Form 8-K STATE STREET CORP For: Jan 19

January 19, 2021 7:28 AM


						Exhibit 99.1 State Street Corporation One Lincoln Street Boston, MA 02111 NYSE: STT www.statestreet.com

Boston, MA… January 19, 2021 News Release


STATE STREET REPORTS FOURTH-QUARTER 2020 EPS OF $1.39; $1.69 EXCLUDING NOTABLE ITEMS(a)
% changes noted below reflect year-over-year 4Q comparisons

TOTAL FEE REVENUE UP 2%; NEW SERVICING WINS OF $205 BILLION

STRONG FX TRADING REVENUE UP 25%

EXPENSES DOWN (5)%, OR FLAT EX-NOTABLES(a)

CONTINUATION OF PRODUCTIVITY PROGRAM WITH CHARGES OF $133 MILLION; EXPECTED TO DRIVE EXPENSES DOWN FURTHER IN 2021

REINITIATING COMMON SHARE REPURCHASE PROGRAM OF UP TO $475 MILLION IN 1Q21


Ron O'Hanley, Chairman and Chief Executive Officer: "2020 was a challenging year for our clients, employees and our communities globally. I am proud of our employees worldwide who continued to put our clients first and deliver strong results for our shareholders despite the difficult operating environment. While record low interest rates created a significant headwind in 2020, State Street delivered fee revenue growth and expense reduction that contributed to positive operating leverage and solid EPS growth." O'Hanley added: "While State Street rose to the challenges in 2020, we are laser focused on fee revenue growth and expense management to continue to make progress in 2021 towards our medium-term targets. We are confident in the trajectory of our business and will continue to drive innovation, automation and productivity to achieve these goals. As we look ahead in 2021, as a result of our strong, elevated capital position, we have announced a number of capital actions that will take place in the first-quarter and are expected to benefit our shareholders in the year ahead."

FINANCIAL HIGHLIGHTS


(Table presents summary results, dollars in millions, except per share amounts, or where otherwise noted)	4Q20			3Q20			4Q19			% QoQ			% YoY
Income statement:
Total fee revenue	$	2,416		$	2,306		$	2,368		5	%		2	%
Net interest income	499			478			636			4			(22)
Other income	2			—			44			nm			nm
Total revenue	2,917			2,784			3,048			5			(4)
Provision for credit losses(1)	—			—			6			nm			nm
Total expenses(1)	2,276			2,103			2,407			8			(5)
Net income	537			555			564			(3)			(5)

Financial ratios and other metrics:
Diluted earnings per share (EPS)	$	1.39		$	1.45		$	1.35		(4)	%		3	%
Return on average common equity (ROE)	8.4		%	8.9		%	9.0		%	(50)		bps	(60)		bps
Pre-tax margin	22.0			24.5			20.9			(250)			110
AUC/A ($ billions)(2)	38,791			36,643			34,358			6	%		13	%
AUM ($ billions)(2)	3,467			3,148			3,116			10			11

(1) See endnotes included in the "In This News Release" section.

(2) As of period-end

(a) See 4Q20 Highlights in this news release for a listing of notable items. Results excluding notable items are non-GAAP measures. Please refer to the Addendum included with this news

release for an explanation and reconciliation of non-GAAP measures.

Investor Contact: Ilene Fiszel Bieler +1 617/664-3477 Media Contact: Carolyn Cichon +1 617/664-8672

4Q20 HIGHLIGHTS

(all comparisons are to 4Q19, unless otherwise noted)

AUC/A and AUM

•Investment Servicing AUC/A as of quarter-end increased 13% to $38.8 trillion, primarily due to higher period-end market levels, net new business installations, and client flows.

•Investment Management AUM as of quarter-end increased 11% to $3.5 trillion, mainly reflecting higher period-end market levels and net inflows from ETFs and cash, partially offset by institutional net outflows.

New business

•Investment Servicing mandates announced in 4Q20 totaled $205 billion, with quarter-end servicing assets remaining to be installed in future periods of $436 billion.

◦Servicing business wins totaled $787 billion in 2020, with an increasing proportion incorporating State Street AlphaSM.

•Three new State Street Alpha platform wins in 4Q20

•Charles River Development (CRD) achieved annual recurring revenue (ARR)(b) of $223 million in 4Q20, up 17% year-on-year.

Revenue

•Fee revenue increased 2%, largely due to strong FX trading revenue, and improved Servicing and Management fees, partially offset by a decline in Securities finance and Software and processing fees.

◦Servicing fees increased 1%, Management fees increased 3%, FX trading services increased 25%, Securities finance decreased (21)%, and Software and processing fees decreased (7)% primarily reflecting the timing of on-premise CRD revenues.

•Net interest income (NII) decreased (22)%, primarily due to lower market rates, partially offset by growth in deposits, the investment portfolio and loan balances, and episodic market-related benefits.

◦Compared to 3Q20, NII increased 4%, or was flat excluding a true-up in 3Q20(c).

Expenses and efficiencies

•Total expenses were down (5)%, primarily reflecting lower notable items. Excluding notable items, Total expenses were flat(d), driven by business investments, offset by ongoing expense management initiatives.

•Increased productivity while making controlled investments to support our client needs, operations, and technology innovation.

◦Company-wide productivity and efficiency efforts reduced FY2020 Total expenses by (1.5)% compared to FY2019, excluding notables items(d).

(b) See the endnotes included the "In This News Release" section for an explanation of CRD annual recurring revenue (ARR).

(c) 3Q20 NII of $478 million includes a true-up of approximately $(20) million related to prior periods that had previously been recorded in other comprehensive income. Excluding the 3Q20 true-up, 4Q20 NII of $499 million was flat as compared to 3Q20 adjusted NII of $498 million.

(d) Total expenses, ex-notable items is a non-GAAP presentation. Please refer to the Addendum included with this news release for an explanation and reconciliation of non-GAAP measures.

Notable items

•Continuation of productivity initiatives: $133 million of repositioning charges in 4Q20 expected to drive savings of approximately $150 million in 2021(e) due to automation of processes and organizational simplification enabling workforce rationalization, as well as real estate footprint optimization.


(Dollars in millions, except EPS amounts)	Quarters
	4Q20		3Q20		4Q19


Repositioning charges:
Compensation & employee benefits	$	(82)	$	—	$	(98)
Occupancy	(51)		—		(12)
Total repositioning charges	(133)		—		(110)


Acquisition and restructuring costs	(12)		(15)		(29)
Legal and related costs	—		9		(140)
Gain on junior subordinated debt(f)	—		—		44

Notable items (pre-tax)	$	(145)	$	(6)	$	(235)

Preferred securities redemption (after-tax)(g)	—		—		(22)

EPS impact	$	(0.30)	$	—	$	(0.63)

Capital

•Common Equity Tier 1 (CET1) of 12.3% (Standardized) and Tier 1 leverage ratio of 6.4% at quarter-end.

•ROE of 8.4% in 4Q20, decreased (0.6)% points compared to 4Q19 and decreased (0.5)% points compared to 3Q20.

•For 4Q20, State Street returned $184 million to shareholders in the form of common stock dividends. Consistent with the restrictions imposed on large banks by the Federal Reserve, no common share repurchases were made in 4Q20.

•In January 2021, State Street's Board authorized common share repurchases up to $475 million(h). In addition, State Street also recently announced the redemption of $500 million of preferred stock.

(e) As previously announced, we temporarily suspended reduction in force actions in 2020 as a result of the global pandemic. Expected FY2021 savings reflect the impact of those actions previously suspended as well as those announced this quarter.

(f) A cash tender offer was completed in 4Q19 of approximately $297 million of our $800 million aggregate principal amount of outstanding Floating Rate Junior Subordinated Debentures due 2047, resulting in a gain of approximately $44M.

(g) $22 million included in dividends on Preferred Stock impacting net income available to common shareholders is related to the redemption of all outstanding Series E Preferred Stock.

(h) State Street’s $475 million common stock repurchase authorization covers the period ending March 31, 2021. Stock purchases may be made using various types of transactions, including open-market purchases, accelerated share repurchases or other transactions off the market, and may be made under Rule 10b5-1 trading programs. The timing of stock purchases, type of transaction and number of shares purchased will depend on several factors, including market conditions and State Street’s capital position, its financial performance, the amount of common stock issued as part of employee compensation programs, investment opportunities and the potential for regulatory limitations on capital actions. The common stock purchase program does not have specific price targets and may be suspended at any time.

MARKET DATA

The following table provides a summary of selected financial information, including market indices and foreign exchange rates.


(Dollars in billions, except market indices and foreign exchange rates)	4Q20		3Q20		4Q19		% QoQ		% YoY

Assets under Custody and/or Administration (AUC/A)(1) (2)	$	38,791	$	36,643	$	34,358	5.9	%	12.9	%
Assets under Management (AUM)(2)	3,467		3,148		3,116		10.1		11.3

Market Indices:(3)
S&P 500 daily average	3,555		3,320		3,083		7.1		15.3
S&P 500 EOP	3,756		3,363		3,231		11.7		16.2
MSCI EAFE daily average	1,994		1,871		1,962		6.6		1.6
MSCI EAFE EOP	2,148		1,855		2,037		15.8		5.4
MSCI Emerging Markets daily average	1,189		1,084		1,051		9.7		13.1
MSCI Emerging Markets EOP	1,291		1,082		1,115		19.3		15.8
Barclays Capital Global Aggregate Bond Index EOP	559		541		512		3.3		9.2

Foreign Exchange Volatility Indices:(3)
JPM G7 Volatility Index daily average	7.3		8.0		6.0		(8.8)		21.7
JPM Emerging Market Volatility Index daily average	10.8		10.9		7.2		(0.9)		50.0

Average Foreign Exchange Rate:
Euro vs. USD	1.193		1.169		1.107		2.1		7.8
GBP vs. USD	1.321		1.292		1.288		2.2		2.6

(1) Includes assets under custody of $29,052 billion, $27,333 billion, and $26,195 billion, as of EOP for 4Q20, 3Q20, and 4Q19, respectively.

(2) As of period-end.

(3) The index names listed in the table are service marks of their respective owners.

INDUSTRY FLOW DATA

The following table represents industry flow data.


(Dollars in billions)	4Q20		3Q20		2Q20		1Q20		4Q19		3Q19
North America - (US Domiciled) Morningstar Direct Market Data:(1)(2)
Long Term Funds	$	59	$	21	$	56	$	(240)	$	50	$	35
Money Market	(81)		(166)		259		665		182		199
ETF	128		60		70		22		88		29
Total Flows(3)	$	106	$	(84)	$	385	$	447	$	320	$	262

EMEA-Morningstar Direct Market Data:(1)(4)
Long Term Funds	$	170	$	134	$	168	$	(138)	$	160	$	98
Money Market	14		60		153		12		(9)		83
ETF	30		32		36		(3)		48		30
Total Flows(3)	$	214	$	227	$	357	$	(129)	$	199	$	211

(1) Industry data is provided for illustrative purposes only. It is not intended to reflect State Street or its clients' activity and is indicative of only segments of the entire industry. Industry flow data presented reflects a change in data providers from previous presentations for all periods presented. See endnotes included in the "In This News Release" section.

(2) The fourth quarter of 2020 data for North America includes actuals for October and November 2020 and Morningstar estimates for Decemeber 2020.

(3) Line items may not sum to total due to rounding.

(4) The fourth quarter of 2020 data for Europe is on a rolling three month basis for September 2020 through November 2020, sourced by Morningstar.

INVESTMENT SERVICING AUC/A

The following table presents AUC/A information by product and financial instrument.


(Dollars in billions)	4Q20		3Q20		4Q19		% QoQ		% YoY
Assets Under Custody and/or Administration(1)
By Product Classification:
Mutual funds	$	10,882	$	10,143	$	9,221	7.3	%	18.0	%
Collective funds, including ETFs	10,878		9,960		9,796		9.2		11.0
Pension products	7,599		7,322		6,924		3.8		9.7
Insurance and other products	9,432		9,218		8,417		2.3		12.1
Total Assets Under Custody and/or Administration	$	38,791	$	36,643	$	34,358	5.9	%	12.9	%
By Financial Instrument:
Equities	$	21,626	$	20,094	$	19,301	7.6	%	12.0	%
Fixed-income	12,834		12,403		10,766		3.5		19.2
Short-term and other investments	4,331		4,146		4,291		4.5		0.9
Total Assets Under Custody and/or Administration	$	38,791	$	36,643	$	34,358	5.9	%	12.9	%

(1) As of period-end.

INVESTMENT MANAGEMENT AUM

The following tables present 4Q20 activity in AUM by product category.


(Dollars in billions)	Equity		Fixed- Income		Cash		Multi-Asset Class Solutions		Alternative Investments(1)		Total
Beginning balance as of September 30, 2020	$	1,960	$	492	$	333	$	166	$	197	$	3,148
Net asset flows:
Long-term institutional(2)	(82)		7		—		6		(2)		(71)
ETF	22		4		(1)		—		(5)		20
Cash fund	—		—		30		—		—		30
Total flows, net	$	(60)	$	11	$	29	$	6	$	(7)	$	(21)
Market appreciation/(depreciation)	251		25		(4)		16		18		306
Foreign exchange impact	21		5		1		2		5		34
Total market/foreign exchange impact	$	272	$	30	$	(3)	$	18	$	23	$	340

Ending balance as of December 31, 2020	$	2,172	$	533	$	359	$	190	$	213	$	3,467


(Dollars in billions)	4Q20		3Q20		2Q20		1Q20		4Q19		3Q19
Beginning balance	$	3,148	$	3,054	$	2,689	$	3,116	$	2,953	$	2,918
Net asset flows:
Long-term institutional(2)	(71)		(8)		(31)		10		(16)		(14)
ETF	20		1		26		(3)		24		12
Cash fund	30		(58)		28		32		(11)		15
Total flows, net	$	(21)	$	(65)	$	23	$	39	$	(3)	$	13
Market appreciation/(depreciation)	306		135		324		(436)		149		40
Foreign exchange impact	34		24		18		(30)		17		(18)
Total market and foreign exchange impact	$	340	$	159	$	342	$	(466)	$	166	$	22

Ending balance	$	3,467	$	3,148	$	3,054	$	2,689	$	3,116	$	2,953

(1) Includes real estate investment trusts, currency and commodities, including SPDR® Gold Shares and SPDR® Gold MiniSharesSM Trust, for which we are not the investment manager but act as the marketing agent.

(2) Amounts represent long-term portfolios, excluding ETFs.

REVENUE


(Dollars in millions)	4Q20			3Q20			4Q19			% QoQ			% YoY
Servicing fees	$	1,307		$	1,301		$	1,299		0.5	%		0.6	%
Management fees(i)	493			479			480			2.9			2.7
Foreign exchange trading services(i)	324			270			259			20.0			25.1
Securities finance revenue	88			84			111			4.8			(20.7)
Software and processing fees	204			172			219			18.6			(6.8)
Total fee revenue	$	2,416		$	2,306		$	2,368		4.8	%		2.0	%

Net interest income	499			478			636			4.4			(21.5)
Other income	2			—			44			nm			nm
Total Revenue	$	2,917		$	2,784		$	3,048		4.8	%		(4.3)	%

Net interest margin (FTE)(j)	0.84		%	0.85		%	1.36		%	(1)		bp	(52)		bps

Servicing fees increased 1% compared to 4Q19, primarily driven by higher average market levels, partially offset by normal pricing headwinds, softness in recent sales, and client activity/adjustments. Servicing fees were relatively flat compared to 3Q20, as higher average market levels and moderate net new business offset client activity/adjustments and normal pricing headwinds.

Management fees(i) increased 3% compared to 4Q19, primarily due to higher average market levels and ETF inflows, partially offset by net institutional and timing of cash outflows. Management fees increased 3% compared to 3Q20, primarily driven by higher average market levels, partially offset by net institutional and timing of cash outflows.

Foreign exchange trading services(i) increased 25% compared to 4Q19, reflecting higher client FX volumes and volatility. Compared to 3Q20, Foreign exchange trading services increased 20%, mainly reflecting higher spreads.

Securities finance decreased (21)% compared to 4Q19, primarily driven by lower Enhanced Custody balances and spreads. Securities finance increased 5% compared to 3Q20, primarily driven by higher agency lending and Enhanced Custody balances.

Software and processing fees decreased (7)% compared to 4Q19, primarily reflecting the timing of on-premise CRD revenues. Software and processing fees increased 19% compared to 3Q20, largely reflecting higher CRD revenues and market-related adjustments.

Net interest income (NII) decreased (22)% compared to 4Q19, primarily due to lower market rates, partially offset by growth in deposits, the investment portfolio and loan balances, and episodic market-related benefits in 4Q20. NII increased 4% compared to 3Q20, mainly driven by the absence of a 3Q20 true-up of $(20) million(c), growth in deposits, the investment portfolio and loan balances, and episodic market-related benefits in 4Q20, partially offset by the impact of low market rates.

Total revenues were positively impacted by FX translation when compared to 4Q19 and 3Q20 by $38 million and $12 million, respectively.

(i) Certain fees associated with our GLD ETFs have been reclassified from Foreign exchange trading services to Management fees to better reflect the nature of those fees. Prior periods have been reclassified to conform to current-period presentation. These fees were approximately $15 million, $19 million, $24 million, and $23 million in the first, second, third and fourth quarters of 2020, respectively, and approximately $12 million, $12 million, $14 million and $15 million in the first, second, third and fourth quarters of 2019, respectively.

(j) Net Interest Margin (NIM) is presented on a fully taxable-equivalent (FTE) basis. Refer to the Addendum for reconciliations of our FTE-basis presentation.

PROVISION FOR CREDIT LOSSES


(Dollars in millions)	4Q20		3Q20		4Q19		% QoQ		% YoY
Allowance for credit losses:
Beginning balance	$	153	$	163	$	86	(6.1)	%	77.9	%



Provision for credit losses	—		—		6		—	%	nm
Charge-offs	(8)		(14)		(1)		(42.9)		nm
Other(1)	3		4		—		(25.0)		nm
Ending Balance	$	148	$	153	$	91	(3.3)	%	62.6	%



(1) Consists primarily of FX translation

Net provisions for credit losses, calculated under the Current Expected Credit Loss (CECL) accounting standard, was nil in both 4Q20 and 3Q20, reflecting relatively stable economic forecasts and limited negative credit migrations.

EXPENSES


(Dollars in millions)	4Q20			3Q20			4Q19			% QoQ			% YoY
Compensation and employee benefits	$	1,129		$	1,062		$	1,145		6.3	%		(1.4)	%
Information systems and communications	394			395			362			(0.3)			8.8
Transaction processing services	257			234			242			9.8			6.2
Occupancy	162			109			126			48.6			28.6
Acquisition and restructuring costs	12			15			29			(20.0)			(58.6)
Amortization of other intangible assets	59			59			58			—			1.7
Other	263			229			445			14.8			(40.9)
Total Expenses	$	2,276		$	2,103		$	2,407		8.2	%		(5.4)	%
Total expenses, excluding notable items(a)	$	2,131		$	2,097		$	2,128		1.6	%		0.1	%

Effective tax rate	16.1		%	18.5		%	11.6		%	(240)		bps	450		bps

Compensation and employee benefits decreased (1)% compared to 4Q19, primarily driven by lower repositioning charges, lower headcount in high cost locations and contractor spend, partially offset by higher headcount in global hubs. Compensation and employee benefits was up 6% compared to 3Q20, primarily reflecting the 4Q20 repositioning charges and higher medical costs, partially offset by lower contractor spend and incentive compensation. Excluding repositioning charges, Compensation and employee benefits was flat compared to 4Q19 and decreased (1)% as compared to 3Q20(k).

Information systems and communications increased 9% compared to 4Q19, mainly reflecting higher software costs and technology infrastructure investments. Information systems and communications was flat compared to 3Q20.

Transaction processing services increased 6% compared to 4Q19 and 10% compared to 3Q20 primarily due to higher market data volumes and sub-custody balances.

(k) Compensation and benefits expenses in 4Q20 and 4Q19 included notable items related to repositioning charges of $82 million and $98 million, respectively. Excluding these notable items, 4Q20 adjusted Compensation and benefits of $1,047 million was flat compared to 4Q19 adjusted Compensation and benefits of $1,047 million and down (1)% compared to 3Q20 Compensation and benefits of $1,062 million.

Occupancy increased 29% compared to 4Q19, primarily reflecting an increase in 4Q20 repositioning charges, partially offset by benefits from footprint optimization. Occupancy increased 49% compared to 3Q20, reflecting the impact of the 4Q20 repositioning charges. Excluding repositioning charges, Occupancy was down (3)% as compared to 4Q19 and up 2% as compared to 3Q20(l).

Other expenses decreased (41)% compared to 4Q19, mainly driven by the absence of 4Q19 notable items, and lower marketing and travel spend, partially offset by higher professional fees. Other expenses were up 15% compared to 3Q20, mainly due to higher marketing and professional fees.

The effective tax rate in 4Q20 increased to 16.1% from 11.6% in 4Q19. The lower 4Q19 tax rate was primarily due to foreign legal entity restructuring and the associated impact on our deferred tax position. Compared to 3Q20, the effective tax rate decreased from 18.5% primarily due to increased realization of foreign tax benefits.

Total expenses were adversely impacted by FX translation when compared to 4Q19 and 3Q20 by $24 million and $12 million, respectively.

CAPITAL AND LIQUIDITY

The following table presents preliminary estimated regulatory capital ratios for State Street Corporation.


(As of period end)	4Q20		3Q20		4Q19
Basel III Standardized Approach:
Common Equity Tier 1 ratio	12.3	%	12.4	%	11.7	%
Tier 1 capital ratio	14.4		14.7		14.6
Total capital ratio	15.3		15.7		15.7

Basel III Advanced Approaches:
Common Equity Tier 1 ratio	13.1		12.8		11.7
Tier 1 capital ratio	15.4		15.1		14.5
Total capital ratio	16.2		16.0		15.6

Tier 1 leverage ratio	6.4		6.6		6.9
Supplementary leverage ratio	8.1		8.2		6.1

Liquidity coverage ratio	108	%	109	%	110	%

Standardized capital ratios were binding for the period. The standardized CET1 ratio increased to 12.3% as compared to 11.7% in 4Q19 primarily due to higher retained earnings, partially offset by an increase in risk weighted assets primarily due to higher client lending activity. Compared to 3Q20, the CET1 ratio was relatively flat.

The Tier 1 leverage ratio decreased to 6.4% as compared to 6.9% in 4Q19 mainly due to an increase in adjusted average assets driven by higher deposits, partially offset by higher retained earnings. Compared to 3Q20, the Tier 1 leverage ratio decreased 0.2% points.

Liquidity coverage ratio (LCR) for State Street Corporation of approximately 108%, which is in line with prior periods.

(l) Occupancy expenses in 4Q20 and 4Q19 included notable items related to repositioning charges of $51 million and $12 million, respectively. Excluding these notable items, 4Q20 adjusted Occupancy of $111 million was down (3)% compared to 4Q19 adjusted Occupancy of $114 million and up 2% compared to 3Q20 Occupancy expenses of $109 million.

INVESTOR CONFERENCE CALL AND QUARTERLY WEBSITE DISCLOSURE

State Street will webcast an investor conference call today, Tuesday, January 19, 2021, at 10:00 a.m. EST, available at http://investors.statestreet.com/. The conference call will also be available via telephone, at (844) 862-1432 or (702) 495-1535. The Conference ID# is 1475324.

Recorded replays of the conference call will be available on the website and by telephone at (855) 859-2056 or (404) 537-3406 beginning approximately two hours after the call's completion. The Conference ID# is 1475324.

The telephone replay will be available for approximately two weeks following the conference call. This News Release, presentation materials referred to on the conference call and additional financial information are available on State Street's website, at http://investors.statestreet.com/ under “Investor Relations--Investor News & Events" and under the title “Events and Presentations.”

State Street intends to publish updates to its public disclosure regarding regulatory capital, as required by the Basel III final rule, and the liquidity coverage ratio, on a quarterly basis on its website at http:// investors.statestreet.com/, under "Filings & Reports." Those updates will be published each quarter, during the period beginning after State Street's public announcement of its quarterly results of operations and ending on or prior to the due date under applicable bank regulatory requirements (i.e., ordinarily, ending no later than 60 days following year-end or 45 days following each other quarter-end, as applicable). For 4Q20, State Street expects to publish its updates during the period beginning today and ending on or about February 28, 2021.

State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $38.8 trillion in assets under custody and/or administration and $3.5 trillion* in assets under management as of December 31, 2020, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

* Assets under management as of December 31, 2020 includes approximately $75 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

IN THIS NEWS RELEASE:

•Expenses and other measures are sometimes presented excluding notable items. This is a non-GAAP presentation. See the Addendum to this News Release for an explanation and reconciliations of our non-GAAP measures.

•New asset servicing mandates, including announced front-to-back investment servicing clients, may be subject to completion of definitive agreements, approval of applicable boards and shareholders and customary regulatory approvals. New asset servicing mandates and servicing assets remaining to be installed in future periods exclude new business which has been contracted, but for which the client has not yet provided permission to publicly disclose and is not yet installed. These excluded assets, which from time to time may be significant, will be included in new asset servicing mandates and reflected in servicing assets remaining to be installed in the period in which the client provides its permission. Servicing mandates and servicing assets remaining to be installed in future periods are presented on a gross basis and therefore also do not include the impact of clients who have notified us during the period of their intent to terminate or reduce their relationship with State Street, which from time to time may be significant.

•New business in assets to be serviced is reflected in our AUC/A after we begin servicing the assets, and new business in assets to be managed is reflected in our AUM after we begin managing the assets. As such, only a portion of any new asset servicing and asset management mandates may be reflected in our AUC/A and AUM as of any particular date specified. Generally, our servicing fee revenues are affected by several factors, including changes in market valuations, client activity and asset flows, net new business and the manner in which we price our services. We provide a range of services to our clients, including core custody services, accounting, reporting and administration and middle office services, and the nature and mix of services provided affects our servicing fees. The basis for fees will differ across regions and clients. The industry in which we operate has historically faced pricing pressure, and our servicing fee revenues are also affected by such pressures today. Consequently, no assumption should be drawn as to future revenue run rate from announced servicing wins or new servicing business yet to be installed, as the amount of revenue associated with AUC/A can vary materially. Management fees generally are affected by our level of AUM and differ based upon the nature, type and investment strategy of the investment product. Management fee revenue is more sensitive to market valuations than servicing fee revenue, as a higher proportion of the underlying services provided, and the associated management fees earned, are dependent on equity and fixed-income security valuations. Additional factors, such as the relative mix of assets managed, may have a significant effect on our management fee revenue. While certain management fees are directly determined by the values of AUM and the investment strategies employed, management fees may reflect other factors, including performance fee arrangements, as well as our relationship pricing for clients.

•CRD annual recurring revenue (ARR) is calculated by annualizing current quarter revenue and includes annualized amount of most software-enabled revenue, including revenue generated from Software-as-a-service, maintenance and support revenue, revenue from the Charles River Network's FIX Network Service (CRN), and value-added services, which are all expected to be recognized ratably over the term of client contracts. ARR excludes software-enabled brokerage revenue. ARR of $190 million, $213 million, and $223 million in 4Q19, 3Q20, and 4Q20, respectively, includes annualized intercompany revenues of approximately $8 million, $15 million, and $21 million, respectively.

•CRD revenue derived from affiliate agreements is eliminated in consolidation for financial reporting purposes. For 4Q20, on a consolidated basis, CRD revenue contributed $106 million, including $103 million in Software and processing fees and $3 million in FX trading services.

•Revenue and pre-tax income reflects the application of ASC 606. Revenue recognition under ASC 606 results in the acceleration of a significant portion of revenues for on-premises software agreements when a client goes live or renews their contract with us. The amount of revenue recognized in any given quarter will be driven in large part by client activity, including agreements that renew or are installed in that quarter.

•Unless otherwise noted, all capital ratios referenced on this News Release and elsewhere in this presentation refer to State Street Corporation, or State Street, and not State Street Bank and Trust Company, or State Street Bank. The lower of capital ratios calculated under the Basel III advanced approaches and under the Basel III standardized approach are applied in the assessment of our capital adequacy for regulatory purposes. Standardized ratios were binding for 4Q20. Refer to the Addendum included with this News Release for additional information. All capital ratios are estimated as of January 19, 2021. Liquidity Coverage Ratio (LCR) is a preliminary estimate based on a quarterly daily average.

•All earnings per share amounts represent fully diluted earnings per common share.

•Return on average common shareholders' equity is determined by dividing annualized net income available to common equity by average common shareholders' equity for the period.

•Quarter-over-quarter (QoQ) is a sequential quarter comparison. Year-on-year (YoY) is the current period compared to the same period a year ago.

•"AUC/A" denotes Assets Under Custody and/or Administration; "AUC" denotes Assets Under Custody; "AUM" denotes Assets Under Management; "nm" denotes not meaningful; "EOP" denotes end of period.

•"FTE" denotes fully taxable-equivalent basis; NIM is presented on an FTE-basis. Refer to the Addendum for reconciliations of our FTE-basis presentation.

•Industry data is provided for illustrative purposes only. It is not intended to reflect State Street's or its clients' activity and is indicative of only selected segments of the entire industry.

◦Data providers for North America and EMEA industry flows were changed to Morningstar from other providers in 3Q20 for consistency across regions and other efficiency considerations. Data collection and tabulation methodologies among data providers differ. All periods presented reflect data sourced from Morningstar. Prior period data therefore differs from data previously presented, which was sourced from other data providers. Industry data is provided for illustrative purposes only.

◦Morningstar data includes long-term mutual funds, ETF’s and Money Market funds. Mutual fund data represents estimates of net new cash flow, which is new sales minus redemptions combined with net exchanges, while ETF data represents net issuance, which is gross issuance less gross redemptions. Data for Fund of Funds, Feeder funds and Obsolete funds were excluded from the series to prevent double counting. Data is from the Morningstar Direct Asset Flows database.

◦The long-term fund flows reported by Morningstar in North America are composed of US domiciled Market flows mainly in Equities, Allocation and Fixed Income asset classes. 4Q20 data for North America (US domiciled) includes Morningstar actuals October and November and Morningstar estimates for December 2020.

◦The long-term funds flows reported by Morningstar direct in EMEA are composed of the European market flows mainly in Equities, Allocation and Fixed Incomes asset classes. 4Q20 data for Europe is on a rolling three month basis for September 2020 through November 2020, sourced by Morningstar.

•We adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments on January 1, 2020, Allowance for Credit Losses. Prior to 2020, we recognized an allowance for loan losses under an incurred loss model.

◦Prior to the adoption of ASU 2016-13, the provision for unfunded commitments was recorded within other expenses in the consolidated statement of income. Upon adoption of ASU 2016-13 in 1Q20, the entire provision for credit losses is recorded within provision for credit losses in the consolidated statement of income. For purposes of this presentation on a like-for-like basis, the provision for credit losses includes $3 million of unfunded commitments in 4Q19 included within other expenses. See Allowance for credit losses within the Addendum to this News Release.

◦The allowance for credit losses on unfunded commitments is included within Other liabilities in the Consolidated Statement of Condition.

FORWARD LOOKING STATEMENTS

This News Release (and the conference call referenced herein) contains forward-looking statements within the meaning of United States securities laws, including statements about our goals and expectations regarding our business, financial and capital condition, results of operations, strategies, the financial and market outlook, dividend and stock purchase programs, governmental and regulatory initiatives and developments, expense reduction programs, new client business, and the business environment. Forward-looking statements are often, but not always, identified by such forward-looking terminology as “outlook,” “guidance,” “expect,” “priority,” “objective,” “intend,” “plan,” “forecast,” “believe,” “anticipate,” “estimate,” “seek,” “may,” “will,” “trend,” “target,” “strategy” and “goal,” or similar statements or variations of such terms. These statements are not guarantees of future performance, are inherently uncertain, are based on current 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 our expectations or beliefs as of any time subsequent to the time this News Release is first issued.

Important factors that may affect future results and outcomes include, but are not limited to:

•the financial strength of the counterparties with which we or our clients do business and to which we have investment, credit or financial exposures or to which our clients have such exposures as a result of our acting as agent, including as an asset manager or securities lending agent;

•the significant risks and uncertainties for our business, results of operations and financial condition, as well as our regulatory capital and liquidity ratios and other regulatory requirements, caused by the COVID-19 pandemic, which will depend on several factors, including the scope and duration of the pandemic, its influence on the economy and financial markets, the effectiveness of our work from home arrangements and staffing levels in operational facilities, challenges associated with our return to office plans such as maintaining a safe office environment and integrating at-home and in-office staff, the impact of market participants on which we rely and actions taken by governmental authorities and other third parties in response to the pandemic and the impact of equity market valuations on our service and management fee revenue;

•increases in the volatility of, or declines in the level of, our NII; changes in the composition or valuation of the assets recorded in our consolidated statement of condition (and our ability to measure the fair value of investment securities); and changes in the manner in which we fund those assets;

•the volatility of servicing fee, management fee, trading fee and securities finance revenues due to, among other factors, the value of equity and fixed-income markets, market interest and FX rates, the volume of client transaction activity, competitive pressures in the investment servicing and asset management industries, and the timing of revenue recognition with respect to software and processing fees revenues;

•the liquidity of the U.S. and international securities markets, particularly the markets for fixed-income securities and inter-bank credits; the liquidity of the assets on our balance sheet and changes or volatility in the sources of such funding, particularly the deposits of our clients; and demands upon our liquidity, including the liquidity demands and requirements of our clients;

•the level, volatility and uncertainty of interest rates; the expected discontinuation of Interbank Offered Rates including London Interbank Offered Rate (LIBOR); the valuation of the U.S. dollar relative to other currencies in which we record revenue or accrue expenses; the performance and volatility of securities, credit, currency and other markets in the U.S. and internationally; and the impact of monetary and fiscal policy in the U.S. and internationally on prevailing rates of interest and currency exchange rates in the markets in which we provide services to our clients;

•the credit quality, credit-agency ratings and fair values of the securities in our investment securities portfolio, a deterioration or downgrade of which could lead to impairment of such securities and the recognition of a provision for credit losses in our consolidated statement of income;

•our ability to attract and retain deposits and other low-cost, short-term funding; our ability to manage the level and pricing of such deposits and the relative portion of our deposits that are determined to be operational under regulatory guidelines; our ability to deploy deposits in a profitable manner consistent with our liquidity needs, regulatory requirements and risk profile; and the risks associated with the potential liquidity mismatch between short-term deposit funding and longer term investments;

•the manner and timing with which the Federal Reserve and other U.S. and non-U.S. regulators implement or reevaluate the regulatory framework applicable to our operations (as well as changes to that framework), including implementation or modification of the Dodd-Frank Act and related stress testing and resolution planning requirements and implementation of international standards applicable to financial institutions, such as those proposed by the Basel Committee and European legislation (such as Undertakings for Collective Investments in Transferable Securities (UCITS) V, the Money Market Fund Regulation and the Markets in Financial Instruments Directive II/Markets in Financial Instruments Regulation); among other consequences, these regulatory changes impact the levels of regulatory capital, long-term debt and liquidity we must maintain, acceptable levels of credit exposure to third parties, margin requirements applicable to derivatives, restrictions on banking and financial activities and the manner in which we structure and implement our global operations and servicing relationships. In addition, our regulatory posture and related expenses have been and will continue to be

affected by heightened standards and changes in regulatory expectations for global systemically important financial institutions applicable to, among other things, risk management, liquidity and capital planning, cyber-security, resiliency, resolution planning and compliance programs, as well as changes in governmental enforcement approaches to perceived failures to comply with regulatory or legal obligations;

•adverse changes in the regulatory ratios that we are, or will be, required to meet, whether arising under the Dodd-Frank Act or implementation of international standards applicable to financial institutions, such as those proposed by the Basel Committee, or due to changes in regulatory positions, practices or regulations in jurisdictions in which we engage in banking activities, including changes in internal or external data, formulae, models, assumptions or other advanced systems used in the calculation of our capital or liquidity ratios that cause changes in those ratios as they are measured from period to period;

•requirements to obtain the prior approval or non-objection of the Federal Reserve or other U.S. and non-U.S. regulators for the use, allocation or distribution of our capital or other specific capital actions or corporate activities, including, without limitation, acquisitions, investments in subsidiaries, dividends and stock repurchases, without which our growth plans, distributions to shareholders, share repurchase programs or other capital or corporate initiatives may be restricted;

•geopolitical risks applicable to our operations and activities in jurisdictions globally, including emerging markets and economies, that have the potential to disrupt or impose costs, delays or damages upon our, our clients', our counterparties' and suppliers' and our infrastructure providers' respective operations, activities and strategic planning and to compromise financial markets and stability;

•changes in law or regulation, or the enforcement of law or regulation, that may adversely affect our business activities or those of our clients or our counterparties, and the products or services that we sell, including, without limitation, additional or increased taxes or assessments thereon, capital adequacy requirements, margin requirements and changes that expose us to risks related to our operating model and the adequacy and resiliency of our controls or compliance programs;

•cyber-security incidents, or failures to protect our systems and our, our clients' and others' information against cyber-attacks, that could result in the theft, loss, unauthorized access to, disclosure, use or alteration of information, system failures, or loss of access to information; any such incident or failure could adversely impact our ability to conduct our businesses, damage our reputation and cause losses, potentially materially;

•our ability to expand our use of technology to enhance the efficiency, accuracy and reliability of our operations and our dependencies on information technology; to replace and consolidate systems, particularly those relying upon older technology, and to adequately incorporate cyber-security, resiliency and business continuity into our operations, information technology infrastructure and systems management; to implement robust management processes into our technology development and maintenance programs; and to control risks related to use of technology, including cyber-crime and inadvertent data disclosures;

•our ability to identify and address threats to our information technology infrastructure and systems (including those of our third-party service providers); the effectiveness of our and our third party service providers' efforts to manage the resiliency of the systems on which we rely; controls regarding the access to, and integrity of, our and our clients' data; and complexities and costs of protecting the security of such systems and data;

•our ability to control operational and resiliency risks, data security breach risks and outsourcing risks; our ability to protect our intellectual property rights; the possibility of errors in the quantitative models we use to manage our business; and the possibility that our controls will prove insufficient, fail or be circumvented;

•economic or financial market disruptions in the U.S. or internationally, including those which may result from recessions or political instability; for example, the United Kingdom's (U.K.) exit from the European Union or actual or potential changes in trade policy, such as tariffs or bilateral and multilateral trade agreements;

•our ability to create cost efficiencies through changes in our operational processes and to further digitize our processes and interfaces with our clients, any failure of which, in whole or in part, may among other things, reduce our competitive position, diminish the cost-effectiveness of our systems and processes or provide an insufficient return on our associated investment;

•our ability to promote a strong culture of risk management, operating controls, compliance oversight, ethical behavior and governance that meets our expectations and those of our clients and our regulators, and the financial, regulatory, reputational and other consequences of our failure to meet such expectations;

•the impact on our compliance and controls enhancement programs associated with the appointment of a monitor under the deferred prosecution agreement with the DOJ and compliance consultant appointed under a settlement with the SEC, including the potential for such monitor and compliance consultant to require changes to our programs or to identify other issues that require substantial expenditures, changes in our operations, payments to clients or reporting to U.S. authorities;

•the results of our review of our billing practices, including additional findings or amounts we may be required to reimburse clients, as well as potential consequences of such review, including damage to our client relationships or our reputation,

adverse actions or penalties imposed by governmental authorities and costs associated with remediation of identified deficiencies;

•the results of, and costs associated with, governmental or regulatory inquiries and investigations, litigation and similar claims, disputes, or civil or criminal proceedings;

•changes or potential changes in the amount of compensation we receive from clients for our services, and the mix of services provided by us that clients choose;

•the large institutional clients on which we focus are often able to exert considerable market influence and have diverse investment activities, and this, combined with strong competitive market forces, subjects us to significant pressure to reduce the fees we charge, to potentially significant changes in our AUC/A or our AUM in the event of the acquisition or loss of a client, in whole or in part, and to potentially significant changes in our revenue in the event a client re-balances or changes its investment approach, re-directs assets to lower- or higher-fee asset classes or changes the mix of products or services that it receives from us;

•the potential for losses arising from our investments in sponsored investment funds;

•the possibility that our clients will incur substantial losses in investment pools for which we act as agent; the possibility of significant reductions in the liquidity or valuation of assets underlying those pools and the potential that clients will seek to hold us liable for such losses; and the possibility that our clients or regulators will assert claims that our fees, with respect to such investment products, are not appropriate;

•our ability to anticipate and manage the level and timing of redemptions and withdrawals from our collateral pools and other collective investment products;

•the credit agency ratings of our debt and depositary obligations and investor and client perceptions of our financial strength;

•adverse publicity, whether specific to us or regarding other industry participants or industry-wide factors, or other reputational harm;

•changes or potential changes to the competitive environment, due to, among other things, regulatory and technological changes, the effects of industry consolidation and perceptions of us, as a suitable service provider or counterparty;

•our ability to complete acquisitions, joint ventures and divestitures, including, without limitation, our ability to obtain regulatory approvals, the ability to arrange financing as required and the ability to satisfy closing conditions;

•the risks that our acquired businesses, including, without limitation, CRD, and joint ventures will not achieve their anticipated financial, operational and product innovation benefits or will not be integrated successfully, or that the integration will take longer than anticipated; that expected synergies will not be achieved or unexpected negative synergies or liabilities will be experienced; that client and deposit retention goals will not be met; that other regulatory or operational challenges will be experienced; and that disruptions from the transaction will harm our relationships with our clients, our employees or regulators;

•our ability to integrate CRD's front office software solutions with our middle and back office capabilities to develop our front-to-middle-to-back office State Street Alpha that is competitive, generates revenues in line with our expectations and meets our clients' requirements; the dependency of State Street Alpha on enhancements to our data management and the risks to our servicing model associated with increased exposure to client data;

•our ability to recognize evolving needs of our clients and to develop products that are responsive to such trends and profitable to us; the performance of and demand for the products and services we offer; and the potential for new products and services to impose additional costs on us and expose us to increased operational risk;

•our ability to grow revenue, manage expenses, attract and retain highly skilled people and raise the capital necessary to achieve our business goals and comply with regulatory requirements and expectations;

•changes in accounting standards and practices; and

•the impact of the U.S. tax legislation enacted in 2017, and changes in tax legislation and in the interpretation of existing tax laws by U.S. and non-U.S. tax authorities that affect 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 our 2019 Annual Report on Form 10-K and our subsequent SEC filings. We encourage investors to read these filings, particularly the sections on risk factors, for additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking statements contained in this News Release should not by relied on as representing our expectations or beliefs as of any time subsequent to the time this News Release is first issued, and we do not undertake efforts to revise those forward-looking statements to reflect events after that time.

Exhibit 99.2



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
December 31, 2020


Table of Contents

GAAP-Basis Financial Information:
5-Year Summary of Results			2
Consolidated Financial Highlights			3
Consolidated Results of Operations			4
Consolidated Statement of Condition			6
Average Statement of Condition - Rates Earned and Paid - Fully Taxable-Equivalent Basis			7
Average Statement of Condition - Rates Earned and Paid - Fully Taxable-Equivalent Basis - Year-to-Date			8
Assets Under Custody and/or Administration			9
Assets Under Management			10
Industry Flow Data by Asset Class			11
Line of Business Information			12

Investment Portfolio:
Investment Portfolio Holdings by Asset Class			13
Investment Portfolio Non-U.S. Investments			14
Allowance for Credit Losses			15

Non-GAAP Financial Information:
Reconciliations of Non-GAAP Financial Information			16
Reconciliation of Pre-tax Margin Excluding Notable Items			18
Reconciliation of Notable Items			19
Reconciliations of Constant Currency FX Impacts			20

Capital:
Reconciliation of Tangible Common Equity Ratio			21
Regulatory Capital			22
Reconciliations of Supplementary Leverage Ratios			23

This financial information should be read in conjunction with State Street's news release dated January 19, 2021.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
5-YEAR SUMMARY OF RESULTS

(Dollars in millions, except per share amounts, or where otherwise noted)	2016			2017			2018			2019			2020
Year ended December 31:
Total fee revenue	$	8,200		$	9,001		$	9,454		$	9,147		$	9,499
Net interest income	2,084			2,304			2,671			2,566			2,200
Other income	7			(39)			6			43			4
Total revenue	10,291			11,266			12,131			11,756			11,703
Provision for credit losses	10			2			15			10			88
Total expenses	8,077			8,269			9,015			9,034			8,716
Income before income tax expense	2,204			2,995			3,101			2,712			2,899
Income tax expense	67			839			508			470			479
Net income from non-controlling interest	1			—			—			—			—
Net income	2,138			2,156			2,593			2,242			2,420
Net income available to common shareholders	$	1,963		$	1,972		$	2,404		$	2,009		$	2,257
Per common share:
Diluted earnings per common share	$	4.96		$	5.19		$	6.39		$	5.38		$	6.32
Average diluted common shares outstanding (in thousands)	396,090			380,213			376,476			373,666			357,106
Cash dividends declared per common share	$	1.44		$	1.60		$	1.78		$	1.98		$	2.08
Closing price per share of common stock (at year end)	77.72			97.61			63.07			79.10			72.78
Average balance sheet:
Investment securities	$	100,738		$	95,779		$	88,070		$	91,768		$	109,175
Total assets	229,727			219,450			223,385			223,334			269,334
Total deposits	170,485			163,808			161,408			158,262			193,225
Ratios and other metrics:
Return on average common equity	10.4		%	10.5		%	12.1		%	9.4		%	10.0		%
Pre-tax margin	21.4			26.6			25.6			23.1			24.8
Pre-tax margin, excluding notable items(1)	26.2			28.7			28.8			25.8			26.3
Net interest margin, fully taxable-equivalent basis	1.13			1.29			1.47			1.42			0.97
Common equity tier 1 ratio(2)(3)(4)	11.6			11.9			11.7			11.7			12.3
Tier 1 capital ratio(2)(3)(4)	14.7			15.0			15.5			14.5			14.4
Total capital ratio(2)(3)(4)	16.0			16.0			16.3			15.6			15.3
Tier 1 leverage ratio(2)(3)	6.5			7.3			7.2			6.9			6.4
Supplementary leverage ratio(2)(3)	5.9			6.5			6.3			6.1			8.1
Assets under custody and/or administration (in trillions)	$	28.77		$	33.12		$	31.62		$	34.36		$	38.79
Assets under management (in trillions)	2.47			2.78			2.51			3.12			3.47

(1) Notable items include acquisition and restructuring costs, repositioning charges, and other notable items. Refer to Reconciliations of pre-tax margin excluding notable items for details.
(2) The capital ratios presented are calculated in conformity with the applicable regulatory guidance in effect as of each period end. Effective January 1, 2018, the applicable final rules are in effect and the ratios are calculated based on fully phased-in CET1, tier 1, total capital and supplementary leverage numbers. We did not revise previously-filed reported capital metrics and ratios.
(3) Under the applicable bank regulatory rules, we are not required to and, accordingly, did not revise previously-filed reported capital metrics and ratios following the change in accounting for LIHTC.
(4) The reportable ratios represent the lower of each of the risk-based capital ratios under both the Standardized Approach and the Advanced Approaches.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED FINANCIAL HIGHLIGHTS

	Quarters																								% Change
(Dollars in millions, except per share amounts, or where otherwise noted)	1Q19			2Q19			3Q19			4Q19			1Q20			2Q20			3Q20			4Q20			4Q20 vs. 4Q19			4Q20 vs. 3Q20
Income statement
Fee revenue	$	2,260		$	2,260		$	2,259		$	2,368		$	2,399		$	2,378		$	2,306		$	2,416		2.0	%		4.8	%
Net interest income	673			613			644			636			664			559			478			499			(21.5)			4.4
Other income	(1)			—			—			44			2			—			—			2			nm			nm
Total revenue	2,932			2,873			2,903			3,048			3,065			2,937			2,784			2,917			(4.3)			4.8
Provision for credit losses(1)	4			1			2			3			36			52			—			—			nm			—
Total expenses	2,293			2,154			2,180			2,407			2,255			2,082			2,103			2,276			(5.4)			8.2
Income before income tax expense	635			718			721			638			774			803			681			641			0.5			(5.9)
Income tax expense	127			131			138			74			140			109			126			104			40.5			(17.5)
Net income	508			587			583			564			634			694			555			537			(4.8)			(3.2)
Net income available to common shareholders	$	452		$	537		$	528		$	492		$	580		$	662		$	517		$	498		1.2			(3.7)
Per common share:
Diluted earnings per common share	$	1.18		$	1.42		$	1.42		$	1.35		$	1.62		$	1.86		$	1.45		$	1.39		3.0			(4.1)
Average diluted common shares outstanding (in thousands)	381,703			377,577			370,595			365,851			357,993			356,413			357,168			357,719			(2.2)			0.2
Cash dividends declared per common share	$	.47		$	.47		$	.52		$	.52		$	.52		$	.52		$	.52		$	.52		—			—
Closing price per share of common stock (as of quarter end)	65.81			56.06			59.19			79.10			53.27			63.55			59.33			72.78			(8.0)			22.7
Average for the quarter:
Investment securities	$	88,273		$	89,930		$	93,588		$	95,186		$	97,560		$	116,626		$	110,448		$	112,018		17.7			1.4
Total assets	219,560			221,514			223,273			228,886			251,181			284,688			264,384			277,055			21.0			4.8
Total deposits	155,343			156,570			157,226			163,829			180,160			197,069			189,226			206,343			26.0			9.0
Securities on loan:
Average securities on loan	$	368,321		$	389,367		$	387,964		$	375,763		$	378,200		$	377,344		$	375,296		$	404,022		7.5			7.7
End-of-period securities on loan	397,773			395,802			397,091			379,631			387,580			381,232			395,075			457,985			20.6			15.9
Ratios and other metrics:
Return on average common equity	8.7		%	10.1		%	9.7		%	9.0		%	10.9		%	12.1		%	8.9		%	8.4		%	(60)		bps	(50)		bps
Pre-tax margin	21.7			25.0			24.8			20.9			25.3			27.3			24.5			22.0			110			(250)
Pre-tax margin, excluding notable items(2)	22.5			25.4			26.4			29.1			25.6			27.7			24.7			26.9			(220)			220
Net interest margin, fully taxable-equivalent basis	1.54			1.38			1.42			1.36			1.30			0.93			0.85			0.84			(52)			(1)
Common equity tier 1 ratio(3)(4)	11.5			11.5			11.3			11.7			10.7			12.3			12.4			12.3			60			(10)
Tier 1 capital ratio(3)(4)	15.0			14.9			14.6			14.5			12.9			14.6			14.7			14.4			(10)			(30)
Total capital ratio(3)(4)	15.9			15.5			15.3			15.6			14.1			15.7			15.7			15.3			(30)			(40)
Tier 1 leverage ratio(3	7.4			7.6			7.4			6.9			6.1			6.1			6.6			6.4			(50)			(20)
Supplementary leverage ratio(3)	6.6			6.7			6.6			6.1			5.4			8.3			8.2			8.1			200			(10)
Assets under custody and/or administration (in billions)	$	32,643		$	32,754		$	32,899		$	34,358		$	31,864		$	33,515		$	36,643		$	38,791		12.9	%		5.9	%
Assets under management (in billions)	2,805			2,918			2,953			3,116			2,689			3,054			3,148			3,467			11.3			10.1


(1) In accordance with ASU 2016-13, the provision for credit losses for 1Q20, 2Q20,3Q20 and 4Q20 includes the provision on funded and unfunded commitments as well as HTM securities. The provision for credit losses on unfunded commitments of ($4 million), $4 million, zero and $3 million for 1Q19, 2Q19, 3Q19 and 4Q19, respectively, is included within other expenses.
(2) Notable items include acquisition and restructuring costs, repositioning charges, and other notable items. Refer to Reconciliations of pre-tax margin excluding notable items for details.
(3) The capital ratios presented are calculated in conformity with the applicable regulatory guidance in effect as of each period end. Effective January 1, 2018, the applicable final rules are in effect and the ratios are calculated based on fully phased-in CET1, tier 1, total capital and supplementary leverage numbers. We did not revise previously-filed reported capital metrics and ratios.
(4) The reportable ratios represent the lower of each of the risk-based capital ratios under both the Standardized Approach and the Advanced Approaches. Refer to Regulatory Capital for details on Standardized and Advanced Approaches ratios.
nm Denotes not meaningful


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS

	Quarters																		% Change				Year-to-Date				% Change
(Dollars in millions, except per share amounts, or where otherwise noted)		1Q19		2Q19		3Q19		4Q19		1Q20		2Q20			3Q20		4Q20		4Q20 vs. 4Q19		4Q20 vs. 3Q20		2019		2020		YTD2020 vs. YTD2019

Fee revenue:
Servicing fees		$	1,251	$	1,252	$	1,272	$	1,299	$	1,287	$	1,272		$	1,301	$	1,307	0.6	%	0.5	%	$	5,074	$	5,167	1.8	%
Management fees(1)		432		453		459		480		464		444			479		493		2.7		2.9		1,824		1,880		3.1
Foreign exchange trading services(1)		268		261		270		259		444		325			270		324		25.1		20.0		1,058		1,363		28.8
Securities finance		118		126		116		111		92		92			84		88		(20.7)		4.8		471		356		(24.4)
Software and processing fees		191		168		142		219		112		245			172		204		(6.8)		18.6		720		733		1.8
Total fee revenue		2,260		2,260		2,259		2,368		2,399		2,378			2,306		2,416		2.0		4.8		9,147		9,499		3.8
Net interest income:
Interest income		1,027		1,007		1,001		906		868		674		—	520		513		(43.4)		(1.3)		3,941		2,575		(34.7)
Interest expense		354		394		357		270		204		115			42		14		(94.8)		(66.7)		1,375		375		(72.7)
Net interest income		673		613		644		636		664		559			478		499		(21.5)		4.4		2,566		2,200		(14.3)
Other income:
Gains (losses) related to investment securities, net		(1)		—		—		—		2		—			—		2		nm		nm		(1)		4		nm
Other income		—		—		—		44		—		—			—		—		nm		—		44		—		nm
Total other income		(1)		—		—		44		2		—			—		2		nm		nm		43		4		nm
Total revenue		2,932		2,873		2,903		3,048		3,065		2,937			2,784		2,917		(4.3)		4.8		11,756		11,703		(0.5)
Provision for credit losses(2)		4		1		2		3		36		52			—		—		nm		—		10		88		nm
Expenses:
Compensation and employee benefits		1,229		1,084		1,083		1,145		1,208		1,051			1,062		1,129		(1.4)		6.3		4,541		4,450		(2.0)
Information systems and communications		362		365		376		362		385		376			395		394		8.8		(0.3)		1,465		1,550		5.8
Transaction processing services		242		245		254		242		254		233			234		257		6.2		9.8		983		978		(0.5)
Occupancy		116		115		113		126		109		109			109		162		28.6		48.6		470		489		4.0
Acquisition and restructuring costs		9		12		27		29		11		12			15		12		(58.6)		(20.0)		77		50		(35.1)
Amortization of other intangible assets		60		59		59		58		58		58			59		59		1.7		—		236		234		(0.8)
Other		275		274		268		445		230		243			229		263		(40.9)		14.8		1,262		965		(23.5)
Total expenses		2,293		2,154		2,180		2,407		2,255		2,082			2,103		2,276		(5.4)		8.2		9,034		8,716		(3.5)
Income before income tax expense		635		718		721		638		774		803			681		641		0.5		(5.9)		2,712		2,899		6.9
Income tax expense		127		131		138		74		140		109			126		104		40.5		(17.5)		470		479		1.9

Net income		$	508	$	587	$	583	$	564	$	634	$	694		$	555	$	537	(4.8)		(3.2)		$	2,242	$	2,420	7.9


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS (Continued)

	Quarters																									% Change						Year-to-Date						% Change
(Dollars in millions, except per share amounts, or where otherwise noted)		1Q19			2Q19			3Q19			4Q19			1Q20			2Q20			3Q20			4Q20			4Q20 vs. 4Q19			4Q20 vs. 3Q20			2019			2020			YTD2020 vs. YTD2019
Adjustments to net income:
Dividends on preferred stock(3)(4)		$	(55)		$	(50)		$	(55)		$	(72)		$	(53)		$	(32)		$	(38)		$	(39)		(45.8)	%		2.6	%		$	(232)		$	(162)		(30.2)	%
Earnings allocated to participating securities		(1)			—			—			—			(1)			—			—			—			—			—			(1)			(1)			—
Net income available to common shareholders		$	452		$	537		$	528		$	492		$	580		$	662		$	517		$	498		1.2			(3.7)			$	2,009		$	2,257		12.3

Per common share:
Basic earnings		$	1.20		$	1.44		$	1.44		$	1.36		$	1.64		$	1.88		$	1.47		$	1.41		3.7			(4.1)			$	5.43		$	6.40		17.9
Diluted earnings		1.18			1.42			1.42			1.35			1.62			1.86			1.45			1.39			3.0			(4.1)			5.38			6.32			17.5
Average common shares outstanding (in thousands):
Basic		377,915			373,773			366,732			361,439			353,746			352,157			352,586			352,974			(2.3)			0.1			369,911			352,865			(4.6)
Diluted		381,703			377,577			370,595			365,851			357,993			356,413			357,168			357,719			(2.2)			0.2			373,666			357,106			(4.4)
Cash dividends declared per common share		$	.47		$	.47		$	.52		$	.52		$	.52		$	.52		$	.52		$	.52		—			—			$	1.98		$	2.08		5.1
Closing price per share of common stock (as of quarter end)		65.81			56.06			59.19			79.10			53.27			63.55			59.33			72.78			(8.0)			22.7			79.10			72.78			(8.0)
Financial ratios:
Effective tax rate		20.1		%	18.1		%	19.2		%	11.6		%	18.1		%	13.6		%	18.5		%	16.1		%	450		bps	(240)		bps	17.3		%	16.5		%	(80)		bps
Return on average common equity		8.7			10.1			9.7			9.0			10.9			12.1			8.9			8.4			(60)			(50)			9.4			10.0			60
Return on tangible common equity(5)		15.0			15.8			16.3			16.3			18.7			18.5			16.6			15.3			(100)			(130)			16.3			15.3			(100)
Pre-tax margin		21.7			25.0			24.8			20.9			25.3			27.3			24.5			22.0			110			(250)			23.1			24.8			170
Pre-tax margin, excluding notable items(6)		22.5			25.4			26.4			29.1			25.6			27.7			24.7			26.9			(220)			220			25.8			26.3			50

(1) Certain fees associated with our GLD ETFs have been reclassified from Foreign exchange trading services to Management fees to better reflect the nature of those fees. Prior periods have been reclassified to conform to current-period presentation. These fees were approximately $12 million, $12 million, $14 million and $15 million in the first, second, third and fourth quarters of 2019, respectively, and approximately $15 million, $19 million, $24 million and $23 million in the first, second, third and fourth quarters of 2020.
(2) In accordance with ASU 2016-13, the provision for credit losses for 1Q20, 2Q20, 3Q20 and 4Q20 includes the provision on funded and unfunded commitments as well as HTM securities. The provision for credit losses on unfunded commitments of ($4 million), $4 million, zero and $3 million for 1Q19, 2Q19, 3Q19 and 4Q19, respectively, is included within other expenses.
(3) We redeemed all outstanding Series C noncumulative perpetual preferred stock on March 15, 2020 at a redemption price of $500 million ($100,000 per share equivalent to $25.00 per depositary share) plus accrued and unpaid dividends. The difference between the redemption value and the net carrying value of approximately $9 million resulted in an EPS impact of approximately ($.03) per share in the first quarter of 2020.
(4) We redeemed all outstanding Series E noncumulative perpetual preferred stock on December 15, 2019 at a redemption price of $750 million ($100,000 per share equivalent to $25.00 per depositary share) plus accrued and unpaid dividends. The difference between the redemption value and the net carrying value of approximately $22 million resulted in an EPS impact of approximately ($.06) per share in 2019.
(5) Return on tangible common equity is calculated by dividing year-to-date annualized net income available to common shareholders (GAAP-basis) by tangible common equity.
(6) Notable items include acquisition and restructuring costs and other notable items. Refer to Reconciliations of non-GAAP Financial Information pages for details.
nm Denotes not meaningful


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED STATEMENT OF CONDITION

	As of																	% Change
(Dollars in millions, except per share amounts)		March 31, 2019(1)		June 30, 2019(1)		September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		4Q20 vs. 4Q19		4Q20 vs. 3Q20
Assets:
Cash and due from banks		$	4,000	$	3,110	$	3,598	$	3,302	$	4,932	$	3,685	$	4,848	$	3,467	5.0	%	(28.5)	%
Interest-bearing deposits with banks		53,864		62,534		62,324		68,965		147,735		90,199		75,967		116,960		69.6		54.0
Securities purchased under resale agreements		1,522		1,732		3,041		1,487		1,037		4,026		4,499		3,106		108.9		(31.0)
Trading account assets		856		894		839		914		872		883		840		815		(10.8)		(3.0)
Investment securities:
Investment securities available-for-sale		49,002		53,242		54,757		53,815		55,843		56,231		61,780		59,048		9.7		(4.4)
Investment securities held-to-maturity purchased under money market liquidity facility(2)		—		—		—		—		26,808		11,257		4,824		3,299		100.0		(31.6)
Investment securities held-to-maturity(3)		41,145		39,236		39,119		41,782		41,150		41,848		45,394		48,929		17.1		7.8
Total investment securities		90,147		92,478		93,876		95,597		123,801		109,336		111,998		111,276		16.4		(0.6)
Loans		23,381		25,421		27,009		26,309		32,379		26,860		27,035		27,925		6.1		3.3
Allowance for loan losses(4)		70		72		71		74		97		141		134		122		64.9		(9.0)
Loans, net		23,311		25,349		26,938		26,235		32,282		26,719		26,901		27,803		6.0		3.4
Premises and equipment, net(5)		2,230		2,244		2,306		2,282		2,225		2,212		2,193		2,154		(5.6)		(1.8)
Accrued interest and fees receivable		3,277		3,202		3,258		3,231		3,274		3,235		3,291		3,105		(3.9)		(5.7)
Goodwill		7,549		7,565		7,500		7,556		7,506		7,538		7,607		7,683		1.7		1.0
Other intangible assets		2,208		2,155		2,077		2,030		1,963		1,914		1,870		1,827		(10.0)		(2.3)
Other assets		39,368		40,277		38,849		34,011		36,900		30,495		32,061		36,510		7.3		13.9
Total assets		$	228,332	$	241,540	$	244,606	$	245,610	$	362,527	$	280,242	$	272,075	$	314,706	28.1		15.7
Liabilities:
Deposits:
Non-interest-bearing		$	35,295	$	34,278	$	33,719	$	34,031	$	69,404	$	42,132	$	41,183	$	49,439	45.3		20.0
Interest-bearing -- U.S.		62,988		68,964		72,260		77,504		110,106		87,197		85,434		102,331		32.0		19.8
Interest-bearing -- Non-U.S.		64,188		67,352		64,907		70,337		77,594		71,133		70,896		88,028		25.2		24.2
Total deposits(6)		162,471		170,594		170,886		181,872		257,104		200,462		197,513		239,798		31.8		21.4
Securities sold under repurchase agreements		1,420		1,829		1,330		1,102		5,373		3,513		2,430		3,413		209.7		40.5
Short-term borrowings under money market liquidity facility		—		—		—		—		25,665		11,261		4,819		3,302		100.0		(31.5)
Other short-term borrowings		947		4,939		7,073		839		4,835		912		5,838		685		(18.4)		(88.3)
Accrued expenses and other liabilities		27,274		27,350		28,653		24,857		30,151		23,634		22,064		27,503		10.6		24.7
Long-term debt		11,182		11,374		11,455		12,509		15,538		15,587		13,853		13,805		10.4		(0.3)
Total liabilities		203,294		216,086		219,397		221,179		338,666		255,369		246,517		288,506		30.4		17.0
Shareholders' equity:
Preferred stock, no par, 3,500,000 shares authorized:
Series C, 5,000 shares issued and outstanding		491		491		491		491		—		—		—		—		(100.0)		—
Series D, 7,500 shares issued and outstanding		742		742		742		742		742		742		742		742		—		—
Series E, 7,500 shares issued and outstanding		728		728		728		—		—		—		—		—		—		—
Series F, 7,500 shares issued and outstanding		742		742		742		742		742		742		742		742		—		—
Series G, 5,000 shares issued and outstanding		493		493		493		493		493		493		493		493		—		—
Series H, 5,000 shares issued and outstanding		494		494		494		494		494		494		494		494		—		—
Common stock, $1 par, 750,000,000 shares authorized(7)(8)		504		504		504		504		504		504		504		504		—		—
Surplus		10,082		10,109		10,117		10,132		10,155		10,179		10,192		10,205		0.7		0.1
Retained earnings		20,911		21,274		21,612		21,918		22,315		22,794		23,128		23,442		7.0		1.4
Accumulated other comprehensive income (loss)		(1,180)		(874)		(985)		(876)		(920)		(430)		(111)		187		nm		nm
Treasury stock, at cost(9)		(8,969)		(9,249)		(9,729)		(10,209)		(10,664)		(10,645)		(10,626)		(10,609)		3.9		(0.2)
Total shareholders' equity		25,038		25,454		25,209		24,431		23,861		24,873		25,558		26,200		7.2		2.5
Total liabilities and equity		$	228,332	$	241,540	$	244,606	$	245,610	$	362,527	$	280,242	$	272,075	$	314,706	28.1		15.7

(1) Certain previously reported amounts presented in this earnings release addendum have been reclassified to conform to current-period presentation.
(2)Fair value of Investment securities held-to-maturity purchased under money market liquidity facility		$	—	$	—	$	—	$	—	$	26,808	$	11,294	$	4,841	$	3,304
(3) Fair value of investment securities held-to-maturity		40,971		39,473		39,535		42,157		42,201		43,037		46,510		50,003
(4) Total allowance for credit losses including off-balance sheet commitments		83		88		86		91		124		163		153		148
(5) Accumulated depreciation for premises and equipment		3,937		4,091		4,235		4,367		4,459		4,591		4,744		4,825
(6) Average total deposits		155,343		156,570		157,226		163,829		180,160		197,069		189,226		206,343
(7) Common stock shares issued		503,879,642		503,879,642		503,879,642		503,879,642		503,879,642		503,879,642		503,879,642		503,879,642
(8) Total common shares outstanding		376,720,715		372,572,622		363,623,285		357,389,416		351,943,858		352,383,250		352,797,695		353,156,279
(9) Treasury stock shares		127,158,927		131,307,020		140,256,357		146,490,226		151,935,784		151,496,392		151,081,947		150,723,363


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
AVERAGE STATEMENT OF CONDITION - RATES EARNED AND PAID - FULLY TAXABLE-EQUIVALENT BASIS(1)
The following table presents average rates earned and paid, on a fully taxable-equivalent basis, on consolidated average interest-earning assets and average interest-bearing liabilities for the quarters indicated. Tax-equivalent adjustments were calculated using a federal income tax rate of 21%, adjusted for applicable state income taxes, net of related federal benefit.
	Quarters																												% Change
	1Q19					2Q19					3Q19					4Q19					1Q20					2Q20					3Q20					4Q20					4Q20 vs. 4Q19		4Q20 vs. 3Q20
(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 rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average balance
Assets:
Interest-bearing deposits with banks	$	48,856	0.99		%	$	48,074	0.91		%	$	45,791	0.85		%	$	51,284	0.69		%	$	67,120	0.49		%	$	86,744	0.01		%	$	72,717	(0.03)		%	$	79,779	(0.02)		%	55.6	%	9.7	%
Securities purchased under resale agreements(2)	2,775		14.33			1,975		18.30			3,149		12.75			2,124		14.00			1,805		14.38			3,342		2.95			4,181		1.91			4,459		1.47			109.9		6.6
Trading account assets	866		—			892		—			880		—			897		—			915		—			877		—			900		—			820		—			(8.6)		(8.9)
Investment securities:
U.S. Treasury and federal agencies:
Direct obligations	15,427		1.79			13,960		1.83			13,614		1.83			14,017		1.83			14,102		1.79			14,182		1.65			14,160		1.54			13,626		1.41			(2.8)		(3.8)
Mortgage- and asset-backed securities	39,216		3.06			41,905		2.83			44,357		2.71			44,009		2.60			43,947		2.66			44,801		2.27			47,369		1.68			51,027		1.60			15.9		7.7
State and political subdivisions(3)	1,914		3.43			1,909		3.34			1,839		3.27			1,815		3.20			1,782		3.05			1,728		3.11			1,705		2.79			1,652		2.85			(9.0)		(3.1)
Other investments:
Asset-backed securities	9,078		2.47			9,335		2.54			9,913		2.39			10,593		2.28			10,645		1.94			10,353		1.50			11,004		1.03			12,370		1.05			16.8		12.4
Collateralized mortgage-backed securities and obligations	980		3.78			918		3.69			871		3.31			818		2.95			741		2.69			683		1.83			662		1.89			644		1.75			(21.3)		(2.7)
Investment securities held-to-maturity purchased under money market liquidity facility	—		—			—		—			—		—			—		—			2,045		1.57			19,037		1.49			7,488		1.32			4,212		1.35			—		(43.8)
Other debt investments and equity securities(3)	21,658		1.04			21,903		1.05			22,994		1.04			23,934		1.07			24,298		1.00			25,842		0.82			28,060		0.67			28,487		0.58			19.0		1.5
Total investment securities	88,273		2.30			89,930		2.23			93,588		2.16			95,186		2.08			97,560		2.03			116,626		1.69			110,448		1.33			112,018		1.27			17.7		1.4
Loans (4)	23,056		3.49			23,824		3.33			23,926		3.24			25,461		2.86			28,468		2.62			27,369		2.30			25,974		2.13			28,298		2.05			11.1		8.9
Other interest-earning assets	15,286		2.89			15,104		3.02			13,990		3.02			12,295		2.13			10,764		1.70			9,831		0.13			11,586		0.10			12,824		0.10			4.3		10.7
Total interest-earning assets	179,112		2.34			179,799		2.26			181,324		2.20			187,247		1.93			206,632		1.70			244,789		1.12			225,806		0.92			238,198		0.86			27.2		5.5
Cash and due from banks	3,078					4,011					3,114					3,358					3,856					3,480					3,652					4,403					31.1		20.6
Other assets	37,370					37,704					38,835					38,281					40,693					36,419					34,926					34,454					(10.0)		(1.4)
Total assets	$	219,560				$	221,514				$	223,273				$	228,886				$	251,181				$	284,688				$	264,384				$	277,055				21.0		4.8
Liabilities:
Interest-bearing deposits:
U.S.	$	64,531	0.83		%	$	66,502	0.91		%	$	67,170	0.83		%	$	71,910	0.64		%	$	80,247	0.50		%	$	91,097	0.03		%	$	85,432	0.02		%	$	92,962	0.01		%	29.3		8.8
Non-U.S.(5)	59,775		0.26			61,303		0.39			61,355		0.21			62,737		(0.04)			64,340		(0.20)			66,977		(0.36)			69,514		(0.37)			74,324		(0.40)			18.5		6.9
Total interest-bearing deposits(5)	124,306		0.56			127,805		0.66			128,525		0.53			134,647		0.32			144,587		0.19			158,074		(0.13)			154,946		(0.16)			167,286		(0.17)			24.2		8.0
Securities sold under repurchase agreements	1,773		2.66			1,488		2.19			1,998		1.45			1,208		1.18			1,773		0.55			3,394		0.03			2,891		0.08			2,402		0.07			98.8		(16.9)
Short-term borrowings under money market liquidity facility	—		—			—		—			—		—			—		—			2,187		1.11			19,036		1.23			7,449		1.24			4,209		1.23			—		(43.5)
Other short-term borrowings	1,157		1.34			2,041		1.22			1,788		1.68			1,110		1.17			2,960		1.32			3,073		0.66			1,724		0.44			1,164		0.25			4.9		(32.5)
Long-term debt	10,955		3.89			11,228		3.78			11,415		3.48			12,286		3.34			13,288		2.64			15,574		2.45			14,794		1.86			13,830		1.75			12.6		(6.5)
Other interest-bearing liabilities	4,642		5.31			3,979		6.47			3,691		7.62			4,106		4.85			3,434		3.55			3,461		1.07			2,764		1.28			3,050		1.20			(25.7)		10.3
Total interest-bearing liabilities	142,833		1.00			146,541		1.08			147,417		0.96			153,357		0.70			168,229		0.49			202,612		0.23			184,568		0.09			191,941		0.03			25.2		4.0
Non-interest bearing deposits	31,037					28,765					28,701					29,182					35,573					38,995					34,280					39,057					33.8		13.9
Other liabilities	20,921					21,188					21,935					21,140					23,052					18,678					20,050					20,087					(5.0)		0.2
Preferred shareholders' equity	3,690					3,690					3,690					3,541					2,861					2,472					2,472					2,472					(30.2)		—
Common shareholders' equity	21,079					21,330					21,530					21,666					21,466					21,931					23,014					23,498					8.5		2.1
Total liabilities and shareholders' equity	$	219,560				$	221,514				$	223,273				$	228,886				$	251,181				$	284,688				$	264,384				$	277,055				21.0		4.8
Excess of rate earned over rate paid			1.34		%			1.18		%			1.24		%			1.23		%			1.21		%			0.89		%			0.83		%			0.84		%
Net interest margin			1.54		%			1.38		%			1.42		%			1.36		%			1.30		%			0.93		%			0.85		%			0.84		%
Net interest income, fully taxable-equivalent basis			$	678				$	618				$	648				$	640				$	668				$	564				$	482				$	503
Tax-equivalent adjustment			(5)					(5)					(4)					(4)					(4)					(5)					(4)					(4)
Net interest income, GAAP-basis(5)			$	673				$	613				$	644				$	636				$	664				$	559				$	478				$	499
																																						—
(1) Average rates earned and paid on interest-earning assets and interest-bearing liabilities include the impact of hedge activities associated with our asset and liability management activities where applicable.
(2) Reflects the impact of balance sheet netting under enforceable netting agreements of approximately $59 billion, $75 billion, $118 billion and $94 billion in the first, second, third and fourth quarters of 2019, respectively, and approximately $124 billion, $103 billion, $83 billion and $91 billion in the first, second, third and fourth quarters of 2020. Excluding the impact of netting, the average interest rates would be approximately 0.64%, 0.47%, 0.33% and 0.31% in the first, second, third and fourth quarters of 2019, respectively, and approximately 0.21%, 0.09%, 0.09% and 0.07% in the first, second, third and fourth quarters of 2020.
(3)State and political subdivisions consists of municipal bonds and clipper tax exempt bonds.Other debt investments and equity securities consists of non-U.S. government and agency securities, corporate bonds, covered bonds and other.
(4) Average loans are presented on a gross basis. We adopted ASU 2016-13 on January 1, 2020, Allowance for Credit Losses. Prior to 2020, we recognized Allowance for loan losses. Average loans net of allowance for loan losses amount to approximately $22,989 million, $23,754 million, $23,855 million and $25,390 million in the first, second, third and fourth quarters of 2019, respectively, and net of expected credit losses of approximately $28,398 million, $27,277 million, $25,839 million and $28,168 million in the first, second, third and fourth quarters of 2020.
(5) Average rates includes the impact of FX swap expense of approximately $39 million, $59 million, $37 million and $18 million in the first, second, third and fourth quarters of 2019, respectively, and approximately ($2) million, ($17) million, ($19) million and ($25) million in the first,second third and fourth quarters of 2020. Average rates for total interest-bearing deposits excluding the impact of FX swap expense were approximately 0.43%, 0.47%, 0.42% and 0.27% for the first, second, third and fourth quarters of 2019, respectively, and approximately 0.19%, (0.09)%, (0.11)% and (0.11)% for the first, second, third and fourth quarters of 2020.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
AVERAGE STATEMENT OF CONDITION - RATES EARNED AND PAID - FULLY TAXABLE-EQUIVALENT BASIS - YEAR TO DATE(1)
The following table presents consolidated average interest-earning assets, average interest-bearing liabilities and related average rates earned and paid, respectively, for the years indicated, on a fully taxable-equivalent basis, which is a non-GAAP measure. Tax-equivalent adjustments were calculated using a federal income tax rate of 21% for periods ending in 2019 and 2020, adjusted for applicable state income taxes, net of related federal benefit.

	Year-to-Date										% Change
	2019					2020					2020 vs 2019
(Dollars in millions; fully-taxable equivalent basis)	Average balance		Average rates			Average balance		Average rates			Average balance
Assets:
Interest-bearing deposits with banks	$	48,500	0.86		%	$	76,588	0.10		%	57.9	%
Securities purchased under resale agreements (2)	2,506		14.54			3,452		3.64			37.7
Trading account assets	884		0.11			878		—			(0.7)
Investment securities:
U.S. Treasury and federal agencies:
Direct obligations	14,249		1.82			14,017		1.60			(1.6)
Mortgage- and asset-backed securities	42,390		2.79			46,799		2.03			10.4
State and political subdivisions(3)	1,869		3.31			1,717		2.95			(8.1)
Other investments:
Asset-backed securities	9,734		2.41			11,096		1.36			14.0
Collateralized mortgage-backed securities and obligations	896		3.46			682		2.06			(23.9)
Investment securities held-to-maturity purchased under money market liquidity facility	—		—			8,183		1.43			nm
Other debt investments and equity securities(3)	22,630		1.05			26,681		0.75			17.9
Total investment securities	91,768		2.19			109,175		1.56			19.0
Loans (4)	24,073		3.22			27,525		2.28			14.3
Other interest-earning assets	14,160		2.79			11,256		0.49			(20.5)
Total interest-earning assets	181,891		2.18			228,874		1.13			25.8
Cash and due from banks	3,390					3,849					13.5
Other assets	38,053					36,611					(3.8)
Total assets	$	223,334				$	269,334				20.6
Liabilities:
Interest-bearing deposits:
U.S.	$	67,547	0.80			$	87,444	0.13			29.5
Non-U.S.(5)	61,301		0.20			68,806		(0.34)			12.2
Total interest-bearing deposits(5)	128,848		0.51			156,250		(0.07)			21.3
Securities sold under repurchase agreements	1,616		1.90			2,615		0.14			61.8
Short-term borrowings under money market liquidity facility	—		—			8,207		1.22			nm
Other short-term borrowings	1,524		1.37			2,226		0.78			46.1
Long-term debt	11,474		3.61			14,371		2.17			25.2
Other interest-bearing liabilities	4,103		6.00			3,176		1.82			(22.6)
Total interest-bearing liabilities	147,565		0.93			186,845		0.20			26.6
Non-interest bearing deposits	29,414					36,975					25.7
Other liabilities	21,299					20,464					(3.9)
Preferred shareholders' equity	3,653					2,569					(29.7)
Common shareholders' equity	21,403					22,481					5.0
Total liabilities and shareholders' equity	$	223,334				$	269,334				20.6
Excess of rate earned over rate paid			1.25		%			0.93		%
Net interest margin			1.42		%			0.97		%
Net interest income, fully taxable-equivalent basis			$	2,585				$	2,217
Tax-equivalent adjustment			(19)					(17)
Net interest income, GAAP-basis (5)			$	2,566				$	2,200

(1) Average rates earned and paid on interest-earning assets and interest-bearing liabilities include the impact of hedge activities associated with our asset and liability management activities where applicable.
(2)Reflects the impact of balance sheet netting under enforceable netting agreements of approximately $87 billion and $100 billion as of December 31, 2019 and 2020, respectively. Excluding the impact of netting, the average interest rates would be approximately 0.41% and 0.12% for the year ended December 31, 2019 and 2020, respectively.
(3)State and political subdivisions consists of municipal bonds and clipper tax exempt bonds.Other debt investments and equity securities consists of non-U.S. government and agency securities, corporate bonds, covered bonds and other.
(4) Average loans are presented on a gross basis. We adopted ASU 2016-13 on January 1, 2020, Allowance for Credit Losses. Prior to 2020, we recognized Allowance for loan losses. Average loans net of allowance for loan losses amount to approximately $24,003 million as of December 31,2019 and net of expected credit losses of approximately $27,418 million as of December 31,2020.
(5) Average rates include the impact of FX swap expense of approximately $153 million and ($63) million for the year ended December 31, 2019 and 2020, respectively. Average rates for total interest-bearing deposits excluding the impact of FX swap expense were 0.40% and (0.03)% for the year ended December 31, 2019 and 2020, respectively.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER CUSTODY AND/OR ADMINISTRATION

	Quarters																% Change
(Dollars in billions)	1Q19		2Q19		3Q19		4Q19		1Q20		2Q20		3Q20		4Q20		4Q20 vs. 4Q19		4Q20 vs. 3Q20
Assets Under Custody and/or Administration
By Product Classification:
Mutual funds	$	8,586	$	8,645	$	8,687	$	9,221	$	8,056	$	9,155	$	10,143	$	10,882	18.0	%	7.3	%
Collective funds, including ETFs	9,436		9,272		9,224		9,796		8,662		9,111		9,960		10,878		11.0		9.2
Pension products	6,513		6,542		6,817		6,924		6,730		6,694		7,322		7,599		9.7		3.8
Insurance and other products	8,108		8,295		8,171		8,417		8,416		8,555		9,218		9,432		12.1		2.3
Total Assets Under Custody and/or Administration	$	32,643	$	32,754	$	32,899	$	34,358	$	31,864	$	33,515	$	36,643	$	38,791	12.9		5.9
By Financial Instrument:
Equities	$	18,924	$	18,504	$	18,243	$	19,301	$	16,267	$	18,190	$	20,094	$	21,626	12.0		7.6
Fixed-income	9,831		10,089		10,413		10,766		11,096		11,342		12,403		12,834		19.2		3.5
Short-term and other investments	3,888		4,161		4,243		4,291		4,501		3,983		4,146		4,331		0.9		4.5
Total Assets Under Custody and/or Administration	$	32,643	$	32,754	$	32,899	$	34,358	$	31,864	$	33,515	$	36,643	$	38,791	12.9		5.9
By Geographic Location(1):
Americas	$	23,979	$	23,989	$	23,888	$	25,018	$	22,787	$	24,375	$	26,666	$	28,245	12.9		5.9
Europe/Middle East/Africa	6,875		6,937		7,091		7,325		7,112		7,155		7,675		8,101		10.6		5.6
Asia/Pacific	1,789		1,828		1,920		2,015		1,965		1,985		2,302		2,445		21.3		6.2
Total Assets Under Custody and/or Administration	$	32,643	$	32,754	$	32,899	$	34,358	$	31,864	$	33,515	$	36,643	$	38,791	12.9		5.9
Assets Under Custody(2)
By Product Classification:
Mutual funds	$	7,966	$	8,012	$	8,060	$	8,447	$	7,416	$	8,421	$	8,798	$	9,483	12.3		7.8
Collective funds, including ETFs	7,445		7,614		7,668		8,216		7,191		7,639		8,283		9,077		10.5		9.6
Pension products	5,307		5,236		5,457		5,554		5,395		5,363		5,860		6,093		9.7		4.0
Insurance and other products	3,851		3,909		3,893		3,978		3,810		3,976		4,392		4,399		10.6		0.2
Total Assets Under Custody	$	24,569	$	24,771	$	25,078	$	26,195	$	23,812	$	25,399	$	27,333	$	29,052	10.9		6.3
By Geographic Location(1):
Americas	$	18,784	$	18,911	$	19,048	$	19,838	$	17,701	$	19,226	$	20,450	$	21,822	10.0		6.7
Europe/Middle East/Africa	4,462		4,515		4,615		4,858		4,666		4,714		5,212		5,465		12.5		4.9
Asia/Pacific	1,323		1,345		1,415		1,499		1,445		1,459		1,671		1,765		17.7		5.6
Total Assets Under Custody	$	24,569	$	24,771	$	25,078	$	26,195	$	23,812	$	25,399	$	27,333	$	29,052	10.9		6.3

(1) Geographic mix is generally based on the domicile of the entity servicing the funds and is not necessarily representative of the underlying asset mix.
(2) Assets under custody are a component of assets under custody and/or administration presented above.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER MANAGEMENT

	Quarters																% Change
(Dollars in billions)	1Q19		2Q19		3Q19		4Q19		1Q20		2Q20		3Q20		4Q20		4Q20 vs. 4Q19		4Q20 vs. 3Q20
Assets Under Management
By Asset Class and Investment Approach:
Equity:
Active	$	85	$	86	$	84	$	88	$	68	$	75	$	81	$	83	(5.7)	%	2.5	%
Passive(1)	1,694		1,757		1,747		1,903		1,493		1,770		1,879		2,089		9.8		11.2
Total Equity	1,779		1,843		1,831		1,991		1,561		1,845		1,960		2,172		9.1		10.8
Fixed-Income:
Active	88		93		92		89		89		91		87		92		3.4		5.7
Passive	341		357		367		379		369		385		405		441		16.4		8.9
Total Fixed-Income	429		450		459		468		458		476		492		533		13.9		8.3
Cash(2)	314		319		336		324		364		390		333		359		10.8		7.8
Multi-Asset-Class Solutions:
Active	22		23		23		24		21		23		24		26		8.3		8.3
Passive	125		132		134		133		120		135		142		164		23.3		15.5
Total Multi-Asset-Class Solutions	147		155		157		157		141		158		166		190		21.0		14.5
Alternative Investments(3):
Active	21		21		22		21		20		19		20		23		9.5		15.0
Passive(1)	115		130		148		155		145		166		177		190		22.6		7.3
Total Alternative Investments	136		151		170		176		165		185		197		213		21.0		8.1
Total Assets Under Management	$	2,805	$	2,918	$	2,953	$	3,116	$	2,689	$	3,054	$	3,148	$	3,467	11.3		10.1
By Geographic Location:
North America	$	1,899	$	1,965	$	1,999	$	2,115	$	1,847	$	2,104	$	2,169	$	2,414	14.1		11.3
Europe/Middle East/Africa	447		471		476		493		416		462		478		509		3.2		6.5
Asia/Pacific	459		482		478		508		426		488		501		544		7.1		8.6
Total Assets Under Management	$	2,805	$	2,918	$	2,953	$	3,116	$	2,689	$	3,054	$	3,148	$	3,467	11.3		10.1

(1) 1Q19 and 2Q19 have been revised to reflect a reclassification of $14 billion in assets from Passive Equity to Passive Alternative Assets.
(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 Shares and SPDR® Gold MiniSharesSM Trust, for which we are not the investment manager but act as the marketing agent.

Exchange-Traded Funds(1)
By Asset Class:
Alternative Investments	$	45	$	48	$	56	$	56	$	59	$	77	$	88	$	83	48.2	%	(5.7)	%
Cash	8		9		9		9		18		16		14		14		55.6		—
Equity	535		548		553		618		474		571		605		706		14.2		16.7
Fixed-Income	73		77		80		85		78		90		94		102		20.0		8.5
Multi-Asset	—		—		—		—		—		—		—		1		nm		nm
Total Exchange-Traded Funds	$	661	$	682	$	698	$	768	$	629	$	754	$	801	$	906	18.0		13.1

(1) Exchange-traded funds are a component of assets under management presented above.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INDUSTRY FLOW DATA BY ASSET CLASS

(Dollars in billions)			Quarters
			1Q19		2Q19		3Q19		4Q19		1Q20		2Q20		3Q20		4Q20
North America - (US Domiciled) Morningstar Direct Market Data(1)(2)(3)
	Long Term Funds(4)		$	109.0	$	62.4	$	34.9	$	50.2	$	(240.1)	$	56.3	$	21.4	$	58.7
	Money Market		34.1		101.7		198.9		181.5		664.8		259.4		(165.8)		(80.8)
	ETF		34.3		53.0		28.5		88.4		22.1		69.6		60.1		128.4
		Total Flows	$	177.4	$	217.1	$	262.3	$	320.1	$	446.8	$	385.3	$	(84.3)	$	106.3

EMEA-Morningstar Direct Market Data(1)(2)(5)
	Long Term Funds(4)		$	25.8	$	89.8	$	97.6	$	160.0	$	(137.6)	$	167.6	$	134.4	$	170.1
	Money Market		16.0		16.0		83.2		(9.4)		11.6		152.8		60.0		13.9
	ETF		30.4		10.2		30.1		48.1		(2.9)		36.2		32.4		29.8
		Total Flows	$	72.2	$	116.0	$	210.9	$	198.7	$	(128.9)	$	356.6	$	226.8	$	213.8

(1) Data providers for North America and EMEA industry flows were changed to Morningstar from other providers in 3Q20 for consistency across regions and other efficiency considerations. Data collection and tabulation methodologies among data providers differ. All periods presented reflect data sourced from Morningstar. Prior period data therefore differs from data previously presented, which was sourced from other data providers. Industry data is provided for illustrative purposes only. It is not intended to reflect State Street’s activity or its clients’ activity and is indicative of only segments of the entire industry.
(2) Source: Morningstar Direct. The data includes long-term mutual funds, ETF’s and Money Market funds. Mutual fund data represents estimates of net new cash flow, which is new sales minus redemptions combined with net exchanges, while ETF data represents net issuance, which is gross issuance less gross redemptions. Data for Fund of Funds, Feeder funds and Obsolete funds were excluded from the series to prevent double counting. Data is from the Morningstar Direct Asset Flows database.
(3) The fourth quarter of 2020 data for North America (US domiciled) includes Morningstar actuals October and November and Morningstar estimates for December 2020.
(4) The long-term fund flows reported by Morningstar in North America are composed of US domiciled Market flows mainly in Equities, Allocation and Fixed Income asset classes. The long-term funds flows reported by Morningstar direct in EMEA are composed of the European market flows mainly in Equities, Allocation and Fixed Incomes asset classes.
(5) The fourth quarter of 2020 data for Europe is on a rolling three month basis for September 2020 through November 2020, sourced by Morningstar.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
LINE OF BUSINESS INFORMATION

	Three Months Ended
	Investment Servicing										% Change							Investment Management										% Change						Other(1)									% Change				Total									% Change
(Dollars in millions)	4Q20			3Q20			4Q19				4Q20 vs. 3Q20			4Q20 vs. 4Q19				4Q20				3Q20			4Q19			4Q20 vs. 3Q20		4Q20 vs. 4Q19				4Q20			3Q20				4Q19		4Q20 vs. 3Q20		4Q20 vs. 4Q19		4Q20			3Q20			4Q19			4Q20 vs. 3Q20		4Q20 vs. 4Q19
Servicing fees	$	1,307		$	1,301		$	1,299			0.5		%	0.6		%		$	—			$	—		$	—		—	%	—		%		$	—		$	—			$	—	—	%	—	%	$	1,307		$	1,301		$	1,299		0.5	%	0.6	%
Management fees	—			—			—				—			—				493				479			480			2.9		2.7				—			—				—		—		—		493			479			480			2.9		2.7
Foreign exchange trading services	301			252			239				19.4			25.9				23				18			20			27.8		15.0				—			—				—		—		—		324			270			259			20.0		25.1
Securities finance	84			81			109				3.7			(22.9)				4				3			2			33.3		100.0				—			—				—		—		—		88			84			111			4.8		(20.7)
Software and processing fees	178			162			208				9.9			(14.4)				26				10			11			160.0		nm				—			—				—		—		—		204			172			219			18.6		(6.8)
Total fee revenue	1,870			1,796			1,855				4.1			0.8				546				510			513			7.1		6.4				—			—				—		—		—		2,416			2,306			2,368			4.8		2.0
Net interest income	495			482			639				2.7			(22.5)				4				(4)			(3)			(200.0)		(233.3)				—			—				—		—		—		499			478			636			4.4		(21.5)
Total other income	2			—			44				—			(95.5)				—				—			—			—		—				—			—				—		—		—		2			—			44			—		(95.5)
Total revenue	2,367			2,278			2,538				3.9			(6.7)				550				506			510			8.7		7.8				—			—				—		—		—		2,917			2,784			3,048			4.8		(4.3)
Provision for loan losses	—			—			3				—			(100.0)				—				—			—			—		—				—			—				—		—		—		—			—			3			—		(100.0)
Total expenses	1,756			1,739			1,749				1.0			0.4				375				358			379			4.7		(1.1)				145			6				279		nm		(48.0)		2,276			2,103			2,407			8.2		(5.4)
Income before income tax expense	$	611		$	539		$	786			13.4			(22.3)				$	175			$	148		$	131		18.2		33.6				$	(145)		$	(6)			$	(279)	nm		(48.0)		$	641		$	681		$	638		(5.9)		0.5
Pre-tax margin	25.8		%	23.7		%	31.0		%		210			(520)			bps	31.8		%		29.2		%	25.7		%	260		610			bps														22.0		%	24.5		%	20.9		%	(250)		110		bps

	Years Ended December 31,
	Investment Servicing						% Change				Investment Management							% Change				Other(1)						% Change		Total							% Change
(Dollars in millions)	2020			2019			YTD2020 vs. YTD2019				2020			2019				YTD2020 vs. YTD2019				2020			2019			YTD2020 vs. YTD2019		2020				2019			YTD2020 vs. YTD2019
Servicing fees	$	5,167		$	5,074		1.8		%		$	—		$	—			—		%		$	—		$	—		—	%	$	5,167			$	5,074		1.8		%
Management fees	—			—			—				1,880			1,824				3.1				—			—			—		1,880				1,824			3.1
Foreign exchange trading services	1,299			974			33.4				64			84				(23.8)				—			—			—		1,363				1,058			28.8
Securities finance	342			462			(26.0)				14			9				55.6				—			—			—		356				471			(24.4)
Software and processing fees	706			691			2.2				27			29				nm				—			—			—		733				720			1.8
Total fee revenue	7,514			7,201			4.3				1,985			1,946				2.0				—			—			—		9,499				9,147			3.8
Net interest income	2,211			2,590			(14.6)				(11)			(24)				(54.2)				—			—			—		2,200				2,566			(14.3)
Total other income	4			43			nm				—			—				—				—			—			—		4				43			nm
Total revenue	9,729			9,834			(1.1)				1,974			1,922				2.7				—			—			—		11,703				11,756			(0.5)
Provision for loan losses	88			10			nm				—			—				—				—			—			—		88				10			nm
Total expenses	7,071			7,140			(1.0)				1,471			1,535				(4.2)				174			359			(51.5)		8,716				9,034			(3.5)
Income before income tax expense	$	2,570		$	2,684		(4.2)				$	503		$	387			30.0				$	(174)		$	(359)		(51.5)		$	2,899			$	2,712		6.9
Pre-tax margin	26.4		%	27.3		%	(90)			bps	25.5		%	20.1		%		540			bps							—		24.8		%		23.1		%	170			bps

(1)Represents costs incurred that are not allocated to a specific line of business, including certain severance and restructuring costs, acquisition costs and certain provisions for legal contingencies.
DM Denotes not meaningful


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO HOLDINGS BY ASSET CLASS

	Ratings
(Dollars in billions, or where otherwise noted)	UST/AGY			AAA			AA			A			BBB			<BBB			NR			Fair Value		% Total		Spot Rate(1)		Net Unrealized Pre-tax MTM Gain/(Loss) (In millions)(2)		Fixed Rate/ Floating Rate(3)
Available-for-sale investment securities:
Government & agency securities	23		%	32		%	31		%	6		%	7		%	—		%	1		%	$	28.7	48.5	%	0.4	%	$	441	100% / 0%
Asset-backed securities	—			92			8			—			—			—			—			7.6		13.0		0.9		(3)		0% / 100%
Student loans	—			42			58			—			—			—			—			0.3		4.1		1.0		1
Credit cards	—			100			—			—			—			—			—			0.1		1.2		0.9		—
Auto & equipment	—			78			22			—			—			—			—			1.1		14.6		0.1		—
Non-U.S. residential mortgage backed securities	—			96			4			—			—			—			—			2.0		26.1		0.8		2
Collateralized loan obligation	—			100			—			—			—			—			—			3.9		51.3		1.3		(6)
Other	—			58			42			—			—			—			—			0.2		2.7		—		—
Mortgage-backed securities	100			—			—			—			—			—			—			11.1		18.7		3.0		369		99% / 1%
Agency MBS	100			—			—			—			—			—			—			11.1		100.0		3.0		369
Non-agency MBS	—			—			—			—			—			—			—			—		—		—		—
CMBS	98			2			—			—			—			—			—			3.3		5.6		1.0		47		20% / 80%
Corporate bonds	—			—			10			38			52			—			—			5.3		9.0		1.4		111		98% / 2%
Covered bonds	—			100			—			—			—			—			—			0.5		0.9		0.2		5		15% / 85%
Municipal bonds	—			24			72			4			—			—			—			0.8		1.4		2.8		64		100% / 0%
Clipper tax-exempt bonds	—			14			61			17			7			—			—			0.7		1.2		4.1		14		0% / 100%
Other	—			12			77			10			—			—			—			1.0		1.7		1.0		13		81% / 19%
Total available-for-sale portfolio	36		%	29		%	20		%	7		%	8		%	—		%	—		%	$	59.0	100.0	%	1.1	%	$	1,061	80% / 20%

Fair Value	$	20.9		$	17.1		$	11.9		$	4.0		$	4.8		$	0.1		$	0.2

	UST/AGY			AAA			AA			A			BBB			<BBB			NR			Amortized Cost		% Total		Spot Rate(1)		Net Unrealized Pre-tax MTM Gain/(Loss) (In millions)(2)		Fixed Rate/ Floating Rate(3)
Held-to-maturity investment securities:
Government & agency securities	95		%	5		%	—		%	—		%	—		%	—		%	—		%	$	6.4	12.3	%	2.0	%	$	83	100% / 0%
Asset-backed securities	—			32			62			2			3			1			—			5.1		9.8		1.1		71		6% / 94%
Student loans	—			33			64			—			3			—			—			4.8		93.9		1.1		7
Non-U.S. residential mortgage backed securities	—			24			21			26			11			16			2			0.3		6.1		1.8		64
Other	—			—			—			100			—			—			—			—		—		1.1		—
Mortgage-backed securities	100			—			—			—			—			—			—			32.5		62.2		2.4		777		99% / 1%
Agency MBS	100			—			—			—			—			—			—			32.4		99.7		2.4		748
Non-agency MBS	—			—			6			8			19			50			17			0.1		30.0		2.1		28
CMBS	90			10			—			—			—			—			—			4.9		9.4		1.6		140		86% / 14%
Held-to-maturity under money market liquidity facility	—			—			—			—			—			—			100			3.3		6.3		1.3		4		100% / 0%
Total held-for-maturity portfolio	83		%	5		%	6		%	—		%	—		%	—		%	6		%	$	52.2	100.0	%	2.1	%	$	1,075	89% / 11%

Amortized Cost	$	42.9		$	2.5		$	3.1		$	0.1		$	0.2		$	0.1		$	3.3


(1) The spot rate for asset-backed securities, mortgage-backed securities and CMBS assumes premiums/discounts are amortized on a straight-line basis to the final maturity of the security.
(2) At December 31, 2020, the after-tax unrealized MTM gain/(loss) includes after-tax unrealized gain on securities available-for-sale of $785 million, after-tax unrealized gain on securities held-to-maturity of $796 million and after-tax unrealized loss primarily related to securities previously transferred from available-for-sale to held-to-maturity of $58 million.
(3) At December 31, 2020, fixed-to-floating rate securities had a book value of approximately $175 million or .16% of the total portfolio.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO NON-U.S. INVESTMENTS

				Investment Securities
(Dollars in billions)	Fair Value		Average Rating	Gov't/Agency(1)(2)		ABS FRMBS		ABS All Other		Corporate Bonds		Covered Bonds		Other		MMLF
Available-for-sale:
Germany	$	3.8	AA	$	3.0	$	—	$	0.7	$	0.1	$	—	$	—	$	—
United Kingdom	3.6		AAA	2.7		0.4		0.2		0.3		—		—		—
Canada	3.2		AAA	2.8		—		—		0.2		—		0.2		—
Australia	3.1		AAA	0.9		1.2		—		0.2		—		0.8		—
France	2.9		AA	1.5		—		0.9		0.3		0.2		—		—
Spain	1.7		BBB	1.6		—		0.1		—		—		—		—
Belgium	1.6		AA	1.5		—		—		—		0.1		—		—
Austria	1.5		AA	1.5		—		—		—		—		—		—
Netherlands	1.5		AA	0.6		0.3		0.1		0.5		—		—		—
Ireland	1.2		A	1.2		—		—		—		—		—		—
Finland	1.2		AA	1.2		—		—		—		—		—		—
Italy	1.1		A	0.7		0.1		0.3		—		—		—		—
Japan	0.6		A	0.6		—		—		—		—		—		—
Luxembourg	0.5		AA	0.5		—		—		—		—		—		—
Other	0.5		AA	0.2		—		—		0.2		0.1		—		—
Total Non-U.S. Investments(3)	$	28.0		$	20.5	$	2.0	$	2.3	$	1.8	$	0.4	$	1.0	$	—
U.S. Investments	31.0
Total available-for-sale	$	59.0
				Investment Securities
(Dollars in billions)	Amortized Cost		Average Rating	Gov't/Agency(1)(2)		ABS FRMBS		ABS All Other		Corporate Bonds		Covered Bonds		Other		MMLF
Held-to-maturity:
Singapore	$	0.4	AAA	$	0.4	$	—	$	—	$	—	$	—	$	—	$	—
United Kingdom	0.1		AA	—		0.1		—		—		—		—		—

Australia	0.1		A	—		0.1		—		—		—		—		—
Spain	0.1		BBB	—		0.1		—		—		—		—		—
Total Non-U.S. Investments(3)	$	0.7		$	0.4	$	0.3	$	—	$	—	$	—	$	—	$	—
U.S. Investments	51.5
Total held-for-maturity	$	52.2

Total Portfolio	$	111.2


(1) Sovereign debt is reflected in the government / agency column.
(2) As of December 31, 2020, the fair value included $9.5 billion of supranational and non-U.S. agency bonds.
(3) Country of collateral used except for corporates where country of issuer is used.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ALLOWANCE FOR CREDIT LOSSES

	Quarters																	% Change
(Dollars in millions)		1Q19		2Q19		3Q19		4Q19		1Q20		2Q20		3Q20		4Q20		4Q20 vs. 4Q19		4Q20 vs. 3Q20
Allowance for credit losses:
Beginning balance(1)		$	83	$	83	$	88	$	86	$	93	$	124	$	163	$	153	77.9	%	(6.1)	%
Provision for credit losses (funded commitments)		4		1		2		3		29		57		3		(6)		nm		nm
Provision for credit losses (unfunded commitments)(2)		(4)		4		—		3		3		(4)		(2)		6		100.0		nm
Provision for credit losses (held-to-maturity securities and all other)		—		—		—		—		4		(1)		(1)		—		nm		(100.0)
Total provision		—		5		2		6		36		52		—		—		(100.0)		nm
Charge-offs		—		—		(2)		(1)		(5)		(14)		(14)		(8)		nm		(42.9)
Other(3)		—		—		(2)		—		—		1		4		3		nm		(25.0)
Ending balance(4)		$	83	$	88	$	86	$	91	$	124	$	163	$	153	$	148	62.6		(3.3)

Allowance for credit losses:
Loans		$	70	$	72	$	71	$	74	$	97	$	141	$	134	$	122	64.9		(9.0)
Held-to-maturity securities		—		—		—		—		4		4		3		3		nm		—
Unfunded (off-balance sheet) commitments		13		16		15		17		22		18		15		22		29.4		46.7
All other		—		—		—		—		1		—		1		1		nm		—
Ending balance(4)		$	83	$	88	$	86	$	91	$	124	$	163	$	153	$	148	62.6		(3.3)

(1) We adopted ASU 2016-13 on January 1, 2020, Allowance for Credit Losses. Prior to 2020, we recognized allowance for loan losses under an incurred loss model. Upon adoption, we increased the allowance and reduced retained earnings by approximately $2.6 million. As such, the ending balance for 4Q19 will not agree to the opening balance for 1Q20.
(2) Prior to the adoption of ASU 2016-13, the provision for unfunded commitments was recorded within Other expenses in the consolidated statement of income. Upon adoption of ASU 2016-13 in 1Q20, the provision for all assets within scope is recorded within Provision for credit losses in the consolidated statement of income.
(3) Consists primarily of FX translation.
(4) The allowance for credit losses on unfunded commitments is included within Other liabilities in the Consolidated Statement of Condition.
nm Not meaningful


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION
In addition to presenting State Street's financial results in conformity with U.S. generally accepted accounting principles, or GAAP, management also presents certain financial information on a basis that excludes or adjusts one or more items from GAAP. This latter basis is a non-GAAP presentation. In general, our non-GAAP financial results adjust selected GAAP-basis financial results to exclude the impact of revenue and expenses outside of State Street’s normal course of business or other notable items, such as acquisition and restructuring charges, repositioning charges, gains/losses on sales, as well as, for selected comparisons, seasonal items. For example, we sometimes present expenses on a basis we may refer to as "expenses ex-notable items", which exclude notable items and, to provide additional perspective on both prior year quarter and sequential quarter comparisons, also exclude seasonal items. Management believes that this presentation of financial information facilitates an investor's further understanding and analysis of State Street's financial performance and trends with respect to State Street’s business operations from period-to-period, including providing additional insight into our underlying margin and profitability. In addition, Management may also provide additional non-GAAP measures. For example, we present capital ratios, calculated under regulatory standards scheduled to be effective in the future or other standards, that management uses in evaluating State Street’s business and activities and believes may similarly be useful to investors. Additionally, we may present revenue and expense measures on a constant currency basis to identify the significance of changes in foreign currency exchange rates (which often are variable) in period-to-period comparisons. This presentation represents the effects of applying prior period weighted average foreign currency exchange rates to current period results.
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.

	Quarters																	% Change						Year-to-Date				% Change
(Dollars in millions)		1Q19		2Q19		3Q19		4Q19		1Q20		2Q20		3Q20		4Q20		4Q20 vs. 4Q19			4Q20 vs. 3Q20			2019		2020		YTD2020 vs. YTD2019
Fee Revenue:
Total fee revenue, GAAP-basis		$	2,260	$	2,260	$	2,259	$	2,368	$	2,399	$	2,378	$	2,306	$	2,416	2.0	%		4.8	%		$	9,147	$	9,499	3.8	%

Total fee revenue, excluding notable items		$	2,260	$	2,260	$	2,259	$	2,368	$	2,399	$	2,378	$	2,306	$	2,416	2.0			4.8			$	9,147	$	9,499	3.8

Total Revenue:
Total revenue, GAAP-basis		$	2,932	$	2,873	$	2,903	$	3,048	$	3,065	$	2,937	$	2,784	$	2,917	(4.3)	%		4.8	%		$	11,756	$	11,703	(0.5)	%

Less: other income		—		—		—		(44)		—		—		—		—		—			—			(44)		—		nm
Total revenue, excluding notable items		$	2,932	$	2,873	$	2,903	$	3,004	$	3,065	$	2,937	$	2,784	$	2,917	(2.9)			4.8			$	11,712	$	11,703	(0.1)

Expenses:
Total expenses, GAAP-basis		$	2,293	$	2,154	$	2,180	$	2,407	$	2,255	$	2,082	$	2,103	$	2,276	(5.4)	%		8.2	%		$	9,034	$	8,716	(3.5)	%
Less: Notable expense items:
Acquisition and restructuring costs(1)		(9)		(12)		(27)		(29)		(11)		(12)		(15)		(12)		(58.6)			(20.0)			(77)		(50)		(35.1)
Repositioning charges		—		—		—		(110)		—		—		—		(133)		20.9			nm			(110)		(133)		20.9
Legal and related		(14)		—		(18)		(140)		—		—		9		—		nm			nm			(172)		9		nm
Total expenses, excluding notable items		$	2,270	$	2,142	$	2,135	$	2,128	$	2,244	$	2,070	$	2,097	$	2,131	0.1			1.6			$	8,675	$	8,542	(1.5)

Fee Operating Leverage, GAAP-Basis:
Total fee revenue, GAAP-basis		$	2,260	$	2,260	$	2,259	$	2,368	$	2,399	$	2,378	$	2,306	$	2,416	2.0	%		4.8	%		$	9,147	$	9,499	3.8	%
Total expenses, GAAP-basis		2,293		2,154		2,180		2,407		2,255		2,082		2,103		2,276		(5.4)			8.2			9,034		8,716		(3.5)
Fee operating leverage, GAAP-basis																		740		bps	(340)		bps					730		bps

Fee Operating Leverage, excluding notable items:
Total fee revenue, excluding notable items (as reconciled above)		$	2,260	$	2,260	$	2,259	$	2,368	$	2,399	$	2,378	$	2,306	$	2,416	2.0	%		4.8	%		$	9,147	$	9,499	3.8	%
Total expenses, excluding notable items (as reconciled above)		2,270		2,142		2,135		2,128		2,244		2,070		2,097		2,131		0.1			1.6			8,675		8,542		(1.5)
Fee operating leverage, excluding notable items																		190		bps	320		bps					530		bps

Operating Leverage, GAAP-Basis:
Total revenue, GAAP-basis		$	2,932	$	2,873	$	2,903	$	3,048	$	3,065	$	2,937	$	2,784	$	2,917	(4.3)	%		4.8	%		$	11,756	$	11,703	(0.5)	%
Total expenses, GAAP-basis		2,293		2,154		2,180		2,407		2,255		2,082		2,103		2,276		(5.4)			8.2			9,034		8,716		(3.5)
Operating leverage, GAAP-basis																		110		bps	(340)		bps					300		bps

Operating Leverage, excluding notable items:
Total revenue, excluding notable items (as reconciled above)		$	2,932	$	2,873	$	2,903	$	3,004	$	3,065	$	2,937	$	2,784	$	2,917	(2.9)	%		4.8	%		$	11,712	$	11,703	(0.1)	%
Total expenses, excluding notable items (as reconciled above)		2,270		2,142		2,135		2,128		2,244		2,070		2,097		2,131		0.1			1.6			8,675		8,542		(1.5)
Operating leverage, excluding notable items																		(300)		bps	320		bps					140		bps


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION (Continued)

	Quarters																								% Change						Year-to-Date						% Change
(Dollars in millions, except Earnings per share, or where otherwise noted)		1Q19			2Q19			3Q19			4Q19			1Q20			2Q20			3Q20			4Q20		4Q20 vs. 4Q19			4Q20 vs. 3Q20			2019			2020			YTD2020 vs. YTD2019
Net Income Available to Common Shareholders:
Net Income Available to Common Shareholders, GAAP-basis		$	452		$	537		$	528		$	492		$	580		$	662		$	517		$	498	1.2	%		(3.7)	%		$	2,009		$	2,257		12.3	%
Less: Notable items
Acquisition and restructuring costs(1)		9			12			27			29			11			12			15			12								77			50
Repositioning charges		—			—			—			110			—			—			—			133								110			133
Legal and related		14			—			18			140			—			—			(9)			—								172			(9)
Other income		—			—			—			(44)			—			—			—			—								(44)			—
Preferred securities redemption(2)		—			—			—			22			9			—			—			—								22			9
Tax impact of notable items		(2)			(3)			(12)			(25)			(3)			(3)			(4)			(37)								(42)			(47)
Net Income Available to Common Shareholders, excluding notable items		$	473		$	546		$	561		$	724		$	597		$	671		$	519		$	606	(16.3)			16.8			$	2,304		$	2,393		3.9

Diluted Earnings per Share:
Diluted earnings per share, GAAP-basis		$	1.18		$	1.42		$	1.42		$	1.35		$	1.62		$	1.86		$	1.45		$	1.39	3.0	%		(4.1)	%		$	5.38		$	6.32		17.5	%
Less: Notable items
Acquisition and restructuring costs(1)		0.02			0.03			0.06			0.06			0.02			0.02			0.03			0.03								0.16			0.10
Repositioning charges		—			—			—			0.22			—			—			—			0.27								0.22			0.27
Legal and related		0.04			—			0.03			0.38			—			—			(0.03)			—								0.44			(0.02)
Other income		—			—			—			(0.09)			—			—			—			—								(0.09)			—
Preferred securities redemption(2)(3)		—			—			—			0.06			0.03			—			—			—								0.06			0.03
Diluted earnings per share, excluding notable items		$	1.24		$	1.45		$	1.51		$	1.98		$	1.67		$	1.88		$	1.45		$	1.69	(14.6)	%		16.6			$	6.17		$	6.70		8.6

Pre-tax Margin:
Pre-tax margin, GAAP-basis		21.7		%	25.0		%	24.8		%	20.9		%	25.3%			27.3		%	24.5		%	22.0%		110		bps	(250)		bps	23.1		%	24.8		%	170		bps
Less: Notable items
Acquisition and restructuring costs(1)		0.3			0.4			1.0			1.0			0.3			0.4			0.5			0.4								0.7			0.4
Repositioning charges		—			—			—			3.6			—			—			—			4.5								0.9			1.2
Legal and related		0.5			—			0.6			4.7			—			—			(0.3)			—								1.5			(0.1)
Other income		—			—			—			(1.1)			—			—			—			—								(0.4)			—
Pre-tax margin, excluding notable items		22.5%			25.4%			26.4%			29.1%			25.6%			27.7%			24.7%			26.9%		(220)			220			25.8%			26.3%			50

Return on Average Common Equity:
Return on average common equity, GAAP-basis		8.7		%	10.1		%	9.7		%	9.0		%	10.9		%	12.1%			8.9%			8.4%		(60)		bps	(50)		bps	9.4%			10.0%			60		bps
Less: Notable items
Acquisition and restructuring costs(1)		0.2			0.2			0.5			0.5			0.2			0.2			0.2			0.2								0.4			0.2
Repositioning charges		—			—			—			2.0			—			—			—			2.4								0.5			0.6
Legal and related		0.2			—			0.3			2.6			—			—			(0.1)			—								0.7			—
Other income		—			—			—			(0.8)			—			—			—			—								(0.2)			—
Preferred securities redemption(2)(3)		—			—			—			0.4			0.2			—			—			—								0.1			—
Tax impact of notable items		—			—			(0.2)			(0.4)			(0.1)			—			—			(0.7)								(0.1)			(0.2)
Return on average common equity, excluding notable items		9.1%			10.3%			10.3%			13.3%			11.2%			12.3%			9.0%			10.3%		(300)			130			10.8%			10.6%			(20)

(1) Acquisition and restructuring costs of approximately $12 million in 4Q20, consisting of acquisition costs primarily related to CRD.
(2) We redeemed all outstanding Series C noncumulative perpetual preferred stock on March 15, 2020 at a redemption price of $500 million ($100,000 per share equivalent to $25.00 per depositary share) plus accrued and unpaid dividends. The difference between the redemption value and the net carrying value of approximately $9 million resulted in an EPS impact of approximately ($.03) per share in the first quarter of 2020.
(3) We redeemed all outstanding Series E noncumulative perpetual preferred stock on December 15, 2019 at a redemption price of $750 million ($100,000 per share equivalent to $25.00 per depositary share) plus accrued and unpaid dividends. The difference between the redemption value and the net carrying value of approximately $22 million resulted in an EPS impact of approximately ($.06) per share in 2019.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF PRE-TAX MARGIN EXCLUDING NOTABLE ITEMS

(Dollars in millions)			2016(1)			2017			2018(1)			2019			2020
Total revenue:
Total revenue, GAAP-basis			$	10,291		$	11,266		$	12,131		$	11,756		$	11,703
		Less: Gain on sale	(53)			(56)			—			—			—
		Add: Impact of tax legislation	—			20			—			—			—
		Add: Legal and related	43			—			8			—			—
		Less: Other income	—			—			—			(44)			—
Total revenue, excluding notable items			10,281			11,230			12,139			11,712			11,703

Provision for credit losses			10			2			15			10			88
Total expenses:
Total expenses, GAAP-basis			8,077			8,269			9,015			9,034			8,716
	Less:
		Acquisition and restructuring costs	(209)			(266)			(24)			(77)			(50)
		Legal and related	(56)			—			(42)			(172)			9
		Repositioning charges(1)	11			—			(324)			(110)			(133)
		Acceleration of deferred cash awards	(249)			—			—			—			—
Total expenses, excluding notable items			7,574			8,003			8,625			8,675			8,542
Income before income tax expense, excluding notable items			$	2,697		$	3,225		$	3,499		$	3,027		$	3,073

Income before income tax expense, GAAP-basis			$	2,204		$	2,995		$	3,101		$	2,712		$	2,899

Pre-tax margin, excluding notable items			26.2		%	28.7		%	28.8		%	25.8		%	26.3		%
Pre-tax margin, GAAP-basis			21.4			26.6			25.6			23.1			24.8

(1) Includes charges in 2016 that were previously disclosed as "severance costs associated with staffing realignment" and charges in 2018 that were previously disclosed as "Business exit: Channel Islands."


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF NOTABLE ITEMS

	Quarters																	% Change				Year-to-Date				% Change
(Dollars in millions)		1Q19		2Q19		3Q19		4Q19		1Q20		2Q20		3Q20		4Q20		4Q20 vs. 4Q19		4Q20 vs. 3Q20		YTD 2019		YTD 2020		YTD2020 vs. YTD2019
Total revenue:
Total revenue, GAAP-basis		$	2,932	$	2,873	$	2,903	$	3,048	$	3,065	$	2,937	$	2,784	$	2,917	(4.3)	%	4.8	%	$	11,756	$	11,703	(0.5)	%

Less: other income		—		—		—		(44)		—		—		—		—		nm		nm		(44)		—		nm
Total revenue, excluding notable items		2,932		2,873		2,903		3,004		3,065		2,937		2,784		2,917		(2.9)		4.8		$	11,712	$	11,703	(0.1)

Total expenses:
Total expenses, GAAP basis		$	2,293	$	2,154	$	2,180	$	2,407	$	2,255	$	2,082	$	2,103	$	2,276	(5.4)		8.2		$	9,034	$	8,716	(3.5)
Less: Notable expense items:
Repositioning charges:
Compensation and employee benefits		—		—		—		(98)		—		—		—		(82)		(16.3)		—		(98)		(82)		(16.3)
Occupancy		—		—		—		(12)		—		—		—		(51)		nm		—		(12)		(51)		nm
Repositioning charges		—		—		—		(110)		—		—		—		(133)		20.9		—		(110)		(133)		20.9
Acquisition and restructuring costs		(9)		(12)		(27)		(29)		(11)		(12)		(15)		(12)		(58.6)		(20.0)		(77)		(50)		(35.1)
Legal and related		(14)		—		(18)		(140)		—		—		9		—		nm		(100.0)		(172)		9		nm
Total expenses, excluding notable items		2,270		2,142		2,135		2,128		2,244		2,070		2,097		2,131		0.1		1.6		8,675		8,542		(1.5)
Seasonal expenses		(137)		—		—		—		(151)		—		—		—		—		—		(137)		(151)		10.2
Total expenses excluding notable items and seasonal expenses		2,133		2,142		2,135		2,128		2,093		2,070		2,097		2,131		0.1		1.6		8,538		8,391		(1.7)
CRD expenses		(41)		(46)		(56)		(58)		(58)		(61)		(62)		(67)		15.5		8.1		(201)		(248)		23.4
CRD related expenses: intangible asset amortization costs		(15)		(17)		(17)		(16)		(17)		(16)		(17)		(16)		—		(5.9)		(65)		(66)		1.5
Total expenses, excluding notable items, seasonal items, CRD and CRD related expenses		2,077		2,079		2,062		2,054		2,018		1,993		2,018		2,048		(0.3)		1.5		8,272		8,077		(2.4)

Net Income Available to Common Shareholders, GAAP-basis		$	452	$	537	$	528	$	492	$	580	$	662	$	517	$	498	1.2		(3.7)		$	2,009	$	2,257	12.3
Notable items as reconciled above: pre-tax		23		12		45		235		11		12		6		145						315		174
Tax impact on notable items as reconciled above		(2)		(3)		(12)		(25)		(3)		(3)		(4)		(37)						(42)		(47)
Preferred security cost		—		—		—		22		9		—		—		—						22		9
Net Income Available to Common Shareholders, excluding notable items		$	473	$	546	$	561	$	724	$	597	$	671	$	519	606		(16.3)		16.8		$	2,304	$	2,393	3.9

nm Denotes not meaningful


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF CONSTANT CURRENCY FX IMPACTS
GAAP-Basis Quarter Comparison	Reported						Currency Translation Impact					Excluding Currency Impact				% Change Constant Currency
(Dollars in millions)	4Q19		3Q20		4Q20		4Q20 vs. 4Q19		4Q20 vs. 3Q20			4Q20 vs. 4Q19		4Q20 vs. 3Q20		4Q20 vs. 4Q19		4Q20 vs. 3Q20
GAAP-Basis Results:
Fee revenue:
Servicing fees	$	1,299	$	1,301	$	1,307	$	24	$	7		$	1,283	$	1,300	(1.2)	%	(0.1)	%
Management fees	480		479		493		5		2			488		491		1.7		2.5
Foreign exchange trading services	259		270		324		—		—			324		324		25.1		20.0
Securities finance	111		84		88		—		—			88		88		(20.7)		4.8
Software and processing fees	219		172		204		—		1			204		203		(6.8)		18.0
Total fee revenue	2,368		2,306		2,416		29		10			2,387		2,406		0.8		4.3
Net interest income	636		478		499		9		2			490		497		(23.0)		4.0
Total other income	44		—		2		—		—			2		2		—		—
Total revenue	$	3,048	$	2,784	$	2,917	$	38	$	12		$	2,879	$	2,905	(5.5)		4.3

Expenses:
Compensation and employee benefits	$	1,145	$	1,062	$	1,129	$	13	$	7		$	1,116	$	1,122	(2.5)		5.6
Information systems and communications	362		395		394		1		—			393		394		8.6		(0.3)
Transaction processing services	242		234		257		3		1			254		256		5.0		9.4
Occupancy	126		109		162		2		1			160		161		27.0		47.7
Acquisition and restructuring costs	29		15		12		—		—			12		12		(58.6)		(20.0)
Amortization of other intangible assets	58		59		59		1		—			58		59		—		—
Other	445		229		263		4		3			259		260		(41.8)		13.5
Total expenses	$	2,407	$	2,103	$	2,276	$	24	$	12		$	2,252	$	2,264	(6.4)		7.7

GAAP-Basis YTD Comparison	Reported				Currency Translation Impact		Excluding Currency Impact		% Change Constant Currency
(Dollars in millions)	2019		2020		YTD2020 vs. YTD2019		2020		YTD2020 vs. YTD2019
GAAP-Basis Results:
Fee revenue:
Servicing fees	$	5,074	$	5,167	$	21	$	5,146	1.4		%
Management fees	1,824		1,880		8		1,872		2.6
Foreign exchange trading services	1,058		1,363		—		1,363		28.8
Securities finance	471		356		—		356		(24.4)
Software and processing fees	720		733		—		733		1.8
Total fee revenue	9,147		9,499		29		9,470		3.5
Net interest income	2,566		2,200		7		2,193		(14.5)
Total other income	43		4		—		4		nm
Total revenue	$	11,756	$	11,703	$	36	$	11,667	(0.8)
Expenses:
Compensation and employee benefits	$	4,541	$	4,450	$	4	$	4,446	(2.1)
Information systems and communications	1,465		1,550		1		1,549		5.7
Transaction processing services	983		978		3		975		(0.8)
Occupancy	470		489		—		489		4.0
Acquisition and restructuring costs	77		50		—		50		(35.1)
Amortization of other intangible assets	236		234		1		233		(1.3)
Other	1,262		965		2		963		(23.7)
Total expenses	$	9,034	$	8,716	$	11	$	8,705	(3.6)

nm Denotes not meaningful


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF TANGIBLE COMMON EQUITY RATIO

The tangible common equity, or TCE, ratio is a 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 are provided within the Reconciliation of Tangible Common Equity Ratio within this package.
The following table presents the calculation of State Street's ratios of tangible common equity to total tangible assets.
		Quarters
(Dollars in millions)		1Q19			2Q19			3Q19			4Q19			1Q20			2Q20			3Q20			4Q20
Consolidated total assets		$	228,332		$	241,540		$	244,606		$	245,610		$	362,527		$	280,242		$	272,075		$	314,706
Less:
Goodwill		7,549			7,565			7,500			7,556			7,506			7,538			7,607			7,683
Other intangible assets		2,208			2,155			2,077			2,030			1,963			1,914			1,870			1,827
Cash balances held at central banks in excess of required reserves		44,294			52,847			57,330			65,812			144,955			87,585			72,210			113,422
Adjusted assets		174,281			178,973			177,699			170,212			208,103			183,205			190,388			191,774
Plus related deferred tax liabilities		464			464			462			475			476			479			486			492
Total tangible assets	A	$	174,745		$	179,437		$	178,161		$	170,687		$	208,579		$	183,684		$	190,874		$	192,266
Consolidated total common shareholders' equity		$	21,348		$	21,764		$	21,519		$	21,469		$	21,390		$	22,402		$	23,087		$	23,729
Less:
Goodwill		7,549			7,565			7,500			7,556			7,506			7,538			7,607			7,683
Other intangible assets		2,208			2,155			2,077			2,030			1,963			1,914			1,870			1,827
Adjusted equity		11,591			12,044			11,942			11,883			11,921			12,950			13,610			14,219
Plus related deferred tax liabilities		464			464			462			475			476			479			486			492
Total tangible common equity	B	$	12,055		$	12,508		$	12,404		$	12,358		$	12,397		$	13,429		$	14,096		$	14,711
Tangible common equity ratio	B/A	6.9		%	7.0		%	7.0		%	7.2		%	5.9		%	7.3		%	7.4		%	7.7		%

GAAP-basis:
Net income available to common shareholders		$	452		$	537		$	528		$	492		$	580		$	662		$	517		$	498
Return on tangible common equity		15.0		%	15.8		%	16.3		%	16.3		%	18.7		%	18.5		%	16.6		%	15.3		%


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
REGULATORY CAPITAL

	Quarters
	1Q19						2Q19						3Q19						4Q19						1Q20						2Q20						3Q20						4Q20
(Dollars in millions)	Basel III Advanced Approaches(1)			Basel III Standardized Approach(2)			Basel III Advanced Approaches(1)			Basel III Standardized Approach(2)			Basel III Advanced Approaches(1)			Basel III Standardized Approach(2)			Basel III Advanced Approaches(1)			Basel III Standardized Approach(2)			Basel III Advanced Approaches(1)			Basel III Standardized Approach(2)			Basel III Advanced Approaches(1)			Basel III Standardized Approach(2)			Basel III Advanced Approaches(1)			Basel III Standardized Approach(2)			Basel III Advanced Approaches (1)			Basel III Standardized Approach(2)
RATIOS:
Common equity tier 1 capital	12.1		%	11.5		%	12.3		%	11.5		%	12.2		%	11.3		%	11.7		%	11.7		%	11.1		%	10.7		%	12.7		%	12.3		%	12.8		%	12.4		%	13.1		%	12.3		%
Tier 1 capital	15.9			15.0			15.9			14.9			15.9			14.6			14.5			14.6			13.4			12.9			15.1			14.6			15.1			14.7			15.4			14.4
Total capital	16.7			15.9			16.6			15.5			16.5			15.3			15.6			15.7			14.5			14.1			16.0			15.7			16.0			15.7			16.2			15.3
Tier 1 leverage	7.4			7.4			7.6			7.6			7.4			7.4			6.9			6.9			6.1			6.1			6.1			6.1			6.6			6.6			6.4			6.4

Supporting Calculations:
Common equity tier 1 capital	$	11,899		$	11,899		$	12,367		$	12,367		$	12,229		$	12,229		$	12,213		$	12,213		$	12,115		$	12,115		$	13,168		$	13,168		$	13,825		$	13,825		$	14,377		$	14,377
Total risk-weighted assets	98,023			103,643			100,699			107,972			100,327			108,701			104,364			104,005			109,056			112,763			103,762			106,839			108,112			111,159			109,641			117,286
Common equity tier 1 risk-based capital ratio	12.1		%	11.5		%	12.3		%	11.5		%	12.2		%	11.3		%	11.7		%	11.7		%	11.1		%	10.7		%	12.7		%	12.3		%	12.8		%	12.4		%	13.1		%	12.3		%

Tier 1 capital	$	15,589		$	—		$	16,058		$	16,058		$	15,919		$	15,919		$	15,175		$	15,175		$	14,586		$	14,586		$	15,639		$	15,639		$	16,296		$	16,296		$	16,848		$	16,848
Total risk-weighted assets	98,023			—			100,699			107,972			100,327			108,701			104,364			104,005			109,056			112,763			103,762			106,839			108,112			111,159			109,641			117,286
Tier 1 risk-based capital ratio	15.9		%	15.0		%	15.9		%	14.9		%	15.9		%	14.6		%	14.5		%	14.6		%	13.4		%	12.9		%	15.1		%	14.6		%	15.1		%	14.7		%	15.4		%	14.4		%

Total capital	$	16,386		$	16,460		$	16,672		$	16,748		$	16,530		$	16,612		$	16,275		$	16,360		$	15,771		$	15,877		$	16,650		$	16,766		$	17,290		$	17,413		$	17,809		$	17,957
Total risk-weighted assets	98,023			103,643			100,699			107,972			100,327			108,701			104,364			104,005			109,056			112,763			103,762			106,839			108,112			111,159			109,641			117,286
Total risk-based capital ratio	16.7		%	15.9		%	16.6		%	15.5		%	16.5		%	15.3		%	15.6		%	15.7		%	14.5		%	14.1		%	16.0		%	15.7		%	16.0		%	15.7		%	16.2		%	15.3		%

Tier 1 capital	$	15,589		$	15,589		$	16,058		$	16,058		$	15,919		$	15,919		$	15,175		$	15,175		$	14,586		$	14,586		$	15,639		$	15,639		$	16,296		$	16,296		$	16,848		$	16,848
Adjusted quarterly average assets	210,099			210,099			212,127			212,127			213,997			213,997			219,624			219,624			239,861			239,861			256,418			256,418			247,762			247,762			263,490			263,490
Tier 1 leverage ratio	7.4		%	7.4		%	7.6		%	7.6		%	7.4		%	7.4		%	6.9		%	6.9		%	6.1		%	6.1		%	6.1		%	6.1		%	6.6		%	6.6		%	6.4		%	6.4		%

(1) CET1, tier 1 capital, total capital and tier 1 leverage ratios for each period above were calculated in conformity with the advanced approaches provisions of the Basel III final rule.
(2) CET1, tier 1 capital, total capital and tier 1 leverage ratios for each period above were calculated in conformity with the standardized approach provisions of the Basel III final rule.


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, which was implemented 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 was required to include SLR disclosures with its other Basel disclosures.

The following tables reconcile our estimated pro forma fully-phased in SLR ratios 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.

As of December 31, 2020 (Dollars in millions)		State Street Corporation			State Street Bank
Tier 1 Capital	A	$	16,848		$	17,306
On-and off-balance sheet leverage exposure		217,039			227,182
Less: regulatory deductions		(9,353)			(8,897)
Total assets for SLR	B	207,686			218,285
Supplementary Leverage Ratio	A/B	8.1		%	7.9		%

As of September 30, 2020 (Dollars in millions)		State Street Corporation			State Street Bank
Tier 1 Capital	C	$	16,296		$	17,578
On-and off-balance sheet leverage exposure		206,985			217,362
Less: regulatory deductions		(9,261)			(8,828)
Total assets for SLR	D	197,724			208,534
Supplementary Leverage Ratio	C/D	8.2		%	8.4		%








As of June 30, 2020 (Dollars in millions)		State Street Corporation			State Street Bank
Tier 1 Capital	E	$	15,639		$	16,998
On-and off-balance sheet leverage exposure		198,266			208,344
Less: regulatory deductions		(9,234)			(8,824)
Total assets for SLR	F	189,032			199,520
Supplementary Leverage Ratio	E/F	8.3		%	8.5		%

As of March 31, 2020 (Dollars in millions)		State Street Corporation			State Street Bank
Tier 1 Capital	G	$	14,586		$	17,342
On-and off-balance sheet leverage exposure		279,537			275,700
Less: regulatory deductions		(9,275)			(8,837)
Total assets for SLR	H	270,262			266,863
Supplementary Leverage Ratio	G/H	5.4		%	6.5		%

As of December 31, 2019 (Dollars in millions)		State Street Corporation			State Street Bank
Tier 1 Capital	I	$	15,175		$	16,617
On-and off-balance sheet leverage exposure		257,124			253,500
Less: regulatory deductions		(9,262)			(8,837)
Total assets for SLR	J	247,862			244,663
Supplementary Leverage Ratio	I/J	6.1		%	6.8		%

As of September 30, 2019 (Dollars in millions)		State Street Corporation			State Street Bank
Tier 1 Capital	K	$	15,919		$	17,466
On-and off-balance sheet leverage exposure		251,304			247,529
Less: regulatory deductions		(9,276)			(8,845)
Total assets for SLR	L	242,028			238,684
Supplementary Leverage Ratio	K/L	6.6		%	7.3		%

As of June 30, 2019 (Dollars in millions)		State Street Corporation			State Street Bank
Tier 1 Capital	M	$	16,058		$	17,611
On-and off-balance sheet leverage exposure		248,690			245,118
Less: regulatory deductions		(9,387)			(8,980)
Total assets for SLR	N	239,303			236,138
Supplementary Leverage Ratio	M/N	6.7		%	7.5		%

As of March 31, 2019 (Dollars in millions)		State Street Corporation			State Street Bank
Tier 1 Capital	O	$	15,589		17,196
On-and off-balance sheet leverage exposure		245,449			242,506
Less: regulatory deductions		(9,461)			(9,017)
Total assets for SLR	P	235,988			233,489
Supplementary Leverage Ratio	O/P	6.6		%	7.4		%

January 19, 2021 (NYSE: STT) 4Q 2020 Financial Highlights

2 Preface and forward-looking statements This presentation includes certain highlights of, and also material supplemental to, State Street Corporation’s news release announcing its fourth quarter and full year 2020 financial results. That news release contains a more detailed discussion of many of the matters described in this presentation and is accompanied by detailed financial tables. This presentation is designed to be reviewed together with that news release, which is available on State Street’s website, at http://investors.statestreet.com, and is incorporated herein by reference. This presentation (and the conference call accompanying it) contains forward-looking statements as defined by United States securities laws. These statements are not guarantees of future performance, are inherently uncertain, are based on assumptions that are difficult to predict and have a number of risks and uncertainties. The forward-looking statements in this presentation speak only as of the time this presentation is first furnished to the SEC on a Current Report on Form 8-K, and State Street does not undertake efforts to revise forward-looking statements. See “Forward-looking statements” in the Appendix for more information, including a description of certain factors that could affect future results and outcomes. Certain financial information in this presentation is presented on both a GAAP basis and on a basis that excludes or adjusts one or more items from GAAP. The latter basis is a non-GAAP presentation. Refer to the Appendix for explanations of our non-GAAP financial measures and to the Addendum for reconciliations of our non-GAAP financial information.

3 Financial performance Business metrics 4Q20 and FY2020 highlights All comparisons are to corresponding prior year periods unless noted otherwise Capital and balance sheet strength 4Q20 FY2020 • ROE of 10.0% • Average deposit growth of 22% driven by client balances • Loan and investment portfolio growth serving to mitigate impact of rates • ROE of 8.4% • CET1 ratio of 12.3% with significant headroom above regulatory requirement3 • Announced 1Q21 common share repurchase program of up to $475M and redemption of $500M of preferred stock4 • EPS of $1.39; $1.69 ex-notable itemsA • Total revenue of $2.9B, down (4)% reflecting: ‒ Fee revenue of $2.4B, up 2% ‒ Net interest income of $0.5B, down (22)% • Expenses ex-notable items of $2.1B, flat YoYA ‒ Pre-tax margin of 26.9%A • AUC/A of $38.8T, with servicing wins of $205B and new business yet to be installed of $436B at quarter-end1 • AUM of $3.5T primarily reflecting higher market levels and net inflows from ETFs and cash1 • CRD annual recurring revenue (ARR) of $223M, up 17%2 • EPS of $6.32; $6.70 ex-notable itemsA • Total revenue of $11.7B, ~flat YoY reflecting: ‒ Fee revenue of $9.5B, up 4% ‒ Net interest income of $2.2B, down (14)% • Expenses ex-notable items of $8.5B, down (1.5)%A ‒ Pre-tax margin of 26.3%A A Financial metrics ex-notable items are non-GAAP measures; refer to the Appendix for explanations and reconciliations of our non-GAAP measures. Refer to the Appendix included with this presentation for endnotes 1 to 20. • Servicing wins of $787B1 • 6 State Street AlphaSM wins1 • Continued ETF and cash net inflows for SSGA • CRD standalone software-enabled revenue up 17%; SaaS clients increased 18%5

4 4Q20 notable items A Refer to the Addendum for further details on notable items. B A cash tender offer was completed in 4Q19 of ~$297M of our $800M aggregate principal amount of outstanding Floating Rate Junior Subordinated Debentures due 2047, resulting in a gain of ~$44M. C As previously announced, we temporarily suspended reduction in force actions in 2020 as a result of the COVID-19 pandemic. The expected FY2021 savings reflect the impact of those actions previously suspended as well as those announced this quarter. Repositioning charges of $133M • Compensation and employee benefit costs of $82M associated with automation of processes and organizational simplification enabling workforce rationalization • Occupancy costs of $51M related to real estate foot print optimization • Expected FY2021 savings of ~$150MC Other notable items • Acquisition and restructuring costs of $12M primarily associated with the CRD acquisition 4Q19 3Q20 4Q20 Repositioning charges: Compensation & employee benefits $(98) - ($82) Occupancy (12) - (51) Total repositioning costs (110) - (133) Acquisition and restructuring costs (29) (15) (12) Legal and related costs (140) 9 - Gain on Junior Subordinated DebtB 44 - - Total Notable items (pre-tax) $(235) ($6) ($145) Preferred securities redemption (after-tax) (22) - - EPS Impact $(0.63) - $(0.30) ($M, except EPS data) QuartersA

5 4Q19 3Q20 4Q20 4Q19 3Q20 2019 2020 % ∆ Revenue: Servicing fees $1,299 $1,301 $1,307 0.6% 0.5% $5,074 $5,167 1.8% Management feesA 480 479 493 2.7 2.9 1,824 1,880 3.1 Foreign exchange trading servicesA 259 270 324 25.1 20.0 1,058 1,363 28.8 Securities finance 111 84 88 (20.7) 4.8 471 356 (24.4) Software and processing fees 219 172 204 (6.8) 18.6 720 733 1.8 Total fee revenue 2,368 2,306 2,416 2.0 4.8 9,147 9,499 3.8 Net interest income 636 478 499 (21.5) 4.4 2,566 2,200 (14.3) Other income 44 - 2 nm nm 43 4 nm Total revenue $3,048 $2,784 $2,917 (4.3)% 4.8% $11,756 $11,703 (0.5)% Provision for credit losses6 $3 - - nm nm $10 $88 nm Total expenses6 $2,407 $2,103 $2,276 (5.4)% 8.2% $9,034 $8,716 (3.5)% Net income $564 $555 $537 (4.8)% (3.2)% $2,242 $2,420 7.9% Diluted earnings per share $1.35 $1.45 $1.39 3.0% (4.1)% $5.38 $6.32 17.5% Return on average common equity 9.0% 8.9% 8.4% (0.6)%pts (0.5)%pts 9.4% 10.0% 0.6%pts Pre-tax margin 20.9% 24.5% 22.0% 1.1%pts (2.5)%pts 23.1% 24.8% 1.7%pts Tax rate 11.6% 18.5% 16.1% 4.5%pts (2.4)%pts 17.3% 16.5% (0.8)%pts Ex-notable items, non-GAAP B: Total revenue $3,004 $2,784 $2,917 (2.9)% 4.8% $11,712 $11,703 (0.1)% Total expenses $2,128 $2,097 $2,131 0.1 1.6 $8,675 $8,542 (1.5) EPS $1.98 $1.45 $1.69 (14.6) 16.6 $6.17 $6.70 8.6 Pre-tax margin 29.1% 24.7% 26.9% (2.2)%pts 2.2%pts 25.8% 26.3% 0.5%pts (GAAP, $M, except EPS data, or where otherwise noted) Quarters % ∆ Full Year Summary of 4Q20 and FY2020 results FY2020 reflects growth in EPS, ROE and pre-tax margin, as well as positive operating leverage A Certain fees associated with our GLD ETFs have been reclassified from Foreign exchange trading services to Management fees to better reflect the nature of those fees. Prior periods have been reclassified to conform to current-period presentation. These fees were approximately $12M, $12M, $14M and $15M in 1Q19, 2Q19, 3Q19 and 4Q19, respectively, and approximately $15M, $19M, $24M and $23M in 1Q20, 2Q20, 3Q20 and 4Q20, respectively. B This is a non-GAAP presentation; refer to the Appendix for a reconciliation of ex-notable items and further explanations of non-GAAP measures.

6 AUC/A and AUM levels, markets and flows performance AUC/A and AUMA Market indices7 • 13% increase from 4Q19 primarily driven by: – Higher period-end market levels, net new business growth, and client flows • 6% increase from 3Q20 largely reflecting: – Higher period-end market levels and client flows • 11% and 10% increase from 4Q19 and 3Q20, respectively, reflecting: – Higher period-end market levels and net inflows from ETFs and cash, partially offset by institutional net outflows AUC/A ($T, as of period-end) AUM ($B, as of period-end) Select industry flows8 +10% +6% ($B) Total flowsB 4Q19 3Q20 4Q20 Long Term Funds $50 $21 $59 Money Market 182 (166) (81) ETF 88 60 128 North America Total 320 (84) 106 EMEA Total 199 227 214 $36.6 3Q204Q19 $34.4 4Q20 $38.8 $3,116 4Q204Q19 $3,148 3Q20 $3,467 +13% +11% A Changes to AUC/A and AUM also reflect FX translation. B Line items may not sum to total due to rounding. Refer to the Appendix included with this presentation for endnotes 1 to 20. 4Q19 3Q20 EOP 16% 12% Daily Avg 15 7 EOP 5 16 Daily Avg 2 7 EOP 16 19 Daily Avg 13 10 Barclays Global Agg EOP 9 3 4Q20 vs (% change) S&P 500 MSCI EAFE MSCI EM

7 Revenue: Servicing fees Servicing fees ($M) 4Q20 performance $1,299 $1,287 $1,272 $1,301 $1,307 3Q201Q204Q19 2Q20 4Q20 $3,048 $3,065 $2,937 $2,784 $2,917 YoY -4% QoQ +5% Total revenue Servicing fees of $1,307M up 1% YoY and flat QoQ 4Q20 performance included growth in Alternative, Asset Owner, Insurance and Official Institution client segments offset primarily by softness in the medium-sized Asset Manager segment mainly in North America and EMEA • Up 1% YoY primarily driven by higher average market levels, partially offset by normal pricing headwinds, softness in recent sales, and client activity/adjustments • Relatively flat QoQ as higher average market levels and moderate net new business was offset by client activity/adjustments and normal pricing headwinds ~Flat +1% AUC/A wins $294 $171 $162 $249 $205 1,167 1,063 1,037 486 436 AUC/A to be installed AUC/A sales performance indicators ($B)1 • Total revenues were positively impacted by FX translation when compared to 4Q19 and 3Q20 by $38M and $12M, respectively; Servicing fees were also positively impacted by $24M and $7M, respectively Institutional Services revenue growth action plan Enhancing our strategy to drive future growth • Create enhanced client solutions and leverage the Alpha value proposition to expand sales pipeline – Over 25% of 2H20 AUC/A wins attributed to Alpha deals1 • Continue to upgrade talent and roll out enhanced sales coverage model to a total of 350 top clients (up from 200 previously) • Redefine and pursue new segment and regional strategies to grow market share, and optimize a global operating model Refer to the Appendix included with this presentation for endnotes 1 to 20.

8 Revenue: Management, Markets, Software and processing fee revenue Management, Markets, Software & processing fee ($M) 4Q20 performance 219 112 245 172 204 111 92 92 84 88 259 444 325 270 324 480 464 444 479 493 $1,112 4Q203Q201Q204Q19 2Q20 $1,069 $1,106 $1,005 1,109 Mgmt. Fees9 FX Trading9 Securities Finance Software & processing A Refer to the Addendum for line of business information B For 4Q20, on a consolidated basis, CRD revenue contributed $106M, including $103M in Software and processing fees and $3M in FX trading services. On a standalone-basis, CRD revenue of $115M includes $9M of revenue associated with affiliates, including SSGA, that is eliminated in consolidation for financial reporting purposes. Refer to the Appendix included with this presentation for endnotes 1 to 20. +10% +4% Management, Markets, Software and processing fee revenue of $1,109M up 4% YoY and up 10% QoQ • Management fees of $493M – Up 3% YoY mainly due to higher average market levels and ETF inflows, partially offset by net institutional and timing of cash outflows – Up 3% QoQ primarily driven by higher average market levels, partially offset by net institutional and timing of cash outflows Investment management business pre-tax margin increased to 32% in 4Q20A • FX trading services of $324MB – Up 25% YoY reflecting higher client FX volumes and FX volatility – Up 20% QoQ mainly due to higher spreads #1 FX provider to Asset Managers and reached record FX volumes in 2020 10 • Securities finance of $88M – Down (21)% YoY primarily driven by lower EC balances and spreads – Up 5% QoQ primarily due to higher agency lending and EC balances 4Q20 securities on loan balances outpaced industry growth 11 • Software and processing fees of $204MB – Down (7)% YoY mainly reflecting the timing of on-prem CRD revenues – Up 19% QoQ largely driven by higher CRD revenues and market-related adjustments Continued CRD business momentum with 4Q20 ARR of $223M2 $3,048 $3,065 $2,937 $2,784 $2,917 Total revenue YoY -4% QoQ +5%

9 193 225 71 87 137 147 $401 FY2020FY2019 $459 49 57 59 19 22 20 57 20 36 4Q19 3Q20 4Q20 $115 $126 $99 Professional services Software-enabled (including SaaS) 12 On-prem12 A For 4Q20, CRD standalone results include revenue of $115M and pre-tax income of $48M, which includes $9M of revenue associated with affiliates, including SSGA, that is eliminated in consolidation for financial reporting purposes. On a consolidated basis, CRD revenue contributed $106M, including $103M in Software and processing fees and $3M in FX trading services. Revenue line items may not sum to total due to rounding. Refer to the Appendix included with this presentation for endnotes 1 to 20. Pre-tax income 13 $68 $37 $48 23 17 5 190 213 223 104 92 98 CRD and State Street Alpha New bookings 14 CRD financial performance (Standalone basis, $M)A CRD and Alpha highlightsA CRD • 4Q20 revenue of $115M – Down (9)% YoY primarily due to several large prior period on-prem renewals, partially offset by higher software-enabled revenue (+20% YoY) – Up 16% QoQ largely driven by renewals • FY2020 revenue of $459M – Up 14% YoY reflecting continued business momentum, with particular growth in software- enabled and professional services revenue – Software-enabled revenue up 17% YoY; SaaS clients increased 18% YoY5 • Achieved EPS accretion (ex-A&R) and confident in achieving both revenue and expense synergy targets15 State Street Alpha • 6 Alpha clients signed in 2020, including 3 in 4Q20 • Launched Alpha Data Platform, a cloud-based solution enabled by partnerships with Microsoft® Azure and other technology providers ARR 2 Uninstalled revenue backlog $200 $211 37 30 16% YoY growth 18% YoY growth +14% +16% -9%

10 1.36% 0.85% 0.84% n/a 0.88% 0.85% Revenue: Net interest income NII and NIM ($M)16 Average balance sheet highlights ($B) 4Q20 $478 $498 ex- true-up 4Q19 $636 3Q20 $499 Total average assets of $277B up 21% YoY and 5% QoQ • Up 21% YoY and 5% QoQ largely driven by higher total average deposits • Expanded our lending activities and investment portfolio, and shifted central bank balances to higher-yielding assets A 3Q20 NII of $478M includes a true-up of ~$(20)M related to prior periods that had previously been recorded in other comprehensive income. Excluding the 3Q20 true-up, 4Q20 NII of $499M was flat compared to 3Q20 adjusted NII of $498M. Refer to the Appendix included with this presentation for endnotes 1 to 20. -22% NIM16 (FTE, %) ex-MMLF $3,048 $2,784 $2,917 Total revenue +4% Flat ex-true-upA NII of $499M down (22)% YoY and up 4% QoQ • Down (22)% YoY primarily due to lower market rates, partially offset by growth in deposits, the investment portfolio and loan balances, and episodic market-related benefits in 4Q20 • Up 4% QoQ mainly driven by the absence of the 3Q20 $(20)M true-upA, growth in deposits, the investment portfolio and loan balances, and episodic market-related benefits in 4Q20, partially offset by the impact of low market rates – Excluding the true-up in 3Q20, NII was flat QoQA 4Q19 3Q20 4Q20 Total assets EOP $229 246 $264 272 $277 315 Loans EOP 25 26 26 27 28 28 Investment portfolio (ex. MMLF) EOP 95 96 103 107 108 108 Total deposits EOP 164 182 189 198 206 240 YoY -4% QoQ +5%

11 Expenses Expenses (Ex-notable items, non-GAAP, $M)A 4Q20 performance (Ex-notable items, non-GAAP)A $2,407 $2,103 $2,276 39,103 38,979 39,439 GAAP Expense Head- count 363 297 322 242 234 257 362 395 394 1,047 1,062 1,047 3Q204Q19 4Q20 2,131$2,128 $2,097 109114 +2% Flat A Quarterly expenses ex-notable items, as presented, is a non-GAAP presentation; refer to the Appendix for a reconciliation of ex-notable items and seasonal expenses to GAAP expenses. Refer to the Appendix included with this presentation for endnotes 1 to 20. Comp. & ben. Info. sys. Tran. processing Other17 Occupancy • Total GAAP expenses were adversely impacted by FX translation when compared to 4Q19 and 3Q20 by $24M and $12M, respectively • Headcount up 1% YoY and QoQ primarily reflecting an increase in global hubs Expenses ex-notable items of $2,131M flat YoY and up 2% QoQ • Compensation and benefits of $1,047M18 – Flat YoY as lower headcount in high cost locations and contractor spend was offset by higher headcount in global hubs – Down (1)% QoQ mainly due to lower contractor spend and incentive compensation, partially offset by higher medical costs • Information systems and communications of $394M – Up 9% YoY mainly reflecting higher software costs and technology infrastructure investments – Flat QoQ • Transaction processing services of $257M – Up 6% YoY and 10% QoQ primarily due to higher market data volumes and sub-custody balances • Occupancy of $111M18 – Down (3)% YoY primarily due to benefits from footprint optimization • Other of $322M18 – Down (11)% YoY mainly driven by lower marketing and travel spend, partially offset by higher professional fees – Up 8% QoQ mainly due to higher marketing and professional fees 111

12 Investment portfolio and capital ratios Investment portfolio highlights19 ($B, portfolio metrics as of period-end) Capital ratios3 (%, as of period-end) CET1 (Standardized) Tier 1 Leverage HTM % Duration 44% 45% 47% 2.7 2.9 3.0 $80 $96 $94 $16 $16 $17$96 4Q204Q19 $111 3Q20 $112 Non-HQLA HQLA A ~$5B MMLF Continued capital strength • Standardized CET1 ratio was relatively flat QoQ as higher RWAs were largely offset by higher retained earnings • Tier 1 leverage ratio decreased QoQ primarily reflecting higher average total assets, partially offset by higher retained earnings • Returned $184M to shareholders in the form of common stock dividends in 4Q20; announced 1Q21 share repurchase program of up to $475M4 A Money Market Mutual Fund Liquidity Facility (MMLF) contributed ~$3B to the investment portfolio at period-end. Excluding MMLF, the investment portfolio size would have been ~$108B at period-end, with a duration of 3.1 years and 44% HTM. Refer to the Appendix included with this presentation for endnotes 1 to 20. G-SIB surcharge SCB Minimum ratio4.5% 2.5% 12.3%11.7% 4Q19 3Q20 12.4% 4Q20 8.0% Headroom 4.3% 1.0% Regulatory minimum 6.9% 6.6% 6.4% 4.0% 4Q204Q19 3Q20 Regulatory minimum Minimum ratio Headroom 2.4% 17% 83% 15% 85% ~$3B MMLF 16% 84%

13 Summary 4Q20 financial review • EPS of $1.39, up 3%; Pre-tax margin of 22.0%, up 1.1%pts; ROE of 8.4% • EPS ex-notable items of $1.69, down (15)%A – Fee revenue of $2.4B, up 2%, primarily driven by elevated FX trading activity, partially offset by lower Securities finance and Software and processing fees – NII of $0.5B, down (22)%, largely reflecting the lower interest rate environment – Expenses of $2.1B, flat YoYA – Pre-tax margin of 26.9%, down (2.2)%ptsA FY2020 financial review • EPS of $6.32, up 17%; Pre-tax margin of 24.8%, up 1.7%pts; Operating leverage of 3.0%pts; ROE of 10.0% • EPS ex-notable items of $6.70, up 9%A – Fee revenue of $9.5B, up 4%, primarily driven by elevated FX trading activity, improved Servicing and Management fees, and CRD performance, partially offset by lower Securities finance revenue – NII of $2.2B, down (14)% – Expenses of $8.5B, down (1.5)%, reflecting 2020 net productivity initiativesA – Generated positive operating leverage of 1.4%ptsA – Pre-tax margin improved to 26.3%, up 0.5%ptsA • Announced 1Q21 common share repurchase program of up to $475M and redemption of $500M of preferred stock4 A Financial metrics ex-notable items are non-GAAP measures; refer to the Appendix for explanations and reconciliations of our non-GAAP measures. Refer to the Appendix included with this presentation for endnotes 1 to 20. All comparisons are to corresponding prior year periods unless noted otherwise

14 FY2021 Outlook A Financial metrics ex-notable items are non-GAAP measures; refer to the Appendix for explanations and reconciliations of our non-GAAP measures. B Fee revenue in FY2020 and FY2019 included FX trading revenue of $1,363M and $1,058M, respectively. Excluding FX trading revenue, FY2020 adjusted Fee revenue of $8,136M was up 1% compared to FY2019 adjusted Fee revenue of $8,089M. C Currency translation increases both fee revenue and expenses in FY2021 by ~1%pts each. Tax rate FY2020 review Expense management (ex-notable items)A NII Fee revenue Operating environment FY2021 outlook • Equity market period-end growth, up 7-8% • Normalizing FX market volatility following spike in 2020 • Current forward rate curve • Flat to up 2% YoY; Up 3-5% YoY excluding FX trading revenueC • FX trading revenue expected to normalize below 2020 • Down (14-17)% • NII expected to stabilize after 1Q21 step down • Effective tax rate of 17-19% • Equity market period-end levels: S&P 500 up 16%; MSCI EAFE up 5% • Fed Funds rate cuts to near zero • Average 10Y US Treasury rate of 0.89% • Up 4% YoY; Up 1% excluding FX trading revenueB • Down (14)% YoY • Effective tax rate of 16.5% FY2020 $8,542M Optimization savings FY2018 FY2019 ~4-5% Incremental investments & variable costs ~(5-6)% FY2021E $8,625M $8,675M ↓~0-(1)%C Expenses expected to be flat to down (1)%C • Incremental investments & variable costs – Continue to expand CRD and our State Street Alpha strategy – Upgrade and modernize technology infrastructure – Drive product innovation and client service • Optimization savings – Focus on further process automation and organizational simplification – Real estate footprint reduction across 20 sites +1% -2% ex-CRD Targeting flat to -1% reductionC-1.5%

15 Medium term financial targets affirmed but timing adjusted two years to the end of 2023 (for FY2024) driven by significant shifts in the interest rate environmentA Revenue growth Pre-tax margin EPS growth Capital return ROE 4–5% with CRD 30% 10–15% Targeting total payout ratio greater than or equal to 80%C 12–15% Medium term targets: Our strategic priorities will deliver growth, drive innovation and enhance shareholder value • NII was impacted by a ~200bp decline in interest rates, including 5 Fed Funds rate cuts since the end of 2018 – Holding all else equal, the lower interest rate environment since 4Q18 has impacted 4Q20 pre-tax margin by an estimated ~5.0%pts and ROE by an estimated ~2.5%pts • Average global equity markets growth was as expected with US equity markets stronger and international markets decliningB A Financial targets to be met by the end of 2023 or on a run-rate basis for FY2024; Previously announced timeline for financial targets was for them to be met by the end of 2021 (for FY2022). Total revenue growth is market dependent, including, but not limited to, the impacts from interest rate cycles, as well as equity and fixed income markets. Financial targets do not reflect items outside of the normal course of business. Revenue and EPS growth targets stated on a YoY basis. Timing to achieve all medium-term financial targets may become subject to uncertainties associated with the COVID-19 pandemic, including the overall magnitude and duration of its impact. B Equity market comparison based on FY2020 average equity market levels as compared to FY2018 average equity market levels. C Payout of 80% in the medium term, but payout expected to be higher in near term assuming SCB in effect without regulatory limitations (e.g., pandemic-related). Refer to endnotes 4 and 20 for additional details.

16 Appendix FY2020 Fee revenue, NII and Expenses 17 FY2020 line of business performance 18 Reconciliation of notable items 19 Endnotes 20 Forward-looking statements 21 Non-GAAP measures 22 Definitions 23

17 FY2020 Fee revenue, NII and Expenses Fee Revenue 720 733 471 1,058 1,363 1,824 1,880 5,074 5,167 FY2020 $9,147M FY2019 356 $9,499M +3.8% NII Expenses ex-notablesA YoY % ∆ +1.8% +3.1% +28.8% -24.4% +1.8% Servicing fees Management Fees9 FX trading9 Securities finance Software & processing FY2019 $2,200M FY2020 $2,566M -14.3% 1,326 1,208 458 438 983 978 1,465 1,550 4,443 4,368 FY2020FY2019 $8,675M $8,542M -1.5% Comp. & benefits Information systems Transaction processing Occupancy YoY % ∆ -1.7% +5.8% -0.5% -4.4% -8.9%Other 17 A Quarterly expenses ex-notable items, as presented, is a non-GAAP presentation; refer to the Appendix for a reconciliation of ex-notable items and seasonal expenses to GAAP expenses. Refer to the Appendix included with this presentation for endnotes 1 to 20.

18 FY2020 line of business performance Investment Servicing Total revenueA 2,590 2,211 7,201 7,514 $9,729M$9,834M FY2019 FY2020 Pre-tax income Fee revenue NII Pre-tax margin 27.3% 26.4% -0.9%pts FY2019 FY2020 $2,684MB $2,570M YoY % ∆ +4.3% -14.6% -1.1% -4.2% Investment Management State Street Total revenue $1,922M FY2019 $1,974M FY2020 Pre-tax income Pre-tax margin 20.1% 25.5% +5.4%pts FY2020 $387M FY2019 $503M YoY % ∆ +2.7% +30.0% Total revenueA 2,566 2,200 9,147 9,499 FY2019 FY2020 $11,703M$11,756M Pre-tax incomeC Fee revenue NII Pre-tax margin 23.1% 25.8% 24.8% 26.3% +1.7%pts +0.5%pts ex-notablesD 2,712 2,899 315 174 FY2019 FY2020 $3,027M $3,073M YoY % ∆ +3.8% -14.3% -0.5% +6.9% GAAP +1.5% ex-notablesD Notable items A Total revenue also includes Other income of $43M and $4M in FY2019 and FY2020, respectively. B Includes gain of ~$44M included in Other income associated with a tender offer of our Floating Rate Junior Subordinated Debenture. C Pre-tax income and pre-tax margin also include expenses from the Other line of business segment, which had total expenses of $359M and $174M in FY2019 and FY2020, respectively. D Pre-tax income and pre-tax margin ex-notable items are non-GAAP measures; refer to the Appendix for explanations and reconciliations of our non-GAAP measures.

19 Reconciliation of notable items A Calculated as the period-over-period change in total revenue less the period-over-period change in total expenses. B Calculated as the period-over-period change in total revenue, excluding notable items less the period-over-period change in total expenses, excluding notable items. Quarterly reconciliation (Dollars in millions, unless noted otherwise) 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 4Q20 vs. 4Q19 4Q20 vs. 3Q20 2018 2019 2020 YTD2019 vs. YTD2018 YTD2020 vs. YTD2019 Total revenue, GAAP-basis 2,932 2,873 2,903 3,048 3,065 2,937 2,784 2,917 (4.3)% 4.8% 12,131 11,756 11,703 (3.1)% (0.5)% Add: Legal and related 8 Less: Other income (44) (44) 0 Total revenue, excluding notable items 2,932 2,873 2,903 3,004 3,065 2,937 2,784 2,917 (2.9)% 4.8% 12,139 11,712 11,703 (3.5)% (0.1)% Total expenses, GAAP basis 2,293 2,154 2,180 2,407 2,255 2,082 2,103 2,276 (5.4)% 8.2% 9,015 9,034 8,716 0.2% (3.5)% Less: Notable expense items: Repositioning charges: Compensation and employee benefits (98) (82) (259) (98) (82) Occupancy (12) (51) (41) (12) (51) Repositioning charges (110) (133) (300) (110) (133)0 Acquisition and restructuring costs (9) (12) (27) (29) (11) (12) (15) (12) (24) (77) (50) Legal and related (14) (18) (140) 9 (42) (172) 9 Business exit (24) 0 0 Total expenses, excluding notable items 2,270 2,142 2,135 2,128 2,244 2,070 2,097 2,131 0.1% 1.6% 8,625 8,675 8,542 0.6% (1.5)% CRD expenses (41) (46) (56) (58) (58) (61) (62) (67) (39) (201) (248) State Street expenses related to CRD: intangible asset amortization costs (15) (17) (17) (16) (17) (16) (17) (16) (18) (65) (66) Total expenses, excluding notable items and CRD and CRD-related expenses 2,214 2,079 2,062 2,054 2,169 1,993 2,018 2,048 (0.3)% 1.5% 8,568 8,409 8,228 (1.9)% (2.2)% Operating leverage, GAAP-basis (%pts)A 110 bps (340) bps (330) bps 300 bps Operating leverage, excluding notable items (%pts)B (300) 320 (410) 140 Pre-tax margin, GAAP-basis (%) 21.7% 25.0% 24.8% 20.9% 25.3% 27.3% 24.5% 22.0% 110 (250) 25.6% 23.1% 24.8% (250) 170 Notable items as reconciled above (%) 0.8% 0.4% 1.6% 8.2% 0.3% 0.4% 0.2% 4.9% 3.2% 2.7% 1.5% Pre-tax margin, excluding notable items (%) 22.5% 25.4% 26.4% 29.1% 25.6% 27.7% 24.7% 26.9% (220) 220 28.8% 25.8% 26.3% (300) 50 Net income available to common shareholders, GAAP-basis 452 537 528 492 580 662 517 498 1.2% (3.7)% 2,404 2,009 2,257 (16.4)% 12.3% Notable items as reconciled above: pre-tax 23 12 45 235 11 12 6 145 398 315 174 Tax impact on notable items as reconciled above (2) (3) (12) (25) (3) (3) (4) (37) (89) (42) (47) Preferred securities cost 22 9 0 22 9 Net income available to common shareholders, excluding notable items 473 546 561 724 597 671 519 606 (16.3)% 16.8% 2,713 2,304 2,393 (15.1)% 3.9% Diluted EPS, GAAP-basis 1.18 1.42 1.42 1.35 1.62 1.86 1.45 1.39 3.0% (4.1)% 6.39 5.38 6.32 (15.8)% 17.5% Notable items as reconciled above 0.06 0.03 0.09 0.63 0.05 0.02 0.00 0.30 0.82 0.79 0.38 Diluted EPS, excluding notable items 1.24 1.45 1.51 1.98 1.67 1.88 1.45 1.69 (14.6)% 16.6% 7.21 6.17 6.70 (14.4)% 8.6% % Change Year-to-Date % Change

20 Endnotes 1. New asset servicing mandates, including announced front-to-back investment servicing clients, may be subject to completion of definitive agreements, approval of applicable boards and shareholders and customary regulatory approvals. New asset servicing mandates and servicing assets remaining to be installed in future periods exclude new business which has been contracted, but for which the client has not yet provided permission to publicly disclose and is not yet installed. These excluded assets, which from time to time may be significant, will be included in new asset servicing mandates and reflected in servicing assets remaining to be installed in the period in which the client provides its permission. Servicing mandates and servicing assets remaining to be installed in future periods are presented on a gross basis and therefore also do not include the impact of clients who have notified us during the period of their intent to terminate or reduce their relationship with State Street, which from time to time may be significant. New business in assets to be serviced is reflected in our AUC/A after we begin servicing the assets, and new business in assets to be managed is reflected in our AUM after we begin managing the assets. As such, only a portion of any new asset servicing and asset management mandates may be reflected in our AUC/A and AUM as of any particular date specified. Generally, our servicing fee revenues are affected by several factors including changes in market valuations, client activity and asset flows, net new business and the manner in which we price our services. We provide a range of services to our clients, including core custody services, accounting, reporting and administration and middle office services, and the nature and mix of services provided affects our servicing fees. The basis for fees will differ across regions and clients. The industry in which we operate has historically faced pricing pressure, and our servicing fee revenues are also affected by such pressures today. Consequently, no assumption should be drawn as to future revenue run rate from announced servicing wins or new servicing business yet to be installed, as the amount of revenue associated with AUC/A can vary materially. Management fees generally are affected by our level of AUM and differ based upon the nature, type and investment strategy of the investment product. Management fee revenue is more sensitive to market valuations than servicing fee revenue, as a higher proportion of the underlying services provided, and the associated management fees earned, are dependent on equity and fixed-income security valuations. Additional factors, such as the relative mix of assets managed, may have a significant effect on our management fee revenue. While certain management fees are directly determined by the values of AUM and the investment strategies employed, management fees may reflect other factors, including performance fee arrangements, as well as our relationship pricing for clients. 2. CRD ARR is calculated by annualizing current quarter revenue and includes annualized amount of most software-enabled revenue, including revenue generated from Software-as-a-service, maintenance and support revenue, revenue from the Charles River Network’s FIX Network Service (CRN), and value-added services, which are all expected to be recognized ratably over the term of client contracts. ARR excludes software-enabled brokerage revenue. ARR of $190M, $213M and $223M in 4Q19, 3Q20 and 4Q20, respectively, include annualized intercompany revenue of ~$8M, ~$15M and ~$21M, respectively. 3. Unless otherwise noted, all capital ratios referenced on this slide and elsewhere in this presentation refer to State Street Corporation, or State Street, and not State Street Bank and Trust Company, or State Street Bank. All capital ratios are as of quarter end. The lower of capital ratios calculated under the Basel III advanced approaches and under the Basel III standardized approach are applied in the assessment of our capital adequacy for regulatory purposes. Standardized approach ratios were binding for 4Q20 and 3Q20, while Advanced approaches ratios were binding for 4Q19. Refer to the Addendum included with description of these ratios. December 31, 2020 capital ratios are presented as of quarter-end and are estimated as of January 19, 2021. 4. State Street’s $475M common stock repurchase authorization covers the period ending March 31, 2021. Stock purchases may be made using various types of transactions, including open-market purchases, accelerated share repurchases or other transactions off the market, and may be made under Rule 10b5-1 trading programs. The timing of stock purchases, type of transaction and number of shares purchased will depend on several factors, including market conditions and State Street’s capital position, its financial performance, the amount of common stock issued as part of employee compensation programs, investment opportunities and the potential for regulatory limitations on capital actions. The common stock purchase program does not have specific price targets and may be suspended at any time. 5. New SaaS client comparison based on the number of SaaS clients at year-end 2020 as compared to year-end 2019. 6. In accordance with ASU 2016-13, the Provision for credit losses for 3Q20 and 4Q20 includes the provision on funded and unfunded commitments as well as HTM securities. For 4Q19, the provision for credit losses on unfunded commitments of $3 million is included within Total expenses. 7. The index names listed are service marks of their respective owners. 8. Industry data is provided for illustrative purposes only. It is not intended to reflect State Street's or its clients' activity and is indicative of only selected segments of the entire industry. The data provider for North America and EMEA industry flows were changed to Morningstar from other providers in 3Q20 for consistency across regions and other efficiency considerations. Data collection and tabulation methodologies among data providers differ. All periods presented reflect data sourced from Morningstar. Prior period data therefore differs from data previously presented, which was sourced from other data providers. Morningstar data includes long-term mutual funds, ETF’s and Money Market funds. Mutual fund data represents estimates of net new cash flow, which is new sales minus redemptions combined with net exchanges, while ETF data represents net issuance, which is gross issuance less gross redemptions. Data for Fund of Funds, Feeder funds and Obsolete funds were excluded from the series to prevent double counting. Data is from the Morningstar Direct Asset Flows database. The long-term fund flows reported by Morningstar in North America are composed of US domiciled Market flows mainly in Equities, Allocation and Fixed Income asset classes. 4Q20 data for North America (US domiciled) includes Morningstar actuals October and November and Morningstar estimates for December 2020. 4Q20 data for EMEA is on a rolling three month basis for September 2020 through November 2020. 9. Certain fees associated with our GLD ETFs have been reclassified from Foreign exchange trading services to Management fees to better reflect the nature of those fees. Prior periods have been reclassified to conform to current-period presentation. These fees were approximately $12M, $12M, $14M and $15M in 1Q19, 2Q19, 3Q19 and 4Q19, respectively, and approximately $15M, $19M, $24M and $23M in 1Q20, 2Q20, 3Q20 and 4Q20, respectively. 10. Recognized Global Markets as the #1 FX provider to asset managers in the 2020 Euromoney (Real Money) FX Survey. 11. Industry data sourced from IHS Markit and reflects average loan balances for equities and fixed income. 12. On-prem revenue is revenue derived from locally installed software. Software-enabled revenue includes software as a service, maintenance and support revenue, FIX, brokerage, and value-add services. Revenue recognition pattern for on-prem installations differs from software-enabled revenue. 13. Revenue and pre-tax income reflects the application of ASC 606. Revenue recognition under ASC 606 results in the acceleration of a significant portion of revenues for on-prem software agreements when a client goes live or renews their contract with us. The amount of revenue recognized in any given quarter will be driven in large part by client activity, including agreements that renew or are installed in that quarter. 14. CRD bookings, as presented in this presentation, represent signed annual recurring revenue contract value excluding bookings with affiliates, including SSGA. CRD revenue derived from affiliate agreements is eliminated in consolidation for financial reporting purposes. 15. Revenue synergy target of $75-85M in 2021 mainly represents opportunities to enhance the distribution of State Street products and capabilities to CRD clients, cross sell CRD into State Street client base, expand share of wallet across our combined client base, bundle services to clients seeking an integrated experience and expand combined and integrated capabilities into new client segments. Cost synergy target of ~$55-65M in 2021 is net of expenses and cost to achieve, excluding restructuring charges, on a pre-tax basis. All targets as announced on July 20, 2018. 16. NII is presented on a GAAP-basis. NIM is presented on an FTE-basis. Refer to the Addendum for reconciliations of NII FTE-basis to NII GAAP-basis on the Average Statement of Condition. NIM (ex-MMLF) is presented on a FTE-basis and also excludes NII of $1.7M and $1.2M for 3Q20 and 4Q20, respectively. 17. Other includes Other expenses and Amortization of intangible assets. 18. Compensation and benefits expenses in 4Q20 and 4Q19 included notable items related to repositioning charges of $82M and $98M, respectively. Excluding these notable items, 4Q20 adjusted Compensation and benefits of $1,047M was flat compared to 4Q19 adjusted Compensation and benefits of $1,047M and down (1)% compared to 3Q20 Compensation and benefits of $1,062M. Occupancy expenses in 4Q20 and 4Q19 included notable items related to repositioning charges of $51M and $12M, respectively. Excluding these notable items, 4Q20 adjusted Occupancy of $111M was down (3)% compared to 4Q19 adjusted Occupancy of $114M and up 2% compared to 3Q20 Occupancy expenses of $109M. Other expenses in 4Q20, 3Q20, and 4Q19 included notable items related to acquisition and restructuring costs of $12M, $15M, and $29M, respectively. Other expenses in 3Q20 and 4Q19 also included notable items from legal and related (benefits) costs of $(9)M and $140M, respectively. Excluding all these notable items, 4Q20 Other expenses of $322M was down (11)% compared to 4Q19 adjusted Other expenses of $363M and up 8% compared to 3Q20 adjusted Other expenses of $297M. 19. For purposes of this presentation, prior period balances have been revised to reflect the carrying value of the securities, including available-for-sale securities at fair value, rather than amortized cost. Line item totals and percentage contribution between HQLA and non-HQLA may differ due to rounding. 20. Subject to annual CCAR process conducted by the Board of Governors of the Federal Reserve System. CCAR cycles run from mid-year to mid-year.

21 Forward-looking statements This presentation (and the conference call referenced herein) contains forward-looking statements within the meaning of United States securities laws, including statements about our goals and expectations regarding our business, financial and capital condition, results of operations, strategies, the financial and market outlook, dividend and stock purchase programs, governmental and regulatory initiatives and developments, expense reduction programs, new client business, and the business environment. Forward-looking statements are often, but not always, identified by such forward-looking terminology as “outlook,” “guidance,” “expect,” “priority,” “objective,” “intend,” “plan,” “forecast,” “believe,” “anticipate,” “estimate,” “seek,” “may,” “will,” “trend,” “target,” “strategy” and “goal,” or similar statements or variations of such terms. These statements are not guarantees of future performance, are inherently uncertain, are based on current 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 our expectations or beliefs as of any time subsequent to the time this presentation is first issued. Important factors that may affect future results and outcomes include, but are not limited to: the financial strength of the counterparties with which we or our clients do business and to which we have investment, credit or financial exposures or to which our clients have such exposures as a result of our acting as agent, including as an asset manager or securities lending agent; the significant risks and uncertainties for our business, results of operations and financial condition, as well as our regulatory capital and liquidity ratios and other regulatory requirements, caused by the COVID-19 pandemic, which will depend on several factors, including the scope and duration of the pandemic, its influence on the economy and financial markets, the effectiveness of our work from home arrangements and staffing levels in operational facilities, challenges associated with our return to office plans such as maintaining a safe office environment and integrating at- home and in-office staff, the impact of market participants on which we rely and actions taken by governmental authorities and other third parties in response to the pandemic and the impact of equity market valuations on our service and management fee revenue; increases in the volatility of, or declines in the level of, our NII; changes in the composition or valuation of the assets recorded in our consolidated statement of condition (and our ability to measure the fair value of investment securities); and changes in the manner in which we fund those assets; the volatility of servicing fee, management fee, trading fee and securities finance revenues due to, among other factors, the value of equity and fixed-income markets, market interest and FX rates, the volume of client transaction activity, competitive pressures in the investment servicing and asset management industries, and the timing of revenue recognition with respect to software and processing fees revenues; the liquidity of the U.S. and international securities markets, particularly the markets for fixed-income securities and inter-bank credits; the liquidity of the assets on our balance sheet and changes or volatility in the sources of such funding, particularly the deposits of our clients; and demands upon our liquidity, including the liquidity demands and requirements of our clients; the level, volatility and uncertainty of interest rates; the expected discontinuation of Interbank Offered Rates including London Interbank Offered Rate (LIBOR); the valuation of the U.S. dollar relative to other currencies in which we record revenue or accrue expenses; the performance and volatility of securities, credit, currency and other markets in the U.S. and internationally; and the impact of monetary and fiscal policy in the U.S. and internationally on prevailing rates of interest and currency exchange rates in the markets in which we provide services to our clients; the credit quality, credit-agency ratings and fair values of the securities in our investment securities portfolio, a deterioration or downgrade of which could lead to impairment of such securities and the recognition of a provision for credit losses in our consolidated statement of income; our ability to attract and retain deposits and other low-cost, short-term funding; our ability to manage the level and pricing of such deposits and the relative portion of our deposits that are determined to be operational under regulatory guidelines; our ability to deploy deposits in a profitable manner consistent with our liquidity needs, regulatory requirements and risk profile; and the risks associated with the potential liquidity mismatch between short-term deposit funding and longer term investments; the manner and timing with which the Federal Reserve and other U.S. and non-U.S. regulators implement or reevaluate the regulatory framework applicable to our operations (as well as changes to that framework), including implementation or modification of the Dodd-Frank Act and related stress testing and resolution planning requirements and implementation of international standards applicable to financial institutions, such as those proposed by the Basel Committee and European legislation (such as Undertakings for Collective Investments in Transferable Securities (UCITS) V, the Money Market Fund Regulation and the Markets in Financial Instruments Directive II/Markets in Financial Instruments Regulation); among other consequences, these regulatory changes impact the levels of regulatory capital, long-term debt and liquidity we must maintain, acceptable levels of credit exposure to third parties, margin requirements applicable to derivatives, restrictions on banking and financial activities and the manner in which we structure and implement our global operations and servicing relationships. In addition, our regulatory posture and related expenses have been and will continue to be affected by heightened standards and changes in regulatory expectations for global systemically important financial institutions applicable to, among other things, risk management, liquidity and capital planning, cyber-security, resiliency, resolution planning and compliance programs, as well as changes in governmental enforcement approaches to perceived failures to comply with regulatory or legal obligations; adverse changes in the regulatory ratios that we are, or will be, required to meet, whether arising under the Dodd-Frank Act or implementation of international standards applicable to financial institutions, such as those proposed by the Basel Committee, or due to changes in regulatory positions, practices or regulations in jurisdictions in which we engage in banking activities, including changes in internal or external data, formulae, models, assumptions or other advanced systems used in the calculation of our capital or liquidity ratios that cause changes in those ratios as they are measured from period to period; requirements to obtain the prior approval or non-objection of the Federal Reserve or other U.S. and non-U.S. regulators for the use, allocation or distribution of our capital or other specific capital actions or corporate activities, including, without limitation, acquisitions, investments in subsidiaries, dividends and stock repurchases, without which our growth plans, distributions to shareholders, share repurchase programs or other capital or corporate initiatives may be restricted; geopolitical risks applicable to our operations and activities in jurisdictions globally, including emerging markets and economies, that have the potential to disrupt or impose costs, delays or damages upon our, our clients', our counterparties' and suppliers' and our infrastructure providers' respective operations, activities and strategic planning and to compromise financial markets and stability; changes in law or regulation, or the enforcement of law or regulation, that may adversely affect our business activities or those of our clients or our counterparties, and the products or services that we sell, including, without limitation, additional or increased taxes or assessments thereon, capital adequacy requirements, margin requirements and changes that expose us to risks related to our operating model and the adequacy and resiliency of our controls or compliance programs; cyber-security incidents, or failures to protect our systems and our, our clients' and others' information against cyber- attacks, that could result in the theft, loss, unauthorized access to, disclosure, use or alteration of information, system failures, or loss of access to information; any such incident or failure could adversely impact our ability to conduct our businesses, damage our reputation and cause losses, potentially materially; our ability to expand our use of technology to enhance the efficiency, accuracy and reliability of our operations and our dependencies on information technology; to replace and consolidate systems, particularly those relying upon older technology, and to adequately incorporate cyber-security, resiliency and business continuity into our operations, information technology infrastructure and systems management; to implement robust management processes into our technology development and maintenance programs; and to control risks related to use of technology, including cyber-crime and inadvertent data disclosures; our ability to identify and address threats to our information technology infrastructure and systems (including those of our third-party service providers); the effectiveness of our and our third party service providers' efforts to manage the resiliency of the systems on which we rely; controls regarding the access to, and integrity of, our and our clients' data; and complexities and costs of protecting the security of such systems and data; our ability to control operational and resiliency risks, data security breach risks and outsourcing risks; our ability to protect our intellectual property rights; the possibility of errors in the quantitative models we use to manage our business; and the possibility that our controls will prove insufficient, fail or be circumvented; economic or financial market disruptions in the U.S. or internationally, including those which may result from recessions or political instability; for example, the United Kingdom's (U.K.) exit from the European Union or actual or potential changes in trade policy, such as tariffs or bilateral and multilateral trade agreements; our ability to create cost efficiencies through changes in our operational processes and to further digitize our processes and interfaces with our clients, any failure of which, in whole or in part, may among other things, reduce our competitive position, diminish the cost-effectiveness of our systems and processes or provide an insufficient return on our associated investment; our ability to promote a strong culture of risk management, operating controls, compliance oversight, ethical behavior and governance that meets our expectations and those of our clients and our regulators, and the financial, regulatory, reputational and other consequences of our failure to meet such expectations; the impact on our compliance and controls enhancement programs associated with the appointment of a monitor under the deferred prosecution agreement with the DOJ and compliance consultant appointed under a settlement with the SEC, including the potential for such monitor and compliance consultant to require changes to our programs or to identify other issues that require substantial expenditures, changes in our operations, payments to clients or reporting to U.S. authorities; the results of our review of our billing practices, including additional findings or amounts we may be required to reimburse clients, as well as potential consequences of such review, including damage to our client relationships or our reputation, adverse actions or penalties imposed by governmental authorities and costs associated with remediation of identified deficiencies; the results of, and costs associated with, governmental or regulatory inquiries and investigations, litigation and similar claims, disputes, or civil or criminal proceedings; changes or potential changes in the amount of compensation we receive from clients for our services, and the mix of services provided by us that clients choose; the large institutional clients on which we focus are often able to exert considerable market influence and have diverse investment activities, and this, combined with strong competitive market forces, subjects us to significant pressure to reduce the fees we charge, to potentially significant changes in our AUC/A or our AUM in the event of the acquisition or loss of a client, in whole or in part, and to potentially significant changes in our revenue in the event a client re-balances or changes its investment approach, re-directs assets to lower- or higher-fee asset classes or changes the mix of products or services that it receives from us; the potential for losses arising from our investments in sponsored investment funds; the possibility that our clients will incur substantial losses in investment pools for which we act as agent; the possibility of significant reductions in the liquidity or valuation of assets underlying those pools and the potential that clients will seek to hold us liable for such losses; and the possibility that our clients or regulators will assert claims that our fees, with respect to such investment products, are not appropriate; our ability to anticipate and manage the level and timing of redemptions and withdrawals from our collateral pools and other collective investment products; the credit agency ratings of our debt and depositary obligations and investor and client perceptions of our financial strength; adverse publicity, whether specific to us or regarding other industry participants or industry-wide factors, or other reputational harm; changes or potential changes to the competitive environment, due to, among other things, regulatory and technological changes, the effects of industry consolidation and perceptions of us, as a suitable service provider or counterparty; our ability to complete acquisitions, joint ventures and divestitures, including, without limitation, our ability to obtain regulatory approvals, the ability to arrange financing as required and the ability to satisfy closing conditions; the risks that our acquired businesses, including, without limitation, CRD, and joint ventures will not achieve their anticipated financial, operational and product innovation benefits or will not be integrated successfully, or that the integration will take longer than anticipated; that expected synergies will not be achieved or unexpected negative synergies or liabilities will be experienced; that client and deposit retention goals will not be met; that other regulatory or operational challenges will be experienced; and that disruptions from the transaction will harm our relationships with our clients, our employees or regulators; our ability to integrate CRD's front office software solutions with our middle and back office capabilities to develop our front-to-middle-to-back office State Street Alpha that is competitive, generates revenues in line with our expectations and meets our clients' requirements; the dependency of State Street Alpha on enhancements to our data management and the risks to our servicing model associated with increased exposure to client data; our ability to recognize evolving needs of our clients and to develop products that are responsive to such trends and profitable to us; the performance of and demand for the products and services we offer; and the potential for new products and services to impose additional costs on us and expose us to increased operational risk; our ability to grow revenue, manage expenses, attract and retain highly skilled people and raise the capital necessary to achieve our business goals and comply with regulatory requirements and expectations; changes in accounting standards and practices; and the impact of the U.S. tax legislation enacted in 2017, and changes in tax legislation and in the interpretation of existing tax laws by U.S. and non-U.S. tax authorities that affect 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 our 2019 Annual Report on Form 10-K and our subsequent SEC filings. We encourage investors to read these filings, particularly the sections on risk factors, 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 should not by relied on as representing our expectations or beliefs as of any time subsequent to the time this presentation is first issued, and we do not undertake efforts to revise those forward-looking statements to reflect events after that time.

22 Non-GAAP measures In addition to presenting State Street's financial results in conformity with U.S. generally accepted accounting principles, or GAAP, management also presents certain financial information on a basis that excludes or adjusts one or more items from GAAP. This latter basis is a non-GAAP presentation. In general, our non- GAAP financial results adjust selected GAAP-basis financial results to exclude the impact of revenue and expenses outside of State Street’s normal course of business or other notable items, such as acquisition and restructuring charges, repositioning charges, gains/losses on sales, as well as, for selected comparisons, seasonal items. For example, we sometimes present expenses on a basis we may refer to as “expenses ex-notable items", which exclude notable items and, to provide additional perspective on both prior year quarter and sequential quarter comparisons, also exclude seasonal items. Management believes that this presentation of financial information facilitates an investor's further understanding and analysis of State Street's financial performance and trends with respect to State Street’s business operations from period-to-period, including providing additional insight into our underlying margin and profitability. In addition, Management may also provide additional non-GAAP measures. For example, we present capital ratios, calculated under regulatory standards scheduled to be effective in the future or other standards, that management uses in evaluating State Street’s business and activities and believes may similarly be useful to investors. Additionally, we may present revenue and expense measures on a constant currency basis to identify the significance of changes in foreign currency exchange rates (which often are variable) in period-to-period comparisons. This presentation represents the effects of applying prior period weighted average foreign currency exchange rates to current period results. 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. Refer to the Addendum for reconciliations of our non-GAAP financial information. To access the Addendum go to http://investors.statestreet.com and click on “Filings & Reports – Quarterly Earnings”.

23 Definitions A&R Acquisition and restructuring ARR Annual recurring revenue AUC/A Assets under custody and/or administration AUM Assets under management Barclays Agg Barclays Agg represents Barclays Global Aggregate Bond Index Bps Basis points, with one basis point representing one hundredth of one percent CCAR Comprehensive Capital Analysis and Review CET1 ratio Common equity tier 1 ratio CRD Charles River Development CRD uninstalled backlog Uninstalled revenue backlog reflects terms currently in effect. It includes SaaS and on-prem license revenue, as well as maintenance and support revenue, and excludes revenue generated from FIX, value-add services, brokerage, and professional services. Diluted earnings per share (EPS) Net income available to common shareholders divided by diluted average common shares outstanding for the noted period EC Enhanced custody EM Emerging markets EMEA Europe, Middle East and Africa EOP End of period ETF Exchange-traded fund FTE Fully taxable equivalent FX Foreign exchange FY Full-year GAAP Generally accepted accounting principles in the United States G-SIB Global systemically important bank HTM Held-to-maturity HQLA High quality liquid assets IT Information technology MMLF Money Market Mutual Fund Liquidity Facility Net interest income (NII) Income earned on interest bearing assets less interest paid on interest bearing liabilities Net interest margin (NIM) Net interest income divided by average interest-earning assets nm Not meaningful On-prem On-premises revenue as recognized in the CRD business Operating leverage Rate of growth of total revenue less the rate of growth of total expenses, relative to the successive prior year period, as applicable Payout ratio Total payout ratio is equal to common stock dividends and common stock purchases as a percentage of net income available to common shareholders Pre-tax operating margin Income before income tax expense divided by total revenue %Pts Percentage points is the difference from one percentage value subtracted from another Quarter-over-quarter (QoQ) Sequential quarter comparison Return on equity (ROE) Net income less dividends on preferred stock divided by average common equity RWA Risk weighted assets SaaS Software as a service SCB Stress capital buffer SSGA State Street Global Advisors T1L Tier 1 leverage ratio Year-over-year (YoY) Current period compared to the same period a year ago

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Form 8-K STATE STREET CORP For: Jan 19

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