OPERATING EARNINGS PER SHARE*

0.00

0.50

1.00

1.50

2.00

2.50

$

0.66

1.37**

2.04**

94

95

96

97

98

99

00

01

02

2.29**

03

1.89**

2.47

*Operating earnings as defined in State Street Corporation SEC filings.

**Excludes Corporate Trust and P.A.M.

04

CAGR

10-year: 14%

5-year: 13%

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