Investor Presentaiton

Perspectives on Transaction Value Purchase price attractive relative to comparables 2018E Price / Earnings A 18.2x 23.2x 12.6x Includes 2021 13.9x cost synergies 10.5× Includes 2021 revenue & cost synergies CRD Public Comparables C 2018E EV/EBITDA^ 9.7x Includes 2021 cost synergies 7.4x Includes 2021 revenue & cost synergies B CRD 18.1x Public Comparables A Assumes illustrative 27.3% tax rate on CRD earnings. 2018E earnings and EBITDA estimates apply ASC 606 and reflect State Street's estimates for CRD's earnings and EBITDA under State Street's ownership. B Assumes illustrative 27.3% tax rate on synergies. Synergies include costs to achieve and associated expenses and reflect synergies at CRD and at State Street. C Public comparables to CRD include SEI Investments, SS&C, Factset, and Envestnet. Estimates for public comparables taken from median IBES consensus estimates. Market data as of July 17, 2018; financial data as of most recently available quarter. STATE STREET. 13

View entire presentation