EXHIBIT 12

STATE STREET CORPORATION

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

	Years Ended December 31,
(Dollars in millions)		2008		2007		2006		2005		2004
EXCLUDING INTEREST ON DEPOSITS:
Pre-tax income from continuing operations, as reported		$	2,842	$	1,903	$	1,771	$	1,432	$	1,192
Share of pre-tax income of unconsolidated entities			34		65		43		16		39
Fixed charges			983		1,248		1,384		948		481
Preferred stock dividends and related adjustments			22		—		—		—		—
Adjusted earnings	(A)	$	3,881	$	3,216	$	3,198	$	2,396	$	1,712
Interest on short-term borrowings		$	674	$	959	$	1,145	$	753	$	315
Interest on long-term debt, including amortization of debt issuance costs			187		189		140		100		68
Portion of long-term leases representative of the interest factor(1)			122		100		99		95		98
Preferred stock dividends and related adjustments			22		—		—		—		—
Fixed charges and preferred stock dividends	(B)	$	1,005	$	1,248	$	1,384	$	948	$	481
Consolidated ratio of adjusted earnings to combined fixed charges and preferred stock dividends, excluding interest on deposits	(A)/(B)		3.86 x		2.58 x		2.31 x		2.53 x		3.56 x
INCLUDING INTEREST ON DEPOSITS:
Pre-tax income from continuing operations, as reported		$	2,842	$	1,903	$	1,771	$	1,432	$	1,192
Share of pre-tax income of unconsolidated entities			34		65		43		16		39
Fixed charges			2,309		3,546		3,275		2,080		993
Preferred stock dividends and related adjustments			22		—		—		—		—
Adjusted earnings	(C)	$	5,207	$	5,514	$	5,089	$	3,528	$	2,224
Interest on short-term borrowings and deposits		$	2,000	$	3,257	$	3,036	$	1,885	$	827
Interest on long-term debt, including amortization of debt issuance costs			187		189		140		100		68
Portion of long-term leases representative of the interest factor(1)			122		100		99		95		98
Preferred stock dividends and related adjustments			22		—		—		—		—
Fixed charges and preferred stock dividends	(D)	$	2,331	$	3,546	$	3,275	$	2,080	$	993
Consolidated ratio of adjusted earnings to combined fixed charges and preferred stock dividends, including interest on deposits	(C)/(D)		2.23 x		1.55 x		1.55 x		1.70 x		2.24 x

⁽¹⁾ The interest factor on long-term operating leases represented a reasonable approximation of the appropriate portion of operating lease expense considered to be representative of interest. The interest factor on long-term capital leases represented the amount recorded as interest expense in the consolidated statement of income.

STATE STREET CORPORATION

Ratio of Earnings to Fixed Charges

	Years Ended December 31,
(Dollars in millions)		2008		2007		2006		2005		2004
EXCLUDING INTEREST ON DEPOSITS:
Pre-tax income from continuing operations, as reported		$	2,842	$	1,903	$	1,771	$	1,432	$	1,192
Share of pre-tax income of unconsolidated entities			34		65		43		16		39
Fixed charges			983		1,248		1,384		948		481
Adjusted earnings	(A)	$	3,859	$	3,216	$	3,198	$	2,396	$	1,712
Interest on short-term borrowings		$	674	$	959	$	1,145	$	753	$	315
Interest on long-term debt, including amortization of debt issuance costs			187		189		140		100		68
Portion of long-term leases representative of the interest factor(1)			122		100		99		95		98
Fixed charges	(B)	$	983	$	1,248	$	1,384	$	948	$	481
Consolidated ratio of adjusted earnings to fixed charges, excluding interest on deposits	(A)/(B)		3.93 x		2.58 x		2.31 x		2.53 x		3.56 x
INCLUDING INTEREST ON DEPOSITS:
Pre-tax income from continuing operations, as reported		$	2,842	$	1,903	$	1,771	$	1,432	$	1,192
Share of pre-tax income of unconsolidated entities			34		65		43		16		39
Fixed charges			2,309		3,546		3,275		2,080		993
Adjusted earnings	(C)	$	5,185	$	5,514	$	5,089	$	3,528	$	2,224
Interest on short-term borrowings and deposits		$	2,000	$	3,257	$	3,036	$	1,885	$	827
Interest on long-term debt, including amortization of debt issuance costs			187		189		140		100		68
Portion of long-term leases representative of the interest factor(1)			122		100		99		95		98
Fixed charges	(D)	$	2,309	$	3,546	$	3,275	$	2,080	$	993
Consolidated ratio of adjusted earnings to fixed charges, including interest on deposits	(C)/(D)		2.25 x		1.55 x		1.55 x		1.70 x		2.24 x

⁽¹⁾ The interest factor on long-term operating leases represented a reasonable approximation of the appropriate portion of operating lease expense considered to be representative of interest. The interest factor on long-term capital leases represented the amount recorded as interest expense in the consolidated statement of income.