Common Stock Offering

May 18, 2009

Exhibit 99.1

2

Forward-Looking Statements

This presentation contains forward-looking statements as defined by United States securities laws, including statements about State Street’s goals and expectations regarding its business,

financial condition, results of operations and strategies, the financial and market outlook, governmental and regulatory initiatives and developments and the business environment. These

statements are not guarantees of future performance, are inherently uncertain, are based on 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 State Street's

expectations or beliefs as of any date subsequent to the date of this presentation.  

Important factors that may affect future results and outcomes include, but are not limited to:  global financial market disruptions and the current worldwide economic recession, and

monetary and other governmental actions designed to address such disruptions and recession in the U.S. and internationally; the impact of our consolidation for financial reporting

purposes, effective as of May 15, 2009, of the asset-backed commercial paper conduits that we administer, including the possible increase in the volatility of our net interest revenue,

changes in the composition of the assets on our consolidated balance sheet and the possibility that we may be required to change the manner in which we fund those assets; the financial

strength and continuing viability of the counterparties with which we or our clients do business and with which we have investment or financial exposure; the liquidity of the U.S. and

international securities markets, particularly the markets for fixed-income securities, and the liquidity requirements of our customers; the credit quality and credit agency ratings of the

securities in our investment securities portfolio, a deterioration or downgrade of which could lead to other-than-temporary impairment of the respective securities and the recognition of an

impairment loss; the maintenance of credit agency ratings for our debt obligations as well as the level of credibility of credit agency ratings; the possibility of our customers incurring

substantial losses in investment pools where we act as agent, and the possibility of further general reductions in the valuation of assets; our ability to attract deposits and other low-cost,

short-term funding; potential changes to the competitive environment, including changes due to the effects of consolidation, extensive and changing government regulation and perceptions

of State Street as a suitable service provider or counterparty; the level and volatility of interest rates and the performance and volatility of securities, credit, currency and other markets in the

U.S. and internationally; our ability to measure the fair value of the investment securities on our consolidated balance sheet; the results of litigation, government investigations and similar

disputes and, in particular, the effect of current or potential proceedings concerning State Street Global Advisors’, or SSgA’s, active fixed-income strategies and other investment products,

and the enactment of legislation and changes in regulation and enforcement that impact us and our customers; adverse publicity or other reputational harm; our ability to pursue

acquisitions, strategic alliances and divestures, finance future business acquisitions and obtain regulatory approvals and consents for acquisitions; the performance and demand for the

products and services we offer, including the level and timing of withdrawals from our collective investment products; our ability to continue to grow revenue, attract highly skilled people,

control expenses and attract the capital necessary to achieve our business goals and comply with regulatory requirements; our ability to control operating risks, information technology

systems risks and outsourcing risks, the possibility of errors in the quantitative models we use to manage our business and the possibility that our controls will fail or be circumvented; the

potential for new products and services to impose additional costs on us and expose us to increased operational risk, and our ability to protect our intellectual property rights; changes in

government regulation or new legislation, which may increase our costs, expose us to risk related to compliance or impact our customers; restrictions and limitations associated with our

participation in the U.S. Treasury’s TARP capital purchase program and our ability to repurchase the preferred stock and warrants issued by us under that program; changes in accounting

standards and practices; and changes in tax legislation and in the interpretation of existing tax laws by U.S. and non-U.S. tax authorities that impact 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 State Street's 2008 Annual Report on Form

10-K and its subsequent SEC filings, including, in particular, its Current Report on Form 8-K dated May 18, 2009. State Street encourages investors to read these filings, particularly the

sections on Risk Factors, and its subsequent SEC filings 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 speak only as of May 18, 2009, and State Street does not undertake efforts to revise those forward-looking statements to reflect events

after that date.

3

The Offering

POSITIONS STATE STREET TO REDEEM TARP PREFERRED INVESTMENT

>

State Street Corporation

Issuer

>

NYSE: STT

Symbol

>

60 days (Company, Executive Officers, Directors²)

Lock-up

>

Planned repurchase of $2.0 billion of TARP preferred plus related

warrants, subject to regulatory approval; general corporate purposes

Use of Proceeds

>

May 18, 2009

Anticipated

Pricing

>

15%

Over-allotment

Option

>

$1.5 billion of common stock¹

Offering

Size

Bookrunners

>

Goldman Sachs, Morgan Stanley

Additional

Actions

>

Intend to offer benchmark-size holding-company non-guaranteed senior notes

>

Elected to take steps resulting in consolidation of ABCP conduits as of May

15, 2009

1

Amount excludes over-allotment option.

2

One

Director

is

not

standing

for

reelection

at

the

May

20,

2009

Annual

Meeting

and will not be subject to lock-up.

4

Capital Plan

STRATEGIC RATIONALE AND KEY CONSIDERATIONS

>

Decisive, strategic capital action positions State Street for continued growth

>

Today’s common stock offering further enhances State Street’s already strong

capital position

–

SCAP Stress Test confirmed strength of capital position

–

Capital ratios in line with or in excess of trust-bank peers

–

Accelerates achievement of TCE Improvement Plan

>

Proactive consolidation of the conduit assets eliminates related

uncertainty and

simplifies financial reporting

>

Operating earnings¹

expectation of $4.25 -

$4.50

per share for 2009 after the

offerings and conduit consolidation

>

Positions us to repay the TARP preferred stock and repurchase related warrants,

subject to regulatory approval

¹

More fully described on page 19.

5

Capital Strength

CAPITAL RAISE ACCELERATES TCE IMPROVEMENT

1.2

%

0.8

%

4.1

%

2.2

%

(0.1) %

0.0

%

1.0

%

2.0

%

3.0

%

4.0

%

5.0

%

3/31/09

Adjusted

For Conduit

Consolidation

Conduit Change in

Unrealized Loss

between 3/31/09

and 5/15/09

Capital

Raise

Estimated

2Q 2009

Capital

Generation¹

6/30/09

Estimate¹

The ratio of tangible common equity to adjusted tangible assets, or TCE ratio, as used by State Street, is calculated by dividing total consolidated common shareholders’ equity by consolidated total assets, 

after reducing both amounts by goodwill and other intangible assets net of related deferred taxes.  Consolidated total assets reflected in the TCE ratio also exclude commercial paper purchased under the

Federal Reserve’s AMLF and cash balances on deposit at the Federal Reserve and other central banks in excess of required reserves.  Assumptions used in forecasting TCE are described on pages 6 

and 13. TCE ratio is a non-GAAP financial measure.  See Appendix for a reconciliation of tangible common equity and adjusted tangible assets to the most directly comparable GAAP measures.

¹

Assumptions used in the “Estimated 2Q 2009 Capital Generation” are set forth on page 13.  See also page 6 for 6/30/09 estimate assumptions. 

Financial Impact

KEY

RATIOS¹

ARE

MATERIALLY

ABOVE

“WELL

CAPITALIZED”

STANDARDS

6/30/09

Estimate including

TARP Repayment²

6/30/09

Estimate²

3/31/09

Adjusted for

Conduit Consolidation

4.1%

11.2%

15.5%

16.8%

“Well

Capitalized”

12.8%

13.2%

6%

Tier 1 Capital

4.0%

10.9%

14.1%

4%

10%

2.2%

TCE

9.0%

Tier

1

Common

1

14.6%

Total Capital

Fed stress

test metrics

6

1

Total risk-based capital, or total capital, and tier 1 risk-based capital, or tier 1 capital, ratios are calculated in accordance with applicable bank regulatory requirements and, as permitted, exclude the impact of

commercial paper purchased under the AMLF.  Stated ratios for “well capitalized” for total capital and tier 1 capital represent required minimum ratios for treatment as “well capitalized” under applicable bank

regulatory requirements.  Tier 1 common risk-based, or tier 1 common, ratio is calculated by dividing (a) tier 1 capital less non-common elements including qualifying perpetual preferred stock, qualifying

minority interest in subsidiaries and qualifying trust preferred securities, by (b) risk-weighted assets, which assets are calculated in accordance with applicable bank regulatory requirements.  The stated

minimum ratio for “well capitalized” for tier 1 common represents the targeted ratio as of 12/31/10 set by SCAP to determine the desired capital buffer in the stress test’s “more adverse” scenario.  See page 12

for additional information about the SCAP stress test.  The TCE ratio is described on page 5.

2

As applicable, 6/30/09 estimates reflect consolidation of all four State-Street administered ABCP conduits effective, and with estimated fair value as of, 5/15/09 with total conduit assets of $22.7B, an assumed

capital raise of $1.5B common stock and $750M senior debt and other assumptions, including no repurchase of TARP securities (unless otherwise indicated), prepayment rates for investment portfolio

securities consistent with management expectations at 5/15/09 (assumes average prepayments between CPR 8 – 12), fair value of investment portfolio securities at 5/15/09, financial performance consistent

with page 19 and maintaining current $0.01 per quarter common stock dividend rate.

Conduit Consolidation

8

Conduit Consolidation

STRATEGIC RATIONALE AND KEY CONSIDERATIONS

Effective as of May 15, 2009

One-time after-tax extraordinary loss of $3.7 billion related to recognition of unrealized mark-to-

market (MTM) losses on the conduit assets

Based upon its’ credit assessment of the conduit assets, State Street expects a vast majority of

the after-tax loss to accrete back through interest revenue over the life of the conduit assets

We expect approximately $475 million pre-tax to accrete back through interest revenue in 2009 based on

management’s current prepayment assumptions

Stress test, rating agencies and many market participants already view TCE ratio assuming

consolidation

81% of consolidated portfolio is rated AAA or AA, compared to 83% for the unconsolidated

investment portfolio at 5/15/09 

Asset class percentages similar pre- and post-consolidation

Adequate liquidity to support assets and increased flexibility in funding sources for conduit

assets

Simplifies reporting and communication requirements

>

>

>

>

>

>

>

>

–

9

>

Effective May 15, 2009, the four-asset backed commercial paper conduits State Street

administers were consolidated onto its balance sheet

–

As of 3/31/09, book value of $22.5 billion, after-tax unrealized loss of $(3.6) billion

–

As of 5/15/09, book value of $22.7 billion, after-tax unrealized loss of $(3.7) billion prior to consolidation

3.4 Years

3.1 years

Weighted-Average Life

Credit Ratings

AAA

AA

A

BBB

<BBB

Asset Size

($ in billions)

69%

12%

7%

4%

8%

72%   

11% 

5%

3%

9%

$89.6¹

$75.5

Portfolio as of 5/15/09

Adjusted for Consolidation

Investment Portfolio

as of 5/15/09

1

Amounts,

percentages

and

weighted-average

life

under

“Portfolio

as

of

5/15/09

Adjusted

for

Consolidation”

are

calculated

using fair market value of

conduit

assets

as

of

5/15/09

and

exclude

$2.5

billion

of

conduit

loans.  At 5/15/09, the fair value of these loans approximated their face values, and no

allowance for loan losses was considered necessary.

>

Consolidation does not affect the unrealized loss position of consolidated investment portfolio

–

As of 3/31/09, the after-tax unrealized loss was $(5.9) billion

–

As of 5/15/09, the after-tax unrealized loss was $(5.3) billion

Conduit Consolidation

CREDIT QUALITY OF INVESTMENT PORTFOLIO SUBSTANTIALLY UNCHANGED

10

Govt / Agency

15%

ABS²

49%

MBS³

22%

CMBS

4%

Corporate

Bonds

3%

Muni. Bonds /

Other

7%

Govt / Agency

19%

ABS²

39%

MBS³

25%

CMBS

5%

Corporate

Bonds

3%

Muni. Bonds /

Other

9%

Conduit Consolidation

MINIMAL IMPACT ON COMPOSITION OF INVESTMENT PORTFOLIO AS OF 5/15/09

$75.5 billion

1

Amounts

and

percentages

under

“Consolidated

Investment

Portfolio”

are

calculated using fair market value of conduit assets as of 5/15/09 and exclude $2.5 billion of conduit loans at

fair value, and therefore no allowance for loan losses was considered necessary.

2

Asset-backed securities includes Student Loans, Credit Cards, Auto/Equipment, Foreign RMBS, CLOs, Sub-Prime, HELOC and Other.

3

Mortgage-backed securities includes Agency, Alt-A and Non-Agency Prime.

$89.6 billion

Stand-alone Investment Portfolio

Consolidated Investment Portfolio¹

Capital Strength

12

SCAP Stress Test Results

SUPERVISORY RATIOS MORE THAN TWO TIMES THE MINIMUMS AFTER CONSOLIDATION

Passed

Stress Test

with More

Than Twice

the Minimum

Capital

Needed

Under the

“More

Adverse”

Scenario

Tier 1 Capital

Tier 1 Common

SCAP-required

6% Minimum

SCAP-required

4% Minimum

The stress test methodology under the SCAP assumed a stressed economic and market environment in 2009 and 2010 and projected losses that would be incurred and financial resources that would be

available

to

offset

those

losses

if

that

economic

scenario

were

to

occur.

The

data

in

the

table

have

been

prepared

in

accordance

with

the assumptions and methodologies required by SCAP and are

intended to provide some guidance under those assumptions and methodologies as to our ratios projected by the stress test as of the dates indicated.  The Federal Reserve in its announcement only

published these ratios as of December 31, 2008.  This data does not reflect State Street’s outlook for 2009 or 2010 and is not intended as a representation of future performance or financial condition.  The

stress test’s “baseline”

scenario, which included a decline in GDP of -2.0% in 2009 and an increase of 2.1% in 2010; civilian unemployment of 8.4% in 2009 and 8.8% in 2010; and house price declines of   

-14%

during

2009

and

-4%

in

2010;

The

stress

test’s

“more

adverse”

scenario

included a decline in GDP of -3.3% in 2009 and an increase of 0.5% in 2010; civilian unemployment of 8.9% in 2009 and

10.3% in 2010; and house price declines of -22% during 2009 and -7% in 2010;both of these scenarios are described in detail in The Supervisory Capital Assessment Program; Design and Implementation

released

by

the

Board

of

Governors

for

the

Federal

Reserve

Board

on

April 24, 2009.  Minimum SCAP-required ratios represent targeted ratios set by SCAP supervisors to determine the desired capital

buffer

in

the

stress

test’s

“more

adverse”

scenario.

15.4%

20.2%

12.4%

20.2%

0%

5%

10%

15%

20%

25%

Q4 2008A

Q4 2010E

"Baseline"

"More Adverse"

11.8%

15.5%

9.1%

15.5%

0%

5%

10%

15%

20%

25%

Q4 2008A

Q4 2010E

SCAP Stressed Scenario

>

Stress testing assumed conduit consolidation

The Offering

ACCELERATES ACHIEVEMENT OF TCE IMPROVEMENT PLAN

+0bps

+0bps

+18bps

4

+31bps

Price improvement

5.96%

+0bps

+51bps

(2)bps

+0bps

+39bps

+8bps

5.00%

Q4

5.00%

+0bps

+41bps

(4)bps

+0bps

+41bps

+8bps

4.14%

Q3

4.14%

+124bps

+31bps

(22)bps

+4bps

+29bps

+8bps

2.22%

Q2

2.22%

+0bps

+28bps

+15bps

+  7bps

+14bps

+ 8bps

1.19%

Q1

TCE estimates¹

assume adjustments based on

the following:

TCE at end of period 

Common Equity Raise

Organic capital generation³

Other changes in balance sheet size

Conduit securities paying down / maturing

Portfolio securities paying down / maturing

Dividend Reduction

TCE at beginning of period

Expected Quarterly

Impacts on TCE

2

result in ratio of

5.96% at 12/31/09

13

1

  Estimates of State Street Corporation’s TCE ratio assume consolidation of all four State Street-sponsored ABCP conduits effective, and with estimated fair value as of, 5/15/09 with

total conduit assets of $22.7 billion (except for Q1 2009 for which estimates are as of 3/31/09, with total conduit assets of $22.5 billion), an assumed capital raise of $1.5B common

stock and $750M senior debt and other assumptions, including no repurchase of TARP securities, prepayment rates for investment portfolio securities consistent with management

expectations at 5/15/09 (assumes average prepayments between CPR 8 – 12), fair value of investment portfolio securities at 5/15/09, financial performance consistent with operating

outlook described on page 19 and maintaining current $0.01 per share quarterly common stock dividend rate. Pre-payment rates of securities will vary from rates contemplated within

assumptions, based on changes in economic and market conditions and other factors.

2

  The TCE ratio is described on page 5.

3

  Consists of Net Income Available to Common plus employee stock compensation, currency translation and amortization of intangibles less common dividends.  

4

  Reflects mark-to-market improvements through 5/15/09; assumed to remain flat for the rest of the quarter. 

Business Update

15

Business Update

SIGNIFICANT GLOBAL TRENDS AND INITIATIVES

>

Global economy slowly beginning to repair

–

Well-positioned to leverage recovery in equity markets

>

Strong industry-leading global footprint with ongoing expansion

opportunities

–

Target to achieve 50% of total revenue from non-US sources over time

>

Large opportunities to cross sell to existing customers

–

Revenue from existing customers expected to track historic average of 75% of total

incremental annual revenue

>

Pipeline is strong with opportunities to service large global investment

managers

>

Cross-border asset flows expected to increase

16

Continuing Momentum

GAINING MARKET POSITION –

WINS IN 2008

>

$1.7 trillion in new business wins

including:

–

Lazard Asset Management

–

Illinois State Teachers

–

UK Pension Protection Fund

–

Columbia Management

–

Apostle Asset Management

–

Hartford Insurance Group of

Canada

Investment Servicing

>

$198 billion gross new asset

wins including:

–

CalPERS

–

AP4 Swedish Pension Fund

–

Lincoln Financial Group

–

Met Life

–

London Borough of Hillingdon

–

University Superannuation scheme

Investment Management

17

>

Alternative Investments

–

Hedge fund administration

–

#2 in world*: $252 billion in assets under administration as of 3/31/09

–

Hedge Funds moving to independent administration

–

Private Equity Administration

–

$138 billion in assets under administration as of 3/31/09

>

Outsourcing

–

#1 in world**: $4.7 trillion in middle-office assets under administration as of

3/31/09

–

Industry-leading solution for major global investment managers

Investment Servicing

STRATEGIC OVERVIEW

Key Customer

Drivers

*Source: HFM Hedge Fund Administration Survey 12/08.  ** Source: Greensted

Report, 1/09.

>

Flight to quality and safety (Deposits more than doubled as of 12/31/08

compared to 12/31/07)

>

Cost pressures on asset managers and asset owners

>

Heightened regulatory environment

>

Growing need for transparency, risk management and compliance

Growth

Opportunities

18

>

Cash Investment Management

–

Leading manager with $487 billion in AUM as of 3/31/09

–

Diverse product set creates opportunities in global markets

>

ETFs

–

Strong SPDR brand awareness; #2 in the world* with $140 billion in AUM

as of 3/31/09

–

Increasingly important component of asset allocation strategies

>

Defined Contribution

–

Building on strong DB and recordkeeping relationships

–

Move towards passive and plan simplification

>

De-risking worldwide; flight to passive and broader benchmarks

>

Need for a trusted, strategic partner

>

Focus on pension funding levels; asset allocation decisions

>

Asset growth rate of DC/IRA bigger than DB

Investment Management

STRATEGIC OVERVIEW

Key Customer

Drivers

Growth

Opportunities

*Source: Pensions and Investments Magazine, March 23, 2009.

19

Operating Outlook

OUTLOOK FOR 2009

>

Operating EPS¹

expected to be between $4.25 and $4.50 due to:

–

Current operating environment marginally weaker than we originally believed

–

Discount accretion of $0.75 per share from the conduit assets offset by:

–

Impact of share and debt issuance

–

Contemplates re-establishing a reserve for discretionary incentive compensation in the second

half of 2009, subject to company performance

>

After consolidation, operating revenue expected to decline approximately

12% versus 2008

>

After consolidation, ROE now expected to be approximately 17%

¹

Operating

EPS,

as

defined

by

management,

excludes

the

after-tax

impact

of

net

interest

revenue

associated

with

participation

in

the

Federal

Reserve Bank of Boston's AMLF; merger and integration costs associated with the July 2007 acquisition of Investors Financial; and the

extraordinary loss recorded in connection with consolidation of the conduits.

20

Capital Plan

SUMMARY

>

The Offering

–

Operating EPS forecast for 2009 of $4.25 -

$4.50 post-offering and post-consolidation

–

Well-positioned to repay TARP CPP as evidenced by stress test results

–

Accelerates achievement of TCE improvement plan

–

Additional capital will help enhance future growth opportunities

>

Proactive Conduit Consolidation

–

Reduces complexity associated with off–balance sheet assets

–

Asset quality continues to be strong and, based on our view of credit, we believe the

vast majority of the assets will accrete through interest revenue over the life of the

assets

–

Stress test, rating agencies and many market participants already view conduits as

consolidated for purposes of capital ratio calculations

Appendix

22

Tangible Common Equity Reconciliation

(Dollars in millions)

Actual

Adjusted for

Conduit

Consolidation

Consolidated Total Assets

142,144

$       

142,144

$       

Less: 

Goodwill

4,493

4,493

Other intangible assets

1,809

1,809

AMLF investment securities

740

740

Excess reserves held at central banks

29,963

29,963

Adjusted assets

105,139

105,139

Plus: 

Deferred tax liability

540

540

Conduit assets net of CP held

-

                

11,730

Total tangible assets

A

105,679

$       

117,409

$       

Consolidated Total Common Shareholders' Equity

11,969

$         

11,969

$         

     Less:

Goodwill

4,493

4,493

Intangible assets

1,809

1,809

Unrealized loss on conduit assets

-

                

3,603

Adjusted equity

5,667

2,064

Plus deferred tax liability

540

540

Total tangible common equity

B

6,207

$           

2,604

$          

Tangible common equity ratio

B/A

5.87%

2.22%

March 31, 2009