STATE STREET CORP - FORM 8-K - EX-99.2 - EXHIBIT 99.2

Attached files

file	filename
8-K - 8-K - STATE STREET CORP	form8-kx1q15results.htm
EX-99.1 - EXHIBIT 99.1 - STATE STREET CORP	exhibit991-1q15earningspre.htm
EX-99.3 - EXHIBIT 99.3 - STATE STREET CORP	exhibit993stt1q15present.htm

Exhibit 99.2

STATE STREET CORPORATION

EARNINGS RELEASE ADDENDUM

March 31, 2015



Table of Contents
	Page
GAAP-Basis Financial Information:
Consolidated Financial Highlights	1
Consolidated Results of Operations	2
Consolidated Statement of Condition	4
Average and Period-End Balance Sheet Trends	5
Average Statement of Condition - Rates Earned and Paid - Fully Taxable-Equivalent Basis	7
Assets Under Custody and Administration	8
Assets Under Management	9

Operating-Basis (Non-GAAP) Financial Information:
Operating-Basis Consolidated Results of Operations (Non-GAAP Presentation)	10
Operating-Basis Average Statement of Condition - Rates Earned and Paid (Non-GAAP Presentation)	12
Reconciliations of Operating-Basis (Non-GAAP) Financial Information	13

Capital
Regulatory Capital	16
Reconciliation of Tangible Common Equity Ratio	17
Reconciliations of Common Equity Tier 1 Ratios	18
Reconciliations of Supplementary Leverage Ratios	22

This financial information should be read in conjunction with State Street's news release dated April 24, 2015. Additional financial and other information about State Street is available in its Annual Report on Form 10-K for the year ended December 31, 2014, which was previously filed with the SEC.

STATE STREET CORPORATION

EARNINGS RELEASE ADDENDUM

CONSOLIDATED FINANCIAL HIGHLIGHTS



	Quarters															% Change
(Dollars in millions, except per share amounts, or where otherwise noted)	1Q14			2Q14			3Q14			4Q14			1Q15			1Q15 vs. 1Q14		1Q15 vs. 4Q14
Revenue:
Fee revenue	$	1,924		$	2,039		$	2,012		$	2,056		$	2,060		7	%	—	%
Net interest revenue	555			561			570			574			546			(2	)	(5	)
Net gains from sales of available-for-sale securities	15			—			—			—			—
Net losses from other-than-temporary impairment	(1		)	—			—			—			(1		)
Net losses reclassified (from) to other comprehensive income	(8		)	(2		)	—			—			—
Total revenue	2,485			2,598			2,582			2,630			2,605			5		(1	)
Provision for loan losses	2			2			2			4			4
Total expenses	2,028			1,850			1,892			2,057			2,097			3		2
Income before income tax expense	455			746			688			569			504			11		(11	)
Income tax expense	92			124			128			77			95			3		23
Net income	363			622			560			492			409			13		(17	)
Net income available to common shareholders	356			602			542			473			377			6		(20	)
Diluted earnings per common share	.81			1.38			1.26			1.12			.90			11		(20	)
Average diluted common shares outstanding (in thousands)	438,815			435,320			429,736			424,339			418,750			(5	)	(1	)
Cash dividends declared per common share	$	.26		$	.30		$	.30		$	.30		$	.30		15		—
Closing price per share of common stock (as of quarter end)	69.55			67.26			73.61			78.50			73.53			6		(6	)
Ratios:
Return on average common equity	7.2		%	11.9		%	10.6		%	9.4		%	7.9		%	10		(16	)
Pre-tax operating margin	18.3			28.7			26.6			21.6			19.3			5		(11	)
Net interest margin, fully taxable-equivalent basis	1.30			1.17			1.12			1.09			1.06			(18	)	(3	)
Common equity tier 1 risk-based capital^1,2	NA			12.8			12.8			12.5			12.1			—		(3	)
Tier 1 risk-based capital¹	NA			14.1			14.2			14.6			14.1			—		(3	)
Total risk-based capital¹	NA			16.1			16.2			16.6			16.2			—		(2	)
Tier 1 leverage¹	NA			6.9			6.4			6.4			5.8			—		(9	)
Tangible common equity²	6.7			6.8			6.6			6.8			6.0			(10	)	(12	)
At quarter-end:
Assets under custody and administration (in trillions)³	$	27.48		$	28.40		$	28.47		$	28.19		$	28.49		4		1
Asset under management (in trillions)	2.38			2.48			2.42			2.45			2.44			3		—
Total assets	256,663			282,324			274,805			274,119			279,476			9		2
Investment securities	117,504			117,303			115,319			112,636			112,857			(4	)	—
Deposits	194,648			218,834			207,968			209,040			211,352			9		1
Long-term debt	9,503			9,037			9,016			10,042			9,174			(3	)	(9	)
Total shareholders' equity	21,273			21,700			21,156			21,473			20,819			(2	)	(3	)

¹ In early 2014, we announced that we had completed our Basel III qualification period. As a result, our regulatory capital ratios as of June 30, 2014, September 30, 2014, December 31, 2014 and March 31, 2015 presented in the table above have been calculated under the advanced approaches provisions of the Basel III final rule. Regulatory capital ratios as of March 31, 2014 were calculated under Basel I, are not directly comparable to such ratios as of June 30, 2014, September 30, 2014, December 31, 2014 and March 31, 2015 and are not disclosed. Refer to page 16 of this earnings release addendum for additional information about our regulatory capital ratios as of June 30, 2014, September 30, 2014, December 31, 2014 and March 31, 2015.
² Tangible common equity ratios as of March 31, 2014, June 30, 2014, September 30, 2014, December 31, 2014 and March 31, 2015 are non-GAAP financial measures. Refer to accompanying reconciliations on page 17 for additional information.
³ Included assets under custody of $21.00 trillion, $21.69 trillion, $21.71 trillion, $21.66 trillion and $21.98 trillion as of March 31, 2014, June 30, 2014, September 30, 2014, December 31, 2014 and March 31, 2015, respectively.

STATE STREET CORPORATION

EARNINGS RELEASE ADDENDUM

CONSOLIDATED RESULTS OF OPERATIONS



	Quarters													% Change
(Dollars in millions, except per share amounts, or where otherwise noted)	1Q14			2Q14			3Q14		4Q14		1Q15			1Q15 vs. 1Q14		1Q15 vs. 4Q14
Reported Results
Fee revenue:
Servicing fees	$	1,238		$	1,288		$	1,302	$	1,301	$	1,273		3	%	(2	)%
Management fees	292			300			316		299		301			3		1
Trading services:
Direct sales and trading	71			79			101		110		135			90		23
Indirect foreign exchange trading¹	63			65			60		58		68			8		17
Total foreign exchange trading	134			144			161		168		203			51		21
Electronic foreign exchange services	48			43			44		46		48			—		4
Other trading, transition management and brokerage	71			73			73		79		73			3		(8	)
Total brokerage and other trading services	119			116			117		125		121			2		(3	)
Total trading services	253			260			278		293		324			28		11
Securities finance	85			147			99		106		101			19		(5	)
Processing fees and other	56			44			17		57		61			9		7
Total fee revenue	1,924			2,039			2,012		2,056		2,060			7		—
Net interest revenue:
Interest revenue	655			650			671		676		642			(2	)	(5	)
Interest expense	100			89			101		102		96			(4	)	(6	)
Net interest revenue	555			561			570		574		546			(2	)	(5	)
Gains (losses) related to investment securities, net:
Net gains (losses) from sales of available-for-sale securities	15			—			—		—		—
Losses from other-than-temporary impairment	(1		)	—			—		—		(1		)
Losses reclassified (from) to other comprehensive income	(8		)	(2		)	—		—		—
Gains (losses) related to investment securities, net	6			(2		)	—		—		(1		)
Total revenue	2,485			2,598			2,582		2,630		2,605			5		(1	)
Provision for loan losses	2			2			2		4		4
Expenses:
Compensation and employee benefits	1,157			978			953		972		1,087			(6	)	12
Information systems and communications	244			244			242		246		247			1		—
Transaction processing services	191			193			199		201		197			3		(2	)
Occupancy	114			115			119		113		113			(1	)	—
Acquisition and restructuring costs	33			28			20		52		6			(82	)	(88	)
Other	289			292			359		473		447			55		(5	)
Total expenses	2,028			1,850			1,892		2,057		2,097			3		2
Income before income tax expense	455			746			688		569		504			11		(11	)
Income tax expense	92			124			128		77		95			3		23
Net income	$	363		$	622		$	560	$	492	$	409		13		(17	)

STATE STREET CORPORATION

EARNINGS RELEASE ADDENDUM

CONSOLIDATED RESULTS OF OPERATIONS (Continued)



	Quarters															% Change
(Dollars in millions, except per share amounts, or where otherwise noted)	1Q14			2Q14			3Q14			4Q14			1Q15			1Q15 vs. 1Q14		1Q15 vs. 4Q14
Adjustments to net income:
Dividends on preferred stock	$	(6	)	$	(19	)	$	(18	)	$	(18	)	$	(31	)
Earnings allocated to participating securities	(1		)	(1		)	—			(1		)	(1		)
Net income available to common shareholders	$	356		$	602		$	542		$	473		$	377		6	%	(20	)%
Earnings per common share:
Basic	$	.83		$	1.41		$	1.28		$	1.14		$	.91
Diluted	.81			1.38			1.26			1.12			.90
Average common shares outstanding:
Basic	430,621			427,824			421,974			416,651			412,225
Diluted	438,815			435,320			429,736			424,339			418,750
Cash dividends declared per common share	$	.26		$	.30		$	.30		$	.30		$	.30
Closing price per share of common stock (as of quarter end)	69.55			67.26			73.61			78.50			73.53
Financial ratios:
Return on average common equity	7.2		%	11.9		%	10.6		%	9.4		%	7.9		%
Pre-tax operating margin	18.3			28.7			26.6			21.6			19.3
After-tax margin	14.6			23.9			21.7			18.7			14.5
Internal capital generation rate	5.0			9.4			8.2			6.9			5.3
Common dividend payout ratio	31.5			21.2			23.3			26.3			32.8

¹ We calculate revenue for indirect foreign exchange using an attribution methodology. This methodology takes into consideration estimated effective mark-ups/downs and observed client volumes. Direct sales and trading revenue is total foreign exchange trading revenue excluding the revenue attributed to indirect foreign exchange.

STATE STREET CORPORATION

EARNINGS RELEASE ADDENDUM

CONSOLIDATED STATEMENT OF CONDITION



	As of Quarter End															% Change
(Dollars in millions, except per share amounts)	1Q14			2Q14			3Q14			4Q14			1Q15			1Q15 vs. 1Q14		1Q15 vs. 4Q14
Assets:
Cash and due from banks	$	3,877		$	6,247		$	4,146		$	1,855		$	3,149		(19	)%	70	%
Interest-bearing deposits with banks	75,796			98,386			86,946			93,523			83,398			10		(11	)
Securities purchased under resale agreements	6,087			3,681			2,603			2,390			11,331			86		374
Trading account assets	889			941			1,033			924			1,145			29		24
Investment securities:
Investment securities available for sale	99,162			98,546			96,552			94,913			96,612			(3	)	2
Investment securities held to maturity¹	18,342			18,757			18,767			17,723			16,245			(11	)	(8	)
Total investment securities	117,504			117,303			115,319			112,636			112,857			(4	)	—
Loans and leases²	16,084			16,767			18,364			18,161			18,278			14		1
Premises and equipment³	1,896			1,920			1,911			1,937			1,933			2		—
Accrued interest and fees receivable	2,197			2,221			2,318			2,242			2,281			4		2
Goodwill	6,038			6,037			5,899			5,826			5,663			(6	)	(3	)
Other intangible assets	2,306			2,247			2,121			2,025			1,892			(18	)	(7	)
Other assets	23,989			26,574			34,145			32,600			37,549			57		15
Total assets	$	256,663		$	282,324		$	274,805		$	274,119		$	279,476		9		2
Liabilities:
Deposits:
Noninterest-bearing	$	72,800		$	73,109		$	66,134		$	70,490		$	72,704		—		3
Interest-bearing -- U.S.	15,327			27,584			24,435			33,012			30,769			101		(7	)
Interest-bearing -- Non-U.S.	106,521			118,141			117,399			105,538			107,879			1		2
Total deposits	194,648			218,834			207,968			209,040			211,352			9		1
Securities sold under repurchase agreements	8,953			9,168			9,385			8,925			10,158			13		14
Federal funds purchased	18			14			17			21			17			(6	)	(19	)
Other short-term borrowings	3,811			4,322			4,307			4,381			4,346			14		(1	)
Accrued expenses and other liabilities	18,457			19,249			22,956			20,237			23,610			28		17
Long-term debt	9,503			9,037			9,016			10,042			9,174			(3	)	(9	)
Total liabilities	235,390			260,624			253,649			252,646			258,657			10		2
Shareholders' equity:
Preferred stock, no par, 3,500,000 shares authorized:
Series C, 5,000 shares issued and outstanding	491			491			491			491			491			—		—
Series D, 7,500 shares issued and outstanding	742			742			742			742			742			—		—
Series E, 7,500 shares issued and outstanding	—			—			—			728			728			—		—
Common stock, $1 par, 750,000,000 shares authorized⁴	504			504			504			504			504			—		—
Surplus	9,737			9,765			9,780			9,791			9,744			—		—
Retained earnings	13,639			14,114			14,531			14,882			15,135			11		2
Accumulated other comprehensive income (loss)	188			489			(107		)	(507		)	(1,006		)	(635	)	98
Treasury stock, at cost⁵	(4,028		)	(4,405		)	(4,785		)	(5,158		)	(5,519		)	37		7
Total shareholders' equity	21,273			21,700			21,156			21,473			20,819			(2	)	(3	)
Total liabilities and shareholders' equity	$	256,663		$	282,324		$	274,805		$	274,119		$	279,476		9		2

¹ Fair value of investment securities held to maturity as of Q1, Q2, Q3 and Q4 2014, and Q1 2015 was $18,326, $18,864, $18,865, $17,842, and $16,417, respectively.
² Allowance for loan losses as of Q1, Q2, Q3 and Q4 2014, and Q1 2015 was $30, $32, $34, $38, and $41, respectively.
³ Accumulated depreciation for premises and equipment as of Q1, Q2, Q3 and Q4 2014, and Q1 2015 was $4,521, $4,620, $4,538, $4,599, and $4,653, respectively.
⁴ Common stock shares issued as of Q1, Q2, Q3 and Q4 2014, and Q1 2015 was 503,881,095, 503,881,095, 503,880,120, 503,880,120 and 503,879,642, respectively.
⁵ Treasury stock shares as of Q1, Q2, Q3 and Q4 2014, and Q1 2015 was 73,440,407, 78,910,844, 83,948,535, 88,684,969 and 92,569,079, respectively.

STATE STREET CORPORATION

EARNINGS RELEASE ADDENDUM

AVERAGE AND PERIOD-END BALANCE SHEET TRENDS



(Dollars in millions)	Quarters										% Change
Average Balance Sheet Mix	1Q14		2Q14		3Q14		4Q14		1Q15		1Q15 vs. 1Q14		1Q15 vs. 4Q14
Investment securities and short-duration instruments	79.9	%	81.5	%	81.7	%	81.2	%	80.4	%	1	%	(1	)%
Loans and leases	6.8		6.4		6.5		7.1		7.0		3		(1	)
Noninterest-earning assets	13.3		12.1		11.8		11.7		12.6		(5	)	8
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
Client funds bearing interest	61.5	%	64.1	%	64.6	%	62.8	%	59.9	%	(3	)	(5	)
Client funds not bearing interest	18.9		17.9		18.0		19.2		21.2		12		10
Other noninterest-bearing liabilities	5.6		4.9		5.1		5.9		6.9		23		17
Long-term debt and common shareholders' equity	13.7		12.6		11.8		11.5		11.2		(18	)	(3	)
Preferred shareholders' equity	0.3		0.5		0.5		0.6		0.8		167		33
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%



Average Investment Securities	1Q14		2Q14		3Q14		4Q14		1Q15		1Q15 vs. 1Q14		1Q15 vs. 4Q14
U.S. Treasury and federal agencies
Direct obligations	$	5,992	$	8,027	$	11,570	$	15,858	$	17,123	186	%	8	%
Mortgage- and asset-backed securities	23,506		22,547		21,544		20,797		20,944		(11	)	1
Asset-backed securities
Fixed	1,490		1,480		1,408		1,405		1,293		(13	)	(8	)
Floating	53,178		51,889		49,214		43,425		40,306		(24	)	(7	)
Collateralized mortgage-backed securities and obligations	8,068		7,972		7,979		7,491		7,757		(4	)	4
State and political subdivisions	10,452		10,562		10,636		10,821		10,963		5		1
Other debt investments	14,268		14,425		14,575		13,980		13,552		(5	)	(3	)
Money market mutual funds	670		442		390		232		531		(21	)	129
Other equity securities	211		249		302		213		187		(11	)	(12	)
Total investment securities	$	117,835	$	117,593	$	117,618	$	114,222	$	112,656	(4	)	(1	)

STATE STREET CORPORATION

EARNINGS RELEASE ADDENDUM

AVERAGE AND PERIOD-END BALANCE SHEET TRENDS (Continued)



(Dollars in millions)	Quarters															% Change
Investment Securities - Appreciation (Depreciation)	1Q14			2Q14			3Q14			4Q14			1Q15			1Q15 vs. 1Q14		1Q15 vs. 4Q14
Held to maturity:
Amortized cost (book value)	$	18,342		$	18,757		$	18,767		$	17,723		$	16,245		(11	)%	(8	)%
Fair value	18,326			18,864			18,865			17,842			16,417			(10	)	(8	)
Appreciation (depreciation)	(16		)	107			98			119			172			(1,175	)	45
Available for sale:
Amortized cost	98,770			97,739			95,834			94,108			95,524			(3	)	2
Fair value (book value)	99,162			98,546			96,552			94,913			96,612			(3	)	2
Appreciation (depreciation)	392			807			718			805			1,088			178		35
Pre-tax depreciation related to securities available for sale transferred to held to maturity	(170		)	(153		)	(130		)	(112		)	(95		)	(44	)	(15	)
Total pre-tax appreciation (depreciation) related to investment securities portfolio	206			761			686			812			1,165			466		43
Total after-tax appreciation (depreciation) related to investment securities portfolio	124			456			411			487			699			464		44



Securities on Loan	1Q14		2Q14		3Q14		4Q14		1Q15		1Q15 vs. 1Q14		1Q15 vs. 4Q14
Average securities on loan	$	333	$	357	$	354	$	346	$	350	5.1	%	1.2	%
End-of-period securities on loan	348		364		341		351		350		0.6		(0.3	)

STATE STREET CORPORATION

EARNINGS RELEASE ADDENDUM

AVERAGE STATEMENT OF CONDITION - RATES EARNED AND PAID - FULLY TAXABLE-EQUIVALENT BASIS



The following table presents consolidated average interest-earning assets, average interest-bearing liabilities and related average rates earned and paid, respectively, for the quarters indicated, on a fully taxable-equivalent basis. Tax-equivalent adjustments were calculated using a federal income tax rate of 35%, adjusted for applicable state income taxes, net of related federal benefit.

	Quarters																									% Change
	1Q14					2Q14					3Q14					4Q14					1Q15					1Q15 vs. 1Q14		1Q15 vs. 4Q14
(Dollars in millions; fully-taxable equivalent basis)	Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average balance
Assets:
Interest-bearing deposits with banks	$	33,410	0.42		%	$	53,564	0.38		%	$	63,160	0.33		%	$	70,780	0.32		%	$	71,568	0.30		%	114	%	1	%
Securities purchased under resale agreements	6,631		0.53			4,307		0.94			3,249		1.05			2,178		1.99			2,449		1.88			(63	)	12
Trading account assets	901		—			953		—			985		—			995		—			1,117		—			24		12
Investment securities
U.S. Treasury and federal agencies	29,498		2.21			30,574		2.15			33,114		2.00			36,655		1.95			38,067		1.92			29		4
State and political subdivisions	10,452		4.37			10,562		3.30			10,636		3.80			10,821		3.76			10,963		3.73			5		1
Other investments	77,885		1.64			76,457		1.66			73,868		1.73			66,746		1.70			63,626		1.63			(18	)	(5	)
Total investment securities	117,835		2.02			117,593		1.94			117,618		1.99			114,222		1.98			112,656		1.93			(4	)	(1	)
Loans and leases	14,602		1.61			15,061		1.62			16,002		1.59			17,945		1.84			18,025		1.65			23		—
Other interest-earning assets	13,527		0.02			14,845		0.06			17,003		0.05			18,338		0.05			20,544		0.06			52		12
Total interest-earning assets	186,906		1.52			206,323		1.34			218,017		1.30			224,458		1.27			226,359		1.23			21		1
Cash and due from banks	4,618					5,304					4,240					2,416					2,397					(48	)	(1	)
Other assets	24,045					23,037					25,053					27,565					30,326					26		10
Total assets	$	215,569				$	234,664				$	247,310				$	254,439				$	259,082				20	%	2	%
Liabilities:
Interest-bearing deposits:
U.S.	$	12,072	0.03		%	$	20,698	0.09		%	$	24,144	0.11		%	$	28,063	0.12		%	$	30,174	0.13		%	150	%	8	%
Non-U.S. transaction accounts	99,808					106,894					112,856					109,260					102,624					3		(6	)
Non-U.S. nontransaction accounts	1,474					2,396					1,900					1,258					1,207					(18	)	(4	)
Total Non-U.S.	101,282		0.06			109,290		0.05			114,756		0.09			110,518		0.08			103,831		0.06			3		(6	)
Securities sold under repurchase agreements	8,424		—			8,747		—			9,111		—			8,977		—			9,354		—			11		4
Federal funds purchased	20		—			19		—			18		—			22		—			24		—			20		9
Other short-term borrowings	3,909		1.57			4,000		(1.20		)	4,376		—			4,415		0.13			4,448		0.13			14		1
Long-term debt	9,668		2.60			9,340		2.73			9,020		2.64			9,216		2.56			9,736		2.54			1		6
Other interest-bearing liabilities	6,758		0.43			7,559		0.99			7,386		0.42			7,690		0.50			7,465		0.41			10		(3	)
Total interest-bearing liabilities	142,133		0.29			159,653		0.22			168,811		0.24			168,901		0.24			165,032		0.24			16		(2	)
Non-interest bearing deposits	40,711					41,906					44,503					48,951					55,066					35		12
Other liabilities	12,034					11,541					12,513					15,069					17,767					48		18
Preferred shareholders' equity	722					1,233					1,233					1,526					1,961					172		29
Common shareholders' equity	19,969					20,331					20,250					19,992					19,256					(4	)	(4	)
Total liabilities and shareholders' equity	$	215,569				$	234,664				$	247,310				$	254,439				$	259,082				20	%	2	%
Excess of rate earned over rate paid			1.23		%			1.12		%			1.06		%			1.03		%			0.99		%
Net interest margin			1.30		%			1.17		%			1.12		%			1.09		%			1.06		%
Net interest revenue, fully taxable-equivalent basis			$	599				$	603				$	613				$	618				$	590
Tax-equivalent adjustment			(44		)			(42		)			(43		)			(44		)			(44		)
Net interest revenue, GAAP basis			$	555				$	561				$	570				$	574				$	546

STATE STREET CORPORATION

EARNINGS RELEASE ADDENDUM

ASSETS UNDER CUSTODY AND ADMINISTRATION¹



	Quarters										% Change
(Dollars in billions)	1Q14		2Q14		3Q14		4Q14		1Q15		1Q15 vs. 1Q14		1Q15 vs. 4Q14
Assets Under Custody and Administration
By Product Classification:
Mutual funds	$	6,908	$	7,122	$	7,035	$	6,992	$	7,073	2	%	1	%
Collective funds	6,637		6,956		6,919		6,949		7,113		7		2
Pension products	5,472		5,613		5,780		5,746		5,745		5		—
Insurance and other products	8,460		8,709		8,731		8,501		8,560		1		1
Total Assets Under Custody and Administration	$	27,477	$	28,400	$	28,465	$	28,188	$	28,491	4		1
By Financial Instrument:
Equities	$	15,040	$	15,607	$	15,616	$	15,876	$	15,660	4	%	(1	)%
Fixed-income	9,053		9,255		9,298		8,739		9,157		1		5
Short-term and other investments	3,384		3,538		3,551		3,573		3,674		9		3
Total Assets Under Custody and Administration	$	27,477	$	28,400	$	28,465	$	28,188	$	28,491	4		1
By Geographic Location²:
North America	$	20,540	$	21,199	$	21,255	$	21,217	$	21,554	5	%	2	%
Europe/Middle East/Africa	5,704		5,923		5,869		5,633		5,590		(2	)	(1	)
Asia/Pacific	1,233		1,278		1,341		1,338		1,347		9		1
Total Assets Under Custody and Administration	$	27,477	$	28,400	$	28,465	$	28,188	$	28,491	4		1
Assets Under Custody³
By Product Classification:
Mutual funds	$	6,596	$	6,812	$	6,669	$	6,634	$	6,786	3	%	2	%
Collective funds	5,110		5,375		5,354		5,475		5,626		10		3
Pension products	4,868		4,985		5,188		5,161		5,160		6		—
Insurance and other products	4,422		4,515		4,496		4,386		4,406		—		—
Total Assets Under Custody	$	20,996	$	21,687	$	21,707	$	21,656	$	21,978	5		1
By Geographic Location²:
North America	$	16,220	$	16,743	$	16,813	$	16,903	$	17,221	6	%	2	%
Europe/Middle East/Africa	3,806		3,956		3,858		3,729		3,732		(2	)	—
Asia/Pacific	970		988		1,036		1,024		1,025		6		—
Total Assets Under Custody	$	20,996	$	21,687	$	21,707	$	21,656	$	21,978	5		1
1 Amounts as of quarter-end.
2 Geographic mix is based on the location at which the assets are serviced.
3 Assets under custody are a component of assets under custody and administration presented above.

STATE STREET CORPORATION

EARNINGS RELEASE ADDENDUM

ASSETS UNDER MANAGEMENT¹



	Quarters										% Change
(Dollars in billions)	1Q14		2Q14		3Q14		4Q14		1Q15		1Q15 vs. 1Q14		1Q15 vs. 4Q14
Assets Under Management
By Asset Class and Investment Approach:
Equity:
Active	$	42	$	42	$	40	$	39	$	38	(10	)%	(3	)%
Passive	1,323		1,390		1,371		1,436		1,434		8		—
Total Equity	1,365		1,432		1,411		1,475		1,472		8		—
Fixed-Income:
Active	16		16		16		17		17		6		—
Passive	320		336		322		302		306		(4	)	1
Total Fixed-Income	336		352		338		319		323		(4	)	1
Cash²	419		413		410		399		393		(6	)	(2	)
Multi-Asset-Class Solutions:
Active	25		34		34		30		31		24		3
Passive	108		116		104		97		84		(22	)	(13	)
Total Multi-Asset-Class Solutions	133		150		138		127		115		(14	)	(9	)
Alternative Investments³:
Active	16		18		17		17		17		6		—
Passive	112		115		107		111		123		10		11
Total Alternative Investments	128		133		124		128		140		9		9
Total Assets Under Management	$	2,381	$	2,480	$	2,421	$	2,448	$	2,443	3		—
By Geographic Location⁴:
North America	$	1,480	$	1,533	$	1,502	$	1,568	$	1,549	5	%	(1	)%
Europe/Middle East/Africa	562		589		565		559		566		1		1
Asia/Pacific	339		358		354		321		328		(3	)	2
Total Assets Under Management	$	2,381	$	2,480	$	2,421	$	2,448	$	2,443	3		—
¹ Amounts as of quarter-end.
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 Fund for which State Street is not the investment manager, but acts as distribution agent.
⁴ Geographic mix is based on client location or fund management location.
Exchange-Traded Funds⁵
By Asset Class:
Alternative investments	$	42	$	43	$	40	$	38	$	40	(5	)%	5	%
Cash	1		1		1		1		1		—		—
Equity	308		331		338		388		356		16		(8	)
Fixed-income	36		38		37		39		43		19		10
Total Exchange-Traded Funds	$	387	$	413	$	416	$	466	$	440	14		(6	)

⁵ Exchange-traded funds are a component of assets under management presented above.

STATE STREET CORPORATION

EARNINGS RELEASE ADDENDUM

OPERATING-BASIS CONSOLIDATED RESULTS OF OPERATIONS (NON-GAAP PRESENTATION)



	Quarters												% Change
(Dollars in millions, except per share amounts, or where otherwise noted)	1Q14¹		2Q14²			3Q14³		4Q14⁴		1Q15⁵			1Q15 vs. 1Q14		1Q15 vs. 4Q14
Operating-Basis Results
Fee revenue:
Servicing fees	$	1,238	$	1,288		$	1,302	$	1,301	$	1,273		3	%	(2	)%
Management fees	292		300			316		299		301			3		1
Trading services:
Direct sales and trading	71		79			101		110		135			90		23
Indirect foreign exchange trading⁶	63		65			60		58		68			8		17
Total foreign exchange trading	134		144			161		168		203			51		21
Electronic foreign exchange services	48		43			44		46		48			—		4
Other trading, transition management and brokerage	71		73			73		79		73			3		(8	)
Total brokerage and other trading services	119		116			117		125		121			2		(3	)
Total trading services	253		260			278		293		324			28		11
Securities finance	85		147			99		106		101			19		(5	)
Processing fees and other	113		108			103		138		114			1		(17	)
Total fee revenue	1,981		2,103			2,098		2,137		2,113			7		(1	)
Net interest revenue (excluding discount accretion)⁷	528		533			537		543		521			(1	)	(4	)
Tax-equivalent adjustment associated with tax-exempt investment securities	44		42			43		44		44			—		—
Operating-basis net interest revenue	572		575			580		587		565			(1	)	(4	)
Gains (losses) related to investment securities, net	6		(2		)	—		—		(1		)
Total revenue	2,559		2,676			2,678		2,724		2,677			5		(2	)
Provision for loan losses	2		2			2		4		4			100		—
Expenses:
Compensation and employee benefits	1,085		974			955		962		1,088			—		13
Information systems and communications	244		244			242		246		247			1		—
Transaction processing services	191		193			199		201		197			3		(2	)
Occupancy	114		115			119		113		113			(1	)	—
Other	283		292			293		358		297			5		(17	)
Total expenses	1,917		1,818			1,808		1,880		1,942			1		3
Income before income tax expense	640		856			868		840		731			14		(13	)
Income tax expense	200		233			269		239		208			4		(13	)
Net income	$	440	$	623		$	599	$	601	$	523		19		(13	)

STATE STREET CORPORATION

EARNINGS RELEASE ADDENDUM

OPERATING-BASIS CONSOLIDATED RESULTS OF OPERATIONS (NON-GAAP PRESENTATION)



	Quarters															% Change
(Dollars in millions, except per share amounts, or where otherwise noted)	1Q14¹			2Q14²			3Q14³			4Q14⁴			1Q15⁵			1Q15 vs. 1Q14		1Q15 vs. 4Q14
Adjustments to net income:
Dividends on preferred stock	$	(6	)	$	(19	)	$	(18	)	$	(18	)	$	(31	)
Earnings allocated to participating securities	(1		)	(1		)	—			(1		)	(1		)
Net income available to common shareholders	$	433		$	603		$	581		$	582		$	491		13	%	(16	)%
Earnings per common share:
Basic	$	1.01		$	1.41		$	1.37		$	1.40		$	1.19
Diluted	.99			1.39			1.35			1.37			1.17
Average common shares outstanding:
Basic	430,621			427,824			421,974			416,651			412,225
Diluted	438,815			435,320			429,736			424,339			418,750
Cash dividends declared per common share	$	.26		$	.30		$	.30		$	.30		$	.30
Closing price per share of common stock (as of quarter end)	69.55			67.26			73.61			78.50			73.53
Financial ratios:
Return on average common equity	8.8		%	11.9		%	11.4		%	11.6		%	10.4		%
Pre-tax operating margin	25.0			32.0			32.4			30.8			27.3
After-tax margin	17.0			22.6			21.7			21.4			18.4
Internal capital generation rate	6.6			9.4			8.9			9.1			7.8
Common dividend payout ratio	25.8			21.1			21.7			21.4			25.1

¹ Operating-basis revenue includes the tax-equivalent impact of income tax credits associated with tax-advantaged investments of $57 million. Operating-basis revenue excludes $27 million of discount accretion related to former conduit securities. Operating-basis expenses exclude $33 million of acquisition and restructuring costs (composed of $21 million of integration costs related to previous acquisitions and $12 million of restructuring charges); $72 million of compensation and employee benefits expenses related to severance costs associated with the staffing realignment; and a net provision of $6 million for legal contingencies. Income tax expense excludes a one-time Italian tax on banks and insurance companies of $11 million.
² Operating-basis revenue includes the tax-equivalent impact of income tax credits associated with tax-advantaged investments of $64 million. Operating-basis revenue excludes $28 million of discount accretion associated with former conduit securities. Operating-basis expenses exclude $28 million of acquisition and restructuring costs (composed of $15 million of integration costs related to previous acquisitions and $13 million of restructuring charges); and $4 million of compensation and employee benefits expenses related to severance costs associated with the staffing realignment.
³ Operating-basis revenue includes the tax-equivalent impact of income tax credits associated with tax-advantaged investments of $86 million. Operating-basis revenue excludes $33 million of discount accretion associated with former conduit securities. Operating-basis expenses exclude $20 million of acquisition and restructuring costs (composed of $12 million of integration costs related to previous acquisitions and $8 million of restructuring charges); $2 million of credit adjustments to compensation and employee benefits expenses related to severance costs associated with the staffing realignment; and a net provision of $66 million for legal contingencies.
⁴ Operating-basis revenue includes the tax-equivalent impact of income tax credits associated with tax-advantaged investments of $81 million. Operating-basis revenue excludes $31 million of discount accretion associated with former conduit securities. Operating-basis expenses exclude $52 million of acquisition and restructuring costs (composed of $10 million of integration costs related to previous acquisitions and $42 million of restructuring charges); $10 million of adjustments to compensation and employee benefits expenses related to severance costs associated with the staffing realignment; and a net provision of $115 million for legal contingencies.
⁵ Operating-basis revenue includes the tax-equivalent impact of income tax credits associated with tax-advantaged investments of $53 million. Operating-basis revenue excludes $25 million of discount accretion associated with former conduit securities. Operating-basis expenses exclude $6 million of acquisition and restructuring costs (composed of $5 million of integration costs related to previous acquisitions and $1 million of restructuring charges); $1 million of credit adjustments to compensation and employee benefits expenses related to severance costs associated with the staffing realignment; and a net provision of $150 million for legal contingencies.
⁶ We calculate revenue for indirect foreign exchange using an attribution methodology. This methodology takes into consideration estimated effective mark-ups/downs and observed client volumes. Direct sales and trading revenue is total foreign exchange trading revenue excluding the revenue attributed to indirect foreign exchange.
⁷ First, second, third and fourth quarters of 2014 and first quarter of 2015 exclude discount accretion of $27 million, $28 million, $33 million, $31 million and $25 million, respectively.

STATE STREET CORPORATION

EARNINGS RELEASE ADDENDUM

OPERATING-BASIS AVERAGE STATEMENT OF CONDITION - RATES EARNED AND PAID (NON-GAAP PRESENTATION)



The following table presents consolidated average interest-earning assets, average interest-bearing liabilities and related average rates earned and paid, respectively, for the quarters indicated, on an operating basis. Tax-equivalent adjustments were calculated using a federal income tax rate of 35%, adjusted for applicable state income taxes, net of related federal benefit.
	Quarters																									% Change
	1Q14					2Q14					3Q14					4Q14					1Q15					1Q15 vs. 1Q14		1Q15 vs. 4Q14
(Dollars in millions; operating basis)	Average balance		Average rates ¹			Average balance		Average rates ²			Average balance		Average rates ³			Average balance		Average rates ⁴			Average balance		Average rates ⁵			Average balance		Average balance
Assets:
Interest-bearing deposits with banks	$	33,410	0.42		%	$	53,564	0.38		%	$	63,160	0.33		%	$	70,780	0.32		%	$	71,568	0.30		%	114	%	1	%
Securities purchased under resale agreements	6,631		0.53			4,307		0.94			3,249		1.05			2,178		1.99			2,449		1.88			(63	)	12
Trading account assets	901		—			953		—			985		—			995		—			1,117		—			24		12
Investment securities
U.S. Treasury and federal agencies	29,498		2.21			30,574		2.15			33,114		2.00			36,655		1.95			38,067		1.92			29		4
State and political subdivisions	10,452		4.37			10,562		3.30			10,636		3.80			10,821		3.76			10,963		3.73			5		1
Other investments	77,885		1.51			76,457		1.52			73,868		1.56			66,746		1.53			63,626		1.48			(18	)	(5	)
Total investment securities	117,835		1.94			117,593		1.84			117,618		1.89			114,222		1.87			112,656		1.85			(4	)	(1	)
Loans and leases	14,602		1.58			15,061		1.58			16,002		1.55			17,945		1.81			18,025		1.63			23		—
Other interest-earning assets	13,527		0.02			14,845		0.06			17,003		0.05			18,338		0.05			20,544		0.06			52		12
Total interest-earning assets	186,906		1.46			206,323		1.29			218,017		1.24			224,458		1.22			226,359		1.19			21		1
Cash and due from banks	4,618					5,304					4,240					2,416					2,397					(48	)	(1	)
Other assets	24,045					23,037					25,053					27,565					30,326					26		10
Total assets	$	215,569				$	234,664				$	247,310				$	254,439				$	259,082				20	%	2	%
Liabilities:
Interest-bearing deposits:
U.S.	$	12,072	0.03			$	20,698	0.09			$	24,144	0.11			$	28,063	0.12			$	30,174	0.13			150	%	8	%
Non-U.S. transaction accounts	99,808					106,894					112,856					109,260					102,624					3		(6	)
Non-U.S. nontransaction accounts	1,474					2,396					1,900					1,258					1,207					(18	)	(4	)
Total Non-U.S.	101,282		0.06			109,290		0.05			114,756		0.09			110,518		0.08			103,831		0.06			3		(6	)
Securities sold under repurchase agreements	8,424		—			8,747		—			9,111		—			8,977		—			9,354		—			11		4
Federal funds purchased	20		—			19		—			18		—			22		—			24		—			20		9
Other short-term borrowings	3,909		1.57			4,000		(1.20		)	4,376		—			4,415		0.13			4,448		0.13			14		1
Long-term debt	9,668		2.60			9,340		2.73			9,020		2.64			9,216		2.56			9,736		2.54			1		6
Other interest-bearing liabilities	6,758		0.43			7,559		0.99			7,386		0.42			7,690		0.50			7,465		0.41			10		(3	)
Total interest-bearing liabilities	142,133		0.29			159,653		0.22			168,811		0.24			168,901		0.24			165,032		0.24			16		(2	)
Non-interest bearing deposits	40,711					41,906					44,503					48,951					55,066					35		12
Other liabilities	12,034					11,541					12,513					15,069					17,767					48		18
Preferred shareholders' equity	722					1,233					1,233					1,526					1,961					172		29
Common shareholders' equity	19,969					20,331					20,250					19,992					19,256					(4	)	(4	)
Total liabilities and shareholders' equity	$	215,569				$	234,664				$	247,310				$	254,439				$	259,082				20	%	2	%
Excess of rate earned over rate paid			1.17		%			1.07		%			1.00		%			0.98		%			0.95		%
Net interest margin			1.24		%			1.12		%			1.06		%			1.04		%			1.01		%
Net interest revenue, operating basis			$	572				$	575				$	580				$	587				$	565

¹First quarter of 2014 presents rates earned and paid based on operating-basis net interest revenue, which is composed of reported net interest revenue of $555 million and a tax-equivalent adjustment of $44 million, excluding the impact of $27 million of discount accretion related to former conduit securities.

² Second quarter of 2014 presents rates earned and paid based on operating-basis net interest revenue, which is composed of reported net interest revenue of $561 million and a tax-equivalent adjustment of $42 million, excluding the impact of $28 million of discount accretion related to former conduit securities.

³ Thirdquarter of 2014 presents rates earned and paid based on operating-basis net interest revenue, which is composed of reported net interest revenue of $570 million and a tax-equivalent adjustment of $43 million, excluding the impact of $33 million of discount accretion related to former conduit securities.

⁴ Fourthquarter of 2014 presents rates earned and paid based on operating-basis net interest revenue, which is composed of reported net interest revenue of $574 million and a tax-equivalent adjustment of $44 million, excluding the impact of $31 million of discount accretion related to former conduit securities.

⁵ Firstquarter of 2015 presents rates earned and paid based on operating-basis net interest revenue, which is composed of reported net interest revenue of $546 million and a tax-equivalent adjustment of $44 million, excluding the impact of $25 million of discount accretion related to former conduit securities.

STATE STREET CORPORATION

EARNINGS RELEASE ADDENDUM

RECONCILIATIONS OF OPERATING-BASIS (NON-GAAP) FINANCIAL INFORMATION



In addition to presenting State Street’s financial results in conformity with U.S. generally accepted accounting principles, referred to as GAAP, management also presents results on a non-GAAP, or "operating" basis, as it believes that this presentation supports meaningful comparisons from period to period and the analysis of comparable financial trends with respect to State Street’s normal ongoing business operations.
Management believes that operating-basis financial information, which reports revenue from non-taxable sources, such as interest revenue from tax-exempt investment securities and processing fees and other revenue associated with tax-advantaged investments, on a fully taxable-equivalent basis and excludes the impact of revenue and expenses outside of State Street's normal course of business, facilitates an investor's understanding and analysis of State Street's underlying financial performance and trends in addition to financial information prepared and reported in conformity with GAAP. 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.
The accompanying earnings release presents financial information prepared on a GAAP as well as on an operating basis; accordingly, this earnings release addendum provides reconciliations of operating-basis financial measures. The following tables reconcile operating-basis financial information presented in the accompanying earnings release to financial information prepared and reported in conformity with GAAP.
		Quarters															% Change
(Dollars in millions, except per share amounts, or where otherwise noted)		1Q14			2Q14			3Q14			4Q14			1Q15			1Q15 vs. 1Q14			1Q15 vs. 4Q14
Total Revenue:
Total revenue, GAAP basis		$	2,485		$	2,598		$	2,582		$	2,630		$	2,605		4.8	%		(1.0	)%
	Adjustment to processing fees and other revenue (see below)	57			64			86			81			53
	Adjustment to net interest revenue (see below)	44			42			43			44			44
	Adjustment to net interest revenue (see below)	(27		)	(28		)	(33		)	(31		)	(25		)
Total revenue, operating basis^1,2		$	2,559		$	2,676		$	2,678		$	2,724		$	2,677		4.61			(1.73	)

Fee Revenue:
Total fee revenue, GAAP basis		$	1,924		$	2,039		$	2,012		$	2,056		$	2,060		7			—
	Tax-equivalent adjustment associated with tax-advantaged investments	57			64			86			81			53
Total fee revenue, operating basis		$	1,981		$	2,103		$	2,098		$	2,137		$	2,113		7			(1	)

Processing Fees and Other Revenue:
Total processing fees and other revenue, GAAP basis		$	56		$	44		$	17		$	57		$	61		9			7
	Tax-equivalent adjustment associated with tax-advantaged investments	57			64			86			81			53
Total processing fees and other revenue, operating basis		$	113		$	108		$	103		$	138		$	114		1			(17	)

Net Interest Revenue:
Net interest revenue, GAAP basis		$	555		$	561		$	570		$	574		$	546		(1.6	)		(4.9	)
	Tax-equivalent adjustment associated with tax-exempt investment securities	44			42			43			44			44
	Discount accretion associated with former conduit securities	(27		)	(28		)	(33		)	(31		)	(25		)
Net interest revenue, operating basis³		$	572		$	575		$	580		$	587		$	565		(1.2	)		(3.7	)

Net Interest Margin:
Net interest margin, fully taxable-equivalent basis		1.30		%	1.17		%	1.12		%	1.09		%	1.06		%	(24	)	bps	(3	)	bps
	Effect of discount accretion	0.06			0.05			0.06			0.05			0.05
Net interest margin, operating basis		1.24		%	1.12		%	1.06		%	1.04		%	1.01		%	(23	)		(3	)

STATE STREET CORPORATION

EARNINGS RELEASE ADDENDUM

RECONCILIATIONS OF OPERATING-BASIS (NON-GAAP) FINANCIAL INFORMATION (Continued)



		Quarters															% Change
(Dollars in millions, except per share amounts, or where otherwise noted)		1Q14			2Q14			3Q14			4Q14			1Q15			1Q15 vs. 1Q14		1Q15 vs. 4Q14
Expenses:
Total expenses, GAAP basis		$	2,028		$	1,850		$	1,892		$	2,057		$	2,097		3.4	%	1.9	%
	Severance costs associated with staffing realignment	(72		)	(4		)	2			(10		)	1
	Provisions for legal contingencies	(6		)	—			(66		)	(115		)	(150		)
	Acquisition costs	(21		)	(15		)	(12		)	(10		)	(5		)
	Restructuring charges, net	(12		)	(13		)	(8		)	(42		)	(1		)
Total expenses, operating basis^1,2		$	1,917		$	1,818		$	1,808		$	1,880		$	1,942		1.30		3.30

Compensation and Employee Benefits Expenses:
Total compensation and employee benefits expenses, GAAP basis		$	1,157		$	978		$	953		$	972		$	1,087		(6	)	12
	Severance costs associated with staffing realignment	(72		)	(4		)	2			(10		)	1
Total compensation and employee benefits expenses, operating basis		$	1,085		$	974		$	955		$	962		$	1,088		—		13

Other Expenses:
Total other expenses, GAAP basis		$	289		$	292		$	359		$	473		$	447		55		(5	)
	Provisions for legal contingencies	(6		)	—			(66		)	(115		)	(150		)
Total other expenses, operating basis		$	283		$	292		$	293		$	358		$	297		5		(17	)

Income Before Income Tax Expense:
Income before income tax expense, GAAP basis		$	455		$	746		$	688		$	569		$	504		11		(11	)
	Net pre-tax effect of non-operating adjustments to revenue and expenses	185			110			180			271			227
Income before income tax expense, operating basis		$	640		$	856		$	868		$	840		$	731		14		(13	)

Pre-tax operating margin:
Pre-tax operating margin, GAAP basis		18.3		%	28.7		%	26.6		%	21.6		%	19.3		%
	Net effect of non-operating adjustments	6.7			3.3			5.8			9.2			8.0
Pre-tax operating margin, operating basis⁴		25.0		%	32.0		%	32.4		%	30.8		%	27.3		%

Income Tax Expense:
Income tax expense, GAAP basis		$	92		$	124		$	128		$	77		$	95		3		23
	Aggregate tax-equivalent adjustments	101			106			129			125			97
	One-time Italian tax on banks and insurance companies	(11		)	—			—			—			—
	Net tax effect of non-operating adjustments	18			3			12			37			16
Income tax expense, operating basis		$	200		$	233		$	269		$	239		$	208		4		(13	)

STATE STREET CORPORATION

EARNINGS RELEASE ADDENDUM

RECONCILIATIONS OF OPERATING-BASIS (NON-GAAP) FINANCIAL INFORMATION (Continued)



		Quarters															% Change
(Dollars in millions, except per share amounts, or where otherwise noted)		1Q14			2Q14			3Q14			4Q14			1Q15			1Q15 vs. 1Q14			1Q15 vs. 4Q14
Effective Tax Rate:
Income before income tax expense, operating basis		$	640		$	856		$	868		$	840		$	731
Income tax expense, operating basis		200			233			269			239			208
Effective tax rate, operating basis		31.2		%	27.2		%	31.0		%	28.5		%	28.4		%

Net Income Available to Common Shareholders:
Net income available to common shareholders, GAAP basis		$	356		$	602		$	542		$	473		$	377		5.9	%		(20.3	)%
Net after-tax effect of non-operating adjustments to processing fees and other revenue, net interest revenue, expenses and income tax expense		77			1			39			109			114
Net income available to common shareholders, operating basis		$	433		$	603		$	581		$	582		$	491		13.4			(15.6	)

Diluted Earnings per Common Share:
Diluted earnings per common share, GAAP basis		$	.81		$	1.38		$	1.26		$	1.12		$	.90		11.1			(19.6	)
	Severance costs	.11			.01			—			.01			—
	Provisions for legal contingencies	.01			—			.12			.22			.36
	Acquisition costs	.03			.02			.02			.01			.01
	Restructuring charges, net	.02			.02			.01			.06			—
	Effect on income tax of non-operating adjustments	.02			—			(.01		)	(.01		)	(.06		)
	Discount accretion associated with former conduit securities	(.04		)	(.04		)	(.05		)	(.04		)	(.04		)
	One-time Italian tax on banks and insurance companies	.03			—			—			—			—
Diluted earnings per common share, operating basis		$	.99		$	1.39		$	1.35		$	1.37		$	1.17		18.2			(14.6	)

Return on Average Common Equity:
Return on average common equity, GAAP basis		7.2		%	11.9		%	10.6		%	9.4		%	7.9		%	70		bps	(150	)	bps
	Severance costs	1.0			—			—			.1			—
	Provisions for legal contingencies	.1			—			.9			1.8			3.2
	Acquisition costs	.3			.2			.2			.2			.1
	Restructuring charges, net	.1			.1			.1			.6			—
	Effect on income tax of non-operating adjustments	.2			—			—			(.1		)	(.5		)
	Discount accretion associated with former conduit securities	(.3		)	(.3		)	(.4		)	(.4		)	(.3		)
	One-time Italian tax on banks and insurance companies	.2			—			—			—			—
Return on average common equity, operating basis		8.8		%	11.9		%	11.4		%	11.6		%	10.4		%	160			(120	)

1 For the quarters ended March 31, 2015 and March 31, 2014, positive operating leverage in the year-over-year comparison was approximately 331 basis points, based on an increase in total operating-basis revenue of 4.61% and an increase in total operating-basis expenses of 1.30%.
2 For the quarters ended March 31, 2015 and December 31, 2014, negative operating leverage in the quarter-over-quarter comparison was approximately 503 basis points, based on an decrease in total operating-basis revenue of 1.73% and an increase in total operating-basis expenses of 3.30%.
3 Fully taxable-equivalent net interest margin for the first, second, third and fourth quarters of 2014 and first quarter of 2015 represented fully taxable-equivalent net interest revenue of $599 million, $603 million, $613 million, $618 million and $590 million, respectively (GAAP-basis net interest revenue of $555 million, $561 million, $570 million, $574 million and $546 million plus tax-equivalent adjustments of $44 million, $42 million, $43 million, $44 million and $44 million, respectively), on an annualized basis, as a percentage of average total interest-earning assets for the quarters presented.
4 Pre-tax operating margin for the first, second, third and fourth quarters of 2014 and first quarter of 2015 was calculated by dividing income before income tax expense by total revenue.

STATE STREET CORPORATION

EARNINGS RELEASE ADDENDUM

REGULATORY CAPITAL

The accompanying news release presents capital ratios in addition to, or adjusted from, those calculated in conformity with applicable regulatory requirements. These include capital ratios based on tangible common equity, as well as capital ratios adjusted to reflect our estimate of the impact of the relevant Basel III requirements, as specified in the July 2013 final rule issued by the Board of Governors of the Federal Reserve System, referred to as the Basel III final rule. These non-regulatory and adjusted capital measures are non-GAAP financial measures. Management currently calculates the non-GAAP capital ratios presented in the news release to aid in its understanding of State Street’s capital position under a variety of standards, including currently applicable and transitioning regulatory requirements. Management believes that the use of the non-GAAP capital ratios presented in the news release similarly aids in an investor's understanding of State Street's capital position and therefore is of interest to investors.

The common equity tier 1 risk-based capital, or CET1, tier 1 risk-based capital, total risk-based capital and tier 1 leverage ratios have each been calculated in conformity with applicable regulatory requirements as of the dates that each was first publicly disclosed. As of June 30, 2014, September 30, 2014, December 31, 2014 and March 31, 2015, the capital component, or numerator, of these ratios was calculated in conformity with the provisions of the Basel III final rule. As of June 30, 2014, September 30, 2014 and December 31, 2014, the total risk-weighted assets component, or denominator, used in the calculation of the CET1, tier 1 risk-based capital and total risk-based capital ratios were each calculated in conformity with both the advanced approaches and transitional provisions of Basel III. As of March 31, 2015, the total risk-weighted assets component, or denominator, used in the calculation of the CET1, tier 1 risk-based capital and total risk-based capital ratios were each calculated in conformity with the advanced approaches and standardized approach provisions of Basel III.

The tangible common equity, or TCE, ratio is an additional capital ratio that management believes provides context useful in understanding and assessing State Street's capital adequacy. The TCE ratio is calculated by dividing consolidated total common shareholders’ equity by consolidated total assets, after reducing both amounts by goodwill and other intangible assets net of related deferred taxes. Total assets reflected in the TCE ratio also exclude cash balances on deposit at the Federal Reserve Bank and other central banks in excess of required reserves. The TCE ratio is not required by GAAP or by banking regulations, but is a metric used by management to evaluate the adequacy of State Street’s capital levels. Since there is no authoritative requirement to calculate the TCE ratio, our TCE ratio is not necessarily comparable to similar capital measures disclosed or used by other companies in the financial services industry. Tangible common equity and adjusted tangible assets are non-GAAP financial measures and should be considered in addition to, not as a substitute for or superior to, financial measures determined in accordance with GAAP or other applicable requirements. Reconciliations with respect to the calculation of the TCE ratios as of March 31, 2014, June 30, 2014, September 30, 2014, December 31, 2014 and March 31, 2015, are provided on page 17 of this earnings release addendum.

The following table presents State Street's regulatory capital ratios and underlying components, calculated in conformity with applicable regulatory requirements as described above.



	Quarters
	1Q14				2Q14						3Q14						4Q14						1Q15
(Dollars in millions)	Basel III Advanced Approach¹	Basel III Transitional Approach²			Basel III Advanced Approach³			Basel III Transitional Approach²			Basel III Advanced Approach³			Basel III Transitional Approach²			Basel III Advanced Approach³			Basel III Transitional Approach²			Basel III Advanced Approach³			Basel III Standardized Approach⁴
RATIOS:
Common equity tier 1 capital	N/A	16.4		%	12.8		%	16.0		%	12.8		%	15.0		%	12.5		%	14.9		%	12.1		%	10.4		%
Tier 1 capital	N/A	18.3			14.1			17.7			14.2			16.7			14.6			17.4			14.1			12.1
Total capital	N/A	21.0			16.1			20.2			16.2			19.1			16.6			19.8			16.2			13.8
Tier 1 leverage	N/A	7.4			6.9			6.9			6.4			6.4			6.4			6.4			5.8			5.8

Supporting Calculations:

Common equity tier 1 capital	N/A	$	13,924		$	14,165		$	14,165		$	13,781		$	13,781		$	13,473		$	13,473		$	12,644		$	12,644
Total risk-weighted assets	N/A	84,694			111,015			88,607			108,078			91,800			107,827			90,412			104,461			122,057
Common equity tier 1 risk-based capital	N/A	16.4		%	12.8		%	16.0		%	12.8		%	15.0		%	12.5		%	14.9		%	12.1		%	10.4		%

Tier 1 capital	N/A	$	15,487		$	15,708		$	15,708		$	15,318		$	15,318		$	15,764		$	15,764		$	14,748		$	14,748
Total risk-weighted assets	N/A	84,694			111,015			88,607			108,078			91,800			107,827			90,412			104,461			122,057
Tier 1 risk-based capital ratio	N/A	18.3		%	14.1		%	17.7		%	14.2		%	16.7		%	14.6		%	17.4		%	14.1		%	12.1		%

Total capital	N/A	$	17,750		$	17,924		$	17,924		$	17,534		$	17,534		$	17,861		$	17,861		$	16,902		$	16,902
Total risk-weighted assets	N/A	84,694			111,015			88,607			108,078			91,800			107,827			90,412			104,461			122,057
Total risk-based capital ratio	N/A	21.0		%	16.1		%	20.2		%	16.2		%	19.1		%	16.6		%	19.8		%	16.2		%	13.8		%

Tier 1 capital	N/A	$	15,487		$	15,708		$	15,708		$	15,318		$	15,318		$	15,764		$	15,764		$	14,748		$	14,748
Adjusted quarterly average assets	N/A	209,021			227,815			227,815			240,529			240,529			247,740			247,740			252,406			252,406
Tier 1 leverage ratio	N/A	7.4		%	6.9		%	6.9		%	6.4		%	6.4		%	6.4		%	6.4		%	5.8		%	5.8		%

¹Regulatory capital ratios as of March 31, 2014 were calculated under Basel I, are not directly comparable to such ratios as of June 30, 2014, September 30, 2014, December 31, 2014 and March 31, 2015, and are not disclosed.

²CET1, tier 1 capital, total capital, and tier 1 leverage ratios as of June 30, 2014, September 30, 2014, December 31, 2014 and March 31, 2015 were calculated in conformity with the transitional provisions of the Basel III final rule. Specifically, these ratios reflect total and tier 1 capital, as applicable (the numerator), calculated in conformity with the advanced approaches provisions of the Basel III final rule, and total risk-weighted assets or, with respect to the tier 1 leverage ratio, quarterly average assets (in both cases, the denominator), calculated in conformity with the provisions of Basel I.

³ CET1, tier 1 capital, total capital and tier 1 leverage ratios as of June 30, 2014, September 30, 2014, December 31, 2014 and March 31, 2015 were calculated in conformity with the advanced approaches provisions of the Basel III final rule.

⁴CET1, tier 1 capital, total capital and tier 1 leverage ratios as of March 31, 2015 were calculated in conformity with the standardized approaches provisions of the Basel III final rule.

STATE STREET CORPORATION

EARNINGS RELEASE ADDENDUM

RECONCILIATION OF TANGIBLE COMMON EQUITY RATIO



The following table presents the calculation of State Street's ratios of tangible common equity to total tangible assets.
		Quarters
(Dollars in millions)		1Q14			2Q14			3Q14			4Q14			1Q15
Consolidated Total Assets		$	256,663		$	282,324		$	274,805		$	274,119		$	279,476
Less:
Goodwill		6,038			6,037			5,899			5,826			5,663
Other intangible assets		2,306			2,247			2,121			2,025			1,892
Cash balances held at central banks in excess of required reserves		61,980			87,081			74,570			83,402			71,740
Adjusted assets		186,339			186,959			192,215			182,866			200,181
Plus related deferred tax liabilities		900			898			874			821			814
Total tangible assets	A	187,239			187,857			193,089			183,687			200,995
Consolidated Total Common Shareholders' Equity		$	20,040		$	20,467		$	19,923		$	19,512		$	18,858
Less:
Goodwill		6,038			6,037			5,899			5,826			5,663
Other intangible assets		2,306			2,247			2,121			2,025			1,892
Adjusted equity		11,696			12,183			11,903			11,661			11,303
Plus related deferred tax liabilities		900			898			874			821			814
Total tangible common equity	B	$	12,596		$	13,081		$	12,777		$	12,482		$	12,117
Tangible common equity ratio	B/A	6.7		%	7.0		%	6.6		%	6.8		%	6.0		%



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF COMMON EQUITY TIER 1 RATIOS

Provisions of the Basel III final rule, issued in July 2013, become effective under a transition timetable which began on January 1, 2014. We have used the advanced approaches provisions provided in the Basel III final rule to calculate our regulatory capital ratios beginning with the second quarter of 2014. Beginning with the first quarter of 2015, we began to also use the standardized approach provisions provided in the Basel III final rule to calculate our regulatory capital ratios.
Prior to the first quarter of 2015, the lower of our regulatory capital ratios calculated under the Basel III advanced approaches and those ratios calculated under the transitional provisions of Basel III were applied in the assessment of our capital adequacy for regulatory purposes. Beginning in the first quarter of 2015, capital ratios calculated under the Basel III standardized approach replaced the transitional ratios in the assessment of our capital adequacy for regulatory purposes.
The following tables reconcile our estimated pro forma CET1 ratios calculated in conformity with the Basel III final rule, as described, to our CET1 ratios calculated in conformity with applicable regulatory requirements as of the dates indicated.

As of March 31, 2015 (Dollars in millions)	Basel III Final Rule Advanced Approaches¹				Basel III Final Rule Standardized Approach¹			Basel III Fully Phased-In Advanced Approaches (Estimated)² Pro-Forma			Basel III Fully Phased-In Standardized Approach (Estimated)³ Pro-Forma
Tier 1 Capital	$	14,748			$	14,748		$	13,921		$	13,921
Less:
Trust preferred capital securities	237				237			—			—
Preferred stock	1,961				1,961			1,961			1,961
Plus: Other	94				94			—			—
Common equity tier 1 capital	12,644			A	12,644			11,960			11,960
Total Risk-Weighted Assets	104,461			B	122,057			103,910			121,537
Common equity tier 1 risk-based capital ratio	12.1		%	A/B	10.4		%	11.5		%	9.8		%

¹ CET 1 ratio as of March 31, 2015 was calculated in conformity with the advanced approaches and standardized approach provisions of the Basel III final rule.
² Estimated pro forma fully phased-in Basel III CET1 ratio (advanced approaches) as of March 31, 2015 (fully phased in as of January 1, 2019, as per Basel III phase-in requirements for capital) reflects capital calculated under the Basel III final rule and total risk-weighted assets calculated in conformity with the advanced approaches (fully phased-in) in the Basel III final rule based on our interpretations of the Basel III final rule as of April 24, 2015 and as applied to our businesses and operations as of March 31, 2015. Under such application of the fully phased-in advanced approaches, total risk-weighted assets used in the calculation of the CET1 ratio decreased by $551 million as a result of applying the advanced approaches provisions of the Basel III final rule to total risk-weighted assets of $104.46 billion as of March 31, 2015, calculated in conformity with the advanced approaches provisions of the Basel III final rule.
³ Estimated pro forma fully phased-in Basel III CET1 ratio (standardized approach) as of March 31, 2015 (fully phased in as of January 1, 2019, as per Basel III phase-in requirements for capital) reflects capital calculated under the Basel III final rule and total risk-weighted assets calculated in conformity with the standardized approach (fully phased-in) in the Basel III final rule based on our interpretations of the Basel III final rule as of April 24, 2015 and as applied to our businesses and operations as of March 31, 2015. Under such application of the fully phased-in standardized approach, total risk-weighted assets used in the calculation of the CET1 ratio decreased by $520 million as a result of applying the standardized approach provisions of the Basel III final rule to total risk-weighted assets of $122.06 billion as of March 31, 2015, calculated in conformity with the standardized approach provisions of the Basel III final rule.



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF COMMON EQUITY TIER 1 RATIOS (Continued)
As of December 31, 2014 (Dollars in millions)	Basel III Final Rule Advanced Approaches⁴				Basel III Final Rule Standardized Approach (Estimated)⁵			Basel III Fully Phased-In Advanced Approaches (Estimated)⁶ Proforma			Basel III Fully Phased-In Standardized Approach (Estimated)⁷ Proforma
Tier 1 Capital	$	15,764			$	15,764		$	14,261		$	14,261
Less:
Trust preferred capital securities	475				475			—			—
Preferred stock	1,961				1,961			1,961			1,961
Plus: Other	145				145			—			—
Common equity tier 1 capital	13,473			C	13,473			12,300			12,300
Total Risk-Weighted Assets	107,827			D	125,011			106,817			124,058
Common equity tier 1 risk-based capital ratio	12.5		%	C/D	10.8		%	11.5		%	9.9		%

⁴ CET1 ratio as of December 31, 2014 was calculated in conformity with the advanced approaches provisions of the Basel III final rule.
⁵ Estimated pro forma CET1 ratio (standardized approach) as of December 31, 2014 reflects capital calculated in conformity with the provisions of the Basel III final rule and total risk-weighted assets calculated in conformity with the standardized approach in the Basel III final rule based on our interpretations of the Basel III final rule as of January 23, 2015 and as applied to our businesses and operations as of December 31, 2014. Under such application of the standardized approach, total risk-weighted assets used in the calculation of the CET1 ratio increased by $17.18 billion as a result of applying the standardized approach provisions of the Basel III final rule to total risk-weighted assets of $107.83 billion as of December 31, 2014, calculated in conformity with the advanced approaches provisions of the Basel III final rule.
⁶ Estimated pro forma fully phased-in Basel III CET1 ratio (advanced approaches) as of December 31, 2014 (fully phased in as of January 1, 2019, as per Basel III phase-in requirements for capital) reflects capital calculated under the Basel III final rule and total risk-weighted assets calculated in conformity with the advanced approaches (fully phased-in) in the Basel III final rule based on our interpretations of the Basel III final rule as of January 23, 2015 and as applied to our businesses and operations as of December 31, 2014. Under such application of the fully phased-in advanced approaches, total risk-weighted assets used in the calculation of the CET1 ratio decreased by $1.01 billion as a result of applying the advanced approaches provisions of the Basel III final rule to total risk-weighted assets of $107.83 billion as of December 31, 2014, calculated in conformity with the advanced approaches provisions of the Basel III final rule (as of December 31, 2014; i.e., not fully phased-in).
⁷ Estimated pro forma fully phased-in Basel III CET1 ratio (standardized approach) as of December 31, 2014 (fully phased in as of January 1, 2019, as per Basel III phase-in requirements for capital) reflects capital calculated under the Basel III final rule and total risk-weighted assets calculated in conformity with the standardized approach (fully phased-in) in the Basel III final rule based on our interpretations of the Basel III final rule as of January 23, 2015 and as applied to our businesses and operations as of December 31, 2014. Under such application of the fully phased-in standardized approach, total risk-weighted assets used in the calculation of the CET1 ratio decreased by $953 million as a result of applying the standardized approach provisions of the Basel III final rule to total risk-weighted assets of $125.01 billion as of December 31, 2014, calculated in conformity with the standardized approach provisions of the Basel III final rule (as of December 31, 2014; i.e., not fully phased-in).



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF COMMON EQUITY TIER 1 RATIOS (Continued)
As of September 30, 2014 (Dollars in millions)	Basel III Final Rule Advanced Approaches⁸				Basel III Final Rule Standardized Approach (Estimated)⁹ ProForma
Tier 1 Capital	$	15,318			$	15,318
Less:
Trust preferred capital securities	475				475
Preferred stock	1,233				1,233
Plus: Other	171				171
Common equity tier 1 capital	13,781			E	13,781
Total Risk-Weighted Assets	108,078			F	126,356
Common equity tier 1 risk-based capital ratio	12.8		%	E/F	10.9		%

⁸ CET1 ratio as of September 30, 2014 was calculated in conformity with the advanced approaches provisions of the Basel III final rule.
⁹ Estimated pro forma CET1 ratio (standardized approach) as of September 30, 2014 reflects capital calculated in conformity with the provisions of the Basel III final rule and total risk-weighted assets calculated in conformity with the standardized approach in the Basel III final rule based on our interpretations of the Basel III final rule as of October 24, 2014 and as applied to our businesses and operations as of September 30, 2014. Under such application of the standardized approach, total risk-weighted assets used in the calculation of the CET1 ratio increased by $18.30 billion as a result of applying the standardized approach provisions of the Basel III final rule to total risk-weighted assets of $108.08 billion as of September 30, 2014, calculated in conformity with the advanced approaches provisions of the Basel III final rule.

As of June 30, 2014 (Dollars in millions)	Basel III Final Rule Advanced Approach¹⁰				Basel III Final Rule Standardized Approach (Estimated)¹¹
Tier 1 Capital	$	15,708			$	15,708
Less:
Trust preferred capital securities	475				475
Preferred stock	1,233				1,233
Plus: Other	165				165
Tier 1 common capital	14,165			G	14,165
Total Risk-Weighted Assets	111,015			H	125,575
Tier 1 common risk-based capital ratio	12.8		%	G/H	11.3		%

¹⁰ Tier 1 common ratio as of June 30, 2014 was calculated in conformity with the advanced approaches provisions of the Basel III final rule.
¹¹Estimated tier 1 common ratio as of June 30, 2014 reflects capital calculated in conformity with the provisions of the Basel III final rule and total risk-weighted assets calculated in conformity with the standardized approach in the Basel III final rule. Under the standardized approach, total risk-weighted assets used in the calculation of the tier 1 common ratio increased by $14.56 billion as a result of applying the standardized provisions of the Basel III final rule to total risk-weighted assets of $111.02 billion as of June 30, 2014, calculated in conformity with the advanced approaches provisions of the Basel III final rule.

STATE STREET CORPORATION

EARNINGS RELEASE ADDENDUM

RECONCILIATIONS OF COMMON EQUITY TIER 1 RATIOS (Continued)

As of March 31, 2014 (Dollars in millions)

Basel III Transitional¹²

Tier 1 Capital

15,487

Less:

Trust preferred capital securities

475

Preferred stock

1,233

Plus: Other

145

Common equity tier 1 capital

13,924

Total Risk-Weighted Assets

84,694

Common equity tier 1 risk-based capital ratio

16.4

I/J

¹² Tier 1 common ratio as of March 31, 2014 was calculated in conformity with the transitional provisions of the Basel III final rule. Specifically, this ratio reflects tier 1 capital (the numerator) calculated in conformity with the provisions of the Basel III final rule, and total risk-weighted assets (the denominator) calculated in conformity with the provisions of Basel I.



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, upon implementation 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 is required to include SLR disclosures with its other Basel disclosures.
Estimated pro forma fully phased-in SLR ratios as of March 31, 2015 are preliminary estimates by State Street (in each case, fully phased-in as of January 1, 2018, as per the phase-in requirements of the SLR final rule), calculated based on our interpretations of the SLR final rule as of April 24, 2015 and as applied to our businesses and operations as of March 31, 2015. Estimated pro forma fully phased-in SLR ratios as of December 31, 2014 are preliminary estimates by State Street, calculated based on our interpretations of the SLR final rule as of January 23, 2015 and as applied to our businesses and operations as of December 31, 2014.
The following tables reconcile our estimated pro forma fully-phased in SLR ratios as of March 31, 2015 and December 31, 2014 calculated in conformity with the SLR final rule, as described, to our SLR ratios calculated in conformity with applicable regulatory requirements as of the dates indicated.
	State Street							State Street Bank
As of March 31, 2015 (Dollars in millions)	Transitional SLR				Fully Phased-In SLR			Transitional SLR			Fully Phased-In SLR
Tier 1 Capital	$	14,784		A	$	13,921		$	13,920		$	13,394
On-and off-balance sheet leverage exposure	288,989				288,989			284,117			284,117
Less: regulatory deductions	(6,088		)		(6,898		)	(5,734		)	(6,489		)
Total assets for SLR	282,901			B	282,091			278,383			277,628
Supplementary Leverage Ratio	5.2		%	A/B	4.9		%	5.0		%	4.8		%


	State Street							State Street Bank
As of December 31, 2014 (Dollars in millions)	Transitional SLR				Fully Phased-In SLR			Transitional SLR			Fully Phased-In SLR
Tier 1 Capital	$	15,764		C	$	14,261		$	14,043		$	13,102
On-and off-balance sheet leverage exposure	284,740				284,740			280,036			280,036
Less: regulatory deductions	(6,050		)		(7,211		)	(5,705		)	(6,790		)
Total assets for SLR	278,690			D	277,529			274,331			273,246
Supplementary Leverage Ratio	5.7		%	C/D	5.1		%	5.1		%	4.8		%


	State Street				State Street Bank
As of September 30, 2014 (Dollars in millions)	Transitional SLR
Tier 1 Capital	$	15,318		E	$	14,316
On-and off-balance sheet leverage exposure	276,529				271,547
Less: regulatory deductions	(6,156		)		(5,804		)
Total assets for SLR	270,373			F	265,743
Supplementary Leverage Ratio	5.7		%	E/F	5.4		%



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

	State Street				State Street Bank
As of June 30, 2014 (Dollars in millions)	Transitional SLR
Tier 1 Capital	$	15,707		G	$	14,767
On-and off-balance sheet leverage exposure	264,432				259,912
Less: regulatory deductions	(6,308		)		(5,942		)
Total assets for SLR	258,124			H	253,970
Supplementary Leverage Ratio	6.1		%	G/H	5.8		%


	State Street				State Street Bank
As of March 31, 2014 (Dollars in millions)	Transitional SLR
Tier 1 Capital	$	15,486		I	$	14,123
On-and off-balance sheet leverage exposure	246,548				242,333
Less: regulatory deductions	(6,304		)		(5,939		)
Total assets for SLR	240,244			J	236,394
Supplementary Leverage Ratio	6.4		%	I/J	6.0		%

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