Investor Presentaiton

CRD acquisition is a compelling strategic and financial opportunity Purchase price & financing • • . Purchase price of $2.6B Valuation of 13.9x CRD estimated 2018 net income including only 2021 cost synergies; Valuation of 18.2x CRD estimated 2018 net income Financing via issuance of common equity, preferred stock, and suspension of buybacks through the end of the year Dividend increase of 12% in 3Q18 as recently announced 13 Compelling financial projections • EPS accretion anticipated in 20203 . Meaningful acceleration in overall State Street growth expected - Significant revenue synergies resulting in ~$80M of EBIT in 2021ª - Incremental annual fee revenue growth of 75-125bps in 202114 Substantial annual cost synergies of ~$60M expected in 20215 • IRR estimated at ~14%, inclusive only of cost synergies; >20% with anticipated revenue and cost synergies Other pro • forma financial impacts • Total acquisition & restructuring costs estimated at $200M through 2021 • Identifiable intangibles of ~$800-900M to be amortized over ~10 years • Tax basis step-up associated with the transaction provides positive cash benefits with an estimated present value of ~$345M over a period of 15 years 15 A Assumes ~$260-280M in gross revenue synergies with delivery costs to achieve of ~$180-200M. Please refer to endnote 4 for additional details on revenue synergies. STATE STREET. Refer to the Appendix included with this presentation for endnotes 1 to 22. 6

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