Form 8-K STATE STREET CORP For: Jul 15

July 15, 2022 8:39 AM


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

Boston, MA… July 15, 2022 News Release


STATE STREET REPORTS SECOND QUARTER 2022 EPS OF $1.91; $1.94 EXCLUDING NOTABLE ITEMS(a)
% changes noted below reflect year-over-year 2Q comparisons

ROBUST NEW SERVICING WINS OF $972 BILLION

STRONG NET INTEREST INCOME GROWTH OF 25%

FX TRADING SERVICES REVENUE GROWTH OF 16%

EXPENSES FLAT

PRE-TAX MARGIN OF 28.3%


Ron O'Hanley, Chairman and Chief Executive Officer: "Our second-quarter results reflect the strength and durability of our business model as strong growth in net interest income and improved FX trading performance enabled us to partially offset significant fee revenue headwinds from weaker equity and fixed income markets. Operating expenses continued to be well-controlled as we remained committed to expense discipline, while managing inflationary pressures and investing back into our businesses, resulting in a healthy pre-tax margin for the quarter." O'Hanley added: "Our capital ratios remain strong. The results of the recent supervisory stress test highlighted the strength of our balance sheet and capital position under stress. For the second year in a row, we are pleased to have announced a 10% increase to our common stock dividend and it remains our intention to reinitiate our existing common share repurchase program in the fourth quarter of 2022."

FINANCIAL HIGHLIGHTS


(Table presents summary results, dollars in millions, except per share amounts, or where otherwise noted)	2Q22			1Q22			2Q21			% QoQ			% YoY
Income statement:
Total fee revenue	$	2,370		$	2,573		$	2,514		(8)	%		(6)	%
Net interest income	584			509			467			15			25
Other income	(1)			(1)			53			—			nm
Total revenue	2,953			3,081			3,034			(4)			(3)
Provision for credit losses	10			—			(15)			nm			nm
Total expenses	2,108			2,327			2,111			(9)			—
Net income	747			604			763			24			(2)

Financial ratios and other metrics:
Diluted earnings per share (EPS)	$	1.91		$	1.57		$	2.07		22	%		(8)	%
Return on average common equity (ROE)	12.1		%	9.5		%	12.6		%	2.6	%	pts	(0.5)	%	pts
Pre-tax margin	28.3			24.5			30.9			3.8	%	pts	(2.6)	%	pts
AUC/A ($ billions)(1)	$	38,180		$	41,724		$	42,597		(8)	%		(10)	%
AUM ($ billions)(1)	3,475			4,022			3,897			(14)			(11)

(1) As of period-end.

(a) See "2Q22 Highlights" in this news release for a listing of notable items. Results excluding notable items and/or currency translation impact 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

2Q22 HIGHLIGHTS

(all comparisons are to 2Q21, unless otherwise noted)

AUC/A and AUM

•Investment Servicing AUC/A as of quarter-end decreased (10)% to $38.2 trillion, primarily driven by lower equity and fixed income market levels, partially offset by net new business and client flows

•Investment Management AUM as of quarter-end decreased (11)% to $3.5 trillion, mainly reflecting lower equity and fixed income market levels and institutional net outflows, partially offset by ETF and cash net inflows

New business and strategy execution

•Investment Servicing mandates announced in 2Q22 totaled $972 billion; quarter-end servicing assets to be installed in future periods of $3.6 trillion

◦New business wins well-diversified across key client segments and geographies

•Reported 1 new Alpha client mandate and 1 Alpha client mandate went live in 2Q22

◦20 total Alpha client mandates signed since inception, with 12 live as of the end of 2Q22

•Momentum across Front office software and data with annual recurring revenue (ARR) of $251 million, up 20%(a)

•Strong 2Q22 inflows of $15 billion in our Investment Management Cash franchise, contributing to an increase in market share(b)

•State Street Global Markets named the #1 FX provider to asset managers in the annual Euromoney Survey, up from #2 last year(c)

Revenue

•Fee revenue decreased (6)%, largely reflecting lower Servicing fees and Other fee revenue as well as the impact of currency translation, partially offset by higher FX trading services revenue(d)

◦Servicing fees decreased (7)%, or down (4)% excluding currency translation(d)

◦Management fees decreased (3)%, or down (1)% excluding currency translation(d)

◦FX trading services increased 16%

◦Securities finance decreased (2)%

◦Software and processing fees decreased (11)%

•Net interest income (NII) increased 25%

Expenses

•Total expenses were flat, primarily reflecting the benefit from currency translation

•Total expenses decreased (1)% excluding notable items(d)

◦Compensation and employee benefits decreased (3)%, or up 1% excluding currency translation(d)

◦Non-compensation expense increased 2%, or up 4% excluding currency translation(d)

•Continued to invest meaningfully and address wage growth by driving offsetting optimization savings and reducing incentive compensation in light of the market environment

(a) See the endnotes included in the "In This News Release" section for explanations of Front office software and data annual recurring revenue (ARR).

(b) Market share data based on Global Institutional Money Market Funds and sourced from Money Fund Analyzer, a service provided by iMoneyNet as of June 2022.

(d) Results excluding notable items and/or currency translation impact are non-GAAP measures. Please refer to the Addendum included with this news release for an explanation and reconciliation of non-GAAP measures as well as the impact of currency translation on the respective line items.

Notable items


(Dollars in millions, except EPS amounts)	2Q22		1Q22		2Q21

Other income(a)	$	—	$	—	$	53
Acquisition and restructuring costs	(12)		(9)		(11)






Legal and other costs(b)	—		—		11

Notable items (pre-tax)	$	(12)	$	(9)	$	53


EPS impact	$	(0.03)	$	(0.02)	$	0.10

Capital

•Standardized common equity tier 1 (CET1) of 12.9% increased 1.7% points and 1.0% point compared to 2Q21 and 1Q22, respectively

•Tier 1 leverage ratio of 6.0% increased 0.8% and 0.1% point compared to 2Q21 and 1Q22, respectively

•ROE of 12.1% decreased (0.5)% point compared to 2Q21 and increased 2.6% points compared to 1Q22

•State Street's preliminary stress capital buffer (SCB) calculated under this year's supervisory stress test was well below the 2.5% minimum, resulting in an SCB at that floor

•Capital return:

◦In 2Q22, State Street returned a total of $210 million of capital to shareholders through declared common dividends of $0.57 per share

◦In June 2022, State Street announced a planned 10% increase to 3Q22 quarterly common stock dividend to $0.63 per share, subject to approval by the Board of Directors, and its intention to resume its common share repurchase program in 4Q22(c)

(a) Gain on sale of $53 million in 2Q21 included in Other income, reflecting a gain on sale of a majority interest in our Wealth Manager Services business.

(b) Legal and other benefits of $11 million in 2Q21 included in Other expenses.

(c) As previously disclosed, stock purchases under State Street’s existing common share repurchase program are presently suspended. When the stock purchase program is in effect, 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 and amount of any stock purchases and the type of transaction will depend on several factors, including State Street’s capital position and financial performance, investment opportunities, market conditions and the amount of common stock issued as part of employee compensation programs. The common stock purchase program does not have specific price targets and may be suspended, as it is presently, 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)	2Q22		1Q22		2Q21		% QoQ		% YoY

Assets under Custody and/or Administration (AUC/A)(1)(2)	$	38,180	$	41,724	$	42,597	(8.5)	%	(10.4)	%
Assets under Management (AUM)(2)	3,475		4,022		3,897		(13.6)		(10.8)

Market Indices:(3)
S&P 500 Daily Average	4,106		4,464		4,184		(8.0)		(1.9)
S&P 500 EOP	3,785		4,530		4,298		(16.4)		(11.9)
MSCI EAFE Daily Average	1,998		2,212		2,307		(9.7)		(13.4)
MSCI EAFE EOP	1,846		2,182		2,305		(15.4)		(19.9)
MSCI Emerging Markets Daily Average	1,055		1,187		1,351		(11.1)		(21.9)
MSCI Emerging Markets EOP	1,001		1,142		1,375		(12.3)		(27.2)
Barclays Capital Global Aggregate Bond Index EOP	458		500		541		(8.4)		(15.3)

Foreign Exchange Volatility Indices:(3)
JPM G7 Volatility Index Daily Average	9.7		7.2		6.3		34.0		53.2
JPM Emerging Market Volatility Index Daily Average	12.0		10.7		9.4		12.1		27.7

Average Foreign Exchange Rate:
EUR vs. USD	1.065		1.122		1.205		(5.1)		(11.6)
GBP vs. USD	1.256		1.341		1.398		(6.3)		(10.1)

(1) Includes EOP assets under custody of $28,609 billion, $31,447 billion and $31,947 billion, as of 2Q22, 1Q22, and 2Q21, 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)	2Q22		1Q22		4Q21		3Q21		2Q21
North America - (US Domiciled) Morningstar Direct Market Data:(1)(2)
Long Term Funds	$	(276)	$	(67)	$	102	$	150	$	196
Money Market	(54)		(143)		201		15		33
ETF	93		181		157		77		123
Total Flows(3)	$	(237)	$	(29)	$	459	$	242	$	351

EMEA - Morningstar Direct Market Data:(1)(4)
Long Term Funds	$	(32)	$	10	$	155	$	192	$	226
Money Market	(5)		(69)		110		(4)		(10)
ETF	24		45		35		37		51
Total Flows(3)	$	(13)	$	(14)	$	299	$	225	$	267

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

(2) 2Q22 data for North America includes actuals for April and May 2022 and Morningstar estimates for June 2022.

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

(4) 2Q22 data for Europe is on a rolling three month basis for March 2022 through May 2022, sourced by Morningstar.

INVESTMENT SERVICING AUC/A

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


(As of period end, dollars in billions)	2Q22		1Q22		2Q21		% QoQ		% YoY
Assets Under Custody and/or Administration(1)
By Product Classification:
Collective funds, including ETFs	$	13,609	$	15,140	$	15,048	(10.1)	%	(9.6)	%
Mutual funds	9,642		10,825		10,873		(10.9)		(11.3)
Pension products	7,764		8,191		8,291		(5.2)		(6.4)
Insurance and other products	7,165		7,568		8,385		(5.3)		(14.5)
Total Assets Under Custody and/or Administration	$	38,180	$	41,724	$	42,597	(8.5)	%	(10.4)	%
By Financial Instrument:
Equities	$	21,953	$	25,249	$	24,792	(13.1)	%	(11.5)	%
Fixed-income	10,716		11,303		13,079		(5.2)		(18.1)
Short-term and other investments	5,511		5,172		4,726		6.6		16.6
Total Assets Under Custody and/or Administration	$	38,180	$	41,724	$	42,597	(8.5)	%	(10.4)	%

(1) Consistent with past practice, AUC/A values for certain asset classes are based on a lag, typically one-month.

INVESTMENT MANAGEMENT AUM

The following tables present 2Q22 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 March 31, 2022	$	2,530	$	601	$	393	$	229	$	269	$	4,022
Net asset flows:
Long-term institutional(2)	(52)		(10)		(3)		2		(6)		(69)
ETF	(12)		5		—		—		(1)		(8)
Cash fund	—		—		15		—		—		15
Total flows, net	$	(64)	$	(5)	$	12	$	2	$	(7)	$	(62)
Market appreciation/(depreciation)	(337)		(33)		—		(26)		(21)		(417)
Foreign exchange impact	(43)		(13)		(2)		(3)		(7)		(68)
Total market and foreign exchange impact	$	(380)	$	(46)	$	(2)	$	(29)	$	(28)	$	(485)

Ending balance as of June 30, 2022	$	2,086	$	550	$	403	$	202	$	234	$	3,475

(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.


(Dollars in billions)	2Q22		1Q22		4Q21		3Q21		2Q21
Beginning balance	$	4,022	$	4,138	$	3,862	$	3,897	$	3,591
Net asset flows:
Long-term institutional(1)	(69)		14		28		(6)		55
ETF	(8)		17		50		13		21
Cash fund	15		20		1		(12)		7
Total flows, net	$	(62)	$	51	$	79	$	(5)	$	83
Market appreciation/(depreciation)	(417)		(153)		208		(12)		224
Foreign exchange impact	(68)		(14)		(11)		(18)		(1)
Total market and foreign exchange impact	$	(485)	$	(167)	$	197	$	(30)	$	223

Ending balance	$	3,475	$	4,022	$	4,138	$	3,862	$	3,897

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

REVENUE


(Dollars in millions)	2Q22			1Q22			2Q21			% QoQ			% YoY
Back office servicing fees	$	1,205		$	1,268		$	1,290		(5.0)	%		(6.6)	%
Middle office services	92			100			104			(8.0)			(11.5)
Servicing fees	1,297			1,368			1,394			(5.2)			(7.0)
Management fees	490			520			504			(5.8)			(2.8)
Foreign exchange trading services	331			359			286			(7.8)			15.7
Securities finance	107			96			109			11.5			(1.8)
Front office software and data	126			138			148			(8.7)			(14.9)
Lending related and other fees	62			63			63			(1.6)			(1.6)
Software and processing fees	188			201			211			(6.5)			(10.9)
Other fee revenue	(43)			29			10			nm			nm
Total fee revenue	$	2,370		$	2,573		$	2,514		(7.9)	%		(5.7)	%

Net interest income	584			509			467			14.7	%		25.1	%
Other income	(1)			(1)			53			—			nm
Total Revenue	$	2,953		$	3,081		$	3,034		(4.2)	%		(2.7)	%

Net interest margin (FTE)(a)	0.94		%	0.80		%	0.71		%	14		bps	23		bps

Servicing fees decreased (7)% compared to 2Q21, primarily driven by lower average equity and fixed income market levels, normal pricing headwinds, client activity/adjustments and the impact of currency translation, partially offset by net new business. Servicing fees decreased (5)% compared to 1Q22, mainly due to lower average equity and fixed income market levels, client activity/adjustments and the impact of currency translation, partially offset by net new business.

•Back office servicing fees decreased (7)% and (5)% compared to 2Q21 and 1Q22, respectively (consistent with total servicing fees above).

•Middle office services decreased (12)% and (8)% compared to 2Q21 and 1Q22, respectively, largely reflecting decreased client AUM from lower market levels and client activity/adjustments.

Management fees decreased (3)% compared to 2Q21, largely reflecting lower average equity and fixed income market levels, a client-specific pricing adjustment and the impact of currency translation, partially offset by the absence of the impact of money market fee waivers and the run rate impact of net ETF inflows. Management fees decreased (6)% compared to 1Q22, largely due to lower average equity and fixed income market levels, partially offset by the absence of the impact of money market fee waivers.

Foreign exchange trading services increased 16% compared to 2Q21, primarily reflecting higher FX spreads, partially offset by lower client FX volumes. Foreign exchange trading services decreased (8)% compared to 1Q22, mainly due to lower client FX volumes, partially offset by higher FX spreads.

Securities finance decreased (2)% compared to 2Q21, largely from lower Agency and Enhanced Custody balances, partially offset by higher spreads. Securities finance increased 11% compared to 1Q22, primarily driven by higher spreads, partially offset by lower Agency and Enhanced Custody balances.

Software and processing fees decreased (11)% and (6)% compared to 2Q21 and 1Q22, respectively, primarily driven by lower Front office software and data revenue associated with CRD.

•Front office software and data decreased (15)% compared to 2Q21, primarily driven by lower on-premises renewals and the absence of episodic fees, partially offset by higher software-enabled revenues. Front office software and data decreased (9)% compared to 1Q22, largely driven by lower on-premises renewals.

Other fee revenue decreased $(53) million compared to 2Q21, largely due to negative market-related adjustments. Other fee revenue decreased $(72) million compared to 1Q22, mainly reflecting negative market-related adjustments and the absence of prior period positive fair value adjustments on equity investments.

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

Net interest income (NII) increased 25% compared to 2Q21, primarily driven by higher short and long term interest rates and growth in loan balances. Compared to 1Q22, NII increased 15%, mainly due to higher short and long term interest rates, partially offset by lower investment portfolio balances.

Other income decreased compared to 2Q21, reflecting the absence of a gain on sale of a majority interest in our Wealth Manager Services business in 2Q21.

Total revenues were adversely impacted by currency translation by $63 million and $31 million when compared to 2Q21 and 1Q22, respectively.

EXPENSES


(Dollars in millions)	2Q22			1Q22			2Q21			% QoQ			% YoY
Compensation and employee benefits	$	1,046		$	1,232		$	1,077		(15.1)	%		(2.9)	%
Information systems and communications	392			423			398			(7.3)			(1.5)
Transaction processing services	240			264			263			(9.1)			(8.7)
Occupancy	96			95			100			1.1			(4.0)
Acquisition and restructuring costs	12			9			11			33.3			9.1
Amortization of other intangible assets	60			61			63			(1.6)			(4.8)
Other	262			243			199			7.8			31.7
Total Expenses	$	2,108		$	2,327		$	2,111		(9.4)	%		(0.1)	%
Total expenses, excluding notable items(a)	$	2,096		$	2,318		$	2,111		(9.6)	%		(0.7)	%

Effective tax rate	10.5		%	19.9		%	18.6		%	(940)		bps	(810)		bps

Compensation and employee benefits decreased (3)% compared to 2Q21, mainly driven by lower incentive compensation and the impact of currency translation, partially offset by higher merit increases and contractor spend. Compensation and employee benefits decreased (15)% compared to 1Q22, primarily driven by the absence of seasonal expenses, partially offset by higher merit increases and contractor spend.

Information systems and communications decreased (2)% and (7)% compared to 2Q21 and 1Q22, respectively, primarily due to episodic credits related to vendor pricing optimization initiatives and infrastructure rationalization.

Transaction processing services decreased (9)% compared to both 2Q21 and 1Q22, largely reflecting lower sub-custody costs.

Occupancy decreased (4)% compared to 2Q21, mainly reflecting the impact of currency translation. Occupancy increased 1% compared to 1Q22.

Acquisition and restructuring costs increased compared to both 2Q21 and 1Q22, primarily reflecting costs associated with the proposed BBH Investor Services acquisition.

Other expenses increased 32% compared to 2Q21, largely reflecting higher recoverable client-related expenses,(b) professional fees and travel costs, as well as the absence of prior year notable items. Other expenses increased 8% compared to 1Q22, primarily due to higher recoverable client-related expenses(b) and travel costs.

Total expenses on both a GAAP and excluding notables basis were positively impacted by currency translation by $60 million and $34 million when compared to 2Q21 and 1Q22, respectively.

(b) Recoverable client-related expenses are recorded on a gross basis through both revenues and expenses.

TAXES

The effective tax rate decreased to 10.5% from 18.6% and 19.9% in 2Q21 and 1Q22, respectively, primarily reflecting increased discrete tax benefits in 2Q22, including the reassessment of a deferred tax asset valuation allowance.

CAPITAL AND LIQUIDITY

The following table presents preliminary estimates of regulatory capital and liquidity ratios for State Street Corporation.


(As of period end)	2Q22		1Q22		2Q21
Basel III Standardized Approach:
Common equity tier 1 ratio	12.9	%	11.9	%	11.2	%
Tier 1 capital ratio	14.6		13.4		12.9
Total capital ratio	15.9		14.8		14.3

Basel III Advanced Approaches:
Common equity tier 1 ratio	13.5		13.1		11.8
Tier 1 capital ratio	15.3		14.8		13.5
Total capital ratio	16.5		16.2		14.8

Tier 1 leverage ratio	6.0		5.9		5.2
Supplementary leverage ratio	6.6		6.7		6.7

Liquidity coverage ratio	106	%	106	%	104	%

Standardized capital ratios were binding for all periods included above.

CET1 ratio (standardized) increased 1.7% points compared to 2Q21, primarily driven by higher retained earnings, the issuance of $1.9 billion of common stock in 3Q21 to finance the proposed acquisition of BBH Investor Services and lower RWA, partially offset by lower AOCI. CET1 ratio (standardized) increased 1.0% point compared to 1Q22, primarily reflecting planned RWA reductions and management actions to reduce AOCI impact of the investment portfolio.

Tier 1 leverage ratio increased 0.8% point compared to 2Q21, primarily reflecting higher retained earnings and the issuance of $1.9 billion of common stock in 3Q21 to finance the proposed acquisition of BBH Investor Services, partially offset by lower AOCI. Tier 1 leverage ratio increased 0.1% point compared to 1Q22.

Liquidity coverage ratio (LCR) for State Street Corporation was approximately 106%, up 2% points from 2Q21 and flat compared to 1Q22. LCR for State Street Bank and Trust was approximately 122%.

INVESTOR CONFERENCE CALL AND QUARTERLY WEBSITE DISCLOSURE

State Street will webcast an investor conference call today, Friday, July 15, 2022, at 12:00 p.m. ET, available at http://investors.statestreet.com/. The conference call will also be available via telephone, at (888) 396-8049. The Conference ID# is 30142444.

Recorded replay of the conference call will be available on the website and by telephone at (877) 674-7070 beginning approximately two hours after the call's completion. The Conference ID# is 30142444 and the Playback Passcode is 142444 #.

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 40 days following each other quarter-end, as applicable). For 2Q22, State Street expects to publish its updates during the period beginning today and ending on or about August 9, 2022.

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 $38.2 trillion in assets under custody and/or administration and $3.5 trillion* in assets under management as of June 30, 2022, State Street operates globally in more than 100 geographic markets and employs approximately 40,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

* Assets under management as of June 30, 2022 includes approximately $66 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/effects of currency translation. 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. Consistent with past practice, AUC/A values for certain asset classes are based on a lag, typically one-month. 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.

•Front office software and data ARR, an operating metric, is calculated by annualizing current quarter revenue for CRD and Mercatus and includes the annualized amount of most software-enabled revenue, including revenue generated from SaaS, maintenance and support revenue, FIX, and value-added services, which are all expected to be recognized ratably over the term of client contracts. ARR does not include software-enabled brokerage revenue and revenue from affiliates. Front office software and data ARR was $209 million, $235 million, and $251 million in 2Q21, 1Q22, and 2Q22, respectively.

•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 2Q22. Refer to the Addendum included with this News Release for additional information. All capital ratios are estimated. 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; "SPDR" denotes Standard and Poor's Depository Receipt; "ETF" denotes Exchange-traded fund; "nm" denotes not meaningful; "EOP" denotes end of period.

•"CRD" denotes Charles River Development; "SaaS" denoted Software as a service; "FIX" denotes The Charles River Network's FIX Network Service (CRN); "on-premises" denotes on-premises revenue as recognized in the CRD business.

•"Libor" denotes London Inter-Bank Offered Rate; "Euribor" denotes Euro Inter-Bank Offered Rate.

•"RWA" denotes risk-weighted assets "AOCI" denotes Accumulated other comprehensive income; 'AFS" denotes Available-for-sale; "SA-CCR" denotes Standard Approach for Counterparty Credit Risk.

•"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.

◦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. 2Q22 data for North America (US domiciled) includes Morningstar actuals for April and May 2022 and Morningstar estimates for June 2022.

◦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. 2Q22 data for Europe is on a rolling three month basis for March 2022 through May 2022, sourced by Morningstar.

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, proposed acquisition of the Brown Brothers Harriman (BBH) Investor Services business, 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,” "intend," "target," “guidance,” “expect,” “priority,” “objective,” “plan,” “forecast,” “believe,” “anticipate,” “estimate,” “seek,” “may,” “will,” “trend,” “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 consummation of our planned acquisition of the BBH Investor Services business is subject to the receipt of regulatory approvals and the satisfaction of other closing conditions, the failure or delay of which may prevent or further delay the consummation of the acquisition;

•While we've been engaged in discussions with US banking regulators and have developed with BBH proposed modifications to our proposed acquisition of the BBH Investor Services business, including changes to the operating model and legal entity structure and changes to regulatory approvals required to consummate the transaction, intended to facilitate resolution of the regulatory review process and a path to consummating the transaction, State Street is seeking amendments to the transaction terms, including the purchase price, as part of such a modified transaction, which such amendments will be subject to review and approval by both BBH and our Board of Directors, and there can be no assurance that a mutually acceptable modified transaction will be entered into or as to the timing or outcome of any regulatory approvals and other closing conditions for that modified transaction; and absent further agreement of the parties, after September 6, 2022 either party can terminate the transaction without penalty;

•Assuming the financial and operational aspects of the proposed modifications to our proposed acquisition of the BBH Investor Services business are timely finalized and contracted, subject to regulatory approval and other closing conditions, the parties are aiming to close the transaction at the end of the fourth quarter of 2022; however, there exists significant timing uncertainty and risk that closing will extend beyond that timeline; and even if we successfully consummate a modified transaction, we may fail to realize some or all of the anticipated benefits of the transaction or the benefits may take longer to realize than expected;

•We are subject to intense competition, which could negatively affect our profitability;

•We are subject to significant pricing pressure and variability in our financial results and our AUC/A and AUM;

•Our development and completion of new products and services, including State Street Digital and State Street Alpha, and the enhancement of our infrastructure required to meet increased regulatory and client expectations for resiliency and the systems and process re-engineering necessary to achieve improved productivity and reduced operating risk, may involve costs and dependencies and expose us to increased risk;

•Our business may be negatively affected by our failure to update and maintain our technology infrastructure;

•The COVID-19 pandemic continues to exacerbate certain risks and uncertainties for our business;

•Acquisitions, strategic alliances, joint ventures and divestitures, and the integration, retention and development of the benefits of our acquisitions, pose risks for our business;

•Competition for qualified members of our workforce is intense, and we may not be able to attract and retain the highly skilled people we need to support our business;

•We could be adversely affected by geopolitical, economic and market conditions, including, for example, resulting from the present conflict in Ukraine;

•We have significant International operations, and disruptions in European and Asian economies could have an adverse effect on our consolidated results of operations or financial condition;

•Our investment securities portfolio, consolidated financial condition and consolidated results of operations could be adversely affected by changes in the financial markets;

•Our business activities expose us to interest rate risk;

•We assume significant credit risk to counterparties, who may also have substantial financial dependencies with other financial institutions, and these credit exposures and concentrations could expose us to financial loss;

•Our fee revenue represents a significant portion of our consolidated revenue and is subject to decline based on, among other factors, market and currency declines, investment activities of our clients and their business mix;

•If we are unable to effectively manage our capital and liquidity, our consolidated financial condition, capital ratios, results of operations and business prospects could be adversely affected;

•We may need to raise additional capital or debt in the future, which may not be available to us or may only be available on unfavorable terms;

•If we experience a downgrade in our credit ratings, or an actual or perceived reduction in our financial strength, our borrowing and capital costs, liquidity and reputation could be adversely affected;

•Our business and capital-related activities, including common share repurchases, may be adversely affected by capital and liquidity standards required as a result of capital stress testing;

•We face extensive and changing government regulation in the jurisdictions in which we operate, which may increase our costs and compliance risks;

•We are subject to enhanced external oversight as a result of the resolution of prior regulatory or governmental matters;

•Our businesses may be adversely affected by government enforcement and litigation;

•Any misappropriation of the confidential information we possess could have an adverse impact on our business and could subject us to regulatory actions, litigation and other adverse effects;

•Our calculations of risk exposures, total RWA and capital ratios depend on data inputs, formulae, models, correlations and assumptions that are subject to change, which could materially impact our risk exposures, our total RWA and our capital ratios from period to period;

•Changes in accounting standards may adversely affect our consolidated financial statements;

•Changes in tax laws, rules or regulations, challenges to our tax positions and changes in the composition of our pre-tax earnings may increase our effective tax rate;

•The transition away from LIBOR may result in additional costs and increased risk exposure;

•Our control environment may be inadequate, fail or be circumvented, and operational risks could adversely affect our consolidated results of operations;

•Cost shifting to non-U.S. jurisdictions and outsourcing may expose us to increased operational risk, geopolitical risk and reputational harm and may not result in expected cost savings;

•Attacks or unauthorized access to our information technology systems or facilities, or those of the third parties with which we do business, or disruptions to our or their continuous operations, could result in significant costs, reputational damage and impacts on our business activities;

•Long-term contracts expose us to pricing and performance risk;

•Our businesses may be negatively affected by adverse publicity or other reputational harm;

•We may not be able to protect our intellectual property;

•The quantitative models we use to manage our business may contain errors that could result in material harm;

•Our reputation and business prospects may be damaged if our clients incur substantial losses or are restricted in redeeming their interests in investment pools that we sponsor or manage;

•The impacts of climate change, and regulatory responses to such risks, could adversely affect us; and

•We may incur losses as a result of unforeseen events including terrorist attacks, natural disasters, the emergence of a new pandemic or acts of embezzlement.

Other important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in our 2021 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 (and the conference call referenced herein) 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
June 30, 2022


Table of Contents

GAAP-Basis Financial Information:
4-Year Summary of Results			2

Consolidated Results of Operations			3
Consolidated Statement of Condition			5
Average Statement of Condition - Rates Earned and Paid - Fully Taxable-Equivalent Basis			6
Average Statement of Condition - Rates Earned and Paid - Fully Taxable-Equivalent Basis - Year-to-Date			7
Selected Average Balances by Currency - Rates Earned and Paid			8
Investment Portfolio Holdings by Asset Class			9
Investment Portfolio Non-U.S. Investments			11
Assets Under Custody and/or Administration			12
Assets Under Management			13
Industry Flow Data by Asset Class			14
Line of Business Information			15
Allowance for Credit Losses			16

Non-GAAP Financial Information:
Reconciliations of Non-GAAP Financial Information			17
Reconciliation of Pre-tax Margin Excluding Notable Items			20
Reconciliations of Constant Currency FX Impacts			21

Capital:
Reconciliation of Tangible Common Equity Ratio			22
Regulatory Capital			23


This financial information should be read in conjunction with State Street's news release dated July 15, 2022.


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

(Dollars in millions, except per share amounts, or where otherwise noted)	2018			2019			2020			2021
Year ended December 31:
Total fee revenue	$	9,454		$	9,147		$	9,499		$	10,012
Net interest income	2,671			2,566			2,200			1,905
Other income	6			43			4			110
Total revenue	12,131			11,756			11,703			12,027
Provision for credit losses	15			10			88			(33)
Total expenses	9,015			9,034			8,716			8,889
Income before income tax expense	3,101			2,712			2,899			3,171
Income tax expense	508			470			479			478

Net income	2,593			2,242			2,420			2,693
Net income available to common shareholders	$	2,404		$	2,009		$	2,257		$	2,572
Per common share:
Diluted earnings per common share	$	6.39		$	5.38		$	6.32		$	7.19
Average diluted common shares outstanding (in thousands)	376,476			373,666			357,106			357,962
Cash dividends declared per common share	$	1.78		$	1.98		$	2.08		$	2.18
Closing price per share of common stock (at year end)	63.07			79.10			72.78			93.00
Average balance sheet:
Investment securities	$	88,070		$	91,768		$	109,175		$	111,730
Total assets	223,385			223,334			269,334			299,743
Total deposits	161,408			158,262			193,225			235,404
Ratios and other metrics:
Return on average common equity	12.1		%	9.4		%	10.0		%	10.7		%



Pre-tax margin	25.6			23.1			24.8			26.4
Pre-tax margin, excluding notable items(1)	28.8			25.8			26.3			27.6
Net interest margin, fully taxable-equivalent basis	1.47			1.42			0.97			0.74
Common equity tier 1 ratio(2)(3)(4)	11.7			11.7			12.3			14.3
Tier 1 capital ratio(2)(3)(4)	15.5			14.5			14.4			16.1
Total capital ratio(2)(3)(4)	16.3			15.6			15.3			17.5
Tier 1 leverage ratio(2)(3)	7.2			6.9			6.4			6.1
Supplementary leverage ratio(2)(3)	6.3			6.1			8.1			7.4
Assets under custody and/or administration (in trillions)	$	31.62		$	34.36		$	38.79		$	43.68
Assets under management (in trillions)	2.51			3.12			3.47			4.14

(1) Notable items include acquisition and restructuring costs, repositioning charges and legal 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 RESULTS OF OPERATIONS

	Quarters													% Change		Year-to-Date		% Change
(Dollars in millions, except per share amounts, or where otherwise noted)		1Q21		2Q21		3Q21		4Q21		1Q22		2Q22			2Q22 vs. 2Q21		2Q22 vs. 1Q22	2021		2022		YTD2022 vs. YTD2021

Fee revenue:
Back office servicing fees		$	1,266	$	1,290	$	1,289	$	1,272	$	1,268	$	1,205		(6.6)%		(5.0)%	$	2,556	$	2,473	(3.2)%
Middle office services		103		104		102		105		100		92			(11.5)		(8.0)	207		192		(7.2)
Servicing fees		1,369		1,394		1,391		1,377		1,368		1,297			(7.0)		(5.2)	2,763		2,665		(3.5)
Management fees		493		504		526		530		520		490			(2.8)		(5.8)	997		1,010		1.3
Foreign exchange trading services		346		286		279		300		359		331			15.7		(7.8)	632		690		9.2
Securities finance		99		109		106		102		96		107			(1.8)		11.5	208		203		(2.4)
Front office software and data		96		148		116		124		138		126			(14.9)		(8.7)	244		264		8.2
Lending related and other fees		64		63		64		63		63		62			(1.6)		(1.6)	127		125		(1.6)
Software and processing fees		160		211		180		187		201		188			(10.9)		(6.5)	371		389		4.9
Other fee revenue		16		10		22		15		29		(43)			nm		nm	26		(14)		nm
Total fee revenue		2,483		2,514		2,504		2,511		2,573		2,370			(5.7)		(7.9)	4,997		4,943		(1.1)
Net interest income:
Interest income		471		467		487		483		521		704			50.7		35.1	938		1,225		30.6
Interest expense		4		—		—		(1)		12		120			nm		nm	4		132		nm
Net interest income		467		467		487		484		509		584			25.1		14.7	934		1,093		17.0
Other income:
Gains (losses) related to investment securities, net		—		—		(1)		58		(1)		(1)			—		—	—		(2)		nm
Other income		—		53		—		—		—		—			nm		—	53		—		nm
Total other income		—		53		(1)		58		(1)		(1)			nm		—	53		(2)		nm
Total revenue		2,950		3,034		2,990		3,053		3,081		2,953			(2.7)		(4.2)	5,984		6,034		0.8
Provision for credit losses		(9)		(15)		(2)		(7)		—		10			nm		nm	(24)		10		nm
Expenses:
Compensation and employee benefits		1,242		1,077		1,054		1,181		1,232		1,046			(2.9)		(15.1)	2,319		2,278		(1.8)
Information systems and communications		421		398		406		436		423		392			(1.5)		(7.3)	819		815		(0.5)
Transaction processing services		270		263		253		238		264		240			(8.7)		(9.1)	533		504		(5.4)
Occupancy		109		100		102		133		95		96			(4.0)		1.1	209		191		(8.6)
Acquisition and restructuring costs		10		11		18		26		9		12			9.1		33.3	21		21		—
Amortization of other intangible assets		58		63		62		62		61		60			(4.8)		(1.6)	121		121		—
Other		222		199		221		254		243		262			31.7		7.8	421		505		20.0
Total expenses		2,332		2,111		2,116		2,330		2,327		2,108			(0.1)		(9.4)	4,443		4,435		(0.2)
Income before income tax expense		627		938		876		730		754		835			(11.0)		10.7	1,565		1,589		1.5
Income tax expense		108		175		162		33		150		88			(49.7)		(41.3)	283		238		(15.9)
Net income		$	519	$	763	$	714	$	697	$	604	$	747		(2.1)		23.7	$	1,282	$	1,351	5.4


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)		1Q21		2Q21		3Q21		4Q21		1Q22		2Q22			2Q22 vs. 2Q21		2Q22 vs. 1Q22	2021		2022		YTD2022 vs. YTD2021
Adjustments to net income:
Dividends on preferred stock(1)		$	(30)	$	(34)	$	(21)	$	(34)	$	(20)	$	(35)		2.9%		75.0%	$	(64)	$	(55)	(14.1)%
Earnings allocated to participating securities		—		(1)		—		(1)		(1)		—			nm		nm	(1)		(1)		—
Net income available to common shareholders		$	489	$	728	$	693	$	662	$	583	$	712		(2.2)		22.1	$	1,217	$	1,295	6.4

Per common share:
Basic earnings		$	1.39	$	2.11	$	1.99	$	1.81	$	1.59	$	1.94		(8.1)		22.0	$	3.49	$	3.53	1.1
Diluted earnings		1.37		2.07		1.96		1.78		1.57		1.91			(7.7)		21.7	3.44		3.48		1.2
Average common shares outstanding (in thousands):
Basic		350,743		345,889		347,718		365,798		366,542		367,375			6.2		0.2	348,303		366,961		5.4
Diluted		355,690		351,582		353,494		371,685		372,037		372,123			5.8		—	353,434		372,080		5.3
Cash dividends declared per common share		$	0.52	$	0.52	$	0.57	$	0.57	$	0.57	$	0.57		9.6		—	$	1.04	$	1.14	9.6
Closing price per share of common stock (as of quarter end)		84.01		82.28		84.72		93.00		87.12		61.65			(25.1)		(29.2)	82.28		61.65		(25.1)
Balance sheet averages for the quarter:
Investment securities		$	107,809	$	111,481	$	113,635	$	113,906	$	119,286	$	113,929		2.2		(4.5)	$	109,656	$	116,593	6.3
Total assets		296,328		308,195		291,459		303,007		295,010		291,435			(5.4)		(1.2)	302,294		293,213		(3.0)
Total deposits		226,232		242,310		233,266		239,680		233,268		228,417			(5.7)		(2.1)	234,316		230,829		(1.5)








Ratios and other metrics:
Effective tax rate	17.2		%	18.6		%	18.5		%	4.6		%	19.9		%	10.5		%	(810)		bps	(940)		bps	18.1		%	15.0		%	(310)		bps
Return on average common equity	8.4			12.6			11.6			10.3			9.5			12.1			(50)			260			10.5			10.8			30
Return on tangible common equity(2)	13.4			17.3			17.3			15.7			14.7			17.3			—			260			17.0			16.8			(20)
Pre-tax margin	21.3			30.9			29.3			23.9			24.5			28.3			(260)			380			26.2			26.3			10
Pre-tax margin, excluding notable items(3)	22.6			29.7			29.9			28.1			24.8			28.7			(100)			390			26.2			26.7			50
Net interest margin, fully taxable-equivalent basis	0.75			0.71			0.76			0.73			0.80			0.94			23			14			0.73			0.87			14
Common equity tier 1 ratio(4)(5)	10.8			11.2			13.5			14.3			11.9			12.9			170			100			11.2			12.9			170
Tier 1 capital ratio(4)(5)	12.4			12.9			15.2			16.1			13.4			14.6			170			120			12.9			14.6			170
Total capital ratio(4)(5)	14.0			14.3			16.6			17.5			14.8			15.9			160			110			14.3			15.9			160
Tier 1 leverage ratio(4)	5.4			5.2			6.3			6.1			5.9			6.0			80			10			5.2			6.0			80
Supplementary leverage ratio(4)	7.2			6.7			7.5			7.4			6.7			6.6			(10)			(10)			6.7			6.6			(10)

End-of-period securities on loan(6)	$	451,913		$	437,094		$	417,142		$	400,940		$	412,162		$	358,972		(17.9)	%		(12.9)	%		$	437,094		$	358,972		(17.9)	%
Assets under custody and/or administration (in billions)	40,263			42,597			43,337			43,678			41,724			38,180			(10.4)			(8.5)			42,597			38,180			(10.4)
Assets under management (in billions)	3,591			3,897			3,862			4,138			4,022			3,475			(10.8)			(13.6)			3,897			3,475			(10.8)

(1) We redeemed an aggregate of $500 million, or 5,000 of the 7,500 outstanding shares of our non-cumulative perpetual preferred stock, Series F, for cash at a redemption price of $100,000 per share (equivalent to $1,000 per depositary share) plus all declared and unpaid dividends on March 15, 2021. The difference between the redemption value and the net carrying value of approximately $5 million resulted in an EPS impact of approximately ($.02) per share in the first quarter of 2021.
(2) Return on tangible common equity is calculated by dividing year-to-date annualized net income available to common shareholders (GAAP-basis) by average tangible common equity.
(3) Notable items include acquisition and restructuring costs, repositioning charges and legal and other notable items. Refer to Reconciliations of non-GAAP Financial Information pages for details.
(4) The capital ratios presented are calculated in conformity with the applicable regulatory guidance in effect as of each period end. Capital ratios as of June 30, 2022 are estimates.
(5) 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.
(6) Average securities on loan were $429,991 million, $457,604 million, $418,111 million and $412,403 million in the first, second, third and fourth quarters of 2021, respectively, and $397,522 million and $386,734 million in the first and second quarters of 2022.
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, 2021		June 30, 2021		September 30, 2021		December 31, 2021		March 31, 2022		June 30, 2022			2Q22 vs. 2Q21		2Q22 vs. 1Q22
Assets:
Cash and due from banks		$	4,552	$	4,619	$	4,606	$	3,631	$	2,976	$	3,515		(23.9)	%	18.1	%
Interest-bearing deposits with banks		107,554		113,347		107,553		106,358		104,010		91,360			(19.4)		(12.2)
Securities purchased under resale agreements		5,238		3,997		2,847		3,012		803		5,203			30.2		547.9
Trading account assets		786		721		720		758		754		728			1.0		(3.4)
Investment securities:
Investment securities available-for-sale		60,512		67,497		70,279		73,399		74,348		45,454			(32.7)		(38.9)
Investment securities held-to-maturity purchased under money market liquidity facility(1)		201		—		—		—		—		—			—		—
Investment securities held-to-maturity(2)		46,261		45,182		43,346		42,430		45,203		64,261			42.2		42.2
Total investment securities		106,974		112,679		113,625		115,829		119,551		109,715			(2.6)		(8.2)
Loans		31,585		30,704		32,797		32,532		35,141		33,565			9.3		(4.5)
Allowance for loan losses(3)		118		100		95		87		86		95			(5.0)		10.5
Loans, net		31,467		30,604		32,702		32,445		35,055		33,470			9.4		(4.5)
Premises and equipment, net(4)		2,143		2,169		2,191		2,261		2,229		2,240			3.3		0.5
Accrued interest and fees receivable		3,302		3,358		3,407		3,278		3,446		3,403			1.3		(1.2)
Goodwill		7,629		7,629		7,650		7,621		7,582		7,465			(2.1)		(1.5)
Other intangible assets		2,007		1,933		1,887		1,816		1,744		1,654			(14.4)		(5.2)
Other assets		45,233		45,472		45,951		37,615		44,200		41,470			(8.8)		(6.2)
Total assets		$	316,885	$	326,528	$	323,139	$	314,624	$	322,350	$	300,223		(8.1)		(6.9)
Liabilities:
Deposits:
Non-interest-bearing		$	57,079	$	61,742	$	64,885	$	56,461	$	61,797	$	55,062		(10.8)		(10.9)
Interest-bearing - U.S.		108,372		111,291		108,909		102,985		104,962		107,262			(3.6)		2.2
Interest-bearing - Non-U.S.		79,442		90,936		85,579		95,589		84,284		79,589			(12.5)		(5.6)
Total deposits(5)		244,893		263,969		259,373		255,035		251,043		241,913			(8.4)		(3.6)
Securities sold under repurchase agreements		587		658		637		1,575		4,277		951			44.5		(77.8)
Short-term borrowings under money market liquidity facility		200		—		—		—		—		—			—		—

Other short-term borrowings		642		635		549		128		18		73			(88.5)		305.6
Accrued expenses and other liabilities		31,722		23,067		22,288		17,048		26,866		17,989			(22.0)		(33.0)
Long-term debt		13,836		13,032		12,978		13,475		13,922		13,530			3.8		(2.8)
Total liabilities		291,880		301,361		295,825		287,261		296,126		274,456			(8.9)		(7.3)
Shareholders' equity:
Preferred stock, no par, 3,500,000 shares authorized:
Series D, 7,500 shares issued and outstanding		742		742		742		742		742		742			—		—
Series F, 2,500 shares issued and outstanding		247		247		247		247		247		247			—		—
Series G, 5,000 shares issued and outstanding		493		493		493		493		493		493			—		—
Series H, 5,000 shares issued and outstanding		494		494		494		494		494		494			—		—
Common stock, $1 par, 750,000,000 shares authorized(6)(7)		504		504		504		504		504		504			—		—
Surplus		10,227		10,246		10,763		10,787		10,762		10,757			5.0		—
Retained earnings		23,751		24,300		24,785		25,238		25,612		26,115			7.5		2.0
Accumulated other comprehensive income (loss)		(418)		(422)		(682)		(1,133)		(2,698)		(3,687)			773.7		36.7
Treasury stock, at cost(8)		(11,035)		(11,437)		(10,032)		(10,009)		(9,932)		(9,898)			(13.5)		(0.3)
Total shareholders' equity		25,005		25,167		27,314		27,363		26,224		25,767			2.4		(1.7)
Total liabilities and equity		$	316,885	$	326,528	$	323,139	$	314,624	$	322,350	$	300,223		(8.1)		(6.9)

(1) Fair value of Investment securities held-to-maturity purchased under money market liquidity facility		$	201	$	—	$	—	$	—	$	—	$	—
(2) Fair value of investment securities held-to-maturity		46,752		45,685		43,728		42,271		42,834		60,103
(3) Total allowance for credit losses including off-balance sheet commitments		135		121		117		108		107		114
(4) Accumulated depreciation for premises and equipment		4,960		5,108		5,235		5,391		5,530		5,652
(5) Average total deposits		226,232		242,310		233,266		239,680		233,268		228,417
(6) Common stock shares issued		503,879,642		503,879,642		503,879,642		503,879,642		503,879,642		503,879,642
(7) Total common shares outstanding		348,032,982		343,503,114		365,629,173		365,982,820		367,114,788		367,619,353
(8) Treasury stock shares		155,846,660		160,376,528		138,250,469		137,896,822		136,764,854		136,260,289


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
	1Q21					2Q21					3Q21					4Q21					1Q22					2Q22					2Q22 vs. 2Q21	2Q22 vs. 1Q22
(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 balance
Assets:
Interest-bearing deposits with banks	$	95,235	(0.04)		%	$	99,438	(0.02)		%	$	79,375	—		%	$	86,154	(0.01)		%	$	76,741	0.05		%	$	76,531	0.36		%			(23.0)	%	(0.3)	%
Securities purchased under resale agreements(2)	4,568		0.88			3,958		0.28			4,061		0.65			4,191		0.69			3,150		1.31			2,022		7.47					(48.9)		(35.8)
Trading account assets	800		—			729		—			733		0.02			747		0.01			761		—			746		0.01					2.3		(2.0)
Investment securities:
Investment securities available-for-sale	59,191		0.95			66,225		0.88			69,621		0.86			71,134		0.83			75,226		0.83			54,767		0.91					(17.3)		(27.2)
Investment securities held-to-maturity	47,356		1.54			45,243		1.47			44,014		1.47			42,772		1.45			44,060		1.56			59,162		1.55					30.8		34.3
Investment securities held-to-maturity purchased under money market liquidity facility	1,262		1.35			13		1.28			—		—			—		—			—		—			—		—					(100.0)		—
Total investment securities	107,809		1.21			111,481		1.12			113,635		1.10			113,906		1.06			119,286		1.10			113,929		1.24					2.2		(4.5)
Loans(3)	28,025		2.05			29,471		2.14			32,035		2.08			34,425		2.00			34,407		2.03			35,826		2.23					21.6		4.1
Other interest-earning assets	18,296		0.10			20,939		0.07			24,662		0.08			25,418		0.07			23,767		0.08			22,199		0.83					6.0		(6.6)
Total interest-earning assets	254,733		0.76			266,016		0.71			254,501		0.76			264,841		0.73			258,112		0.82			251,253		1.13					(5.5)		(2.7)
Cash and due from banks	4,529					5,594					5,103					4,998					4,018					3,829							(31.6)		(4.7)
Other assets	37,066					36,585					31,855					33,168					32,880					36,353							(0.6)		10.6
Total assets	$	296,328				$	308,195				$	291,459				$	303,007				$	295,010				$	291,435						(5.4)		(1.2)
Liabilities:
Interest-bearing deposits:
U.S.	$	100,974	0.01		%	$	110,269	—		%	$	104,575	0.02		%	$	103,547	—		%	$	100,073	0.02		%	$	97,273	0.26		%			(11.8)		(2.8)
Non-U.S.(4)	78,433		(0.37)			83,248		(0.32)			82,230		(0.33)			84,525		(0.31)			83,556		(0.32)			80,055		(0.20)					(3.8)		(4.2)
Total interest-bearing deposits(4)	179,407		(0.16)			193,517		(0.14)			186,805		(0.13)			188,072		(0.14)			183,629		(0.14)			177,328		0.05					(8.4)		(3.4)
Securities sold under repurchase agreements	1,017		0.05			477		(0.02)			332		—			847		(0.05)			2,279		(0.02)			4,486		0.26					840.5		96.8
Short-term borrowings under money market liquidity facility	1,264		1.21			13		1.25			—		—			—		—			—		—			—		—					(100.0)		—
Other short-term borrowings	764		0.14			893		0.27			837		0.17			659		0.28			872		—			680		0.73					(23.9)		(22.0)
Long-term debt	13,819		1.74			13,461		1.60			13,021		1.59			13,243		1.62			14,265		1.82			13,702		2.12					1.8		(3.9)
Other interest-bearing liabilities	4,848		0.73			5,682		0.80			5,461		0.78			5,943		0.71			2,881		1.50			2,518		3.31					(55.7)		(12.6)
Total interest-bearing liabilities	201,119		0.01			214,043		—			206,456		—			208,764		—			203,926		0.02			198,714		0.24					(7.2)		(2.6)
Non-interest bearing deposits(5)	46,825					48,793					46,461					51,608					49,639					51,089							4.7		2.9
Other liabilities	22,423					20,131					12,775					15,266					14,678					15,969							(20.7)		8.8
Preferred shareholders' equity	2,378					1,976					1,976					1,976					1,976					1,976							—		—
Common shareholders' equity	23,583					23,252					23,791					25,393					24,791					23,687							1.9		(4.5)
Total liabilities and shareholders' equity	$	296,328				$	308,195				$	291,459				$	303,007				$	295,010				$	291,435						(5.4)		(1.2)

Total deposits	$	226,232				$	242,310				$	233,266				$	239,680				$	233,268				$	228,417						(5.7)		(2.1)

Excess of rate earned over rate paid			0.75		%			0.71		%			0.76		%			0.73		%			0.80		%			0.89		%
Net interest margin			0.75		%			0.71		%			0.76		%			0.73		%			0.80		%			0.94		%
Net interest income, fully taxable-equivalent basis			$	471				$	470				$	490				$	487				$	512				$	587
Tax-equivalent adjustment			(4)					(3)					(3)					(3)					(3)					(3)
Net interest income, GAAP-basis(4)			$	467				$	467				$	487				$	484				$	509				$	584

(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, $62 billion, $52 billion and $48 billion in the first, second, third and fourth quarters 2021, respectively, and approximately $55 billion and $71 billion in the first and second quarters of 2022. Excluding the impact of netting, the average interest rates would be approximately 0.04%, 0.02%, 0.05% and 0.06% in the first, second, third and fourth quarters of 2021, respectively, and approximately 0.07% and 0.21% in the first and second quarters of 2022.
(3) Average loans are presented on a gross basis. Average loans net of expected credit losses were approximately $27,904 million, $29,352 million, $31,935 million and $34,331 million in the first, second, third and fourth quarters of 2021 and approximately $34,320 million and $35,741 million in the first and second quarters of 2022.
(4) Average rates includes the impact of FX swap expense of approximately ($21) million, ($16) million, ($16) million and ($14) million in the first, second, third and fourth quarters of 2021, respectively, and approximately ($13) million and ($3) million in the first and second quarters of 2022. Average rates for total interest-bearing deposits excluding the impact of FX swap expense were approximately (0.11)%, (0.10)%, (0.10)% and (0.11)% in the first, second, third and fourth quarters of 2021, respectively, and approximately (0.11)% and 0.06% in the first and second quarters of 2022.
(5) Average non-interest bearing deposits are primarily composed of deposit balances denominated in U.S. dollars.


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 2021 and 2022, adjusted for applicable state income taxes, net of related federal benefit.
			Year-to-Date														% Change
			2021							2022							YTD2022 vs YTD2021
(Dollars in millions; fully-taxable equivalent basis)	Average balance				Average rates			Average balance				Average rates			Average balance
Assets:
Interest-bearing deposits with banks	$	97,348			(0.03)		%	$	76,635			0.21		%	(21.3)	%
Securities purchased under resale agreements(2)	4,261				0.60			2,583				3.74			(39.4)
Trading account assets	764				—			754				0.01			(1.3)
Investment securities:
Investment securities available-for-sale	62,728				0.91			64,940				0.87			3.5
Investment securities held-to-maturity	46,294				1.51			51,653				1.55			11.6
Investment securities held-to-maturity purchased under money market liquidity facility	634				1.35			—				—			nm
Total investment securities	109,656				1.56			116,593				1.17			6.3
Loans(3)	28,752				2.10			35,120				2.13			22.1
Other interest-earning assets	19,625				0.09			22,979				0.44			17.1
Total interest-earning assets	260,406				0.73			254,664				0.97			(2.2)
Cash and due from banks	5,065							3,923							(22.5)
Other assets	36,823							34,626							(6.0)
Total assets	$	302,294						$	293,213						(3.0)
Liabilities:
Interest-bearing deposits:
U.S.	$	105,647			1.00			$	98,665			0.14			(6.6)
Non-U.S.(4)	80,854				(0.34)			81,796				(0.26)			1.2
Total interest-bearing deposits(4)	186,501				(0.15)			180,461				(0.04)			(3.2)
Securities sold under repurchase agreements	745				0.02			3,389				0.17			354.9
Short-term borrowings under money market liquidity facility	635				1.21			—				—			nm
Other short-term borrowings	829				0.21			776				0.32			(6.4)
Long-term debt	13,639				1.67			13,982				1.97			2.5
Other interest-bearing liabilities	5,268				0.77			2,698				2.34			(48.8)
Total interest-bearing liabilities	207,617				—			201,306				0.13			(3.0)
Non-interest bearing deposits(5)	47,815							50,368							5.3
Other liabilities	21,269							15,326							(27.9)
Preferred shareholders' equity	2,177							1,976							(9.2)
Common shareholders' equity	23,416							24,237							3.5
Total liabilities and shareholders' equity	$	302,294						$	293,213						(3.0)

Total deposits			$	234,316						$	230,829						(1.5)

Excess of rate earned over rate paid					0.73		%					0.84		%
Net interest margin					0.73		%					0.87		%
Net interest income, fully taxable-equivalent basis					$	941						$	1,099
Tax-equivalent adjustment					(7)							(6)
Net interest income, GAAP-basis(4)					$	934						$	1,093

(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 $74 billion and $126 billion as of June 30, 2021 and 2022, respectively. Excluding the impact of netting, the average interest rates would be approximately 0.03% and 0.07% for the six months ended June 30, 2021 and 2022, respectively.
(3) Average loans are presented on a gross basis. Average loans net of expected credit losses as of June 30, 2021 and 2022 was approximately $28,632 million and $35,035 million, respectively.
(4) Average rates include the impact of FX swap cost of approximately ($37) million and ($16) million for the six months ended June 30, 2021 and 2022, respectively. Average rates for total interest-bearing deposits excluding the impact of FX swap cost were (0.10)% and (0.03)% for the six months ended June 30, 2021 and 2022, respectively.
(5) Average non-interest bearing deposits are primarily composed of deposit balances denominated in U.S. dollars.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
SELECTED AVERAGE BALANCES BY CURRENCY - RATES EARNED AND PAID(1)

	2Q22
	USD				EUR				GBP				Other				Total
(Dollars in millions, or where otherwise noted)	Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates

Interest-bearing deposits with banks	$	28,656	0.95	%	$	26,958	(0.46)	%	$	8,237	0.89	%	$	12,680	0.55	%	$	76,531	0.36	%
Total investment securities	91,195		1.35		9,426		0.32		4,499		1.03		8,809		1.22		113,929		1.24
Loans	29,083		2.28		4,681		1.73		1,167		2.40		895		3.06		35,826		2.23
Total other interest-earning assets(2)	22,994		1.39		106		—		8		5.51		1,859		0.83		24,967		1.34
Total interest-earning assets	$	171,928	1.44		$	41,171	(0.03)		$	13,911	1.06		$	24,243	0.96		$	251,253	1.13

Total interest-bearing deposits(3)(4)	$	97,906	0.35		$	38,557	(0.54)		$	14,918	0.14		$	25,947	(0.25)		$	177,328	0.05

	1Q22
	USD				EUR				GBP				Other				Total
(Dollars in millions, or where otherwise noted)	Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates

Interest-bearing deposits with banks	$	26,972	0.29	%	$	26,865	(0.44)	%	$	9,805	0.40	%	$	13,099	0.29	%	$	76,741	0.05	%
Total investment securities	93,102		1.25		11,546		0.28		5,595		0.84		9,043		0.80		119,286		1.10
Loans	27,292		2.05		4,832		1.83		1,415		2.01		868		2.53		34,407		2.03
Total other interest-earning assets(2)	26,374		0.21		82		(0.98)		91		0.36		1,131		0.43		27,678		0.22
Total interest-earning assets	$	173,740	1.07		$	43,325	—		$	16,906	0.67		$	24,141	0.64		$	258,112	0.82

Total interest-bearing deposits(3)(4)	$	101,655	0.08		$	39,391	(0.59)		$	16,603	0.03		$	25,980	(0.45)		$	183,629	(0.14)

	2Q21
	USD				EUR				GBP				Other				Total
(Dollars in millions, or where otherwise noted)	Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates

Interest-bearing deposits with banks	$	32,592	0.15	%	$	23,542	(0.43)	%	$	18,260	0.10	%	$	25,044	0.07	%	$	99,438	(0.02)	%
Total investment securities	85,503		1.30		13,514		0.26		4,271		0.72		8,193		0.84		111,481		1.12
Loans	23,879		2.15		3,614		1.97		1,426		2.25		552		2.90		29,471		2.14
Total other interest-earning assets(2)	24,238		0.11		230		(0.62)		155		0.03		1,003		0.03		25,626		0.10
Total interest-earning assets	$	166,212	1.02		$	40,900	0.01		$	24,112	0.34		$	34,792	0.32		$	266,016	0.71

Total interest-bearing deposits(3)(4)	$	108,704	0.06		$	40,926	(0.53)		$	15,723	—		$	28,164	(0.41)		$	193,517	(0.14)

(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) Average total other interest-earning assets include securities purchased under resale agreements, trading account assets and other interest-earning assets. Refer to average statement of condition - rates earned and paid - full taxable-equivalent basis for details.
(3) Average rates for interest-bearing deposit balances denominated in U.S. dollars include both client and wholesale deposits.
(4) FX swap costs for interest-bearing deposits are included in other currencies.


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

	Quarters
	1Q21				2Q21				3Q21				4Q21				1Q22				2Q22
(Dollars in billions, or where otherwise noted)	Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate
Available-for-sale investment securities:
Government & agency securities	$	28.5	0.44	%	$	32.5	0.53	%	$	36.1	0.59	%	$	38.8	0.63	%	$	42.9	0.72	%	$	30.3	0.73	%
Asset-backed securities	7.9		0.86		9.1		0.84		9.4		0.88		7.6		0.82		6.7		0.79		6.7		1.22
Student loans	0.3		0.94		0.3		1.19		0.2		1.18		0.2		1.25		0.2		1.43		0.2		2.25
Credit cards	0.1		0.88		0.1		0.87		0.1		0.86		0.1		0.87		0.1		0.93		0.1		1.57
Auto & equipment	1.1		0.03		1.3		(0.01)		1.3		0.03		1.2		(0.02)		1.0		(0.01)		0.9		0.16
Non-U.S. residential mortgage backed securities	2.0		0.80		2.1		0.77		2.1		0.74		2.1		0.79		2.1		0.78		2.1		1.08
Collateralized loan obligation	4.2		1.16		5.2		1.10		5.4		1.16		3.8		1.11		3.2		1.06		3.2		1.59
Other	0.2		(0.12)		0.1		(0.09)		0.3		(0.07)		0.2		(0.20)		0.1		(0.37)		0.2		0.37
Mortgage-backed securities	10.3		1.77		10.7		1.53		9.6		1.54		9.4		1.57		9.8		1.62		3.4		1.22
Agency MBS	10.3		1.77		10.7		1.53		9.6		1.54		9.4		1.57		9.8		1.62		3.4		1.22
Non-agency MBS	—		—		—		—		—		—		—		—		—		—		—		—
CMBS	3.8		0.78		5.6		0.53		6.5		0.50		8.0		0.43		9.2		0.40		8.9		0.59
Corporate bonds	5.4		1.33		5.3		1.29		5.0		1.27		4.3		1.29		3.9		1.02		2.8		1.32
Covered bonds	0.5		0.22		0.3		0.30		0.2		0.40		0.1		0.57		0.1		0.58		0.1		0.64
Municipal bonds	0.8		2.59		0.8		2.61		0.8		2.62		0.8		2.65		0.6		2.72		0.6		2.87
Clipper tax-exempt bonds	0.7		3.76		0.7		3.80		0.6		3.79		0.6		3.83		0.5		4.07		0.4		4.41
Other	1.3		0.93		1.2		0.94		1.4		0.93		1.5		0.92		1.6		0.86		1.5		0.98
Total available-for-sale portfolio	$	59.2	0.95		$	66.2	0.88		$	69.6	0.86		$	71.1	0.83		$	75.3	0.83		$	54.7	0.91

	1Q21				2Q21				3Q21				4Q21				1Q22				2Q22
(Dollars in billions, or where otherwise noted)	Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate
Held-to-maturity investment securities:
Government & agency securities	$	6.0	2.10	%	$	5.8	1.97	%	$	5.3	1.73	%	$	4.1	1.56	%	$	3.5	1.24	%	$	13.7	0.72	%
Asset-backed securities	5.0		1.31		5.1		1.22		5.1		1.19		5.1		1.13		4.9		1.05		4.5		1.67
Student loans	4.7		1.11		4.8		1.05		4.9		1.03		5.0		0.96		4.9		1.05		4.5		1.67
Non-U.S. residential mortgage backed securities	0.3		4.56		0.3		4.14		0.2		4.52		0.1		8.31		—		—		—		—
Other	—		1.13		—		1.11		—		1.11		—		0.65		—		—		—		—
Mortgage-backed securities	31.3		1.51		29.5		1.38		28.7		1.40		28.7		1.43		30.6		1.67		35.9		1.84
Agency MBS	31.2		1.51		29.4		1.37		28.7		1.39		28.7		1.41		30.6		1.66		35.8		1.84
Non-agency MBS	0.1		4.21		0.1		4.44		—		4.93		—		5.38		—		12.22		0.1		4.45
CMBS	5.0		1.54		4.9		1.61		4.9		1.57		4.9		1.52		5.0		1.53		5.1		1.71
Held-to-maturity under money market liquidity facility	1.3		1.35		—		1.28		—		—		—		—		—		—		—		—
Total held-for-maturity portfolio	$	48.6	1.54		$	45.3	1.47		$	44.0	1.47		$	42.8	1.45		$	44.0	1.56		$	59.2	1.55

Total investment securities	$	107.8	1.21		$	111.5	1.12		$	113.6	1.10		$	113.9	1.06		$	119.3	1.10		$	113.9	1.24


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

	Ratings
(Dollars in billions, or where otherwise noted)	UST/AGY			AAA			AA			A			BBB			<BBB			NR			Fair Value		% Total		Net Unrealized Pre-tax MTM Gain/(Loss) (In millions)(1)		Fixed Rate/ Floating Rate(2)
Available-for-sale investment securities:
Government & agency securities	39		%	36		%	21		%	3		%	—		%	1		%	—		%	$	24.3	53.5	%	$	(682)	90% /10%
Asset-backed securities	—			92			8			—			—			—			—			6.4		14.1		(84)		0% / 100%
Student loans	—			13			87			—			—			—			—			0.1		2.3		(2)
Credit cards	—			100			—			—			—			—			—			0.1		1.4		(1)
Auto & equipment	—			76			24			—			—			—			—			0.8		12.8		(4)
Non-U.S. residential mortgage backed securities	—			93			6			—			—			1			—			2.0		30.6		(13)
Collateralized loan obligation	—			100			—			—			—			—			—			3.2		49.6		(64)
Other	—			64			36			—			—			—			—			0.2		3.3		—
Mortgage-backed securities	100			—			—			—			—			—			—			2.0		4.3		(69)		97% / 3%
Agency MBS	100			—			—			—			—			—			—			2.0		100.0		(69)
Non-agency MBS	—			—			—			—			—			—			—			—		—		—
CMBS	98			2			—			—			—			—			—			8.5		18.7		(73)		0% / 100%
Corporate bonds	—			—			16			47			37			—			—			2.1		4.6		(123)		89% / 11%
Covered bonds	—			100			—			—			—			—			—			—		—		(1)		100% / 0%
Municipal bonds	—			27			72			1			—			—			—			0.6		1.3		(6)		100% / 0%
Clipper tax-exempt bonds	—			12			63			14			11			—			—			0.4		1.0		(2)		0% / 100%
Other	—			1			55			44			—			—			—			1.1		2.5		(101)		94% / 6%
Total available-for-sale portfolio	43		%	33		%	16		%	5		%	2		%	1		%	—		%	$	45.4	100.0	%	$	(1,141)	60% / 40%

Fair Value	$	19.7		$	15.0		$	7.4		$	2.2		$	0.9		$	0.2		$	—

	UST/AGY			AAA			AA			A			BBB			<BBB			NR			Amortized Cost		% Total		Net Unrealized Pre-tax MTM Gain/(Loss) (In millions)(1)		Fixed Rate/ Floating Rate(2)
Held-to-maturity investment securities:
Government & agency securities	64		%	16		%	13		%	3		%	4		%	—		%	—		%	$	17.9	27.8	%	$	(202)	100% / 0%
Asset-backed securities	—			25			73			—			2			—			—			4.5		7.0		(123)		4% / 96%
Student loans	—			25			73			—			2			—			—			4.5		100.0		(123)
Non-U.S. residential mortgage backed securities	—			—			—			—			—			—			—			—		—		—
Other	—			—			—			—			—			—			—			—		—		—
Mortgage-backed securities	100			—			—			—			—			—			—			36.7		57.2		(3,258)		100% / 0%
Agency MBS	100			—			—			—			—			—			—			36.7		100.0		(3,278)
Non-agency MBS	—			—			12			—			29			21			38			—		—		20
CMBS	95			5			—			—			—			—			—			5.2		8.0		(574)		91% / 9%

Total held-for-maturity portfolio	82		%	7		%	9		%	1		%	1		%	—		%	—		%	$	64.3	100.0	%	$	(4,157)	93% / 7%

Amortized Cost	$	53.1		$	4.2		$	5.6		$	0.4		$	0.9		$	0.1		$	—

Total investment securities																						$	109.7					79% / 21%


(1) At June 30, 2022, the after-tax unrealized MTM gain/(loss) includes after-tax unrealized loss on securities available-for-sale of $826 million, after-tax unrealized loss on securities held-to-maturity of $3,011 million and after-tax unrealized gain primarily related to securities previously transferred from available-for-sale to held-to-maturity of $842 million.
(2) At June 30, 2022, fixed-to-floating rate securities had a book value of approximately $47 million or 0.04% 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
Available-for-sale:
Canada	$	3.9	AA	$	2.9	$	—	$	—		$	0.2	$	—	$	0.8
Australia	2.6		AAA	1.0		1.1		—			0.2		—		0.3
United Kingdom	1.6		AA	0.8		0.5		0.2			0.1		—		—
Germany	1.3		AA	0.9		—		0.4			—		—		—
France	1.1		AAA	0.2		—		0.8			0.1		—		—
Austria	0.9		AA	0.9		—		—			—		—		—
Hong Kong	0.8		AA	0.8		—		—			—		—		—
Japan	0.8		A	0.7		—		—			0.1		—		—
Netherlands	0.7		AAA	0.2		0.3		0.1			0.1		—		—
Finland	0.4		AA	0.4		—		—		—	—		—		—
Italy	0.3		AA	—		0.1		0.2			—		—		—
Spain	0.2		A	0.1		—		0.1			—		—		—
Brazil	0.2		BB	0.2		—		—			—		—		—
Republic of Korea	0.1		AA	0.1		—		—			—		—		—
Other	6.1		AAA	5.8		—		0.1			0.2		—		—
Total Non-U.S. Investments(3)	$	21.0		$	15.0	$	2.0	$	1.9		$	1.0	$	—	$	1.1
U.S. Investments	24.4
Total available-for-sale	$	45.4
				Investment Securities
(Dollars in billions)	Amortized Cost		Average Rating	Gov't/Agency(1)(2)		ABS FRMBS		ABS All Other			Corporate Bonds		Covered Bonds		Other
Held-to-maturity:
Spain	$	0.8	BBB	$	0.8	$	—	$	—		$	—	$	—	$	—
Belgium	0.7		AA	0.7		—		—			—		—		—
France	0.6		AA	0.6		—		—			—		—		—
Ireland	0.4		A	0.4		—		—			—		—		—
Singapore	0.3		AAA	0.3		—		—			—		—		—
Austria	0.3		AA	0.3		—		—			—		—		—
Netherlands	0.2		AAA	0.2		—		—			—		—		—
Finland	0.2		AA	0.2		—		—			—		—		—
Germany	0.1		AA	0.1		—		—			—		—		—
Other	2.8		AAA	2.8		—		—			—		—		—
Total Non-U.S. Investments(3)	$	6.4		$	6.4	$	—	$	—		$	—	$	—	$	—
U.S. Investments	57.9
Total held-for-maturity	$	64.3

Total Investment Portfolio	$	109.7


(1) Sovereign debt is reflected in the government / agency column.
(2) As of June 30, 2022, other non-U.S. investments include $5.7 billion supranational bonds in AFS securities and $2.8 billion supranational bonds in HTM securities.
(3) Country of collateral used except for corporates where country of issuer is used.


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

	Quarters												% Change
(Dollars in billions)	1Q21		2Q21		3Q21		4Q21		1Q22		2Q22			2Q22 vs. 2Q21		2Q22 vs. 1Q22
Assets Under Custody and/or Administration(1)
By Product Classification:
Collective funds, including ETFs	$	14,052	$	15,048	$	15,159	$	15,722	$	15,140	$	13,609		(9.6)	%	(10.1)	%
Mutual funds	10,439		10,873		11,505		11,575		10,825		9,642			(11.3)		(10.9)
Pension products	7,843		8,291		8,497		8,443		8,191		7,764			(6.4)		(5.2)
Insurance and other products	7,929		8,385		8,176		7,938		7,568		7,165			(14.5)		(5.3)
Total Assets Under Custody and/or Administration	$	40,263	$	42,597	$	43,337	$	43,678	$	41,724	$	38,180		(10.4)		(8.5)
By Asset Class:
Equities	$	22,825	$	24,792	$	25,350	$	25,974	$	25,249	$	21,953		(11.5)		(13.1)
Fixed-income	13,022		13,079		12,808		12,587		11,303		10,716			(18.1)		(5.2)
Short-term and other investments	4,416		4,726		5,179		5,117		5,172		5,511			16.6		6.6
Total Assets Under Custody and/or Administration	$	40,263	$	42,597	$	43,337	$	43,678	$	41,724	$	38,180		(10.4)		(8.5)
By Geographic Location(2):
Americas	$	29,530	$	31,280	$	31,934	$	32,427	$	31,027	$	28,207		(9.8)		(9.1)
Europe/Middle East/Africa	8,256		8,716		8,748		8,599		8,103		7,498			(14.0)		(7.5)
Asia/Pacific	2,477		2,601		2,655		2,652		2,594		2,475			(4.8)		(4.6)
Total Assets Under Custody and/or Administration	$	40,263	$	42,597	$	43,337	$	43,678	$	41,724	$	38,180		(10.4)		(8.5)
Assets Under Custody(3)
By Product Classification:
Collective funds, including ETFs	$	11,895	$	12,785	$	12,881	$	13,448	$	13,107	$	11,669		(8.7)		(11.0)
Mutual funds	8,811		9,188		9,369		9,491		8,833		7,869			(14.4)		(10.9)
Pension products	6,283		6,671		6,798		6,733		6,576		6,215			(6.8)		(5.5)
Insurance and other products	3,145		3,303		3,316		3,173		2,931		2,856			(13.5)		(2.6)
Total Assets Under Custody	$	30,134	$	31,947	$	32,364	$	32,845	$	31,447	$	28,609		(10.4)		(9.0)
By Geographic Location(2):
Americas	$	22,715	$	24,015	$	24,380	$	24,864	$	23,655	$	21,389		(10.9)		(9.6)
Europe/Middle East/Africa	5,564		5,957		5,994		5,988		5,786		5,309			(10.9)		(8.2)
Asia/Pacific	1,855		1,975		1,990		1,993		2,006		1,911			(3.2)		(4.7)
Total Assets Under Custody	$	30,134	$	31,947	$	32,364	$	32,845	$	31,447	$	28,609		(10.4)		(9.0)

(1) Consistent with past practice, AUC/A values for certain asset classes are based on a lag, typically one-month.
(2) Geographic mix is generally based on the domicile of the entity servicing the funds and is not necessarily representative of the underlying asset mix.
(3) 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)	1Q21		2Q21		3Q21		4Q21		1Q22		2Q22			2Q22 vs. 2Q21		2Q22 vs. 1Q22
Assets Under Management
By Asset Class and Investment Approach:
Equity:
Active	$	84	$	83	$	79	$	80	$	67	$	62		(25.3)	%	(7.5)	%
Passive	2,198		2,378		2,361		2,594		2,463		2,024			(14.9)		(17.8)
Total Equity	2,282		2,461		2,440		2,674		2,530		2,086			(15.2)		(17.5)
Fixed-Income:
Active	91		100		101		103		98		89			(11.0)		(9.2)
Passive	463		510		509		520		503		461			(9.6)		(8.3)
Total Fixed-Income	554		610		610		623		601		550			(9.8)		(8.5)
Cash(1)	372		381		367		368		393		403			5.8		2.5
Multi-Asset-Class Solutions:
Active	34		35		35		34		33		29			(17.1)		(12.1)
Passive	155		172		174		188		196		173			0.6		(11.7)
Total Multi-Asset-Class Solutions	189		207		209		222		229		202			(2.4)		(11.8)
Alternative Investments(2):
Active	27		63		58		56		51		42			(33.3)		(17.6)
Passive	167		175		178		195		218		192			9.7		(11.9)
Total Alternative Investments	194		238		236		251		269		234			(1.7)		(13.0)
Total Assets Under Management	$	3,591	$	3,897	$	3,862	$	4,138	$	4,022	$	3,475		(10.8)		(13.6)
By Geographic Location:
North America	$	2,512	$	2,749	$	2,732	$	2,931	$	2,878	$	2,525		(8.1)		(12.3)
Europe/Middle East/Africa	530		570		558		592		593		521			(8.6)		(12.1)
Asia/Pacific	549		578		572		615		551		429			(25.8)		(22.1)
Total Assets Under Management	$	3,591	$	3,897	$	3,862	$	4,138	$	4,022	$	3,475		(10.8)		(13.6)



(1) Includes both floating- and constant-net-asset-value portfolios held in commingled structures or separate accounts.
(2) Includes real estate investment trusts, currency and commodities, including SPDR® Gold Shares and SPDR® Gold MiniSharesSM Trust. We are not the investment manager for the SPDR® Gold Shares and SPDR®Gold MiniSharesSM Trust, but act as the marketing agent.

Exchange-Traded Funds(1)
By Asset Class:
Alternative Investments(2)	$	69	$	73	$	69	$	72	$	84	$	77		5.5	%	(8.3)	%

Equity	777		844		849		970		940		791			(6.3)		(15.9)
Fixed-Income	122		128		131		135		134		130			1.6		(3.0)
Multi-Asset	—		1		1		1		1		1			—		—
Total Exchange-Traded Funds	$	968	$	1,046	$	1,050	$	1,178	$	1,159	$	999		(4.5)		(13.8)

(1) Exchange-traded funds are a component of assets under management presented above.
(2) Includes real estate investment trusts, currency and commodities, including SPDR® Gold Shares and SPDR® Gold MiniSharesSM Trust. We are not the investment manager for the SPDR® Gold Shares and SPDR®Gold MiniSharesSM Trust, but act as the marketing agent.


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

(Dollars in billions)			Quarters
			1Q21		2Q21		3Q21		4Q21		1Q22		2Q22
North America - (US Domiciled) Morningstar Direct Market Data(1)(2)
	Long Term Funds(3)		$	165.2	$	195.7	$	149.8	$	101.7	$	(66.7)	$	(275.6)
	Money Market		156.4		33.1		15.2		200.8		(143.4)		(54.2)
	ETF		148.4		122.6		77.1		156.5		181.2		93.2
		Total Flows	$	470.0	$	351.4	$	242.1	$	459.0	$	(28.9)	$	(236.6)

EMEA-Morningstar Direct Market Data(1)(4)
	Long Term Funds(3)		$	237.0	$	225.8	$	192.1	$	154.6	$	9.7	$	(32.2)
	Money Market		(91.0)		(9.8)		(4.3)		109.7		(68.9)		(4.8)
	ETF		54.2		51.1		36.8		34.7		45.4		24.0
		Total Flows	$	200.2	$	267.1	$	224.6	$	299.0	$	(13.8)	$	(13.0)

(1) 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.
(2) The second quarter of 2022 data for North America (US domiciled) includes Morningstar actuals for April and May 2022 and Morningstar estimates for June 2022.
(3) 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.
(4) The second quarter of 2022 data for Europe is on a rolling three month basis for March 2022 through May 2022, 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)	2Q21			1Q22			2Q22				2Q22 vs. 2Q21			2Q22 vs. 1Q22				2Q21				1Q22			2Q22			2Q22 vs. 2Q21		2Q22 vs. 1Q22				2Q21			1Q22				2Q22		2Q22 vs. 2Q21		2Q22 vs. 1Q22		2Q21			1Q22			2Q22			2Q22 vs. 2Q21		2Q22 vs. 1Q22
Servicing fees	$	1,394		$	1,368		$	1,297			(7.0)		%	(5.2)		%		$	—			$	—		$	—		—	%	—		%		$	—		$	—			$	—	—	%	—	%	$	1,394		$	1,368		$	1,297		(7.0)	%	(5.2)	%
Management fees	—			—			—				—			—				504				520			490			(2.8)		(5.8)				—			—				—		—		—		504			520			490			(2.8)		(5.8)
Foreign exchange trading services	270			342			313				15.9			(8.5)				16				17			18			12.5		5.9				—			—				—		—		—		286			359			331			15.7		(7.8)
Securities finance	106			93			102				(3.8)			9.7				3				3			5			66.7		66.7				—			—				—		—		—		109			96			107			(1.8)		11.5
Software and processing fees	211			201			188				(10.9)			(6.5)				—				—			—			nm		nm				—			—				—		—		—		211			201			188			(10.9)		(6.5)
Other fee revenue	3			46			(12)				nm			nm				7				(17)			(31)			nm		nm				—			—				—		—		—		10			29			(43)			nm		nm
Total fee revenue	1,984			2,050			1,888				(4.8)			(7.9)				530				523			482			(9.1)		(7.8)				—			—				—		—		—		2,514			2,573			2,370			(5.7)		(7.9)
Net interest income	468			509			588				25.6			15.5				(1)				—			(4)			nm		nm				—			—				—		—		—		467			509			584			25.1		14.7
Total other income	—			(1)			(1)				nm			nm				—				—			—			—		—				53			—				—		—		nm		53			(1)			(1)			nm		nm
Total revenue	2,452			2,558			2,475				0.9			(3.2)				529				523			478			(9.6)		(8.6)				53			—				—		nm		nm		3,034			3,081			2,953			(2.7)		(4.2)
Provision for credit losses	(15)			—			10				nm			nm				—				—			—			—		—				—			—				—		—		—		(15)			—			10			nm		nm
Total expenses	1,755			1,925			1,767				0.7			(8.2)				346				389			327			(5.5)		(15.9)				10			13				14		nm		nm		2,111			2,327			2,108			(0.1)		(9.4)
Income before income tax expense	$	712		$	633		$	698			(2.0)			10.3				$	183			$	134		$	151		(17.5)		12.7				$	43		$	(13)			$	(14)	nm		nm		$	938		$	754		$	835		(11.0)		10.7
Pre-tax margin	29.0		%	24.7		%	28.2		%		(80)			350			bps	34.6		%		25.6		%	31.6		%	(300)		600			bps														30.9		%	24.5		%	28.3		%	(260)		380		bps


	Six Months Ended June 30,
	Investment Servicing						% Change				Investment Management							% Change				Other(1)						% Change		Total							% Change
(Dollars in millions)	2021			2022			YTD2022 vs. YTD2021				2021			2022				YTD2022 vs. YTD2021				2021			2022			YTD2022 vs. YTD2021		2021				2022			YTD2022 vs. YTD2021
Servicing fees	$	2,763		$	2,665		(3.5)		%		$	—		$	—			—		%		$	—		$	—		—	%	$	2,763			$	2,665		(3.5)		%
Management fees	—			—			—				997			1,010				1.3				—			—			—		997				1,010			1.3
Foreign exchange trading services	603			655			8.6				29			35				20.7				—			—			—		632				690			9.2
Securities finance	201			195			(3.0)				7			8				14.3				—			—			—		208				203			(2.4)
Software and processing fees	371			389			4.9				—			—				nm				—			—			—		371				389			4.9
Other fee revenue	17			34			nm				9			(48)				nm				—			—			—		26				(14)			nm
Total fee revenue	3,955			3,938			(0.4)				1,042			1,005				(3.6)				—			—			—		4,997				4,943			(1.1)
Net interest income	941			1,097			16.6				(7)			(4)				(42.9)				—			—			—		934				1,093			17.0
Total other income	—			(2)			nm				—			—				—				53			—			nm		53				(2)			nm
Total revenue	4,896			5,033			2.8				1,035			1,001				(3.3)				53			—			(100.0)		5,984				6,034			0.8
Provision for loan losses	(24)			10			nm				—			—				—				—			—			—		(24)				10			nm
Total expenses	3,634			3,692			1.6				743			716				(3.6)				66			27			(59.1)		4,443				4,435			(0.2)
Income before income tax expense	$	1,286		$	1,331		3.5				$	292		$	285			(2.4)				$	(13)		$	(27)		107.7		$	1,565			$	1,589		1.5
Pre-tax margin	26.3		%	26.4		%	10			bps	28.2		%	28.5		%		30			bps									26.2		%		26.3		%	10			bps

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


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ALLOWANCE FOR CREDIT LOSSES

	Quarters													% Change
(Dollars in millions)		1Q21		2Q21		3Q21		4Q21		1Q22		2Q22			2Q22 vs. 2Q21		2Q22 vs. 1Q22
Allowance for credit losses:
Beginning balance		$	148	$	135	$	121	$	117	$	108	$	107		(20.7)	%	(0.9)	%
Provision for credit losses (funded commitments)		—		(19)		(3)		(7)		—		11			nm		nm
Provision for credit losses (unfunded commitments)		(7)		4		1		—		—		(1)			nm		—
Provision for credit losses (investment securities and all other)		(2)		—		—		—		—		—			nm		—
Total provision		(9)		(15)		(2)		(7)		—		10			nm		nm
Charge-offs		—		(1)		(1)		—		(1)		(3)			nm		nm
Other(1)		(4)		2		(1)		(2)		—		—			nm		nm
Ending balance(2)		$	135	$	121	$	117	$	108	$	107	$	114		(5.8)		6.5

Allowance for credit losses:
Loans		$	118	$	100	$	95	$	87	$	86	$	95		(5.0)		10.5
Investment securities		2		2		2		2		2		1			(50.0)		(50.0)
Unfunded (off-balance sheet) commitments		15		19		20		19		19		18			(5.3)		(5.3)
All other		—		—		—		—		—		—			—		—
Ending balance(2)		$	135	$	121	$	117	$	108	$	107	$	114		(5.8)		6.5

(1) Consists primarily of FX translation.
(2) 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)		1Q21		2Q21		3Q21		4Q21		1Q22		2Q22			2Q22 vs. 2Q21				2Q22 vs. 1Q22			2021		2022		YTD2022 vs. YTD2021
Fee Revenue:
Total fee revenue, GAAP-basis		$	2,483	$	2,514	$	2,504	$	2,511	$	2,573	$	2,370		(5.7)	%			(7.9)	%		$	4,997	$	4,943	(1.1)	%


Total fee revenue, excluding notable items		$	2,483	$	2,514	$	2,504	$	2,511	$	2,573	$	2,370		(5.7)				(7.9)			$	4,997	$	4,943	(1.1)

Total Revenue:
Total revenue, GAAP-basis		$	2,950	$	3,034	$	2,990	$	3,053	$	3,081	$	2,953		(2.7)	%			(4.2)	%		$	5,984	$	6,034	0.8	%

Less: total other income(1)		—		(53)		—		(58)		—		—			nm				—			(53)		—		nm
Total revenue, excluding notable items		$	2,950	$	2,981	$	2,990	$	2,995	$	3,081	$	2,953		(0.9)				(4.2)			$	5,931	$	6,034	1.7

Expenses:
Total expenses, GAAP-basis		$	2,332	$	2,111	$	2,116	$	2,330	$	2,327	$	2,108		(0.1)	%			(9.4)	%		$	4,443	$	4,435	(0.2)	%
Less: Notable expense items:
Acquisition and restructuring costs(2)		(10)		(11)		(18)		(26)		(9)		(12)			9.1				33.3			(21)		(21)		—
Compensation and employee benefits		—		—		—		32		—		—			—				—			—		—		—
Occupancy		—		—		—		(29)		—		—			—				—			—		—		—
Repositioning (charges) / release		—		—		—		3		—		—			—				—			—		—		—
Deferred incentive compensation expense acceleration(3)		—		—		—		(147)		—		—			—				—			—		—		—
Legal and other		(29)		11		—		—		—		—			nm				—			(18)		—		nm
Total expenses, excluding notable items		2,293		2,111		2,098		2,160		2,318		2,096			(0.7)				(9.6)			4,404		4,414		0.2
Seasonal expenses		(176)		—		—		—		(208)		—			—				nm			(176)		(208)		18.2
Total expenses, excluding notable items and seasonal expenses		$	2,117	$	2,111	$	2,098	$	2,160	$	2,110	$	2,096		(0.7)				(0.7)			$	4,228	$	4,206	(0.5)

Fee Operating Leverage, GAAP-Basis:
Total fee revenue, GAAP-basis		$	2,483	$	2,514	$	2,504	$	2,511	$	2,573	$	2,370		(5.7)	%			(7.9)	%		$	4,997	$	4,943	(1.1)	%
Total expenses, GAAP-basis		2,332		2,111		2,116		2,330		2,327		2,108			(0.1)				(9.4)			4,443		4,435		(0.2)
Fee operating leverage, GAAP-basis															(560)		bps		150		bps					(90)		bps

Fee Operating Leverage, excluding notable items:
Total fee revenue, excluding notable items (as reconciled above)		$	2,483	$	2,514	$	2,504	$	2,511	$	2,573	$	2,370		(5.7)	%			(7.9)	%		$	4,997	$	4,943	(1.1)	%
Total expenses, excluding notable items (as reconciled above)		2,293		2,111		2,098		2,160		2,318		2,096			(0.7)				(9.6)			4,404		4,414		0.2
Fee operating leverage, excluding notable items															(500)		bps		170		bps					(130)		bps

Operating Leverage, GAAP-Basis:
Total revenue, GAAP-basis		$	2,950	$	3,034	$	2,990	$	3,053	$	3,081	$	2,953		(2.7)	%			(4.2)	%		$	5,984	$	6,034	0.8	%
Total expenses, GAAP-basis		2,332		2,111		2,116		2,330		2,327		2,108			(0.1)				(9.4)			4,443		4,435		(0.2)
Operating leverage, GAAP-basis															(260)		bps		520		bps					100		bps

Operating Leverage, excluding notable items:
Total revenue, excluding notable items (as reconciled above)		$	2,950	$	2,981	$	2,990	$	2,995	$	3,081	$	2,953		(0.9)	%			(4.2)	%		$	5,931	$	6,034	1.7	%
Total expenses, excluding notable items (as reconciled above)		2,293		2,111		2,098		2,160		2,318		2,096			(0.7)				(9.6)			4,404		4,414		0.2
Operating leverage, excluding notable items															(20)		bps		540		bps					150		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)		1Q21			2Q21			3Q21			4Q21			1Q22		2Q22			2Q22 vs. 2Q21				2Q22 vs. 1Q22			2021			2022		YTD2022 vs. YTD2021
Net Income :
Net Income GAAP-basis		$	519		$	763		$	714		$	697		$	604	$	747		(2.1)	%			23.7	%		$	1,282		$	1,351	5.4
Less: Notable items
Total other income(1)		—			(53)			—			(58)			—		—										(53)			—
Acquisition and restructuring costs(2)		10			11			18			26			9		12										21		—	21
Repositioning charges / (release)		—			—			—			(3)			—		—										—		—	—
Deferred incentive compensation expense acceleration(3)		—			—			—			147			—		—										—			—
Legal and other		29			(11)			—			—			—		—										18		—	—
Tax impact of notable items		(10)			16			(5)			(29)			(2)		(3)										6		—	(5)
Net Income, excluding notable items		$	548		$	726		$	727		$	780		$	611	$	756		4.1				23.7			$	1,274		$	1,367	7.3

Net Income Available to Common Shareholders:
Net Income Available to Common Shareholders, GAAP-basis		$	489		$	728		$	693		$	662		$	583	$	712		(2.2)	%			22.1	%		$	1,217		$	1,295	6.4	%
Less: Notable items
Total other income(1)		—			(53)			—			(58)			—		—										(53)			—
Acquisition and restructuring costs(2)		10			11			18			26			9		12										21			21
Repositioning charges / (release)		—			—			—			(3)			—		—										—			—
Deferred incentive compensation expense acceleration(3)		—			—			—			147			—		—										—			—
Legal and other		29			(11)			—			—			—		—										18			—
Preferred securities redemption(4)		5			—			—			—			—		—										5			—
Tax impact of notable items		(10)			16			(5)			(29)			(2)		(3)										6			(5)
Net Income Available to Common Shareholders, excluding notable items		$	523		$	691		$	706		$	745		$	590	$	721		4.3				22.2			$	1,214		$	1,311	8.0

Diluted Earnings per Share:
Diluted earnings per share, GAAP-basis		$	1.37		$	2.07		$	1.96		$	1.78		$	1.57	$	1.91		(7.7)	%			21.7	%		$	3.44		$	3.48	1.2	%
Less: Notable items
Total other income(1)		—			(0.10)			—			(0.11)			—		—										(0.10)			—
Acquisition and restructuring costs(2)		0.02			0.02			0.04			0.05			0.02		0.03										0.04			0.04
Repositioning charges / (release)		—			—			—			(0.01)			—		—										—			—
Deferred incentive compensation expense acceleration(3)		—			—			—			0.29			—		—										—			—
Legal and other		0.06			(0.02)			—			—			—		—										0.04			—
Preferred securities redemption(4)		0.02			—			—			—			—		—										0.01			—
Diluted earnings per share, excluding notable items		$	1.47		$	1.97		$	2.00		$	2.00		$	1.59	$	1.94		(1.5)				22.0			$	3.43		$	3.52	2.6

Pre-tax Margin:
Pre-tax margin, GAAP-basis		21.3		%	30.9		%	29.3		%	23.9		%	24.5%		28.3%			(260)		bps		380		bps	26.2%			26.3%		10		bps
Less: Notable items
Total other income(1)		—			(1.2)			—			(1.4)			—		—										(0.7)			—
Acquisition and restructuring costs(2)		0.3			0.4			0.6			0.8			0.3		0.4										0.4			0.4
Repositioning charges		—			—			—			—			—		—										—			—
Deferred incentive compensation expense acceleration(3)		—			—			—			4.8			—		—										—			—
Legal and other		1.0			(0.4)			—			—			—		—										0.3			—
Pre-tax margin, excluding notable items		22.6%			29.7%			29.9%			28.1%			24.8%		28.7%			(100)				390			26.2%			26.7%		50




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)		1Q21		2Q21		3Q21		4Q21		1Q22		2Q22		2Q22 vs. 2Q21			2Q22 vs. 1Q22		2021	2022	YTD2022 vs. YTD2021
Return on Average Common Equity:
Return on average common equity, GAAP-basis		8.4	%	12.6	%	11.6	%	10.3	%	9.5	%	12.1%		(50)	bps		260	bps	10.5%	10.8%	30	bps
Less: Notable items
Total other income(1)		—		(1.0)		—		(0.9)		—		—							(0.5)	—
Acquisition and restructuring costs(2)		0.2		0.2		0.3		0.4		0.2		0.1							0.2	0.1
Repositioning charges		—		—		—		—		—		—							—	—
Deferred incentive compensation expense acceleration(3)		—		—		—		2.3		—		—							—	—
Legal and other		0.5		(0.2)		—		—		—		—							0.2	—
Preferred securities redemption(4)		0.1		—		—		—		—		—							—	—
Tax impact of notable items		(0.2)		0.3		(0.1)		(0.5)		—		—							0.1	—
Return on average common equity, excluding notable items		9.0%		11.9%		11.8%		11.6%		9.7%		12.2%		30			250		10.5%	10.9%	40

(1) Amount in 2021 consists of $58 million related to the sale of investment securities and $53 million gain on the sale of a majority share of our WMS business.
(2) Acquisition and restructuring costs of approximately $12 million in 2Q22, consisting of acquisition costs primarily related to BBH Investor Services.
(3) Amount in 2021 reflects $142 million related to the acceleration of expenses associated with certain cash settled deferred incentive compensation awards and $5 million related to employee benefits.
(4) We redeemed an aggregate of $500 million, or 5,000 of the 7,500 outstanding shares of our non-cumulative perpetual preferred stock, Series F, for cash at a redemption price of $100,000 per share (equivalent to $1,000 per depositary share) plus all declared and unpaid dividends on March 15, 2021.The difference between the redemption value and the net carrying value of approximately $5 million resulted in an EPS impact of approximately ($.02) per share in the first quarter of 2021.

nm Denotes not meaningful


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

(Dollars in millions)			2018(1)			2019			2020			2021
Total revenue:
Total revenue, GAAP-basis			$	12,131		$	11,756		$	11,703		$	12,027
		Less: Total other income	—			(44)			—			(111)

		Add: Legal and other	8			—			—			—

Total revenue, excluding notable items			12,139			11,712			11,703			11,916

Provision for credit losses			15			10			88			(33)
Total expenses:
Total expenses, GAAP-basis			9,015			9,034			8,716			8,889
	Less:
		Acquisition and restructuring costs	(24)			(77)			(50)			(65)
		Deferred incentive compensation expense acceleration	—			—			—			(147)
		Legal and other	(42)			(172)			9			(18)
		Repositioning (charges) / release(1)	(324)			(110)			(133)			3
Total expenses, excluding notable items			8,625			8,675			8,542			8,662
Income before income tax expense, excluding notable items			$	3,499		$	3,027		$	3,073		$	3,287

Income before income tax expense, GAAP-basis			$	3,101		$	2,712		$	2,899		$	3,171

Pre-tax margin, excluding notable items			28.8		%	25.8		%	26.3		%	27.6		%
Pre-tax margin, GAAP-basis			25.6			23.1			24.8			26.4

(1) Includes charges in 2018 that were previously disclosed as "Business exit: Channel Islands".


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF CONSTANT CURRENCY FX IMPACTS

	Reported						Currency Translation Impact					Excluding Currency Impact				% Change Constant Currency
(Dollars in millions)	2Q21		1Q22		2Q22		2Q22 vs. 2Q21		2Q22 vs. 1Q22			2Q22 vs. 2Q21		2Q22 vs. 1Q22		2Q22 vs. 2Q21		2Q22 vs. 1Q22
GAAP-Basis Results:
Fee revenue:
Back office servicing fees	$	1,290	$	1,268	$	1,205	$	(38)	$	(18)		$	1,243	$	1,223	(3.6)	%	(3.5)	%
Middle office services	104		100		92		(3)		(1)			95		93		(8.7)		(7.0)
Servicing fees	1,394		1,368		1,297		(41)		(19)			1,338		1,316		(4.0)		(3.8)
Management fees	504		520		490		(9)		(5)			499		495		(1.0)		(4.8)
Foreign exchange trading services	286		359		331		—		—			331		331		15.7		(7.8)
Securities finance	109		96		107		(1)		—			108		107		(0.9)		11.5
Front office software and data	148		138		126		(1)		(1)			127		127		(14.2)		(8.0)
Lending related and other fees	63		63		62		—		—			62		62		(1.6)		(1.6)
Software and processing fees	211		201		188		(1)		(1)			189		189		(10.4)		(6.0)
Other fee revenue	10		29		(43)		1		—			(44)		(43)		nm		nm
Total fee revenue	2,514		2,573		2,370		(51)		(25)			2,421		2,395		(3.7)		(6.9)
Net interest income	467		509		584		(12)		(6)			596		590		27.6		15.9
Total other income	53		(1)		(1)		—		—			(1)		(1)		nm		nm
Total revenue	$	3,034	$	3,081	$	2,953	$	(63)	$	(31)		$	3,016	$	2,984	(0.6)		(3.1)

Expenses:
Compensation and employee benefits	$	1,077	$	1,232	$	1,046	$	(38)	$	(21)		$	1,084	$	1,067	0.6		(13.4)
Information systems and communications	398		423		392		(4)		(2)			396		394		(0.5)		(6.9)
Transaction processing services	263		264		240		(6)		(3)			246		243		(6.5)		(8.0)
Occupancy	100		95		96		(4)		(2)			100		98		—		3.2
Acquisition and restructuring costs	11		9		12		—		—			12		12		9.1		33.3
Amortization of other intangible assets	63		61		60		(2)		(1)			62		61		(1.6)		—
Other	199		243		262		(6)		(5)			268		267		34.7		9.9
Total expenses	$	2,111	$	2,327	$	2,108	$	(60)	$	(34)		$	2,168	$	2,142	2.7		(8.0)

Total expenses, excluding notable items - Non-GAAP	$	2,111	$	2,318	$	2,096	$	(60)	$	(34)		$	2,156	$	2,130	2.1		(8.1)
Total non-compensation expenses, excluding notable items - Non-GAAP(1)	$	1,034	$	1,086	$	1,050	$	(22)	$	(13)		$	1,072	$	1,063	3.7		(2.1)


GAAP-Basis YTD Comparison	Reported				Currency Translation Impact		Excluding Currency Impact		% Change Constant Currency
(Dollars in millions)	2021		2022		YTD2022 vs.YTD2021		2022		YTD2022 vs. YTD2021
GAAP-Basis Results:
Fee revenue:
Back office servicing fees	$	2,556	$	2,473	$	(58)	$	2,531	(1.0)		%
Middle office services	207		192		(4)		196		(5.3)
Servicing fees	2,763		2,665		(62)		2,727		(1.3)
Management fees	997		1,010		(13)		1,023		2.6
Foreign exchange trading services	632		690		—		690		9.2
Securities finance	208		203		(1)		204		(1.9)
Front office software and data	244		264		(1)		265		8.6
Lending related and other fees	127		125		(1)		126		(0.8)
Software and processing fees	371		389		(2)		391		5.4
Other fee revenue	26		(14)		(1)		(13)		nm
Total fee revenue	4,997		4,943		(79)		5,022		0.5
Net interest income	934		1,093		(18)		1,111		19.0
Total other income	53		(2)		3		(5)		nm
Total revenue	$	5,984	$	6,034	$	(94)	$	6,128	2.4

Expenses:
Compensation and employee benefits	$	2,319	$	2,278	$	(51)	$	2,329	0.4
Information systems and communications	819		815		(6)		821		0.2
Transaction processing services	533		504		(8)		512		(3.9)
Occupancy	209		191		(7)		198		(5.3)
Acquisition and restructuring costs	21		21		—		21		—
Amortization of other intangible assets	121		121		(3)		124		2.5
Other	421		505		(10)		515		22.3
Total expenses	$	4,443	$	4,435	$	(85)	$	4,520	1.7

Total expenses, excluding notable items - Non-GAAP	$	4,404	$	4,414	$	(85)	$	4,499	2.2
Total non-compensation expenses, excluding notable items - Non-GAAP(1)	$	2,085	$	2,136	$	(34)	$	2,170	4.1

(1) Total non-compensation expenses, excluding notable items is comprised of total expenses, excluding notable items - Non-GAAP, less compensation and employee benefits (as shown above).
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 average common shareholders’ equity by average consolidated total assets, after reducing both amounts by average goodwill and average other intangible assets net of related deferred taxes. Total assets reflected in the TCE ratio also exclude average 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. Average tangible common equity and adjusted average 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)		1Q21			2Q21			3Q21			4Q21			1Q22			2Q22
Average consolidated total assets		$	296,328		$	308,195		$	291,459		$	303,007		$	295,010		$	291,435
Less:
Average goodwill		7,662			7,652			7,621			7,628			7,599			7,501
Average other intangible assets		1,798			1,987			1,901			1,850			1,782			1,693
Average cash balances held at central banks in excess of required reserves		92,207			97,257			77,207			83,931			73,339			71,714
Plus related deferred tax liabilities		489			490			495			499			499			494
Average tangible assets	A	$	195,150		$	201,789		$	205,225		$	210,097		$	212,789		$	211,021
Average consolidated common shareholders' equity		$	23,583		$	23,252		$	23,791		$	25,393		$	24,791		$	23,687
Less:
Average goodwill		7,662			7,652			7,621			7,628			7,599			7,501
Average other intangible assets		1,798			1,987			1,901			1,850			1,782			1,693

Plus related deferred tax liabilities		489			490			495			499			499			494
Average tangible common equity	B	$	14,612		$	14,103		$	14,764		$	16,414		$	15,909		$	14,987
Average tangible common equity ratio	B/A	7.5		%	7.0		%	7.2		%	7.8		%	7.5		%	7.1		%

GAAP-basis:
Net income available to common shareholders		$	489		$	728		$	693		$	662		$	583		$	712
Return on tangible common equity - Non-GAAP		13.4		%	17.3		%	17.3		%	15.7		%	14.7		%	17.3		%


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
REGULATORY CAPITAL

		Basel III Advanced Approaches(1)																		Basel III Standardized Approach(2)
(Dollars in millions)		1Q21			2Q21			3Q21			4Q21			1Q22			2Q22				1Q21			2Q21			3Q21			4Q21			1Q22			2Q22
Ratios and Supporting Calculations:







Common equity tier 1 capital	A	$	13,443		$	13,691		$	15,831		$	15,947		$	15,026		$	14,882			$	13,443		$	13,691		$	15,831		$	15,947		$	15,026		$	14,882
Total risk-weighted assets	B	113,051			116,458			114,878			111,398			114,969			110,480				124,324			121,922			117,229			111,667			126,725			115,404
Common equity tier 1 risk-based capital ratio	A/B	11.9		%	11.8		%	13.8		%	14.3		%	13.1		%	13.5		%		10.8		%	11.2		%	13.5		%	14.3		%	11.9		%	12.9		%

Tier 1 capital	C	$	15,419		$	15,667		$	17,807		$	17,923		$	17,002		$	16,858			$	15,419		$	15,667		$	17,807		$	17,923		$	17,002		$	16,858
Tier 1 risk-based capital ratio	C/B	13.6		%	13.5		%	15.5		%	16.1		%	14.8		%	15.3		%		12.4		%	12.9		%	15.2		%	16.1		%	13.4		%	14.6		%

Total capital	D	$	17,220		$	17,259		$	19,397		$	19,511		$	18,588		$	18,239			$	17,355		$	17,379		$	19,514		$	19,619		$	18,693		$	18,352
Total risk-based capital ratio	D/B	15.2		%	14.8		%	16.9		%	17.5		%	16.2		%	16.5		%		14.0		%	14.3		%	16.6		%	17.6		%	14.8		%	15.9		%

Tier 1 capital	E	$	15,419		$	15,667		$	17,807		$	17,923		$	17,002		$	16,858			$	15,419		$	15,667		$	17,807		$	17,923		$	17,002		$	16,858
Leverage exposure(3)	F	285,480			298,682			281,952			293,567			285,788			282,526				285,480			298,682			281,952			293,567			285,788			282,526
Tier 1 leverage ratio	E/F	5.4		%	5.2		%	6.3		%	6.1		%	5.9		%	6.0		%		5.4		%	5.2		%	6.3		%	6.1		%	5.9		%	6.0		%

On-and off-balance sheet leverage exposure		223,451			241,743			246,609			251,879			264,616			263,538				223,451			241,743			246,609			251,879			264,616			263,538
Less: regulatory deductions		(9,586)			(9,500)			(9,507)			(9,440)			(9,222)			(8,909)				(9,586)			(9,500)			(9,507)			(9,440)			(9,222)			(8,909)
Total leverage exposure for SLR	G	213,865			232,243			237,102			242,439			255,394			254,629				213,865			232,243			237,102			242,439			255,394			254,629
Supplementary leverage ratio(4)	E/G	7.2		%	6.7		%	7.5		%	7.4		%	6.7		%	6.6		%		7.2		%	6.7		%	7.5		%	7.4		%	6.7		%	6.6		%

(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. Capital ratios as of June 30, 2022 are estimates.
(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. Capital ratios as of June 30, 2022 are estimates.
(3) Leverage exposure is equal to average consolidated total assets less applicable Tier 1 capital deductions.
(4) We are subject to a minimum Supplementary Leverage Ratio or SLR of 3%, and as a U.S. G-SIB, we must maintain a 2% SLR buffer in order to avoid any limitations on distributions to shareholders and discretionary bonus payments to certain executives.

July 15, 2022 (NYSE: STT) 2Q 2022 Financial Highlights Exhibit 99.3

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 second quarter 2022 financial results. That news release contains a more detailed discussion of many of the matters described in this presentation and is accompanied by an Addendum with detailed financial tables. This presentation is designed to be reviewed together with that news release and that Addendum, which are available on State Street’s website, at http://investors.statestreet.com, and are 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 2Q22 highlights All comparisons are to corresponding prior year period unless noted otherwise • ROE of 12.1% and a CET1 ratio of 12.9% at quarter end3 ‒ Effective RWA management and mitigated AOCI risk in the investment portfolio ‒ Continued to manage CCAR SCB well below the 2.5% floor • Returned $210M to shareholders through declared common dividends of $0.57 per share • Announced a planned 10% increase to 3Q22 quarterly common stock dividend to $0.63 per shareB Balance sheet and capital • EPS of $1.91, down (8)%; $1.94 ex-notable items, down (2)%A • Total revenue of ~$3.0B, down (3)%; down (1)% ex-notablesA ‒ Fee revenue down (6)% largely due to lower equity and fixed income market levels, partially offset by higher FX trading services revenue ‒ NII up 25% reflecting rising interest rates across the curve and growth in loan balances • Total expenses of $2.1B, flat YoY; down (1)% ex-notablesA ‒ Pre-tax margin of 28.3%, down (3)%pts; 28.7% ex-notables, down (1)%ptA • AUC/A of $38.2T at quarter-end; Servicing wins of $972B and business yet to be installed of $3.6T at quarter-end1 ‒ Reported 1 new State Street AlphaSM mandate in 2Q22 with 12 of 20 clients now live • AUM of $3.5T at quarter-end, with 2Q22 inflows in Cash, SPDR® Low-Cost suite and Fixed Income ETFs, offset by lower market levels1 • Named #1 FX provider to asset managers in the 2022 Euromoney Survey, up from #2 last year2 Business momentum A Financial metrics ex-notable items are non-GAAP measures; refer to the Appendix for explanations and reconciliations of our non-GAAP measures. B Subject to the approval by State Street’s Board of Directors. Refer to the Appendix included with this presentation for endnotes 1 to 19.

4 Summary of 2Q22 financial results A These are non-GAAP presentations; ex-currency translation percentage changes are in reference to the YoY quarterly comparison between 2Q22 and 2Q21 which excludes the impact of foreign currency translation; refer to the Appendix for a reconciliation of ex-notable items/currency translation and further explanations of non-GAAP measures. B Gain on sale of $53M in 2Q21 included in Other income reflecting a gain on sale of a majority interest in our Wealth Manager Services business. C Legal and other benefits of $11M in 2Q21 included in Other expenses. Notable items 2Q21 1Q22 2Q22 1Q22 2Q21 Revenue: Back office servicing fees $1,290 $1,268 $1,205 (5)% (7)% (4)% Middle office services 104 100 92 (8) (12) (9) Servicing fees 1,394 1,368 1,297 (5) (7) (4) Management fees 504 520 490 (6) (3) (1) Foreign exchange trading services 286 359 331 (8) 16 16 Securities finance 109 96 107 11 (2) (1) Front office software and data 148 138 126 (9) (15) (14) Lending related and other fees 63 63 62 (2) (2) (2) Software and processing fees 211 201 188 (6) (11) (10) Other fee revenue 10 29 (43) nm nm nm Total fee revenue 2,514 2,573 2,370 (8) (6) (4) Net interest income 467 509 584 15 25 28 Other income 53 (1) (1) - nm nm Total revenue $3,034 $3,081 $2,953 (4)% (3)% (1)% Provision for credit losses ($15) - $10 nm nm Total expenses $2,111 $2,327 $2,108 (9)% (0)% 3% Net income $763 $604 $747 24% (2)% Diluted earnings per share $2.07 $1.57 $1.91 22% (8)% Return on average common equity 12.6% 9.5% 12.1% 2.6%pts (0.5)%pts Pre-tax margin 30.9% 24.5% 28.3% 3.8%pts (2.6)%pts Tax rate 18.6% 19.9% 10.5% (9.4)%pts (8.1)%pts Ex-notable items, non-GAAP A: Total revenue $2,981 $3,081 $2,953 (4)% (1)% 1% Total expenses $2,111 $2,318 $2,096 (10)% (1)% 2% EPS $1.97 $1.59 $1.94 22% (2)% Pre-tax margin 29.7% 24.8% 28.7% 3.9%pts (1.0)%pts (GAAP, $M, except EPS data, or where otherwise noted) Quarters %∆ 2Q21 %∆ ex-currency translationA 2Q21 1Q22 2Q22 Acquisition and restructuring costs ($11) ($9) ($12) Gain on sale B 53 - - Legal and Other C 11 - - Total notable items (pre-tax) $53 ($9) ($12) EPS impact $0.10 ($0.02) ($0.03) ($M, except EPS data) Quarters

5 AUC/A and AUM levels, markets and flows performance AUC/A and AUM A Market indices4 • (10)% decrease from 2Q21 largely driven by: – Lower equity and fixed income market levels, partially offset by net new business and client flows • (8)% decrease from 1Q22 primarily due to: – Lower equity and fixed income market levels • (11)% decrease from 2Q21 mainly reflecting: – Lower equity and fixed income market levels and institutional net outflows, partially offset by ETF and cash net inflows • (14)% decrease from 1Q22 primarily due to: – Lower equity and fixed income market levels and institutional net outflows, partially offset by cash net inflows AUC/A ($T, as of period-end)1 AUM ($B, as of period-end)1 Select industry flows5 -14% -8% $42.6 $41.7 $38.2 2Q21 1Q22 2Q22 2Q221Q222Q21 $3,475 $3,897 $4,022 -10% -11% A Changes to AUC/A and AUM also reflect currency translation. B Line items may not sum to total due to rounding. Refer to the Appendix included with this presentation for endnotes 1 to 19. 1Q22 2Q21 EOP (16)% (12)% Daily Avg (8) (2) EOP (15) (20) Daily Avg (10) (13) EOP (12) (27) Daily Avg (11) (22) (% change) 2Q22 vs S&P 500 MSCI EAFE MSCI EM Barclays Global Agg EOP (8) (15) 2Q21 1Q22 2Q22 Long Term Funds $196 ($67) ($276) Money Market 33 (143) (54) ETF 123 181 93 North America Total 351 (29) (237) EMEA Total 267 (14) (13) ($B) Total flowsB

6 Servicing fees of $1,297M down (7)% YoY and (5)% QoQ; down (4)% YoY and QoQ ex-FXA • Down (7)% YoY primarily driven by lower average equity and fixed income market levels, normal pricing headwinds, client activity/adjustments and the impact of currency translation, partially offset by net new business • Down (5)% QoQ mainly due to lower average equity and fixed income market levels, client activity/adjustments and the impact of currency translation, partially offset by net new business Back office servicing fees of $1,205M down (7)% YoY and (5)% QoQ (consistent with total servicing fees above); Middle office services of $92M down (12)% YoY and (8)% QoQ largely reflecting decreased client AUM from lower market levels and client activity/adjustments Revenue: Servicing fees Servicing fees ($M) 2Q22 performance 1,290 1,289 1,272 1,268 1,205 4Q21 104 3Q212Q21 102 105 $1,391 100 1Q22 92 2Q22 $1,394 $1,377 $1,368 $1,297 $3,034 $2,990 $3,053 $3,081 $2,953 YoY -3% QoQ -4% Total revenue AUC/A wins $1,187 $1,657 $332 $302 $972 1,236 2,733 2,795 2,909 3,632 AUC/A to be installed AUC/A sales performance indicators ($B) 1 • Servicing fees were negatively impacted by currency translation when compared to 2Q21 and 1Q22 by $41M and $19M, respectively Investment Services business momentum 1 • New business wins well-diversified across client segments and geographies including: – 1 Alpha mandate win providing services across geographies as Alpha continues to drive investment servicing wins – Expanded existing Asset Owner Alpha mandate to provide global custody for ~$300B new assets • Continued revenue momentum in Alternatives despite equity and fixed income market declines A This is a non-GAAP presentation; refer to the Appendix for a reconciliation of ex-notable items/currency translation and further explanations of non-GAAP measures. Refer to the Appendix included with this presentation for endnotes 1 to 19. -7% -4% ex-FX A -5% -4% ex-FX A Back office servicing fees Middle office services -7% -4% ex-FX -12% -9% ex-FX YoY %

7 Revenue: Management fees Management fees ($M) 2Q22 performance Management fees of $490M down (3)% YoY and (6)% QoQ; down (1)% YoY and (5)% QoQ ex-FXA • Down (3)% YoY mainly due to lower average equity and fixed income market levels, a client-specific pricing adjustment, and the impact of currency translation, partially offset by the absence of the impact of money market fee waivers and the run rate impact of net ETF inflows • Down (6)% QoQ largely reflecting lower average equity and fixed income market levels, partially offset by absence of the impact of money market fee waivers AUM $3,897 $3,862 $4,138 $4,022 $3,475 83 (5) 79 51 (62) Net flows (QoQ) Performance indicators ($B) 1 • Management fees were negatively impacted by currency translation when compared to 2Q21 and 1Q22 by $9M and $5M, respectively $530 $504 1Q222Q21 3Q21 4Q21 $520$526 2Q22 $490 Investment Management business momentum 1 • ETFs: Sustained ETF inflows into Fixed Income and SPDR ® Low-Cost suite; outflows primarily in equity and Gold ETFs • Institutional: Momentum in Target Date franchise; outflows primarily from low fee index assets, benefitting overall management fee rate • Cash: Strong net inflows of $15B across Cash franchise, contributing to market share gains6; Fed rate hikes in 2022 resulted in the absence of the impact of money market fee waivers from 2Q22 A This is a non-GAAP presentation; refer to the Appendix for a reconciliation of ex-notable items/currency translation and further explanations of non-GAAP measures. Refer to the Appendix included with this presentation for endnotes 1 to 19. $3,034 $2,990 $3,053 $3,081 $2,953 YoY -3% QoQ -4% Total revenue -3% -1% ex-FX A -6% -5% ex-FX A

8 Revenue: Markets, Software and processing, and Other fee revenue Markets, Software & processing, and Other fees ($M) 2Q22 performance 211 180 187 201 109 106 102 96 286 279 300 359 4Q21 331 1Q22 $587 2Q21 10 3Q21 22 15 29 107 188 (43) 2Q22 $604$616 $685 $583 FX trading Securities finance Software & processing +16% -2% -11% YoY % • FX trading services of $331M – Up 16% YoY primarily reflecting higher FX spreads, partially offset by lower client FX volumes – Down (8)% QoQ mainly due to lower client FX volumes, partially offset by higher FX spreads • Securities finance of $107M – Down (2)% YoY largely from lower Agency and Enhanced Custody balances, partially offset by higher spreads – Up 11% QoQ primarily driven by higher spreads, partially offset by lower Agency and Enhanced Custody balances • Software and processing fees of $188M – Down (11)% YoY and (6)% QoQ primarily driven by lower Front office software and data revenue associated with CRD Front office software and data of $126M down (15)% YoY and (9)% QoQ; Lending related and other fees of $62M down (2)% YoY and QoQ • Other fee revenue of $(43)M A – Decreased $(53)M YoY largely due to negative market-related adjustments – Decreased $(72)M QoQ mainly reflecting negative market-related adjustments and the absence of prior period positive fair value adjustments on equity investments Other fees nm $3,034 $2,990 $3,053 $3,081 $2,953 Total revenue YoY -3% QoQ -4% A Other fee revenue primarily consists of income from equity method investments and certain tax-advantaged investments, as well as market-related adjustments.

9 Enterprise solutions enabled by State Street Alpha 66 66 70 70 74 19 21 16 29 24 62 27 35 36 25 2Q222Q21 3Q21 4Q21 1Q22 $148 $116 $124 $138 $126 A Front office software and data revenue primarily includes revenue from CRD, Alpha Data Platform and Alpha Data Services. Includes Other revenue of $2M for each quarter from 2Q21 to 4Q21 and $3M in 1Q22 and 2Q22; revenue line items may not sum to total due to rounding. Refer to the Appendix included with this presentation for endnotes 1 to 19. -9% -15% Front office software and data ($M)A Future growth driven by Front office, Middle office, and Alpha $3,034 $2,990 $3,053 $3,081 $2,953 Total revenue YoY -3% QoQ -4% Front office software and data of $126M down (15)% YoY and (9)% QoQ • Down (15)% YoY primarily driven by lower on-premises renewals and the absence of episodic fees, partially offset by higher software-enabled revenue • Down (9)% QoQ largely driven by lower on-premises renewals ($M) 2Q21 1Q22 2Q22 Front office metrics New bookings 8 $20 $5 $11 ARR 9 209 235 251 Uninstalled revenue backlog 10 67 93 91 Middle office metric Uninstalled revenue backlog 11 47 63 92 Alpha metrics # of mandate wins 2 - 1 Live mandates to-date 5 11 12 • Front office ARR up 20% YoY as more SaaS clients are onboarded • Middle office uninstalled revenue backlog nearly doubled YoY to $92M • 12 out of 20 Alpha clients live as of the end of 2Q22 Professional services Software- enabled (incl. SaaS) 7 On-premises 7 15% YoY Growth

10 Revenue: Net interest income NII and NIM ($M)12 Average balance sheet highlights ($B)A • Total average assets of $291B down (5)% YoY and (1)% QoQ • Total average deposits of $228B down (6)% YoY and (2)% QoQ, largely driven by the impact from currency translation A Line items are rounded. Refer to the Appendix included with this presentation for endnotes 1 to 19. NII of $584M up 25% YoY and 15% QoQ • Up 25% YoY primarily driven by higher short and long term interest rates and growth in loan balances • Up 15% QoQ mainly due to higher short and long term interest rates, partially offset by lower investment portfolio balances 2Q21 3Q21 4Q21 1Q22 2Q22 Total assets $308 $291 $303 $295 $291 Interest-earning assets 266 255 265 258 251 Loans 29 32 34 34 36 Investment portfolio 111 114 114 119 114 HTM % (EOP) 40% 38% 37% 38% 59% Duration (EOP) 13 3.1 3.1 2.9 2.8 2.8 Total deposits $242 $233 $240 $233 $228 $3,034 $2,990 $3,053 $3,081 $2,953 YoY -3% QoQ -4% Total revenue NIM 12 (FTE, %) 0.71% 0.76% 0.73% 0.80% 0.94% 4Q21 $484 2Q21 $487 3Q21 1Q22 2Q22 $467 $509 $584 +15% +25%

11 Expenses Expenses (Ex-notable items, non-GAAP, $M) A 2Q22 performance (Ex-notable items, non-GAAP)A $2,111 $2,327 $2,108 39,146 39,335 40,354 GAAP Expense Head- count 273 304 322 263 264 240 398 423 392 1,077 1,232 1,046 $2,096 1Q22 2Q222Q21 $2,318 $2,111 A These are non-GAAP presentations; refer to the Appendix for a reconciliation of ex-notable items/currency translation and further explanations of non-GAAP measures. B 1Q22 includes $208M of seasonal expenses. C Recoverable client-related expenses are recorded on a gross basis through both revenues and expenses. Refer to the Appendix included with this presentation for endnotes 1 to 19. Comp. & benefitsB Info. sys. Tran. processing Other 14 Occupancy • Total expenses on both a GAAP and ex-notables basis were positively impacted by currency translation when compared to 2Q21 and 1Q22 by $60M and $34M, respectively Expenses of $2,096M down (1)% YoY and (10)% QoQ; up 2% YoY and down (8)% QoQ ex-FXA • Compensation and employee benefits of $1,046M – Down (3)% YoY mainly due to lower incentive compensation and the impact of currency translation, partially offset by higher merit increases and contractor spend – Down (15)% QoQ primarily driven by the absence of seasonal expensesB and lower incentive compensation, partially offset by higher merit increases and contractor spend • Information systems and communications of $392M – Down (2)% YoY and (7)% QoQ primarily due to episodic credits related to vendor pricing optimization initiatives and infrastructure rationalization • Transaction processing services of $240M – Down (9)% YoY and QoQ mainly due to lower sub-custody costs • Occupancy of $96M – Down (4)% YoY primarily due to the impact of currency translation • Other of $322M15 – Up 18% YoY largely reflecting higher recoverable client-related expenses C , professional fees, and travel costs – Up 6% QoQ primarily due to higher recoverable client-related expenses C and travel costs 9695100 YoY flat QoQ -9% -1% +2% ex-FX A -10% -8% ex-FX A YoY +3% QoQ +3%

12 Capital ratios Capital ratios 3 (%, as of period-end) Capital highlights Capital ($B unless noted otherwise, capital metrics as of period-end) 2Q21 1Q22 2Q22 Standardized CET1 CET1 capital $13.7 $15.0 $14.9 Risk weighted assets 122 127 115 Tier 1 leverage Tier 1 capital 15.7 17.0 16.9 Leverage exposure 18 299 286 283 OCI impact of investment portfolio on regulatory capital B - (1.3) (0.5) CET1 (Standardized) Tier 1 Leverage 5.2% 6.3% 6.1% 5.9% 6.0% 2Q223Q21 4Q212Q21 1Q22 Target state Minimum ratio4.0% STT Target5.25-5.75% • 2Q22 quarter end standardized CET1 ratio of 12.9% increased 1.0%pt QoQ primarily reflecting planned RWA reductions and management actions to reduce AOCI impact of the investment portfolio • 2Q22 quarter end Tier 1 leverage ratio of 6.0% up 0.1%pt QoQ • Returned $210M to shareholders in 2Q22 through declared common dividends of $0.57 per share – In June 2022, announced our intention to increase the quarterly common stock dividend by 10% to $0.63 per share in the third quarter A 11.2% 13.5% 14.3% 11.9% 12.9% 4.5% 2.5% 4Q212Q21 3Q21 1Q22 2Q22 A Subject to the approval by State Street’s Board of Directors. B OCI impact of investment portfolio on regulatory capital is a sub-component within GAAP AOCI. Refer to the Appendix included with this presentation for endnotes 1 to 19. SCB 17 Minimum ratio 8 .0 % Target state 10-11% G-SIB surcharge 16 STT Target 1.0%

13 Summary 2Q22 financial review • EPS of $1.91; pre-tax margin of 28.3%; ROE of 12.1% • EPS ex-notable items of $1.94, down (2)%A – Total revenue of ~$3.0B, down (1)% (up 1% ex-currency translation), with Fee revenue down (6)%, primarily driven by lower equity and fixed income market levels, partially offset by higher NII and FX trading revenue – Expenses ex-notables of $2.1B, down (1)% (up 2% ex-currency translation) reflecting continued productivity savings and lower incentive compensation, partially offset by higher-than-expected salary increasesA • Business momentum – New business AUC/A wins of $972B; AUC/A yet to be installed of $3.6T at quarter-end1 – 1 new Alpha client mandate in 2Q22; 20 total Alpha clients signed since inception; 12 Alpha client mandates live as of the end of 2Q22 – $3.5T of AUM at quarter-end, with continued inflows in Cash1 • Capital return – Returned $210M to shareholders through declared common dividends of $0.57 per share – Preliminary SCB under the 2022 annual CCAR stress test was well below the 2.5% floor – Announced a planned 10% increase to 3Q22 quarterly common stock dividend to $0.63 per shareB – Intend to resume common share repurchase program in 4Q2219 A Financial metrics ex-notable items are non-GAAP measures; refer to the Appendix for explanations and reconciliations of our non-GAAP measures. B Subject to the approval by State Street’s Board of Directors. Refer to the Appendix included with this presentation for endnotes 1 to 19. All comparisons are to corresponding prior year period unless noted otherwise

14 Appendix 2Q22 line of business performance 15 Reconciliation of notable items 16 Reconciliation of constant currency impacts 17 Endnotes 18 Forward-looking statements 19 Non-GAAP measures 20 Definitions 21

15 1,888 State StreetB 2Q22 line of business performance Investment Servicing Total revenueA 468 588 1,984 1,888 2Q222Q21 $2,452M $2,475M Pre-tax income Fee revenue NII Pre-tax margin 29.0% 28.2% -0.8%pt YoY % ∆ -5% +26% +1% -2% Investment Management Total revenue $529M 2Q21 2Q22 $478M Pre-tax income Pre-tax margin 34.6% 31.6% -3.0%pts 2Q21 2Q22 $183M $151M YoY % ∆ -10% -17% Total revenue ex-notable itemsA, C 467 584 2,514 2,370 $2,981M 2Q21 2Q22 $2,953M Pre-tax income ex-notable itemsC Fee revenue NII Pre-tax margin ex-notable itemsC 29.7% 28.7% -1.0%pt YoY % ∆ -6% +25% -1% -4% A Total revenue also includes Other income of $(1)M in 2Q22. B State Street includes line of business results from Investment Servicing, Investment Management, and Other. Refer to the Addendum for further line of business information. C This is a non-GAAP presentation; refer to the Appendix for a reconciliation of ex-notable items and further explanations of non-GAAP measures. 2Q21 2Q22 $712M $698M $847M 2Q21 2Q22 $885M

16 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 % Change (Dollars in millions, unless noted otherwise) 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 2Q22 vs. 2Q21 2Q22 vs. 1Q22 2021 2022 YTD2022 vs. YTD2021 Total revenue, GAAP-basis $2,950 $3,034 $2,990 $3,053 $3,081 $2,953 (2.7)% (4.2)% $5,984 $6,034 0.8% Less: Other income (53) (58) (53) - Total revenue, excluding notable items 2,950 2,981 2,990 2,995 3,081 2,953 (0.9)% (4.2)% 5,931 6,034 1.7% Total expenses, GAAP basis 2,332 2,111 2,116 2,330 2,327 2,108 (0.1)% (9.4)% 4,443 4,435 (0.2)% Less: Notable expense items: Repositioning charges: Compensation and employee benefits 32 - - Occupancy (29) - - Repositioning (charges) / release 3 - -0 Acquisition and restructuring costs (10) (11) (18) (26) (9) (12) (21) (21) Deferred compensation expense acceleration (147) - - Legal and other: Information systems and communications (20) (20) - Transaction processing services (8) (8) - Other (1) 11 10 - Legal and other (29) 11 (18) - Total expenses, excluding notable items 2,293 2,111 2,098 2,160 2,318 2,096 (0.7)% (9.6)% 4,404 4,414 0.2% Seasonal expenses (176) (208) (176) (208) Total expenses, excluding notable items and seasonal expense items 2,117 2,111 2,098 2,160 2,110 2,096 (0.7)% (0.7)% 4,228 4,206 (0.5)% Operating leverage, GAAP-basis (%pts)A (260) bps 520 bps bps 100 bps Operating leverage, excluding notable items (%pts)B (20) 540 150 Pre-tax margin, GAAP-basis (%) 21.3% 30.9% 29.3% 23.9% 24.5% 28.3% (260) 380 26.2% 26.3% 10 Notable items as reconciled above (%) 1.3% (1.2%) 0.6% 4.2% 0.3% 0.4% - 0.4% Pre-tax margin, excluding notable items (%) 22.6% 29.7% 29.9% 28.1% 24.8% 28.7% (100) 390 26.2% 26.7% 50 Net income available to common shareholders, GAAP-basis 489 728 693 662 583 712 (2.2)% 22.1% 1,217 1,295 6.4% Notable items as reconciled above: pre-tax 39 (53) 18 112 9 12 (14) 21 Tax impact on notable items as reconciled above (10) 16 (5) (29) (2) (3) 6 (5) Preferred securities cost 5 5 - Net income available to common shareholders, excluding notable items 523 691 706 745 590 721 4.3% 22.2% 1,214 1,311 8.0% Diluted EPS, GAAP-basis 1.37 2.07 1.96 1.78 1.57 1.91 (7.7)% 21.7% 3.44 3.48 1.2% Notable items as reconciled above 0.10 (0.10) 0.04 0.22 0.02 0.03 (0.01) 0.04 Diluted EPS, excluding notable items 1.47 1.97 2.00 2.00 1.59 1.94 (1.5)% 22.0% 3.43 3.52 2.6% % Change Year-to-Date

17 Reconciliation of constant currency impacts A Other includes Other expenses and Amortization of intangible assets. Reconciliation of Constant Currency FX Impacts (Dollars in millions) 2Q21 1Q22 2Q22 2Q22 vs. 2Q21 2Q22 vs. 1Q22 2Q22 vs. 2Q21 2Q22 vs. 1Q22 2Q22 vs. 2Q21 2Q22 vs. 1Q22 Non-GAAP basis Total revenue, excluding notable items $ 2,981 $ 3,081 $ 2,953 $ (63) $ (31) $ 3,016 $ 2,984 1.2% (3.1)% Compensation and employee benefits, excluding notable items $ 1,077 $ 1,232 $ 1,046 $ (38) $ (21) $ 1,084 $ 1,067 0.6% (13.4)% Information systems and communications, excluding notable items 398 423 392 (4) (2) 396 394 (0.5)% (6.9)% Transaction processing services, excluding notable items 263 264 240 (6) (3) 246 243 (6.5)% (8.0)% Occupancy, excluding notable items 100 95 96 (4) (2) 100 98 - 3.2% Other expenses, excluding notable itemsA 273 304 322 (8) (6) 330 328 20.9% 7.9% Total expenses, excluding notable items $ 2,111 $ 2,318 $ 2,096 $ (60) $ (34) $ 2,156 $ 2,130 2.1% (8.1)% Reported Currency Translation Impact Excluding Currency Impact % Change Constant Currency

18 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. Consistent with past practice, AUC/A values for certain asset classes are based on a lag, typically one-month. 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. Recognized Global Markets as the #1 FX provider to asset managers in the 2022 Euromoney (Real Money) FX Survey. 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 2Q21 to 2Q22. Refer to the Addendum for descriptions of these ratios. June 30, 2022 capital ratios are presented as of quarter-end and are estimates. 4. The index names listed are service marks of their respective owners. 5. 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 U.S. domiciled Market flows mainly in Equities, Allocation and Fixed Income asset classes. 2Q22 data for North America (U.S. domiciled) includes Morningstar actuals for April and May 2022 and Morningstar estimates for June 2022. 2Q22 data for EMEA is on a rolling three month basis for March 2022 through May 2022. 6. Market share data based on Global Institutional Money Market Funds and sourced from Money Fund Analyzer, a service provided by iMoneyNet as of the end of June 2022. 7. On-premises revenue is revenue derived from locally installed software. Software-enabled revenue includes SaaS, maintenance and support revenue, FIX, brokerage, and value-add services. The revenue recognition pattern for on-premises installations differs from software-enabled revenue. 8. Front office bookings represent signed annual recurring revenue contract values for CRD, Mercatus, Alpha Data Platform, and Alpha Data Services excluding bookings with affiliates, including SSGA. Front office revenue derived from affiliate agreements is eliminated in consolidation for financial reporting purposes. 9. Front office software and data ARR, an operating metric, is calculated by annualizing current quarter revenue for CRD and Mercatus and includes the annualized amount of most software-enabled revenue, including revenue generated from SaaS, maintenance and support revenue, FIX, and value-added services, which are all expected to be recognized ratably over the term of client contracts. Front office software and data ARR does not include software-enabled brokerage revenue and revenue from affiliates. 10. Represents expected annualized recurring revenue from signed client contracts that are scheduled to be largely installed over the next 24 months for CRD, Mercatus and Alpha Data Services. It includes SaaS revenue as well as maintenance and support revenue and excludes the one-time impact of on-premises license revenue, revenue generated from FIX, brokerage, value-add services, and professional services as well as revenue from affiliates. 11. Represents expected annualized recurring revenue from signed client contracts that are scheduled to be largely installed over the next 24 months. It does not include professional services revenue or revenue from affiliates. 12. 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. 13. Duration as of period end and based on total investment portfolio. 14. Other includes Other expenses and Amortization of intangible assets. 15. Other expenses in 2Q22, 1Q22, and 2Q21 included notable items related to acquisition and restructuring costs of $12M, $9M, and $11M, respectively. Other expenses in 2Q21 also included a notable item from legal and other benefits of $11M. Excluding all these notable items, 2Q22 Other expenses of $322M was up 6% compared to 1Q22 adjusted Other expenses of $304M and up 16% compared to 2Q21 adjusted Other expenses of $273M. 16. State Street received a regulatory exemption to maintain its 1.0% G-SIB capital surcharge until January 1, 2024. 17. The preliminary SCB of 2.5% effective on October 1, 2022 is calculated based upon the results of the CCAR 2022 exam. 18. Leverage exposure is equal to average consolidated assets less applicable Tier 1 leverage capital reductions. 19. As previously disclosed, stock purchases under State Street’s existing common share repurchase program are presently suspended. When the stock purchase program is in effect, 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 and amount of any stock purchases and the type of transaction will depend on several factors, including State Street’s capital position and financial performance, investment opportunities, market conditions and the amount of common stock issued as part of employee compensation programs. The common stock purchase program does not have specific price targets and may be suspended, as it is presently, at any time.

19 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, proposed acquisition of Brown Brothers Harriman’s Investor Services business, 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 “plan,” “expect,” “intend,” “objective,” “forecast,” “outlook,” “believe,” “priority,” “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 consummation of our planned acquisition of the BBH Investor Services business is subject to the receipt of regulatory approvals and the satisfaction of other closing conditions, the failure or delay of which may prevent or further delay the consummation of the acquisition; While we've been engaged in discussions with US banking regulators and have developed with BBH proposed modifications to our proposed acquisition of the BBH Investor Services business, including changes to the operating model and legal entity structure and changes to regulatory approvals required to consummate the transaction, intended to facilitate resolution of the regulatory review process and a path to consummating the transaction, State Street is seeking amendments to the transaction terms, including the purchase price, as part of such a modified transaction, which such amendments will be subject to review and approval by both BBH and our Board of Directors, and there can be no assurance that a mutually acceptable modified transaction will be entered into or as to the timing or outcome of any regulatory approvals and other closing conditions for that modified transaction; and absent further agreement of the parties, after September 6, 2022 either party can terminate the transaction without penalty; while we are evaluating potential modifications to the transaction that are intended to facilitate resolution of the bank regulatory review, there can be no assurance as to the timing or outcome of that review; Assuming the financial and operational aspects of the proposed modifications to our proposed acquisition of the BBH Investor Services business are timely finalized and contracted, subject to regulatory approval and other closing conditions, the parties are aiming to close the transaction at the end of the fourth quarter of 2022; however, there exists significant timing uncertainty and risk that closing will extend beyond that timeline; and even if we successfully consummate a modified transaction, we may fail to realize some or all of the anticipated benefits of the transaction or the benefits may take longer to realize than expected; Our development and completion of new products and services, including State Street Digital and State Street Alpha, and the enhancement of our infrastructure required to meet increased regulatory and client expectations for resiliency and the systems and process re-engineering necessary to achieve improved productivity and reduced operating risk, may involve costs and dependencies and expose us to increased risk; Our business may be negatively affected by our failure to update and maintain our technology infrastructure; The COVID-19 pandemic continues to exacerbate certain risks and uncertainties for our business; Acquisitions, strategic alliances, joint ventures and divestitures, and the integration, retention and development of the benefits of our acquisitions, pose risks for our business; and competition for qualified members of our workforce is intense, and we may not be able to attract and retain the highly skilled people we need to support our business; We could be adversely affected by geopolitical, economic and market conditions, including, for example, resulting from the present conflict in Ukraine; We have significant International operations, and disruptions in European and Asian economies could have an adverse effect on our consolidated results of operations or financial condition; Our investment securities portfolio, consolidated financial condition and consolidated results of operations could be adversely affected by changes in the financial markets; Our business activities expose us to interest rate risk; We assume significant credit risk to counterparties, who may also have substantial financial dependencies with other financial institutions, and these credit exposures and concentrations could expose us to financial loss; Our fee revenue represents a significant portion of our consolidated revenue and is subject to decline based on, among other factors, market and currency declines, investment activities of our clients and their business mix; If we are unable to effectively manage our capital and liquidity, our consolidated financial condition, capital ratios, results of operations and business prospects could be adversely affected; We may need to raise additional capital or debt in the future, which may not be available to us or may only be available on unfavorable terms; and if we experience a downgrade in our credit ratings, or an actual or perceived reduction in our financial strength, our borrowing and capital costs, liquidity and reputation could be adversely affected; Our business and capital-related activities, including common share repurchases, may be adversely affected by capital and liquidity standards required as a result of capital stress testing; We face extensive and changing government regulation in the jurisdictions in which we operate, which may increase our costs and compliance risks; We are subject to enhanced external oversight as a result of the resolution of prior regulatory or governmental matters; Our businesses may be adversely affected by government enforcement and litigation; Any misappropriation of the confidential information we possess could have an adverse impact on our business and could subject us to regulatory actions, litigation and other adverse effects; Our calculations of risk exposures, total RWA and capital ratios depend on data inputs, formulae, models, correlations and assumptions that are subject to change, which could materially impact our risk exposures, our total RWA and our capital ratios from period to period; Changes in accounting standards may adversely affect our consolidated financial statements; Changes in tax laws, rules or regulations, challenges to our tax positions and changes in the composition of our pre-tax earnings may increase our effective tax rate; and The transition away from LIBOR may result in additional costs and increased risk exposure; Our control environment may be inadequate, fail or be circumvented, and operational risks could adversely affect our consolidated results of operations; Cost shifting to non-U.S. jurisdictions and outsourcing may expose us to increased operational risk, geopolitical risk and reputational harm and may not result in expected cost savings; Attacks or unauthorized access to our information technology systems or facilities, or those of the third parties with which we do business, or disruptions to our or their continuous operations, could result in significant costs, reputational damage and impacts on our business activities; Long-term contracts expose us to pricing and performance risk; Our businesses may be negatively affected by adverse publicity or other reputational harm; We may not be able to protect our intellectual property; The quantitative models we use to manage our business may contain errors that could result in material harm; Our reputation and business prospects may be damaged if our clients incur substantial losses or are restricted in redeeming their interests in investment pools that we sponsor or manage; The impacts of climate change, and regulatory responses to such risks, could adversely affect us; and We may incur losses as a result of unforeseen events including terrorist attacks, natural disasters, the emergence of a new pandemic or acts of embezzlement. Other important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in our 2021 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 (and the conference call referenced herein) 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.

20 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, may 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 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”.

21 Definitions AOCI Accumulated other comprehensive income ARR Annual recurring revenue AUC/A Assets under custody and/or administration AUM Assets under management Barclays Global Agg Barclays Global Agg represents Barclays Global Aggregate Bond Index BBH Brown Brothers Harriman 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 Diluted earnings per share (EPS) Net income available to common shareholders divided by diluted average common shares outstanding for the noted period EAFE Europe, Australia, and Far East EM Emerging markets EMEA Europe, Middle East and Africa EOP End of period EPS Earnings per share ETF Exchange-traded fund Fed The Federal Reserve System Fee operating leverage Rate of growth of total fee revenue less the rate of growth of total expenses, relative to the successive prior year period, as applicable 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 LIBOR London Inter-Bank Offered Rate Lending related and other Lending related and other fees primarily consist of fee revenue associated with State Street’s fund finance, leveraged loans, municipal finance, insurance and stable value wrap businesses 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 OCI Other comprehensive income On-premises On-premises revenue as recognized in Front office software and data Total 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 Pre-tax 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 Seasonal expenses Seasonal deferred incentive compensation expenses for retirement-eligible employees and payroll taxes SPDR Standard and Poor's Depository Receipt SSGA State Street Global Advisors Year-over-year (YoY) Current period compared to the same period a year ago YTD Year-to-date

StreetInsider

Log in to your account:

Form 8-K STATE STREET CORP For: Jul 15

Categories

Next Articles