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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________

FORM 8-K

_________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 17, 2023

______________________

State Street Corporation

(Exact name of registrant as specified in its charter)

____________________

Massachusetts

001-07511

04-2456637

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification Number)

One Lincoln Street

Boston

Massachusetts

02111

(Address of principal executive offices, and Zip Code)

Registrant’s telephone number, including area code:			(617)			786-3000

________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, $1 par value per share

STT

New York Stock Exchange

Depositary Shares, each representing a 1/4,000th ownership interest in a share of

STT.PRD

New York Stock Exchange

Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, without par value per share

Depositary Shares, each representing a 1/4,000th ownership interest in a share of

STT.PRG

New York Stock Exchange

Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series G, without par value per share

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨

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Item 2.02.    Results of Operations and Financial Condition.

On April 17, 2023, State Street Corporation issued a news release announcing its results of operations for the first-quarter of 2023. Copies of that news release and accompanying first-quarter 2023 financial information addendum are furnished herewith as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference.

Item 7.01.    Regulation FD Disclosure.

On April 17, 2023, State Street Corporation made available a slide presentation providing highlights of its first-quarter 2023 results of operations and related information as of March 31, 2023, which is being made available in connection with an April 17, 2023 investor conference call. A copy of that slide presentation is furnished herewith as Exhibit 99.3 and is incorporated herein by reference.

Item 9.01.    Financial Statements and Exhibits.

(d)    Exhibits.

State Street Corporation's news release dated April 17, 2023, announcing its first-quarter 2023 results of operations and accompanying first-quarter 2023 financial information addendum are furnished herewith as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference in Item 2.02 hereof; and a slide presentation providing highlights of State Street's first-quarter 2023 results of operations and related information, which is being made available in connection with a April 17, 2023 investor conference call, is furnished herewith as Exhibit 99.3 and is incorporated by reference in Item 7.01 hereof.

			Exhibit No.			Description
			99.1			State Street's news release dated April 17, 2023, announcing its first-quarter 2023 results of operations (this Exhibit 99.1 is furnished, not filed)
			99.2			State Street's first-quarter 2023 financial information addendum (this Exhibit 99.2 is furnished, not filed)
			99.3			Slide presentation providing highlights of State Street's first-quarter 2023 results of operations and related information (this Exhibit 99.3 is furnished, not filed)
*			104			Cover Page Interactive Data File (formatted as Inline XBRL)

*						Submitted electronically herewith

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

STATE STREET CORPORATION

By:

/s/ IAN W. APPLEYARD

Name:

Ian W. Appleyard,

Title:

Executive Vice President, Global Controller and Chief Accounting Officer

Date:

April 17, 2023

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

Boston, MA… April 17, 2023 News Release

STATE STREET REPORTS FIRST QUARTER 2023 EPS OF $1.52
% changes noted below reflect year-over-year 1Q comparisons

TOTAL REVENUE UP 1%

STRONG NET INTEREST INCOME GROWTH OF 50%

EXPENSES WELL-CONTROLLED, UP 2%

RETURNED $1.5 BILLION OF CAPITAL THROUGH SHARE REPURCHASES AND COMMON DIVIDENDS

Ron O'Hanley, Chairman and Chief Executive Officer: “Our first-quarter results reflect the resiliency of our business model, notwithstanding continued interest rate increases and subsequent significant market movements, volatility and disruption within other parts of the banking industry. Through this, our total revenue was durable and grew as we delivered strong year-over-year net interest income growth, which enabled us to offset fee revenue headwinds from significantly lower average market levels. In addition, operating costs were well-controlled and our strong balance sheet position enabled us to return capital to shareholders while joining other leading institutions in contributing to efforts to stabilize the U.S. banking system in the first quarter.” O'Hanley added: “As we look ahead, we remain highly focused on supporting our clients, and leveraging and expanding our global franchise, including outsourced trading. We are optimistic about client onboardings and we expect revenue growth in the coming quarter. These factors, along with our commitment to maintaining our strong balance sheet position, will enable us to continue to generate and return capital to our shareholders.”

FINANCIAL HIGHLIGHTS

(Table presents summary results, dollars in millions, except per share amounts, or where otherwise noted)			1Q23						4Q22						1Q22						% QoQ									% YoY
Income statement:
Total fee revenue			$	2,335					$	2,364					$	2,573					(1)		%							(9)		%
Net interest income			766						791						509						(3)									50
Other Income			—						—						(1)						nm									nm
Total revenue			3,101						3,155						3,081						(2)									1
Provision for credit losses			44						10						—						nm									nm
Total expenses			2,369						2,256						2,327						5									2
Net income			549						733						604						(25)									(9)
Financial ratios and other metrics:
Diluted earnings per share (EPS)			$	1.52					$	1.91					$	1.57					(20)		%							(3)		%
Return on average common equity (ROE)			9.3		%				11.8		%				9.5		%				(2.5)		%	pts						(0.2)		%	pts
Pre-tax margin			22.2						28.2						24.5						(6.0)		%	pts						(2.3)		%	pts
AUC/A ($ billions)(1)			$	37,635					$	36,743					$	41,724					2		%							(10)		%
AUM ($ billions)(1)			3,618						3,481						4,022						4									(10)

(1) As of period-end.

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

1

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1Q23 HIGHLIGHTS

(all comparisons are to 1Q22, unless otherwise noted)

AUC/A and AUM

•Investment Servicing AUC/A as of quarter-end decreased 10% to $37.6 trillion, primarily driven by lower quarter-end market levels

•Investment Management AUM as of quarter-end decreased 10% to $3.6 trillion, mainly reflecting lower quarter-end market levels and net outflows

New business and strategy execution

•Investment Servicing mandates: Quarter-end servicing assets to be installed in future periods of $3.6 trillion

◦New mandates of $112 billion announced in 1Q23, about half of which were higher fee rate Alternatives mandates

•State Street AlphaSM: Reported 1 new mandate in 1Q23

•Front Office Software and Data: Annual recurring revenue (ARR) increased to $273 million, up 16%(a)

•Flight to quality observed across the State Street franchise since week ended March 10th

◦Net inflows into Global Advisors Money Market funds,(b) worth 7% of Cash AUM, largely reversed outflows from earlier in the quarter

◦GlobalLink money market sweep balances increased 13%(b)

◦Average weekly deposit levels increased 5%(c)

•Expanding Outsourced Trading: Announced our agreement to acquire CF Global Trading to add scale to our outsourced trading services and further broaden the Alpha platform

Revenue

•Total revenue increased by 1%, primarily driven by higher NII, partially offset by lower Fee revenue

•Fee revenue decreased 9%, primarily reflecting the impact of lower average market levels on servicing and management fees, lower FX trading services and lower Front office software and data revenue, partially offset by higher Securities finance revenue and Other fee revenue

◦Servicing fees decreased 11%

◦Management fees decreased 12%

◦FX trading services decreased 5%

◦Securities finance increased 14%

◦Software and processing fees decreased 18%

•Net interest income (NII) increased 50%, primarily due to higher short-term market rates from global central bank hikes, an increase in long-term interest rates, and balance sheet positioning, partially offset by lower average deposits

Expenses

•Total expenses increased 2%

◦Compensation and employee benefits increased 5%, mainly due to higher salaries and headcount

◦Non-compensation expense decreased 2% due to ongoing productivity initiatives

•Productivity benefits of approximately $60 million, or 3% of expense base

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

(b) Balance comparison between March 10, 2023 and March 31, 2023.

(c) Weekly average deposit level comparison between week ended March 10, 2023 and week ended March 31, 2023.

2

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Provision for credit losses

•In concert with a number of other large U.S. banks, State Street provided $1 billion of liquidity to a U.S. financial institution

◦Consistent with the treatment of other cash placements under CECL, this effort resulted in a $29 million provision, or $0.06 per share impact, to the 1Q23 financial results

•Provision for credit losses also included $15 million driven by credit portfolio rating changes

Notable items

(Dollars in millions, except EPS amounts)						1Q23			4Q22			1Q22
Acquisition and restructuring costs						$	—		$	(31)		$	(9)
Repositioning release / (charge):
Compensation & employee benefits						—			(50)			—
Occupancy						—			(20)			—
Total repositioning release / (charge)						—			(70)			—
Revenue related recovery(a)						—			23			—
Notable items (pre-tax)						$	—		$	(78)		$	(9)
EPS impact						$	—		$	(0.16)		$	(0.02)

Capital and liquidity

•Standardized common equity tier 1 (CET1) ratio at quarter-end of 12.1% increased 0.2% points compared to 1Q22. Compared to 4Q22, CET1 ratio at quarter-end decreased 1.5% points primarily driven by the continuation of common share repurchases and the expected normalization of risk weighted assets (RWAs)

•Tier 1 leverage ratio of 5.9% at quarter-end was relatively flat compared to both 1Q22 and 4Q22

•Liquidity coverage ratio (LCR) increased 2% points compared to 4Q22 to approximately 108% for State Street Corporation. LCR for State Street Bank and Trust Company increased 4% points compared to 4Q22 to approximately 124%

•Capital return:

◦In 1Q23, State Street returned a total of $1.5 billion of capital, consisting of $1.25 billion in common stock repurchases and declared common dividends of $0.63 per share

(a) 4Q22 revenue-related recovery associated with the settlement proceeds from a 2018 FX benchmark litigation resolution,which is reflected in FX trading services revenue.

3

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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)			1Q23			4Q22			1Q22			% QoQ			% YoY
Assets under Custody and/or Administration (AUC/A)(1)(2)			$	37,635		$	36,743		$	41,724		2.4		%	(9.8)		%
Assets under Management (AUM)(2)			3,618			3,481			4,022			3.9			(10.0)
Market Indices:(3)
S&P 500 Daily Average			4,000			3,852			4,464			3.8			(10.4)
S&P 500 EOP			4,109			3,840			4,530			7.0			(9.3)
MSCI EAFE Daily Average			2,060			1,851			2,212			11.3			(6.9)
MSCI EAFE EOP			2,093			1,944			2,182			7.7			(4.1)
MSCI Emerging Markets Daily Average			997			919			1,187			8.5			(16.0)
MSCI Emerging Markets EOP			990			956			1,142			3.6			(13.3)
Bloomberg Global Aggregate Bond Index EOP			459			446			500			2.9			(8.2)
Foreign Exchange Volatility Indices:(3)
JPM G7 Volatility Index Daily Average			10.3			11.3			7.2			(8.8)			43.1
JPM Emerging Market Volatility Index Daily Average			10.9			11.9			10.7			(8.4)			1.9
Average Foreign Exchange Rate:
EUR vs. USD			1.073			1.022			1.122			5.0			(4.4)
GBP vs. USD			1.216			1.175			1.341			3.5			(9.3)

(1) Includes quarter-end assets under custody of $28,153 billion, $27,236 billion and $31,447 billion, as of 1Q23, 4Q22, and 1Q22, 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)			1Q23			4Q22			3Q22			2Q22			1Q22
North America - (US Domiciled) Morningstar Direct Market Data:(1)(2)
Long Term Funds			$	(59)		$	(353)		$	(193)		$	(278)		$	(67)
Money Market			466			148			(26)			(35)			(143)
ETF			78			193			110			93			181
Total Flows(3)			$	485		$	(12)		$	(109)		$	(220)		$	(29)
EMEA - Morningstar Direct Market Data:(1)(4)
Long Term Funds			$	82		$	(6)		$	(94)		$	(80)		$	10
Money Market			(11)			185			(11)			(7)			(69)
ETF			32			27			(9)			16			45
Total Flows(3)			$	103		$	206		$	(114)		$	(71)		$	(14)

(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) 1Q23 data for North America includes actuals for January and February 2023 and Morningstar estimates for March 2023.

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

(4) 1Q23 data for Europe is on a rolling three month basis for December 2022 through February 2023, sourced by Morningstar.

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INVESTMENT SERVICING AUC/A

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

(As of period end, dollars in billions)			1Q23			4Q22			1Q22			% QoQ			% YoY
Assets Under Custody and/or Administration(1)
By product classification:
Collective funds, including ETFs			$	12,748		$	12,261		$	15,140		4.0		%	(15.8)		%
Mutual funds			10,077			9,610			10,825			4.9			(6.9)
Pension products			7,871			7,734			8,191			1.8			(3.9)
Insurance and other products			6,939			7,138			7,568			(2.8)			(8.3)
Total Assets Under Custody and/or Administration			$	37,635		$	36,743		$	41,724		2.4		%	(9.8)		%
By financial instrument:
Equities			$	20,966		$	20,575		$	25,249		1.9		%	(17.0)		%
Fixed-income			10,645			10,318			11,303			3.2			(5.8)
Short-term and other investments			6,024			5,850			5,172			3.0			16.5
Total Assets Under Custody and/or Administration			$	37,635		$	36,743		$	41,724		2.4		%	(9.8)		%

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

INVESTMENT MANAGEMENT AUM

The following tables present 1Q23 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 December 31, 2022			$	2,128		$	554		$	376		$	209		$	214		$	3,481
Net asset flows:
Long-term institutional(2)			(25)			1			—			10			(2)			(16)
ETF			(12)			5			—			—			1			(6)
Cash fund			—			—			(4)			—			—			(4)
Total flows, net			$	(37)		$	6		$	(4)		$	10		$	(1)		$	(26)
Market appreciation/(depreciation)			122			14			3			11			11			161
Foreign exchange impact			—			1			—			1			—			2
Total market and foreign exchange impact			$	122		$	15		$	3		$	12		$	11		$	163
Ending balance as of March 31, 2023			$	2,213		$	575		$	375		$	231		$	224		$	3,618

(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)			1Q23			4Q22			3Q22			2Q22			1Q22
Beginning balance			$	3,481		$	3,265		$	3,475		$	4,022		$	4,138
Net asset flows:
Long-term institutional(1)			(16)			(4)			—			(69)			14
ETF			(6)			27			(14)			(8)			17
Cash fund			(4)			(40)			5			15			20
Total flows, net			$	(26)		$	(17)		$	(9)		$	(62)		$	51
Market appreciation/(depreciation)			161			184			(155)			(417)			(153)
Foreign exchange impact			2			49			(46)			(68)			(14)
Total market and foreign exchange impact			$	163		$	233		$	(201)		$	(485)		$	(167)
Ending balance			$	3,618		$	3,481		$	3,265		$	3,475		$	4,022

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

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REVENUE

(Dollars in millions)			1Q23			4Q22			1Q22			% QoQ												% YoY
Back office servicing fees			$	1,131		$	1,115		$	1,268		1.4		%										(10.8)		%
Middle office services			86			88			100			(2.3)												(14.0)
Servicing fees			1,217			1,203			1,368			1.2												(11.0)
Management fees			457			457			520			—												(12.1)
Foreign exchange trading services			342			367			359			(6.8)												(4.7)
Securities finance			109			103			96			5.8												13.5
Front office software and data			109			159			138			(31.4)												(21.0)
Lending related and other fees			56			57			63			(1.8)												(11.1)
Software and processing fees			165			216			201			(23.6)												(17.9)
Other fee revenue			45			18			29			nm												55.2
Total fee revenue			$	2,335		$	2,364		$	2,573		(1.2)		%										(9.2)		%
Net interest income			766			791			509			(3.2)		%										50.5		%
Other income			—			—			(1)			nm												nm
Total Revenue			$	3,101		$	3,155		$	3,081		(1.7)		%										0.6		%
Net interest margin (FTE)(1)			1.31		%	1.29		%	0.80		%	2			bps									51			bps

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

Servicing fees decreased 11% compared to 1Q22, primarily driven by lower average equity and bond market levels, client activity/adjustments, and normal pricing headwinds, partially offset by net new business. Servicing fees increased 1% compared to 4Q22, mainly due to higher average equity market levels, partially offset by lower client activity/adjustments.

•Back office servicing fees decreased 11% and increased 1% compared to 1Q22 and 4Q22, respectively, generally consistent with total servicing fees above

•Middle office services decreased 14% compared to 1Q22, primarily reflecting lower average market levels, client AUM and client activity/adjustments

Management fees decreased 12% compared to 1Q22, primarily due to lower average market levels and a previously reported client-specific pricing adjustment. Management fees were flat compared to 4Q22 as higher average market levels were offset by full-quarter net cash outflows, which were tempered by Money Market funds inflows in March.

Foreign exchange trading services decreased 5% compared to 1Q22, primarily reflecting the absence of unusually high client FX volumes in 1Q22, partially offset by higher FX spreads. Foreign exchange trading services decreased 7% compared to 4Q22, driven by the absence of a revenue-related recovery from a 2018 FX benchmark litigation resolution in 4Q22.

Securities finance increased 14% compared to 1Q22, primarily from higher specials activity, partially offset by lower balances. Securities finance increased 6% compared to 4Q22, primarily driven by higher specials activity.

Software and processing fees decreased 18% and 24% compared to 1Q22 and 4Q22, respectively, primarily driven by lower front office software and data revenue associated with CRD.

•Front office software and data decreased 21% compared to 1Q22, primarily driven by lower on-premises renewals. Front office software and data decreased 31% compared to 4Q22, primarily due to lower on-premises renewals, partially offset by higher professional services revenue

Other fee revenue increased $16 million compared to 1Q22, primarily due to positive market-related adjustments. Other fee revenue increased $27 million compared to 4Q22, primarily due to fair value adjustments on equity investments.

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Net interest income (NII) increased 50% compared to 1Q22, primarily due to higher short-term market rates from global central bank hikes, an increase in long-term interest rates and balance sheet positioning, partially offset by lower average deposits. Compared to 4Q22, NII decreased 3%, primarily driven by lower average non-interest bearing deposit balances, partially offset by higher short-term market rates from central bank hikes.

Total revenues were adversely impacted by currency translation by $34 million compared to 1Q22 and positively impacted by $29 million compared to 4Q22.

PROVISION FOR CREDIT LOSSES

(Dollars in millions)			1Q23			4Q22			1Q22			% QoQ									% YoY
Allowance for credit losses:
Beginning balance			$	121		$	114		$	108		6.1		%							12.0		%
Provision for credit losses			44			10			—			nm									nm
Charge-offs			(3)			(3)			(1)			—									nm
Ending Balance			$	162		$	121		$	107		33.9		%							51.4		%

Total provision for credit losses of $44 million in 1Q23 was primarily driven by an episodic provision of $29 million associated with industry support for a U.S. financial institution, as well as an increase in loan loss reserves driven by credit portfolio rating changes.

EXPENSES

(Dollars in millions)			1Q23			4Q22			1Q22			% QoQ									% YoY
Compensation and employee benefits			$	1,292		$	1,108		$	1,232		16.6		%							4.9		%
Information systems and communications			414			416			423			(0.5)									(2.1)
Transaction processing services			239			240			264			(0.4)									(9.5)
Occupancy			94			106			95			(11.3)									(1.1)
Acquisition and restructuring costs			—			31			9			nm									nm
Amortization of other intangible assets			60			59			61			1.7									(1.6)
Other			270			296			243			(8.8)									11.1
Total Expenses			$	2,369		$	2,256		$	2,327		5.0		%							1.8		%
Total expenses, excluding notable items(1)			$	2,369		$	2,155		$	2,318		9.9		%							2.2		%
Effective tax rate			20.2		%	17.6		%	19.9		%	260			bps						30			bps

(1) See "1Q23 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.as well as the impact of currency translation on the respective line items.

Compensation and employee benefits increased 5% compared to 1Q22, mainly due to higher salaries and headcount, partially offset by lower seasonal expenses. Compensation and employee benefits increased 17% compared to 4Q22, primarily driven by seasonal expenses, partially offset by the impact of notable items in the prior quarter.

Information systems and communications decreased 2% compared to 1Q22, primarily due to optimization savings, partially offset by technology and infrastructure investments. Information systems and communications was relatively flat compared to 4Q22.

Transaction processing services decreased 9% compared to 1Q22, mainly reflecting lower sub-custody costs from market levels and lower broker fees. Transaction processing services was relatively flat compared to 4Q22.

Occupancy decreased 1% compared to 1Q22 and decreased 11% compared to 4Q22. The decrease relative to 4Q22 primarily reflects the impact of notable items in the prior quarter, partially offset by the absence of a prior period episodic sale-leaseback transaction.

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Other expenses increased 11% compared to 1Q22, primarily reflecting higher professional fees, travel costs and marketing costs. Other expenses decreased 9% compared to 4Q22, primarily reflecting lower marketing costs, travel costs and recoverable client-related expenses.

Total expenses were positively impacted by currency translation by $42 million compared to 1Q22 to and negatively impacted by $23 million compared to 4Q22.

TAXES

The effective tax rate of 20.2% in 1Q23 increased slightly compared to 19.9% in 1Q22, and increased from 17.6% in 4Q22, primarily due to lower quarterly discrete benefits and limits on foreign tax credits.

CAPITAL AND LIQUIDITY

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

(As of period end)						1Q23						4Q22						1Q22
Basel III Standardized Approach:
Common equity tier 1 ratio (CET1)						12.1		%				13.6		%				11.9		%
Tier 1 capital ratio						13.8						15.4						13.4
Total capital ratio						15.1						16.8						14.8
Basel III Advanced Approaches:
Common equity tier 1 ratio (CET1)						12.9						13.8						13.1
Tier 1 capital ratio						14.8						15.7						14.8
Total capital ratio						16.0						17.0						16.2
Tier 1 leverage ratio						5.9						6.0						5.9
Supplementary leverage ratio						6.8						7.0						6.7
Liquidity coverage ratio (LCR) (1)						108		%				106		%				106		%
LCR - State Street Bank and Trust (1)						124		%				120		%				127		%

(1) LCR for 4Q22, as presented, is revised from prior reporting to reflect corrections to maturity dates, increasing the amount of encumbered securities collateral associated with certain repurchase agreements. See in the "In This News Release" section for further details on LCR and the calculation between State Street Corporation and State Street Bank and Trust.

Standardized capital ratios were binding for all periods included above.

CET1 ratio of 12.1% increased 0.2% points compared to 1Q22. CET1 ratio decreased 1.5% points compared to 4Q22, primarily driven by the continuation of common share repurchases and the expected normalization of RWAs.

Tier 1 leverage ratio of 5.9% was relatively flat compared to both 1Q22 and 4Q22.

Liquidity coverage ratio (LCR) for State Street Corporation was approximately 108%, up 2% points compared to both 1Q22 and 4Q22. LCR for State Street Bank and Trust was approximately 124%, down 3% points compared to 1Q22, and up 4% points compared to 4Q22.

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INVESTOR CONFERENCE CALL AND QUARTERLY WEBSITE DISCLOSURE

State Street will webcast an investor conference call today, Monday, April 17, 2023, at 9:00 a.m. ET, available at http://investors.statestreet.com. The conference call will also be available via telephone, at (888) 886-7786. The Conference ID# is 24159898.

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 24159898 and the Playback Passcode is 159898 #.

The telephone replay will be available for approximately one month 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 to 45 days following each other quarter-end, as applicable). For 1Q23, State Street expects to publish its updates during the period beginning today and ending on or about May 10, 2023 and on or about May 15, 2023 for the liquidity coverage ratio.

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 $37.6 trillion in assets under custody and/or administration and $3.6 trillion* in assets under management as of March 31, 2023, State Street operates globally in more than 100 geographic markets and employs approximately 43,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

* Assets under management as of March 31, 2023 includes approximately $59 billion 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.

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IN THIS NEWS RELEASE:

•Stock purchases under our common stock repurchase programs 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 may not be ratable over the duration of the program, may vary from reporting period to reporting period and will depend on several factors, including our capital position and financial performance, investment opportunities, market conditions, regulatory considerations including the nature and timing of implementation of revisions to the Basel III framework, and the amount of common stock issued as part of employee compensation programs. The common share repurchase programs do not have specific price targets and may be suspended at any time.

•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 Alpha 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, and we provide varied services from our full suite of offerings to different clients. The basis for fees will also differ across regions and clients and can reflect pricing pressures traditionally experienced in our industry. 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 also are generally affected by various factors, including investment product type and strategy and relationship pricing for clients, and are more sensitive to market valuations than are servicing fees. Therefore, no assumption should be drawn from management fees associated with changes in AUM levels.

•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, revenue from affiliates and licensing fees (excluding the portion allocated to maintenance and support) from on premises software. Front office software and data ARR was $235 million, $272 million, and $273 million in 1Q22, 4Q22, and 1Q23, 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. 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 1Q23. 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 equity is determined by dividing annualized net income available to common shareholders 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.

•Operating leverage is the rate of growth of total revenue less the rate of growth of total expenses, relative to the corresponding prior year period, as applicable.

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•"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.

•"CECL" denotes current expected credit losses.

•"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, and is calculated by dividing FTE NII by average total interest-earning assets. Refer to the Addendum for reconciliations of our FTE-basis presentation.

•State Street Bank and Trust's (SSBT) LCR is significantly higher than State Street Corporation's (SSC) LCR, primarily due to application of the transferability restriction in the U.S. LCR Final Rule to the calculation of SSC’s LCR. This restriction limits the amount of HQLA held at SSC’s principal banking subsidiary, SSBT and available for the calculation of SSC’s LCR to the amount of net cash outflows of SSBT. This transferability restriction does not apply in the calculation of SSBT’s LCR, and therefore SSBT’s LCR reflects the full benefit of all of its HQLA holdings. LCR for 4Q22, as presented, is revised from prior reporting to reflect corrections to maturity dates, increasing the amount of encumbered securities collateral associated with certain repurchase agreements.

•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, ETFs 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. 1Q23 data for North America (US domiciled) includes Morningstar actuals for January and February 2023 and Morningstar estimates for March 2023.

◦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. 1Q23 data for Europe is on a rolling three month basis for December 2022 through February 2023, sourced by Morningstar.

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FORWARD LOOKING STATEMENTS

This News Release contains forward-looking statements within the meaning of United States securities laws, including statements about our goals and expectations regarding our strategy, growth prospects, capital management, business, financial and capital condition, results of operations, the financial and market outlook and the business environment. Forward-looking statements are often, but not always, identified by such forward-looking terminology as “outlook,” “priority,” “will,” “expect,” "intend," "aim," "outcome," "future," “strategy,” "pipeline," “trajectory,” "target," “guidance,” “objective,” “plan,” “forecast,” “believe,” “anticipate,” “estimate,” “seek,” “may,” “trend,” 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:

•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;

•We could be adversely affected by geopolitical, economic and market conditions, including, for example, as a result of liquidity or capital deficiencies (actual or perceived) by other financial institutions and related market and government actions, the ongoing war in Ukraine, actions taken by central banks to address inflationary pressures, challenging conditions in global equity markets, and disruptions in fixed income markets such as those impacting the UK gilts in the fourth quarter of 2022;

•Our development and completion of new products and services, including State Street AlphaSM or State Street DigitalSM, 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, involve costs, risks and dependencies on third parties;

•Our business may be negatively affected by our failure to update and maintain our technology infrastructure or as a result of a cyber-attack or similar vulnerability in our or business partners' infrastructure;

•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 have significant international operations and clients that can be adversely impacted by disruptions in European and Asian economies;

•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 of counterparties, who may also have substantial financial dependencies on other financial institutions, and these credit exposures and concentrations could expose us to financial loss, particularly in an environment of liquidity and capital pressures (actual or perceived) on other financial institutions accompanied by swift market reactions;

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

•If we are unable to effectively manage our capital and liquidity, our 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 regulatory capital, credit (counterparty and otherwise) and liquidity standards, market conditions and considerations;

•We face extensive and changing governmental regulation in the jurisdictions in which we operate, which may increase our costs and compliance risks and may affect our business activities and strategies;

•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;

•Our businesses may be adversely affected by increased political and regulatory scrutiny of ESG investing practices;

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•Our efforts to improve our billing processes and practices are ongoing and may result in the identification of additional billing errors;

•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 results of operations and financial condition;

•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;

•We could face liabilities for withholding and other non-income taxes, including in connection with our services to clients, as a result of tax authority examinations;

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

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

•Shifting operational activities to non-U.S. jurisdictions, changing our operating model and outsourcing portions of our operations to third parties may expose us to increased operational risk, geopolitical risk and reputational harm and may not result in expected cost savings or operational improvements;

•Attacks or unauthorized access to our or our business partners' information technology systems or facilities, or disruptions to our or their operations, could result in significant costs, reputational damage and impacts on our business activities;

•Long-term contracts and customizing service delivery for clients 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 or may infringe upon the rights of third parties;

•The quantitative models we use to manage our business may contain errors that could adversely impact our business and regulatory compliance;

•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 2022 Annual Report on Form 10-K and our subsequent SEC filings. We encourage investors to read these filings, particularly the sections on risk factors, for additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking statements contained in this News Release should not by relied on as representing our expectations or beliefs as of any time subsequent to the time this News Release is first issued, and we do not undertake efforts to revise those forward-looking statements to reflect events after that time.

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Exhibit 99.2

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
March 31, 2023
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
Selected Average Balances by Currency - Rates Earned and Paid			7
Investment Portfolio Holdings by Asset Class			9
Investment Portfolio Non-U.S. Investments			10
Assets Under Custody and/or Administration			11
Assets Under Management			12
Industry Flow Data by Asset Class			13
Line of Business Information			14
Allowance for Credit Losses			15
Non-GAAP Financial Information:
Reconciliations of Non-GAAP Financial Information			16
Reconciliation of Pre-tax Margin Excluding Notable Items			19
Reconciliations of Constant Currency FX Impacts			20
Capital:
Reconciliations of Tangible Book Value per Share and Return on Tangible Common Equity			21
Regulatory Capital			22
This financial information should be read in conjunction with State Street's news release dated April 17, 2023.

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
4-YEAR SUMMARY OF RESULTS
(Dollars in millions, except per share amounts, or where otherwise noted)												2019						2020						2021						2022
Year ended December 31:
Total fee revenue												$	9,147					$	9,499					$	10,012					$	9,606
Net interest income												2,566						2,200						1,905						2,544
Other income												43						4						110						(2)
Total revenue												11,756						11,703						12,027						12,148
Provision for credit losses												10						88						(33)						20
Total expenses												9,034						8,716						8,889						8,801
Income before income tax expense												2,712						2,899						3,171						3,327
Income tax expense												470						479						478						553
Net income												2,242						2,420						2,693						2,774
Net income available to common shareholders												$	2,009					$	2,257					$	2,572					$	2,660
Per common share:
Diluted earnings per common share												$	5.38					$	6.32					$	7.19					$	7.19
Average diluted common shares outstanding (in thousands)												373,666						357,106						357,962						370,109
Cash dividends declared per common share												$	1.98					$	2.08					$	2.18					$	2.40
Closing price per share of common stock (at year end)												79.10						72.78						93.00						77.57
Average balance sheet:
Investment securities												$	91,768					$	109,175					$	111,730					$	111,929
Total assets												223,334						269,334						299,743						286,430
Total deposits												158,262						193,225						235,404						222,874
Ratios and other metrics:
Return on average common equity												9.4		%				10.0		%				10.7		%				11.1		%
Pre-tax margin												23.1						24.8						26.4						27.4
Pre-tax margin, excluding notable items(1)												25.8						26.3						27.6						28.4
Net interest margin, fully taxable-equivalent basis												1.42						0.97						0.74						1.03
Common equity tier 1 ratio(2)(3)												11.7						12.3						14.3						13.6
Tier 1 capital ratio(2)(3)												14.5						14.4						16.1						15.4
Total capital ratio(2)(3)												15.6						15.3						17.5						16.8
Tier 1 leverage ratio(2)												6.9						6.4						6.1						6.0
Supplementary leverage ratio(2)												6.1						8.1						7.4						7.0
Assets under custody and/or administration (in trillions)												$	34.36					$	38.79					$	43.68					$	36.74
Assets under management (in trillions)												3.12						3.47						4.14						3.48
(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) The reportable ratios represent the lower of each of the risk-based capital ratios under both the Standardized Approach and the Advanced Approaches.

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS
			Quarters																																																			% Change
(Dollars in millions, except per share amounts, or where otherwise noted)						1Q22						2Q22						3Q22						4Q22						1Q23																								1Q23 vs. 1Q22									1Q23 vs. 4Q22
Fee revenue:
Back office servicing fees						$	1,268					$	1,205					$	1,126					$	1,115					$	1,131																							(10.8)		%							1.4		%
Middle office services						100						92						93						88						86																								(14.0)									(2.3)
Servicing fees						1,368						1,297						1,219						1,203						1,217																								(11.0)									1.2
Management fees						520						490						472						457						457																								(12.1)									—
Foreign exchange trading services						359						331						319						367						342																								(4.7)									(6.8)
Securities finance						96						107						110						103						109																								13.5									5.8
Front office software and data						138						126						127						159						109																								(21.0)									(31.4)
Lending related and other fees						63						62						57						57						56																								(11.1)									(1.8)
Software and processing fees						201						188						184						216						165																								(17.9)									(23.6)
Other fee revenue						29						(43)						(5)						18						45																								55.2									nm
Total fee revenue						2,573						2,370						2,299						2,364						2,335																								(9.2)									(1.2)
Net interest income:
Interest income						521						704						1,101						1,762						2,027																								nm									15.0
Interest expense						12						120						441						971						1,261																								nm									29.9
Net interest income						509						584						660						791						766																								50.5									(3.2)
Other income:
Gains (losses) related to investment securities, net						(1)						(1)						—						—						—																								nm									—
Total other income						(1)						(1)						—						—						—																								nm									—
Total revenue						3,081						2,953						2,959						3,155						3,101																								0.6									(1.7)
Provision for credit losses						—						10						—						10						44																								nm									nm
Expenses:
Compensation and employee benefits						1,232						1,046						1,042						1,108						1,292																								4.9									16.6
Information systems and communications						423						392						399						416						414																								(2.1)									(0.5)
Transaction processing services						264						240						227						240						239																								(9.5)									(0.4)
Occupancy						95						96						97						106						94																								(1.1)									(11.3)
Acquisition and restructuring costs						9						12						13						31						—																								nm									nm
Amortization of other intangible assets						61						60						58						59						60																								(1.6)									1.7
Other						243						262						274						296						270																								11.1									(8.8)
Total expenses						2,327						2,108						2,110						2,256						2,369																								1.8									5.0
Income before income tax expense						754						835						849						889						688																								(8.8)									(22.6)
Income tax expense						150						88						159						156						139																								(7.3)									(10.9)
Net income						$	604					$	747					$	690					$	733					$	549																							(9.1)									(25.1)

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS (Continued)
			Quarters																																	% Change
(Dollars in millions, except per share amounts, or where otherwise noted)						1Q22						2Q22						3Q22						4Q22						1Q23																								1Q23 vs. 1Q22									1Q23 vs. 4Q22
Adjustments to net income:
Dividends on preferred stock						$	(20)					$	(35)					$	(21)					$	(36)					$	(23)																							(15.0)		%							36.1		%
Earnings allocated to participating securities						(1)						—						—						(1)						(1)																								—									—
Net income available to common shareholders						$	583					$	712					$	669					$	696					$	525																							(9.9)									(24.6)
Per common share:
Basic earnings						$	1.59					$	1.94					$	1.82					$	1.94					$	1.54																							(3.1)									(20.6)
Diluted earnings						1.57						1.91						1.80						1.91						1.52																								(3.2)									(20.4)
Average common shares outstanding (in thousands):
Basic						366,542						367,375						367,789						359,200						341,106																								(6.9)									(5.0)
Diluted						372,037						372,123						372,418						363,923						345,472																								(7.1)									(5.1)
Cash dividends declared per common share						$	0.57					$	0.57					$	0.63					$	0.63					$	0.63																							10.5									—
Closing price per share of common stock (as of quarter end)						87.12						61.65						60.81						77.57						75.69																								(13.1)									(2.4)
Book value per common share						$	66.05					$	64.72					$	64.33					$	66.51					$	67.69																							2.5									1.8
Tangible book value per common share(1)						42.00						41.25						41.41						42.03						42.34																								0.8									0.7
Balance sheet averages:
Investment securities						$	119,286					$	113,929					$	108,875					$	105,804					$	107,089																							(10.2)									1.2
Total assets						295,010						291,435						275,168						284,346						277,492																								(5.9)									(2.4)
Total deposits						233,268						228,417						213,302						216,799						210,320																								(9.8)									(3.0)

Ratios and other metrics:
Effective tax rate						19.9		%				10.5		%				18.7		%				17.6		%				20.2		%																						30			bps						260			bps
Return on average common equity						9.5						12.1						11.2						11.8						9.3																								(20)									(250)
Return on average tangible common equity(2)						14.7						17.3						17.3						17.7						14.6																								(10)									(310)
Pre-tax margin						24.5						28.3						28.7						28.2						22.2																								(230)									(600)
Pre-tax margin, excluding notable items(3)						24.8						28.7						29.1						30.9						22.2																								(260)									(870)
Net interest margin, fully taxable-equivalent basis						0.80						0.94						1.11						1.29						1.31																								51									2
Common equity tier 1 ratio(4)(5)						11.9						12.9						13.2						13.6						12.1																								20									(150)
Tier 1 capital ratio(4)(5)						13.4						14.6						14.9						15.4						13.8																								40									(160)
Total capital ratio(4)(5)						14.8						15.9						16.2						16.8						15.1																								30									(170)
Tier 1 leverage ratio(4)						5.9						6.0						6.4						6.0						5.9																								—									(10)
Supplementary leverage ratio(4)						6.7						6.6						7.1						7.0						6.8																								10									(20)
End-of-period securities on loan(6)						$	412,162					$	358,972					$	353,108					$	362,395					$	362,438																							(12.1)		%							—		%
Assets under custody and/or administration (in billions)						41,724						38,180						35,688						36,743						37,635																								(9.8)									2.4
Assets under management (in billions)						4,022						3,475						3,265						3,481						3,618																								(10.0)									3.9
(1) Tangible book value per common share is calculated by dividing the period end tangible common equity (non-GAAP) by the total common shares outstanding at period end. Refer to the Reconciliations of Tangible Book Value per Common Share and Return on Tangible Common Equity page for details.
(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 (non-GAAP). Refer to the Reconciliations of Tangible Book Value per Common Share and Return on Tangible Common Equity page for details.
(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 March 31, 2023 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 $397,522 million, $386,734 million, $365,883 million and $355,298 million in the first, second, third and fourth quarters of 2022, respectively, and $355,150 million in the first quarter of 2023.
nm Denotes not meaningful

4    

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED STATEMENT OF CONDITION
			As of																																	% Change
(Dollars in millions, except per share amounts)						March 31, 2022						June 30, 2022						September 30, 2022						December 31. 2022						March 31, 2023																								1Q23 vs. 1Q22						1Q23 vs. 4Q22
Assets:
Cash and due from banks						$	2,976					$	3,515					$	2,748					$	3,970					$	3,698																							24.3		%				(6.9)		%
Interest-bearing deposits with banks, net						104,010						91,360						99,199						101,593						87,935																								(15.5)						(13.4)
Securities purchased under resale agreements						803						5,203						1,308						5,215						1,134																								41.2						(78.3)
Trading account assets						754						728						685						650						695																								(7.8)						6.9
Investment securities:
Investment securities available-for-sale, net						74,348						45,454						40,986						40,579						42,841																								(42.4)						5.6
Investment securities held-to-maturity, net(1)						45,203						64,261						65,232						64,700						65,027																								43.9						0.5
Total investment securities						119,551						109,715						106,218						105,279						107,868																								(9.8)						2.5
Loans						35,141						33,565						36,113						32,150						33,916																								(3.5)						5.5
Allowance for credit losses on loans(2)						86						95						97						97						115																								33.7						18.6
Loans, net						35,055						33,470						36,016						32,053						33,801																								(3.6)						5.5
Premises and equipment, net(3)						2,229						2,240						2,283						2,315						2,337																								4.8						1.0
Accrued interest and fees receivable						3,446						3,403						3,526						3,434						3,570																								3.6						4.0
Goodwill						7,582						7,465						7,351						7,495						7,530																								(0.7)						0.5
Other intangible assets						1,744						1,654						1,568						1,544						1,493																								(14.4)						(3.3)
Other assets						44,200						41,470						42,666						37,902						40,755																								(7.8)						7.5
Total assets						$	322,350					$	300,223					$	303,568					$	301,450					$	290,816																							(9.8)						(3.5)
Liabilities:
Deposits:
Non-interest-bearing						$	61,797					$	55,062					$	55,894					$	46,755					$	45,856																							(25.8)						(1.9)
Interest-bearing - U.S.						104,962						107,262						105,021						111,384						108,623																								3.5						(2.5)
Interest-bearing - Non-U.S.						84,284						79,589						77,321						77,325						69,152																								(18.0)						(10.6)
Total deposits(4)						251,043						241,913						238,236						235,464						223,631																								(10.9)						(5.0)
Securities sold under repurchase agreements						4,277						951						4,250						1,177						3,695																								(13.6)						nm
Short-term borrowings						18						73						109						2,097						8																								(55.6)						(99.6)
Accrued expenses and other liabilities						26,866						17,989						21,326						22,525						22,427																								(16.5)						(0.4)
Long-term debt						13,922						13,530						13,999						14,996						16,305																								17.1						8.7
Total liabilities						296,126						274,456						277,920						276,259						266,066																								(10.2)						(3.7)
Shareholders' equity:
Preferred stock, no par, 3,500,000 shares authorized:
Series D, 7,500 shares issued and outstanding						742						742						742						742						742																								—						—
Series F, 2,500 shares issued and outstanding						247						247						247						247						247																								—						—
Series G, 5,000 shares issued and outstanding						493						493						493						493						493																								—						—
Series H, 5,000 shares issued and outstanding						494						494						494						494						494																								—						—
Common stock, $1 par, 750,000,000 shares authorized(5)(6)						504						504						504						504						504																								—						—
Surplus						10,762						10,757						10,760						10,730						10,724																								(0.4)						(0.1)
Retained earnings						25,612						26,115						26,552						27,028						27,342																								6.8						1.2
Accumulated other comprehensive income (loss)						(2,698)						(3,687)						(4,268)						(3,711)						(3,272)																								21.3						(11.8)
Treasury stock, at cost(7)						(9,932)						(9,898)						(9,876)						(11,336)						(12,524)																								26.1						10.5
Total shareholders' equity						26,224						25,767						25,648						25,191						24,750																								(5.6)						(1.8)
Total liabilities and equity						$	322,350					$	300,223					$	303,568					$	301,450					$	290,816																							(9.8)						(3.5)
(1) Fair value of investment securities held-to-maturity						$	42,834					$	60,103					$	58,320					$	57,913					$	59,139
(2) Total allowance for credit losses including off-balance sheet commitments						107						114						114						121						162
(3) Accumulated depreciation for premises and equipment						5,530						5,652						5,772						5,745						5,918
(4) Average total deposits						233,268						228,417						213,302						216,799						210,320
(6) Common stock shares issued						503,879,642						503,879,642						503,879,642						503,879,642						503,879,642
(6) Total common shares outstanding						367,114,788						367,619,353						367,967,505						349,024,167						336,461,072
(7) Treasury stock shares						136,764,854						136,260,289						135,912,137						154,855,475						167,418,570

5    

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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
						1Q22												2Q22												3Q22												4Q22												1Q23																														1Q23 vs. 1Q22						1Q23 vs. 4Q22
(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 balance
Assets:
Interest-bearing deposits with banks, net						$	76,741					0.05		%				$	76,531					0.36		%				$	68,918					1.16		%				$	83,809					2.66		%				$	77,220					3.37		%																																								0.6		%				(7.9)		%
Securities purchased under resale agreements(2)						3,150						1.31						2,022						7.47						1,470						15.55						1,843						17.72						1,643						18.94																																										(47.8)						(10.9)
Trading account assets						761						—						746						0.01						701						—						677						—						667						—																																										(12.4)						(1.5)
Investment securities:
Investment securities available-for-sale, net						75,226						0.83						54,767						0.91						43,956						1.62						40,980						2.67						42,101						3.31																																										(44.0)						2.7
Investment securities held-to-maturity, net						44,060						1.56						59,162						1.55						64,919						1.67						64,824						1.89						64,988						1.97																																										47.5						0.3
Total investment securities						119,286						1.10						113,929						1.24						108,875						1.65						105,804						2.19						107,089						2.50																																										(10.2)						1.2
Loans(3)						34,407						2.03						35,826						2.23						35,069						2.90						35,159						3.90						33,517						4.80																																										(2.6)						(4.7)
Other interest-earning assets						23,767						0.08						22,199						0.83						20,877						2.63						16,635						4.63						17,393						5.71																																										(26.8)						4.6
Total interest-earning assets						258,112						0.82						251,253						1.13						235,910						1.86						243,927						2.87						237,529						3.46																																										(8.0)						(2.6)
Cash and due from banks						4,018												3,829												3,461												3,311												3,639																																																(9.4)						9.9
Other assets						32,880												36,353												35,797												37,108												36,324																																																10.5						(2.1)
Total assets						$	295,010											$	291,435											$	275,168											$	284,346											$	277,492																																															(5.9)						(2.4)
Liabilities:
Interest-bearing deposits:
U.S.						$	100,073					0.02		%				$	97,273					0.26		%				$	94,636					1.09		%				$	101,056					2.20		%				$	105,261					3.00		%																																								5.2						4.2
Non-U.S.(4)						83,556						(0.32)						80,055						(0.20)						72,202						0.22						71,736						0.82						66,356						1.07																																										(20.6)						(7.5)
Total interest-bearing deposits(4)						183,629						(0.14)						177,328						0.05						166,838						0.71						172,792						1.62						171,617						2.25																																										(6.5)						(0.7)
Securities sold under repurchase agreements						2,279						(0.02)						4,486						0.26						3,814						0.23						3,933						0.93						4,409						0.84																																										93.5						12.1
Federal funds purchased						—						—						7						0.70						—						—						—						—						119						4.70																																										nm						nm
Short-term borrowings						872						—						673						0.73						430						0.01						2,756						3.54						1,159						3.72																																										32.9						(57.9)
Long-term debt						14,265						1.82						13,702						2.12						13,958						2.78						14,601						3.87						15,865						4.64																																										11.2						8.7
Other interest-bearing liabilities						2,881						1.50						2,518						3.31						2,536						6.43						2,967						11.84						3,078						13.49																																										6.8						3.7
Total interest-bearing liabilities						203,926						0.02						198,714						0.24						187,576						0.93						197,049						1.95						196,247						2.61																																										(3.8)						(0.4)
Non-interest bearing deposits(5)						49,639												51,089												46,464												44,007												38,703																																																(22.0)						(12.1)
Other liabilities						14,678												15,969												15,453												17,835												17,691																																																20.5						(0.8)
Preferred shareholders' equity						1,976												1,976												1,976												1,976												1,976																																																—						—
Common shareholders' equity						24,791												23,687												23,699												23,479												22,875																																																(7.7)						(2.6)
Total liabilities and shareholders' equity						$	295,010											$	291,435											$	275,168											$	284,346											$	277,492																																															(5.9)						(2.4)
Total deposits						$	233,268											$	228,417											$	213,302											$	216,799											$	210,320																																															(9.8)						(3.0)
Excess of rate earned over rate paid												0.80		%										0.89		%										0.92		%										0.91		%										0.86		%
Net interest margin												0.80		%										0.94		%										1.11		%										1.29		%										1.31		%
Net interest income, fully taxable-equivalent basis												$	512											$	587											$	662											$	793											$	768
Tax-equivalent adjustment												(3)												(3)												(2)												(2)												(2)
Net interest income, GAAP-basis(4)												$	509											$	584											$	660											$	791											$	766
(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 $55 billion, $71 billion, $73 billion and $85 billion in the first, second, third and fourth quarters of 2022, respectively, and approximately $117 billion in the first quarter of 2023. Excluding the impact of netting, the average interest rates would be approximately 0.07%, 0.21%, 0.31% and 0.38% in the first, second, third and fourth quarters of 2022, respectively, and approximately 0.26% in the first quarter of 2023.
(3) Average loans are presented on a gross basis. Average loans net of expected credit losses were approximately $34,320 million, $35,741 million, $34,974 million and $35,063 million in the first, second, third and fourth quarters of 2022 and approximately $33,422 million in the first quarter of 2023.
(4) Average rates includes the impact of FX swap expense of approximately ($13) million, ($3) million, $16 million and $20 million in the first, second, third and fourth quarters of 2022, respectively, and approximately ($5) million in the first quarter of 2023. Average rates for total interest-bearing deposits excluding the impact of FX swap expense were approximately (0.11)%, 0.06%, 0.68% and 1.58% in the first, second, third and fourth quarters of 2022, respectively, and approximately 2.26%, in the first quarter of 2023.
(5) Average non-interest bearing deposits are primarily composed of deposit balances denominated in U.S. dollars.
nm Denotes not meaningful

6    

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
SELECTED AVERAGE BALANCES BY CURRENCY - RATES EARNED AND PAID(1)
						1Q23
						USD												EUR												GBP												Other												Total
(Dollars in millions, except 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						$	32,623					4.74		%				$	23,550					2.32		%				$	7,461					3.69		%				$	13,586					1.72		%				$	77,220					3.37		%
Total investment securities						86,610						2.68						9,038						1.12						3,834						1.78						7,607						2.40						107,089						2.50
Loans						26,814						4.91						4,902						4.12						1,041						5.16						760						4.97						33,517						4.80
Total other interest-earning assets(2)						17,615						7.04						369						4.37						126						4.17						1,593						2.72						19,703						6.62
Total interest-earning assets						$	163,662					3.95						$	37,859					2.29						$	12,462					3.24						$	23,546					2.12						$	237,529					3.46
Total interest-bearing deposits(3)(4)						$	103,951					3.23						$	33,280					0.90						$	12,760					0.82						$	21,626					0.49						$	171,617					2.25
Central Bank Rate(5)												4.69												2.41												3.85
						4Q22
						USD												EUR												GBP												Other												Total
(Dollars in millions, except 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						$	35,603					3.88		%				$	27,282					1.31		%				$	10,049					2.70		%				$	10,875					2.02		%				$	83,809					2.66		%
Total investment securities						87,006						2.37						7,639						0.63						3,472						1.37						7,687						2.14						105,804						2.19
Loans						28,281						4.07						4,651						2.83						1,378						3.62						849						4.40						35,159						3.90
Total other interest-earning assets(2)						17,088						6.22						541						(1.74)						114						4.02						1,412						2.74						19,155						5.72
Total interest-earning assets						$	167,978					3.36						$	40,113					1.31						$	15,013					2.48						$	20,823					2.20						$	243,927					2.87
Total interest-bearing deposits(3)(4)						$	100,189					2.39						$	34,254					0.43						$	15,411					0.44						$	22,938					0.85						$	172,792					1.62
Central Bank Rate(5)												3.84												1.38												2.82
						1Q22
						USD												EUR												GBP												Other												Total
(Dollars in millions, except 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)
Central Bank Rate(5)												0.29												(0.50)												0.45
(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.
(5) Central Bank Rate represents the quarterly average Federal Funds Target Rate for USD, European Central Bank Deposit Facility Rate for EUR, and the Bank of England's Bank Rate for GBP.

7    

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO HOLDINGS BY ASSET CLASS
						Quarters
						1Q22												2Q22												3Q22												4Q22												1Q23
(Dollars in billions, except where otherwise noted)						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						$	42.9					0.72		%				$	30.3					0.73		%				$	23.5					1.33		%				$	21.9					2.16		%				$	23.1					2.74		%
Asset-backed securities						6.7						0.79						6.7						1.22						6.2						2.21						5.9						3.68						5.9						4.43
Student loans						0.2						1.43						0.2						2.25						0.1						3.62						0.1						5.39						0.1						7.04
Credit cards						0.1						0.93						0.1						1.57						0.1						3.03						0.1						4.58						0.1						5.40
Auto & equipment						1.0						(0.01)						0.9						0.16						0.7						0.56						0.7						1.82						0.6						2.74
Non-U.S. residential mortgage backed securities						2.1						0.78						2.1						1.08						1.9						2.16						1.7						3.35						1.6						4.00
Collateralized loan obligation						3.2						1.06						3.2						1.59						3.1						2.63						3.1						4.23						3.2						4.91
Other						0.1						(0.37)						0.2						0.37						0.3						0.87						0.2						2.25						0.3						3.36
Mortgage-backed securities						9.8						1.62						3.4						1.22						1.9						1.71						1.8						3.17						2.2						3.72
Agency MBS						9.8						1.62						3.4						1.22						1.9						1.71						1.8						3.17						2.2						3.72
Non-agency MBS						—						—						—						—						—						—						—						—						—						—
CMBS						9.2						0.40						8.9						0.59						8.2						1.72						7.5						3.24						6.9						4.60
Corporate bonds						3.9						1.02						2.8						1.32						2.1						1.53						2.1						1.87						2.3						2.39
Covered bonds						0.1						0.58						0.1						0.64						—						0.64						—						0.66						—						0.65
Municipal bonds						0.6						2.72						0.6						2.87						0.6						2.83						0.9						3.43						0.5						2.91
Clipper tax-exempt bonds						0.5						4.07						0.4						4.41						0.4						4.25						0.3						4.36						0.3						4.40
Other						1.6						0.86						1.5						0.98						1.1						1.17						0.6						2.55						0.9						2.83
Total available-for-sale portfolio						$	75.3					0.83						$	54.7					0.91						$	44.0					1.62						$	41.0					2.67						$	42.1					3.31
						1Q22												2Q22												3Q22												4Q22												1Q23
(Dollars in billions, except where otherwise noted)						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						$	3.5					1.24		%				$	13.7					0.72		%				$	18.0					0.80		%				$	18.0					0.84		%				$	18.8					0.88		%
Asset-backed securities						4.9						1.05						4.5						1.67						4.3						3.04						4.1						4.48						3.8						5.37
Student loans						4.9						1.05						4.5						1.67						4.3						3.04						4.1						4.48						3.8						5.37
Other						—						—						—						—						—						—						—						—						—						—
Mortgage-backed securities						30.6						1.67						35.9						1.84						37.4						1.90						37.6						2.12						37.1						2.23
Agency MBS						30.6						1.66						35.8						1.84						37.4						1.90						37.6						2.12						37.1						2.23
Non-agency MBS						—						12.22						0.1						4.45						—						13.21						—						14.43						—						16.04
CMBS						5.0						1.53						5.1						1.71						5.2						1.80						5.1						1.87						5.3						1.93
Total held-for-maturity portfolio						$	44.0					1.56						$	59.2					1.55						$	64.9					1.67						$	64.8					1.89						$	65.0					1.97
Total investment securities						$	119.3					1.10						$	113.9					1.24						$	108.9					1.65						$	105.8					2.19						$	107.1					2.50

8    

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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						33		%				40		%				23		%				3		%				—		%				1		%				—		%				$	23.5					54.8		%										$	(558)					88% / 12%
Asset-backed securities						—						92						8						—						—						—						—						5.9						13.6												(69)						0% / 100%
Student loans						—						—						100						—						—						—						—						0.1						1.9												—
Credit cards						—						100						—						—						—						—						—						0.1						1.5												—
Auto & equipment						—						68						32						—						—						—						—						0.6						10.6												(2)
Non-U.S. residential mortgage backed securities						—						93						6						—						—						1						—						1.6						26.7												(14)
Collateralized loan obligation						—						100						—						—						—						—						—						3.3						56.5												(53)
Other						—						63						37						—						—						—						—						0.2						2.8												—
Mortgage-backed securities						100						—						—						—						—						—						—						2.6						6.2												(89)						99% / 1%
Agency MBS						100						—						—						—						—						—						—						2.6						100.0												(89)
Non-agency MBS						—						—						—						—						—						—						—						—						—												—
CMBS						96						4						—						—						—						—						—						6.8						15.9												(83)						1% / 99%
Corporate bonds						—						1						14						49						36						—						—						2.4						5.5												(116)						89% / 11%
Covered bonds						—						100						—						—						—						—						—						—						—												(1)						100% / 0%
Municipal bonds						—						26						73						1						—						—						—						0.6						1.5												(7)						100% / 0%
Clipper tax-exempt bonds						—						8						71						21						—						—						—						0.2						0.6												(2)						0% / 100%
Other						—						1						48						51						—						—						—						0.8						1.9												(85)						98% / 2%
Total available-for-sale portfolio						39		%				35		%				17		%				6		%				2		%				1		%				—		%				$	42.8					100.0		%										$	(1,010)					63% / 37%
Fair Value						$	16.8					$	15.1					$	7.3					$	2.4					$	1.0					$	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						62		%				16		%				16		%				2		%				4		%				—		%				—		%				$	19.0					29.2		%										$	(514)					100% / 0%
Asset-backed securities						—						27						71						—						2						—						—						3.7						5.7												(107)						4% / 96%
Student loans						—						27						71						—						2						—						—						3.7						100.0												(107)
Mortgage-backed securities						100						—						—						—						—						—						—						37.0						56.9												(4,547)						100% / 0%
Agency MBS						100						—						—						—						—						—						—						37.0						100.0												(4,565)
Non-agency MBS						—						8						2						—						34						7						49						—						—												18
CMBS						99						1						—						—						—						—						—						5.3						8.2												(719)						96% / 4%
Total held-for-maturity portfolio						83		%				6		%				9		%				1		%				1		%				—		%				—		%				$	65.0					100.0		%										$	(5,887)					94% / 6%
Amortized Cost						$	54.0					$	4.1					$	5.6					$	0.4					$	0.9					$	—					$	—
Total Investment Securities(3)																																																$	107.8																							82% / 18%
(1) At March 31, 2023, the after-tax unrealized MTM gain/(loss) includes after-tax unrealized loss on securities available-for-sale of $736 million, after-tax unrealized loss on securities held-to-maturity of $4,293 million and after-tax unrealized loss primarily related to securities previously transferred from available-for-sale to held-to-maturity of $682 million.
(2) At March 31, 2023, fixed-to-floating rate securities had a book value of approximately $37 million or 0.03% of the total portfolio.
(3) State Street has a highly liquid balance sheet, with more than half of total assets deemed HQLA. Based upon book value as of March 31, 2023, approximately 88% of our investment portfolio was held in HQLA.

9    

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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						$	4.0					AA						$	3.0					$	—					$	—					$	0.2					$	—					$	0.8
Australia						2.1						AAA						1.0						0.8						—						0.2						—						0.1
United Kingdom						1.4						AA						0.7						0.4						0.2						0.1						—						—
Germany						1.3						AA						0.9						—						0.4						—						—						—
France						1.1						AA						0.1						—						0.7						0.3						—						—
Austria						1.0						AA						1.0						—						—						—						—						—
Japan						0.8						A						0.7						—						—						0.1						—						—
Hong Kong						0.7						AA						0.7						—						—						—						—						—
Netherlands						0.6						AA						0.1						0.3						0.1						0.1						—						—
Italy						0.3						AA						0.1						0.1						0.1						—						—						—
Spain						0.2						AA						0.1						—						0.1						—						—						—
Republic of Korea						0.2						AA						0.2						—						—						—						—						—
Finland						0.2						AA						0.1						—						—						0.1						—						—
Brazil						0.2						BB						0.2						—						—						—						—						—
Other						7.3						AAA						6.9						—						0.1						0.3						—						—
Total Non-U.S. Investments(3)						$	21.4											$	15.8					$	1.6					$	1.7					$	1.4					$	—					$	0.9
U.S. Investments						21.4
Total available-for-sale						$	42.8
																		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						AAA						0.7						—						—						—						—						—
France						0.6						AA						0.6						—						—						—						—						—
Ireland						0.4						A						0.4						—						—						—						—						—
Austria						0.4						AA						0.4						—						—						—						—						—
Germany						0.3						AA						0.3						—						—						—						—						—
Singapore						0.2						AAA						0.2						—						—						—						—						—
Finland						0.2						AA						0.2						—						—						—						—						—
Netherlands						0.2						AAA						0.2						—						—						—						—						—
Canada						0.1						AA						0.1						—						—						—						—						—
Other						3.3						AAA						3.3						—						—						—						—						—
Total Non-U.S. Investments(3)						$	7.2											$	7.2					$	—					$	—					$	—					$	—					$	—
U.S. Investments						57.8
Total held-for-maturity						$	65.0
Total Investment Portfolio						$	107.8
(1) Sovereign debt is reflected in the government / agency column.
(2) As of March 31, 2023, other non-U.S. investments include supranational bonds of $6.8 billion in AFS securities and $3.2 billion in HTM securities.
(3) Country of collateral used except for corporates where country of issuer is used.

10    

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER CUSTODY AND/OR ADMINISTRATION
						Quarters																														% Change
(Dollars in billions)						1Q22						2Q22						3Q22						4Q22						1Q23																								1Q23 vs. 1Q22						1Q23 vs. 4Q22
Assets Under Custody and/or Administration(1)
By Product Classification:
Collective funds, including ETFs						$	15,140					$	13,609					$	11,649					$	12,261					$	12,748																							(15.8)		%				4.0		%
Mutual funds						10,825						9,642						9,289						9,610						10,077																								(6.9)						4.9
Pension products						8,191						7,764						7,669						7,734						7,871																								(3.9)						1.8
Insurance and other products						7,568						7,165						7,081						7,138						6,939																								(8.3)						(2.8)
Total Assets Under Custody and/or Administration						$	41,724					$	38,180					$	35,688					$	36,743					$	37,635																							(9.8)						2.4
By Asset Class:
Equities						$	25,249					$	21,953					$	19,889					$	20,575					$	20,966																							(17.0)						1.9
Fixed-income						11,303						10,716						10,150						10,318						10,645																								(5.8)						3.2
Short-term and other investments						5,172						5,511						5,649						5,850						6,024																								16.5						3.0
Total Assets Under Custody and/or Administration						$	41,724					$	38,180					$	35,688					$	36,743					$	37,635																							(9.8)						2.4
By Geographic Location(2):
Americas						$	31,027					$	28,207					$	26,051					$	26,981					$	27,599																							(11.0)						2.3
Europe/Middle East/Africa						8,103						7,498						6,990						7,136						7,396																								(8.7)						3.6
Asia/Pacific						2,594						2,475						2,647						2,626						2,640																								1.8						0.5
Total Assets Under Custody and/or Administration						$	41,724					$	38,180					$	35,688					$	36,743					$	37,635																							(9.8)						2.4
Assets Under Custody(3)
By Product Classification:
Collective funds, including ETFs						$	13,107					$	11,669					$	9,932					$	10,464					$	10,935																							(16.6)						4.5
Mutual funds						8,833						7,869						7,594						7,811						8,157																								(7.7)						4.4
Pension products						6,576						6,215						6,204						6,247						6,355																								(3.4)						1.7
Insurance and other products						2,931						2,856						2,748						2,714						2,706																								(7.7)						(0.3)
Total Assets Under Custody						$	31,447					$	28,609					$	26,478					$	27,236					$	28,153																							(10.5)						3.4
By Geographic Location(2):
Americas						$	23,655					$	21,389					$	19,581					$	20,246					$	21,019																							(11.1)						3.8
Europe/Middle East/Africa						5,786						5,309						4,818						4,931						5,039																								(12.9)						2.2
Asia-Pacific						2,006						1,911						2,079						2,059						2,095																								4.4						1.7
Total Assets Under Custody						$	31,447					$	28,609					$	26,478					$	27,236					$	28,153																							(10.5)						3.4
(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.

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER MANAGEMENT
						Quarters																																	% Change
(Dollars in billions)						1Q22						2Q22						3Q22						4Q22						1Q23																								1Q23 vs. 1Q22						1Q23 vs. 4Q22
Assets Under Management
By Asset Class and Investment Approach:
Equity:
Active						$	67					$	62					$	53					$	54					$	60																							(10.4)		%				11.1		%
Passive						2,463						2,024						1,890						2,074						2,153																								(12.6)						3.8
Total Equity						2,530						2,086						1,943						2,128						2,213																								(12.5)						4.0
Fixed-Income:
Active						98						89						79						83						85																								(13.3)						2.4
Passive						503						461						439						471						490																								(2.6)						4.0
Total Fixed-Income						601						550						518						554						575																								(4.3)						3.8
Cash(1)						393						403						410						376						375																								(4.6)						(0.3)
Multi-Asset-Class Solutions:
Active						33						29						25						28						28																								(15.2)						—
Passive						196						173						167						181						203																								3.6						12.2
Total Multi-Asset-Class Solutions						229						202						192						209						231																								0.9						10.5
Alternative Investments(2):
Active						51						42						35						35						35																								(31.4)						—
Passive						218						192						167						179						189																								(13.3)						5.6
Total Alternative Investments						269						234						202						214						224																								(16.7)						4.7
Total Assets Under Management						$	4,022					$	3,475					$	3,265					$	3,481					$	3,618																							(10.0)						3.9
By Geographic Location:
North America						$	2,878					$	2,525					$	2,396					$	2,544					$	2,648																							(8.0)						4.1
Europe/Middle East/Africa						593						521						474						511						521																								(12.1)						2.0
Asia-Pacific						551						429						395						426						449																								(18.5)						5.4
Total Assets Under Management						$	4,022					$	3,475					$	3,265					$	3,481					$	3,618																							(10.0)						3.9
(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)						$	84					$	77					$	63					$	67					$	73																							(13.1)		%				9.0		%
Equity						940						791						734						817						841																								(10.5)						2.9
Fixed-Income						134						130						121						134						141																								5.2						5.2
Multi-Asset						1						1						1						1						1																								—						—
Total Exchange-Traded Funds						$	1,159					$	999					$	919					$	1,019					$	1,056																							(8.9)						3.6
(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.

12    

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INDUSTRY FLOW DATA BY ASSET CLASS
(Dollars in billions)												Quarters
												1Q22						2Q22						3Q22						4Q22						1Q23
North America - (US Domiciled) Morningstar Direct Market Data(1)(2)
			Long Term Funds(3)									$	(66.7)					$	(277.9)					$	(193.0)					$	(352.6)					$	(59.1)
			Money Market									(143.4)						(35.1)						(26.0)						147.7						465.9
			ETF									181.2						93.2						109.9						192.5						78.4
						Total Flows						$	(28.9)					$	(219.8)					$	(109.1)					$	(12.4)					$	485.2
EMEA-Morningstar Direct Market Data(1)(4)
			Long Term Funds(3)									$	9.7					$	(79.5)					$	(94.1)					$	(6.2)					$	81.6
			Money Market									(68.9)						(7.3)						(11.0)						185.3						(10.7)
			ETF									45.4						16.0						(8.6)						26.5						31.7
						Total Flows						$	(13.8)					$	(70.8)					$	(113.7)					$	205.6					$	102.6
(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 first quarter of 2023 data for North America (US domiciled) includes Morningstar actuals for January and February 2023 and Morningstar estimates for March 2023.
(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 first quarter of 2023 data for Europe is on a rolling three month basis for December 2022 through February 2023, sourced by Morningstar.

13    

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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)						1Q22						4Q22						1Q23						1Q23  vs. 1Q22						1Q23  vs. 4Q22						1Q22						4Q22						1Q23						1Q23  vs. 1Q22						1Q23  vs. 4Q22						1Q22						4Q22						1Q23						1Q23  vs. 1Q22						1Q23  vs. 4Q22						1Q22						4Q22						1Q23						1Q23  vs. 1Q22						1Q23  vs. 4Q22
Servicing fees						$	1,368					$	1,203					$	1,217					(11.0)		%				1.2		%				$	—					$	—					$	—					—		%				—		%				$	—					$	—					$	—					—		%				—		%				$	1,368					$	1,203					$	1,217					(11.0)		%				1.2		%
Management fees						—						—						—						—						—						520						457						457						(12.1)						—						—						—						—						—						—						520						457						457						(12.1)						—
Foreign exchange trading services						342						323						321						(6.1)						(0.6)						17						21						21						23.5						—						—						23						—						—						nm						359						367						342						(4.7)						(6.8)
Securities finance						93						97						103						10.8						6.2						3						6						6						nm						—						—						—						—						—						—						96						103						109						13.5						5.8
Software and processing fees						201						216						165						(17.9)						(23.6)						—						—						—						—						—						—						—						—						—						—						201						216						165						(17.9)						(23.6)
Other fee revenue						46						—						28						(39.1)						—						(17)						18						17						nm						(5.6)						—						—						—						—						—						29						18						45						55.2						nm
Total fee revenue						2,050						1,839						1,834						(10.5)						(0.3)						523						502						501						(4.2)						(0.2)						—						23						—						—						nm						2,573						2,364						2,335						(9.2)						(1.2)
Net interest income						509						791						762						49.7						(3.7)						—						—						4						—						—						—						—						—						—						—						509						791						766						50.5						(3.2)
Total other income						(1)						—						—						nm						—						—						—						—						—						—						—						—						—						—						—						(1)						—						—						nm						—
Total revenue						2,558						2,630						2,596						1.5						(1.3)						523						502						505						(3.4)						0.6						—						23						—						—						nm						3,081						3,155						3,101						0.6						(1.7)
Provision for credit losses						—						10						44						—						nm						—						—						—						—						—						—						—						—						—						—						—						10						44						—						nm
Total expenses						1,925						1,808						1,978						2.8						9.4						389						345						386						(0.8)						11.9						13						103						5						(61.5)						(95.1)						2,327						2,256						2,369						1.8						5.0
Income before income tax expense						$	633					$	812					$	574					(9.3)						(29.3)						$	134					$	157					$	119					(11.2)						(24.2)						$	(13)					$	(80)					$	(5)					(61.5)						(93.8)						$	754					$	889					$	688					(8.8)						(22.6)
Pre-tax margin						24.7		%				30.9		%				22.1		%				(260)						(880)			bps			25.6		%				31.3		%				23.6		%				(200)						(770)			bps																																	24.5		%				28.2		%				22.2		%				(230)						(600)			bps
(1) Represents amounts that are not allocated to a specific line of business, including repositioning charges, employee costs, acquisition costs, revenue-related recoveries and certain legal accruals.
nm Denotes not meaningful

14    

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ALLOWANCE FOR CREDIT LOSSES
			Quarters																																	% Change
(Dollars in millions)						1Q22						2Q22						3Q22						4Q22						1Q23																								1Q23 vs. 1Q22						1Q23 vs. 4Q22
Allowance for credit losses:
Beginning balance						$	108					$	107					$	114					$	114					$	121																							12.0		%				6.1		%
Provision for credit losses (funded commitments)						—						11						3						2						21																								—						nm
Provision for credit losses (unfunded commitments)						—						(1)						(3)						8						(7)																								—						nm
Provision for credit losses (investment securities and all other)						—						—						—						—						30																								—						—
Total provision						—						10						—						10						44																								—						nm
Charge-offs						(1)						(3)						—						(3)						(3)																								nm						—
Ending balance(1)						$	107					$	114					$	114					$	121					$	162																							51.4						33.9
Allowance for credit losses:
Loans						$	86					$	95					$	97					$	97					$	115																							33.7						18.6
Investment securities						2						1						1						2						2																								—						—
Unfunded (off-balance sheet) commitments						19						18						16						23						16																								(15.8)						(30.4)
All other						—						—						—						(1)						29																								—						nm
Ending balance(1)						$	107					$	114					$	114					$	121					$	162																							51.4						33.9
(1) The allowance for credit losses on unfunded commitments is included within Other liabilities in the Consolidated Statement of Condition.
nm Not meaningful

15    

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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
(Dollars in millions)						1Q22						2Q22						3Q22						4Q22						1Q23																								1Q23 vs. 1Q22									1Q23 vs. 4Q22
Fee Revenue:
Total fee revenue, GAAP-basis						$	2,573					$	2,370					$	2,299					$	2,364					$	2,335																							(9.2)		%							(1.2)		%
Less: Fee revenue(1)						—						—						—						(23)						—																								—									nm
Total fee revenue, excluding notable items						$	2,573					$	2,370					$	2,299					$	2,341					$	2,335																							(9.2)									(0.3)
Total Revenue:
Total revenue, GAAP-basis						$	3,081					$	2,953					$	2,959					$	3,155					$	3,101																							0.6		%							(1.7)		%
Less: Fee revenue(1)						—						—						—						(23)						—																								—									nm
Total revenue, excluding notable items						$	3,081					$	2,953					$	2,959					$	3,132					$	3,101																							0.6									(1.0)
Expenses:
Total expenses, GAAP-basis						$	2,327					$	2,108					$	2,110					$	2,256					$	2,369																							1.8		%							5.0		%
Less: Notable expense items:
Acquisition and restructuring costs(2)						(9)						(12)						(13)						(31)						—																								nm									nm
Repositioning charges(3)						—						—						—						(70)						—																								—									nm
Total expenses, excluding notable items						2,318						2,096						2,097						2,155						2,369																								2.2									9.9
Seasonal expenses						(208)						—						—						—						(181)																								(13.0)									nm
Total expenses, excluding notable items and seasonal expenses						$	2,110					$	2,096					$	2,097					$	2,155					$	2,188																							3.7									1.5
Fee Operating Leverage, GAAP-Basis:
Total fee revenue, GAAP-basis						$	2,573					$	2,370					$	2,299					$	2,364					$	2,335																							(9.2)		%							(1.2)		%
Total expenses, GAAP-basis						2,327						2,108						2,110						2,256						2,369																								1.8									5.0
Fee operating leverage, GAAP-basis(4)																																																						(1,100)			bps						(620)			bps
Fee Operating Leverage, excluding notable items:
Total fee revenue, excluding notable items (as reconciled above)						$	2,573					$	2,370					$	2,299					$	2,341					$	2,335																							(9.2)		%							(0.3)		%
Total expenses, excluding notable items (as reconciled above)						2,318						2,096						2,097						2,155						2,369																								2.2									9.9
Fee operating leverage, excluding notable items(5)																																																						(1,140)			bps						(1,020)			bps
Operating Leverage, GAAP-Basis:
Total revenue, GAAP-basis						$	3,081					$	2,953					$	2,959					$	3,155					$	3,101																							0.6		%							(1.7)		%
Total expenses, GAAP-basis						2,327						2,108						2,110						2,256						2,369																								1.8									5.0
Operating leverage, GAAP-basis(6)																																																						(120)			bps						(670)			bps
Operating Leverage, excluding notable items:
Total revenue, excluding notable items (as reconciled above)						$	3,081					$	2,953					$	2,959					$	3,132					$	3,101																							0.6		%							(1.0)		%
Total expenses, excluding notable items (as reconciled above)						2,318						2,096						2,097						2,155						2,369																								2.2									9.9
Operating leverage, excluding notable items(7)																																																						(160)			bps						(1,090)			bps

16    

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION (Continued)
			Quarters																																	% Change
(Dollars in millions, except earnings per share, or where otherwise noted)						1Q22						2Q22						3Q22						4Q22						1Q23																								1Q23 vs. 1Q22									1Q23 vs. 4Q22
Income before income tax expense:
Income before income tax expense GAAP-basis			A			$	754					$	835					$	849					$	889					$	688																							(8.8)		%							(22.6)		%
Less: Notable items
Fee revenue(1)						—						—						—						(23)						—
Acquisition and restructuring costs(2)						9						12						13						31						—
Repositioning charges / (release)(3)						—						—						—						70						—
Income before income tax expense, excluding notable items			B			$	763					$	847					$	862					$	967					$	688																							(9.8)									(28.9)
Net Income:
Net Income GAAP-basis						$	604					$	747					$	690					$	733					$	549																							(9.1)		%							(25.1)		%
Less: Notable items
Fee revenue(1)						—						—						—						(23)						—
Acquisition and restructuring costs(2)						9						12						13						31						—
Repositioning charges / (release)(3)						—						—						—						70						—
Tax impact of notable items						(2)						(3)						(3)						(21)						—
Net Income, excluding notable items						$	611					$	756					$	700					$	790					$	549																							(10.1)									(30.5)
Net Income Available to Common Shareholders:
Net Income Available to Common Shareholders, GAAP-basis						$	583					$	712					$	669					$	696					$	525																							(9.9)		%							(24.6)		%
Less: Notable items
Fee revenue(1)						—						—						—						(23)						—
Acquisition and restructuring costs(2)						9						12						13						31						—
Repositioning charges / (release)(3)						—						—						—						70						—
Tax impact of notable items						(2)						(3)						(3)						(21)						—
Net Income Available to Common Shareholders, excluding notable items						$	590					$	721					$	679					$	753					$	525																							(11.0)									(30.3)
Diluted Earnings per Share:
Diluted earnings per share, GAAP-basis						$	1.57					$	1.91					$	1.80					$	1.91					$	1.52																							(3.2)		%							(20.4)		%
Less: Notable items
Fee revenue(1)						—						—						—						(0.05)						—
Acquisition and restructuring costs(2)						0.02						0.03						0.02						0.07						—
Repositioning charges / (release)(3)						—						—						—						0.14						—
Diluted earnings per share, excluding notable items						$	1.59					$	1.94					$	1.82					$	2.07					$	1.52																							(4.4)									(26.6)

17    

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION (Continued)
			Quarters																																	% Change
(Dollars in millions, except earnings per share, or where otherwise noted)						1Q22						2Q22						3Q22						4Q22						1Q23																								1Q23 vs. 1Q22									1Q23 vs. 4Q22
Pre-tax Margin:
Pre-tax margin, GAAP-basis						24.5		%				28.3		%				28.7		%				28.2		%				22.2%																								(230)			bps						(600)			bps
Less: Notable items
Fee revenue(1)						—						—						—						(0.5)						—
Acquisition and restructuring costs(2)						0.3						0.4						0.4						1.0						—
Repositioning charges(3)						—						—						—						2.2						—
Pre-tax margin, excluding notable items						24.8%						28.7%						29.1%						30.9%						22.2%																								(260)									(870)
Return on Average Common Equity:
Return on average common equity, GAAP-basis						9.5%						12.1%						11.2%						11.8%						9.3%																								(20)			bps						(250)			bps
Less: Notable items
Fee revenue(1)						—						—						—						(0.4)						—
Acquisition and restructuring costs(2)						0.2						0.1						0.2						0.5						—
Repositioning charges(3)						—						—						—						1.1						—
Tax impact of notable items						—						—						—						(0.3)						—
Return on average common equity, excluding notable items						9.7%						12.2%						11.4%						12.7%						9.3%																								(40)									(340)
Effective Tax Rate:
Effective tax rate, GAAP-basis						19.9%						10.5%						18.7%						17.6%						20.2%																								30			bps						260			bps
Less: Notable items
Fee revenue(1)						—						—						—						(0.2)						—
Acquisition and restructuring costs(2)						0.1						0.3						0.1						0.3						—
Repositioning charges(3)						—						—						—						0.6						—
Effective tax rate, excluding notable items						20.0%						10.8%						18.8%						18.3%						20.2%																								20									190
(1) Amount in 2022 consists of a $23 million revenue-related recovery related to settlement proceeds from a 2018 foreign exchange benchmark litigation resolution, which is reflected in foreign exchange trading services revenue.
(2) Acquisition and restructuring costs of approximately $65 million in 2022 related to the BBH Investor Services acquisition transaction that State Street is no longer pursuing.
(3) Amount in 2022 includes $50 million of compensation and benefits expenses primarily related to streamlining the Investment Services organization, and $20 million of occupancy charges related to real estate footprint optimization.
(4) Calculated as the period-over-period change in total fee revenue less the period-over-period change in total expenses.
(5) Calculated as the period-over-period change in total fee revenue, excluding notable items less the period-over-period change in total expenses, excluding notable items.
(6) Calculated as the period-over-period change in total revenue less the period-over-period change in total expenses.
(7) 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.
nm Denotes not meaningful

18    

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF PRE-TAX MARGIN EXCLUDING NOTABLE ITEMS
(Dollars in millions)												2019						2020						2021						2022
Total revenue:
Total revenue, GAAP-basis												$	11,756					$	11,703					$	12,027					$	12,148
						Less: Fees revenue						—						—						—						(23)
						Less: Total other income						(44)						—						(111)						—
Total revenue, excluding notable items												11,712						11,703						11,916						12,125
Provision for credit losses												10						88						(33)						20
Total expenses:
Total expenses, GAAP-basis												9,034						8,716						8,889						8,801
			Less:
						Acquisition and restructuring costs						(77)						(50)						(65)						(65)
						Deferred incentive compensation expense acceleration						—						—						(147)						—
						Legal and other						(172)						9						(18)						—
						Repositioning (charges) / release						(110)						(133)						3						(70)
Total expenses, excluding notable items												8,675						8,542						8,662						8,666
Income before income tax expense, excluding notable items												$	3,027					$	3,073					$	3,287					$	3,439
Income before income tax expense, GAAP-basis												$	2,712					$	2,899					$	3,171					$	3,327
Pre-tax margin, excluding notable items												25.8		%				26.3		%				27.6		%				28.4		%
Pre-tax margin, GAAP-basis												23.1						24.8						26.4						27.4

19    

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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)						1Q22						4Q22						1Q23						1Q23 vs. 1Q22						1Q23 vs. 4Q22						1Q23 vs. 1Q22						1Q23 vs. 4Q22						1Q23 vs. 1Q22						1Q23 vs. 4Q22
GAAP-Basis Results:
Fee revenue:
Back office servicing fees						$	1,268					$	1,115					$	1,131					$	(19)					$	11					$	1,150					$	1,120					(9.3)		%				0.4		%
Middle office services						100						88						86						(1)						1						87						85						(13.0)						(3.4)
Servicing fees						1,368						1,203						1,217						(20)						12						1,237						1,205						(9.6)						0.2
Management fees						520						457						457						(5)						4						462						453						(11.2)						(0.9)
Foreign exchange trading services						359						367						342						—						—						342						342						(4.7)						(6.8)
Securities finance						96						103						109						(1)						—						110						109						14.6						5.8
Front office software and data						138						159						109						(1)						1						110						108						(20.3)						(32.1)
Lending related and other fees						63						57						56						—						—						56						56						(11.1)						(1.8)
Software and processing fees						201						216						165						(1)						1						166						164						(17.4)						(24.1)
Other fee revenue						29						18						45						—						—						45						45						55.2						nm
Total fee revenue						2,573						2,364						2,335						(27)						17						2,362						2,318						(8.2)						(1.9)
Net interest income						509						791						766						(7)						12						773						754						51.9						(4.7)
Total other income						(1)						—						—						—						—						—						—						nm						nm
Total revenue						$	3,081					$	3,155					$	3,101					$	(34)					$	29					$	3,135					$	3,072					1.8						(2.6)
Expenses:
Compensation and employee benefits						$	1,232					$	1,108					$	1,292					$	(30)					$	13					$	1,322					$	1,279					7.3						15.4
Information systems and communications						423						416						414						(3)						2						417						412						(1.4)						(1.0)
Transaction processing services						264						240						239						(4)						3						243						236						(8.0)						(1.7)
Occupancy						95						106						94						(3)						1						97						93						2.1						(12.3)
Acquisition and restructuring costs						9						31						—						—						—						—						—						nm						nm
Amortization of other intangible assets						61						59						60						(1)						1						61						59						—						—
Other						243						296						270						(1)						3						271						267						11.5						(9.8)
Total expenses						$	2,327					$	2,256					$	2,369					$	(42)					$	23					$	2,411					$	2,346					3.6						4.0
Total expenses, excluding notable items - Non-GAAP						$	2,318					$	2,155					$	2,369					$	(42)					$	23					$	2,411					$	2,346					4.0						8.9
Total non-compensation expenses, excluding notable items - Non-GAAP(1)						1,086						1,097						1,077						(12)						10						1,089						1,067						0.3						(2.7)
(1) Total non-compensation expenses, excluding notable items is comprised of total expenses, excluding notable items - Non-GAAP, less compensation and employee benefits, excluding notable items. Compensation and benefits, excluding notable items was $1,292 million in the first quarter of 2023, $1,058 million in the fourth quarter of 2022 and $1,232 million in the first quarter of 2022, respectively.
nm Denotes not meaningful

20    

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF TANGIBLE BOOK VALUE PER SHARE AND RETURN ON TANGIBLE COMMON EQUITY
The tangible book value per common share (TBVPS) and return on tangible common equity (ROTCE) are ratios that management believes provides context about State Street's use of equity. The TBVPS ratio is calculated by dividing the period end tangible common equity by total common shares outstanding. The ROTCE ratio is calculated by dividing year-to-date annualized net income available to common shareholders (GAAP-basis) by average tangible common equity. Period end and average tangible common equity reflected in the TBVPS and ROTCE ratios, are both non-GAAP measures which reduce period end and average common shareholders' equity, by period end and average goodwill and other intangible assets, net of related deferred taxes. Since there is no authoritative requirement to calculate the TBVPS and ROTCE ratios, our TBVPS and ROTCE ratios are not necessarily comparable to similar measures disclosed or used by other companies in the financial services industry. TBVPS and ROTCE 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 these ratios are provided within the Reconciliations of Tangible Book Value per Share and Return on Tangible Common Equity within this addendum.
									Quarters
(Dollars in millions, except per share amounts, or where otherwise noted)									1Q22						2Q22						3Q22						4Q22						1Q23
Tangible common equity - period end:
Total shareholders' equity									$	26,224					$	25,767					$	25,648					$	25,191					$	24,750
Less:
Preferred stock									1,976						1,976						1,976						1,976						1,976
Common shareholders' equity									24,248						23,791						23,672						23,215						22,774
Less:
Goodwill									7,582						7,465						7,351						7,495						7,530
Other intangible assets									1,744						1,654						1,568						1,544						1,493
Plus related deferred tax liabilities									497						491						486						493						496
Tangible common shareholders' equity - Non-GAAP									$	15,419					$	15,163					$	15,239					$	14,669					$	14,247
Tangible common equity - average:
Average common shareholders' equity									$	24,791					$	23,687					$	23,699					$	23,479					$	22,875
Less:
Average goodwill									7,599						7,501						7,405						7,422						7,505
Average other intangible assets									1,782						1,693						1,607						1,553						1,516
Plus related deferred tax liabilities									499						494						488						490						495
Average tangible common shareholders' equity - Non-GAAP									$	15,909					$	14,987					$	15,175					$	14,994					$	14,349
Net income available to common shareholders									$	583					$	712					$	669					$	696					$	525
Total common shares outstanding - period end (in thousands)									367,115						367,619						367,968						349,024						336,461
Return on tangible common equity - Non-GAAP									14.7		%				17.3		%				17.3		%				17.7		%				14.6		%
Book value per common share									$	66.05					$	64.72					$	64.33					$	66.51					$	67.69
Tangible book value per common share - Non-GAAP									42.00						41.25						41.41						42.03						42.34

21    

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
REGULATORY CAPITAL
						Basel III Advanced Approaches(1)																																				Basel III Standardized Approach(2)
(Dollars in millions)						1Q22						2Q22						3Q22						4Q22						1Q23																											1Q22						2Q22						3Q22						4Q22						1Q23
Ratios and Supporting Calculations:
Common equity tier 1 capital			A			$	15,026					$	14,882					$	15,126					$	14,547					$	14,000																										$	15,026					$	14,882					$	15,126					$	14,547					$	14,000
Total risk-weighted assets			B			114,969						110,447						107,771						105,359						108,207																											126,725						115,404						114,682						107,227						115,494
Common equity tier 1 risk-based capital ratio			A/B			13.1		%				13.5		%				14.0		%				13.8		%				12.9		%																									11.9		%				12.9		%				13.2		%				13.6		%				12.1		%
Tier 1 capital			C			$	17,002					$	16,858					$	17,102					$	16,523					$	15,976																										$	17,002					$	16,858					$	17,102					$	16,523					$	15,976
Tier 1 risk-based capital ratio			C/B			14.8		%				15.3		%				15.9		%				15.7		%				14.8		%																									13.4		%				14.6		%				14.9		%				15.4		%				13.8		%
Total capital			D			$	18,588					$	18,239					$	18,482					$	17,899					$	17,345																										$	18,693					$	18,352					$	18,594					$	18,019					$	17,476
Total risk-based capital ratio			D/B			16.2		%				16.5		%				17.1		%				17.0		%				16.0		%																									14.8		%				15.9		%				16.2		%				16.8		%				15.1		%
Tier 1 capital			E			$	17,002					$	16,858					$	17,102					$	16,523					$	15,976																										$	17,002					$	16,858					$	17,102					$	16,523					$	15,976
Leverage exposure(3)			F			285,788						282,526						266,622						275,678						268,718																											285,788						282,526						266,622						275,678						268,718
Tier 1 leverage ratio			E/F			5.9		%				6.0		%				6.4		%				6.0		%				5.9		%																									5.9		%				6.0		%				6.4		%				6.0		%				5.9		%
On-and off-balance sheet leverage exposure						$	264,616					$	263,538					$	250,070					$	246,017					$	244,049																										$	264,616					$	263,538					$	250,070					$	246,017					$	244,049
Less: regulatory deductions						(9,222)						(8,909)						(8,546)						(8,668)						(8,772)																											(9,222)						(8,909)						(8,546)						(8,668)						(8,772)
Total leverage exposure for SLR			G			255,394						254,629						241,524						237,349						235,277																											255,394						254,629						241,524						237,349						235,277
Supplementary leverage ratio(4)			E/G			6.7		%				6.6		%				7.1		%				7.0		%				6.8		%																									6.7		%				6.6		%				7.1		%				7.0		%				6.8		%
(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 March 31, 2023 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 March 31, 2023 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.

22    

April 17, 2023 NYSE: STT 1Q 2023 Financial Highlights

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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 first quarter 2023 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.

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3 1Q23 highlights All comparisons are to corresponding prior year period unless noted otherwise A Weekly average deposit level comparison between week ended March 10, 2023 and week ended March 31, 2023. Refer to the Appendix included with this presentation for endnotes 1 to 19. Financial Performance • EPS of $1.52, down (3)% YoY • Total revenue of $3.1B, up 1% YoY, with NII up 50% primarily reflecting higher global interest rates and fee revenue down (9)% mainly due to lower average market levels • Total expenses of $2.4B, up 2% YoY, primarily driven by continued business investments and higher salaries, partially offset by productivity savings Business momentum • AUC/A of $37.6T at quarter-end; business yet to be installed of $3.6T at quarter-end1 ‒ New servicing wins of $112B, about half of which were higher fee rate Alternatives mandates • Reported 1 new Alpha mandate in 1Q23 • AUM of $3.6T at quarter-end, with SSGA’s strong Cash franchise benefitting from late-1Q23 industry shift to Money Market funds1 • ARR in Front office software and data services of $273M, up 16%2 • Announced our agreement to acquire CF Global Trading to further expand outsourced trading capabilities and broaden Alpha platform Balance sheet and capital • Supported our clients and the banking system in the current environment ‒ Weekly average deposits increased 5% since week ended March 10A ‒ Provided term liquidity support to a U.S. financial institution as part of an 11 large bank industry consortium • ROE of 9.3% and CET1 ratio of 12.1% at quarter end3 • Returned ~$1.5B of capital in 1Q23, consisting of $1.25B in common stock repurchases and $212M of declared common stock dividends

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4 Summary of 1Q23 financial results A These are non-GAAP presentations; ex-currency translation percentage changes are in reference to the YoY quarterly comparison between 1Q23 and 1Q22 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 4Q22 repositioning charges represents repositioning charges of $50M related to compensation and benefits and $20M related to occupancy costs. C 4Q22 revenue-related recovery associated with the settlement proceeds from a 2018 FX benchmark litigation resolution, which is reflected in FX trading services revenue. D $29M of provisions is consistent with the treatment of other cash placements under CECL. 1Q22 4Q22 1Q23 4Q22 1Q22 Revenue: Back office servicing fees $1,268 $1,115 $1,131 1% (11)% (9)% Middle office services 100 88 86 (2) (14) (13) Servicing fees 1,368 1,203 1,217 1 (11) (10) Management fees 520 457 457 - (12) (11) Foreign exchange trading services 359 367 342 (7) (5) (5) Securities finance 96 103 109 6 14 15 Front office software and data 138 159 109 (31) (21) (20) Lending related and other fees 63 57 56 (2) (11) (11) Software and processing fees 201 216 165 (24) (18) (17) Other fee revenue 29 18 45 nm 55 55 Total fee revenue 2,573 2,364 2,335 (1) (9) (8) Net interest income 509 791 766 (3) 50 52 Total revenue $3,081 $3,155 $3,101 (2)% 1% 2% Provision for credit losses - $10 $44 nm nm nm Total expenses $2,327 $2,256 $2,369 5% 2% 4% Net income $604 $733 $549 (25)% (9)% Diluted earnings per share $1.57 $1.91 $1.52 (20)% (3)% Return on average common equity 9.5% 11.8% 9.3% (2.5)%pts (0.2)%pts Pre-tax margin 24.5% 28.2% 22.2% (6.0)%pts (2.3)%pts Tax rate 19.9% 17.6% 20.2% 2.6%pts 0.3%pts Ex-notable items, non-GAAP A: Total revenue $3,081 $3,132 $3,101 (1)% 1% 2% Total expenses $2,318 $2,155 $2,369 10% 2% 4% EPS $1.59 $2.07 $1.52 (27)% (4)% Pre-tax margin 24.8% 30.9% 22.2% (8.7)%pts (2.6)%pts (GAAP; $M, except EPS data, or where otherwise noted) Quarters %∆ 1Q22 %∆ ex-currency translation A 1Q22 4Q22 1Q23 Acquisition and restructuring costs ($9) ($31) - Repositioning chargesB - (70) - Revenue-related recoveryC - 23 - Total notable items (pre-tax) ($9) ($78) - EPS impact ($0.02) ($0.16) $0.00 ($M, except EPS data) QuartersA Financial results Notable items 1Q23 provision for credit losses of $44M included $29M, or $0.06 EPS impact, associated with industry support for a U.S. financial institutionD

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5 AUC/A and AUM levels, markets and flows performance AUC/A ($T, as of period-end) 1 Market indices4 • Down (10)% YoY largely driven by lower quarter-end market levels • Up 2% QoQ primarily due to higher quarter- end market levels and client flows • Down (10)% YoY mainly reflecting lower quarter-end market levels and net outflows • Up 4% QoQ primarily due to higher quarter- end market levels, partially offset by net outflows AUM ($B, as of period-end) 1 Select industry flows5 +4% +2% $41.7 $36.7 $37.6 1Q22 4Q22 1Q23 1Q22 4Q22 1Q23 $4,022 $3,481 $3,618 -10% -10% A Line items may not sum to total due to rounding. Refer to the Appendix included with this presentation for endnotes 1 to 19. 4Q22 1Q22 EOP 7% (9)% Daily Avg 4 (10) EOP 8 (4) Daily Avg 11 (7) EOP 4 (13) Daily Avg 9 (16) EOP 7 (9) Daily Avg 6 (11) (% change) 1Q23 vs S&P 500 MSCI EAFE MSCI EM Bloomberg Global Agg EOP 3 (8) MSCI ACWI 1Q22 4Q22 1Q23 Long Term Funds ($67) $(353) $(59) Money Market (143) 148 466 ETF 181 193 78 North America Total (29) (12) 485 EMEA Total (14) 206 103 ($B) Total flowsA

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6 Servicing fees of $1,217M down (11)% YoY and up 1% QoQ; down (10)% YoY ex-FX • Down (11)% YoY primarily driven by lower average equity and bond market levels, client activity/adjustments, and normal pricing headwinds, partially offset by net new business • Up 1% QoQ mainly due to higher average equity market levels, partially offset by lower client activity/adjustments Back office servicing fees of $1,131M down (11)% YoY and up 1% QoQ, generally consistent with total servicing fees above; Middle office services decreased (14)% YoY, primarily reflecting lower average market levels, client AUM and client activity/adjustments Revenue: Servicing fees Servicing fees ($M) 1Q23 performance 1,268 1,205 1,126 1,115 1,131 100 1Q22 92 2Q22 93 3Q22 88 4Q22 86 1Q23 $1,368 $1,297 $1,219 $1,203 $1,217 $3,081 $2,953 $2,959 $3,155 $3,101 YoY +1% QoQ (2)% Total revenue • Servicing fees were negatively impacted by currency translation YoY by $20M and positively impacted QoQ by $12M Investment Services business momentum1 • Winning new business across client segments including new mandates in the growing Alternatives segment – Continued demand in Alternatives with ~$50B of new AUC/A wins • Significant installations expected in 2Q23 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. -11% -10% ex-FXA +1% Back office servicing fees Middle office services -11% -9% ex-FX -14% -13% ex-FX YoY % $302 $972 $233 $434 $112 2,909 3,632 3,413 3,608 3,647 AUC/A sales performance indicators ($B)1 AUC/A wins AUC/A to be installed

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7 • ETFs: Continued to build on strategic growth segments with net inflows in SPDR® Portfolio Low-Cost Equity and Fixed Income suites • Institutional: Experienced net outflows while sustaining momentum in Defined Contribution with Target Date franchise net inflows of $6B • Cash: Strong franchise leveraged flight to quality with net inflows into Money Market funds, worth 7% of Cash AUM since week ended March 10th, largely reversing outflows from earlier in the quarterB Revenue: Management fees Management fees ($M) 1Q23 performance Management fees of $457M down (12)% YoY and flat QoQ; down (11)% YoY ex-FX • Down (12)% YoY primarily due to lower average market levels and a previously reported client-specific pricing adjustment • Flat QoQ as higher average market levels were offset by full-quarter net Institutional and Cash outflows, which were tempered by Money Market funds inflows in March Performance indicators ($B)1 • Management fees were negatively impacted by currency translation YoY by $5M and positively impacted QoQ by $4M 1Q22 2Q22 3Q22 4Q22 1Q23 $520 $490 $472 $457 $457 Investment Management business momentum1 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. B Cash AUM and net flow comparison is between March 10, 2023 and March 31, 2023. Refer to the Appendix included with this presentation for endnotes 1 to 19. $3,081 $2,953 $2,959 $3,155 $3,101Total revenue -12% -11% ex-FXA Flat AUM $4,022 $3,475 $3,265 $3,481 $3,618 Net flows (QoQ) 51 (62) (9) (17) (26) YoY +1% QoQ (2)%

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8 Revenue: Markets, Software and processing, and Other fee revenue $3,081 $2,953 $2,959 $3,155 $3,101 Total Revenue (GAAP) 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 GlobalLink cash balance sweeps comparison is between March 10, 2023 and March 31, 2023. C Other fee revenue primarily consists of income from equity method investments and certain tax-advantaged investments, as well as market-related adjustments. YoY +1% QoQ (2)% Markets, Software & processing, and Other fees (Ex-notable items, non-GAAP, $M)A 1Q23 performance (Ex-notable items, non-GAAP, $M)A 184 45 201 110 216 165 96 319 103 109 359 344 342 29 1Q22 331 107 188 (43) 2Q22 (5) 3Q22 18 4Q22 1Q23 $685 $583 $608 $681 $661 FX trading6 Securities finance Software & processing (5)% +14% (18)% YoY % Other feesC +55% • FX trading services of $342M6 – Down (5)% YoY primarily reflecting the absence of unusually high client FX volumes in the prior year, partially offset by higher FX spreads – GlobalLink money market sweep balances increased 13% since week ended March 10thB • Securities finance of $109M – Up 14% YoY primarily from higher specials activity, partially offset by lower balances – Up 6% QoQ primarily driven by higher specials activity • Software and processing fees of $165M – Down (18)% YoY and (24)% QoQ primarily driven by lower front office software and data revenue associated with CRD Front office software and data of $109M down (21)% YoY and (31)% QoQ Lending related and other of $56M down (11)% YoY and down (2)% QoQ • Other fee revenue of $45MC – Increased $16M YoY primarily due to positive market-related adjustments – Increased $27M QoQ primarily driven by fair value adjustments on equity investments

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9 • 1Q23 Front office uninstalled revenue backlog up 8% YoY largely driven by new business wins in Alpha Data Platform • 1Q23 ARR increased 16% YoY driven by ~20 SaaS client implementations • Advanced the CRD Wealth strategy in APAC with the first Wealth mandate win in the region Revenue: Enterprise solutions enabled by State Street Alpha 70 74 78 81 78 29 24 20 16 22 36 25 26 59 1Q22 2Q22 3Q22 4Q22 1Q23 $138 $126 $127 $159 $109 A Front office software and data revenue primarily includes revenue from CRD, Alpha Data Platform and Alpha Data Services. Includes Other revenue of $3M in each quarter from 1Q22 through 1Q23. Revenue line items may not sum to total due to rounding. Refer to the Appendix included with this presentation for endnotes 1 to 19. -31% -21% $3,081 $2,953 $2,959 $3,155 $3,101Total revenue • Down (21)% YoY primarily driven by lower on-premises renewals and professional services revenue • Down (31)% QoQ mainly due to lower on-premises renewals, partially offset by higher professional services revenue ($M) 1Q22 4Q22 1Q23 Front office metrics New bookings8 $5 $21 $2 ARR2 235 272 273 Uninstalled revenue backlog9 93 97 100 Middle office metric Uninstalled revenue backlog10 63 104 104 Alpha metrics # of mandate wins - 2 1 Live mandates to-date 11 12 12 Professional services Software- enabled (incl. SaaS)7 On-premises7 1% YoY Growth YoY +1% QoQ (2)% Business momentum Front office software and data ($M)A Future growth driven by Front, Middle and Alpha 1Q23 performance 6

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10 Revenue: Net interest income NII and NIM ($M)11 Average balance sheet highlights ($B)A A Line items are rounded. B Includes Cash and due from banks and Interest-bearing deposits with banks. C Calculated as Operational deposits divided by Total deposits, in the respective periods. D Weekly average deposit level comparison between week ended March 10, 2023 and week ended March 31, 2023. Refer to the Appendix included with this presentation for endnotes 1 to 19. 1Q22 2Q22 3Q22 4Q22 1Q23 Total assets $295 $291 $275 $284 $277 CashB 81 80 72 87 81 Investment portfolio 119 114 109 106 107 HTM % (EOP) 38% 59% 61% 61% 60% Duration (EOP)12 2.8 2.8 2.7 2.6 2.8 Loans 34 36 35 35 34 Total deposits $233 $228 $213 $217 $210 % operationalC 74% 76% 76% 73% 75% $3,081 $2,953 $2,959 $3,155 $3,101Total revenue NIM11 (FTE, %) 0.80% 0.94% 1.11% 1.29% 1.31% 1Q22 2Q22 3Q22 4Q22 1Q23 $509 $584 $660 $791 $766 -3% +50% YoY +1% QoQ (2)% • Average assets declined (6)% YoY and (2)% QoQ • Average deposits declined (10)% YoY and (3)% QoQ – Average weekly deposit levels at quarter-end increased 5% as compared with week ended March 10D • Operational deposits as a percent of total deposits remain consistent • Up 50% YoY largely due to higher short-term market rates from global central bank hikes, an increase in long-term interest rates, and balance sheet positioning, partially offset by lower average deposits • Down (3)% QoQ primarily driven by lower average non-interest bearing deposit balances, partially offset by higher short-term market rates from central bank hikes Assets and liabilities1Q23 performance

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11 $2,327 $2,256 $2,369 39,335 42,226 42,786 Expenses of $2,369M up 2% YoY and 10% QoQ; up 4% YoY ex-FXA • Compensation and employee benefits of $1,292M14 – Up 5% YoY mainly due to higher salaries and headcount – Up 22% QoQ largely driven by seasonal expensesB • Information systems and communications of $414M – Down (2)% YoY largely due to optimization savings, partially offset by technology and infrastructure investments • Transaction processing services of $239M – Down (9)% YoY mainly reflecting lower sub-custody costs from market levels and lower broker fees • Occupancy of $94M14 – Up 9% QoQ primarily reflecting the absence of a prior period episodic sale-leaseback transaction • Other of $330M14 – Up 9% YoY largely reflecting higher professional fees, travel costs and marketing costs – Down (7)% QoQ largely reflecting lower marketing costs, travel costs and recoverable client-related expenses Expenses GAAP Expenses Headcount 304 355 330 264 240 239 423 416 414 1,232 1,058 1,292 1Q22 4Q22 1Q23 $2,318 $2,155 $2,369 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 and 1Q23 include $208M and $181M, respectively, of seasonal expenses. Refer to the Appendix included with this presentation for endnotes 1 to 19. Comp. & benefitsB Info. sys. Tran. processing Other13 Occupancy • Total expenses on both a GAAP and ex-notables basis were positively impacted by currency translation YoY by $42M and negatively impacted QoQ by $23M • Headcount up 9% YoY primarily driven by operational support for business growth segments, technology investments, in-sourcing, and lower attrition rates 948695 YoY +2% QoQ +5% +2% +4% ex-FXA +10% YoY +9% QoQ +1% Expenses (Ex-notable items, non-GAAP, $M)A 1Q23 performance (Ex-notable items, non-GAAP, $M)A

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12 Capital and liquidity highlights Capital ($B unless noted otherwise, capital metrics as of period-end) Capital and liquidity ratios 1Q22 4Q22 1Q23 Standardized CET1 CET1 capital $15.0 $14.5 $14.0 Risk weighted assets 127 107 115 Tier 1 leverage Tier 1 capital 17.0 16.5 16.0 Leverage exposure18 286 276 269 OCI impact of investment portfolio on regulatory capitalA (1.3) 0.2 0.2 Tier 1 leverage 5.9% 6.0% 6.4% 6.0% 5.9% 1Q22 2Q22 3Q22 4Q22 1Q23 Minimum ratio4.0% STT Target5.25-5.75% • 1Q23 standardized CET1 ratio at quarter-end of 12.1% decreased (1.5)%pts QoQ primarily driven by the continuation of our common share repurchase program and expected normalization of RWAs • 1Q23 Tier 1 leverage ratio of 5.9% at quarter-end decreased (0.1)%pts QoQ mainly due to the continuation of our share repurchase program, partially offset by a reduction in average balance sheet size • Liquidity coverage ratio (LCR) for State Street Corporation increased 2%pts QoQ to ~108%; LCR for State Street Bank and Trust Company increased 4%pts QoQ to ~124%17 • Returned ~$1.5B of capital in 1Q23 consisting of $1.25B of common share repurchases and $212M in common stock dividends A 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. CET1 (Standardized) 11.9% 12.9% 13.2% 13.6% 12.1% 4.5% 2.5% 1Q22 2Q22 3Q22 4Q22 1Q23 SCB16 Minimum ratio8. 0% 10-11% G-SIB surcharge15 STT Target 1.0% Ratios (%, as of period-end)3 127% 122% 116% 120% 124% 100% 1Q22 2Q22 3Q22 4Q22 1Q23 State Street Bank and Trust LCR17 Requirement Requirement Requirement

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13 • EPS of $1.52, down (3)%; ROE of 9.3% – Fee revenue down (9)% mainly driven by lower market levels – NII up 50% primarily due to higher global interest rates – Expenses up 2% primarily reflecting continued business investments and higher salaries, partially offset by continued productivity savings • Business momentum – New business AUC/A wins of $112B; AUC/A yet to be installed of $3.6T at quarter-end1 • Significant AUC/A installations expected in 2Q23 – AUM of $3.6T at quarter-end, with SSGA’s strong Cash franchise benefitting from late-1Q23 industry shift to Money Market funds1 – Announced our agreement to acquire CF Global Trading to further expand outsourced trading capabilities – ARR in Front office software and data services of $273M, up 16%2 • Momentum across the front office and data franchise, with several SaaS conversions and on-premises renewals expected in 2Q23 • Capital and liquidity – Tangible book value per share of $42.34, an increase of ~1% QoQ – LCR for State Street Corporation increased 2%pts QoQ to ~108%; LCR for State Street Bank and Trust Company increased 4%pts QoQ to ~124%17 – Returned ~$1.5B of capital through common share repurchases of $1.25B and common dividends of $212M • Continue to expect FY2023 total common share buyback of up to $4.5B to be repurchased at pace over the course of the year, subject to market conditions19 Summary 1Q23 financial review All comparisons are to corresponding prior year periods unless noted otherwise Refer to the Appendix included with this presentation for endnotes 1 to 19.

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14 Appendix 1Q23 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

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15 1,834 State StreetC 1Q23 line of business performance Investment Servicing Total revenueA 509 762 2,050 1,834 1Q22 1Q23 $2,596M$2,558M Pre-tax income Fee revenue NII Pre-tax margin 24.7% 22.1% -2.6%pts YoY % ∆ -11% +50% +1% -9% Investment Management Total revenueB 1Q22 1Q23 $505M$523M Pre-tax income Pre-tax margin 25.6% 23.6% -2.0%pts 1Q22 1Q23 $134M $119M YoY % ∆ -3% -11% Total revenue ex-notable itemsA,D 509 766 2,573 2,335 1Q22 $3,081M 1Q23 $3,101M Pre-tax income ex-notable itemsC Fee revenue NII Pre-tax margin ex-notable itemsD 24.8% 22.2% -2.6%pts YoY % ∆ -9% +50% +1% -10% A Total revenue also includes Other income of $(1)M in 1Q22. B 1Q23 Total revenue includes $4M in NII. C State Street includes line of business results from Investment Servicing, Investment Management, and Other. Refer to the Addendum for further line of business information. D This is a non-GAAP presentation; refer to the Appendix for a reconciliation of ex-notable items and further explanations of non-GAAP measures. $574M 1Q22 1Q23 $633M 1Q22 1Q23 $688M $763M

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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 (Dollars in millions, unless noted otherwise) 1Q22 2Q22 3Q22 4Q22 1Q23 1Q23 vs. 1Q22 1Q23 vs. 4Q22 Total revenue, GAAP-basis 3,081$ 2,953$ 2,959$ 3,155$ 3,101$ 0.6% (1.7)% Less: Fee revenue (23) Total revenue, excluding notable items 3,081 2,953 2,959 3,132 3,101 0.6% (1.0)% Total expenses, GAAP basis 2,327 2,108 2,110 2,256 2,369 1.8% 5.0% Less: Notable expense items: Acquisition and restructuring costs (9) (12) (13) (31) Repositioning charges: Compensation and employee benefits (50) Occupancy (20) Repositioning charges (70) - Total expenses, excluding notable items 2,318 2,096 2,097 2,155 2,369 2.2% 9.9% Seasonal expenses (208) (181) Total expenses, excluding notable items and seasonal expense items 2,110$ 2,096$ 2,097$ 2,155$ 2,188$ 3.7% 1.5% Operating leverage, GAAP-basis (%pts)A (120) bps (670) bps Operating leverage, excluding notable items (%pts)B (160) (1,090) Pre-tax margin, GAAP-basis (%) 24.5% 28.3% 28.7% 28.2% 22.2% (230) (600) Notable items as reconciled above (%) 0.3% 0.4% 0.4% 2.7% - Pre-tax margin, excluding notable items (%) 24.8% 28.7% 29.1% 30.9% 22.2% (260) (870) Net income available to common shareholders, GAAP-basis 583$ 712$ 669$ 696$ 525$ (9.9)% (24.6)% Notable items as reconciled above: pre-tax 9 12 13 78 Tax impact on notable items as reconciled above (2) (3) (3) (21) Net income available to common shareholders, excluding notable items 590$ 721$ 679$ 753$ 525$ (11.0)% (30.3)% Diluted EPS, GAAP-basis 1.57$ 1.91$ 1.80$ 1.91$ 1.52$ (3.2)% (20.4)% Notable items as reconciled above 0.02 0.03 0.02 0.16 - Diluted EPS, excluding notable items 1.59$ 1.94$ 1.82$ 2.07$ 1.52$ (4.4)% (26.6)% % Change

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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) 1Q22 4Q22 1Q23 1Q23 vs. 1Q22 1Q23 vs. 4Q22 1Q23 vs. 1Q22 1Q23 vs. 4Q22 1Q23 vs. 1Q22 1Q23 vs. 4Q22 Non-GAAP basis Total revenue, excluding notable items $ 3,081 $ 3,132 $ 3,101 $ (34) $ 29 $ 3,135 $ 3,072 1.8% (1.9)% Compensation and employee benefits, excluding notable items $ 1,232 $ 1,058 $ 1,292 $ (30) $ 13 $ 1,322 $ 1,279 7.3% 20.9% Information systems and communications, excluding notable items 423 416 414 (3) 2 417 412 (1.4)% (1.0)% Transaction processing services, excluding notable items 264 240 239 (4) 3 243 236 (8.0)% (1.7)% Occupancy, excluding notable items 95 86 94 (3) 1 97 93 2.1% 8.1% Other expenses, excluding notable itemsA 304 355 330 (2) 4 332 326 9.2% (8.2)% Total expenses, excluding notable items $ 2,318 $ 2,155 $ 2,369 $ (42) $ 23 $ 2,411 $ 2,346 4.0% 8.9% Reported Currency Translation Impact Excluding Currency Impact % Change Constant Currency

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18 Endnotes 1. New asset servicing mandates, including announced Alpha 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, and we provide varied services from our full suite of offerings to different clients. The basis for fees will also differ across regions and clients and can reflect pricing pressures traditionally experienced in our industry. 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 also are generally affected by various factors, including investment product type and strategy and relationship pricing for clients, and are more sensitive to market valuations than are servicing fees. Therefore, no assumption should be drawn from management fees associated with changes in AUM levels. 2. Front office software and data annual recurring revenue (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, revenue from affiliates and licensing fees (excluding the portion allocated to maintenance and support) from on-premises software. 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. 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 1Q22 to 1Q23. Refer to the Addendum for descriptions of these ratios. March 31, 2023 capital ratios are presented as of quarter-end and are preliminary estimates. 4. The index names listed are service marks of their respective owners. 5. Data presented for indicative purposes. Morningstar data includes long-term mutual funds, ETFs 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. 1Q23 data for North America (U.S. domiciled) includes Morningstar actuals for January and February 2023 and Morningstar estimates for March 2023. 1Q23 data for EMEA is on a rolling three month basis for December 2022 through February 2023. 6. FX trading services in 4Q22 included notable items related to a revenue-related recovery of $23M. Excluding the notable item,1Q23 FX trading services of $342M was down (5)% compared to 4Q22 FX trading services of $344M. 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 ARR 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. Represents expected ARR 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. 10. Represents expected annual revenue from signed client contracts that are scheduled to be largely installed over the next 24 months. This amount of expected revenue is estimated based on factors present on or about the time the contract was signed (and is not updated based on subsequent developments, including changes in assets, market valuations and scope). It does not include professional services revenue or revenue from affiliates. 11. NII is presented on a GAAP-basis. NIM is presented on a fully taxable-equivalent (FTE) basis, and is calculated by dividing FTE NII by average total interest-earning assets. Refer to the Addendum for reconciliations of NII FTE-basis to NII GAAP-basis on the Average Statement of Condition. 12. Duration as of period end and based on the total investment portfolio. 13. Other includes Other expenses and Amortization of intangible assets. 14. Compensation and benefits expenses in 4Q22 included notable items related to repositioning charges of $50M. Excluding these notable items, 1Q23 adjusted Compensation and benefits of $1,292 was up 22% compared to 4Q22 adjusted Compensation and benefits of $1,058M. Occupancy expenses in 4Q22 included notable items related to repositioning charges of $20M. Excluding these notable items,1Q23 adjusted Occupancy of $94M was up 9% compared to 4Q22 adjusted Occupancy of $86M. Other expenses in 4Q22 and 1Q22 included notable items related to acquisition and restructuring costs of $31M and $9M. Excluding all these notable items, 1Q23 adjusted Other expenses of $330M was up 9% compared to 1Q22 adjusted Other expenses of $304M and down (7)% compared to 4Q22 adjusted Other expenses of $355M. 15. State Street received a regulatory exemption to maintain its 1.0% G-SIB capital surcharge until January 1, 2024. 16. The SCB of 2.5% effective on October 1, 2022 is calculated based upon the results of the CCAR 2022 exam. 17. State Street Bank and Trust's (SSBT) LCR is significantly higher than State Street Corporation's (SSC) LCR, primarily due to application of the transferability restriction in the U.S. LCR Final Rule to the calculation of SSC’s LCR. This restriction limits the amount of HQLA held at SSC’s principal banking subsidiary, SSBT and available for the calculation of SSC’s LCR to the amount of net cash outflows of SSBT. This transferability restriction does not apply in the calculation of SSBT’s LCR, and therefore SSBT’s LCR reflects the full benefit of all of its HQLA holdings. LCR for 4Q22, as presented, is revised from prior reporting to reflect corrections to maturity dates, increasing the amount of encumbered securities collateral associated with certain repurchase agreements. 18. Leverage exposure is equal to average consolidated assets less applicable Tier 1 leverage capital reductions under regulatory standards. 19. Stock purchases under our common stock repurchase programs 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 may not be ratable over the duration of the program, may vary from reporting period to reporting period and will depend on several factors, including our capital position and financial performance, investment opportunities, market conditions, regulatory considerations including the nature and timing of implementation of revisions to the Basel III framework, and the amount of common stock issued as part of employee compensation programs. The common share repurchase programs do not have specific price targets and may be suspended at any time.

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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, and the business environment. Forward-looking statements are often, but not always, identified by such forward-looking terminology as “outlook,” “priority,” “will,” “expect,” “intend,” “aim,” “outcome,” “future,” “strategy,” “pipeline,” “trajectory,” "target," “guidance,” “objective,” “plan,” “forecast,” “believe,” “anticipate,” “estimate,” “seek,” “may,” “trend,” 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. 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; We could be adversely affected by geopolitical, economic and market conditions, including, for example, as a result of liquidity or capital deficiencies (actual or perceived) by other financial institutions and related market and government actions, the ongoing war in Ukraine, actions taken by central banks to address inflationary pressures, challenging conditions in global equity markets, and disruptions in fixed income markets such as those impacting the UK gilts in the fourth quarter of 2022; Our development and completion of new products and services, including State Street AlphaSM or State Street DigitalSM, 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, involve costs, risks and dependencies on third parties; Our business may be negatively affected by our failure to update and maintain our technology infrastructure or as a result of a cyber-attack or similar vulnerability in our or business partners' infrastructure; 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 have significant international operations and clients that can be adversely impacted by disruptions in European and Asian economies; 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 of counterparties, who may also have substantial financial dependencies on other financial institutions, and these credit exposures and concentrations could expose us to financial loss, particularly in an environment of liquidity and capital pressures (actual or perceived) on other financial institutions accompanied by swift market reactions; Our fee revenue represents a significant portion of our revenue and is subject to decline based on, among other factors, market and currency declines, investment activities and preferences of our clients and their business mix; If we are unable to effectively manage our capital and liquidity, our 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 regulatory capital, credit (counterparty and otherwise) and liquidity standards, market conditions and considerations; We face extensive and changing governmental regulation in the jurisdictions in which we operate, which may increase our costs and compliance risks and may affect our business activities and strategies; 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; Our businesses may be adversely affected by increased political and regulatory scrutiny of ESG investing practices; Our efforts to improve our billing processes and practices are ongoing and may result in the identification of additional billing errors; 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 results of operations and financial condition; 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; We could face liabilities for withholding and other non-income taxes, including in connection with our services to clients, as a result of tax authority examinations; The transition away from LIBOR may result in additional costs and increased risk exposure; Our internal control environment may be inadequate, fail or be circumvented, and operational risks could adversely affect our business and consolidated results of operations; Shifting operational activities to non-U.S. jurisdictions, changing our operating model and outsourcing portions of our operations to third parties may expose us to increased operational risk, geopolitical risk and reputational harm and may not result in expected cost savings or operational improvements; Attacks or unauthorized access to our or our business partners' information technology systems or facilities, or disruptions to our or their operations, could result in significant costs, reputational damage and impacts on our business activities; Long-term contracts and customizing service delivery for clients 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 or may infringe upon the rights of third parties; The quantitative models we use to manage our business may contain errors that could adversely impact our business and regulatory compliance; 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 2022 Annual Report on Form 10-K and our subsequent SEC filings. We encourage investors to read these filings, particularly the sections on risk factors, for additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking statements contained in this Presentation should not by relied on as representing our expectations or beliefs as of any time subsequent to the time this Presentation is first issued, and we do not undertake efforts to revise those forward-looking statements to reflect events after that time.

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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”.

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21 Definitions ACWI All Country World Index AOCI Accumulated other comprehensive income APAC Asia-Pacific ARR Annual recurring revenue AUC/A Assets under custody and/or administration AUM Assets under management Bloomberg Global Aggregate Bloomberg Global Aggregate represents Bloomberg Global Aggregate Bond Index Bps Basis points, with one basis point representing one hundredth of one percent CECL Current expected credit losses 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 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 LCR Liquidity Coverage Ratio Net interest income (NII) Income earned on interest bearing assets less interest paid on interest bearing liabilities Net interest margin (NIM) (FTE) Fully taxable-equivalent (FTE) Net interest income divided by average total interest-earning assets nm Not meaningful OCI Other comprehensive income On-premises On-premises revenue as recognized in Front office software and data Operational Deposits Client cash deposits that are required for or related to the underlying transaction activity of their accounts, and accordingly, are historically more stable than other transient cash deposits %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 SEC Securities Exchange Commission 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

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