8-K - STT - Equibles

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): February 20, 2020

______________________

State Street Corporation

(Exact name of registrant as specified in its charter)

____________________	Massachusetts	001-07511
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification Number)	One Lincoln Street
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Boston	Massachusetts	02111
(Address of principal executive offices, and Zip Code)			Registrant’s telephone number, including area code:	(617)	786-3000
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________________

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

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to section 12(b) of the Act:	Title of each class	Trading Symbol(s)
Common stock, $1 par value per share	STT	New York Stock Exchange
Depositary Shares, each representing a 1/4,000th ownership interest in a share of	STT.PRC.CL	New York Stock Exchange
Non-Cumulative Perpetual Preferred Stock, Series C, without par value per share
Depositary Shares, each representing a 1/4,000th ownership interest in a share of	STT.PRD	New York Stock Exchange
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, without par value per share
Depositary Shares, each representing a 1/4,000th ownership interest in a share of	STT.PRG	New York Stock Exchange
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series G, without par value per share

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02. Results of Operations and Financial Condition.

State Street Corporation is reporting on this Current Report on Form 8-K an increase of $140 million to the fourth-quarter 2019 legal accrual associated with the invoicing matter first reported in December 2015. This additional accrual relates to events that developed subsequent to January 17, 2020, the date State Street originally announced its financial results for the fourth-quarter and full-year ended December 31, 2019.

The table below sets forth State Street’s summary financial results for the fourth-quarter and full-year ended December 31, 2019, both as originally announced on January 17, 2020 and as adjusted to reflect the effects of the $140 million legal accrual increase.

$ in millions, except per share data GAAP -basis	4Q19			4Q19			4Q19			2019			2019			2019
	As previously reported			Adjustment			As adjusted			As previously reported			Adjustment			As adjusted
Revenue	$	3,048		$	—		$	3,048		$	11,756		$	—		$	11,756
Expenses	2,267			140			2,407			8,894			140			9,034
Earnings per share (EPS)	1.73			(0.38		)	1.35			5.75			(0.37		)	5.38
Return on average common equity (ROE)	11.6		%	(2.6		)%	9.0		%	10.0		%	(0.6		)%	9.4		%
Pre-tax margin	25.5			(4.6		)	20.9			24.3			(1.2		)	23.1

State Street is making available an updated financial information addendum for the fourth-quarter and full-year 2019 reflecting the additional legal accrual. The updated addendum is furnished with this report as Exhibit 99.1 and incorporated by reference in this Item 2.02.

State Street’s Annual Report on Form 10-K, to be filed with the Securities and Exchange Commission on the date hereof, will reflect the effects of the increased legal accrual and the adjusted financial results described above.

Our legal accrual associated with the invoicing matter, including the increase described above, reflects our intention to seek to resolve the related pending government investigations and civil litigation. In late January 2020, the Department of Justice outlined a framework for a possible resolution of their review of this matter, and we have subsequently inquired of the Department of Labor on the status of their review. We expect that any settlement with the DOJ will include both financial and non-financial provisions.There can be no assurance that we will reach a settlement in any of these proceedings, including the DOJ or DOL reviews, on financial or other terms acceptable to us or at all. The aggregate amount of penalties that may potentially be imposed upon us in connection with the resolution of all government investigations and civil litigation relating to the invoicing matter is not currently known and might be significantly in excess of our current accrual. The outcome of any of these proceedings and, in particular, any criminal sanction could materially adversely affect our results of operations and could have significant collateral consequences for our business and reputation.

Forward Looking Statements

This report, including this Item 2.02 and the materials furnished under Item 9.01, contains forward-looking statements within the meaning of United States securities laws, including statements about our goals and expectations regarding pending government investigations and civil litigation associated with our previously disclosed invoicing matter, as well as regarding our business, financial and capital condition, results of operations, strategies, the financial and market outlook, dividend and stock purchase programs, governmental and regulatory initiatives and developments, expense reduction programs, new client business, and the business environment. Forward-looking statements are often, but not always, identified by such forward-looking terminology as “outlook,” “guidance,” “expect,” “priority,” “objective,” “intend,” “plan,” “forecast,” “believe,” “anticipate,” “estimate,” “seek,” “may,” “will,” “trend,” “target,” “strategy” and “goal,” or similar statements or variations of such terms. These statements are not guarantees of future performance, are inherently uncertain, are based on current assumptions that are difficult to predict and involve a number of risks and uncertainties. Therefore, actual outcomes and results may differ materially from what is expressed in those statements.

Important factors that could cause actual results to differ materially from those indicated by any forward-looking statements, include, but are not limited, those set forth in our 2018 Annual Report on Form 10-K and our subsequent SEC filings, including, but not limited to, our 2019 Annual Report on Form 10-K expected to be filed with the SEC on the date hereof. 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 report should not by relied on as representing our expectations or beliefs as of any time subsequent to the time this report is filed with the SEC, and we do not undertake efforts to revise those forward-looking statements to reflect events after that time.

Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

On February 20, 2020, State Street Corporation’s Board of Directors amended Article II Section 3 of the corporation’s by-laws, with immediate effect. The by-laws, as amended, allow for the removal of any director with or without cause at a meeting of shareholders duly called and noticed for that purpose. Prior to this amendment, the by-laws provided for the removal of a director by the shareholders only for cause. Other than this amendment, no other changes were made to the by-laws.

Item 7.01. Regulation FD Disclosure.

On February 20, 2020, State Street Corporation made available an updated slide presentation providing highlights of its fourth-quarter 2019 and full-year 2019 results of operations and related information as of December 31, 2019. The updated slide presentation reflects the additional legal accrual disclosed in Item 2.02 above. A copy of that slide presentation is furnished herewith as Exhibit 99.2 and is incorporated by reference in this Item 7.01.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

State Street Corporation's updated fourth-quarter 2019 and full-year 2019 financial information addendum is furnished herewith as Exhibit 99.1 and is incorporated by reference in Item 2.02 hereof; and an updated slide presentation providing highlights of State Street's fourth-quarter 2019 and full-year 2019 results of operations and related information as of December 31, 2019 is furnished herewith as Exhibit 99.2 and is incorporated by reference in Item 7.01 hereof. State Street's by-laws, as amended reflecting the amendment reported in Item 5.03 hereof, is filed herewith as Exhibit 3.1.

	Exhibit No.	Description
	3.1	By-laws, as amended
	99.1	Updated State Street's fourth-quarter 2019 and full-year 2019 financial information addendum (this Exhibit 99.1 is furnished, not filed)
	99.2	Updated slide presentation providing highlights of State Street's fourth-quarter 2019 and full-year 2019 results of operations and related information as of December 31, 2019 (this Exhibit 99.2 is furnished, not filed)
*	104	Cover Page Interactive Data File (formatted as Inline XBRL)	*	Submitted electronically herewith
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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/ IAN W. APPLEYARD
		Name:	Ian W. Appleyard,
		Title:	Executive Vice President, Global Controller and Chief Accounting Officer
Date:	February 20, 2020

corpbylaws2202020v2

BY-LAWS of STATE STREET CORPORATION As amended and restated through February 20, 2020 ARTICLE I SHAREHOLDERS SECTION 1. Annual Meeting. The annual meeting of shareholders of this corporation shall be held at such time and place as may be determined from time to time by the Board of Directors. In the event an annual meeting is not held at the time fixed in accordance with these by-laws or the time for an annual meeting is not fixed in accordance with these by-laws to be held within 13 months after the last annual meeting, the corporation may designate a special meeting as a special meeting in lieu of the annual meeting, and such meeting shall have all of the effect of an annual meeting. The purposes for which an annual meeting is to be held shall be specified in the corporation’s notice of the meeting and only business within such purposes may be conducted at the meeting. SECTION 2. Special Meetings. Special meetings of the shareholders may be called at any time by the chairman of the Board or by the Board of Directors and shall be called by the secretary, or in the case of the death, absence, incapacity or refusal of the secretary, by any other officer, if the holders of at least twenty-five (25) percent of all the votes entitled to be cast on any issue to be considered at the proposed special meeting sign, date and deliver to the secretary one or more written demands for the meeting describing the purpose for which it is to be held. Such demands must include all the information that would be required pursuant to paragraph (b) of Section 7 of this Article I. Such demands may suggest a place, date and hour of such meeting, provided, however, that no such demands shall suggest a date not a full business day or an hour not within normal business hours as the date or hour of such meeting and provided, further, that such date and hour shall be determined by the chairman of the Board or by the Board of Directors. Special meetings of the shareholders shall be held at such place as may be determined by the Board of Directors. The purposes for which a special meeting is to be held shall be described in the corporation’s notice of the meeting and only business within such purposes may be conducted at the meeting. SECTION 3. Place of Meetings. Meetings of the shareholders may be held within or without the Commonwealth. SECTION 4. Notice. Except as hereinafter provided, a written notice of each meeting of shareholders stating the place, date and hour and describing the purpose or purposes thereof shall be given by the secretary or an assistant secretary (or by any other officer who is authorized to provide notice of such meeting) no fewer than seven nor more than 60 days before the meeting date to each shareholder entitled to vote thereat and to 1

each other shareholder to whom, by law or by the articles of organization, the corporation is required to provide such notice. Such notice shall be given in accordance with Article V of these by-laws. Whenever notice of a meeting is required to be given to a shareholder by law, by the articles of organization or by these by-laws, a written waiver of such notice, signed before or after the meeting by such shareholder or such shareholder’s attorney thereunto authorized, or transmitted by such shareholder or attorney by a method from which it can be determined that the waiver was authorized by the shareholder or attorney, and delivered to the corporation for inclusion with the records of the meeting, shall be deemed equivalent to such notice for such meeting and all adjourned sessions thereof. In addition, a shareholder’s attendance at a meeting: (i) waives objection to lack of notice or defective notice of the meeting, unless the shareholder at the beginning of the meeting objects to holding the meeting or transacting business at the meeting; and (ii) waives objection to consideration of a particular matter at the meeting that is not within the purpose or purposes described in the meeting notice, unless the shareholder objects to considering the matter when it is presented. SECTION 5. Action at a Meeting. Unless otherwise provided by law, or in the articles of organization, these by-laws or, to the extent authorized by law, a resolution of the Board of Directors requiring satisfaction of a greater quorum requirement for any voting group, a majority of the votes entitled to be cast on the matter by a voting group constitutes a quorum of that voting group for action on that matter. Though less than such a quorum be present, any meeting may without further notice be adjourned to a subsequent date or until a quorum be had, and at any such adjourned meeting any business may be transacted which might have been transacted at the original meeting. As used in these by-laws, a voting group includes all shares of one or more classes or series that, under the articles of organization or the Massachusetts Business Corporation Act, as in effect from time to time (the “MBCA”), are entitled to vote and to be counted together collectively on a matter at a meeting of shareholders. If a quorum of a voting group exists, favorable action on a matter, other than the election of a member of the Board of Directors, is taken by a voting group if the votes cast within the group “for” the action exceed the votes cast “against” the action, unless a greater number of affirmative votes is required by law, the articles of organization, these by-laws or, to the extent authorized by law, a resolution of the Board of Directors requiring receipt of a greater affirmative vote of the shareholders, including more separate voting groups. Other than in a Contested Election Meeting (as defined below), when a quorum is present, a nominee for director shall be elected to the Board of Directors if the votes cast “for” such nominee’s election exceed the votes cast “against” such nominee’s election. In a Contested Election Meeting, when a quorum is present, directors shall be elected by a plurality of the votes cast at such Contested Election Meeting. For purposes of this Section 5, “abstentions,” “broker non-votes” and “withheld votes” shall not be counted as a vote “for” or “against” a matter or election. A meeting of shareholders shall be a “Contested Election Meeting” if there are more persons nominated for election as directors at such meeting than there are directors to be elected at such meeting, determined as of the tenth day preceding the date of the corporation’s first notice to shareholders of such meeting sent pursuant to Section 4 of this Article I (the “Determination Date”); provided, however, that if in accordance with Section 7 of this Article I, shareholders are entitled to make nominations during a period of time that ends after the otherwise applicable Determination Date, the Determination Date shall instead be as of the end of such period. 2

Except as otherwise provided by law or by the articles of organization, each outstanding share entitled to vote on any matter shall have one vote for each such share held of record according to the records of the corporation, and a proportionate vote for any fractional share so held, on each matter voted on at a shareholder meeting. To the extent permitted by law, shareholders may vote either in person or by proxy. The delivery of a proxy on behalf of a shareholder consistent with telephonic or electronically transmitted instructions obtained pursuant to procedures of the corporation reasonably designed to verify that such instructions have been authorized by such shareholder shall constitute execution and delivery of the proxy by or on behalf of the shareholder. Except to the extent permitted by law, no proxy dated more than eleven months before the meeting named therein shall be valid, and unless otherwise expressly limited by its terms, a proxy shall entitle the holder or holders of the proxy to vote at any adjournment of such meeting but shall not be valid after the final adjournment of such meeting. A proxy with respect to stock held in the name of two or more persons shall be valid if authorized by or on behalf of any one of them unless at or prior to the exercise of the proxy the corporation receives written (including by electronic transmission as provided above in this paragraph) notice to the contrary from any one of them. A proxy purporting to be authorized by or on behalf of a shareholder, if accepted by the corporation in its discretion, shall be deemed valid unless challenged at or prior to its exercise, and the burden of proving its invalidity shall rest on the challenger. Any election of directors by shareholders and the determination of any other action to come before a meeting of shareholders shall be by ballot if so requested by any shareholder at the meeting entitled to vote thereon but need not be otherwise. SECTION 6. Action Without a Meeting. Except as otherwise required by law, any action required or permitted to be taken at any meeting of the shareholders may be taken without a meeting if all shareholders entitled to vote on the action consent to the action in writing (including by means of electronic transmission describing the action taken, from which it can be determined that the consent was authorized by the shareholder), which written consents describe the action taken, are signed by all shareholders entitled to vote on the action, bear the date of the signatures of such shareholders and are delivered to the corporation for inclusion with the records of the meetings of shareholders within sixty (60) days of the earliest dated consent delivered to the corporation. Each consent shall be treated for all purposes as a vote at a meeting. SECTION 7. Notice of Shareholder Business and Nomination of Directors. (a) Meetings of Shareholders. At any meeting of the shareholders, only such business shall be conducted, and only such nominations for director shall be considered, as shall have been properly brought before the meeting as provided in this Section 7. To be properly brought before a meeting, business and nominations must be (i) specified in the corporation’s notice of meeting, (ii) brought before the meeting by or at the direction of the chairman of the Board or the Board of Directors, (iii) properly brought before a special meeting upon written demands as provided in Section 2 of this Article I or properly requested to be brought before a special meeting in accordance with paragraph (d) of this Section 7, (iv) properly requested to be brought before an annual meeting by a shareholder of the corporation who (x) was a shareholder of record at the time of the giving of the notice provided for in this Section 7, (y) is a shareholder of record on the record date for the meeting and is entitled to vote at such meeting and (z) has complied with the notice procedures and other requirements of this Section 7, provided, however, that a shareholder may not bring or propose to be brought before a meeting any business 3

under this clause (iv) unless such business is a proper matter for shareholder action under Massachusetts law and such business is within the purposes specified in the corporation’s notice of meeting, or (v) properly requested to be brought before an annual meeting by a shareholder of the corporation upon written notice as provided in paragraph (c) of this Section 7. Other than matters properly brought under Rule 14a-8 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), clause (iii) of this Section 7(a) shall be the exclusive means for a shareholder to bring business and nominations before any special meeting of the shareholders and clauses (iv) and (v) of this Section 7(a) shall be the exclusive means for a shareholder to bring business and nominations before any annual meeting of the shareholders. The chairman of the Board or other presiding officer of the meeting shall have the power and duty to determine whether business or a nomination was properly brought before the meeting in accordance with the provisions of this Section 7, and if the chairman or other presiding officer should determine that business or a nomination was not properly brought before the meeting in accordance with the provisions of this Section 7, he or she shall so declare to the meeting and such business shall not be brought before the meeting. (b) Annual Meetings. For business and nominations to be properly brought before an annual meeting by a shareholder pursuant to clause (iv) of paragraph (a) of this Section 7, the shareholder must have given timely notice thereof in writing to the secretary of this corporation and, if the shareholder, or the beneficial owner on whose behalf any such business or nomination(s) is to be made, solicits or participates in the solicitation of proxies in support of such business or nomination(s), the shareholder must have timely and accurately indicated its, or such beneficial owner’s, intention to do so as provided below. To be timely, a shareholder’s notice shall be delivered to the secretary of this corporation at the principal executive offices of this corporation not less than 60 days nor more than 90 days prior to the first anniversary of the preceding year’s annual meeting; provided, however, that in the event that the date of the regularly-scheduled annual meeting is advanced by more than 30 days or delayed by more than 60 days from such anniversary date, notice by the shareholder to be timely must be so delivered not earlier than the 90th day prior to such annual meeting and not later than the close of business on the later of (x) the 60th day prior to such annual meeting and (y) the 10th day following the day on which public announcement of the date of such meeting is first made. In no event shall the public announcement of an adjournment or postponement of a scheduled meeting of shareholders commence a new time period (or extend any time period) for the giving of a shareholder’s notice as described above. Such shareholder’s notice shall set forth: (A) as to each person whom the shareholder proposes to nominate for election or reelection as a director (I) all information relating to such proposed nominee that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitation of proxies for election of directors in a contested election pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder (along with such proposed nominee’s written consent to being named as a nominee and to serving as a director if elected) and (II) a description of all direct and indirect compensation and other material monetary agreements, arrangements and understandings during the past three years, and any other material relationships, between or among (x) the shareholder, the beneficial owner, if any, on whose behalf the nomination is being made and the respective affiliates and associates of, or others acting in concert with, such shareholder and such beneficial owner, on the one hand, and (y) each proposed nominee, and his or her respective affiliates and associates, or others acting in concert with such nominee, on the other hand, including all information that would be required to be disclosed pursuant to Item 404 promulgated under Regulation S- 4

K if the shareholder making the nomination and any beneficial owner on whose behalf the nomination is made or any affiliate or associate thereof or person acting in concert therewith, were the “registrant” for purposes of such Item and the proposed nominee were a director or executive officer of such registrant; (B) as to any business (other than nominations for election as a director) that the shareholder proposes to bring before the meeting, a brief description of the business desired to be brought before the meeting, the reasons for conducting such business at the meeting, the text of the proposal (including the text of any resolutions proposed for consideration and, if such business includes a proposal to amend the by-laws of this corporation, the text of the proposed amendment), and a description of any material interest in such business of such shareholder, the beneficial owner, if any, on whose behalf the proposal is made and the respective affiliates and associates of, or others acting in concert with, such shareholder and such beneficial owner; (C) as to the shareholder giving the notice and the beneficial owner, if any, on whose behalf the business or nomination(s) is proposed (I) the name and address of such shareholder, as they appear on this corporation’s books, and of such beneficial owner, (II) the class or series and number of shares of this corporation which are, directly or indirectly, owned beneficially and of record by such shareholder and by such beneficial owner, (III) a description of any agreement, arrangement or understanding between such shareholder and such beneficial owner and any other person or persons (including their names) in connection with such business or nomination, (IV) a description of any agreement, arrangement or understanding (including any derivative or short positions, profit interests, options, warrants, stock appreciation or similar rights, hedging transactions, and borrowed or loaned shares) that has been entered into as of the date of the shareholder's notice by, or on behalf of, such shareholder and such beneficial owner, the effect or intent of which is to mitigate loss to, manage risk or benefit of share price changes for, or increase or decrease the voting power of, such shareholder or such beneficial owner with respect to shares of stock of the corporation, and (V) any other information relating to such shareholder and such beneficial owner that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for, as applicable, the business proposed and/or for the election of directors in a contested election pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder; and (D) a representation as to whether either such shareholder or beneficial owner, alone or as part of a group, intends (x) to deliver a proxy statement and/or form of proxy to holders of at least the percentage of the corporation’s outstanding capital stock required to approve or adopt the business proposed or elect the nominee and/or (y) otherwise to solicit proxies from shareholders in support of such business or nominee. Not later than 10 days after the record date for the meeting, the information required by Items (A), (B) and (C) of the prior sentence shall be supplemented by the shareholder giving the notice to provide updated information as of the record date. The corporation may require any proposed nominee to furnish promptly such other information as may be reasonably required to determine the eligibility and qualifications of such proposed nominee to serve as a director of the corporation or that could be material to a reasonable shareholder’s understanding of the independence, or lack thereof, of such nominee. (c) Proxy Access. The corporation shall include in its proxy statement (including its form of proxy) for any annual meeting of shareholders the name of any shareholder nominee for election to the Board of Directors submitted pursuant to this paragraph (c) of Section 7 (each a “Shareholder Nominee”) provided (i) timely written notice of such Shareholder Nominee satisfying this paragraph (c) of Section 7 is delivered to the corporation by or on behalf of a shareholder or shareholders that, at the time the 5

notice is delivered, satisfy the ownership and other requirements of this paragraph (c) of Section 7 (such shareholder or shareholders, and any person on whose behalf they are acting, the “Eligible Shareholder”), (ii) the Eligible Shareholder expressly elects in writing at the time of providing the notice required by this paragraph (c) of Section 7 to have its nominee included in the corporation’s proxy statement pursuant to this paragraph (c) of Section 7 and (iii) the Eligible Shareholder and the Shareholder Nominee otherwise satisfy the requirements of this paragraph (c) of Section 7. To be timely, an Eligible Shareholder’s notice shall be delivered to the secretary of this corporation at the principal executive offices of this corporation not less than 120 days nor more than 150 days prior to the first anniversary of the preceding year’s annual meeting; provided, however, that in the event that the date of the regularly-scheduled annual meeting is advanced by more than 30 days or delayed by more than 60 days from such anniversary date, notice by the Eligible Shareholder to be timely must be so delivered not earlier than the 150th day prior to such annual meeting and not later than the close of business on the later of (x) the 120th day prior to such annual meeting and (y) the 10th day following the day on which public announcement of the date of such meeting is first made. In no event shall the public announcement of an adjournment or postponement of a scheduled meeting of shareholders commence a new time period (or extend any time period) for the giving of an Eligible Shareholder’s notice as described above. In addition to including the name of the Shareholder Nominee in the corporation’s proxy statement for the annual meeting, the corporation also shall include (i) the information concerning the Shareholder Nominee and the Eligible Shareholder that is required to be disclosed in the corporation’s proxy statement pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder; and (ii) if the Eligible Shareholder so elects, a Statement (defined below) (collectively, the “Required Information”), provided that in no event shall the corporation be required to include any information not timely provided in accordance with this paragraph (c) of Section 7 or that the corporation believes would violate any applicable law, rule, regulation or listing standard. Nothing in this paragraph (c) of Section 7 shall limit the corporation’s ability to solicit against and include in its proxy statement its own statements relating to any Shareholder Nominee. The number of Shareholder Nominees (including Shareholder Nominees that were submitted by an Eligible Shareholder for inclusion in the corporation’s proxy statement pursuant to this paragraph (c) of Section 7 but either are subsequently withdrawn or that the Board of Directors decides to nominate (each a “Board Nominee”)) appearing in the corporation’s proxy statement with respect to a meeting of shareholders shall not exceed 20% of the number of directors in office as of the last day on which notice of a nomination may be delivered pursuant to this paragraph (c) of Section 7 (the “Final Proxy Access Nomination Date”) or, if such amount is not a whole number, the closest whole number below 20% (the “Permitted Number”); provided, however, that the Permitted Number shall be reduced by the number of director candidates for which the corporation shall have received one or more valid notices that a shareholder (other than an Eligible Shareholder) intends to nominate director candidates at such annual meeting of shareholders pursuant to paragraph (b) of this Section; provided, further, that in the event that one or more vacancies for any reason occurs on the Board of Directors at any time after the Final Proxy Access Nomination Date and before the date of the applicable annual meeting of shareholders and the Board of Directors resolves to reduce the size of the Board of 6

Directors in connection therewith, the Permitted Number shall be calculated based on the number of directors in office as so reduced. In the event that the number of Shareholder Nominees submitted by Eligible Shareholders pursuant to this paragraph (c) of Section 7 exceeds the Permitted Number, each Eligible Shareholder shall select one Shareholder Nominee for inclusion in the corporation’s proxy statement until the Permitted Number is reached, going in the order of the amount (greatest to least) of voting power of the corporation’s capital stock entitled to vote on the election of directors as disclosed in the original written notice of the nomination submitted to the corporation. If the Permitted Number is not reached after each Eligible Shareholder has selected one Shareholder Nominee, this selection process shall continue as many times as necessary, following the same order each time, until the Permitted Number is reached. An Eligible Shareholder must have owned (as defined below) continuously for at least three years a number of shares that represents 3% or more of the total voting power of the corporation’s outstanding shares of capital stock entitled to vote on the election of directors (the “Required Shares”) as of both the date the written notice of the nomination is delivered to or received by the corporation in accordance with this paragraph (c) of Section 7 and the record date for determining shareholders entitled to vote at the meeting, and must continue to own the Required Shares through the meeting date. For purposes of satisfying the ownership requirement under this paragraph (c) of Section 7, the voting power represented by the shares of stock owned by one or more shareholders, or by the person or persons who own shares of the corporation’s stock and on whose behalf any shareholder is acting, may be aggregated, provided that the number of shareholders and other persons whose ownership of shares is aggregated for such purpose shall not exceed 20, and a group of funds under common management and investment control shall be treated as one shareholder or person for this purpose. With respect to any one particular annual meeting, no person may be a member of more than one group of persons constituting an Eligible Shareholder under this paragraph (c) of Section 7. For purposes of this paragraph (c) of Section 7, a person shall be deemed to “own” only those outstanding shares of the corporation’s capital stock as to which the person possesses both (i) the full voting and investment rights pertaining to the shares and (ii) the full economic interest in (including the opportunity for profit and risk of loss on) such shares; provided that the number of shares calculated in accordance with clauses (i) and (ii) shall not include any shares (x) sold by such person or any of its affiliates in any transaction that has not been settled or closed, (y) borrowed by such person or any of its affiliates for any purposes or purchased by such person or any of its affiliates pursuant to an agreement to resell or (z) subject to any option, warrant, forward contract, swap, contract of sale, other derivative or similar agreement entered into by such person or any of its affiliates, whether any such instrument or agreement is to be settled with shares or with cash based on the notional amount or value of outstanding shares of the corporation’s capital stock, in any such case which instrument or agreement has, or is intended to have, the purpose or effect of (A) reducing in any manner, to any extent or at any time in the future, such person’s or affiliates’ full right to vote or direct the voting of any such shares, and/or (B) hedging, offsetting or altering to any degree gain or loss arising from the full economic ownership of such shares by such person or affiliate. A person shall “own” shares held in the name of a nominee or other intermediary so long as the person retains the right to instruct how the shares are voted with respect to 7

the election of directors and possesses the full economic interest in the shares. A person’s ownership of shares shall be deemed to continue during any period in which (i) the person has loaned such shares, provided that the person has the power to recall such loaned shares on no more than three business days’ notice or (ii) the person has delegated any voting power by means of a proxy, power of attorney or other instrument or arrangement that is revocable at any time by the person. For purposes of this paragraph (c) of Section 7, the term “affiliate” shall have the meaning ascribed thereto in the regulations promulgated under the Exchange Act. The terms “owned,” “owning” and other variations of the word “own” shall have correlative meanings. The Eligible Shareholder (including each member of a group of persons that is an Eligible Shareholder hereunder) must provide with its timely notice of nomination the following information in writing to the secretary: (i) one or more written statements from the record holder of the shares (and from each intermediary through which the shares are or have been held during the requisite three-year holding period) verifying that, as of a date within seven calendar days prior to the date the written notice of nomination is delivered to or received by the corporation, the Eligible Shareholder owns, and has owned continuously for the preceding three years, the Required Shares, and the Eligible Shareholder’s agreement to provide (A) within five business days after the record date for the meeting, written statements from the record holder and intermediaries verifying the Eligible Shareholder’s continuous ownership of the Required Shares through the record date, and (B) immediate notice if the Eligible Shareholder ceases to own any of the Required Shares prior to the date of the applicable annual meeting of shareholders; (ii) documentation satisfactory to the corporation demonstrating that a group of funds treated as one shareholder for purposes of this paragraph (c) of Section 7 are under common management and investment control; (iii) a representation that the Eligible Shareholder (including each member of any group of shareholders that together is an Eligible Shareholder hereunder) (A) intends to continue to own the Required Shares through the date of the annual meeting, (B) acquired the Required Shares in the ordinary course of business and not with the intent to change or influence control of the corporation, and does not presently have such intent, (C) has not nominated and will not nominate for election to the Board of Directors at the meeting any person other than the Shareholder Nominee(s) being nominated pursuant to this paragraph (c) of Section 7, (D) has not engaged and will not engage in, and has not and will not be, a “participant” in another person’s “solicitation” within the meaning of Rule 14a-1(l) under the Exchange Act in support of the election of any individual as a director at the meeting other than its Shareholder Nominee(s) or a Board Nominee, (E) will not distribute to any shareholder any form of proxy for the meeting other than the form distributed by the corporation, and (F) has provided and will provide facts, statements and other information in all communications with the corporation and its shareholders that are or will be true and correct in all material respects and do not and will not omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading; (iv) the written consent of each Shareholder Nominee to be named in the proxy statement as a nominee and to serve as a director if elected; (v) the information required with respect to the nomination of directors pursuant to paragraph (b) of this Section 7; (vi) a copy of the Schedule 14N that has been filed with the SEC as required by Rule 14a-18 under the Exchange Act; (vii) in the case of a nomination by a group of shareholders that together is an Eligible Shareholder, the designation by all group members of one group member that is authorized to act on behalf 8

of all members of the nominating shareholder group with respect to the nomination and all matters related thereto, including withdrawal of the nomination; and (viii) an undertaking that the Eligible Shareholder agrees to (A) assume all liability stemming from any legal or regulatory violation arising out of the Eligible Shareholder’s communications with the corporation’s shareholders or out of the information that the Eligible Shareholder provides to the corporation, (B) indemnify and hold harmless the corporation and each of its directors, officers and employees individually against any liability, loss or damages in connection with any threatened or pending action, suit or proceeding, whether legal, administrative or investigative, against the corporation or any of its directors, officers or employees arising out of any nomination submitted by the Eligible Shareholder pursuant to this paragraph (c) of Section 7, (C) file with the SEC any solicitation or other communication with the corporation’s shareholders relating to the meeting at which the Shareholder Nominee will be nominated, regardless of whether any such filing is required under Section 14 of the Exchange Act and the rules and regulations promulgated thereunder or whether any exemption from filing is available for such solicitation or other communication under Section 14 of the Exchange Act and the rules and regulations promulgated thereunder, and (D) comply with all other applicable laws, rules, regulations and listing standards with respect to any solicitation in connection with the meeting. The Eligible Shareholder may include with its timely notice of nomination a written statement for inclusion in the corporation’s proxy statement for the meeting, not to exceed 500 words, in support of the Shareholder Nominee’s candidacy (the “Statement”). Notwithstanding anything to the contrary contained in this Article I, the corporation may omit from its proxy statement any information or Statement that it believes would violate any applicable law, rule, regulation or listing standard. At the request of the corporation, each Shareholder Nominee must (i) provide within five days of the corporation’s request an executed agreement, in a form deemed satisfactory to the corporation, that (A) the Shareholder Nominee has read and agrees to adhere to the corporation’s Corporate Governance Guidelines and Standard of Conduct and any other corporation policies and guidelines applicable to directors including with regard to securities trading, and (B) the Shareholder Nominee is not and will not become a party to any compensatory, payment or other financial agreement, arrangement or understanding with any person or entity in connection with his or her nomination, service or action as a director of the corporation, or any agreement, arrangement or understanding with any person or entity as to how the Shareholder Nominee would vote or act on any issue or question as a director, in each case that has not been disclosed to the corporation; (ii) complete, sign and submit all questionnaires required of the corporation’s Board of Directors within five business days of receipt of each such questionnaire from the corporation; and (iii) provide within five business days of the corporation’s request such additional information as the corporation determines may be necessary to permit the Board of Directors to determine whether such Shareholder Nominee meets the requirements of this paragraph (c) of Section 7 and/or the corporation’s policies and guidelines applicable to directors, including whether (A) such Shareholder Nominee is independent under the listing standards of each exchange upon which the capital stock of the corporation is listed, any applicable rules of the Securities and Exchange Commission, the Board of Governors of the Federal Reserve System, the Massachusetts Commissioner of Banks, the Federal Deposit Insurance Company and any other regulator or governmental entity with authority over the corporation, and any publicly disclosed standards used by the Board of Directors in determining and disclosing the independence of the corporation’s directors (the “Independence Standards”), (B) such Shareholder 9

Nominee has any direct or indirect relationship with the corporation other than those relationships that have been deemed categorically immaterial pursuant to the corporation’s Corporate Governance Guidelines, and (C) such Shareholder Nominee is or has been subject to (1) any event specified in Item 401(f) of Regulation S-K under the Securities Act of 1933, as amended (the “Securities Act”) or (2) any order of the type specified in Rule 506(d) of Regulation D under the Securities Act. In the event that any information or communications provided by the Eligible Shareholder or Shareholder Nominee to the corporation or its shareholders ceases to be true and correct in any respect or omits a fact necessary to make the statements made, in light of the circumstances under which they were made, not misleading, each Eligible Shareholder or Shareholder Nominee, as the case may be, shall promptly notify the secretary of any such inaccuracy or omission in such previously provided information and of the information that is required to make such information or communication true and correct. The corporation shall not be required to include, pursuant to this paragraph (c) of Section 7, a Shareholder Nominee in its proxy statement (or, if the proxy statement has already been filed, to allow the nomination of a Shareholder Nominee, notwithstanding that proxies in respect of such vote may have been received by the corporation) (i) for any meeting for which the secretary receives a notice that the Eligible Shareholder or any other shareholder has nominated such Shareholder Nominee for election to the Board of Directors pursuant to this Section 7 and does not expressly elect at the time of providing the notice to have its nominee included in the corporation’s proxy statement pursuant to this paragraph (c) of Section 7; (ii) if the Eligible Shareholder who has nominated such Shareholder Nominee has nominated for election to the Board of Directors at the annual meeting any person pursuant to paragraph (b) of this Section 7, or has or is engaged in, or has been or is a “participant” in another person’s, “solicitation” within the meaning of Rule 14a-1(l) under the Exchange Act in support of the election of any individual as a director at the meeting other than its Shareholder Nominee(s) or a Board Nominee; (iii) who is not independent under the Independence Standards; (iv) whose election as a member of the Board of Directors would cause the corporation to be in violation of these by-laws, the corporation’s articles of incorporation, the listing standards of any exchange upon which the corporation’s capital stock is traded, or any applicable state or federal law, rule or regulation; (v) if the Shareholder Nominee is or becomes a party to any compensatory, payment or other financial agreement, arrangement or understanding with any person or entity in connection with his or her nomination, service or action as a director of the corporation, or any agreement, arrangement or understanding with any person or entity as to how the Shareholder Nominee would vote or act on any issue or question as a director, in each case that has not been disclosed to the corporation; (vi) who is or has been, within the past three years, an officer or director of a competitor, as defined in Section 8 of the Clayton Antitrust Act of 1914; (vii) whose then-current or within the preceding ten years’ business or personal interests place such Shareholder Nominee in a conflict of interest with the corporation or any of its subsidiaries that would cause such Shareholder Nominee to violate any fiduciary duties of directors established pursuant to Massachusetts law, including but not limited to the duty of loyalty and duty of care; (viii) who is a named subject of a pending criminal proceeding (excluding traffic violations and other minor offenses) or has been convicted in such a criminal proceeding within the past ten years; (ix) who is subject to any order of the type specified in Rule 506(d) of Regulation D under the Securities Act; (x) if such Shareholder Nominee or the applicable Eligible Shareholder shall have provided information to the corporation in respect to such 10

nomination that was untrue in any material respect or omitted to state a material fact necessary in order to make the statement made, in light of the circumstances under which they were made, not misleading or shall have breached its or their agreements, representations, undertakings and/or obligations pursuant to this paragraph (c) of Section 7. Notwithstanding anything to the contrary set forth herein, the Board of Directors or the person presiding at the meeting shall declare a nomination by an Eligible Shareholder to be invalid, and such nomination shall be disregarded notwithstanding that proxies in respect of such vote may have been received by the corporation, if (i) the Shareholder Nominee and/or the applicable Eligible Shareholder shall have breached its or their agreements, representations, undertakings and/or obligations pursuant to this paragraph (c) of Section 7, as determined by the Board of Directors or the person presiding at the meeting or (ii) the Eligible Shareholder (or a qualified representative thereof) does not appear at the meeting to present any nomination pursuant to this paragraph (c) of Section 7. Any Shareholder Nominee who is included in the corporation’s proxy statement for a particular meeting of shareholders but either (i) withdraws from or becomes ineligible or unavailable for election at the meeting or (ii) does not receive a number of votes cast in favor of his or her election at least equal to 25% of the shares present in person or represented by proxy at the annual meeting and entitled to vote on the Shareholder Nominee’s election, shall be ineligible to be included in the corporation’s proxy statement as a Shareholder Nominee pursuant to this paragraph (c) of Section 7 for the next two annual meetings of shareholders following the meeting for which the Shareholder Nominee has been nominated for election. The Board of Directors (and any other person or body authorized by the Board of Directors) shall have the power and authority to interpret this paragraph (c) of Section 7 and to make any and all determinations necessary or advisable to apply this paragraph (c) of Section 7 to any persons, facts or circumstances, including the power to determine (i) whether a person or group of persons qualifies as an Eligible Shareholder; (ii) whether outstanding shares of the corporation’s capital stock are “owned” for purposes of meeting the ownership requirements of this paragraph (c) of Section 7; (iii) whether a notice complies with the requirements of this paragraph (c) of Section 7; (iv) whether a person satisfies the qualifications and requirements to be a Shareholder Nominee; (v) whether inclusion of the Required Information in the corporation’s proxy statement is consistent with all applicable laws, rules, regulations and listing standards; and (vi) whether any and all requirements of this paragraph (c) of Section 7 have been satisfied. Any such interpretation or determination adopted in good faith by the Board of Directors (or any other person or body authorized by the Board of Directors) shall be conclusive and binding on all persons, including the corporation and all record or beneficial owners of stock of the corporation. (d) Special Meetings. Nominations of persons for election to the Board of Directors may be properly brought before a special meeting at which the Board of Directors has determined that directors shall be elected either (i) by or at the direction of the Board of Directors or (ii) by any shareholder of the corporation who complies with the notice provisions set forth below and is a shareholder of record on the date of the giving of such notice and who is a shareholder of record on the record date for the meeting and is entitled to vote at such meeting. Shareholders desiring to nominate persons for election 11

to the Board of Directors at such a special meeting of shareholders shall deliver a shareholder’s notice that includes all the information that would be required pursuant to paragraph (b) of this Section 7 to the secretary of this corporation at the principal executive offices of this corporation not earlier than the 90th day prior to such special meeting and not later than the close of business on the later of (x) the 60th day prior to such special meeting and (y) the 10th day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the Board of Directors to be elected at such meeting. Such notice shall be updated in the same manner as provided by paragraph (b) of this Section 7. The corporation may require any proposed nominee to furnish promptly such other information as may be reasonably required to determine the eligibility and qualifications of such proposed nominee to serve as a director of the corporation or that could be material to a reasonable shareholder’s understanding of the independence, or lack thereof, of such nominee. In no event shall the public announcement of an adjournment or postponement of a scheduled meeting of shareholders commence a new time period (or extend any time period) for the giving of a shareholder’s notice as described above. (e) General. For purposes of this Section 7, “public announcement” shall mean disclosure in a press release reported by the Dow Jones News Service, Associated Press or comparable national news service or in a document publicly filed by this corporation with the Securities and Exchange Commission pursuant to Section 13, 14 or 15(d) of the Exchange Act. Except as otherwise required by law, nothing in this Section 7 shall obligate the corporation or the Board of Directors to include in its notice of meeting or proxy statement for any annual meeting any proposal or other information submitted by a shareholder. Notwithstanding the foregoing provisions of this Section 7, a shareholder shall also comply with all applicable requirements of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in this Section 7; provided, however, that any references in these by-laws to the Exchange Act or the rules and regulations promulgated thereunder are not intended to, and shall not, limit the requirements applicable to shareholder business and nominations contained in this Section 7 . Nothing in this Section 7 shall be deemed to affect any rights (i) of shareholders to request inclusion of proposals in the corporation’s proxy statement pursuant to Rule 14a-8 under the Exchange Act or (ii) of the holders of any series of preferred stock if and to the extent provided for under law, the articles of organization or these by-laws. SECTION 8. Postponement or Adjournment of Annual or Special Meeting. The Board of Directors acting by resolution may postpone and reschedule any previously scheduled annual or special meeting of shareholders. Any annual or special meeting of shareholders may be adjourned by the chairman of the Board or by the Board of Directors. ARTICLE II DIRECTORS SECTION 1. Number, Election and Term. There shall be a board of not less than three nor more than 30 directors. The number of directors shall be determined from time to time by vote of a majority of the directors then in office. No director need be a 12

shareholder. Except as otherwise provided by law or by the articles of organization, each director shall hold office until the next annual meeting of shareholders and until such director’s successor is duly elected and qualified, or until such director sooner dies, resigns, is removed or becomes disqualified or there is a decrease in the number of directors. No decrease in the number of directors constituting the Board of Directors shall shorten the term of any incumbent director. SECTION 2. Resignations. Any director may resign by delivering his or her written resignation to the corporation at its principal office or to the chairman of the Board or to the Board of Directors. Such resignation shall become effective at the time or upon the happening of the condition, if any, specified therein, or, if no such time or condition is specified, upon its receipt. A director who has submitted a resignation effective at a future date shall continue to have all the powers of a director of the corporation, including without limitation the power to vote to fill any vacancy or newly created directorship pursuant to Section 4 of this Article II, until such time as such resignation becomes effective. SECTION 3. Removal. At any meeting of the shareholders called for the purpose, the notice of which meeting states that purpose, any director may be removed from office with or without cause by vote of a majority of the shares issued, outstanding and entitled to vote for the election of directors. At any meeting of the Board of Directors called for the purpose, the notice of which meeting states that purpose, any director may be removed from office for cause by vote of a majority of the directors then in office. SECTION 4. Vacancies. Vacancies and newly created directorships, whether resulting from an increase in the size of the Board of Directors, from the death, resignation, disqualification or removal of a director, or otherwise, may be filled by the shareholders or by the affirmative vote of a majority of the remaining directors then in office, even though less than a quorum of the Board of Directors, and any director so elected shall hold office for a term to expire at the next shareholders’ meeting at which directors are elected, and until such director’s successor is duly elected and qualified or until such director sooner dies, resigns, is removed or becomes disqualified or there is a decrease in the number of directors. SECTION 5. Regular Meetings. Regular meetings of the Board of Directors may be held at such times and places within or without the Commonwealth of Massachusetts as the Board of Directors may fix from time to time and, when so fixed, no notice thereof need be given. Unless otherwise prescribed by the Board of Directors, the first meeting of the Board of Directors following the annual meeting of the shareholders shall be held without notice on the day of the annual meeting of the shareholders or the special meeting of the shareholders held in lieu thereof, immediately following the annual meeting at the principal office of the corporation. If in any year a first meeting of the Board of Directors is not held at such time and place, any elections to be held or business to be transacted at such first meeting may be held or transacted at any later meeting of the Board of Directors with the same force and effect as if held or transacted at such first meeting. SECTION 6. Special Meetings. Special meetings of the Board of Directors may be called at any time by the president or secretary or by any director. Such special meetings may be held anywhere within or without the Commonwealth of Massachusetts, as designated in the notice of the meeting. A written notice stating the place, date and 13

hour (but not necessarily the purposes) of the meeting shall be given to each director by the secretary or an assistant secretary or by the officer or director calling the meeting at least forty-eight hours before such meeting in accordance with Article V of these by-laws. A director may waive any notice before or after the date and time of the meeting. The waiver shall be in writing, signed by the director entitled to the notice, or in the form of an electronic transmission by the director to the corporation, and filed with the minutes or corporate records. A director’s attendance at or participation in a meeting waives any required notice to him or her of the meeting unless the director at the beginning of the meeting, or promptly upon his or her arrival, objects to holding the meeting or transacting business at the meeting and does not thereafter vote for or assent to action taken at the meeting. SECTION 7. Action at a Meeting. Unless otherwise provided by law, the articles of organization or these by-laws, a quorum of the Board of Directors consists of a majority of the directors then in office, provided always that any number of directors (whether one or more and whether or not constituting a quorum) constituting a majority of directors present at any meeting or at any adjourned meeting may make an adjournment thereof. If a quorum is present when a vote is taken, the affirmative vote of a majority of directors present is the act of the Board of Directors, unless the articles of organization or these by- laws require the vote of a greater or different number of directors. A director who is present at a meeting of the Board of Directors or a committee of the Board of Directors when corporate action is taken is considered to have assented to the action taken unless: (i) he or she objects at the beginning of the meeting, or promptly upon his or her arrival, to holding it or transacting business at the meeting; (ii) his or her dissent or abstention from the action taken is entered in the minutes of the meeting; or (iii) he or she delivers written notice of his or her dissent or abstention to the presiding officer of the meeting before its adjournment or to the corporation immediately after adjournment of the meeting. The right of dissent or abstention is not available to a director who votes in favor of the action taken. SECTION 8. Action Without a Meeting. Any action required or permitted to be taken by the directors may be taken without a meeting if the action is taken by the unanimous consent of the members of the Board of Directors. The action must be evidenced by one or more consents describing the action taken, in writing, signed by each director, or delivered to the corporation by electronic transmission, to the address specified by the corporation for the purpose or, if no address has been specified, to the principal office of the corporation, addressed to the secretary or other officer or agent having custody of the records of proceedings of directors, and included in the minutes or filed with the corporate records reflecting the action taken. Action taken under this Section 8 is effective when the last director signs or delivers the consent, unless the consent specifies a different effective date. A consent signed or delivered under this Section 8 has the effect of a meeting vote and may be described as such in any document. SECTION 9. Powers. The business and affairs of the corporation shall be managed under the direction of the Board of Directors, who shall have and may exercise (or have exercised under its authority) all the powers of the corporation, except such as by law or by the articles of organization are conferred upon or reserved to the shareholders. In particular, and without limiting the foregoing, the directors may at any time authorize to be issued all or any part of the unissued capital stock of the corporation from time to time authorized under the articles of organization and may determine, subject to any requirements of applicable law, the consideration for which stock is to be issued and the 14

manner of allocating such consideration between capital and surplus. In the event of any vacancy in the Board of Directors, the remaining directors then in office, except as otherwise provided by law, shall have and may exercise all of the powers of the Board of Directors until the vacancy is filled. SECTION 10. Committees. The Board of Directors may appoint from the Board an executive committee or one or more other committees and may delegate to any such committee or committees any or all of the powers of the Board except those which by law, by the articles of organization or by these by-laws may not be so delegated. Such committees shall serve at the pleasure of the Board. Except as provided by law or as the Board of Directors may otherwise determine, each such committee may make rules for the conduct of its business, but, unless otherwise determined by the Board in a manner consistent with law or in such rules, its business shall be conducted as nearly as may be provided in these by-laws for the conduct of the business by the Board of Directors. SECTION 11. Presence Through Communications Equipment. Unless otherwise provided by law or the articles of organization, members of the Board of Directors or any committee thereof may participate in a meeting of the Board of Directors or such committee by means of a conference telephone or similar communications equipment by means of which all persons participating in the meeting can simultaneously hear each other during the meeting and participation by such means shall constitute presence in person at a meeting. ARTICLE III OFFICERS SECTION 1. Enumeration. The officers of the corporation shall consist of a president, a treasurer and a secretary and such other officers, including without limitation a chairman of the Board of Directors, one or more vice chairmen of the Board of Directors, a clerk and one or more vice presidents, assistant treasurers, assistant secretaries and assistant clerks, as the Board of Directors may from time to time determine. SECTION 2. Qualifications. Any officer may be, but none need be, a shareholder or a director. The same person may hold at the same time one or more offices. Any officer may be required by the Board of Directors to give a bond for the faithful performance of his or her duties to the corporation, in such form and with such sureties as the Board of Directors may determine. SECTION 3. Appointments. The president, treasurer and secretary shall be appointed annually by the Board of Directors at its first meeting following the annual meeting of the shareholders. All other officers shall be chosen or appointed by the Board of Directors at such meeting or at any other time. SECTION 4. Term. Except as otherwise provided by law, by the articles of organization or by these by-laws, the chairman, president, treasurer and secretary shall hold office until the first meeting of the Board of Directors following the next annual meeting of shareholders and until their respective successors are chosen and qualified, or in each case until such officer sooner dies, resigns, is removed or becomes disqualified. All other officers shall hold office at the pleasure of the Board of Directors. 15

SECTION 5. Resignations. Any officer may resign by delivering his or her written resignation to the corporation at its principal office or to the president or to the secretary. Such resignation shall be effective at such later time or upon such later happening of a condition, if any, specified therein or, if no such time or condition is specified, upon its delivery. SECTION 6. Removal. Any officer may be removed from office with or without cause by the vote of a majority of the directors then in office. SECTION 7. Vacancies. Vacancies in any office may be filled by or as authorized by the Board of Directors. SECTION 8. Certain Duties and Powers. Unless otherwise prescribed by the Board of Directors, the officers designated below, subject at all times to these by-laws and to the direction and control of the Board of Directors, shall have and may exercise the respective duties and powers set forth below. Any two or more offices may be held by the same person, except as otherwise required by law. (a) The Chairman of the Board of Directors. The chairman of the Board, if there is one, shall have such duties and powers as are prescribed by the Board of Directors and, when present, shall preside at all meetings of the shareholders and at all meetings of the Board of Directors. (b) The Chief Executive Officer. The chief executive officer, if there is one, shall, subject to the direction of the Board of Directors, have general supervision and control of the business of the corporation and have such other duties and powers as are prescribed by the Board of Directors. If there is no chairman, unless otherwise determined by the Board, the chief executive officer shall, when present, preside at all meetings of the shareholders and at all meetings of the Board of Directors. (c) The President. The president shall have such duties and powers as are prescribed by the Board of Directors. If there is no chairman or chief executive officer, unless otherwise determined by the Board, the president shall, when present, preside at all meetings of the shareholders and at all meetings of the Board of Directors. (d) The Treasurer. Except as the Board of Directors shall otherwise determine, the treasurer shall be the chief financial officer of the corporation and shall cause to be kept accurate books of accounts and have such other powers and duties as customarily belong to the office of treasurer or as may be designated from time to time by the Board of Directors. (e) The Secretary. The secretary shall keep a record of all proceedings of the shareholders and of all proceedings of the Board of Directors. In the absence of the secretary from any meeting of the shareholders or from any meeting of the Board of Directors, an assistant secretary, if there be one, otherwise a secretary pro tempore designated by the person presiding at the meeting, shall perform the duties of the secretary at such meeting. SECTION 9. Other Duties and Powers. Each officer, subject at all times to these by-laws and to the direction and control of the Board of Directors, shall have and may 16

exercise, in addition to the duties and powers specifically set forth in these by-laws, such duties and powers as are prescribed by law, such duties and powers as are commonly incident to his or her office and such duties and powers as the Board of Directors may from time to time prescribe. ARTICLE IV CAPITAL STOCK SECTION 1. Certificates. Unless the Board of Directors by resolution otherwise provides, each shareholder of record shall be entitled to a certificate or certificates stating the number and the class and the designation of the series, if any, of the shares held by the shareholder, and otherwise in a form approved by the Board of Directors. Each certificate shall be signed by the chairman of the Board, the president or a vice president and by the treasurer or an assistant treasurer and shall bear the corporate seal. Such signatures and such seal may be facsimiles. In case any officer who has signed or whose facsimile signature has been placed on such certificate shall have ceased to be such officer before such certificate is issued, it may be issued by the corporation with the same effect as if he or she was such officer at the time of its issue. Every certificate issued for shares of stock at a time when such shares are subject to any restriction on transfer pursuant to the articles of organization, these by-laws or any agreement to which the corporation is a party shall have the restriction noted conspicuously on the certificate. Every certificate issued for shares of stock at a time when the corporation is authorized to issue more than one class or series of stock shall set forth on the face or back of the certificate either (i) a summary of the preferences, limitations and special and relative rights of the shares of each class and series, if any, authorized to be issued, as set forth in the articles of organization, or (ii) a statement of the existence of such preferences, limitations and rights and a statement that the corporation will furnish a copy thereof to the holder of such certificate upon written request and without charge. SECTION 2. Transfers. The Board of Directors may make such rules and regulations not inconsistent with law, with the articles of organization or with these by-laws as it deems expedient relative to the issue, transfer and registration of stock certificates. The Board of Directors may appoint one or more banks or trust companies, including one which is a subsidiary or affiliate of the corporation, as transfer agents and registrars of the shares of stock of the corporation and may require all stock certificates to be signed by such a transfer agent or registrar or both. The corporation or its agent shall maintain a record of its shareholders, in a form that permits preparation of a list of names and addresses of all shareholders, in alphabetical order, by voting group and by class or series of shares showing the number of shares held by each. Except as otherwise provided by law, by the articles of organization or by these by-laws, the corporation shall be entitled to treat the record holder of any shares of stock as shown on the books of the corporation as the holder of such shares for all purposes, including the right to receive notice of and to vote at any meeting of shareholders and the right to receive any dividend or other distribution in respect of such shares. SECTION 3. Record Date. The Board of Directors may fix in advance a time, which shall be not more than 70 days before the date of any meeting of shareholders or the date for the payment of any dividend or the making of any distribution to shareholders 17

or the last day on which the consent or dissent of shareholders may be effectively expressed for any purpose, as the record date for determining the shareholders having the right to notice of and to vote at such meeting and any adjournment thereof or the right to receive such dividend or distribution or the right to give such consent or dissent, and in such case only shareholders of record on such record date shall have such right, notwithstanding any transfer of stock on the books of the corporation after the record date; or without fixing such record date the directors may for any of such purposes close the transfer books for all or any part of such period. If no record date is fixed and the transfer books are not closed, (i) the record date for determining shareholders having the right to notice of or to vote at a meeting of shareholders shall be at the close of business on the day next preceding the day on which notice is given, and (ii) the record date for determining shareholders for any other purpose shall be at the close of business on the day on which the Board of Directors acts with respect thereto. SECTION 4. Lost Certificates. The Board of Directors may, except as otherwise provided by law, determine the conditions upon which a new certificate of stock may be issued in place of any certificate alleged to have been lost, mutilated or destroyed. ARTICLE V MANNER OF NOTICE Except as otherwise provided in these by-laws or required by law, notices provided for under these by-laws shall conform to the following requirements: (a) Notice shall be in writing. Notice by electronic transmission is written notice. (b) Subject to subsection (d) below, notice may be communicated in person; telegraph, teletype or other electronic means; by mail; by electronic transmission; or by messenger or delivery service. (c) Written notice, other than notice by electronic transmission, by the corporation to its shareholders, in comprehensible form, is effective upon deposit in the United States mail, if mailed postpaid and correctly addressed to the shareholder’s address shown in the corporation’s current record of shareholders. (d) Written notice by electronic transmission, if in comprehensible form, is effective: (1) if by facsimile telecommunication, when directed to a number furnished by the addressee for the purpose; (2) if by electronic mail, when directed to an electronic mail address furnished by the addressee for the purpose; (3) if by a posting on an electronic network together with separate notice to the addressee of such specific posting, directed to an electronic mail address furnished by the addressee for the purpose, upon the later of (i) such posting and (ii) the giving of such separate notice; and (4) if by any other form of electronic transmission, when directed to the addressee in such manner as the addressee shall have specified to the corporation; provided, however, that notices by any shareholder to the corporation shall not be by any of the forms of electronic transmission set forth in clauses (2), (3) or (4) of this subsection (d). An affidavit of the secretary or an assistant secretary of the corporation, the transfer agent or other agent of the corporation 18

that the notice has been given by a form of electronic transmission shall, in the absence of fraud, be prima facie evidence of the facts stated therein. (e) Except as provided in subsection (c) of this Article V, written notice, other than notice by electronic transmission, if in comprehensible form, is effective at the earliest of the following: (1) when received; (2) five days after its deposit in the United States mail, if mailed postpaid and correctly addressed; or (3) on the date shown on the return receipt, if sent by registered or certified mail, return receipt requested; or if sent by messenger or delivery service, on the date shown on the return receipt signed by or on behalf of the addressee. ARTICLE VI MISCELLANEOUS PROVISIONS SECTION 1. Fiscal Year. The fiscal year of the corporation shall begin on the first day of January in each year and end on the last day of December next following. SECTION 2. Corporate Seal. The seal of the corporation shall be in such form as shall be determined from time to time by the Board of Directors. SECTION 3. Corporate Records. A copy of the corporation’s articles of organization, by-laws, resolutions creating one or more classes or series of outstanding shares fixing their relevant rights, preferences and limitations, minutes of all meetings of the shareholders for the preceding three years, written communications to shareholders generally within the preceding three years, list of the names and business addresses of the current directors and officers, and most recent annual report for the secretary of state, shall be kept in the Commonwealth of Massachusetts at the principal office of the corporation or at an office of its transfer agent or of its secretary or of its registered agent, if any. SECTION 4. Voting of Securities. Except as the Board of Directors may otherwise prescribe and as may be limited by law, the chairman of the Board, if there be one, the president and the treasurer and each of them acting singly shall have full power and authority in the name and behalf of the corporation, subject to the instructions of the Board of Directors, to waive notice of, to attend, act and vote at, and to appoint any person or persons to act as proxy or attorney in fact for this corporation (with or without power of substitution) at, any meeting of shareholders or shareholders of any other corporation or organization, the securities of which may be held by this corporation. SECTION 5. MGL Chapter 110D. The provisions of Chapter 110D of the General Laws shall not apply to this corporation on or after January l, 1988, provided that the Board of Directors has and reserves its right under Chapter 110D to subsequently amend these by-laws to accept the provisions of Chapter 110D. ARTICLE VII AMENDMENTS Except as otherwise provided by the articles of organization, these by-laws may be altered, amended or repealed at any annual or special meeting of the shareholders by the 19

affirmative vote of a majority of the shares of stock then issued, outstanding and entitled to vote on the matter, provided notice of the substance of the proposed alteration, amendment or repeal is given with the notice of the meeting. These by-laws may also be altered, amended or repealed by vote of a majority of the directors then in office, except with respect to any provision which by law, by the articles of organization or by these by- laws requires action by the shareholders. Action by the shareholders is required to alter, amend or repeal this Article VII so as to increase the power of the directors or reduce the power of the shareholders to alter, amend or repeal these by-laws. Not later than the time of giving notice of the meeting of the shareholders next following the making, amending or repealing by the directors of any by-law, notice stating the substance of the action taken shall be given to all shareholders entitled to vote on amending the by-laws. Any action taken by the directors with respect to these by-laws may be amended or repealed by the shareholders. 20

		Exhibit

Exhibit 99.1

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
December 31, 2019
(updated February 20, 2020)
Table of Contents
GAAP-Basis Financial Information:
5-Year Summary of Results
Consolidated Financial Highlights
Consolidated Results of Operations
Consolidated Statement of Condition
Average Statement of Condition - Rates Earned and Paid - Fully Taxable-Equivalent Basis
Assets Under Custody and/or Administration
Assets Under Management
Industry Flow Data by Asset Class
Investment Portfolio:
Investment Portfolio Holdings by Asset Class
Investment Portfolio Non-U.S. Investments
Non-GAAP Financial Information:
Reconciliations of Non-GAAP Financial Information
Reconciliation of Pre-tax Margin Excluding Notable Items
Reconciliation of Notable Items
Reconciliations of Constant Currency FX Impacts
Capital:
Reconciliation of Tangible Common Equity Ratio
Regulatory Capital
Reconciliations of Supplementary Leverage Ratios
This financial information should be read in conjunction with State Street's 8-K filed on February 20, 2020.
For the fourth quarter of 2019, State Street recorded a charge of 140 million to increase its legal accrual associated with its previously disclosed invoicing matter first reported in December 2015. This additional accrual was reported on February 20, 2020 and relates to events that developed subsequent to January 17, 2020, the date State Street originally announced its financial results for the fourth-quarter and full-year ended December 31, 2019. The effects of the additional accrual are reflected in the financial and other information included in this document. This document supersedes, in its entirety, the 4Q 2019 Earnings Release Addendum dated January 17, 2020 released by State Street as part of its earnings announcement on that date. State Street's Annual Report on Form 10-K, to be filed with the Securities and Exchange Commission on the date hereof, will reflect the effects of the increased legal accrual.

All values are in US Dollars.

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
5-YEAR SUMMARY OF RESULTS
(Dollars in millions, except per share amounts, or where otherwise noted)	2015^(1)^			2016^(1)^			2017^(1)^			2018^(1)^			2019
Year ended December 31:
Total fee revenue	$	8,351		$	8,200		$	9,001		$	9,454		$	9,147
Net interest income	2,088			2,084			2,304			2,671			2,566
Other income	(6		)	7			(39		)	6			43
Total revenue	10,433			10,291			11,266			12,131			11,756
Provision for loan losses	12			10			2			15			10
Total expenses	8,050			8,077			8,269			9,015			9,034
Income before income tax expense	2,371			2,204			2,995			3,101			2,712
Income tax expense	398			67			839			508			470
Net income from non-controlling interest	—			1			—			—			—
Net income	1,973			2,138			2,156			2,593			2,242
Net income available to common shareholders	$	1,841		$	1,963		$	1,972		$	2,404		$	2,009
Per common share:
Diluted earnings per common share	$	4.45		$	4.96		$	5.19		$	6.39		$	5.38
Average diluted common shares outstanding (in thousands)	413,638			396,090			380,213			376,476			373,666
Cash dividends declared per common share	$	1.32		$	1.44		$	1.60		$	1.78		$	1.98
Closing price per share of common stock (at year end)	66.36			77.72			97.61			63.07			79.10
Average balance sheet:
Investment securities	$	105,611		$	100,738		$	95,779		$	88,070		$	91,768
Total assets	250,432			229,727			219,450			223,385			223,334
Total deposits	184,985			170,485			163,808			161,408			158,262
Ratios and other metrics:
Return on average common equity	9.7		%	10.4		%	10.5		%	12.1		%	9.4		%
Pre-tax margin	22.7			21.4			26.6			25.6			23.1
Pre-tax margin, excluding notable items^(2)^	26.6			26.2			28.7			28.8			25.8
Net interest margin, fully taxable-equivalent basis	1.03			1.13			1.29			1.47			1.42
Common equity tier 1 ratio^(3)(4)^	12.5			11.7			12.3			12.1			11.7
Tier 1 capital ratio^(3)(4)^	15.3			14.8			15.5			16.0			14.5
Total capital ratio^(3)(4)^	17.4			16.0			16.5			16.9			15.6
Tier 1 leverage ratio^(3)(4)^	6.9			6.5			7.3			7.2			6.9
Supplementary leverage ratio^(3)(4)^	6.2			5.9			6.5			6.3			6.1
Assets under custody and/or administration (in trillions)	$	27.51		$	28.77		$	33.12		$	31.62		$	34.36
Assets under management (in trillions)	2.25			2.47			2.78			2.51			3.12
^(1)^ We revised previously-filed periods in the Form 8-K filed on May 2, 2019.
^(2)^ Notable items include acquisition and restructuring costs, gains on sales, and other notable items. Refer to Reconciliations of pre-tax margin excluding notable items for details.
^(3)^The capital ratios presented are calculated in conformity with the applicable regulatory guidance in effect as of each period end. Effective January 1, 2018, the applicable final rules are in effect and the ratios are calculated based on fully phased-in CET1, tier 1, total capital and supplementary leverage numbers. We did not revise previously-filed reported capital metrics and ratios.
^(4)^Under the applicable bank regulatory rules, we are not required to and, accordingly, did not revise previously-filed reported capital metrics and ratios following the change in accounting for LIHTC.

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED FINANCIAL HIGHLIGHTS
																								% Change
(Dollars in millions, except per share amounts, or where otherwise noted)			2Q18			3Q18			4Q18			1Q19			2Q19			3Q19			4Q19			4Q19<br> vs. <br>4Q18			4Q19<br> vs. <br>3Q19
Income statement
Fee revenue(1)	2,415		$	2,395		$	2,318		$	2,326		$	2,260		$	2,260		$	2,259		$	2,368		1.8	%		4.8	%
Net interest income(1)			659			672			697			673			613			644			636			(8.8	)		(1.2	)
Other income		)	9			(1		)	—			(1		)	—			—			44			nm			nm
Total revenue			3,063			2,989			3,023			2,932			2,873			2,903			3,048			0.8			5.0
Provision for loan losses			2			5			8			4			1			2			3			(62.5	)		50.0
Total expenses(2)			2,170			2,091			2,486			2,293			2,154			2,180			2,407			(3.2	)		10.4
Income before income tax expense			891			893			529			635			718			721			638			20.6			(11.5	)
Income tax expense			158			129			92			127			131			138			74			(19.6	)		(46.4	)
Net income			733			764			437			508			587			583			564			29.1			(3.3	)
Net income available to common shareholders	603		$	697		$	708		$	396		$	452		$	537		$	528		$	492		24.2			(6.8	)
Per common share:
Diluted earnings per common share	1.62		$	1.88		$	1.87		$	1.03		$	1.18		$	1.42		$	1.42		$	1.35		31.1			(4.9	)
Average diluted common shares outstanding (in thousands)			370,410			379,383			383,651			381,703			377,577			370,595			365,851			(4.6	)		(1.3	)
Cash dividends declared per common share	.42		$	.42		$	.47		$	.47		$	.47		$	.47		$	.52		$	.52		10.6			—
Closing price per share of common stock (as of quarter end)			93.09			83.78			63.07			65.81			56.06			59.19			79.10			25.4			33.6
Average for the quarter:
Investment securities	95,362		$	86,360		$	85,623		$	85,074		$	88,273		$	89,930		$	93,588		$	95,186		11.9			1.7
Total assets			224,089			221,313			221,350			219,560			221,514			223,273			228,886			3.4			2.5
Total deposits			162,795			159,578			158,345			155,343			156,570			157,226			163,829			3.5			4.2
Securities on loan (dollars in billions):
Average securities on loan	397		$	406		$	386		$	362		$	368		$	389		$	388		$	376		3.9			(3.1	)
End-of-period securities on loan			404			386			351			398			396			397			380			8.3			(4.3	)
Ratios and other metrics:
Return on average common equity		%	14.7		%	14.0		%	7.5		%	8.7		%	10.1		%	9.7		%	9.0		%	150		bps	(70	)	bps
Pre-tax margin			29.1			29.9			17.5			21.7			25.0			24.8			20.9			340			(390	)
Pre-tax margin, excluding notable items(3)			31.6			29.9			28.2			22.5			25.4			26.4			29.1			90			270
Net interest margin, fully taxable-equivalent basis			1.46			1.48			1.55			1.54			1.38			1.42			1.36			(19	)		(6	)
Common equity tier 1 ratio(4)			12.4			14.1			12.1			12.1			12.3			12.2			11.7			(40	)		(50	)
Tier 1 capital ratio(4)			15.7			17.9			16.0			15.9			15.9			15.9			14.5			(150	)		(140	)
Total capital ratio(4)			16.4			18.7			16.9			16.7			16.6			16.5			15.6			(130	)		(90	)
Tier 1 leverage ratio(4)			7.1			8.1			7.2			7.4			7.6			7.4			6.9			(30	)		(50	)
Supplementary leverage ratio(4)			6.2			7.1			6.3			6.6			6.7			6.6			6.1			(20	)		(50	)
Assets under custody and/or administration (in billions)	33,284		$	33,867		$	33,996		$	31,620		$	32,643		$	32,754		$	32,899		$	34,358		8.7	%		4.4	%
Assets under management (in billions)			2,723			2,810			2,511			2,805			2,918			2,953			3,116			24.1			5.5
(1) Approximately 15 million of swap costs in 1Q18 were reclassified from software and processing fees within fee revenue to net interest income to conform to current presentation.
(2) 2Q18 includes repositioning charges of approximately 77 million, including approximately 61 million within compensation and employee benefits expense and 16 million within occupancy expense. 4Q18 expenses include repositioning charges of approximately 247 million, including approximately 198 million within compensation and employee benefits expense, 25 million within occupancy expense and 24 million of business exit costs. 4Q19 expenses include legal and related charges of approximately 140 million, repositioning charges of approximately 110 million, including approximately 98 million within compensation and employee benefits expense and 12 million within occupancy expense.
(3) Notable items include legal and related costs, acquisition and restructuring costs, gains on sales and other notable items. Refer to Reconciliations of non-GAAP Financial Information pages for details.
(4) The capital ratios presented are calculated in conformity with the applicable regulatory guidance in effect as of each period end. Effective January 1, 2018, the applicable final rules are in effect and the ratios are calculated based on fully phased-in CET1, tier 1, total capital and supplementary leverage numbers. We did not revise previously-filed reported capital metrics and ratios.
nm Not meaningful

All values are in US Dollars.

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS
	Quarters																			% Change				Year-to-Date					% Change
(Dollars in millions, except per share amounts, or where otherwise noted)	1Q18			2Q18		3Q18			4Q18		1Q19			2Q19		3Q19		4Q19		4Q19<br> vs. <br>4Q18		4Q19<br> vs. <br>3Q19		2018		2019			YTD2019<br> vs. <br>YTD2018
Fee revenue:
Servicing fees	$	1,421		$	1,381	$	1,333		$	1,286	$	1,251		$	1,252	$	1,272	$	1,299	1.0	%	2.1	%	$	5,421	$	5,074		(6.4	)%
Management fees	472			465		474			440		420			441		445		465		5.7		4.5		1,851		1,771			(4.3	)
Foreign exchange trading services	304			315		288			294		280			273		284		274		(6.8	)	(3.5	)	1,201		1,111			(7.5	)
Securities finance	141			154		128			120		118			126		116		111		(7.5	)	(4.3	)	543		471			(13.3	)
Software and processing fees^(1)^	77			80		95			186		191			168		142		219		17.7		54.2		438		720			64.4
Total fee revenue^(1)^	2,415			2,395		2,318			2,326		2,260			2,260		2,259		2,368		1.8		4.8		9,454		9,147			(3.2	)
Net interest income:
Interest income	857			907		916			982		1,027			1,007		1,001		906		(7.7	)	(9.5	)	3,662		3,941			7.6
Interest expense^(1)^	214			248		244			285		354			394		357		270		(5.3	)	(24.4	)	991		1,375			38.7
Net interest income^(1)^	643			659		672			697		673			613		644		636		(8.8	)	(1.2	)	2,671		2,566			(3.9	)
Other income:
Gains (losses) related to investment securities, net	(2		)	9		(1		)	—		(1		)	—		—		—		nm		nm		6		(1		)	nm
Other income	—			—		—			—		—			—		—		44		nm		nm		—		44			nm
Total other income	(2		)	9		(1		)	—		(1		)	—		—		44		nm		nm		6		43			nm
Total revenue	3,056			3,063		2,989			3,023		2,932			2,873		2,903		3,048		0.8		5.0		12,131		11,756			(3.1	)
Provision for loan losses	—			2		5			8		4			1		2		3		(62.5	)	50.0		15		10			(33.3	)
Expenses:
Compensation and employee benefits	1,249			1,125		1,103			1,303		1,229			1,084		1,083		1,145		(12.1	)	5.7		4,780		4,541			(5.0	)
Information systems and communications	315			321		332			356		362			365		376		362		1.7		(3.7	)	1,324		1,465			10.6
Transaction processing services	254			257		248			226		242			245		254		242		7.1		(4.7	)	985		983			(0.2	)
Occupancy	120			124		110			146		116			115		113		126		(13.7	)	11.5		500		470			(6.0	)
Acquisition and restructuring costs	—			—		—			24		9			12		27		29		20.8		7.4		24		77			220.8
Amortization of other intangible assets	50			48		47			81		60			59		59		58		(28.4	)	(1.7	)	226		236			4.4
Other	280			295		251			350		275			274		268		445		27.1		66.0		1,176		1,262			7.3
Total expenses^(1)^	2,268			2,170		2,091			2,486		2,293			2,154		2,180		2,407		(3.2	)	10.4		9,015		9,034			0.2
Income before income tax expense	788			891		893			529		635			718		721		638		20.6		(11.5	)	3,101		2,712			(12.5	)
Income tax expense	129			158		129			92		127			131		138		74		(19.6	)	(46.4	)	508		470			(7.5	)
Net income	$	659		$	733	$	764		$	437	$	508		$	587	$	583	$	564	29.1		(3.3	)	$	2,593	$	2,242		(13.5	)

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS (Continued)
																								% Change						Year-to-Date						% Change
(Dollars in millions, except per share amounts, or where otherwise noted)			2Q18			3Q18			4Q18			1Q19			2Q19			3Q19			4Q19			4Q19<br> vs. <br>4Q18			4Q19<br> vs. <br>3Q19			2018			2019			YTD2019<br> vs. <br>YTD2018
Adjustments to net income:
Dividends on preferred stock(2)	(55	)	$	(36	)	$	(55	)	$	(41	)	$	(55	)	$	(50	)	$	(55	)	$	(72	)	75.6	%		30.9	%		$	(187	)	$	(232	)	24.1	%
Earnings allocated to participating securities		)	—			(1		)	—			(1		)	—			—			—			—			—			(2		)	(1		)	(50.0	)
Net income available to common shareholders	603		$	697		$	708		$	396		$	452		$	537		$	528		$	492		24.2			(6.8	)		$	2,404		$	2,009		(16.4	)
Per common share:
Basic earnings	1.64		$	1.91		$	1.89		$	1.04		$	1.20		$	1.44		$	1.44		$	1.36		30.8			(5.6	)		$	6.46		$	5.43		(15.9	)
Diluted earnings			1.88			1.87			1.03			1.18			1.42			1.42			1.35			31.1			(4.9	)		6.39			5.38			(15.8	)
Average common shares outstanding (in thousands):
Basic			365,619			374,963			379,741			377,915			373,773			366,732			361,439			(4.8	)		(1.4	)		371,983			369,911			(0.6	)
Diluted			370,410			379,383			383,651			381,703			377,577			370,595			365,851			(4.6	)		(1.3	)		376,476			373,666			(0.7	)
Cash dividends declared per common share	.42		$	.42		$	.47		$	.47		$	.47		$	.47		$	.52		$	.52		10.6			—			$	1.78		$	1.98		11.2
Closing price per share of common stock (as of quarter end)			93.09			83.78			63.07			65.81			56.06			59.19			79.10			25.4			33.6			63.07			79.10			25.4
Financial ratios:
Effective tax rate		%	17.7		%	14.5		%	17.4		%	20.1		%	18.1		%	19.2		%	11.6		%	(580	)	bps	(760	)	bps	16.4		%	17.3		%	90		bps
Return on average common equity			14.7			14.0			7.5			8.7			10.1			9.7			9.0			150			(70	)		12.1			9.4			(270	)
Return on tangible common equity(3)			21.1			19.4			20.6			15.0			15.8			16.3			16.3			(430	)		—			20.6			16.3			(430	)
Pre-tax margin			29.1			29.9			17.5			21.7			25.0			24.8			20.9			340			(390	)		25.6			23.1			(250	)
Pre-tax margin, excluding notable items(4)			31.6			29.9			28.2			22.5			25.4			26.4			29.1			90			270			28.8			25.8			(300	)
(1) Approximately 15 million of swap costs in 1Q18 were reclassified from software and processing fees within fee revenue to net interest income to conform to current presentation.
(2) We redeemed all outstanding Series E noncumulative perpetual preferred stock on December 15, 2019 at a redemption price of 750 million (100,000 per share equivalent to 25.00 per depositary share) plus accrued and unpaid dividends. The difference between the redemption value and the net carrying value of 22 million resulted in an EPS impact of approximately (.06) per share in 2019.
(3) Return on tangible common equity is calculated by dividing year-to-date annualized net income available to common shareholders (GAAP-basis) by tangible common equity.
(4) Notable items include acquisition and restructuring costs and other notable items. Refer to Reconciliations of non-GAAP Financial Information pages for details.

All values are in US Dollars.

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED STATEMENT OF CONDITION
	As Of																								% Change
(Dollars in millions, except per share amounts)	March 31, 2018^(1)^			June 30, 2018^(1)^			September 30, 2018^(1)^			December 31, 2018^(1)^			March 31, 2019^(1)^			June 30, 2019^(1)^			September 30, 2019			December 31, 2019			4Q19<br> vs. <br>4Q18		4Q19<br> vs. <br>3Q19
Assets:
Cash and due from banks	$	2,087		$	3,254		$	4,279		$	3,212		$	4,000		$	3,110		$	3,598		$	3,302		2.8	%	(8.2	)%
Interest-bearing deposits with banks	79,418			76,366			63,618			73,040			53,864			62,534			62,324			68,965			(5.6	)	10.7
Securities purchased under resale agreements	5,136			3,583			4,195			4,679			1,522			1,732			3,041			1,487			(68.2	)	(51.1	)
Trading account assets	1,178			1,160			1,001			860			856			894			839			914			6.3		8.9
Investment securities:
Investment securities available-for-sale	44,304			47,348			46,102			45,148			49,002			53,242			54,757			53,815			19.2		(1.7	)
Investment securities held-to-maturity^(2)^	41,158			39,594			40,567			41,914			41,145			39,236			39,119			41,782			(0.3	)	6.8
Total investment securities	85,462			86,942			86,669			87,062			90,147			92,478			93,876			95,597			9.8		1.8
Loans and leases, net^(3)^	29,528			24,069			23,312			25,722			23,311			25,349			26,938			26,235			2.0		(2.6	)
Premises and equipment, net^(4)^	2,194			2,189			2,193			2,214			2,230			2,244			2,306			2,282			3.1		(1.0	)
Accrued interest and fees receivable	3,183			3,086			3,196			3,203			3,277			3,202			3,258			3,231			0.9		(0.8	)
Goodwill	6,068			5,973			6,016			7,446			7,549			7,565			7,500			7,556			1.5		0.7
Other intangible assets	1,578			1,500			1,461			2,369			2,208			2,155			2,077			2,030			(14.3	)	(2.3	)
Other assets	34,421			40,154			38,162			34,789			39,368			40,277			38,849			34,011			(2.2	)	(12.5	)
Total assets	$	250,253		$	248,276		$	234,102		$	244,596		$	228,332		$	241,540		$	244,606		$	245,610		0.4		0.4
Liabilities:
Deposits:
Non-interest-bearing	$	57,025		$	52,316		$	41,893		$	44,804		$	35,295		$	34,278		$	33,719		$	34,031		(24.0	)	0.9
Interest-bearing -- U.S.	55,094			57,407			63,661			66,235			62,988			68,964			72,260			77,504			17.0		7.3
Interest-bearing -- Non-U.S.	79,398			76,940			62,644			69,321			64,188			67,352			64,907			70,337			1.5		8.4
Total deposits^(5)^	191,517			186,663			168,198			180,360			162,471			170,594			170,886			181,872			0.8		6.4
Securities sold under repurchase agreements	2,020			3,088			1,690			1,082			1,420			1,829			1,330			1,102			1.8		(17.1	)
Other short-term borrowings	1,066			1,103			1,009			3,092			947			4,939			7,073			839			(72.9	)	(88.1	)
Accrued expenses and other liabilities	22,356			24,514			28,368			24,232			27,274			27,350			28,653			24,857			2.6		(13.2	)
Long-term debt	10,944			10,387			10,335			11,093			11,182			11,374			11,455			12,509			12.8		9.2
Total liabilities	227,903			225,755			209,600			219,859			203,294			216,086			219,397			221,179			0.6		0.8
Shareholders' equity:
Preferred stock, no par, 3,500,000 shares authorized:
Series C, 5,000 shares issued and outstanding	491			491			491			491			491			491			491			491			—		—
Series D, 7,500 shares issued and outstanding	742			742			742			742			742			742			742			742			—		—
Series E, 7,500 shares issued and outstanding	728			728			728			728			728			728			728			—			(100.0	)	(100.0	)
Series F, 7,500 shares issued and outstanding	742			742			742			742			742			742			742			742			—		—
Series G, 5,000 shares issued and outstanding	493			493			493			493			493			493			493			493			—		—
Series H, 5,000 shares issued and outstanding	—			—			494			494			494			494			494			494			—		—
Common stock, $1 par, 750,000,000 shares authorized^(6)(7)^	504			504			504			504			504			504			504			504			—		—
Surplus	9,796			9,820			10,418			10,061			10,082			10,109			10,117			10,132			0.7		0.1
Retained earnings	19,262			19,806			20,336			20,553			20,911			21,274			21,612			21,918			6.6		1.4
Accumulated other comprehensive income (loss)	(1,074		)	(1,488		)	(1,711		)	(1,356		)	(1,180		)	(874		)	(985		)	(876		)	(35.4	)	(11.1	)
Treasury stock, at cost^(8)^	(9,334		)	(9,317		)	(8,735		)	(8,715		)	(8,969		)	(9,249		)	(9,729		)	(10,209		)	17.1		4.9
Total shareholders' equity	22,350			22,521			24,502			24,737			25,038			25,454			25,209			24,431			(1.2	)	(3.1	)
Total liabilities and equity	$	250,253		$	248,276		$	234,102		$	244,596		$	228,332		$	241,540		$	244,606		$	245,610		0.4		0.4
^(1)^Certain previously reported amounts presented in this earnings release addendum have been reclassified to conform to current-period presentation.
	1Q18			2Q18			3Q18			4Q18			1Q19			2Q19			3Q19			4Q19
^(2)^Fair value of investment securities held-to-maturity	$	40,483		$	38,805		$	39,591		$	41,351		$	40,971		$	39,473		$	39,535		$	42,157
^(3)^ Allowance for loan losses	54			55			60			67			70			72			71			74
^(4)^ Accumulated depreciation for premises and equipment	4,005			3,999			4,110			4,152			3,937			4,091			4,235			4,367
^(5)^ Average total deposits	165,010			162,795			159,578			158,345			155,343			156,570			157,226			163,829
^(6)^ Common stock shares issued	503,879,642			503,879,642			503,879,642			503,879,642			503,879,642			503,879,642			503,879,642			503,879,642
^(7)^ Total common shares outstanding	365,407,197			365,827,604			379,489,507			379,946,724			376,720,715			372,572,622			363,623,285			357,389,416
^(8)^ Treasury stock shares	138,472,445			138,052,038			124,390,135			123,932,918			127,158,927			131,307,020			140,256,357			146,490,226

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
AVERAGE STATEMENT OF CONDITION - RATES EARNED AND PAID - FULLY TAXABLE-EQUIVALENT BASIS(1)
The following table presents average rates earned and paid, on a fully taxable-equivalent basis, on consolidated average interest-earning assets and average interest-bearing liabilities for the quarters indicated. Tax-equivalent adjustments were calculated using a federal income tax rate of 21%, adjusted for applicable state income taxes, net of related federal benefit.
																																								% Change
					2Q18					3Q18					4Q18					1Q19					2Q19					3Q19					4Q19					4Q19<br> vs. <br>4Q18		4Q19<br> vs. <br>3Q19
(Dollars in millions; fully-taxable equivalent basis)		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average balance
Assets:
Interest-bearing deposits with banks	51,492	0.64		%	$	55,180	0.66		%	$	56,513	0.67		%	$	54,073	0.88		%	$	48,856	0.99		%	$	48,074	0.91		%	$	45,791	0.85		%	$	51,284	0.69		%	(5.2	)%	12.0	%
Securities purchased under resale agreements(2)		10.89			2,474		13.20			2,932		11.77			3,320		10.69			2,775		14.33			1,975		18.30			3,149		12.75			2,124		14.00			(36.0	)	(32.6	)
Trading account assets		—			1,139		—			1,019		—			912		—			866		—			892		—			880		—			897		—			(1.6	)	1.9
Investment securities:
U.S. Treasury and federal agencies:
Direct obligations		1.67			16,627		1.69			15,834		1.71			15,284		1.75			15,427		1.79			13,960		1.83			13,614		1.83			14,017		1.83			(8.3	)	3.0
Mortgage-and asset-backed securities		2.59			31,064		2.70			32,962		2.82			36,462		3.03			39,216		3.06			41,905		2.83			44,357		2.71			44,009		2.60			20.7		(0.8	)
State and political subdivisions		3.23			6,739		3.48			4,107		3.68			2,537		3.63			1,914		3.43			1,909		3.34			1,839		3.27			1,815		3.20			(28.5	)	(1.3	)
Other investments:
Asset-backed securities		1.78			12,471		2.24			11,259		2.30			10,144		2.48			9,078		2.47			9,335		2.54			9,913		2.39			10,593		2.28			4.4		6.9
Collateralized mortgage-backed securities and obligations		2.07			1,492		2.95			1,415		3.05			1,212		3.35			980		3.78			918		3.69			871		3.31			818		2.95			(32.5	)	(6.1	)
Other debt investments and equity securities		1.25			17,967		1.31			20,046		1.20			19,435		1.08			21,658		1.04			21,903		1.05			22,994		1.04			23,934		1.07			23.1		4.1
Total investment securities		2.03			86,360		2.21			85,623		2.21			85,074		2.31			88,273		2.30			89,930		2.23			93,588		2.16			95,186		2.08			11.9		1.7
Loans and leases		2.68			23,622		2.93			22,511		3.11			24,207		3.12			23,056		3.49			23,824		3.33			23,926		3.24			25,461		2.86			5.2		6.4
Other interest-earning assets		1.78			17,397		2.36			14,702		2.59			13,088		2.90			15,286		2.89			15,104		3.02			13,990		3.02			12,295		2.13			(6.1	)	(12.1	)
Total interest-earning assets		1.85			186,172		1.99			183,300		2.01			180,674		2.17			179,112		2.34			179,799		2.26			181,324		2.20			187,247		1.93			3.6		3.3
Cash and due from banks					3,978					3,067					2,591					3,078					4,011					3,114					3,358					29.6		7.8
Other assets					33,939					34,946					38,085					37,370					37,704					38,835					38,281					0.5		(1.4	)
Total assets	226,870				$	224,089				$	221,313				$	221,350				$	219,560				$	221,514				$	223,273				$	228,886				3.4		2.5
Liabilities:
Interest-bearing deposits:
U.S.	48,638	0.28		%	$	50,276	0.37		%	$	57,558	0.51		%	$	63,153	0.64		%	$	64,531	0.83		%	$	66,502	0.91		%	$	67,170	0.83		%	$	71,910	0.64		%	13.9		7.1
Non-U.S.(3)		0.15			76,307		0.23			67,741		0.06			60,097		0.16			59,775		0.26			61,303		0.39			61,355		0.21			62,737		(0.04		)	4.4		2.3
Total interest-bearing deposits(3)		0.20			126,583		0.28			125,299		0.27			123,250		0.41			124,306		0.56			127,805		0.66			128,525		0.53			134,647		0.32			9.2		4.8
Securities sold under repurchase agreements		0.16			2,641		0.92			1,835		0.79			1,117		0.67			1,773		2.66			1,488		2.19			1,998		1.45			1,208		1.18			8.1		(39.5	)
Other short-term borrowings		1.09			1,320		1.25			1,249		1.38			1,485		1.38			1,157		1.34			2,041		1.22			1,788		1.68			1,110		1.17			(25.3	)	(37.9	)
Long-term debt		3.37			10,649		3.66			10,375		3.84			10,323		3.72			10,955		3.89			11,228		3.78			11,415		3.48			12,286		3.34			19.0		7.6
Other interest-bearing liabilities		3.87			4,994		4.17			5,306		3.88			4,271		5.05			4,642		5.31			3,979		6.47			3,691		7.62			4,106		4.85			(3.9	)	11.2
Total interest-bearing liabilities		0.59			146,187		0.68			144,064		0.67			140,446		0.80			142,833		1.00			146,541		1.08			147,417		0.96			153,357		0.70			9.2		4.0
Non-interest bearing deposits					36,212					34,279					35,095					31,037					28,765					28,701					29,182					(16.8	)	1.7
Other liabilities					19,454					19,585					21,208					20,921					21,188					21,935					21,140					(0.3	)	(3.6	)
Preferred shareholders' equity					3,197					3,218					3,690					3,690					3,690					3,690					3,541					(4.0	)	(4.0	)
Common shareholders' equity					19,039					20,167					20,911					21,079					21,330					21,530					21,666					3.6		0.6
Total liabilities and shareholders' equity	226,870				$	224,089				$	221,313				$	221,350				$	219,560				$	221,514				$	223,273				$	228,886				3.4		2.5
Excess of rate earned over rate paid		1.26		%			1.31		%			1.34		%			1.37		%			1.34		%			1.18		%			1.24		%			1.23		%
Net interest margin		1.40		%			1.46		%			1.48		%			1.55		%			1.54		%			1.38		%			1.42		%			1.36		%
Net interest income, fully taxable-equivalent basis		$	664				$	677				$	684				$	703				$	678				$	618				$	648				$	640
Tax-equivalent adjustment		(21		)			(18		)			(12		)			(6		)			(5		)			(5		)			(4		)			(4		)
Net interest income, GAAP-basis(3)		$	643				$	659				$	672				$	697				$	673				$	613				$	644				$	636
(1) Average rates earned and paid on interest-earning assets and interest-bearing liabilities include the impact of hedge activities associated with our asset and liability management activities where applicable.
(2) Reflects the impact of balance sheet netting under enforceable netting agreements of approximately 32 billion, 31 billion, 35 billion and 45 billion in the first, second, third and fourth quarters of 2018, respectively, and approximately 59 billion, 75 billion, 118 billion and 94 billion in the first, second, third and fourth quarters of 2019. Excluding the impact of netting, the average interest rates would be approximately 0.89%, 0.98%, 0.91% and 0.74% for the first, second, third and fourth quarters of 2018, respectively, and approximately 0.64%, 0.47%, 0.33% and 0.31% in the first, second, third and fourth quarters of 2019.
(3) Average rates includes the impact of FX swap expense of approximately 34 million, 42 million, 6 million and 24 million for the first, second, third and fourth quarters of 2018, respectively, and approximately 39 million, 59 million, 37 million and 18 million in the first, second, third and fourth quarters of 2019. The first quarter of 2018 includes approximately 15 million of swap costs that were reclassified from processing fees and other revenue within fee revenue to net interest income to conform to current presentation. Average rates for total interest-bearing deposits excluding the impact of FX swap expense were 0.09%, 0.15%, 0.25% and 0.33% for the first, second, third and fourth quarters of 2018, respectively, and approximately 0.43%, 0.47%, 0.42% and 0.27% for the first, second, third and fourth quarters of 2019.

All values are in US Dollars.

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
AVERAGE STATEMENT OF CONDITION - RATES EARNED AND PAID - FULLY TAXABLE-EQUIVALENT BASIS - YEAR TO DATE(1)
The following table presents consolidated average interest-earning assets, average interest-bearing liabilities and related average rates earned and paid, respectively, for the years indicated, on a fully taxable-equivalent basis, which is a non-GAAP measure. Tax-equivalent adjustments were calculated using a federal income tax rate of 21% for periods ending in 2018 and 2019, respectively, adjusted for applicable state income taxes, net of related federal benefit.

					2019					% Change
(Dollars in millions; fully-taxable equivalent basis)		Average rates			Average balance		Average rates			2019 vs. 2018
Assets:
Interest-bearing deposits with banks	54,328	0.71		%	$	48,500	0.86		%	(10.7	)%
Securities purchased under resale agreements(2)		11.55			2,506		14.54			(13.6	)
Trading account assets		—			884		0.11			(15.9	)
Investment securities:
U.S. Treasury and federal agencies:
Direct obligations		1.70			14,249		1.82			(12.2	)
Mortgage-and asset-backed securities		2.80			42,390		2.79			31.6
State and political subdivisions		3.45			1,869		3.31			(65.9	)
Other investments:
Asset-backed securities		2.14			9,734		2.41			(26.9	)
Collateralized mortgage-backed securities and obligations		2.76			896		3.46			(42.2	)
Other debt investments and equity securities		1.21			22,630		1.05			17.4
Total investment securities		2.19			91,768		2.19			4.2
Loans and leases		2.96			24,073		3.22			2.1
Other interest-earning assets		2.37			14,160		2.79			(9.9	)
Total interest-earning assets		2.00			181,891		2.18			(2.0	)
Cash and due from banks					3,390					6.7
Other assets					38,053					10.1
Total assets	223,385				$	223,334				—
Liabilities:
Interest-bearing deposits:
U.S.	54,953	0.47			$	67,547	0.80			22.9
Non-U.S.(3)		0.15			61,301		0.20			(13.2	)
Total interest-bearing deposits(3)		0.29			128,848		0.51			2.6
Securities sold under repurchase agreements		0.62			1,616		1.90			(21.1	)
Other short-term borrowings		1.28			1,524		1.37			14.8
Long-term debt		3.64			11,474		3.61			7.4
Other interest-bearing liabilities		4.20			4,103		6.00			(17.2	)
Total interest-bearing liabilities		0.68			147,565		0.93			2.1
Non-interest bearing deposits					29,414					(17.9	)
Other liabilities					21,299					7.5
Preferred shareholders' equity					3,653					9.8
Common shareholders' equity					21,403					7.9
Total liabilities and shareholders' equity	223,385				$	223,334				—
Excess of rate earned over rate paid		1.32		%			1.25		%
Net interest margin		1.45		%			1.42		%
Net interest income, fully taxable-equivalent basis		$	2,728				$	2,585
Tax-equivalent adjustment		(57		)			(19		)
Net interest income, GAAP-basis		$	2,671				$	2,566
(1) Average rates earned and paid on interest-earning assets and interest-bearing liabilities include the impact of hedge activities associated with our asset and liability management activities where applicable.
(2) Reflects the impact of balance sheet netting under enforceable netting agreements of approximately 36 billion and 87 billion as of December 31, 2018 and 2019, respectively. Excluding the impact of netting, the average interest rates would be approximately 0.87% and 0.41% for the years ended December 31, 2018 and 2019, respectively.
(3) Average rates include the impact of FX swap expense of approximately 106 million and 153 million for the years ended December 31, 2018 and 2019, respectively. Average rates for total interest-bearing deposits excluding the impact of FX swap expense were 0.20% and 0.40% for the years ended December 31, 2018 and 2019, respectively.

All values are in US Dollars.

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER CUSTODY AND/OR ADMINISTRATION
	Quarters																% Change
(Dollars in billions)	1Q18		2Q18		3Q18		4Q18		1Q19		2Q19		3Q19		4Q19		4Q19<br> vs. <br>4Q18		4Q19<br> vs. <br>3Q19
Assets Under Custody and/or Administration
By Product Classification:
Mutual funds	$	7,503	$	8,548	$	8,717	$	7,912	$	8,586	$	8,645	$	8,687	$	9,221	16.5	%	6.1	%
Collective funds, including ETFs	9,908		9,615		9,646		8,999		9,436		9,272		9,224		9,796		8.9		6.2
Pension products	6,802		6,808		6,807		6,489		6,513		6,542		6,817		6,924		6.7		1.6
Insurance and other products	9,071		8,896		8,826		8,220		8,108		8,295		8,171		8,417		2.4		3.0
Total Assets Under Custody and/or Administration	$	33,284	$	33,867	$	33,996	$	31,620	$	32,643	$	32,754	$	32,899	$	34,358	8.7		4.4
By Financial Instrument^(1)^:
Equities	$	19,198	$	19,475	$	20,070	$	18,041	$	18,924	$	18,504	$	18,243	$	19,301	7.0		5.8
Fixed-income	10,186		10,189		10,018		9,758		9,831		10,089		10,413		10,766		10.3		3.4
Short-term and other investments	3,900		4,203		3,908		3,821		3,888		4,161		4,243		4,291		12.3		1.1
Total Assets Under Custody and/or Administration	$	33,284	$	33,867	$	33,996	$	31,620	$	32,643	$	32,754	$	32,899	$	34,358	8.7		4.4
By Geographic Location^(2)^:
Americas	$	24,336	$	24,989	$	25,157	$	23,203	$	23,979	$	23,989	$	23,888	$	25,018	7.8		4.7
Europe/Middle East/Africa	7,211		7,134		7,094		6,699		6,875		6,937		7,091		7,325		9.3		3.3
Asia/Pacific	1,737		1,744		1,745		1,718		1,789		1,828		1,920		2,015		17.3		4.9
Total Assets Under Custody and/or Administration	$	33,284	$	33,867	$	33,996	$	31,620	$	32,643	$	32,754	$	32,899	$	34,358	8.7		4.4
Assets Under Custody^(3)^
By Product Classification:
Mutual funds	$	6,894	$	7,950	$	8,086	$	7,344	$	7,966	$	8,012	$	8,060	$	8,447	15.0		4.8
Collective funds, including ETFs	8,189		7,602		7,455		6,936		7,445		7,614		7,668		8,216		18.5		7.1
Pension products	5,682		5,703		5,627		5,237		5,307		5,236		5,457		5,554		6.1		1.8
Insurance and other products	4,281		4,160		4,132		3,731		3,851		3,909		3,893		3,978		6.6		2.2
Total Assets Under Custody	$	25,046	$	25,415	$	25,300	$	23,248	$	24,569	$	24,771	$	25,078	$	26,195	12.7		4.5
By Geographic Location^(2)^:
Americas	$	19,131	$	19,545	$	19,433	$	17,652	$	18,784	$	18,911	$	19,048	$	19,838	12.4		4.1
Europe/Middle East/Africa	4,617		4,557		4,561		4,309		4,462		4,515		4,615		4,858		12.7		5.3
Asia/Pacific	1,298		1,313		1,306		1,287		1,323		1,345		1,415		1,499		16.5		5.9
Total Assets Under Custody	$	25,046	$	25,415	$	25,300	$	23,248	$	24,569	$	24,771	$	25,078	$	26,195	12.7		4.5
^(1)^ Certain previously reported amounts have been reclassified to conform to current period presentation.
^(2)^ Geographic mix is generally based on the domicile of the entity servicing the funds and is not necessarily representative of the underlying asset mix.
^(3)^ Assets under custody are a component of assets under custody and/or administration presented above.

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER MANAGEMENT
																% Change
(Dollars in billions)		2Q18		3Q18		4Q18		1Q19		2Q19		3Q19		4Q19		4Q19<br> vs. <br>4Q18		4Q19<br> vs. <br>3Q19
Assets Under Management
By Asset Class and Investment Approach:
Equity:
Active	94	$	92	$	96	$	80	$	85	$	86	$	84	$	88	10.0	%	4.8	%
Passive(1)		1,575		1,693		1,464		1,694		1,757		1,747		1,903		30.0		8.9
Total Equity		1,667		1,789		1,544		1,779		1,843		1,831		1,991		29.0		8.7
Fixed-Income:
Active		79		80		81		88		93		92		89		9.9		(3.3	)
Passive		358		343		341		341		357		367		379		11.1		3.3
Total Fixed-Income		437		423		422		429		450		459		468		10.9		2.0
Cash(2)		333		317		287		314		319		336		324		12.9		(3.6	)
Multi-Asset-Class Solutions:
Active		18		20		19		22		23		23		24		26.3		4.3
Passive		126		125		113		125		132		134		133		17.7		(0.7	)
Total Multi-Asset-Class Solutions		144		145		132		147		155		157		157		18.9		—
Alternative Investments(3):
Active		22		22		21		21		21		22		21		—		(4.5	)
Passive(1)		120		114		105		115		130		148		155		47.6		4.7
Total Alternative Investments		142		136		126		136		151		170		176		39.7		3.5
Total Assets Under Management	2,729	$	2,723	$	2,810	$	2,511	$	2,805	$	2,918	$	2,953	$	3,116	24.1		5.5
By Geographic Location:
North America	1,885	$	1,897	$	1,956	$	1,731	$	1,899	$	1,965	$	1,999	$	2,115	22.2		5.8
Europe/Middle East/Africa		495		476		421		447		471		476		493		17.1		3.6
Asia/Pacific		331		378		359		459		482		478		508		41.5		6.3
Total Assets Under Management	2,729	$	2,723	$	2,810	$	2,511	$	2,805	$	2,918	$	2,953	$	3,116	24.1		5.5
(1) 1Q19 and 2Q19 have been revised to reflect a reclassification of 14 billion in assets from Passive equity to Passive alternative assets.
(2) Includes both floating- and constant-net-asset-value portfolios held in commingled structures or separate accounts.
(3) Includes real estate investment trusts, currency and commodities, including SPDR® Gold Shares and SPDR® Gold MiniSharesSM Trust, for which we are not the investment manager but act as the marketing agent.
Exchange-Traded Funds(1)
By Asset Class:
Alternative Investments	48	$	46	$	40	$	43	$	45	$	48	$	56	$	56	30.2	%	—	%
Cash		3		4		9		8		9		9		9		—		—
Equity		524		566		482		535		548		553		618		28.2		11.8
Fixed-Income		66		69		66		73		77		80		85		28.8		6.3
Total Exchange-Traded Funds	629	$	639	$	679	$	600	$	661	$	682	$	698	$	768	28.0		10.0
(1) Exchange-traded funds are a component of assets under management presented above.

All values are in US Dollars.

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INDUSTRY FLOW DATA BY ASSET CLASS
(Dollars in billions)			Quarters
		1Q18			2Q18			3Q18			4Q18			1Q19			2Q19			3Q19			4Q19
North America - ICI Market Data^(1)(2)(3)^
	Long Term Funds^(4)^		$	38.0		$	(28.3	)	$	(50.4	)	$	(308.8	)	$	41.8		$	(38.2	)	$	(51.6	)	$	(47.7	)
	Money Market		(52.2		)	(51.7		)	35.8			187.9			54.0			137.0			224.5			169.0
	ETF		62.8			55.8			87.2			105.0			45.7			65.4			84.8			132.2
		Total ICI Flows	$	48.6		$	(24.2	)	$	72.6		$	(15.9	)	$	141.5		$	164.2		$	257.7		$	253.5
Europe - Broadridge Market Data^(1)(5)(6)^
	Long Term Funds^(4)^		$	160.5		$	(24.9	)	$	(16.2	)	$	(171.4	)	$	5.7		$	27.5		$	49.4		$	106.3
	Money Market		(10.3		)	(17.8		)	(21.9		)	62.4			(9.0		)	1.6			78.9			(16.7		)
		Total Broadridge Flows	$	150.2		$	(42.7	)	$	(38.1	)	$	(109.0	)	$	(3.3	)	$	29.1		$	128.3		$	89.6
^(1)^ Industry data is provided for illustrative purposes only and is not intended to reflect the Company's or its clients' activity.
^(2)^ Source: Investment Company Institute. <br>Investment Company Institute (ICI) data includes selected funds not registered under the Investment Company Act of 1940. Mutual fund data represents estimates of net new cash flow, which is new sales minus redemptions combined with net exchanges, while exchange-traded fund (ETF) data represents net issuance, which is gross issuance less gross redemptions. Data for mutual funds that invest primarily in other mutual funds and ETFs that invest primarily in other ETFs were excluded from the series. ICI classifies mutual funds and ETFs based on language in the fund prospectus.
^(3)^ 4Q19 data includes ICI actuals for October and November 2019 and ICI estimates for December 2019.
^(4)^The long-term fund flows reported by ICI are composed of North America Market flows mainly in Equities, Hybrids and Fixed-Income Asset Classes. The long-term fund flows reported by Broadridge are composed of the European, Middle-Eastern, and African market flows mainly in Equities, Fixed-Income and Multi Asset Classes.
^(5)^Source: © Copyright 2019, Broadridge Financial Solutions, Inc.<br>Funds of funds have been excluded from Broadridge data (to avoid double counting). Therefore, a market total is the sum of all the investment categories excluding the three funds of funds categories, as categorized by Broadridge (in-house, ex-house and hedge). ETFs are included in Broadridge’s database on mutual funds, but this excludes exchange-traded commodity products that are not mutual funds.
^(6)^4Q19 data is on a rolling 3 month basis and includes September through November 2019 for EMEA (Copyright 2019 Broadridge Financial Solutions, Inc.).

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

(Dollars in billions, or where otherwise noted)			AAA			AA			A			BBB			<BBB			NR			Book Value^(1)^		Book Value<br>(% Total)		Net Unrealized After-tax MTM Gain/(Loss)<br>(In millions)^(2)^			Fixed Rate/<br>Floating Rate^(3)^
Government & agency securities		%	19		%	22		%	8		%	6		%	—		%	1		%	$	31.8	33.5	%	$	133		100% / 0%
Asset-backed securities			66			30			1			2			1			—			10.8		11.4		20			0% / 100%
Student loans			33			62			1			3			1			—			4.3		39.8		(31		)
Credit cards			100			—			—			—			—			—			0.3		2.8		—
Auto & equipment			73			27			—			—			—			—			1.0		9.3		1
Non-U.S. residential mortgage backed securities			84			9			4			1			2			—			2.4		22.2		53
Collateralized loan obligation			100			—			—			—			—			—			2.7		25.0		(3		)
Other			—			100			—			—			—			—			0.1		0.9		—
Mortgage-backed securities			—			—			—			—			—			—			39.3		41.3		398			99% / 1%
Agency MBS			—			—			—			—			—			—			39.2		99.7		377
Non-agency MBS			2			6			9			18			49			16			0.1		0.3		21
CMBS			12			—			—			—			—			—			5.4		5.7		(7		)	44% / 56%
Corporate bonds			—			11			37			52			—			—			4.7		4.9		39			97% / 3%
Covered bonds			100			—			—			—			—			—			0.7		0.7		2			10% / 90%
Municipal bonds			24			71			5			—			—			—			0.8		0.8		28			100% / 0%
Clipper tax-exempt bonds/other			20			65			12			3			—			—			1.6		1.7		18			31% / 69%
Total Portfolio		%	16		%	13		%	5		%	5		%	—		%	—		%	$	95.1	100.0	%	$	631		83% / 17%
Book Value	57.8		$	15.0		$	12.4		$	4.7		$	4.6		$	0.2		$	0.4
(1) Portfolio amounts are expressed at book value; book value includes the amortized cost of transferred securities at the time they were transferred.
(2) At December 31, 2019, the after-tax unrealized MTM gain/(loss) includes after-tax unrealized gain on securities available-for-sale of 370 million, after-tax unrealized gain on securities held-to-maturity of 278 million and after-tax unrealized loss primarily related to securities previously transferred from available-for-sale to held-to-maturity of (17) million.
(3) At December 31, 2019, fixed-to-floating rate securities had a book value of approximately 294 million or 0.31% of the total portfolio.

All values are in US Dollars.

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO NON-U.S. INVESTMENTS
			Book Value
(Dollars in billions)		Average Rating	Gov't/Agency^(1)(2)^		ABS<br>FRMBS		ABS<br>All Other		Corporate Bonds		Covered Bonds		Other
United Kingdom	3.3	AAA	$	2.1	$	0.5	$	0.4	$	0.2	$	0.1	$	—
Germany		AAA	2.3		—		0.7		0.1		—		—
Australia		AAA	0.7		1.1		—		0.3		—		0.7
Canada		AA	2.4		—		—		0.2		—		—
France		AA	1.1		—		0.7		0.2		0.2		—
Spain		BBB	1.4		0.1		0.1		—		—		—
Netherlands		AA	0.6		0.5		—		0.4		0.1		—
Japan		AA	1.4		—		—		—		—		—
Austria		A	1.4		—		—		—		—		—
Ireland		A	1.2		—		—		—		—		—
Italy		A	0.6		0.2		0.3		—		—		—
Belgium		AA	0.9		—		—		—		0.1		—
Finland		AA	0.8		—		—		—		—		—
Hong Kong		AA	0.6		—		—		—		—		—
Other		AA	0.6		—		—		0.3		0.1		—
Total Non-U.S. Investments(3)	25.7		$	18.1	$	2.4	$	2.2	$	1.7	$	0.6	$	0.7
U.S. Investments
Total Portfolio	95.1
(1) Sovereign debt is reflected in the government / agency column.
(2) As of December 31, 2019, the book value included 5.46 billion of supranational and non-U.S. agency bonds.
(3) Country of collateral used except for corporates where country of issuer is used.

All values are in US Dollars.

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION
In addition to presenting State Street's financial results in conformity with U.S. generally accepted accounting principles, or GAAP, management also presents certain financial information on a basis that excludes or adjusts one or more items from GAAP. This latter basis is a non-GAAP presentation. In general, our non-GAAP financial results adjust selected GAAP-basis financial results to exclude the impact of revenue and expenses outside of State Street’s normal course of business or other notable items, such as acquisition and restructuring charges, repositioning charges, gains/losses on sales, as well as, for selected comparisons, seasonal items. For example, we sometimes present expenses on a basis we may refer to as "underlying expenses", which exclude notable items and, to provide additional perspective on both prior year quarter and sequential quarter comparisons, also exclude seasonal items and expenses related to our Charles River Development (CRD) acquisition (completed in October 2018). Management believes that this presentation of financial information facilitates an investor's further understanding and analysis of State Street's financial performance and trends with respect to State Street’s business operations from period-to-period, including providing additional insight into our underlying margin and profitability. In addition, Management may also provide additional non-GAAP measures. For example, we present capital ratios, calculated under regulatory standards scheduled to be effective in the future or other standards, that management uses in evaluating State Street’s business and activities and believes may similarly be useful to investors. Additionally, we may present revenue and expense measures on a constant currency basis to identify the significance of changes in foreign currency exchange rates (which often are variable) in period-to-period comparisons. This presentation represents the effects of applying prior period weighted average foreign currency exchange rates to current period results.
Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in conformity with GAAP.
	Quarters																						% Change						Year-to-Date						% Change
(Dollars in millions)	1Q18		2Q18			3Q18		4Q18			1Q19			2Q19			3Q19			4Q19			4Q19<br> vs. <br>4Q18			4Q19<br> vs. <br>3Q19			2018			2019			YTD2019<br> vs. <br>YTD2018
Fee Revenue:
Total fee revenue, GAAP-basis^(1)^	$	2,415	$	2,395		$	2,318	$	2,326		$	2,260		$	2,260		$	2,259		$	2,368		1.8	%		4.8	%		$	9,454		$	9,147		(3.2	)%
Add: legal and related	—		—			—		8			—			—			—			—									8			—
Total fee revenue, excluding notable items	$	2,415	$	2,395		$	2,318	$	2,334		$	2,260		$	2,260		$	2,259		$	2,368		1.5			4.8			$	9,462		$	9,147		(3.3	)
Total Revenue:
Total revenue, GAAP-basis	$	3,056	$	3,063		$	2,989	$	3,023		$	2,932		$	2,873		$	2,903		$	3,048		0.8	%		5.0	%		$	12,131		$	11,756		(3.1	)%
Add: legal and related	—		—			—		8			—			—			—			—									8			—
Less: other income	—		—			—		—			—			—			—			(44		)							—			(44		)
Total revenue, excluding notable items	$	3,056	$	3,063		$	2,989	$	3,031		$	2,932		$	2,873		$	2,903		$	3,004		(0.9	)		3.5			$	12,139		$	11,712		(3.5	)
Expenses:
Total expenses, GAAP-basis	$	2,268	$	2,170		$	2,091	$	2,486		$	2,293		$	2,154		$	2,180		$	2,407		(3.2	)%		10.4	%		$	9,015		$	9,034		0.2	%
Less: Notable expense items:
Acquisition and restructuring costs^(2)^	—		—			—		(24		)	(9		)	(12		)	(27		)	(29		)							(24		)	(77		)
Repositioning charges^(3)^	—		(77		)	—		(247		)	—			—			—			(110		)							(324		)	(110		)
Legal and related	—		—			—		(42		)	(14		)	—			(18		)	(140		)							(42		)	(172		)
Total expenses, excluding notable items	$	2,268	$	2,093		$	2,091	$	2,173		$	2,270		$	2,142		$	2,135		$	2,128		(2.1	)		(0.3	)		$	8,625		$	8,675		0.6
Fee Operating Leverage, GAAP-Basis:
Total fee revenue, GAAP-basis^(1)^	$	2,415	$	2,395		$	2,318	$	2,326		$	2,260		$	2,260		$	2,259		$	2,368		1.8	%		4.8	%		$	9,454		$	9,147		(3.2	)%
Total expenses, GAAP-basis	2,268		2,170			2,091		2,486			2,293			2,154			2,180			2,407			(3.2	)		10.4			9,015			9,034			0.2
Fee operating leverage, GAAP-basis																							500		bps	(560	)	bps							(340	)	bps
Fee Operating Leverage, excluding notable items:
Total fee revenue, excluding notable items (as reconciled above)	$	2,415	$	2,395		$	2,318	$	2,334		$	2,260		$	2,260		$	2,259		$	2,368		1.5	%		4.8	%		$	9,462		$	9,147		(3.3	)%
Total expenses, excluding notable items (as reconciled above)	2,268		2,093			2,091		2,173			2,270			2,142			2,135			2,128			(2.1	)		(0.3	)		8,625			8,675			0.6
Fee operating leverage, excluding notable items																							360		bps	510		bps							(390	)	bps
Operating Leverage, GAAP-Basis:
Total revenue, GAAP-basis	$	3,056	$	3,063		$	2,989	$	3,023		$	2,932		$	2,873		$	2,903		$	3,048		0.8	%		5.0	%		$	12,131		$	11,756		(3.1	)%
Total expenses, GAAP-basis	2,268		2,170			2,091		2,486			2,293			2,154			2,180			2,407			(3.2	)		10.4			9,015			9,034			0.2
Operating leverage, GAAP-basis																							400		bps	(540	)	bps							(330	)	bps
Operating Leverage, excluding notable items:
Total revenue, excluding notable items (as reconciled above)	$	3,056	$	3,063		$	2,989	$	3,031		$	2,932		$	2,873		$	2,903		$	3,004		(0.9	)%		3.5	%		$	12,139		$	11,712		(3.5	)%
Total expenses, excluding notable items (as reconciled above)	2,268		2,093			2,091		2,173			2,270			2,142			2,135			2,128			(2.1	)		(0.3	)		8,625			8,675			0.6
Operating leverage, excluding notable items																							120		bps	380		bps							(410	)	bps

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION (Continued)
																								% Change						Year-to-Date						% Change
(Dollars in millions, except per Earnings per share, or where otherwise noted)			2Q18			3Q18			4Q18			1Q19			2Q19			3Q19			4Q19			4Q19<br> vs. <br>4Q18			4Q19<br> vs. <br>3Q19			2018			2019			YTD2019<br> vs. <br>YTD2018
Net Income Available to Common Shareholders:
Net Income Available to Common Shareholders, GAAP-basis	603		$	697		$	708		$	396		$	452		$	537		$	528		$	492		24.2	%		(6.8	)%		$	2,404		$	2,009		(16.4	)%
Less: Notable items
Acquisition and restructuring costs(2)			—			—			24			9			12			27			29									24			77
Repositioning charges(3)			77			—			247			—			—			—			110									324			110
Legal and related			—			—			50			14			—			18			140									50			172
Other income			—			—			—			—			—			—			(44		)							—			(44		)
Preferred securities redemption(4)			—			—			—			—			—			—			22									—			22
Tax impact of notable items			(16		)	—			(73		)	(2		)	(3		)	(12		)	(25		)							(89		)	(42		)
Net Income Available to Common Shareholders, excluding notable items	603		$	758		$	708		$	644		$	473		$	546		$	561		$	724		12.4			29.1			$	2,713		$	2,304		(15.1	)
Diluted Earnings per Share:
Diluted earnings per share, GAAP-basis	1.62		$	1.88		$	1.87		$	1.03		$	1.18		$	1.42		$	1.42		$	1.35		31.1	%		(4.9	)%		$	6.39		$	5.38		(15.8	)%
Less: Notable items
Acquisition and restructuring costs(2)			—			—			0.04			0.02			0.03			0.06			0.06									0.05			0.16
Repositioning charges(3)			0.16			—			0.48			—			—			—			0.22									0.65			0.22
Legal and related			—			—			0.12			0.04			—			0.03			0.38									0.12			0.44
Other income			—			—			—			—			—			—			(0.09		)							—			(0.09		)
Preferred securities redemption(4)			—			—			—			—			—			—			0.06									—			0.06
Diluted earnings per share, excluding notable items	1.62		$	2.04		$	1.87		$	1.67		$	1.24		$	1.45		$	1.51		$	1.98		18.6			31.1			$	7.21		$	6.17		(14.4	)
Pre-tax Margin:
Pre-tax margin, GAAP-basis		%	29.1		%	29.9		%	17.5		%	21.7		%	25.0		%	24.8		%	20.9		%	340		bps	(390	)	bps	25.6		%	23.1		%	(250	)	bps
Less: Notable items
Acquisition and restructuring costs(2)			—			—			0.8			0.3			0.4			1.0			1.0									0.2			0.7
Repositioning charges(3)			2.5			—			8.2			—			—			—			3.6									2.7			0.9
Legal and related			—			—			1.7			0.5			—			0.6			4.7									0.3			1.5
Other income			—			—			—			—			—			—			(1.1		)							—			(0.4		)
Pre-tax margin, excluding notable items		%	31.6		%	29.9		%	28.2		%	22.5		%	25.4		%	26.4		%	29.1		%	90			270			28.8		%	25.8		%	(300	)	bps
Return on Average Common Equity:
Return on average common equity, GAAP-basis		%	14.7		%	14.0		%	7.5		%	8.7		%	10.1		%	9.7		%	9.0		%	150		bps	(70	)	bps	12.1		%	9.4		%	(270	)	bps
Less: Notable items
Acquisition and restructuring costs(2)			—			—			0.5			0.2			0.2			0.5			0.5									0.1			0.4
Repositioning charges(3)			1.6			—			4.7			—			—			—			2.0									1.6			0.5
Legal and related			—			—			0.9			0.2			—			0.3			2.6									0.3			0.7
Other income			—			—			—			—			—			—			(0.8		)							—			(0.2		)
Preferred securities redemption(4)			—			—			—			—			—			—			0.4									—			0.1
Tax impact of notable items			(0.3		)	—			(1.4		)	—			—			(0.2		)	(0.4		)							(0.4		)	(0.1		)
Return on average common equity, excluding notable items		%	16.0		%	14.0		%	12.2		%	9.1		%	10.3		%	10.3		%	13.3		%	110			300			13.7		%	10.8		%	(290	)	bps
(1) Approximately 15 million of swap costs in 1Q18 were reclassified from processing fees and other revenue within fee revenue to net interest income to conform to current presentation.
(2) Acquisition and restructuring costs of approximately 29 million in 4Q19, consisting of acquisition costs primarily related to CRD.
(3) Includes charges in 4Q18 that were previously disclosed as "Business exit: Channel Islands."
(4) We redeemed all outstanding Series E noncumulative perpetual preferred stock on December 15, 2019 at a redemption price of 750 million (100,000 per share equivalent to 25.00 per depositary share) plus accrued and unpaid dividends. The difference between the redemption value and the net carrying value of 22 million resulted in an EPS impact of approximately (.06) per share in 2019.

All values are in US Dollars.

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF PRE-TAX MARGIN EXCLUDING NOTABLE ITEMS
(Dollars in millions)			2015^(1)^			2016^(1)^			2017			2018^(1)^			2019
Total revenue:
Total revenue, GAAP-basis			$	10,433		$	10,291		$	11,266		$	12,131		$	11,756
		Less: Gain on sale	(165		)	(53		)	(56		)	—			—
		Add: Impact of tax legislation	—			—			20			—			—
		Add: Legal and related	—			43			—			8			—
		Less: Other income	—			—			—			—			(44		)
Total revenue, excluding notable items			10,268			10,281			11,230			12,139			11,712
Provision for loan losses			12			10			2			15			10
Total expenses:
Total expenses, GAAP-basis			8,050			8,077			8,269			9,015			9,034
	Less:
		Acquisition and restructuring costs	(25		)	(209		)	(266		)	(24		)	(77		)
		Legal and related	(432		)	(56		)	—			(42		)	(172		)
		Repositioning charges^(1)^	(73		)	11			—			(324		)	(110		)
		Acceleration of deferred cash awards	—			(249		)	—			—			—
Total expenses, excluding notable items			7,520			7,574			8,003			8,625			8,675
Income before income tax expense, excluding notable items			$	2,736		$	2,697		$	3,225		$	3,499		$	3,027
Income before income tax expense, GAAP-basis			$	2,371		$	2,204		$	2,995		$	3,101		$	2,712
Pre-tax margin, excluding notable items			26.6		%	26.2		%	28.7		%	28.8		%	25.8		%
Pre-tax margin, GAAP-basis			22.7			21.4			26.6			25.6			23.1
^(1)^ Includes charges in 2015 and 2016 that were previously disclosed as "severance costs associated with staffing realignment" and charges in 2018 that were previously disclosed as "Business exit: Channel Islands."

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF NOTABLE ITEMS
	Quarters																							% Change				Year-to-Date						% Change
(Dollars in millions)	1Q18			2Q18			3Q18		4Q18			1Q19			2Q19			3Q19			4Q19			4Q19<br> vs. <br>4Q18		4Q19<br> vs. <br>3Q19		2018			2019			YTD2019 vs. YTD2018
Total revenue:
Total revenue, GAAP-basis	$	3,056		$	3,063		$	2,989	$	3,023		$	2,932		$	2,873		$	2,903		$	3,048		0.8	%	5.0	%	$	12,131		$	11,756		(3.1	)%
Add: legal and related	—			—			—		8			—			—			—			—							8			—
Less: other income	—			—			—		—			—			—			—			(44		)					—			(44		)
Total revenue, excluding notable items	$	3,056		$	3,063		$	2,989	$	3,031		$	2,932		$	2,873		$	2,903		$	3,004		(0.9	)	3.5		$	12,139		$	11,712		(3.5	)
Total expenses:
Total expenses, GAAP basis	$	2,268		$	2,170		$	2,091	$	2,486		$	2,293		$	2,154		$	2,180		$	2,407		(3.2	)	10.4		$	9,015		$	9,034		0.2
Less: Notable expense items:
Repositioning charges:
Compensation and employee benefits	$	—		$	(61	)	$	—	$	(198	)	$	—		$	—		$	—		$	(98	)	(50.5	)	nm		$	(259	)	$	(98	)	(62.2	)
Occupancy	—			(16		)	—		(25		)	—			—			—			(12		)	(52.0	)	nm		(41		)	(12		)	(70.7	)
Repositioning charges	—			(77		)	—		(223		)	—			—			—			(110		)	(50.7	)	—		(300		)	(110		)	(63.3	)
Acquisition and restructuring costs	—			—			—		(24		)	(9		)	(12		)	(27		)	(29		)	20.8		7.4		(24		)	(77		)	220.8
Legal and related	—			—			—		(42		)	(14		)	—			(18		)	(140		)	nm		nm		(42		)	(172		)	nm
Business exit: Channel Islands	—			—			—		(24		)	—			—			—			—			nm		nm		(24		)	—			nm
Total expenses, excluding notable items	2,268			2,093			2,091		2,173			2,270			2,142			2,135			2,128			(2.1	)	(0.3	)	8,625			8,675			0.6
CRD expenses	—			—			—		(39		)	(41		)	(46		)	(56		)	(58		)	48.7		3.6		(39		)	(201		)	415.4
CRD related expenses: intangible asset amortization costs	—			—			—		(18		)	(15		)	(17		)	(17		)	(16		)	(11.1	)	(5.9	)	(18		)	(65		)	261.1
Total expenses, excluding notable items and CRD and CRD related expenses	2,268			2,093			2,091		2,116			2,214			2,079			2,062			2,054			(2.9	)	(0.4	)	8,568			8,409			(1.9	)
Seasonal expenses	(148		)	—			—		—			(137		)	—			—			—			—		—		(148		)	(137		)	(7.4	)
Total expenses, excluding notable items, seasonal items, CRD and CRD related expenses	$	2,120		$	2,093		$	2,091	$	2,116		$	2,077		$	2,079		$	2,062		$	2,054		(2.9	)	(0.4	)	$	8,420		$	8,272		(1.8	)
Net Income Available to Common Shareholders, GAAP-basis	$	603		$	697		$	708	$	396		$	452		$	537		$	528		$	492		24.2		(6.8	)	$	2,404		$	2,009		(16.4	)
Notable items as reconciled above: pre-tax	—			77			—		321			23			12			45			235							398			315
Tax impact on notable items as reconciled above	—			(16		)	—		(73		)	(2		)	(3		)	(12		)	(25		)					(89		)	(42		)
Preferred security cost	—			—			—		—			—			—			—			22							—			22
Net Income Available to Common Shareholders, excluding notable items	$	603		$	758		$	708	$	644		$	473		$	546		$	561		$	724		12.4		29.1		$	2,713		$	2,304		(15.1	)
^nm^ Denotes not meaningful

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF CONSTANT CURRENCY FX IMPACTS
GAAP-Basis Quarter Comparison	Reported						Currency Translation Impact					Excluding Currency Impact				% Change Constant Currency
(Dollars in millions)	4Q18		3Q19		4Q19		4Q19<br> vs. <br>4Q18			4Q19<br> vs. <br>3Q19		4Q19<br> vs. <br>4Q18		4Q19<br> vs. <br>3Q19		4Q19<br> vs. <br>4Q18		4Q19<br> vs. <br>3Q19
GAAP-Basis Results:
Fee revenue:
Servicing fees	$	1,286	$	1,272	$	1,299	$	(3	)	$	7	$	1,302	$	1,292	1.2	%	1.6	%
Management fees	440		445		465		(1		)	3		466		462		5.9		3.8
Foreign exchange trading services	294		284		274		—			—		274		274		(6.8	)	(3.5	)
Securities finance	120		116		111		—			—		111		111		(7.5	)	(4.3	)
Software and processing fees^(1)^	186		142		219		—			1		219		218		17.7		53.5
Total fee revenue	2,326		2,259		2,368		(4		)	11		2,372		2,357		2.0		4.3
Net interest income^(1)^	697		644		636		(2		)	3		638		633		(8.5	)	(1.7	)
Total other income	—		—		44		—			—		44		44		nm		nm
Total revenue	$	3,023	$	2,903	$	3,048	$	(6	)	$	14	$	3,054	$	3,034	1.0		4.5
Expenses:
Compensation and employee benefits	$	1,303	$	1,083	$	1,145	$	(1	)	$	5	$	1,146	$	1,140	(12.0	)	5.3
Information systems and communications	356		376		362		—			1		362		361		1.7		(4.0	)
Transaction processing services	226		254		242		—			1		242		241		7.1		(5.1	)
Occupancy	146		113		126		—			1		126		125		(13.7	)	10.6
Acquisition and restructuring costs	24		27		29		—			—		29		29		20.8		7.4
Amortization of other intangible assets	81		59		58		—			—		58		58		(28.4	)	(1.7	)
Other	350		268		445		(3		)	1		448		444		28.0		65.7
Total expenses	$	2,486	$	2,180	$	2,407	$	(4	)	$	9	$	2,411	$	2,398	(3.0	)	10.0
GAAP-Basis YTD Comparison				Currency Translation Impact			Excluding Currency Impact		% Change Constant Currency
---	---	---	---	---	---	---	---	---	---	---
(Dollars in millions)		2019		YTD2019<br> vs. <br>YTD2018			2019		YTD2019<br> vs. <br>YTD2018
Fee revenue:
Servicing fees	5,421	$	5,074	$	(71	)	$	5,145	(5.1	)%
Management fees		1,771		(18		)	1,789		(3.3	)
Foreign exchange trading services		1,111		(3		)	1,114		(7.2	)
Securities finance		471		(1		)	472		(13.1	)
Software and processing fees(1)		720		—			720		64.4
Total fee revenue		9,147		(93		)	9,240		(2.3	)
Net interest income(1)		2,566		(26		)	2,592		(3.0	)
Other income		43		—			43		nm
Total revenue	12,131	$	11,756	$	(119	)	$	11,875	(2.1	)
Expenses:
Compensation and employee benefits	4,780	$	4,541	$	(54	)	$	4,595	(3.9	)
Information systems and communications		1,465		(6		)	1,471		11.1
Transaction processing services		983		(9		)	992		0.7
Occupancy		470		(9		)	479		(4.2	)
Acquisition and restructuring costs		77		—			77		nm
Amortization of other intangible assets		236		(3		)	239		5.8
Other		1,262		(14		)	1,276		8.5
Total expenses	9,015	$	9,034	$	(95	)	$	9,129	1.3
(1) Approximately 15 million of swap costs in 1Q18 were reclassified from processing fees and other revenue within fee revenue to net interest income to conform to current presentation.
nm Denotes not meaningful

All values are in US Dollars.

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF TANGIBLE COMMON EQUITY RATIO
The tangible common equity, or TCE, ratio is a capital ratio that management believes provides context useful in understanding and assessing State Street's capital adequacy. The TCE ratio is calculated by dividing consolidated total common shareholders’ equity by consolidated total assets, after reducing both amounts by goodwill and other intangible assets net of related deferred taxes. Total assets reflected in the TCE ratio also exclude cash balances on deposit at the Federal Reserve Bank and other central banks in excess of required reserves. The TCE ratio is not required by GAAP or by banking regulations, but is a metric used by management to evaluate the adequacy of State Street’s capital levels. Since there is no authoritative requirement to calculate the TCE ratio, our TCE ratio is not necessarily comparable to similar capital measures disclosed or used by other companies in the financial services industry. Tangible common equity and adjusted tangible assets are non-GAAP financial measures and should be considered in addition to, not as a substitute for or superior to, financial measures determined in accordance with GAAP or other applicable requirements. Reconciliations with respect to the calculation of the TCE ratios are provided within the Reconciliation of Tangible Common Equity Ratio within this package.
The following table presents the calculation of State Street's ratios of tangible common equity to total tangible assets.
		Quarters
(Dollars in millions)		1Q18			2Q18			3Q18			4Q18			1Q19			2Q19			3Q19			4Q19
Consolidated total assets		$	250,253		$	248,276		$	234,102		$	244,596		$	228,332		$	241,540		$	244,606		$	245,610
Less:
Goodwill		6,068			5,973			6,016			7,446			7,549			7,565			7,500			7,556
Other intangible assets		1,578			1,500			1,461			2,369			2,208			2,155			2,077			2,030
Cash balances held at central banks in excess of required reserves		62,901			64,640			51,707			62,867			44,294			52,847			57,330			65,812
Adjusted assets		179,706			176,163			174,918			171,914			174,281			178,973			177,699			170,212
Plus related deferred tax liabilities		477			465			461			464			464			464			462			475
Total tangible assets	A	$	180,183		$	176,628		$	175,379		$	172,378		$	174,745		$	179,437		$	178,161		$	170,687
Consolidated total common shareholders' equity		$	19,154		$	19,325		$	20,812		$	21,047		$	21,348		$	21,764		$	21,519		$	21,469
Less:
Goodwill		6,068			5,973			6,016			7,446			7,549			7,565			7,500			7,556
Other intangible assets		1,578			1,500			1,461			2,369			2,208			2,155			2,077			2,030
Adjusted equity		11,508			11,852			13,335			11,232			11,591			12,044			11,942			11,883
Plus related deferred tax liabilities		477			465			461			464			464			464			462			475
Total tangible common equity	B	$	11,985		$	12,317		$	13,796		$	11,696		$	12,055		$	12,508		$	12,404		$	12,358
Tangible common equity ratio	B/A	6.7		%	7.0		%	7.9		%	6.8		%	6.9		%	7.0		%	7.0		%	7.2		%
GAAP-basis:
Net income available to common shareholders		$	603		$	697		$	708		$	396		$	452		$	537		$	528		$	492
Return on tangible common equity		20.1		%	21.1		%	19.4		%	20.6		%	15.0		%	15.8		%	16.3		%	16.3		%

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
REGULATORY CAPITAL			Quarters
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	1Q18						2Q18						3Q18						4Q18						1Q19						2Q19						3Q19						4Q19
(Dollars in millions)	Basel III Advanced Approaches^(1)^			Basel III Standardized Approach^(2)^			Basel III Advanced Approaches^(1)^			Basel III Standardized Approach^(2)^			Basel III Advanced Approaches^(1)^			Basel III Standardized Approach^(2)^			Basel III Advanced Approaches^(1)^			Basel III Standardized Approach^(2)^			Basel III Advanced Approaches^(1)^			Basel III Standardized Approach^(2)^			Basel III Advanced Approaches^(1)^			Basel III Standardized Approach^(2)^			Basel III Advanced Approaches^(1)^			Basel III Standardized Approach^(2)^			Basel III Advanced Approaches^(1)^			Basel III Standardized Approach^(2)^
RATIOS:
Common equity tier 1 capital	12.1		%	10.8		%	12.4		%	11.3		%	14.1		%	13.0		%	12.1		%	11.7		%	12.1		%	11.5		%	12.3		%	11.5		%	12.2		%	11.3		%	11.7		%	11.7		%
Tier 1 capital	15.4			13.7			15.7			14.3			17.9			16.4			16.0			15.5			15.9			15.0			15.9			14.9			15.9			14.6			14.5			14.6
Total capital	16.4			14.6			16.4			15.1			18.7			17.2			16.9			16.3			16.7			15.9			16.6			15.5			16.5			15.3			15.6			15.7
Tier 1 leverage	6.9			6.9			7.1			7.1			8.1			8.1			7.2			7.2			7.4			7.4			7.6			7.6			7.4			7.4			6.9			6.9
Supporting Calculations:
Common equity tier 1 capital	$	11,950		$	11,950		$	12,223		$	12,223		$	13,703		$	13,703		$	11,580		$	11,580		$	11,899		$	11,899		$	12,367		$	12,367		$	12,229		$	12,229		$	12,213		$	12,213
Total risk-weighted assets	98,512			110,477			98,502			107,740			97,367			105,770			95,315			98,820			98,023			103,643			100,699			107,972			100,327			108,701			104,364			104,005
Common equity tier 1 risk-based capital ratio	12.1		%	10.8		%	12.4		%	11.3		%	14.1		%	13.0		%	12.1		%	11.7		%	12.1		%	11.5		%	12.3		%	11.5		%	12.2		%	11.3		%	11.7		%	11.7		%
Tier 1 capital	$	15,146		$	15,146		$	15,419		$	15,419		$	17,393		$	17,393		$	15,270		$	15,270		$	15,589		$	15,589		$	16,058		$	16,058		$	15,919		$	15,919		$	15,175		$	15,175
Total risk-weighted assets	98,512			110,477			98,502			107,740			97,367			105,770			95,315			98,820			98,023			103,643			100,699			107,972			100,327			108,701			104,364			104,005
Tier 1 risk-based capital ratio	15.4		%	13.7		%	15.7		%	14.3		%	17.9		%	16.4		%	16.0		%	15.5		%	15.9		%	15.0		%	15.9		%	14.9		%	15.9		%	14.6		%	14.5		%	14.6		%
Total capital	$	16,107		$	16,179		$	16,184		$	16,257		$	18,159		$	18,228		$	16,062		$	16,131		$	16,386		$	16,460		$	16,672		$	16,748		$	16,530		$	16,612		$	16,275		$	16,360
Total risk-weighted assets	98,512			110,477			98,502			107,740			97,367			105,770			95,315			98,820			98,023			103,643			100,699			107,972			100,327			108,701			104,364			104,005
Total risk-based capital ratio	16.4		%	14.6		%	16.4		%	15.1		%	18.7		%	17.2		%	16.9		%	16.3		%	16.7		%	15.9		%	16.6		%	15.5		%	16.5		%	15.3		%	15.6		%	15.7		%
Tier 1 capital	$	15,146		$	15,146		$	15,419		$	15,419		$	17,393		$	17,393		$	15,270		$	15,270		$	15,589		$	15,589		$	16,058		$	16,058		$	15,919		$	15,919		$	15,175		$	15,175
Adjusted quarterly average assets	219,582			219,582			216,896			216,896			214,103			214,103			211,924			211,924			210,099			210,099			212,127			212,127			213,997			213,997			219,624			219,624
Tier 1 leverage ratio	6.9		%	6.9		%	7.1		%	7.1		%	8.1		%	8.1		%	7.2		%	7.2		%	7.4		%	7.4		%	7.6		%	7.6		%	7.4		%	7.4		%	6.9		%	6.9		%
^(1)^CET1, tier 1 capital, total capital and tier 1 leverage ratios for each period above were calculated in conformity with the advanced approaches provisions of the Basel III final rule.
^(2)^ CET1, tier 1 capital, total capital and tier 1 leverage ratios for each period above were calculated in conformity with the standardized approach provisions of the Basel III final rule.

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF SUPPLEMENTARY LEVERAGE RATIOS
In 2014, U.S. banking regulators issued final rules implementing a supplementary leverage ratio, or SLR, for certain bank holding companies, like State Street, and their insured depository institution subsidiaries, like State Street Bank. We refer to these final rules as the SLR final rule. Under the SLR final rule, which was implemented as of January 1, 2018, (i) State Street Bank must maintain an SLR of at least 6% to be well capitalized under the U.S. banking regulators’ Prompt Corrective Action framework and (ii) if State Street maintains an SLR of at least 5%, it is not subject to limitations on distribution and discretionary bonus payments under the SLR final rule. Beginning with reporting for March 31, 2015, State Street was required to include SLR disclosures with its other Basel disclosures.
The following tables reconcile our estimated pro forma fully-phased in SLR ratios in conformity with the SLR final rule, as described, to our SLR ratios calculated in conformity with applicable regulatory requirements as of the dates indicated.
		State Street Corporation			State Street Bank
As of December 31, 2019<br>(Dollars in millions)		Fully Phased-In SLR			Fully Phased-In SLR
Tier 1 Capital	A	$	15,175		$	16,617
On-and off-balance sheet leverage exposure		257,124			253,500
Less: regulatory deductions		(9,262		)	(8,837		)
Total assets for SLR	B	247,862			244,663
Supplementary Leverage Ratio	A/B	6.1		%	6.8		%
		State Street Corporation			State Street Bank
As of September 30, 2019<br>(Dollars in millions)		Fully Phased-In SLR			Fully Phased-In SLR
Tier 1 Capital	C	$	15,919		$	17,466
On-and off-balance sheet leverage exposure		251,304			247,529
Less: regulatory deductions		(9,276		)	(8,845		)
Total assets for SLR	D	242,028			238,684
Supplementary Leverage Ratio	C/D	6.6		%	7.3		%
		State Street Corporation			State Street Bank
As of June 30, 2019<br>(Dollars in millions)		Fully Phased-In SLR			Fully Phased-In SLR
Tier 1 Capital	E	$	16,058		$	17,611
On-and off-balance sheet leverage exposure		248,690			245,118
Less: regulatory deductions		(9,387		)	(8,980		)
Total assets for SLR	F	239,303			236,138
Supplementary Leverage Ratio	E/F	6.7		%	7.5		%
		State Street Corporation			State Street Bank
As of March 31, 2019<br>(Dollars in millions)		Fully Phased-In SLR			Fully Phased-In SLR
Tier 1 Capital	G	$	15,589		$	17,196
On-and off-balance sheet leverage exposure		245,449			242,506
Less: regulatory deductions		(9,461		)	(9,017		)
Total assets for SLR	H	235,988			233,489
Supplementary Leverage Ratio	G/H	6.6		%	7.4		%

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF SUPPLEMENTARY LEVERAGE RATIOS (Continued)
		State Street Corporation			State Street Bank
As of December 31, 2018<br>(Dollars in millions)		Fully Phased-In SLR			Fully Phased-In SLR
Tier 1 Capital	I	$	15,270		$	16,941
On-and off-balance sheet leverage exposure		250,629			247,770
Less: regulatory deductions		(9,426		)	(8,989		)
Total assets for SLR	J	241,203			238,781
Supplementary Leverage Ratio	I/J	6.3		%	7.1		%
		State Street Corporation			State Street Bank
As of September 30, 2018<br>(Dollars in millions)		Fully Phased-In SLR			Fully Phased-In SLR
Tier 1 Capital	K	$	17,393		$	19,012
On-and off-balance sheet leverage exposure		253,821			250,764
Less: regulatory deductions		(7,210		)	(6,769		)
Total assets for SLR	L	246,611			243,995
Supplementary Leverage Ratio	K/L	7.1		%	7.8		%
		State Street Corporation			State Street Bank
As of June 30, 2018<br>(Dollars in millions)		Fully Phased-In SLR			Fully Phased-In SLR
Tier 1 Capital	M	$	15,419		$	16,795
On-and off-balance sheet leverage exposure		257,354			254,588
Less: regulatory deductions		(7,194		)	(6,755		)
Total assets for SLR	N	250,160			247,833
Supplementary Leverage Ratio	M/N	6.2		%	6.8		%
		State Street Corporation			State Street Bank
As of March 31, 2018<br>(Dollars in millions)		Fully Phased-In SLR			Fully Phased-In SLR
Tier 1 Capital	O	$	15,146		$	16,296
On-and off-balance sheet leverage exposure		259,650			256,593
Less: regulatory deductions		(7,288		)	(6,860		)
Total assets for SLR	P	252,362			249,733
Supplementary Leverage Ratio	O/P	6.0		%	6.5		%

stt4q19earningspresentat

4Q 2019 Financial Highlights February 20, 2020 (updated) (NYSE: STT)

Preface and Forward-looking Statements This presentation includes certain highlights of, and also material supplemental to, State Street Corporation's financial results for the fourth-quarter and full-year ended December 31, 2019, included in State Street's updated Financial Information Addendum dated February 20, 2020 (Addendum) for those fiscal periods. The Addendum contains detailed data regarding State Street's results of operations for those fiscal periods, its financial condition as of December 31, 2019 and other matters. This presentation is designed to be reviewed together with the Addendum, which is available on State Street's website at http://investors.statestreet.com and is incorporated herein by reference. For the fourth quarter of 2019, State Street recorded a charge of $140 million to increase its legal accrual associated with its previously disclosed invoicing matter first reported in December 2015. This additional accrual was reported on February 20, 2020 and relates to events that developed subsequent to January 17, 2020, the date State Street originally announced its financial results for the fourth-quarter and full-year ended December 31, 2019. The effects of the additional accrual are reflected in the financial and other information included in this presentation. This presentation supersedes in its entirety the 4Q 2019 Financial Highlights presentation dated January 17, 2019 released by State Street as part of its earnings announcement on that date. State Street's Annual Report on Form 10-K, to be filed with the Securities and Exchange Commission on the date hereof, will reflect the effects of the increased legal accrual. This presentation contains forward-looking statements as defined by United States securities laws. These statements are not guarantees of future performance, are inherently uncertain, are based on assumptions that are difficult to predict and have a number of risks and uncertainties. The forward-looking statements in this presentation speak only as of the time this presentation is first furnished to the SEC on a Current Report on Form 8-K, and State Street does not undertake efforts to revise forward-looking statements. See “Forward-looking statements” in the Appendix for more information, including a description of certain factors that could affect future results and outcomes. Certain financial information in this presentation is presented on both a GAAP basis and on a basis that excludes or adjusts one or more items from GAAP. The latter basis is a non-GAAP presentation. Refer to the Appendix for explanations of our non-GAAP financial measures and to the Addendum for reconciliations of our non-GAAP financial information. 2

4Q19 & FY2019 highlights All comparisons are to corresponding prior year periods unless noted otherwise 4Q19 FY2019 • Total revenue of $11.8B, down (3)% YoY • Total revenue of , up 1% YoY and 5% $3.0B primarily driven by challenging industry QoQA conditions, lower U.S. market interest rates A Financial – Fee revenue of $2.4B, up 2% YoY and 5% and FX volatility QoQ performance – CRD revenue growth of ~8%B • EPS of $1.35 and ROE of 9.0%; $1.98 and 13.3% ex-notable items, respectivelyA • EPS of $5.38 and ROE of 9.4%; $6.17 and 10.8% ex-notable items, respectivelyA • New servicing business wins of ; and, • AUC/A of $34.4T, servicing wins of $294B ~$1.8T four front-to-back State Street AlphaSM and new business yet to be installed of $1.2T 1 1 platform wins Business at quarter-end • Record AUM levels reflecting higher market metrics • AUM of $3.1T at quarter-end primarily 1 reflecting higher market levels and ETF net levels and net inflows of ~$100B 1 inflows C • Strong CRD bookings of ~$37M • Expenses ex-notable items and CRD down • Held expenses ex-notable items flat QoQ and (2)%, exceeding initial target of down (1)% continued to aggressively manage expensesA Efficiency • Total in-year expense savings of ~$415M and capital • Returned a total of $686M, or ~139% total achieved5 payout, to shareholders in 4Q19, including $500M of common share repurchases2 • Strong capital ratios while generating ~116% payout to shareholders2 A Financial metrics ex-notable items are non-GAAP measures; Expenses ex-notable items and CRD are calculated as expenses less notable items and CRD-related expenses; refer to the Appendix for explanations and reconciliations of our non-GAAP measures. B CRD revenue growth based on the percentage change between FY2019 standalone revenue and unaudited estimated proforma FY2018 standalone revenue for CRD under the ASC606 accounting standard. Refer to endnote 3 for further details. C CRD annual contract value bookings of $37M excludes $28M of bookings with affiliates, including SSGA. Refer to endnote 4 for further details. Refer to the Appendix included with this presentation for endnotes 1 to 17. 3

4Q19 notable items QuartersA ($M, except EPS data) 4Q18 4Q19 Repositioning costs: Repositioning costs of $110M • Compensation & employee benefits cost of $98M associated Compensation & employee benefits $(198) $(98) with automation of processes and IT optimization enabling Occupancy (25) (12) workforce rationalization • Occupancy cost of $12M related to real estate footprint Total repositioning costs (223) (110) optimization Acquisition and restructuring costs (24) (29) Other notable items Legal and related costs (50) (140) • Acquisition and restructuring costs of $29M primarily associated with the CRD acquisition • Legal and related costs of $140M to increase our legal accrual Business exit: Channel Islands (24) - for government investigations and civil litigation associated with our previously disclosed invoicing matter Gain on Junior Subordinated DebtB - 44 • Gain of ~$44M included in Other income associated with a tender offer of our Floating Rate Junior Subordinated B Notable items (pre-tax) $(321) $(235) Debenture • $22M included in Dividends on preferred stock impacting Net Preferred securities redemption (after-tax) - (22) income available to common shareholders related to the redemption of all our outstanding Series E preferred stock EPS Impact $(0.64) $(0.63) A Refer to the Addendum for further details on FY2019 notable items. B A cash tender offer was completed in 4Q19 of ~$297M of our $800M aggregate principal amount of outstanding Floating Rate Junior Subordinated Debentures due 2047, resulting in a gain of ~$44M. 4

Summary of 4Q19 and FY2019 results 6 % ∆ Full Year ($M, except EPS data, or w here otherw ise noted) Quarters 4Q18 3Q19 4Q19 4Q18 3Q19 2018 2019 % ∆ Revenue: Servicing fees $1,286 $1,272 $1,299 1% 2% $5,421 $5,074 (6)% Management fees 440 445 465 6 4 1,851 1,771 (4) Foreign exchange trading services 294 284 274 (7) (4) 1,201 1,111 (7) Securities finance 120 116 111 (8) (4) 543 471 (13) Software and processing fees 186 142 219 18 54 438 720 64 Total fee revenue 2,326 2,259 2,368 2 5 9,454 9,147 (3) Net interest income 697 644 636 (9) (1) 2,671 2,566 (4) Other income - - 44 nm nm 6 43 nm Total revenue $3,023 $2,903 $3,048 1% 5% $12,131 $11,756 (3)% Total expenses $2,486 $2,180 $2,407 (3)% 10% $9,015 $9,034 0% Net income $437 $583 $564 29% (3)% $2,593 $2,242 (14)% Diluted earnings per share $1.03 $1.42 $1.35 31% (5)% $6.39 $5.38 (16)% Return on average common equity 7.5% 9.7% 9.0% 1.5%pts (0.7)%pts 12.1% 9.4% (2.7)%pts Pre-tax margin 17.5% 24.8% 20.9% 3.4%pts (3.9)%pts 25.6% 23.1% (2.5)%pts Tax rate 17.4% 19.2% 11.6% (5.8)%pts (7.6)%pts 16.4% 17.3% 0.9%pts Memo (ex-notable items except where otherwise noted, non-GAAP) A: Total revenue $3,031 $2,903 $3,004 (1)% 3% $12,139 $11,712 (4)% Total expenses 2,173 2,135 2,128 (2) (0) 8,625 8,675 1 Total expenses ex-notable items & CRD 2,116 2,062 2,054 (3) (0) 8,568 8,409 (2) EPS $1.67 $1.51 $1.98 19 31 $7.21 $6.17 (14) Pre-tax margin 28.2% 26.4% 29.1% 0.9%pts 2.7%pts 28.8% 25.8% (3.0)%pts A This is a non-GAAP presentation; quarterly expenses ex-notable items, as presented, are calculated as expenses less notable items; Expenses ex-notable items include CRD-related expenses beginning on 4Q18; In comparison to 4Q18 and FY2018, expenses ex-notable items can further exclude CRD-related expenses; refer to the Appendix for a reconciliation of ex-notable items to GAAP expenses and further explanations of non-GAAP measures. Refer to the Appendix included with this presentation for endnotes 1 to 17. 5

AUC/A and AUM levels reflect higher end of period market levels and client net inflows AUC/A and AUMA Market indices7 AUC/A ($T, as of period-end) 4Q19 vs +4% • 9% increase from 4Q18 primarily (% change) driven by: 4Q18 3Q19 +9% – Higher end of period equity and EOP 29% 9% $34.4 fixed income levels and client S&P 500 $32.9 Daily Avg 14 4 $31.6 flows, partially offset by a previously announced client EOP 18 8 transition MSCI EAFE Daily Avg 8 4 • 4% increase from 3Q19 largely reflecting: EOP 15 11 MSCI EM – Higher end of period equity Daily Avg 7 4 levels, client flows and net new 4Q18 3Q19 4Q19 business Barclays Global EOP 7 - Agg AUM ($B, as of period-end) +6% • 24% increase from 4Q18 reflecting: +24% Industry flows – Higher end of period market $ 3,116 levels and net inflows $ 2,953 Total flows $ 2,511 ($B) • 6% increase from 3Q19 primarily 4Q18 3Q19 4Q19 due to: 8 – Higher end of period market North America $(16) $258 $254 levels and net inflows from ETFs, 9 partially offset by outflows from Europe (109) 128 90 institutional and cash 4Q18 3Q19 4Q19 A Changes to AUC/A and AUM also reflect FX translation. Refer to the Appendix included with this presentation for endnotes 1 to 17. 6

Revenue: Servicing fee performance reflects stronger markets, new business growth and moderating fee pressure Servicing fees ($M) 4Q19 performance Total revenue: Servicing fees of $1,299M up 1% YoY and 2% QoQ YoY +1% GAAP $3,023 $2,932 $2,873 $2,903 $3,048 QoQ +5% • Up 1% YoY and 2% QoQ primarily driven by higher average market levels and net new business, partially offset by fee pressure +2% • Continued strong client interest in the front-to-back Alpha platform +1% – Four front-to-back Alpha platform wins for FY2019 in different client segments ranging from asset managers and asset owners Servicing $1,299 fees $1,286 $1,251 $1,252 $1,272 • Total revenue and servicing fees were negatively impacted by FX Mgmt A fees, translation when compared to 4Q18 by $6M and $3M, respectively FX, SF Software & Proc. AUC/A sales performance indicators ($B) 4Q18 1Q19 2Q19 3Q19 4Q19 NII AUC/A wins $140 $120 $390 $1,031 $294 4Q18 1Q19 2Q19 3Q19 4Q19 AUC/A to be installed 384 309 575 1,165 1,167 A Total revenue and servicing fees were positively impacted by FX translation when compared to 3Q19 by $14M and $7M, respectively. 7

Revenue: Management, Markets, Software and processing fee revenue impacted by seasonal activity, stronger markets and FX volatility Management, Markets, Software and processing fee A 4Q19 performance revenue ($M) Management, Markets, Software and processing fee Total revenue of $1,069M up 3% YoY and 8% QoQ $3,023 $3,048 revenue $2,903 • Management fees of $465M – Up 6% YoY mainly due to higher average equity market levels and net inflows from ETF and cash, partially offset by mix Servicing +8% changes away from higher fee institutional products fees +3% – Up 4% QoQ primarily driven by higher average equity market levels and net inflows from ETF, partially offset by net outflows from institutional $1,040 $1,069 $987 B • FX trading services of $274M Mgmt. $440 fees $445 $465 – Down (7)% YoY and (4)% QoQ mainly reflecting lower FX volatility, partially offset by higher FX volumes FX $294 $284 $274 SF $120 • Securities finance of $111M $116 $111 Software & $186 – Down (8)% YoY and (4)% QoQ primarily due to lower volumes Processing $142 $219 and spreads B • Software and Processing fees of $219M NII – Up 18% YoY and 54% QoQ largely reflecting higher CRD revenue and market-related adjustments 4Q18 3Q19 4Q19 Mgmt. fees FX trading services (FX)10 Sec. Finance (SF) Software & Processing A Management fees, Markets, Software and processing fee revenue was negatively impacted by FX translation when compared to 4Q18 by $1M and positively impacted compared to 3Q19 by $4M. B For 4Q19, on a consolidated basis, CRD contributed $121M, including $119M in Software and processing fees and $2M in FX trading services. Refer to endnote 11 for further details. Refer to the Appendix included with this presentation for endnotes 1 to 17. 8

CRD financial performance driven by seasonal activity and new bookings Quarterly metrics ($M) Full year metrics ($M) Standalone CRD revenue11 Standalone CRD revenue +48% ~+8% +4% $401 $372 $121 $126 $99 $91 $85 4Q18 1Q19 2Q19 3Q19 4Q19 FY2018 FY2019 (Proforma)3 Pre-tax Pre-tax 3 income $82 $58 $45 $29 $68 income $218 $200 Financial performance Business momentum in 2019 C CRD financials 4Q18 3Q19 4Q19 • CRD bookings of $37M, an increase of 28% YoY 12 RevenueA $121 $85 $126 • Increased new client contract term by 20% post acquisition Operating expenses 39 56 58 • Average new client contract deal size doubled historical pre- acquisition CRD deal size12 New bookings4 14 5 23 • Enhanced platform economics and expanded suite of open- STT expenses related to CRD architecture strategic alliances by 9 partnerships Amortization costs 18 17 16 • Confident in achieving both revenue and expense synergy targets13 Acquisition and restructuring costsB 24 27 29 A For 4Q19, CRD standalone results include revenue of $126M and pre-tax income of $68M, which includes $5M of revenue associated with affiliates, including SSGA. On a consolidated basis, CRD contributed $121M, including $119M in Software and processing fees and $2M in FX trading services. B Acquisition and restructuring costs mainly related to CRD. C CRD annual contract value bookings of $37M excludes $28M of bookings with affiliates, including SSGA. Refer to endnote 4 for further details. Refer to the Appendix included with this presentation for endnotes 1 to 17. 9

Revenue: NII stabilized as higher deposit balances offset lower U.S. market rates NII and NIMA ($M) 4Q19 performance Total $3,023 $3,048 NII of $636M down (9)% YoY and (1)% QoQ revenue $2,903 • Down (9)% YoY primarily due to: Servicing fees – Lower market rates and mix shift from non-interest bearing to -1% interest-bearing deposits, partially offset by asset growth Mgmt. fees, -9% • Down (1)% QoQ, or up 2% excluding the episodic market-related FX, SF, benefits in 3Q19: Software & Proc. $697 $644 $636 – Down (1)% primarily driven by absence of episodic market- NII related benefits of ~$20M reflected in 3Q19 results and lower market rates, partially offset by higher deposit balances 4Q18 3Q19 4Q19 NIM (FTE,%)A 1.55% 1.42% 1.36% Average assets & deposits Balance sheet highlights ($B, or where otherwise noted) 4Q18 3Q19 4Q19 • Momentum in deposit gathering initiatives $223 Total assets $221 $229 – Total deposits increased 4% QoQ, with interest bearing deposits Loans and leases (ex overdrafts) 19 20 21 increasing 5% and non-interest bearing deposits relatively flat Total investment securities 85 94 95 • Continue to target growth in client lending and increased size of Total depositsB 158 157 164 the investment portfolio Interest bearing deposits 123 129 135 Non-Interest bearing deposits 35 29 29 A NII is presented on a GAAP-basis; NIM is presented on an FTE-basis. Refer to the Addendum for reconciliations of our FTE-basis presentation. B Line items may not sum to total due to rounding. 10

Expenses ex-notable items flat QoQ as savings offset technology infrastructure costs and CRD expansion Non-GAAP ex-notable itemsA Expenses (ex-notable items) 4Q19 YoY: Expenses ex-notable items down (2)% ($M) • Compensation and benefits down (5)% YoY primarily driven by savings Flat from resource discipline and process re-engineering5 • Information systems and communications up 2% YoY largely reflecting -2% technology infrastructure investments, partially offset by savings from supplier renegotiations and consolidation $2,173 $2,135 $2,128 • Transaction processing services up 7% YoY primarily reflecting higher business volumes • Occupancy down (2)% YoY • down (2)% YoY $1,105 $1,083 $1,047 Other • Total expenses were positively impacted by FX translation when compared to 4Q18 by $4M and negatively impacted compared to 3Q19 by $9M $356 $376 $362 4Q19 QoQ: Expenses ex-notable items flat $226 $254 $242 • Compensation and benefits down (3)% QoQ mainly due to savings from $116 5 $113 $114 resource discipline and process re-engineering $370 $309 $363 • Information systems and communications down (4)% QoQ primarily driven by savings from supplier renegotiations and consolidation 4Q18 3Q19 4Q19 • Transaction processing services down (5)% QoQ mainly due to lower GAAP subcustody costs Expense $2,486 $2,180 $2,407 • Occupancy up 1% QoQ Head- 40,142 39,407 39,103 count • Other up 17% QoQ mainly reflecting higher Foundation funding and professional fees Comp. & ben. Info. sys. Tran. processing Occupancy Other14 • Headcount down (3)% YoY and (1)% QoQ driven by productivity savings A Quarterly expenses ex-notable items, as presented, is a non-GAAP presentation; refer to the Appendix for a reconciliation of ex-notable items to GAAP expenses and further explanations of non-GAAP measures. Refer to the Appendix included with this presentation for endnotes 1 to 17. 11

Investment portfolio & capital ratios Investment portfolio highlights Quarter-end capital ratios ($B, book value and portfolio metrics as of quarter-end) (%, as of period-end) Capital Ratios15,16 $95.1 12.1% 12.2% $93.2 11.7% 11.3% 11.7% 11.7% $87.4 16% 16% Non-HQLA 19% 4Q18 3Q19 4Q19 CET1 (Std.) CET1 (Adv.) HQLA 7.2% 7.4% 81% 84% 84% 6.6% 6.9% 6.3% 6.1% 4Q18 3Q19 4Q19 4Q18 3Q19 4Q19 Portfolio Metrics: SLR (%) Tier 1 Leverage (%) HTM % 48% 42% 44% • All key capital ratios support ongoing capital returns Duration 3.1 2.6 2.7 – Returned a total of $686M, or ~139% total payout, to shareholders in 4Q19, including $500M of common share repurchases and $186M in common share dividends2 • Tier 1 Leverage and SLR ratios in 4Q19 impacted by the repurchase of preferred stock Refer to the Appendix included with this presentation for endnotes 1 to 17. 12

FY2020 Outlook FY2019 review FY2020 outlook • FY equity market daily averages: S&P 500 up 6%; • Slow global growth 7 Operating MSCI EAFE down (4)%; MSCI EM down (5)% • Current forward rate curve environment • Three Fed Fund Rate cuts • Modest uplift from equity markets • Average 10Y US Treasury rate 2.14% • Continued low market volatility • Fee revenue: $9,147M Fee revenue • Fee revenue: Up 1-3% YoY • Down (3)% YoY Net interest • NII: $2,566M • NII: Down (5-7)% YoY income • Down (4)% YoY Tax rate • Effective tax rate: 17.3% • Effective tax rate: 17-19% 2 17 Capital return • Returned ~$2.3B, or ~116% total payout • Continued active capital return Targeting ~(1)% reduction in expenses ex-notable items Incremental investments & variable costs • Expand CRD and our front-to-back Alpha strategy ~3-4% ~(4-5)% • Drive innovation and enhance client service $8,675M Expense ↓~(1)% • Upgrade and modernize technology management infrastructure (Expenses ex-notable itemsA) Optimization savings • Focus on resource discipline and process re- engineering • Enable productivity and IT optimization FY2019 Incremental Optimization FY2020E investments & savings variable costs A Expenses ex-notable items, as presented, is a non-GAAP presentation; refer to the Appendix for a reconciliation of ex-notable items to GAAP expenses and further explanations of non-GAAP measures. Refer to the Appendix included with this presentation for endnotes 1 to 17. 13

Summary FY2019 results reflect swift management actions to turnaround financial performance • Improved 2H19 fee revenue as a result of management actions and moderating fee pressure – Servicing fees up 2% QoQ in 4Q19 reflecting stronger markets, new business growth and moderating fee pressure • Navigated the interest rate environment and enhanced NII performance with additional deposit gathering initiatives and asset growth • FY2019 expenses are down (2)% ex-notable items and CRD, exceeding initial target of down (1)%A – Total in-year expense savings of ~$415M achieved5 • Returned ~$2.3B, or ~116% payout, to shareholders in FY2019, consisting of ~$1.6B in common share repurchases and ~$0.7B in common share dividends2 • FY2019 EPS ex-notable items of $6.17 and ROE of 10.8%A Opportunities for continued progress in 2020 • Continued focus on reigniting servicing fee growth and deepening client relationships • Execute further on our front-to-back Alpha platform strategy • Expect FY2020 expenses ex-notable items to be down (1)% YoY while increasing productivity and enhancing client serviceA A EPS and ROE ex-notable items, and quarterly expenses ex-notable items and CRD are non-GAAP measures; refer to the Appendix for a reconciliation of ex-notable items to GAAP expenses and explanations of non-GAAP measures. Refer to the Appendix included with this presentation for endnotes 1 to 17. 14

Appendix Medium-term financial targets 16 Reconciliation of notable items 17 Endnotes 18 – 19 Forward-looking statements 20 Non-GAAP measures 21 Definitions 22 15

Medium-term financial targetsA Our strategic priorities will deliver growth, drive innovation and enhance shareholder value Revenue growth 4–5% with CRD Pre-tax margin Further improve by an additional 2%pts EPS growth 10–15% ROE 12–15% Capital return Targeting total payout ratio greater than or equal to 80%B A Financial targets to be met within a three-year time horizon ending 2021 or on a run-rate basis for 2022. Financial targets do not reflect items outside of the normal course of business. Revenue and EPS growth targets stated on a YoY basis. Pre-tax margin stated relative to 3Q18YTD. B Payouts calculated over CCAR cycles. CCAR cycles run from mid-year to mid-year. Refer to endnote 17 for additional details. 16

Reconciliation of notable items Quarterly reconciliation6 (Dollars in millions) 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 Total revenue, GAAP-basis 3,056 3,063 2,989 3,023 2,932 2,873 2,903 3,048 Add: Legal and related 8 Less: Other income (44) Total revenue, excluding notable items 3,056 3,063 2,989 3,031 2,932 2,873 2,903 3,004 Total expenses, GAAP basis 2,268 2,170 2,091 2,486 2,293 2,154 2,180 2,407 Less: Notable expense items: Repositioning charges: Compensation and employee benefits (61) (198) (98) Occupancy (16) (25) (12) Repositioning charges (77) (223) (110) Acquisition and restructuring costs (24) (9) (12) (27) (29) Legal and related (42) (14) (18) (140) Business exit (24) Total expenses, excluding notable items 2,268 2,093 2,091 2,173 2,270 2,142 2,135 2,128 CRD expenses (39) (41) (46) (56) (58) State Street expenses related to CRD: intangible asset amortization costs (18) (15) (17) (17) (16) Total expenses, excluding notable items and CRD and CRD-related expenses 2,268 2,093 2,091 2,116 2,214 2,079 2,062 2,054 Seasonal expenses (148) (137) Total expenses, excluding notable items, CRD and CRD-related expenses and seasonal expense items 2,120 2,093 2,091 2,116 2,077 2,079 2,062 2,054 Net income available to common shareholders, GAAP-basis 603 697 708 396 452 537 528 492 Notable items as reconciled above: pre-tax 77 321 23 12 45 235 Tax impact on notable items as reconciled above (16) (73) (2) (3) (12) (25) Preferred securities cost 22 Net income available to common shareholders, excluding notable items 603 758 708 644 473 546 561 724 Year-end reconciliation6 (Dollars in millions) 2018 2019 Total revenue, GAAP-basis 12,131 11,756 Add: Legal and related 8 Less: Other income (44) Total revenue, excluding notable items 12,139 11,712 Total expenses, GAAP basis 9,015 9,034 Less: Notable expense items: Repositioning charges: Compensation and employee benefits (259) (98) Occupancy (41) (12) Repositioning charges (300) (110) Acquisition and restructuring costs (24) (77) Legal and related (42) (172) Business exit (24) Total expenses, excluding notable items 8,625 8,675 CRD expenses (39) (201) CRD related expenses: intangible asset amortization costs (18) (65) Total expenses, excluding notable items and CRD and CRD-related expenses 8,568 8,409 Net income available to common shareholders, GAAP-basis 2,404 2,009 Notable items as reconciled above: pre-tax 398 315 Tax impact on notable items as reconciled above (89) (42) Preferred securities cost 22 Net income available to common shareholders, excluding notable items 2,713 2,304 Refer to the Appendix included with this presentation for endnotes 1 to 17. 17

Endnotes 1. New asset servicing mandates, including announced front-to-back investment servicing clients, may be subject to completion of definitive agreements, approval of applicable boards and shareholders and customary regulatory approvals. New asset servicing mandates and servicing assets remaining to be installed in future periods exclude new business which has been contracted, but for which the client has not yet provided permission to publicly disclose and is not yet installed. These excluded assets, which from time to time may be significant, will be included in new asset servicing mandates and reflected in servicing assets remaining to be installed in the period in which the client provides its permission. Servicing mandates and servicing assets remaining to be installed in future periods are presented on a gross basis and therefore also do not include the impact of clients who have notified us during the period of their intent to terminate or reduce their relationship with State Street, which from time to time may be significant. New business in assets to be serviced is reflected in our AUC/A after we begin servicing the assets, and new business in assets to be managed is reflected in our AUM after we begin managing the assets. As such, only a portion of any new asset servicing and asset management mandates may be reflected in our AUC/A and AUM as of any particular date specified. Generally, our servicing fee revenues are affected by several factors including changes in market valuations, client activity and asset flows, net new business and the manner in which we price our services. We provide a range of services to our clients, including core custody services, accounting, reporting and administration and middle office services, and the nature and mix of services provided affects our servicing fees. The basis for fees will differ across regions and clients. The industry in which we operate has historically faced pricing pressure, and our servicing fee revenues are also affected by such pressures today. Consequently, no assumption should be drawn as to future revenue run rate from announced servicing wins or new servicing business yet to be installed, as the amount of revenue associated with AUC/A can vary materially. Management fees generally are affected by our level of AUM and differ based upon the nature, type and investment strategy of the investment product. Management fee revenue is more sensitive to market valuations than servicing fee revenue, as a higher proportion of the underlying services provided, and the associated management fees earned, are dependent on equity and fixed-income security valuations. Additional factors, such as the relative mix of assets managed, may have a significant effect on our management fee revenue. While certain management fees are directly determined by the values of AUM and the investment strategies employed, management fees may reflect other factors, including performance fee arrangements, as well as our relationship pricing for clients. 2. State Street’s common stock and other stock dividends, including the declaration, timing and amount, remain subject to consideration and approval by State Street’s Board of Directors at the relevant times. State Street's $2B common stock repurchase authorization was effective beginning July 1, 2019 and covers the period ending June 30, 2020. Stock purchases may be made using various types of transactions, including open-market purchases, accelerated share repurchases or other transactions off the market, and may be made under Rule 10b5-1 trading programs. The timing of stock purchases, type of transaction and number of shares purchased will depend on several factors, including market conditions and State Street’s capital position, its financial performance, the amount of common stock issued as part of employee compensation programs and investment opportunities. The common stock purchase program does not have specific price targets and may be suspended at any time. 3. FY2018 information based on estimated proforma financial results for CRD under the ASC606 accounting standard. Proforma results include certain assumptions and estimates and are unaudited. State Street acquired CRD on October 1, 2018. 4. CRD annual contract value bookings, as presented in this presentation, represent signed annual recurring revenue contract value excluding bookings with affiliates, including SSGA. CRD annual contract value bookings in FY2019 of $37M excludes $28M of bookings with affiliates, including SSGA. CRD annual contract value bookings in 4Q19 of $23M excludes $0.1M of bookings with affiliates, including SSGA. CRD revenue derived from affiliate agreements is eliminated in consolidation for financial reporting purposes. 5. FY2019 expense program savings are stated on a gross basis. Process re-engineering and automation savings, as presented in this presentation, can include high-cost location workforce reductions, reducing manual/bespoke activities, reducing redundant activities, streamlining operational centers and moves to common platforms/retiring legacy applications. Resource discipline benefits, as presented in this presentation, can include reducing senior management headcount, rigorous performance management, vendor management and optimization of real estate. 6. During 1Q19, we voluntarily changed our accounting method under the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 323, Investments - Equity Method and Joint Ventures, for investments in low income housing tax credit from the equity method of accounting to the proportional amortization method of accounting. This change in accounting method has been applied retrospectively to all prior periods. Refer to the Form 8-K filed on March 5, 2019 for further details. 7. The index names listed are service marks of their respective owners. 8. Industry data is provided for illustrative purposes only and is not intended to reflect the Company's or its clients' activity. 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. The long term fund flows reported by ICI are composed of North America Market flows mainly in Equities, Hybrids and Fixed Income Asset Classes. 4Q19 represents the three month period from October 2019 through December 2019, the last date for which information is available with December 2019 estimates. 9. Industry data is provided for illustrative purposes only and is not intended to reflect State Street’s or its clients' activity. Source: © Copyright 2019, Broadridge Financial Solutions, Inc. Funds of funds have been excluded from Broadridge data (to avoid double counting). Therefore a market total is the sum of all the investment categories excluding the three funds of funds categories (inhouse, 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. The long term fund flows reported by Broadridge are composed of EMEA Market flows mainly in Equities, Fixed Income, and Multi Asset Classes. 4Q19 represents the rolling three month period from September 2019 through November 2019, the last date for which information is available. 10. FX trading services includes Brokerage & other revenue. 18

Endnotes 11. For 4Q19, CRD standalone results include revenue of $126M, operating expenses of $58M and pre-tax income of $68M, which includes $5M of revenue associated with affiliates, including SSGA, that is eliminated in consolidation for financial reporting purposes. On a consolidated basis, CRD revenue contributed $121M, including $119M in Software and processing fees and $2M in FX trading services. For FY2019, CRD standalone results include revenue of $401M, operating expenses of $201M and pre-tax income of $200M, which includes $16M of revenue associated with affiliates, including SSGA, that is eliminated in consolidation for financial reporting purposes. On a consolidated basis, CRD revenue contributed $385M, including $370M in Software and processing fees and $15M in FX trading services. 12. Average contract term and deal size comparison based on new contracts between FY2017 to 3Q18 (CRD pre-acquisition) and 4Q18 to FY2019 (CRD post-acquisition). Contracts exclude affiliates. 13. Revenue synergy target of $75-85M in 2021 mainly represents opportunities to enhance the distribution of State Street products and capabilities to CRD clients, cross sell CRD into State Street client base, expand share of wallet across our combined client base, bundle services to clients seeking an integrated experience and expand combined and integrated capabilities into new client segments. Cost synergy target of ~$55-65M in 2021 is net of expenses and cost to achieve, excluding restructuring charges, on a pre-tax basis. All targets as announced on July 20, 2018. 14. Other includes other expenses and amortization of other intangible assets. 15. Unless otherwise noted, all capital ratios referenced on this slide and elsewhere in this presentation refer to State Street Corporation, or State Street, and not State Street Bank and Trust Company, or State Street Bank. The lower of capital ratios calculated under the Basel III advanced approaches and under the Basel III standardized approach are applied in the assessment of our capital adequacy for regulatory purposes. Standardized approach ratios were binding for 4Q18 to 3Q19, while Advanced approaches ratios were binding for 4Q19. Refer to the Addendum included with this presentation for a further description of these ratios. December 31, 2019 capital ratios are presented as of quarter-end and are preliminary estimates. 16. Estimated pro-forma fully phased-in capital ratios including SLR as of December 31, 2017 (fully phased-in as of January 1, 2018, as per the phase-in requirements of both the Basel and SLR final rules) reflect capital and total risk-weighted assets calculated under the Basel III final rule and preliminary estimates as calculated under the SLR final rule. 17. Subject to regulatory non-objection, including on the basis of annual CCAR process conducted by the Board of Governors of the Federal Reserve System. CCAR cycles run from mid-year to mid-year. FY2020 payout and return outlook also subject to CCAR scenarios yet to be published by the Federal Reserve. 19

Forward-looking statements This presentation contains forward-looking statements within the meaning of United States securities laws, including statements about our goals and expectations regarding our business, financial and capital condition, results of operations, strategies, the financial and market outlook, dividend and stock purchase programs, governmental and regulatory initiatives and developments, expense reduction programs, new client business, and the business environment. Forward-looking statements are often, but not always, identified by such forward-looking terminology as “outlook,” “guidance,” “expect,” “priority,” “objective,” “intend,” “plan,” “forecast,” “believe,” “anticipate,” “estimate,” “seek,” “may,” “will,” “trend,” “target,” “strategy” and “goal,” or similar statements or variations of such terms. These statements are not guarantees of future performance, are inherently uncertain, are based on current assumptions that are difficult to predict and involve a number of risks and uncertainties. Therefore, actual outcomes and results may differ materially from what is expressed in those statements, and those statements should not be relied upon as representing our expectations or beliefs as of any time subsequent to the time this presentation is first issued. Important factors that may affect future results and outcomes include, but are not limited to: the financial strength of the counterparties with which we or our clients do business and to which we have investment, credit or financial exposures or to which our clients have such exposures as a result of our acting as agent, including as an asset manager or securities lending agent; increases in the volatility of, or declines in the level of, our NII; changes in the composition or valuation of the assets recorded in our consolidated statement of condition (and our ability to measure the fair value of investment securities); and changes in the manner in which we fund those assets; the volatility of servicing fee, management fee, trading fee and securities finance revenues due to, among other factors, the value of equity and fixed-income markets, market interest and FX rates, the volume of client transaction activity, competitive pressures in the investment servicing and asset management industries, and the timing of revenue recognition with respect to software and processing fees revenues; the liquidity of the U.S. and international securities markets, particularly the markets for fixed-income securities and inter-bank credits; the liquidity of the assets on our balance sheet and changes or volatility in the sources of such funding, particularly the deposits of our clients; and demands upon our liquidity, including the liquidity demands and requirements of our clients; the level, volatility and uncertainty of interest rates; the expected discontinuation of Interbank Offered Rates including London Interbank Offered Rate (LIBOR); the valuation of the U.S. dollar relative to other currencies in which we record revenue or accrue expenses; the performance and volatility of securities, credit, currency and other markets in the U.S. and internationally; and the impact of monetary and fiscal policy in the U.S. and internationally on prevailing rates of interest and currency exchange rates in the markets in which we provide services to our clients; 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 OTTI of such securities and the recognition of an impairment loss in our consolidated statement of income; our ability to attract and retain deposits and other low-cost, short-term funding; our ability to manage the level and pricing of such deposits and the relative portion of our deposits that are determined to be operational under regulatory guidelines; our ability to deploy deposits in a profitable manner consistent with our liquidity needs, regulatory requirements and risk profile; and the risks associated with the potential liquidity mismatch between short-term deposit funding and longer term investments; the manner and timing with which the Federal Reserve and other U.S. and non-U.S. regulators implement or reevaluate the regulatory framework applicable to our operations (as well as changes to that framework), including implementation or modification of the Dodd-Frank Act and related stress testing and resolution planning requirements and implementation of international standards applicable to financial institutions, such as those proposed by the Basel Committee and European legislation (such as Undertakings for Collective Investments in Transferable Securities (UCITS) V, the Money Market Fund Regulation and the Markets in Financial Instruments Directive (MiFID II)/Markets in Financial Instruments Regulation (MiFIR)); among other consequences, these regulatory changes impact the levels of regulatory capital, long-term debt and liquidity we must maintain, acceptable levels of credit exposure to third parties, margin requirements applicable to derivatives, restrictions on banking and financial activities and the manner in which we structure and implement our global operations and servicing relationships. In addition, our regulatory posture and related expenses have been and will continue to be affected by heightened standards and changes in regulatory expectations for global systemically important financial institutions applicable to, among other things, risk management, liquidity and capital planning, cyber-security, resiliency, resolution planning and compliance programs, as well as changes in governmental enforcement approaches to perceived failures to comply with regulatory or legal obligations; adverse changes in the regulatory ratios that we are, or will be, required to meet, whether arising under the Dodd-Frank Act or implementation of international standards applicable to financial institutions, such as those proposed by the Basel Committee, or due to changes in regulatory positions, practices or regulations in jurisdictions in which we engage in banking activities, including changes in internal or external data, formulae, models, assumptions or other advanced systems used in the calculation of our capital or liquidity ratios that cause changes in those ratios as they are measured from period to period; requirements to obtain the prior approval or non-objection of the Federal Reserve or other U.S. and non-U.S. regulators for the use, allocation or distribution of our capital or other specific capital actions or corporate activities, including, without limitation, acquisitions, investments in subsidiaries, dividends and stock repurchases, without which our growth plans, distributions to shareholders, share repurchase programs or other capital or corporate initiatives may be restricted; changes in law or regulation, or the enforcement of law or regulation, that may adversely affect our business activities or those of our clients or our counterparties, and the products or services that we sell, including, without limitation, additional or increased taxes or assessments thereon, capital adequacy requirements, margin requirements and changes that expose us to risks related to our operating model and the adequacy and resiliency of our controls or compliance programs; a cyber-security incident, or a failure to protect our systems and our, our clients' and others' information against cyber-attacks, could result in the theft, loss, unauthorized access to, disclosure, use or alteration of information, system failures, or loss of access to information; any such incident or failure could adversely impact our ability to conduct our businesses, damage our reputation and cause losses, potentially materially; our ability to expand our use of technology to enhance the efficiency, accuracy and reliability of our operations and our dependencies on information technology; to replace and consolidate systems, particularly those relying upon older technology, and to adequately incorporate cyber-security, resiliency and business continuity into our operations, information technology infrastructure and systems management; to implement robust management processes into our technology development and maintenance programs; and to control risks related to use of technology, including cyber-crime and inadvertent data disclosures; our ability to identify and address threats to our information technology infrastructure and systems (including those of our third-party service providers); the effectiveness of our and our third party service providers' efforts to manage the resiliency of the systems on which we rely; controls regarding the access to, and integrity of, our and our clients' data; and complexities and costs of protecting the security of such systems and data; our ability to control operational and resiliency risks, data security breach risks and outsourcing risks; 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; economic or financial market disruptions in the U.S. or internationally, including those which may result from recessions or political instability; for example, the U.K.'s exit from the European Union or actual or potential changes in trade policy, such as tariffs or bilateral and multilateral trade agreements; our ability to create cost efficiencies through changes in our operational processes and to further digitize our processes and interfaces with our clients, any failure of which, in whole or in part, may among other things, reduce our competitive position, diminish the cost-effectiveness of our systems and processes or provide an insufficient return on our associated investment; our ability to promote a strong culture of risk management, operating controls, compliance oversight, ethical behavior and governance that meets our expectations and those of our clients and our regulators, and the financial, regulatory, reputational and other consequences of our failure to meet such expectations; the impact on our compliance and controls enhancement programs associated with the appointment of a monitor under the deferred prosecution agreement with the DOJ and compliance consultant appointed under a settlement with the SEC, including the potential for such monitor and compliance consultant to require changes to our programs or to identify other issues that require substantial expenditures, changes in our operations, payments to clients or reporting to U.S. authorities; the results of our review of our billing practices, including additional findings or amounts we may be required to reimburse clients, as well as potential consequences of such review, including damage to our client relationships or our reputation, adverse actions or penalties imposed by governmental authorities and costs associated with remediation of identified deficiencies; the results of, and costs associated with, governmental or regulatory inquiries and investigations, litigation and similar claims, disputes, or civil or criminal proceedings; changes or potential changes in the amount of compensation we receive from clients for our services, and the mix of services provided by us that clients choose; the large institutional clients on which we focus are often able to exert considerable market influence and have diverse investment activities, and this, combined with strong competitive market forces, subjects us to significant pressure to reduce the fees we charge, to potentially significant changes in our AUC/A or our AUM in the event of the acquisition or loss of a client, in whole or in part, and to potentially significant changes in our revenue in the event a client re-balances or changes its investment approach, re-directs assets to lower- or higher-fee asset classes or changes the mix of products or services that it receives from us; the potential for losses arising from our investments in sponsored investment funds; the possibility that our clients will incur substantial losses in investment pools for which we act as agent; the possibility of significant reductions in the liquidity or valuation of assets underlying those pools and the potential that clients will seek to hold us liable for such losses; and the possibility that our clients or regulators will assert claims that our fees, with respect to such investment products, are not appropriate; our ability to anticipate and manage the level and timing of redemptions and withdrawals from our collateral pools and other collective investment products; the credit agency ratings of our debt and depositary obligations and investor and client perceptions of our financial strength; adverse publicity, whether specific to us or regarding other industry participants or industry-wide factors, or other reputational harm; changes or potential changes to the competitive environment, due to, among other things, regulatory and technological changes, the effects of industry consolidation and perceptions of us, as a suitable service provider or counterparty; our ability to complete acquisitions, joint ventures and divestitures, including, without limitation, our ability to obtain regulatory approvals, the ability to arrange financing as required and the ability to satisfy closing conditions; the risks that our acquired businesses, including, without limitation, our acquisition of CRD, and joint ventures will not achieve their anticipated financial, operational and product innovation benefits or will not be integrated successfully, or that the integration will take longer than anticipated; that expected synergies will not be achieved or unexpected negative synergies or liabilities 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 our relationships with our clients, our employees or regulators; our ability to integrate CRD's front office software solutions with our middle and back office capabilities to develop our front-to-middle-to-back office State Street Alpha that is competitive, generates revenues in line with our expectations and meets our clients' requirements; the dependency of State Street Alpha on enhancements to our data management and the risks to our servicing model associated with increased exposure to client data; our ability to recognize evolving needs of our clients and to develop products that are responsive to such trends and profitable to us; the performance of and demand for the products and services we offer; and the potential for new products and services to impose additional costs on us and expose us to increased operational risk; our ability to grow revenue, manage expenses, attract and retain highly skilled people and raise the capital necessary to achieve our business goals and comply with regulatory requirements and expectations; changes in accounting standards and practices; and the impact of the U.S. tax legislation enacted in 2017, 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 2018 Annual Report on Form 10-K and our subsequent SEC filings, including, but not limited to, our 2019 Annual Report on Form 10-K expected to be filed with the SEC on the date hereof. 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 should not by relied on as representing our expectations or beliefs as of any time subsequent to the time this presentation is first issued, and we do not undertake efforts to revise those forward-looking statements to reflect events after that time. 20

Non-GAAP measures In addition to presenting State Street's financial results in conformity with U.S. generally accepted accounting principles, or GAAP, management also presents certain financial information on a basis that excludes or adjusts one or more items from GAAP. This latter basis is a non-GAAP presentation. In general, our non- GAAP financial results adjust selected GAAP-basis financial results to exclude the impact of revenue and expenses outside of State Street’s normal course of business or other notable items, such as acquisition and restructuring charges, repositioning charges, gains/losses on sales, as well as, for selected comparisons, seasonal items. For example, we sometimes present expenses on a basis we may refer to as “expenses ex-notable items", which exclude notable items and, to provide additional perspective on both prior year quarter and sequential quarter comparisons, also exclude seasonal items and expenses related to our Charles River Development acquisition (completed in October 2018). Management believes that this presentation of financial information facilitates an investor's further understanding and analysis of State Street's financial performance and trends with respect to State Street’s business operations from period-to-period, including providing additional insight into our underlying margin and profitability. In addition, Management may also provide additional non-GAAP measures. For example, we present capital ratios, calculated under regulatory standards scheduled to be effective in the future or other standards, that management uses in evaluating State Street’s business and activities and believes may similarly be useful to investors. Additionally, we may present revenue and expense measures on a constant currency basis to identify the significance of changes in foreign currency exchange rates (which often are variable) in period-to-period comparisons. This presentation represents the effects of applying prior period weighted average foreign currency exchange rates to current period results. Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in conformity with GAAP. Refer to the Addendum for reconciliations of our non-GAAP financial information. To access the Addendum go to http://investors.statestreet.com and click on “Filings & Reports – Quarterly Earnings”. 21

Definitions AUC/A Assets under custody and/or administration AUM Assets under management Barclays Agg Barclays Agg represents Barclays Global Aggregate Bond Index Bps Basis points, with one basis point representing one hundredth of one percent CCAR Comprehensive Capital Analysis and Review CET1 Common equity tier 1 ratio CRD Charles River Development Diluted earnings per share (EPS) Net income available to common shareholders divided by diluted average common shares outstanding for the noted period EM Emerging markets EOP End of period ETF Exchange-traded fund Fee operating leverage Rate of growth of total fee revenue less the rate of growth of expenses, relative to the successive prior year period, as applicable FX Foreign exchange FY Full-year GAAP Generally accepted accounting principles in the United States HTM Held-to-maturity HQLA High quality liquid assets Net interest income (NII) Income earned on interest bearing assets less interest paid on interest bearing liabilities. Net interest margin (NIM) Net interest income divided by average interest-earning assets nm Not meaningful Operating leverage Rate of growth of total revenue less the rate of growth of total expenses, relative to the successive prior year period, as applicable Payout ratio Total payout ratio is equal to common stock dividends and common stock purchases as a percentage of net income available to common shareholders Pre-tax operating margin Income before income tax expense divided by total revenue %P ts Percentage points is the difference from one percentage value subtracted from another Quarter-over-quarter (QoQ) Sequential quarter comparison Return on equity (ROE) Net income less dividends on preferred stock divided by average common equity Seasonal Expenses Seasonal deferred incentive compensation expenses for retirement-eligible employees and payroll taxes SSGA State Street Global Advisors T1L Tier 1 leverage ratio Year-over-year (YoY) Current period compared to the same period a year ago Year-to-date (YTD) The cumulative amount of time within a fiscal year up to the end of the quarter indicated (i.e., 4Q19YTD is equivalent to the twelve months ended December 31, 2019) 22