	6.9
Interest-bearing -- U.S.	26,746			24,438			49,394			50,139			55,094			57,407			63,661			66,235			32.1		4.0
Interest-bearing -- Non-U.S.	99,933			106,021			80,019			87,582			79,398			76,940			62,644			69,321			(20.9	)	10.7
Total deposits⁽⁴⁾	183,465			181,416			179,263			184,896			191,517			186,663			168,198			180,360			(2.5	)	7.2
Securities sold under repurchase agreements	4,003			3,856			3,867			2,842			2,020			3,088			1,690			1,082			(61.9	)	(36.0	)
Other short-term borrowings	1,177			1,465			1,253			1,144			1,066			1,103			1,009			3,092			170.3		206.4
Accrued expenses and other liabilities	15,469			17,732			17,390			15,606			22,340			24,496			28,222			24,209			55.1		(14.2	)
Long-term debt	11,394			11,737			11,716			11,620			10,944			10,387			10,335			11,093			(4.5	)	7.3
Total liabilities	215,508			216,206			213,489			216,108			227,887			225,737			209,454			219,836			1.7		5.0
Shareholders' equity:
Preferred stock, no par, 3,500,000 shares authorized:
Series C, 5,000 shares issued and outstanding	491			491			491			491			491			491			491			491			—		—
Series D, 7,500 shares issued and outstanding	742			742			742			742			742			742			742			742			—		—
Series E, 7,500 shares issued and outstanding	728			728			728			728			728			728			728			728			—		—
Series F, 7,500 shares issued and outstanding	742			742			742			742			742			742			742			742			—		—
Series G, 5,000 shares issued and outstanding	493			493			493			493			493			493			493			493			—		—
Series H, 5,000 shares issued and outstanding	—			—			—			—			—			—			494			494			100.0		—
Common stock, $1 par, 750,000,000 shares authorized⁽⁵⁾	504			504			504			504			504			504			504			504			—		—
Surplus	9,796			9,803			9,803			9,799			9,796			9,820			10,418			10,061			2.7		(3.4	)
Retained earnings	17,762			18,202			18,675			18,856			19,311			19,856			20,387			20,606			9.3		1.1
Accumulated other comprehensive income (loss)	(1,805		)	(1,270		)	(984		)	(1,009		)	(1,074		)	(1,488		)	(1,711		)	(1,356		)	34.4		(20.7	)
Treasury stock, at cost⁽⁶⁾	(8,159		)	(8,367		)	(8,697		)	(9,029		)	(9,334		)	(9,317		)	(8,735		)	(8,715		)	(3.5	)	(0.2	)
Total shareholders' equity	21,294			22,068			22,497			22,317			22,399			22,571			24,553			24,790			11.1		1.0
Total liabilities and equity	$	236,802		$	238,274		$	235,986		$	238,425		$	250,286		$	248,308		$	234,007		$	244,626		2.6		4.5



	1Q17			2Q17			3Q17			4Q17			1Q18			2Q18			3Q18			4Q18
⁽¹⁾Fair value of investment securities held-to-maturity	$	35,694		$	36,169		$	36,836		$	40,255		$	40,483		$	38,805		$	39,591		$	41,351
⁽²⁾ Allowance for loan losses	51			54			58			54			54			55			60			67
⁽³⁾ Accumulated depreciation for premises and equipment	3,463			3,611			3,750			3,881			4,005			3,999			4,110			4,152
⁽⁴⁾ Average total deposits	165,167			167,403			161,641			161,089			165,010			162,795			159,578			158,345
⁽⁵⁾ Common stock shares issued	503,879,642			503,879,642			503,879,642			503,879,642			503,879,642			503,879,642			503,879,642			503,879,642
⁽⁶⁾ Treasury stock shares	127,520,264			129,773,003			133,038,955			136,229,784			138,472,445			138,052,038			124,390,135			123,932,918



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
AVERAGE STATEMENT OF CONDITION - RATES EARNED AND PAID - FULLY TAXABLE-EQUIVALENT BASIS⁽¹⁾
The following table presents average rates earned and paid, on a fully taxable-equivalent basis, on consolidated average interest-earning assets and average interest-bearing liabilities for the quarters indicated. Tax-equivalent adjustments were calculated using a federal income tax rate of 35% for periods ending in 2017 and a tax rate of 21% for periods ending in 2018, adjusted for applicable state income taxes, net of related federal benefit.
	Quarters																																								% Change
	1Q17					2Q17					3Q17					4Q17					1Q18					2Q18					3Q18					4Q18					4Q18 vs. 4Q17		4Q18 vs. 3Q18
(Dollars in millions; fully-taxable equivalent basis)	Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average balance
Assets:
Interest-bearing deposits with banks	$	48,893	0.28		%	$	53,146	0.31		%	$	45,513	0.40		%	$	42,597	0.55		%	$	51,492	0.64		%	$	55,180	0.66		%	$	56,513	0.67		%	$	54,073	0.88		%	26.9	%	(4.3	)%
Securities purchased under resale agreements⁽²⁾	2,056		9.07			2,352		11.77			2,167		13.53			1,950		15.25			2,872		10.89			2,474		13.20			2,932		11.77			3,320		10.69			70.3		13.2
Trading account assets	914		—			941		—			991		—			1,194		—			1,138		—			1,139		—			1,019		—			912		—			(23.6	)	(10.5	)
Investment securities:
U.S. Treasury and federal agencies:
Direct obligations	21,705		1.53			19,421		1.60			18,091		1.66			17,586		1.68			17,183		1.67			16,627		1.69			15,834		1.71			15,284		1.75			(13.1	)	(3.5	)
Mortgage-and asset-backed securities	23,710		2.18			23,013		2.27			23,160		2.27			26,441		2.31			28,307		2.59			31,064		2.70			32,962		2.82			36,462		3.03			37.9		10.6
State and political subdivisions	10,314		3.83			9,914		3.77			9,976		3.79			9,515		3.82			8,622		3.23			6,739		3.48			4,107		3.68			2,537		3.63			(73.3	)	(38.2	)
Other investments:
Asset-backed securities	22,609		1.49			23,367		1.56			23,866		1.64			21,727		1.65			19,543		1.78			12,471		2.24			11,259		2.30			10,144		2.48			(53.3	)	(9.9	)
Collateralized mortgage-backed securities and obligations	3,939		2.71			3,780		2.72			3,394		2.78			2,608		2.75			2,088		2.07			1,492		2.95			1,415		3.05			1,212		3.35			(53.5	)	(14.3	)
Money market mutual funds	360		0.37			322		—			385		0.64			416		0.72			—		—			—		—			—		—			—		—			(100.0	)	—
Other debt investments and equity securities	14,582		1.34			14,820		1.27			16,439		1.24			17,672		1.25			19,619		1.25			17,967		1.31			20,046		1.20			19,435		1.08			10.0		(3.0	)
Total investment securities	97,219		1.94			94,637		1.97			95,311		1.99			95,965		2.01			95,362		2.03			86,360		2.21			85,623		2.21			85,074		2.31			(11.3	)	(0.6	)
Loans and leases	20,139		2.17			21,070		2.31			22,843		2.49			23,566		2.46			23,959		2.68			23,622		2.93			22,511		3.11			24,207		3.12			2.7		7.5
Other interest-earning assets	22,619		0.62			23,141		0.76			23,091		1.18			22,681		1.32			17,733		1.78			17,397		2.36			14,702		2.59			13,088		2.90			(42.3	)	(11.0	)
Total interest-earning assets	191,840		1.47			195,287		1.52			189,916		1.68			187,953		1.77			192,556		1.85			186,172		1.99			183,300		2.01			180,674		2.17			(3.9	)	(1.4	)
Cash and due from banks	2,608					3,833					3,098					2,848					3,081					3,978					3,067					2,591					(9.0	)	(15.5	)
Other assets	24,761					24,797					25,355					25,547					31,233					33,939					34,946					38,085					49.1		9.0
Total assets	$	219,209				$	223,917				$	218,369				$	216,348				$	226,870				$	224,089				$	221,313				$	221,350				2.3		—
Liabilities:
Interest-bearing deposits:
U.S.	$	25,928	0.50		%	$	25,770	0.38		%	$	25,767	0.32		%	$	44,873	0.17		%	$	48,638	0.28		%	$	50,276	0.37		%	$	57,558	0.51		%	$	63,153	0.64		%	40.7		9.7
Non-U.S.⁽³⁾	94,990		0.05			99,389		(0.04		)	96,189		0.07			77,327		0.24			78,582		0.15			76,307		0.23			67,741		0.06			60,097		0.16			(22.3	)	(11.3	)
Total interest-bearing deposits⁽³⁾	120,918		0.15			125,159		0.05			121,956		0.13			122,200		0.22			127,220		0.15			126,583		0.28			125,299		0.27			123,250		0.41			0.9		(1.6	)
Securities sold under repurchase agreements⁽⁴⁾	3,894		—			4,028		—			3,974		0.07			2,843		—			2,617		0.16			2,641		0.92			1,835		0.79			1,117		0.67			(60.7	)	(39.1	)
Federal funds purchased	—		—			2		—			—		—			—		—			—		—			—		—			1		—			—		—			nm		nm
Other short-term borrowings	1,341		0.63			1,322		0.80			1,277		0.81			1,311		0.96			1,255		1.09			1,320		1.25			1,248		1.38			1,485		1.38			13.3		19.0
Long-term debt	11,421		2.56			11,515		2.61			11,766		2.67			11,674		2.79			11,412		3.37			10,649		3.66			10,375		3.84			10,323		3.72			(11.6	)	(0.5	)
Other interest-bearing liabilities	5,240		1.63			5,355		2.44			4,063		3.70			3,791		3.10			5,260		3.87			4,994		4.17			5,306		3.88			4,271		5.05			12.7		(19.5	)
Total interest-bearing liabilities	142,814		0.40			147,381		0.34			143,036		0.44			141,819		0.51			147,764		0.59			146,187		0.68			144,064		0.67			140,446		0.80			(1.0	)	(2.5	)
Non-interest bearing deposits	44,249					42,244					39,685					38,889					37,790					36,212					34,279					35,095					(9.8	)	2.4
Other liabilities	10,626					12,441					13,294					13,117					18,942					19,454					19,585					21,208					61.7		8.3
Preferred shareholders' equity	3,197					3,197					3,197					3,197					3,197					3,197					3,218					3,691					15.5		14.7
Common shareholders' equity	18,323					18,654					19,157					19,326					19,177					19,039					20,167					20,910					8.2		3.7
Total liabilities and shareholders' equity	$	219,209				$	223,917				$	218,369				$	216,348				$	226,870				$	224,089				$	221,313				$	221,350				2.3		—
Excess of rate earned over rate paid			1.07		%			1.18		%			1.24		%			1.26		%			1.26		%			1.31		%			1.34		%			1.37		%
Net interest margin			1.17		%			1.27		%			1.35		%			1.38		%			1.40		%			1.46		%			1.48		%			1.55		%
Net interest income, fully taxable-equivalent basis			$	553				$	617				$	645				$	656				$	664				$	677				$	684				$	704
Tax-equivalent adjustment			(43		)			(42		)			(42		)			(40		)			(21		)			(18		)			(12		)			(7		)
Net interest income, GAAP-basis⁽³⁾			$	510				$	575				$	603				$	616				$	643				$	659				$	672				$	697

⁽¹⁾ Rates earned/paid on interest-earning assets and interest-bearing liabilities include the impact of hedge activities associated with our asset and liability management activities where applicable.
⁽²⁾Reflects the impact of balance sheet netting under enforceable netting agreements of approximately $31 billion, $33 billion, $30 billion and $31 billion for the first, second, third and fourth quarters of 2017, respectively, and approximately $32 billion, $31 billion,$35 billion and $45 billion in the first, second, third and fourth quarters of 2018, respectively. Excluding the impact of netting, the average interest rates would be approximately 0.56%, 0.79%, 0.92%, and 0.90% for the first, second, third and fourth quarters of 2017 and approximately 0.89%, 0.98%, 0.91% and 0.74% for the first, second, third and fourth quarters of 2018, respectively.
⁽³⁾ Average rate includes the impact of FX swap expense of approximately $32 million, $13 million, $39 million and $57 million for the first, second, third and fourth quarters of 2017 and $34 million, $42 million, $6 million and $24 million for the first, second, third and fourth quarters of 2018, respectively. The first quarter of 2018 includes approximately $15 million of swap costs that were reclassified from processing fees and other revenue within fee revenue to net interest income to conform to current presentation. Average rates for total interest-bearing deposits excluding the impact of FX swap expense were 0.04%, 0.00%, 0.00% and 0.03% for the first, second, third, and fourth quarters of 2017 and 0.09%, 0.15%, 0.25% and 0.33% for the first, second, third and fourth quarters of 2018, respectively.
⁽⁴⁾Interest for each period shown was less than $1 million representing average interest rates of 0.03%, 0.04% and 0.06% for the first, second and fourth quarters of 2017, respectively.



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
AVERAGE STATEMENT OF CONDITION - RATES EARNED AND PAID - FULLY TAXABLE-EQUIVALENT BASIS - YEAR TO DATE⁽¹⁾
The following table presents consolidated average interest-earning assets, average interest-bearing liabilities and related average rates earned and paid, respectively, for the years indicated, on a fully taxable-equivalent basis, which is a non-GAAP measure. Tax-equivalent adjustments were calculated using a federal income tax rate of 35% for periods ending in 2017 and a tax rate of 21% for periods ending in 2018, adjusted for applicable state income taxes, net of related federal benefit.
	Year-to-Date
	2017					2018					% Change
(Dollars in millions; fully-taxable equivalent basis)	Average balance		Average rates			Average balance		Average rates			2018 vs. 2017
Assets:
Interest-bearing deposits with banks	$	47,514	0.38		%	$	54,328	0.71		%	14.3	%
Securities purchased under resale agreements⁽²⁾	2,131		12.38			2,901		11.55			36.1
Trading account assets	1,011		(0.12		)	1,051		—			4.0
Investment securities:
U.S. Treasury and federal agencies:
Direct obligations	19,187		1.61			16,226		1.70			(15.4	)
Mortgage-and asset-backed securities	24,086		2.26			32,223		2.80			33.8
State and political subdivisions	9,928		3.80			5,481		3.45			(44.8	)
Other investments:
Asset-backed securities	22,892		1.58			13,323		2.14			(41.8	)
Collateralized mortgage-backed securities and obligations	3,427		2.74			1,549		2.76			(54.8	)
Money market mutual funds	371		0.56			—		—			(100.0	)
Other debt investments and equity securities	15,888		1.27			19,268		1.21			21.3
Total investment securities	95,779		1.97			88,070		2.19			(8.0	)
Loans and leases	21,916		2.37			23,573		2.96			7.6
Other interest-earning assets	22,884		0.97			15,714		2.37			(31.3	)
Total interest-earning assets	191,235		1.61			185,637		2.00			(2.9	)
Cash and due from banks	3,097					3,178					2.6
Other assets	25,118					34,570					37.6
Total assets	$	219,450				$	223,385				1.8
Liabilities:
Interest-bearing deposits:
U.S.	$	30,623	0.31			$	54,953	0.47			79.5
Non-U.S.⁽³⁾	91,937		0.07			70,623		0.15			(23.2	)
Total interest-bearing deposits⁽³⁾	122,560		0.13			125,576		0.29			2.5
Securities sold under repurchase agreements	3,683		0.05			2,048		0.62			(44.4	)
Federal funds purchased	—		—			—		—			—
Other short-term borrowings	1,313		0.80			1,327		1.28			1.1
Long-term debt	11,595		2.66			10,686		3.64			(7.8	)
Other interest-bearing liabilities	4,607		2.63			4,956		4.20			7.6
Total interest-bearing liabilities	143,758		0.42			144,593		0.68			0.6
Non-interest bearing deposits	41,248					35,832					(13.1	)
Other liabilities	12,379					19,804					60.0
Preferred shareholders' equity	3,197					3,327					4.1
Common shareholders' equity	18,868					19,829					5.1
Total liabilities and shareholders' equity	$	219,450				$	223,385				1.8
Excess of rate earned over rate paid			1.19		%			1.32		%
Net interest margin			1.29		%			1.47		%
Net interest income, fully taxable-equivalent basis			$	2,471				$	2,728
Tax-equivalent adjustment			(167		)			(57		)
Net interest income, GAAP-basis			$	2,304				$	2,671

⁽¹⁾ Rates earned/paid on interest-earning assets and interest-bearing liabilities include the impact of hedge activities associated with our asset and liability management activities where applicable.
⁽²⁾ Reflects the impact of balance sheet netting under enforceable netting agreements of approximately $31 billion and $36 billion as of December 31, 2017 and 2018, respectively. Excluding the impact of netting, the average interest rates would be approximately 0.79% and 0.87% for the years ended December 31, 2017 and 2018, respectively.
⁽³⁾Average rates include the impact of FX swap expense of approximately $141 million and $106 million for the years ended December 31, 2017 and 2018, respectively. Average rates for total interest-bearing deposits excluding the impact of FX swap expense were 0.02% and 0.20% for the years ended December 31, 2017 and 2018, respectively.



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

	Quarters																% Change
(Dollars in billions)	1Q17		2Q17		3Q17		4Q17		1Q18		2Q18		3Q18		4Q18		4Q18 vs. 4Q17		4Q18 vs. 3Q18
Assets Under Custody and/or Administration
By Product Classification:
Mutual funds	$	7,033	$	7,123	$	7,394	$	7,603	$	7,503	$	8,548	$	8,717	$	7,912	4.1	%	(9.2	)%
Collective funds, including ETFs	8,024		8,560		9,190		9,707		9,908		9,615		9,646		8,999		(7.3	)	(6.7	)
Pension products	5,775		5,937		6,571		6,704		6,802		6,808		6,807		6,489		(3.2	)	(4.7	)
Insurance and other products	9,001		9,417		8,955		9,105		9,071		8,896		8,826		8,220		(9.7	)	(6.9	)
Total Assets Under Custody and/or Administration	$	29,833	$	31,037	$	32,110	$	33,119	$	33,284	$	33,867	$	33,996	$	31,620	(4.5	)	(7.0	)
By Financial Instrument⁽¹⁾:
Equities	$	17,041	$	17,859	$	18,423	$	19,214	$	19,198	$	19,475	$	20,070	$	18,041	(6.1	)	(10.1	)
Fixed-income	9,300		9,560		9,883		10,070		10,186		10,189		10,018		9,758		(3.1	)	(2.6	)
Short-term and other investments	3,492		3,618		3,804		3,835		3,900		4,203		3,908		3,821		(0.4	)	(2.2	)
Total Assets Under Custody and/or Administration	$	29,833	$	31,037	$	32,110	$	33,119	$	33,284	$	33,867	$	33,996	$	31,620	(4.5	)	(7.0	)
By Geographic Location⁽²⁾:
Americas	$	22,361	$	23,020	$	23,675	$	24,418	$	24,336	$	24,989	$	25,157	$	23,203	(5.0	)	(7.8	)
Europe/Middle East/Africa	5,979		6,464		6,806		7,028		7,211		7,134		7,094		6,699		(4.7	)	(5.6	)
Asia/Pacific	1,493		1,553		1,629		1,673		1,737		1,744		1,745		1,718		2.7		(1.5	)
Total Assets Under Custody and/or Administration	$	29,833	$	31,037	$	32,110	$	33,119	$	33,284	$	33,867	$	33,996	$	31,620	(4.5	)	(7.0	)
Assets Under Custody⁽³⁾
By Product Classification:
Mutual funds	$	6,499	$	6,577	$	6,818	$	6,998	$	6,894	$	7,950	$	8,086	$	7,344	4.9		(9.2	)
Collective funds, including ETFs	6,601		7,107		7,638		8,091		8,189		7,602		7,455		6,936		(14.3	)	(7.0	)
Pension products	5,212		5,399		5,480		5,606		5,682		5,703		5,627		5,237		(6.6	)	(6.9	)
Insurance and other products	4,193		4,279		4,304		4,325		4,281		4,160		4,132		3,731		(13.7	)	(9.7	)
Total Assets Under Custody	$	22,505	$	23,362	$	24,240	$	25,020	$	25,046	$	25,415	$	25,300	$	23,248	(7.1	)	(8.1	)
By Geographic Location⁽²⁾:
Americas	$	17,747	$	18,223	$	18,691	$	19,276	$	19,131	$	19,545	$	19,433	$	17,652	(8.4	)	(9.2	)
Europe/Middle East/Africa	3,635		3,969		4,323		4,487		4,617		4,557		4,561		4,309		(4.0	)	(5.5	)
Asia/Pacific	1,123		1,170		1,226		1,257		1,298		1,313		1,306		1,287		2.4		(1.5	)
Total Assets Under Custody	$	22,505	$	23,362	$	24,240	$	25,020	$	25,046	$	25,415	$	25,300	$	23,248	(7.1	)	(8.1	)

⁽¹⁾ Certain previously reported amounts have been reclassified to conform to current period presentation.
⁽²⁾ Geographic mix is generally based on the domicile of the entity servicing the funds and is not necessarily representative of the underlying asset mix.
⁽³⁾ Assets under custody are a component of assets under custody and/or administration presented above.



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER MANAGEMENT

	Quarters																% Change
(Dollars in billions)	1Q17		2Q17		3Q17		4Q17		1Q18		2Q18		3Q18		4Q18		4Q18 vs. 4Q17		4Q18 vs. 3Q18
Assets Under Management
By Asset Class and Investment Approach:
Equity:
Active	$	77	$	82	$	95	$	95	$	94	$	92	$	96	$	80	(15.8	)%	(16.7	)%
Passive	1,482		1,512		1,545		1,650		1,576		1,575		1,693		1,464		(11.3	)	(13.5	)
Total Equity	1,559		1,594		1,640		1,745		1,670		1,667		1,789		1,544		(11.5	)	(13.7	)
Fixed-Income:
Active	69		71		73		77		79		79		80		81		5.2		1.3
Passive	312		327		326		337		354		358		343		341		1.2		(0.6	)
Total Fixed-Income	381		398		399		414		433		437		423		422		1.9		(0.2	)
Cash⁽¹⁾	335		334		347		330		336		333		317		287		(13.0	)	(9.5	)
Multi-Asset-Class Solutions:
Active	19		18		18		18		18		18		20		19		5.6		(5.0	)
Passive	113		113		116		129		128		126		125		113		(12.4	)	(9.6	)
Total Multi-Asset-Class Solutions	132		131		134		147		146		144		145		132		(10.2	)	(9.0	)
Alternative Investments⁽²⁾:
Active	26		27		24		23		23		22		22		21		(8.7	)	(4.5	)
Passive	128		122		129		123		121		120		114		105		(14.6	)	(7.9	)
Total Alternative Investments	154		149		153		146		144		142		136		126		(13.7	)	(7.4	)
Total Assets Under Management	$	2,561	$	2,606	$	2,673	$	2,782	$	2,729	$	2,723	$	2,810	$	2,511	(9.7	)	(10.6	)
By Geographic Location⁽³⁾:
North America	$	1,772	$	1,802	$	1,845	$	1,931	$	1,885	$	1,897	$	1,956	$	1,731	(10.4	)	(11.5	)
Europe/Middle East/Africa	486		496		510		521		511		495		476		421		(19.2	)	(11.6	)
Asia/Pacific	303		308		318		330		333		331		378		359		8.8		(5.0	)
Total Assets Under Management	$	2,561	$	2,606	$	2,673	$	2,782	$	2,729	$	2,723	$	2,810	$	2,511	(9.7	)	(10.6	)

⁽¹⁾ Includes both floating- and constant-net-asset-value portfolios held in commingled structures or separate accounts.
⁽²⁾ Includes real estate investment trusts, currency and commodities, including SPDR^® Gold Shares ETF and SPDR^® Long Dollar Gold Trust ETF. State Street is not the investment manager for SPDR^® Gold Shares ETF and SPDR^®Long Dollar Gold Trust ETF, but acts as marketing agent.
⁽³⁾ Geographic mix is based on client location or fund management location.

Exchange-Traded Funds⁽¹⁾
By Asset Class:
Alternative Investments	$	46	$	46	$	48	$	48	$	48	$	46	$	40	$	43	(10.4	)%	7.5	%
Cash	2		2		2		2		3		3		4		9		350.0		125.0
Equity	457		460		478		531		513		524		566		482		(9.2	)	(14.8	)
Fixed-Income	53		58		61		63		65		66		69		66		4.8		(4.3	)
Total Exchange-Traded Funds	$	558	$	566	$	589	$	644	$	629	$	639	$	679	$	600	(6.8	)	(11.6	)

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



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

(Dollars in billions)			Quarters
(Dollars in billions)			1Q18			2Q18			3Q18			Three Months Ended November 30, 2018⁽⁴⁾			YTD 2017		YTD 2018⁽⁴⁾
North America - ICI Market Data⁽¹⁾⁽²⁾
	Long Term Funds⁽⁵⁾		$	38.0		$	(28.3	)	$	(50.4	)	$	(148.6	)	$	66.8	$	(195.3	)
	Money Market		(52.2		)	(51.7		)	35.8			50.2			81.2		20.5
	ETF		62.8			55.8			87.2			89.2			470.8		314.3
		Total ICI Flows	$	48.6		$	(24.2	)	$	72.6		$	(9.2	)	$	618.8	$	139.5

Europe - Broadridge Market Data⁽¹⁾⁽³⁾
	Long Term Funds⁽⁵⁾		$	160.5		$	(24.9	)	$	(16.2	)	$	(126.9	)	$	713.5	$	57.6
	Money Market		(10.3		)	(17.8		)	(21.9		)	2.0			75.7		(39.5		)
		Total Broadridge Flows	$	150.2		$	(42.7	)	$	(38.1	)	$	(124.9	)	$	789.2	$	18.1

⁽¹⁾ Industry data is provided for illustrative purposes only and is not intended to reflect the Company's or its clients' activity.
⁽²⁾ Source: Investment Company Institute. Investment Company Institute (ICI) data includes funds not registered under the Investment Company Act of 1940. Mutual fund data represents estimates of net new cash flow, which is new sales minus redemptions combined with net exchanges, while exchange-traded fund (ETF) data represents net issuance, which is gross issuance less gross redemptions. Data for mutual funds that invest primarily in other mutual funds and ETFs that invest primarily in other ETFs were excluded from the series. ICI classifies mutual funds and ETFs based on language in the fund prospectus.
⁽³⁾Source: © Copyright 2018, Broadridge Financial Solutions, Inc. Funds of funds have been excluded from Broadridge data (to avoid double counting). Therefore, a market total is the sum of all the investment categories excluding the three funds of funds categories (in-house, ex-house and hedge). ETFs are included in Broadridge’s database on mutual funds, but this excludes exchange-traded commodity products that are not mutual funds.
⁽⁴⁾ 4Q18 data is through November 30, 2018 on a rolling 3 month basis and includes September, October and November 2018 market data. FY 2018 represents the rolling twelve month period from December 2017 through November 2018, the last date for which information is available. Flows for FY 2018 will not equal the sum of the four quarters.
⁽⁵⁾ The long term fund flows reported by ICI are composed of North America Market flows mainly in Equities, Hybrids and Fixed Income Asset Classes. The long term fund flows reported by Broadridge are composed of EMEA Market flows mainly in Equities, Fixed Income, and Multi Asset Classes.



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

December 31, 2018	Ratings
(Dollars in billions, or where otherwise noted)	UST/AGY			AAA			AA			A			BBB			<BBB			NR			Book Value⁽¹⁾		Book Value (% Total)		Net Unrealized After-tax MTM Gain/(Loss) (In millions)⁽²⁾			Fixed Rate/ Floating Rate
Government & agency securities	49		%	14		%	21		%	8		%	6		%	—		%	2		%	$	32.2	36.8	%	$	(134	)	100% / 0%
Asset-backed securities	—			67			27			2			3			1			—			9.3		10.7		29			0% / 100%
Student loans	—			38			54			1			6			1			—			3.8		40.9		12
Credit cards	—			100			—			—			—			—			—			1.2		12.9		(20		)
Auto & equipment	—			79			21			—			—			—			—			0.7		7.5		(1		)
Non-U.S. residential mortgage backed securities	—			78			12			5			2			3			—			2.3		24.7		41
Collateralized loan obligation	—			100			—			—			—			—			—			1.2		12.9		(3		)
Other	—			26			73			1			—			—			—			0.1		1.1		—
Mortgage-backed securities	100			—			—			—			—			—			—			35.7		40.8		(465		)	98% / 2%
Agency MBS	100			—			—			—			—			—			—			35.5		99.4		(484		)
Non-agency MBS	—			8			5			8			14			51			14			0.2		0.6		19
CMBS	74			26			—			—			—			—			—			3.2		3.7		(46		)	54% / 46%
Corporate bonds	—			—			15			48			37			—			—			3.0		3.4		(28		)	94% / 6%
Covered bonds	—			100			—			—			—			—			—			1.3		1.5		—			5% / 95%
Municipal bonds	—			27			65			8			—			—			—			0.9		1.0		1			100% / 0%
Clipper tax-exempt bonds/other	—			15			68			13			4			—			—			1.8		2.1		11			35% / 65%
Total Portfolio	61		%	15		%	14		%	5		%	5		%	—		%	—		%	$	87.4	100.0	%	$	(632	)	84% / 16%

Book Value	$	53.6		$	13.4		$	11.6		$	4.6		$	3.6		$	0.2		$	0.4

⁽¹⁾ Portfolio amounts are expressed at book value; book value includes the amortized cost of transferred securities at the time they were transferred.
⁽²⁾ At December 31, 2018, the after-tax unrealized MTM gain/(loss) includes after-tax unrealized loss on securities available-for-sale of $156 million, after-tax unrealized loss on securities held-to-maturity of $417 million and after-tax unrealized loss primarily related to securities previously transferred from available-for-sale to held-to-maturity of $59 million.



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

December 31, 2018				Book Value
(Dollars in billions)	Book Value		Average Rating	Gov't/Agency⁽¹⁾		ABS FRMBS		ABS All Other		Corporate Bonds		Covered Bonds		Other
United Kingdom	$	3.7	AAA	$	1.9	$	0.6	$	0.7	$	0.2	$	0.3	$	—
Australia	3.2		AAA	0.8		1.1		—		0.2		0.3		0.8
Canada	2.2		AAA	1.9		—		—		0.2		0.1		—
Germany	2.0		AA	1.5		—		0.5		—		—		—
France	1.9		AA	1.0		—		0.5		0.2		0.2		—
Spain	1.6		BBB	1.4		0.1		0.1		—		—		—
Japan	1.3		A	1.3		—		—		—		—		—
Austria	1.3		AA	1.3		—		—		—		—		—
Netherlands	1.3		AAA	0.6		0.4		—		0.2		0.1		—
Ireland	1.3		A	1.3		—		—		—		—		—
Italy	1.1		A	0.8		0.2		0.1		—		—		—
Belgium	1.0		AA	0.8		—		—		—		0.2		—
Finland	0.8		AA	0.8		—		—		—		—		—
Hong Kong	0.5		AA	0.5		—		—		—		—		—
Other	0.8		AA	0.5		—		—		0.2		0.1		—
Total Non-U.S. Investments⁽²⁾	$	24.0		$	16.4	$	2.4	$	1.9	$	1.2	$	1.3	$	0.8
U.S. Investments	63.4
Total Portfolio	$	87.4

⁽¹⁾ Sovereign debt is reflected in the government / agency column.
⁽²⁾Country of collateral used except for corporates where country of issuer is used.



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION
In addition to presenting State Street's financial results in conformity with U.S. generally accepted accounting principles, or GAAP, management also presents certain financial information on a basis that excludes or adjusts one or more items from GAAP. This latter basis is a non-GAAP presentation. In general, our non-GAAP financial results adjust selected GAAP-basis financial results to exclude the impact of revenue and expenses outside of State Street’s normal course of business or other notable items, such as acquisition and restructuring charges, repositioning charges and gains/losses on sales. Management believes that this presentation of financial information facilitates an investor's further understanding and analysis of State Street's financial performance and trends with respect to State Street’s business operations from period to period, including providing additional insight into our underlying margin and profitability. In addition, Management may also provide additional non-GAAP measures. For example, we present capital ratios, calculated under regulatory standards scheduled to be effective in the future or other standards, that management uses in evaluating State Street’s business and activities and believes may similarly be useful to investors. Additionally, we may present revenue and expense measures on a constant currency basis to identify the significance of changes in foreign currency exchange rates (which often are variable) in period-to-period comparisons. This presentation represents the effects of applying prior period weighted average foreign currency exchange rates to current period results.
Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in conformity with GAAP.

	Quarters																						% Change						Year-to-Date						% Change
(Dollars in millions)	1Q17			2Q17			3Q17			4Q17			1Q18		2Q18			3Q18		4Q18			4Q18 vs. 4Q17			4Q18 vs. 3Q18			2017			2018			YTD 2018 vs. YTD 2017
Fee Revenue:
Total fee revenue, GAAP-basis⁽¹⁾	$	2,198		$	2,235		$	2,242		$	2,230		$	2,378	$	2,358		$	2,280	$	2,289		2.6	%		0.4	%		$	8,905		$	9,305		4.5	%
Less: Gain on sale	(30		)	—			(26		)	—			—		—			—		—									(56		)	—
Add: legal and related	—			—			—			—			—		—			—		8									—			8
Add: Impact of tax legislation	—			—			—			18			—		—			—		—									18			—
Total fee revenue, excluding notable items	$	2,168		$	2,235		$	2,216		$	2,248		$	2,378	$	2,358		$	2,280	$	2,297		2.2			0.7			$	8,867		$	9,313		5.0

Total Revenue:
Total revenue, GAAP-basis	$	2,668		$	2,810		$	2,846		$	2,846		$	3,019	$	3,026		$	2,951	$	2,986		4.9	%		1.2	%		$	11,170		$	11,982		7.3	%
Less: Gain on sale	(30		)	—			(26		)	—			—		—			—		—									(56		)	—
Add: legal and related	—			—			—			—			—		—			—		8									—			8
Add: Impact of tax legislation	—			—			—			20			—		—			—		—									20			—
Total revenue, excluding notable items	$	2,638		$	2,810		$	2,820		$	2,866		$	3,019	$	3,026		$	2,951	$	2,994		4.5			1.5			$	11,134		$	11,990		7.7

Expenses:
Total expenses, GAAP-basis	$	2,086		$	2,031		$	2,021		$	2,131		$	2,256	$	2,159		$	2,079	$	2,474		16.1	%		19.0	%		$	8,269		$	8,968		8.5	%
Less: Notable expense items:
Acquisition and restructuring costs	(29		)	(71		)	(33		)	(133		)	—		—			—		(24		)							(266		)	(24		)
Repositioning charges	—			—			—			—			—		(77		)	—		(223		)							—			(300		)
Business exit: Channel Islands	—			—			—			—			—		—			—		(24		)							—			(24		)
Legal and related	—			—			—			—			—		—			—		(42		)							—			(42		)
Total expenses, excluding notable items	$	2,057		$	1,960		$	1,988		$	1,998		$	2,256	$	2,082		$	2,079	$	2,161		8.2			3.9			$	8,003		$	8,578		7.2

Fee Operating Leverage, GAAP-Basis:
Total fee revenue, GAAP-basis⁽¹⁾	$	2,198		$	2,235		$	2,242		$	2,230		$	2,378	$	2,358		$	2,280	$	2,289		2.65	%		0.39	%		$	8,905		$	9,305		4.49	%
Total expenses, GAAP-basis	2,086			2,031			2,021			2,131			2,256		2,159			2,079		2,474			16.10			19.00			8,269			8,968			8.45
Fee operating leverage, GAAP-basis																							(13.45	)	pts	(18.61	)	pts							(3.96	)	pts

Fee Operating Leverage, excluding notable items:
Total fee revenue, excluding notable items (as reconciled above)	$	2,168		$	2,235		$	2,216		$	2,248		$	2,378	$	2,358		$	2,280	$	2,297		2.18	%		0.75	%		$	8,867		$	9,313		5.03	%
Total expenses, excluding notable items (as reconciled above)	2,057			1,960			1,988			1,998			2,256		2,082			2,079		2,161			8.16			3.94			8,003			8,578			7.18
Fee operating leverage, excluding notable items																							(5.98	)	pts	(3.19	)	pts							(2.15	)	pts

Operating Leverage, GAAP-Basis:
Total revenue, GAAP-basis	$	2,668		$	2,810		$	2,846		$	2,846		$	3,019	$	3,026		$	2,951	$	2,986		4.92	%		1.19	%		$	11,170		$	11,982		7.27	%
Total expenses, GAAP-basis	2,086			2,031			2,021			2,131			2,256		2,159			2,079		2,474			16.10			19.00			8,269			8,968			8.45
Operating leverage, GAAP-basis																							(11.18	)	pts	(17.81	)	pts							(1.18	)	pts

Operating Leverage, excluding notable items:
Total revenue, excluding notable items (as reconciled above)	$	2,638		$	2,810		$	2,820		$	2,866		$	3,019	$	3,026		$	2,951	$	2,994		4.47	%		1.46	%		$	11,134		$	11,990		7.69	%
Total expenses, excluding notable items (as reconciled above)	2,057			1,960			1,988			1,998			2,256		2,082			2,079		2,161			8.16			3.94			8,003			8,578			7.18
Operating leverage, excluding notable items																							(3.69	)	pts	(2.48	)	pts							0.51		pts




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

	Quarters																								% Change						Year-to-Date						% Change
(Dollars in millions, except per Earnings per share, or where otherwise noted)	1Q17			2Q17			3Q17			4Q17			1Q18			2Q18			3Q18			4Q18			4Q18 vs. 4Q17			4Q18 vs. 3Q18			2017			2018			YTD 2018 vs. YTD 2017
Net Income Available to Common Shareholders:
Net Income Available to Common Shareholders, GAAP-basis	$	446		$	584		$	629		$	334		$	605		$	698		$	709		$	398		19.2	%		(43.9	)%		$	1,993		$	2,410		20.9	%
Less: Notable items
Gain on sale	(30		)	—			(26		)	—			—			—			—			—									(56		)	—
Acquisition and restructuring costs	29			71			33			133			—			—			—			24									266			24
Impact of tax legislation (revenue)	—			—			—			20			—			—			—			—									20			—
Impact of tax legislation (income tax)	—			—			—			250			—			—			—			—									250			—
Repositioning charges	—			—			—			—			—			77			—			223									—			300
Business exit: Channel Islands	—			—			—			—			—			—			—			24									—			24
Legal and related	—			—			—			—			—			—			—			50									—			50
Tax impact of notable items	(23		)	(25		)	2			(45		)	—			(16		)	—			(73		)							(91		)	(89		)
Net Income Available to Common Shareholders, excluding notable items	$	422		$	630		$	638		$	692		$	605		$	759		$	709		$	646		(6.6	)		(8.9	)		$	2,382		$	2,719		14.1

Diluted Earnings per Share:
Diluted earnings per share, GAAP-basis	$	1.15		$	1.53		$	1.66		$	0.89		$	1.62		$	1.88		$	1.87		$	1.04		16.9	%		(44.4	)%		$	5.24		$	6.40		22.1	%
Less: Notable items
Gain on sale	(0.11		)	—			(0.03		)	—			—			—			—			—									(0.14		)	—
Acquisition and restructuring costs	0.05			0.12			0.06			0.23			—			—			—			0.04									0.45			0.04
Impact of tax legislation (revenue)	—			—			—			0.05			—			—			—			—									0.04			—
Impact of tax legislation (income tax)	—			—			—			0.67			—			—			—			—									0.67			—
Repositioning charges	—			—			—			—			—			0.16			—			0.43									—			0.61
Business exit: Channel Islands	—			—			—			—			—			—			—			0.05									—			0.05
Legal and related	—			—			—			—			—			—			—			0.12									—			0.12
Diluted earnings per share, excluding notable items	$1.09			$1.65			$1.69			$1.84			$1.62			$2.04			$1.87			$1.68			(8.7	)		(10.2	)		$6.26			$7.22			15.3

Pre-tax Margin:
Pre-tax margin, GAAP-basis	21.9		%	27.6		%	28.9		%	25.2		%	25.3		%	28.6		%	29.4		%	16.9		%	(8.3	)%	pts	(12.5	)%	pts	26.0		%	25.0		%	(1.0	)%	pts
Less: Notable items
Gain on sale	(1.1)			—			(0.9)			—			—			—			—			—									(0.5		)	—
Acquisition and restructuring costs	1.1			2.5			1.2			4.6			—			—			—			0.8									2.4			0.2
Impact of tax legislation (revenue)	—			—			—			0.6			—			—			—			—									0.2			—
Repositioning charges	—			—			—			—			—			2.5			—			7.4									—			2.5
Business exit: Channel Islands	—			—			—			—			—			—			—			0.8									—			0.2
Legal and related	—			—			—			—			—			—			—			1.7									—			0.4
Pre-tax margin, excluding notable items	21.9%			30.1%			29.2%			30.4%			25.3%			31.1%			29.4%			27.6%			(2.8	)	pts	(1.8	)	pts	28.1%			28.3%			0.2		pts


⁽¹⁾Approximately $15 million of swap costs in 1Q18 were reclassified from processing fees and other revenue within fee revenue to net interest income to conform to current presentation. No other prior periods were revised.



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF CONSTANT CURRENCY FX IMPACTS

GAAP-Basis Quarter Comparison	Reported							Currency Translation Impact						Excluding Currency Impact				% Change Constant Currency
(Dollars in millions)	4Q17		3Q18			4Q18		4Q18 vs. 4Q17			4Q18 vs. 3Q18			4Q18 vs. 4Q17		4Q18 vs. 3Q18		4Q18 vs. 4Q17		4Q18 vs. 3Q18
Fee revenue:
Servicing fees	$	1,379	$	1,333		$	1,286	$	(17	)	$	(10	)	$	1,303	$	1,296	(5.5	)%	(2.8	)%
Management fees	418		474			440		(3		)	(2		)	443		442		6.0		(6.8	)
Foreign exchange trading services	248		288			294		(1		)	—			295		294		19.0		2.1
Securities finance	147		128			120		—			—			120		120		(18.4	)	(6.3	)
Processing fees and other⁽¹⁾	38		57			149		—			—			149		149		292.1		161.4
Total fee revenue	2,230		2,280			2,289		(21		)	(12		)	2,310		2,301		3.6		0.9
Net interest income⁽¹⁾	616		672			697		(5		)	(2		)	702		699		14.0		4.0
Gains (losses) related to investment securities, net	—		(1		)	—		—			—			—		—		nm		nm
Total revenue⁽²⁾	$	2,846	$	2,951		$	2,986	$	(26	)	$	(14	)	$	3,012	$	3,000	5.8		1.7

Expenses:
Compensation and employee benefits	$	1,067	$	1,103		$	1,303	$	(14	)	$	(6	)	$	1,317	$	1,309	23.4		18.7
Information systems and communications	301		332			356		(1		)	(1		)	357		357		18.6		7.5
Transaction processing services	219		236			214		(2		)	(1		)	216		215		(1.4	)	(8.9	)
Occupancy	117		110			146		(2		)	(1		)	148		147		26.5		33.6
Acquisition and restructuring costs	133		—			24		—			—			24		24		(82.0	)	100.0
Amortization of other intangible assets	54		47			81		(1		)	—			82		81		51.9		72.3
Other	240		251			350		(3		)	(1		)	353		351		47.1		39.8
Total expenses⁽³⁾	$	2,131	$	2,079		$	2,474	$	(23	)	$	(10	)	$	2,497	$	2,484	17.2		19.5



GAAP-Basis YTD Comparison	Reported					Currency Translation Impact		Excluding Currency Impact		% Change Constant Currency
(Dollars in millions)	2017			2018		YTD 2018 vs. YTD 2017		2018		YTD 2018 vs. YTD 2017
Fee revenue:
Servicing fees	$	5,365		$	5,421	$	41	$	5,380	0.3	%
Management fees	1,616			1,851		15		1,836		13.6
Foreign exchange trading services	1,071			1,201		6		1,195		11.6
Securities finance	606			543		1		542		(10.6	)
Processing fees and other⁽¹⁾	247			289		1		288		16.6
Total fee revenue	8,905			9,305		64		9,241		3.8
Net interest income⁽¹⁾	2,304			2,671		5		2,666		15.7
Gains (losses) related to investment securities, net	(39		)	6		—		6		(115.4	)
Total revenue⁽²⁾	$	11,170		$	11,982	$	69	$	11,913	6.7

Expenses:
Compensation and employee benefits	$	4,394		$	4,780	$	28	$	4,752	8.1
Information systems and communications	1,167			1,324		3		1,321		13.2
Transaction processing services	838			938		4		934		11.5
Occupancy	461			500		2		498		8.0
Acquisition and restructuring costs	266			24		—		24		(91.0	)
Amortization of other intangible assets	214			226		4		222		3.7
Other	929			1,176		11		1,165		25.4
Total expenses⁽³⁾	$	8,269		$	8,968	$	52	$	8,916	7.8

⁽¹⁾Approximately $15 million of swap costs in 1Q18 were reclassified from processing fees and other revenue within fee revenue to net interest income to conform to current presentation. No other prior periods were revised.
⁽²⁾Revenues associated with the acquired CRD business were $121 million for 4Q18
⁽³⁾ Expenses associated with the acquired CRD business include approximately $39 million for 4Q18 spread across multiple expense lines, and $18 million intangible asset amortization.
^nm Not meaningful



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF TANGIBLE COMMON EQUITY RATIO

The accompanying materials present capital ratios in addition to, or adjusted from, those calculated in conformity with applicable regulatory requirements. These include capital ratios based on tangible common equity, as well as capital ratios adjusted to reflect our estimate of the impact of the relevant Basel III requirements, as specified in the July 2013 final rule issued by the Board of Governors of the Federal Reserve System, referred to as the Basel III final rule. These non-regulatory and adjusted capital measures are non-GAAP financial measures. Management currently calculates the non-GAAP capital ratios presented in the news release to aid in its understanding of State Street’s capital position under a variety of standards, including currently applicable and transitioning regulatory requirements. Management believes that the use of the non-GAAP capital ratios presented in the accompanying materials similarly aids in an investor's understanding of State Street's capital position and therefore is of interest to investors.
The common equity tier 1 risk-based capital, or CET1, tier 1 risk-based capital, total risk-based capital and tier 1 leverage ratios have each been calculated in conformity with applicable regulatory requirements as of the dates that each was first publicly disclosed. The capital component, or numerator, of these ratios was calculated in conformity with the provisions of the Basel III final rule. For the periods below the total risk-weighted assets component, or denominator, used in the calculation of the CET1, tier 1 risk-based capital and total risk-based capital ratios were each calculated in conformity with the advanced approaches and standardized approach provisions of Basel III, as the case may be.
The advanced approaches-based ratios (actual and estimated) included in this presentation reflect calculations and determinations with respect to our capital and related matters, based on State Street and external data, quantitative formula, statistical models, historical correlations and assumptions, collectively referred to as “advanced systems,” in effect and used by us for those purposes as of the respective date of each ratio’s first public announcement. Significant components of these advanced systems involve the exercise of judgment by us and our regulators, and these advanced systems may not, individually or collectively, precisely represent or calculate the scenarios, circumstances, outputs or other results for which they are designed or intended. Due to the influence of changes in these advanced systems, whether resulting from changes in data inputs, regulation or regulatory supervision or interpretation, State Street-specific or market activities or experiences or other updates or factors, we expect that our advanced systems and our capital ratios calculated in conformity with the Basel III framework will change and may be volatile over time, and that those latter changes or volatility could be material as calculated and measured from period to period.
The tangible common equity, or TCE, ratio is an additional capital ratio that management believes provides context useful in understanding and assessing State Street's capital adequacy. The TCE ratio is calculated by dividing consolidated total common shareholders’ equity by consolidated total assets, after reducing both amounts by goodwill and other intangible assets net of related deferred taxes. Total assets reflected in the TCE ratio also exclude cash balances on deposit at the Federal Reserve Bank and other central banks in excess of required reserves. The TCE ratio is not required by GAAP or by banking regulations, but is a metric used by management to evaluate the adequacy of State Street’s capital levels. Since there is no authoritative requirement to calculate the TCE ratio, our TCE ratio is not necessarily comparable to similar capital measures disclosed or used by other companies in the financial services industry. Tangible common equity and adjusted tangible assets are non-GAAP financial measures and should be considered in addition to, not as a substitute for or superior to, financial measures determined in accordance with GAAP or other applicable requirements. Reconciliations with respect to the calculation of the TCE ratios are provided within the Reconciliation of Tangible Common Equity Ratio within this package.
The following table presents the calculation of State Street's ratios of tangible common equity to total tangible assets.
		Quarters
(Dollars in millions)		1Q17			2Q17			3Q17			4Q17			1Q18			2Q18			3Q18			4Q18
Consolidated total assets		$	236,802		$	238,274		$	235,986		$	238,425		$	250,286		$	248,308		$	234,007		$	244,626
Less:
Goodwill		5,855			5,945			5,997			6,022			6,068			5,973			6,016			7,446
Other intangible assets		1,710			1,693			1,658			1,613			1,578			1,500			1,461			2,369
Cash balances held at central banks in excess of required reserves		59,780			56,326			51,965			56,712			62,901			64,640			51,707			62,867
Adjusted assets		169,457			174,310			176,366			174,078			179,739			176,195			174,823			171,944
Plus related deferred tax liabilities		649			651			647			479			477			465			461			464
Total tangible assets	A	$	170,106		$	174,961		$	177,013		$	174,557		$	180,216		$	176,660		$	175,284		$	172,408
Consolidated total common shareholders' equity		$	18,098		$	18,872		$	19,301		$	19,121		$	19,203		$	19,375		$	20,863		$	21,100
Less:
Goodwill		5,855			5,945			5,997			6,022			6,068			5,973			6,016			7,446
Other intangible assets		1,710			1,693			1,658			1,613			1,578			1,500			1,461			2,369
Adjusted equity		10,533			11,234			11,646			11,486			11,557			11,902			13,386			11,285
Plus related deferred tax liabilities		649			651			647			479			477			465			461			464
Total tangible common equity	B	$	11,182		$	11,885		$	12,293		$	11,965		$	12,034		$	12,367		$	13,847		$	11,749
Tangible common equity ratio	B/A	6.6		%	6.8		%	6.9		%	6.9		%	6.7		%	7.0		%	7.9		%	6.8		%

GAAP Basis:
Net income available to common shareholders		$	446		$	584		$	629		$	334		$	605		$	698		$	709		$	398
Return on tangible common equity		16.0		%	17.3		%	18.0		%	16.7		%	20.1		%	21.1		%	19.4		%	20.5		%

STATE STREET CORPORATION

EARNINGS RELEASE ADDENDUM

REGULATORY CAPITAL



	Quarters
	1Q17						2Q17						3Q17						4Q17						1Q18						2Q18						3Q18						4Q18
(Dollars in millions)	Basel III Advanced Approaches⁽¹⁾			Basel III Standardized Approach⁽²⁾			Basel III Advanced Approaches⁽¹⁾			Basel III Standardized Approach⁽²⁾			Basel III Advanced Approaches⁽¹⁾			Basel III Standardized Approach⁽²⁾			Basel III Advanced Approaches⁽¹⁾			Basel III Standardized Approach⁽²⁾			Basel III Advanced Approaches⁽¹⁾			Basel III Standardized Approach⁽²⁾			Basel III Advanced Approaches⁽¹⁾			Basel III Standardized Approach⁽²⁾			Basel III Advanced Approaches⁽¹⁾			Basel III Standardized Approach⁽²⁾			Basel III Advanced Approaches⁽¹⁾			Basel III Standardized Approach⁽²⁾
RATIOS:
Common equity tier 1 capital	11.2		%	11.5		%	12.0		%	11.2		%	12.6		%	11.6		%	12.3		%	11.9		%	12.1		%	10.8		%	12.4		%	11.3		%	14.1		%	13.0		%	12.1		%	11.5		%
Tier 1 capital	14.4			14.7			15.1			14.2			15.8			14.5			15.5			15.0			15.4			13.7			15.7			14.3			17.9			16.4			16.0			15.1
Total capital	15.4			15.9			16.2			15.2			16.9			15.6			16.5			16.0			16.4			14.6			16.4			15.1			18.7			17.2			16.8			16.0
Tier 1 leverage	6.8			6.8			7.0			7.0			7.4			7.4			7.3			7.3			6.9			6.9			7.1			7.1			8.1			8.1			7.2			7.2

Supporting Calculations:
Common equity tier 1 capital	$	11,319		$	11,319		$	12,007		$	12,007		$	12,439		$	12,439		$	12,204		$	12,204		$	11,950		$	11,950		$	12,223		$	12,223		$	13,703		$	13,703		$	11,580		$	11,580
Total risk-weighted assets	100,843			98,494			100,265			107,069			98,997			107,580			99,156			102,683			98,512			110,477			98,502			107,740			97,367			105,770			95,416			100,832
Common equity tier 1 risk-based capital ratio	11.2		%	11.5		%	12.0		%	11.2		%	12.6		%	11.6		%	12.3		%	11.9		%	12.1		%	10.8		%	12.4		%	11.3		%	14.1		%	13.0		%	12.1		%	11.5		%

Tier 1 capital	$	14,475		$	14,475		$	15,165		$	15,165		$	15,606		$	15,606		$	15,382		$	15,382		$	15,146		$	15,146		$	15,419		$	15,419		$	17,393		$	17,393		$	15,270		$	15,270
Total risk-weighted assets	100,843			98,494			100,265			107,069			98,997			107,580			99,156			102,683			98,512			110,477			98,502			107,740			97,367			105,770			95,416			100,832
Tier 1 risk-based capital ratio	14.4		%	14.7		%	15.1		%	14.2		%	15.8		%	14.5		%	15.5		%	15.0		%	15.4		%	13.7		%	15.7		%	14.3		%	17.9		%	16.4		%	16.0		%	15.1		%

Total capital	$	15,542		$	15,617		$	16,243		$	16,314		$	16,684		$	16,758		$	16,367		$	16,435		$	16,107		$	16,179		$	16,184		$	16,257		$	18,159		$	18,228		$	16,061		$	16,131
Total risk-weighted assets	100,843			98,494			100,265			107,069			98,997			107,580			99,156			102,683			98,512			110,477			98,502			107,740			97,367			105,770			95,416			100,832
Total risk-based capital ratio	15.4		%	15.9		%	16.2		%	15.2		%	16.9		%	15.6		%	16.5		%	16.0		%	16.4		%	14.6		%	16.4		%	15.1		%	18.7		%	17.2		%	16.8		%	16.0		%

Tier 1 capital	$	14,475		$	14,475		$	15,165		$	15,165		$	15,606		$	15,606		$	15,382		$	15,382		$	15,146		$	15,146		$	15,419		$	15,419		$	17,393		$	17,393		$	15,270		$	15,270
Adjusted quarterly average assets	212,361			212,361			216,940			216,940			211,396			211,396			209,328			209,328			219,582			219,582			216,896			216,896			214,103			214,103			211,924			211,924
Tier 1 leverage ratio	6.8		%	6.8		%	7.0		%	7.0		%	7.4		%	7.4		%	7.3		%	7.3		%	6.9		%	6.9		%	7.1		%	7.1		%	8.1		%	8.1		%	7.2		%	7.2		%
⁽¹⁾CET1, tier 1 capital, total capital, and tier 1 leverage ratios for each period above were calculated in conformity with the advanced approaches provisions of the Basel III final rule.
⁽²⁾ CET1, tier 1 capital, total capital, and tier 1 leverage ratios for each period above were calculated in conformity with the standardized approach provisions of the Basel III final rule.



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF FULLY PHASED-IN CAPITAL RATIOS

Fully phased-in pro-forma estimates of common equity tier 1 capital include 100% of the accumulated other comprehensive income component of common shareholder’s equity, including accumulated other comprehensive income attributable to available-for-sale securities, cash flow hedges and defined benefit pension plans, as well as 100% of applicable deductions, including but not limited to, intangible assets net of deferred tax liabilities. Fully phased-in pro-forma estimates of tier 1 and total capital both reflect the transition of trust preferred capital securities from tier 1 capital to total capital. For both Basel III advanced and standardized approaches, fully phased-in pro-forma estimates of risk-weighted assets reflect the exclusion of intangible assets, offset by additions related to non-significant equity exposures and deferred tax assets related to temporary differences. All fully phased-in ratios are preliminary estimates, based on our interpretations of the Basel III final rule as of the date each such ratio was first announced publicly and as applied to our businesses and operations as of the date of such ratio.
The following tables reconcile our fully phased-in estimated pro-forma common equity tier 1 capital, tier 1 capital, total capital and tier 1 leverage ratios, calculated in conformity with the Basel III final rule, as of the dates indicated, to those same ratios calculated in conformity with the applicable regulatory requirements as of such dates. Effective January 1, 2018, the applicable final rules are in effect and the ratios are calculated based on fully phased-in CET1, Tier 1 and Total capital numbers. As such, beginning with 1Q18, reconciliations of ratios calculated in conformity with applicable regulatory requirements equal fully phased-in ratios and a reconciliation is no longer needed. Reconciliations of prior period ratios continue to be provided to allow for better comparison of trends.

As of December 31, 2017 (Dollars in millions)	Basel III Advanced Approaches			Phase-In Provisions			Basel III Advanced Approaches Fully Phased-In Pro-Forma Estimate			Basel III Standardized Approach			Phase-In Provisions			Basel III Standardized Approach Fully Phased-In Pro-Forma Estimate
Common equity tier 1 capital	$	12,204		$	(320	)	$	11,884		$	12,204		$	(320	)	$	11,884
Tier 1 capital	15,382			(302		)	15,080			15,382			(302		)	15,080
Total capital	16,367			(302		)	16,065			16,435			(302		)	16,133
Risk weighted assets	99,156			(42		)	99,114			102,683			(40		)	102,643
Adjusted quarterly average assets	209,328			(220		)	209,108			209,328			(220		)	209,108

Capital ratios:
Common equity tier 1 capital	12.3		%				12.0		%	11.9		%				11.6		%
Tier 1 capital	15.5						15.2			15.0						14.7
Total capital	16.5						16.2			16.0						15.7
Tier 1 leverage	7.3						7.2			7.3						7.2

As of September 30, 2017 (Dollars in millions)	Basel III Advanced Approaches			Phase-In Provisions			Basel III Advanced Approaches Fully Phased-In Pro-Forma Estimate			Basel III Standardized Approach			Phase-In Provisions			Basel III Standardized Approach Fully Phased-In Pro-Forma Estimate
Common equity tier 1 capital	$	12,439		$	(297	)	$	12,142		$	12,439		$	(297	)	$	12,142
Tier 1 capital	15,606			(268		)	15,338			15,606			(268		)	15,338
Total capital	16,684			(267		)	16,417			16,758			(268		)	16,490
Risk weighted assets	98,997			(57		)	98,940			107,580			(54		)	107,526
Adjusted quarterly average assets	211,396			(184		)	211,212			211,396			(184		)	211,212

Capital ratios:
Common equity tier 1 capital	12.6		%				12.3		%	11.6		%				11.3		%
Tier 1 capital	15.8						15.5			14.5						14.3
Total capital	16.9						16.6			15.6						15.3
Tier 1 leverage	7.4						7.3			7.4						7.3



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF FULLY PHASED-IN CAPITAL RATIOS (Continued)
As of June 30, 2017 (Dollars in millions)	Basel III Advanced Approaches			Phase-In Provisions			Basel III Advanced Approaches Fully Phased-In Pro-Forma Estimate			Basel III Standardized Approach			Phase-In Provisions			Basel III Standardized Approach Fully Phased-In Pro-Forma Estimate
Common equity tier 1 capital	$	12,007		$	(315	)	$	11,692		$	12,007		$	(315	)	$	11,692
Tier 1 capital	15,165			(277		)	14,888			15,165			(277		)	14,888
Total capital	16,243			(277		)	15,966			16,314			(277		)	16,037
Risk weighted assets	100,265			66			100,331			107,069			62			107,131
Adjusted quarterly average assets	216,940			(205		)	216,735			216,940			(205		)	216,735

Capital ratios:
Common equity tier 1 capital	12.0		%				11.7		%	11.2		%				10.9		%
Tier 1 capital	15.1						14.8			14.2						13.9
Total capital	16.2						15.9			15.2						15.0
Tier 1 leverage	7.0						6.9			7.0						6.9


As of March 31, 2017 (Dollars in millions)	Basel III Advanced Approaches			Phase-In Provisions			Basel III Advanced Approaches Fully Phased-In Pro-Forma Estimate			Basel III Standardized Approach			Phase-In Provisions			Basel III Standardized Approach Fully Phased-In Pro-Forma Estimate
Common equity tier 1 capital	$	11,319		$	(339	)	$	10,980		$	11,319		$	(339	)	$	10,980
Tier 1 capital	14,475			(299		)	14,176			14,475			(299		)	14,176
Total capital	15,542			(299		)	15,243			15,617			(299		)	15,318
Risk weighted assets	100,843			134			100,977			98,494			127			98,621
Adjusted quarterly average assets	212,361			(269		)	212,092			212,361			(269		)	212,092

Capital ratios:
Common equity tier 1 capital	11.2		%				10.9		%	11.5		%				11.1		%
Tier 1 capital	14.4						14.0			14.7						14.4
Total capital	15.4						15.1			15.9						15.5
Tier 1 leverage	6.8						6.7			6.8						6.7



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF SUPPLEMENTARY LEVERAGE RATIOS

In 2014, U.S. banking regulators issued final rules implementing a supplementary leverage ratio, or SLR, for certain bank holding companies, like State Street, and their insured depository institution subsidiaries, like State Street Bank. We refer to these final rules as the SLR final rule. Under the SLR final rule, which was implemented as of January 1, 2018, (i) State Street Bank must maintain an SLR of at least 6% to be well capitalized under the U.S. banking regulators’ Prompt Corrective Action framework and (ii) if State Street maintains an SLR of at least 5%, it is not subject to limitations on distribution and discretionary bonus payments under the SLR final rule. Beginning with reporting for March 31, 2015, State Street was required to include SLR disclosures with its other Basel disclosures.
Estimated pro forma fully phased-in SLR ratios for the periods below are preliminary estimates by State Street (in each case, fully phased-in as of January 1, 2018, as per the phase-in requirements of the SLR final rule), calculated based on our interpretations of the SLR final rule as of October 23, 2017 and as applied to our businesses and operations for the periods below.
The following tables reconcile our estimated pro forma fully-phased in SLR ratios in conformity with the SLR final rule, as described, to our SLR ratios calculated in conformity with applicable regulatory requirements as of the dates indicated.

		State Street			State Street Bank
As of December 31, 2018 (Dollars in millions)		Fully Phased-In SLR			Fully Phased-In SLR
Tier 1 Capital	A	$	15,270		$	16,941
On-and off-balance sheet leverage exposure		250,738			247,873
Less: regulatory deductions		(9,545		)	(9,102		)
Total assets for SLR	B	241,193			238,771
Supplementary Leverage Ratio	A/B	6.3		%	7.1		%

		State Street			State Street Bank
As of September 30, 2018 (Dollars in millions)		Fully Phased-In SLR			Fully Phased-In SLR
Tier 1 Capital	C	$	17,393		$	19,012
On-and off-balance sheet leverage exposure		253,821			250,764
Less: regulatory deductions		(7,210		)	(6,769		)
Total assets for SLR	D	246,611			243,995
Supplementary Leverage Ratio	C/D	7.1		%	7.8		%


As of June 30, 2018 (Dollars in millions)		State Street			State Street Bank
As of June 30, 2018 (Dollars in millions)		Fully Phased-In SLR			Fully Phased-In SLR
Tier 1 Capital	E	$	15,419		$	16,795
On-and off-balance sheet leverage exposure		257,354			254,588
Less: regulatory deductions		(7,194		)	(6,755		)
Total assets for SLR	F	250,160			247,833
Supplementary Leverage Ratio	E/F	6.2		%	6.8		%


As of March 31, 2018 (Dollars in millions)		State Street			State Street Bank
As of March 31, 2018 (Dollars in millions)		Fully Phased-In SLR			Fully Phased-In SLR
Tier 1 Capital	G	$	15,146		$	16,296
On-and off-balance sheet leverage exposure		259,650			256,593
Less: regulatory deductions		(7,288		)	(6,860		)
Total assets for SLR	H	252,362			249,733
Supplementary Leverage Ratio	G/H	6.0		%	6.5		%



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

As of December 31, 2017 (Dollars in millions)		State Street						State Street Bank
As of December 31, 2017 (Dollars in millions)		Transitional SLR			Fully Phased-In SLR			Transitional SLR			Fully Phased-In SLR
Tier 1 Capital	I	$	15,382		$	15,080		$	16,531		$	16,240
On-and off-balance sheet leverage exposure		243,958			243,958			240,373			240,373
Less: regulatory deductions		(6,972		)	(7,250		)	(6,583		)	(6,854		)
Total assets for SLR	J	236,986			236,708			233,790			233,519
Supplementary Leverage Ratio	I/J	6.5		%	6.4		%	7.1		%	7.0		%

As of September 30, 2017 (Dollars in millions)		State Street						State Street Bank
As of September 30, 2017 (Dollars in millions)		Transitional SLR			Fully Phased-In SLR			Transitional SLR			Fully Phased-In SLR
Tier 1 Capital	K	$	15,606		$	15,338		$	16,323		$	16,067
On-and off-balance sheet leverage exposure		247,527			247,527			244,114			244,114
Less: regulatory deductions		(6,891		)	(7,161		)	(6,535		)	(6,795		)
Total assets for SLR	L	240,636			240,366			237,579			237,319
Supplementary Leverage Ratio	K/L	6.5		%	6.4		%	6.9		%	6.8		%


As of June 30, 2017 (Dollars in millions)		State Street						State Street Bank
As of June 30, 2017 (Dollars in millions)		Transitional SLR			Fully Phased-In SLR			Transitional SLR			Fully Phased-In SLR
Tier 1 Capital	M	$	15,165		$	14,888		$	16,002		$	15,738
On-and off-balance sheet leverage exposure		250,543			250,543			247,156			247,156
Less: regulatory deductions		(6,633		)	(6,838		)	(6,237		)	(6,434		)
Total assets for SLR	N	243,910			243,705			240,919			240,722
Supplementary Leverage Ratio	M/N	6.2		%	6.1		%	6.6		%	6.5		%


As of March 31, 2017 (Dollars in millions)		State Street						State Street Bank
As of March 31, 2017 (Dollars in millions)		Transitional SLR			Fully Phased-In SLR			Transitional SLR			Fully Phased-In SLR
Tier 1 Capital	O	$	14,475		$	14,176		$	15,492		$	15,206
On-and off-balance sheet leverage exposure		244,964			244,964			241,563			241,563
Less: regulatory deductions		(6,818		)	(7,087		)	(6,422		)	(6,683		)
Total assets for SLR	P	238,146			237,877			235,141			234,880
Supplementary Leverage Ratio	O/P	6.1		%	6.0		%	6.6		%	6.5		%