Exhibit 99.2

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
June 30, 2020
Table of Contents
GAAP-Basis Financial Information:
4-Year Summary of Results	2
Consolidated Financial Highlights	3
Consolidated Results of Operations	4
Consolidated Statement of Condition	6
Average Statement of Condition - Rates Earned and Paid - Fully Taxable-Equivalent Basis	7
Average Statement of Condition - Rates Earned and Paid - Fully Taxable-Equivalent Basis - Year-to-Date	8
Assets Under Custody and/or Administration	9
Assets Under Management	10
Industry Flow Data by Asset Class	11
Investment Portfolio:
Investment Portfolio Holdings by Asset Class	12
Investment Portfolio Non-U.S. Investments	13
Allowance for Credit Losses	14
Non-GAAP Financial Information:
Reconciliations of Non-GAAP Financial Information	15
Reconciliation of Pre-tax Margin Excluding Notable Items	17
Reconciliation of Notable Items	18
Reconciliations of Constant Currency FX Impacts	19
Capital:
Reconciliation of Tangible Common Equity Ratio	20
Regulatory Capital	21
Reconciliations of Supplementary Leverage Ratios	22
This financial information should be read in conjunction with State Street's news release dated July 17, 2020.

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
4-YEAR SUMMARY OF RESULTS
(Dollars in millions, except per share amounts, or where otherwise noted)	2016			2017			2018			2019
Year ended December 31:
Total fee revenue	$	8,200		$	9,001		$	9,454		$	9,147
Net interest income	2,084			2,304			2,671			2,566
Other income	7			(39)			6			43
Total revenue	10,291			11,266			12,131			11,756
Provision for credit losses	10			2			15			10
Total expenses	8,077			8,269			9,015			9,034
Income before income tax expense	2,204			2,995			3,101			2,712
Income tax expense	67			839			508			470
Net income from non-controlling interest	1			—			—			—
Net income	2,138			2,156			2,593			2,242
Net income available to common shareholders	$	1,963		$	1,972		$	2,404		$	2,009
Per common share:
Diluted earnings per common share	$	4.96		$	5.19		$	6.39		$	5.38
Average diluted common shares outstanding (in thousands)	396,090			380,213			376,476			373,666
Cash dividends declared per common share	$	1.44		$	1.60		$	1.78		$	1.98
Closing price per share of common stock (at year end)	77.72			97.61			63.07			79.10
Average balance sheet:
Investment securities	$	100,738		$	95,779		$	88,070		$	91,768
Total assets	229,727			219,450			223,385			223,334
Total deposits	170,485			163,808			161,408			158,262
Ratios and other metrics:
Return on average common equity	10.4		%	10.5		%	12.1		%	9.4		%
Pre-tax margin	21.4			26.6			25.6			23.1
Pre-tax margin, excluding notable items(1)	26.2			28.7			28.8			25.8
Net interest margin, fully taxable-equivalent basis	1.13			1.29			1.47			1.42
Common equity tier 1 ratio(2)(3)(4)	11.6			11.9			11.7			11.7
Tier 1 capital ratio(2)(3)(4)	14.7			15.0			15.5			14.5
Total capital ratio(2)(3)(4)	16.0			16.0			16.3			15.6
Tier 1 leverage ratio(2)(3)	6.5			7.3			7.2			6.9
Supplementary leverage ratio(2)(3)	5.9			6.5			6.3			6.1
Assets under custody and/or administration (in trillions)	$	28.77		$	33.12		$	31.62		$	34.36
Assets under management (in trillions)	2.47			2.78			2.51			3.12
(1) Notable items include acquisition and restructuring costs, gains on sales, and other notable items. Refer to Reconciliations of pre-tax margin excluding notable items for details.
(2) The capital ratios presented are calculated in conformity with the applicable regulatory guidance in effect as of each period end. Effective January 1, 2018, the applicable final rules are in effect and the ratios are calculated based on fully phased-in CET1, tier 1, total capital and supplementary leverage numbers. We did not revise previously-filed reported capital metrics and ratios.
(3) Under the applicable bank regulatory rules, we are not required to and, accordingly, did not revise previously-filed reported capital metrics and ratios following the change in accounting for LIHTC.
(4) The reportable ratios represent the lower of each of the risk-based capital ratios under both the Standardized Approach and the Advanced Approaches.

                 2 

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED FINANCIAL HIGHLIGHTS
	Quarters																		% Change
(Dollars in millions, except per share amounts, or where otherwise noted)	1Q19			2Q19			3Q19			4Q19			1Q20			2Q20			2Q20 vs. 2Q19			2Q20 vs. 1Q20
Income statement
Fee revenue	$	2,260		$	2,260		$	2,259		$	2,368		$	2,399		$	2,378		5.2	%		(0.9)	%
Net interest income	673			613			644			636			664			559			(8.8)			(15.8)
Other income	(1)			—			—			44			2			—			—			nm
Total revenue	2,932			2,873			2,903			3,048			3,065			2,937			2.2			(4.2)
Provision for credit losses(1)	4			1			2			3			36			52			nm			44.4
Total expenses	2,293			2,154			2,180			2,407			2,255			2,082			(3.3)			(7.7)
Income before income tax expense	635			718			721			638			774			803			11.8			3.7
Income tax expense	127			131			138			74			140			109			(16.8)			(22.1)
Net income	508			587			583			564			634			694			18.2			9.5
Net income available to common shareholders	$	452		$	537		$	528		$	492		$	580		$	662		23.3			14.1
Per common share:
Diluted earnings per common share	$	1.18		$	1.42		$	1.42		1.35			$	1.62		$	1.86		31.0			14.8
Average diluted common shares outstanding (in thousands)	381,703			377,577			370,595			365,851			357,993			356,413			(5.6)			(0.4)
Cash dividends declared per common share	$	.47		$	.47		$	.52		$	.52		$	.52		$	.52		10.6			—
Closing price per share of common stock (as of quarter end)	65.81			56.06			59.19			79.10			53.27			63.55			13.4			19.3
Average for the quarter:
Investment securities	$	88,273		$	89,930		$	93,588		$	95,186		$	97,560		$	116,626		29.7			19.5
Total assets	219,560			221,514			223,273			228,886			251,181			284,688			28.5			13.3
Total deposits	155,343			156,570			157,226			163,829			180,160			197,069			25.9			9.4
Securities on loan (dollars in billions):
Average securities on loan	$	368		$	389		$	388		$	376		$	378		$	377		(3.1)			(0.3)
End-of-period securities on loan	398			396			397			380			388			381			(3.8)			(1.8)
Ratios and other metrics:
Return on average common equity	8.7		%	10.1		%	9.7		%	9.0		%	10.9		%	12.1		%	200		bps	120		bps
Pre-tax margin	21.7			25.0			24.8			20.9			25.3			27.3			230			200
Pre-tax margin, excluding notable items(2)	22.5			25.4			26.4			29.1			25.6			27.7			230			210
Net interest margin, fully taxable-equivalent basis	1.54			1.38			1.42			1.36			1.30			0.93			(45)			(37)
Common equity tier 1 ratio(3)(4)	11.5			11.5			11.3			11.7			10.7			12.3			80			160
Tier 1 capital ratio(3)(4)	15.0			14.9			14.6			14.5			12.9			14.6			(30)			170
Total capital ratio(3)(4)	15.9			15.5			15.3			15.6			14.1			15.7			20			160
Tier 1 leverage ratio(3	7.4			7.6			7.4			6.9			6.1			6.1			(150)			—
Supplementary leverage ratio(3)	6.6			6.7			6.6			6.1			5.4			8.3			160			290
Assets under custody and/or administration (in billions)	$	32,643		$	32,754		$	32,899		$	34,358		$	31,864		$	33,515		2.3	%		5.2	%
Assets under management (in billions)	2,805			2,918			2,953			3,116			2,689			3,054			4.7			13.6
(1) In accordance with ASU 2016-13, the provision for credit losses for 1Q20 and 2Q20 includes the provision on funded and unfunded commitments as well as HTM securities. The provision for credit losses on unfunded commitments of ($4 million), $4 million, zero and $3 million for 1Q19, 2Q19, 3Q19 and 4Q19, respectively, is included within other expenses.
(2) Notable items include acquisition and restructuring costs, gains on sales and other notable items. Refer to Reconciliations of non-GAAP Financial Information pages for details.
(3) The capital ratios presented are calculated in conformity with the applicable regulatory guidance in effect as of each period end. Effective January 1, 2018, the applicable final rules are in effect and the ratios are calculated based on fully phased-in CET1, tier 1, total capital and supplementary leverage numbers. We did not revise previously-filed reported capital metrics and ratios.
(4) The reportable ratios represent the lower of each of the risk-based capital ratios under both the Standardized Approach and the Advanced Approaches. Refer to Regulatory Capital for details on Standardized and Advanced Approaches ratios.
nm Not meaningful

                 3 

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS
	Quarters														% Change				Year-to-Date				% Change
(Dollars in millions, except per share amounts, or where otherwise noted)		1Q19		2Q19		3Q19		4Q19		1Q20		2Q20			2Q20 vs. 2Q19		2Q20 vs. 1Q20		2019		2020		YTD2020 vs. YTD2019
Fee revenue:
Servicing fees		$	1,251	$	1,252	$	1,272	$	1,299	$	1,287	$	1,272		1.6	%	(1.2)	%	$	2,503	$	2,559	2.2	%
Management fees		420		441		445		465		449		425			(3.6)		(5.3)		861		874		1.5
Foreign exchange trading services		280		273		284		274		459		344			26.0		(25.1)		553		803		45.2
Securities finance		118		126		116		111		92		92			(27.0)		—		244		184		(24.6)
Software and processing fees		191		168		142		219		112		245			45.8		118.8		359		357		(0.6)
Total fee revenue		2,260		2,260		2,259		2,368		2,399		2,378			5.2		(0.9)		4,520		4,777		5.7
Net interest income:
Interest income		1,027		1,007		1,001		906		868		674		—	(33.1)		(22.4)		2,034		1,542		(24.2)
Interest expense		354		394		357		270		204		115			(70.8)		(43.6)		748		319		(57.4)
Net interest income		673		613		644		636		664		559			(8.8)		(15.8)		1,286		1,223		(4.9)
Other income:
Gains (losses) related to investment securities, net		(1)		—		—		—		2		—			—		nm		(1)		2		nm
Other income		—		—		—		44		—		—			—		nm		—		—		nm
Total other income		(1)		—		—		44		2		—			—		nm		(1)		2		nm
Total revenue		2,932		2,873		2,903		3,048		3,065		2,937			2.2		(4.2)		5,805		6,002		3.4
Provision for credit losses(1)		4		1		2		3		36		52			nm		44.4		5		88		nm
Expenses:
Compensation and employee benefits		1,229		1,084		1,083		1,145		1,208		1,051			(3.0)		(13.0)		2,313		2,259		(2.3)
Information systems and communications		362		365		376		362		385		376			3.0		(2.3)		727		761		4.7
Transaction processing services		242		245		254		242		254		233			(4.9)		(8.3)		487		487		—
Occupancy		116		115		113		126		109		109			(5.2)		—		231		218		(5.6)
Acquisition and restructuring costs		9		12		27		29		11		12			—		9.1		21		23		9.5
Amortization of other intangible assets		60		59		59		58		58		58			(1.7)		—		119		116		(2.5)
Other		275		274		268		445		230		243			(11.3)		5.7		549		473		(13.8)
Total expenses		2,293		2,154		2,180		2,407		2,255		2,082			(3.3)		(7.7)		4,447		4,337		(2.5)
Income before income tax expense		635		718		721		638		774		803			11.8		3.7		1,353		1,577		16.6
Income tax expense		127		131		138		74		140		109			(16.8)		(22.1)		258		249		(3.5)
Net income		$	508	$	587	$	583	$	564	$	634	$	694		18.2		9.5		$	1,095	$	1,328	21.3

                 4 

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS (Continued)
	Quarters																			% Change						Year-to-Date						% Change
(Dollars in millions, except per share amounts, or where otherwise noted)		1Q19			2Q19			3Q19			4Q19			1Q20			2Q20			2Q20 vs. 2Q19			2Q20 vs. 1Q20			2019			2020			YTD2020 vs. YTD2019
Adjustments to net income:
Dividends on preferred stock(2)(3)		$	(55)		$	(50)		$	(55)		$	(72)		$	(53)		$	(32)		(36.0)	%		(39.6)	%		$	(105)		$	(85)		(19.0)	%
Earnings allocated to participating securities		(1)			—			—			—			(1)			—			—			(100.0)			(1)			(1)			—
Net income available to common shareholders		$	452		$	537		$	528		$	492		$	580		$	662		23.3			14.1			$	989		$	1,242		25.6
Per common share:
Basic earnings		$	1.20		$	1.44		$	1.44		$	1.36		$	1.64		$	1.88		30.6			14.6			$	2.63		$	3.52		33.8
Diluted earnings		1.18			1.42			1.42			1.35			1.62			1.86			31.0			14.8			2.61			3.48			33.3
Average common shares outstanding (in thousands):
Basic		377,915			373,773			366,732			361,439			353,746			352,157			(5.8)			(0.4)			375,832			352,952			(6.1)
Diluted		381,703			377,577			370,595			365,851			357,993			356,413			(5.6)			(0.4)			379,465			357,028			(5.9)
Cash dividends declared per common share		$	.47		$	.47		$	.52		$	.52		$	.52		$	.52		10.6			—			$	.94		$	1.04		10.6
Closing price per share of common stock (as of quarter end)		65.81			56.06			59.19			79.10			53.27			63.55			13.4			19.3			56.06			63.55			13.4
Financial ratios:
Effective tax rate		20.1		%	18.1		%	19.2		%	11.6		%	18.1		%	13.6		%	(450)		bps	(450)		bps	19.0		%	15.8		%	(320)		bps
Return on average common equity		8.7			10.1			9.7			9.0			10.9			12.1			200			120			9.4			11.5			210
Return on tangible common equity(4)		15.0			15.8			16.3			16.3			18.7			18.5			270			(20)			15.8			18.5			270
Pre-tax margin		21.7			25.0			24.8			20.9			25.3			27.3			230			200			23.3			26.3			300
Pre-tax margin, excluding notable items(5)		22.5			25.4			26.4			29.1			25.6			27.7			230			210			23.9			26.7			280
(1) In accordance with ASU 2016-13, the provision for credit losses for 1Q20 and 2Q20 includes the provision on funded and unfunded commitments as well as HTM securities. The provision for credit losses on unfunded commitments of ($4 million), $4 million, zero and $3 million for 1Q19, 2Q19, 3Q19 and 4Q19, respectively, is included within other expenses.
(2) We redeemed all outstanding Series C noncumulative perpetual preferred stock on March 15, 2020 at a redemption price of $500 million ($100,000 per share equivalent to $25.00 per depositary share) plus accrued and unpaid dividends. The difference between the redemption value and the net carrying value of approximately $9 million resulted in an EPS impact of approximately ($.03) per share in the first quarter of 2020.
(3) We redeemed all outstanding Series E noncumulative perpetual preferred stock on December 15, 2019 at a redemption price of $750 million ($100,000 per share equivalent to $25.00 per depositary share) plus accrued and unpaid dividends. The difference between the redemption value and the net carrying value of approximately $22 million resulted in an EPS impact of approximately ($.06) per share in 2019.
(4) Return on tangible common equity is calculated by dividing year-to-date annualized net income available to common shareholders (GAAP-basis) by tangible common equity.
(5) Notable items include acquisition and restructuring costs and other notable items. Refer to Reconciliations of non-GAAP Financial Information pages for details.
nm Denotes not meaningful

                 5 

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED STATEMENT OF CONDITION
	As of													% Change
(Dollars in millions, except per share amounts)		March 31, 2019(1)		June 30, 2019(1)		September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		2Q20 vs. 2Q19		2Q20 vs. 1Q20
Assets:
Cash and due from banks		$	4,000	$	3,110	$	3,598	$	3,302	$	4,932	$	3,685	18.5	%	(25.3)	%
Interest-bearing deposits with banks		53,864		62,534		62,324		68,965		147,735		90,199		44.2		(38.9)
Securities purchased under resale agreements		1,522		1,732		3,041		1,487		1,037		4,026		132.4		288.2
Trading account assets		856		894		839		914		872		883		(1.2)		1.3
Investment securities:
Investment securities available-for-sale		49,002		53,242		54,757		53,815		55,843		56,231		5.6		0.7
Investment securities held-to-maturity purchased under money market liquidity facility(2)		—		—		—		—		26,808		11,257		100.0		(58.0)
Investment securities held-to-maturity(3)		41,145		39,236		39,119		41,782		41,150		41,848		6.7		1.7
Total investment securities		90,147		92,478		93,876		95,597		123,801		109,336		18.2		(11.7)
Loans		23,381		25,421		27,009		26,309		32,379		26,860		5.7		(17.0)
Allowance for loan losses(4)		70		72		71		74		97		141		95.8		45.4
Loans, net		23,311		25,349		26,938		26,235		32,282		26,719		5.4		(17.2)
Premises and equipment, net(5)		2,230		2,244		2,306		2,282		2,225		2,212		(1.4)		(0.6)
Accrued interest and fees receivable		3,277		3,202		3,258		3,231		3,274		3,235		1.0		(1.2)
Goodwill		7,549		7,565		7,500		7,556		7,506		7,538		(0.4)		0.4
Other intangible assets		2,208		2,155		2,077		2,030		1,963		1,914		(11.2)		(2.5)
Other assets		39,368		40,277		38,849		34,011		36,900		30,495		(24.3)		(17.4)
Total assets		$	228,332	$	241,540	$	244,606	$	245,610	$	362,527	$	280,242	16.0		(22.7)
Liabilities:
Deposits:
Non-interest-bearing		$	35,295	$	34,278	$	33,719	$	34,031	$	69,404	$	42,132	22.9		(39.3)
Interest-bearing -- U.S.		62,988		68,964		72,260		77,504		110,106		87,197		26.4		(20.8)
Interest-bearing -- Non-U.S.		64,188		67,352		64,907		70,337		77,594		71,133		5.6		(8.3)
Total deposits(6)		162,471		170,594		170,886		181,872		257,104		200,462		17.5		(22.0)
Securities sold under repurchase agreements		1,420		1,829		1,330		1,102		5,373		3,513		92.1		(34.6)
Short-term borrowings under money market liquidity facility		—		—		—		—		25,665		11,261		100.0		(56.1)
Other short-term borrowings		947		4,939		7,073		839		4,835		912		(81.5)		(81.1)
Accrued expenses and other liabilities		27,274		27,350		28,653		24,857		30,151		23,634		(13.6)		(21.6)
Long-term debt		11,182		11,374		11,455		12,509		15,538		15,587		37.0		0.3
Total liabilities		203,294		216,086		219,397		221,179		338,666		255,369		18.2		(24.6)
Shareholders' equity:
Preferred stock, no par, 3,500,000 shares authorized:
Series C, 5,000 shares issued and outstanding		491		491		491		491		—		—		(100.0)		—
Series D, 7,500 shares issued and outstanding		742		742		742		742		742		742		—		—
Series E, 7,500 shares issued and outstanding		728		728		728		—		—		—		(100.0)		—
Series F, 7,500 shares issued and outstanding		742		742		742		742		742		742		—		—
Series G, 5,000 shares issued and outstanding		493		493		493		493		493		493		—		—
Series H, 5,000 shares issued and outstanding		494		494		494		494		494		494		—		—
Common stock, $1 par, 750,000,000 shares authorized(7)(8)		504		504		504		504		504		504		—		—
Surplus		10,082		10,109		10,117		10,132		10,155		10,179		0.7		0.2
Retained earnings		20,911		21,274		21,612		21,918		22,315		22,794		7.1		2.1
Accumulated other comprehensive income (loss)		(1,180)		(874)		(985)		(876)		(920)		(430)		(50.8)		(53.3)
Treasury stock, at cost(9)		(8,969)		(9,249)		(9,729)		(10,209)		(10,664)		(10,645)		15.1		(0.2)
Total shareholders' equity		25,038		25,454		25,209		24,431		23,861		24,873		(2.3)		4.2
Total liabilities and equity		$	228,332	$	241,540	$	244,606	$	245,610	$	362,527	$	280,242	16.0		(22.7)
(1) Certain previously reported amounts presented in this earnings release addendum have been reclassified to conform to current-period presentation.
(2)Fair value of Investment securities held-to-maturity purchased under money market liquidity facility		$	—	$	—	$	—	$	—	$	26,808	$	11,294
(3) Fair value of investment securities held-to-maturity		40,971		39,473		39,535		42,157		42,201		43,037
(4) Total allowance for credit losses including off-balance sheet commitments		83		88		86		91		124		163
(5) Accumulated depreciation for premises and equipment		3,937		4,091		4,235		4,367		4,459		4,591
(6) Average total deposits		155,343		156,570		157,226		163,829		180,160		197,069
(7) Common stock shares issued		503,879,642		503,879,642		503,879,642		503,879,642		503,879,642		503,879,642
(8) Total common shares outstanding		376,720,715		372,572,622		363,623,285		357,389,416		351,943,858		352,383,250
(9) Treasury stock shares		127,158,927		131,307,020		140,256,357		146,490,226		151,935,784		151,496,392

                 6 

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
AVERAGE STATEMENT OF CONDITION - RATES EARNED AND PAID - FULLY TAXABLE-EQUIVALENT BASIS(1)
The following table presents average rates earned and paid, on a fully taxable-equivalent basis, on consolidated average interest-earning assets and average interest-bearing liabilities for the quarters indicated. Tax-equivalent adjustments were calculated using a federal income tax rate of 21%, adjusted for applicable state income taxes, net of related federal benefit.
	Quarters																														% Change
	1Q19					2Q19					3Q19					4Q19					1Q20					2Q20					2Q20 vs. 2Q19		2Q20 vs. 1Q20
(Dollars in millions; fully-taxable equivalent basis)	Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average balance
Assets:
Interest-bearing deposits with banks	$	48,856	0.99		%	$	48,074	0.91		%	$	45,791	0.85		%	$	51,284	0.69		%	$	67,120	0.49		%	$	86,744	0.01		%	80.4	%	29.2	%
Securities purchased under resale agreements(2)	2,775		14.33			1,975		18.30			3,149		12.75			2,124		14.00			1,805		14.38			3,342		2.95			69.2		85.2
Trading account assets	866		—			892		—			880		—			897		—			915		—			877		—			(1.7)		(4.2)
Investment securities:
U.S. Treasury and federal agencies:
Direct obligations	15,427		1.79			13,960		1.83			13,614		1.83			14,017		1.83			14,102		1.79			14,182		1.65			1.6		0.6
Mortgage- and asset-backed securities	39,216		3.06			41,905		2.83			44,357		2.71			44,009		2.60			43,947		2.66			44,801		2.27			6.9		1.9
State and political subdivisions(3)	1,914		3.43			1,909		3.34			1,839		3.27			1,815		3.20			1,782		3.05			1,728		3.11			(9.5)		(3.0)
Other investments:
Asset-backed securities	9,078		2.47			9,335		2.54			9,913		2.39			10,593		2.28			10,645		1.94			10,353		1.50			10.9		(2.7)
Collateralized mortgage-backed securities and obligations	980		3.78			918		3.69			871		3.31			818		2.95			741		2.69			683		1.83			(25.6)		(7.8)
Investment securities held-to-maturity purchased under money market liquidity facility	—		—			—		—			—		—			—		—			2,045		1.57			19,037		1.49			nm		nm
Other debt investments and equity securities(3)	21,658		1.04			21,903		1.05			22,994		1.04			23,934		1.07			24,298		1.00			25,842		0.82			18.0		6.4
Total investment securities	88,273		2.30			89,930		2.23			93,588		2.16			95,186		2.08			97,560		2.03			116,626		1.69			29.7		19.5
Loans (4)	23,056		3.49			23,824		3.33			23,926		3.24			25,461		2.86			28,468		2.62			27,369		2.30			14.9		(3.9)
Other interest-earning assets	15,286		2.89			15,104		3.02			13,990		3.02			12,295		2.13			10,764		1.70			9,831		0.13			(34.9)		(8.7)
Total interest-earning assets	179,112		2.34			179,799		2.26			181,324		2.20			187,247		1.93			206,632		1.70			244,789		1.12			36.1		18.5
Cash and due from banks	3,078					4,011					3,114					3,358					3,856					3,480					(13.2)		(9.8)
Other assets	37,370					37,704					38,835					38,281					40,693					36,419					(3.4)		(10.5)
Total assets	$	219,560				$	221,514				$	223,273				$	228,886				$	251,181				$	284,688				28.5		13.3
Liabilities:
Interest-bearing deposits:
U.S.	$	64,531	0.83		%	$	66,502	0.91		%	$	67,170	0.83		%	$	71,910	0.64		%	$	80,247	0.50		%	$	91,097	0.03		%	37.0		13.5
Non-U.S.(5)	59,775		0.26			61,303		0.39			61,355		0.21			62,737		(0.04)			64,340		(0.20)			66,977		(0.36)			9.3		4.1
Total interest-bearing deposits(5)	124,306		0.56			127,805		0.66			128,525		0.53			134,647		0.32			144,587		0.19			158,074		(0.13)			23.7		9.3
Securities sold under repurchase agreements	1,773		2.66			1,488		2.19			1,998		1.45			1,208		1.18			1,773		0.55			3,394		0.03			128.1		91.4
Short-term borrowings under money market liquidity facility	—		—			—		—			—		—			—		—			2,187		1.11			19,036		1.23			nm		nm
Other short-term borrowings	1,157		1.34			2,041		1.22			1,788		1.68			1,110		1.17			2,960		1.32			3,073		0.66			50.6		3.8
Long-term debt	10,955		3.89			11,228		3.78			11,415		3.48			12,286		3.34			13,288		2.64			15,574		2.45			38.7		17.2
Other interest-bearing liabilities	4,642		5.31			3,979		6.47			3,691		7.62			4,106		4.85			3,434		3.55			3,461		1.07			(13.0)		0.8
Total interest-bearing liabilities	142,833		1.00			146,541		1.08			147,417		0.96			153,357		0.70			168,229		0.49			202,612		0.23			38.3		20.4
Non-interest bearing deposits	31,037					28,765					28,701					29,182					35,573					38,995					35.6		9.6
Other liabilities	20,921					21,188					21,935					21,140					23,052					18,678					(11.8)		(19.0)
Preferred shareholders' equity	3,690					3,690					3,690					3,541					2,861					2,472					(33.0)		(13.6)
Common shareholders' equity	21,079					21,330					21,530					21,666					21,466					21,931					2.8		2.2
Total liabilities and shareholders' equity	$	219,560				$	221,514				$	223,273				$	228,886				$	251,181				$	284,688				28.5		13.3
Excess of rate earned over rate paid			1.34		%			1.18		%			1.24		%			1.23		%			1.21		%			0.89		%
Net interest margin			1.54		%			1.38		%			1.42		%			1.36		%			1.30		%			0.93		%
Net interest income, fully taxable-equivalent basis			$	678				$	618				$	648				$	640				$	668				$	564
Tax-equivalent adjustment			(5)					(5)					(4)					(4)					(4)					(5)
Net interest income, GAAP-basis(5)			$	673				$	613				$	644				$	636				$	664				$	559
(1) Average rates earned and paid on interest-earning assets and interest-bearing liabilities include the impact of hedge activities associated with our asset and liability management activities where applicable.
(2) Reflects the impact of balance sheet netting under enforceable netting agreements of approximately $59 billion, $75 billion, $118 billion and $94 billion in the first, second, third and fourth quarters of 2019, respectively, and approximately $124 billion and $103 billion in the first and second quarters of 2020. Excluding the impact of netting, the average interest rates would be approximately 0.64%, 0.47%, 0.33% and 0.31% in the first, second, third and fourth quarters of 2019, respectively, and approximately0.21% and 0.09% in the first and second quarters of 2020.
(3)State and political subdivisions consists of municipal bonds and clipper tax exempt bonds.Other debt investments and equity securities consists of non-U.S. government and agency securities, corporate bonds, covered bonds and other.
(4) Average loans are presented on a gross basis. We adopted ASU 2016-13 on January 1, 2020, Allowance for Credit Losses. Prior to 2020, we recognized Allowance for loan losses. Average loans net of allowance for loan losses amount to approximately $22,989 million, $23,754 million, $23,855 million and $25,390 million in the first, second, third and fourth quarters of 2019, respectively, and net of expected credit losses of approximately $28,398 million and $27,277 million in the first and second quarters of 2020.
(5) Average rates includes the impact of FX swap expense of approximately $39 million, $59 million, $37 million and$18 million in the first, second, third and fourth quarters of 2019, respectively, and approximately ($2) million and ($17)million in the first and second quarters of 2020. Average rates for total interest-bearing deposits excluding the impact of FX swap expense were approximately 0.43%, 0.47%, 0.42% and 0.27% for the first, second, third and fourth quarters of 2019, respectively, and approximately 0.19% and(0.09)% for the first and second quarters of 2020.

                 7 

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
AVERAGE STATEMENT OF CONDITION - RATES EARNED AND PAID - FULLY TAXABLE-EQUIVALENT BASIS - YEAR TO DATE(1)
The following table presents consolidated average interest-earning assets, average interest-bearing liabilities and related average rates earned and paid, respectively, for the years indicated, on a fully taxable-equivalent basis, which is a non-GAAP measure. Tax-equivalent adjustments were calculated using a federal income tax rate of 21% for periods ending in 2019 and 2020, adjusted for applicable state income taxes, net of related federal benefit.
	Year-to-Date
	2019					2020					% Change
(Dollars in millions; fully-taxable equivalent basis)	Average balance		Average rates			Average balance		Average rates			2020 vs 2019
Assets:
Interest-bearing deposits with banks	$	48,462	0.95		%	$	76,931	0.22		%	58.7	%
Securities purchased under resale agreements (2)	2,373		15.99			2,574		6.96			8.5
Trading account assets	879		—			896		—			1.9
Investment securities:
U.S. Treasury and federal agencies:
Direct obligations	14,690		1.81			14,142		1.72			(3.7)
Mortgage- and asset-backed securities	40,568		2.94			44,374		2.47			9.4
State and political subdivisions(3)	1,911		3.39			1,755		3.08			(8.2)
Other investments:
Asset-backed securities	9,207		2.50			10,499		1.72			14.0
Collateralized mortgage-backed securities and obligations	949		3.74			712		2.28			(25.0)
Investment securities held-to-maturity purchased under money market liquidity facility	—		—			10,541		1.49			nm
Other debt investments and equity securities(3)	21,781		1.05			25,070		0.91			15.1
Total investment securities	89,106		2.27			107,093		1.84			20.2
Loans (4)	23,442		3.41			27,919		2.46			19.1
Other interest-earning assets	15,195		2.96			10,298		0.95			(32.2)
Total interest-earning assets	179,457		2.30			225,711		1.38			25.8
Cash and due from banks	3,547					3,668					3.4
Other assets	37,538					38,556					2.7
Total assets	$	220,542				$	267,935				21.5
Liabilities:
Interest-bearing deposits:
U.S.	$	65,522	0.87			$	85,672	0.25			30.8
Non-U.S.(5)	60,543		0.33			65,658		(0.28)			8.4
Total interest-bearing deposits(5)	126,065		0.61			151,330		0.02			20.0
Securities sold under repurchase agreements	1,630		2.44			2,584		0.21			58.5
Short-term borrowings under money market liquidity facility	—		—			10,612		1.22			nm
Other short-term borrowings	1,601		1.27			3,017		0.98			88.4
Long-term debt	11,092		3.83			14,431		2.53			30.1
Other interest-bearing liabilities	4,309		5.85			3,446		2.31			(20.0)
Total interest-bearing liabilities	144,697		1.04			185,420		0.34			28.1
Non-interest bearing deposits	29,895					37,284					24.7
Other liabilities	21,055					20,867					(0.9)
Preferred shareholders' equity	3,690					2,666					(27.8)
Common shareholders' equity	21,205					21,698					2.3
Total liabilities and shareholders' equity	$	220,542				$	267,935				21.5
Excess of rate earned over rate paid			1.26		%			1.04		%
Net interest margin			1.46		%			1.10		%
Net interest income, fully taxable-equivalent basis			$	1,296				$	1,232
Tax-equivalent adjustment			(10)					(9)
Net interest income, GAAP-basis (5)			$	1,286				$	1,223
(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 $67 billion and $114 billion as of June 30, 2019 and 2020, respectively. Excluding the impact of netting, the average interest rates would be approximately 0.55% and 0.15% for the six months ended June 30, 2019 and 2020, respectively.
(3)State and political subdivisions consists of municipal bonds and clipper tax exempt bonds.Other debt investments and equity securities consists of non-U.S. government and agency securities, corporate bonds, covered bonds and other.
(4) Average loans are presented on a gross basis. We adopted ASU 2016-13 on January 1, 2020, Allowance for Credit Losses. Prior to 2020, we recognized Allowance for loan losses. Average loans net of allowance for loan losses amount to approximately $23,373 million in the first half of 2019 and net of expected credit losses of approximately $27,838 million in the first half of 2020.
(5) Average rates include the impact of FX swap expense of approximately $98 million and ($19) million for the six months ended June 30, 2019 and 2020, respectively. Average rates for total interest-bearing deposits excluding the impact of FX swap expense were 0.45% and 0.04% for the six months ended June 30, 2019 and 2020, respectively.

                 8 

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER CUSTODY AND/OR ADMINISTRATION
	Quarters												% Change
(Dollars in billions)	1Q19		2Q19		3Q19		4Q19		1Q20		2Q20		2Q20 vs. 2Q19		2Q20 vs. 1Q20
Assets Under Custody and/or Administration
By Product Classification:
Mutual funds	$	8,586	$	8,645	$	8,687	$	9,221	$	8,056	$	9,155	5.9	%	13.6	%
Collective funds, including ETFs	9,436		9,272		9,224		9,796		8,662		9,111		(1.7)		5.2
Pension products	6,513		6,542		6,817		6,924		6,730		6,694		2.3		(0.5)
Insurance and other products	8,108		8,295		8,171		8,417		8,416		8,555		3.1		1.7
Total Assets Under Custody and/or Administration	$	32,643	$	32,754	$	32,899	$	34,358	$	31,864	$	33,515	2.3		5.2
By Financial Instrument:
Equities	$	18,924	$	18,504	$	18,243	$	19,301	$	16,267	$	18,190	(1.7)		11.8
Fixed-income	9,831		10,089		10,413		10,766		11,096		11,342		12.4		2.2
Short-term and other investments	3,888		4,161		4,243		4,291		4,501		3,983		(4.3)		(11.5)
Total Assets Under Custody and/or Administration	$	32,643	$	32,754	$	32,899	$	34,358	$	31,864	$	33,515	2.3		5.2
By Geographic Location(1):
Americas	$	23,979	$	23,989	$	23,888	$	25,018	$	22,787	$	24,375	1.6		7.0
Europe/Middle East/Africa	6,875		6,937		7,091		7,325		7,112		7,155		3.1		0.6
Asia/Pacific	1,789		1,828		1,920		2,015		1,965		1,985		8.6		1.0
Total Assets Under Custody and/or Administration	$	32,643	$	32,754	$	32,899	$	34,358	$	31,864	$	33,515	2.3		5.2
Assets Under Custody(2)
By Product Classification:
Mutual funds	$	7,966	$	8,012	$	8,060	$	8,447	$	7,416	$	8,421	5.1		13.6
Collective funds, including ETFs	7,445		7,614		7,668		8,216		7,191		7,639		0.3		6.2
Pension products	5,307		5,236		5,457		5,554		5,395		5,363		2.4		(0.6)
Insurance and other products	3,851		3,909		3,893		3,978		3,810		3,976		1.7		4.4
Total Assets Under Custody	$	24,569	$	24,771	$	25,078	$	26,195	$	23,812	$	25,399	2.5		6.7
By Geographic Location(1):
Americas	$	18,784	$	18,911	$	19,048	$	19,838	$	17,701	$	19,226	1.7		8.6
Europe/Middle East/Africa	4,462		4,515		4,615		4,858		4,666		4,714		4.4		1.0
Asia/Pacific	1,323		1,345		1,415		1,499		1,445		1,459		8.5		1.0
Total Assets Under Custody	$	24,569	$	24,771	$	25,078	$	26,195	$	23,812	$	25,399	2.5		6.7
(1) Geographic mix is generally based on the domicile of the entity servicing the funds and is not necessarily representative of the underlying asset mix.
(2) Assets under custody are a component of assets under custody and/or administration presented above.

                 9 

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER MANAGEMENT
	Quarters												% Change
(Dollars in billions)	1Q19		2Q19		3Q19		4Q19		1Q20		2Q20		2Q20 vs. 2Q19		2Q20 vs. 1Q20
Assets Under Management
By Asset Class and Investment Approach:
Equity:
Active	$	85	$	86	$	84	$	88	$	68	$	75	(12.8)	%	10.3	%
Passive(1)	1,694		1,757		1,747		1,903		1,493		1,770		0.7		18.6
Total Equity	1,779		1,843		1,831		1,991		1,561		1,845		0.1		18.2
Fixed-Income:
Active	88		93		92		89		89		91		(2.2)		2.2
Passive	341		357		367		379		369		385		7.8		4.3
Total Fixed-Income	429		450		459		468		458		476		5.8		3.9
Cash(2)	314		319		336		324		364		390		22.3		7.1
Multi-Asset-Class Solutions:
Active	22		23		23		24		21		23		—		9.5
Passive	125		132		134		133		120		135		2.3		12.5
Total Multi-Asset-Class Solutions	147		155		157		157		141		158		1.9		12.1
Alternative Investments(3):
Active	21		21		22		21		20		19		(9.5)		(5.0)
Passive(1)	115		130		148		155		145		166		27.7		14.5
Total Alternative Investments	136		151		170		176		165		185		22.5		12.1
Total Assets Under Management	$	2,805	$	2,918	$	2,953	$	3,116	$	2,689	$	3,054	4.7		13.6
By Geographic Location:
North America	$	1,899	$	1,965	$	1,999	$	2,115	$	1,847	$	2,104	7.1		13.9
Europe/Middle East/Africa	447		471		476		493		416		462		(1.9)		11.1
Asia/Pacific	459		482		478		508		426		488		1.2		14.6
Total Assets Under Management	$	2,805	$	2,918	$	2,953	$	3,116	$	2,689	$	3,054	4.7		13.6
(1) 1Q19 and 2Q19 have been revised to reflect a reclassification of $14 billion in assets from Passive Equity to Passive Alternative Assets.
(2) Includes both floating- and constant-net-asset-value portfolios held in commingled structures or separate accounts.
(3) Includes real estate investment trusts, currency and commodities, including SPDR® Gold Shares and SPDR® Gold MiniSharesSM Trust, for which we are not the investment manager but act as the marketing agent.
Exchange-Traded Funds(1)
By Asset Class:
Alternative Investments	$	45	$	48	$	56	$	56	$	59	$	77	60.4	%	30.5	%
Cash	8		9		9		9		18		16		77.8		(11.1)
Equity	535		548		553		618		474		571		4.2		20.5
Fixed-Income	73		77		80		85		78		90		16.9		15.4
Total Exchange-Traded Funds	$	661	$	682	$	698	$	768	$	629	$	754	10.6		19.9
(1) Exchange-traded funds are a component of assets under management presented above.

                 10 

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INDUSTRY FLOW DATA BY ASSET CLASS
(Dollars in billions)			Quarters
			1Q19		2Q19		3Q19		4Q19		1Q20		2Q20
North America - ICI Market Data(1)(2)(3)
	Long Term Funds(2)		$	41.8	$	(38.2)	$	(51.6)	$	(51.2)	$	(339.6)	$	(31.1)
	Money Market		54.0		137.0		224.5		168.7		786.3		258.4
	ETF		45.7		65.4		84.8		126.5		72.5		143.9
		Total ICI Flows	$	141.5	$	164.2	$	257.7	$	244.0	$	519.2	$	371.2
Europe - Broadridge Market Data(1)(4)(5)
	Long Term Funds(4)		$	5.7	$	27.5	$	49.4	$	143.9	$	(256.4)	$	80.5
	Money Market		(9.0)		1.6		78.9		(12.1)		12.2		92.4
		Total Broadridge Flows	$	(3.3)	$	29.1	$	128.3	$	131.8	$	(244.2)	$	172.9
(1) 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.
(2) Source: Investment Company Institute (ICI). ICI data includes long term funds, ETFs and money market funds, as well as funds not registered under the Investment Company Act of 1940. Mutual fund data represents estimates of net new cash flow, which is new sales minus redemptions combined with net exchanges, while exchange-traded fund (ETF) data represents net issuance, which is gross issuance less gross redemptions. Data for mutual funds that invest primarily in other mutual funds and ETFs that invest primarily in other ETFs were excluded from the series. ICI classifies mutual funds and ETFs based on language in the fund prospectus. The long term fund flows reported by ICI are composed of North America Market flows mainly in Equities, Hybrids and Fixed Income Asset Classes.
(3) 2Q20 represents the three month period from April 2020 through June 2020, the last date for which information is available with June 2020 estimates.
(4) Source: © Copyright 2020, Broadridge Financial Solutions, Inc.Funds of funds have been excluded from Broadridge data (to avoid double counting). Therefore, a market total is the sum of all the investment categories excluding the three funds of funds categories (inhouse, ex-house and hedge). Broadridge data includes funds for long term funds and money market funds. Broadridge’s long term funds data are also segmented by passive and active funds which includes ETFs. ETFs are included in Broadridge’s database on mutual funds, but this excludes exchange-traded commodity products that are not mutual funds. The long term fund flows reported by Broadridge are composed of EMEA Market flows mainly in Equities, Fixed Income, and Multi Asset Classes.
(5) 2Q20 represents the rolling three month period from March 2020 through May 2020, the last date for which information is available.

                 11 

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO HOLDINGS BY ASSET CLASS
	Ratings
(Dollars in billions, or where otherwise noted)	UST/AGY			AAA			AA			A			BBB			<BBB			NR			Fair Value		% Total		Spot Rate		Net Unrealized Pre-tax MTM Gain/(Loss) (In millions)(1)		Fixed Rate/ Floating Rate(2)
Available-for-sale investment securities:
Government & agency securities	22		%	27		%	32		%	10		%	7		%	—		%	1		%	$	25.8	45.9	%	0.5	%	$	414	100% / 0%
Asset-backed securities	—			90			10			—			—			—			—			6.0		10.7		1.1		(57)		0% / 100%
Student loans	—			53			47			—			—			—			—			0.4		6.7		1.3		(5)
Credit cards	—			100			—			—			—			—			—			0.1		1.5		1.0		—
Auto & equipment	—			74			26			—			—			—			—			0.9		15.3		0.1		(2)
Non-U.S. residential mortgage backed securities	—			94			6			—			—			—			—			1.7		28.4		0.9		(8)
Collateralized loan obligation	—			100			—			—			—			—			—			2.8		46.5		1.7		(42)
Other	—			—			100			—			—			—			—			0.1		1.6		0.1		(1)
Mortgage-backed securities	100			—			—			—			—			—			—			14.0		24.9		3.3		519		99% / 1%
Agency MBS	100			—			—			—			—			—			—			14.0		100.0		3.3		519
Non-agency MBS	—			—			—			—			—			—			—			—		—		—		—
CMBS	97			3			—			—			—			—			—			2.8		5.0		1.2		40		27% / 73%
Corporate bonds	—			—			13			40			47			—			—			4.4		7.8		1.8		90		98% / 2%
Covered bonds	—			100			—			—			—			—			—			0.5		0.8		0.3		4		15% / 85%
Municipal bonds	—			24			72			4			—			—			—			0.8		1.5		2.8		59		100% / 0%
Clipper tax-exempt bonds	—			13			58			23			6			—			—			0.9		1.6		4.1		9		0% / 100%
Other	—			20			46			26			7			—			—			1.0		1.8		0.9		9		84% / 16%
Total available-for-sale portfolio	40		%	24		%	20		%	9		%	7		%	—		%	—		%	$	56.2	100.0	%	1.5	%	$	1,087	82% / 18%
Fair Value	$	22.5		$	13.5		$	11.1		$	4.8		$	4.1		$	0.1		$	0.1
	UST/AGY			AAA			AA			A			BBB			<BBB			NR			Amortized Cost		% Total		Spot Rate		Net Unrealized Pre-tax MTM Gain/(Loss) (In millions)(1)		Fixed Rate/ Floating Rate(2)
Held-to-maturity investment securities:
Government & agency securities	95		%	5		%	—		%	—		%	—		%	—		%	—		%	$	8.6	16.1	%	1.9	%	$	145	100% / 0%
Asset-backed securities	—			29			63			2			4			1			—			4.5		8.5		1.2		(59)		2% / 98%
Student loans	—			29			67			—			3			1			—			4.2		92.3		1.2		(104)
Non-U.S. residential mortgage backed securities	—			30			19			28			11			12			—			0.3		7.7		1.7		46
Other	—			—			—			100			—			—			—			—		—		1.2		—
Mortgage-backed securities	100			—			—			—			—			—			—			25.1		47.3		3.0		940		99% / 1%
Agency MBS	100			—			—			—			—			—			—			25.0		99.6		3.0		919
Non-agency MBS	—			—			6			14			13			50			18			0.1		0.4		2.4		21
CMBS	87			13			—			—			—			—			—			3.6		6.9		1.9		158		80% / 20%
Held-to-maturity under money market liquidity facility	—			—			—			—			—			—			100			11.3		21.2		1.4		33		100% / 0%
Total held-for-maturity portfolio	68		%	4		%	5		%	—		%	—		%	—		%	21		%	$	53.1	100.0	%	2.2	%	$	1,217	90% / 10%
Amortized Cost	$	36.4		$	2.2		$	2.9		$	0.1		$	0.2		$	0.1		$	11.3
(1) At June 30, 2020, the after-tax unrealized MTM gain/(loss) includes after-tax unrealized gain on securities available-for-sale of $804million, after-tax unrealized gain on securities held-to-maturity of $904 million and after-tax unrealized loss primarily related to securities previously transferred from available-for-sale to held-to-maturity of($4) million.
(2) At June 30, 2020, fixed-to-floating rate securities had a book value of approximately $241 million or .22% of the total portfolio.

                 12 

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO NON-U.S. INVESTMENTS
				Investment Securities
(Dollars in billions)	Fair Value		Average Rating	Gov't/Agency(1)(2)		ABS FRMBS		ABS All Other		Corporate Bonds		Covered Bonds		Other		MMLF
Available-for-sale:
Germany	$	3.5	AA	$	2.8	$	—	$	0.6	$	0.1	$	—	$	—	$	—
United Kingdom	3.4		AAA	2.4		0.4		0.2		0.3		—		0.1		—
Canada	2.9		AAA	2.7		—		—		0.2		—		—		—
France	2.5		AA	1.3		—		0.7		0.2		0.2		0.1		—
Australia	2.4		AAA	0.7		0.9		—		0.2		—		0.6		—
Spain	1.6		BBB	1.5		—		0.1		—		—		—		—
Belgium	1.4		AA	1.3		—		—		—		0.1		—		—
Austria	1.4		AA	1.4		—		—		—		—		—		—
Japan	1.4		A	1.4		—		—		—		—		—		—
Netherlands	1.4		AA	0.6		0.3		0.1		0.4		—		—		—
Ireland	1.1		A	1.1		—		—		—		—		—		—
Finland	1.0		AA	1.0		—		—		—		—		—		—
Italy	0.9		A	0.6		0.1		0.2		—		—		—		—
Luxembourg	0.4		AA	0.4		—		—		—		—		—		—
Other	1.2		AA	0.6		—		—		0.3		0.2		0.1		—
Total Non-U.S. Investments(3)	$	26.5		$	19.8	$	1.7	$	1.9	$	1.7	$	0.5	$	0.9	$	—
U.S. Investments	29.7
Total available-for-sale	$	56.2
				Investment Securities
(Dollars in billions)	Amortized Cost		Average Rating	Gov't/Agency(1)(2)		ABS FRMBS		ABS All Other		Corporate Bonds		Covered Bonds		Other		MMLF
Held-to-maturity:
Singapore	$	0.3	AAA	$	0.3	$	—	$	—	$	—	$	—	$	—	$	—
United Kingdom	0.1		AA	—		0.1		—		—		—		—		—
Germany	0.1		AAA	0.1		—		—		—		—		—		—
Australia	0.1		A	—		0.1		—		—		—		—		—
Spain	0.1		BBB	—		0.1		—		—		—		—		—
Total Non-U.S. Investments(3)	$	0.7		$	0.4	$	0.3	$	—	$	—	$	—	$	—	$	—
U.S. Investments	52.4
Total held-for-maturity	$	53.1
Total Portfolio	$	109.3
(1) Sovereign debt is reflected in the government / agency column.
(2) As of June 30, 2020, the fair value included $6.9 billion of supranational and non-U.S. agency bonds.
(3) Country of collateral used except for corporates where country of issuer is used.

                 13 

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ALLOWANCE FOR CREDIT LOSSES
	Quarters													% Change
(Dollars in millions)		1Q19		2Q19		3Q19		4Q19		1Q20		2Q20		2Q20 vs. 2Q19		2Q20 vs. 1Q20
Allowance for credit losses:
Beginning balance(1)		$	83	$	83	$	88	$	86	$	93	$	124	49.4	%	33.3	%
Provision for credit losses (funded commitments)		4		1		2		3		29		57		nm		96.6
Provision for credit losses (unfunded commitments)(2)		(4)		4		—		3		3		(4)		nm		nm
Provision for credit losses (held-to-maturity securities and all other)		—		—		—		—		4		(1)		nm		nm
Total provision		—		5		2		6		36		52		nm		44.4
Charge-offs		—		—		(2)		(1)		(5)		(14)		nm		nm
Other(3)		—		—		(2)		—		—		1		nm		nm
Ending balance(4)		$	83	$	88	$	86	$	91	$	124	$	163	85.2		31.5
Allowance for credit losses:
Loans		$	70	$	72	$	71	$	74	$	97	$	141	95.8		45.4
Held-to-maturity securities		—		—		—		—		4		4		nm		nm
Unfunded (off-balance sheet) commitments		13		16		15		17		22		18		12.5		(18.2)
All other		—		—		—		—		1		—		nm		nm
Ending balance(4)		$	83	$	88	$	86	$	91	$	124	$	163	85.2		31.5
(1) We adopted ASU 2016-13 on January 1, 2020, Allowance for Credit Losses. Prior to 2020, we recognized allowance for loan losses under an incurred loss model. Upon adoption, we increased the allowance and reduced retained earnings by approximately $2.6 million. As such, the ending balance for 4Q19 will not agree to the opening balance for 1Q20.
(2) Prior to the adoption of ASU 2016-13, the provision for unfunded commitments was recorded within Other expenses in the consolidated statement of income. Upon adoption of ASU 2016-13 in 1Q20, the provision for all assets within scope is recorded within Provision for credit losses in the consolidated statement of income.
(3) Consists primarily of FX translation.
(4) The allowance for credit losses on unfunded commitments is included within Other liabilities in the Consolidated Statement of Condition.
nm Not meaningful

                 14 

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION
In addition to presenting State Street's financial results in conformity with U.S. generally accepted accounting principles, or GAAP, management also presents certain financial information on a basis that excludes or adjusts one or more items from GAAP. This latter basis is a non-GAAP presentation. In general, our non-GAAP financial results adjust selected GAAP-basis financial results to exclude the impact of revenue and expenses outside of State Street’s normal course of business or other notable items, such as acquisition and restructuring charges, repositioning charges, gains/losses on sales, as well as, for selected comparisons, seasonal items. For example, we sometimes present expenses on a basis we may refer to as "expenses ex-notable items", which exclude notable items and, to provide additional perspective on both prior year quarter and sequential quarter comparisons, also exclude seasonal items. Management believes that this presentation of financial information facilitates an investor's further understanding and analysis of State Street's financial performance and trends with respect to State Street’s business operations from period-to-period, including providing additional insight into our underlying margin and profitability. In addition, Management may also provide additional non-GAAP measures. For example, we present capital ratios, calculated under regulatory standards scheduled to be effective in the future or other standards, that management uses in evaluating State Street’s business and activities and believes may similarly be useful to investors. Additionally, we may present revenue and expense measures on a constant currency basis to identify the significance of changes in foreign currency exchange rates (which often are variable) in period-to-period comparisons. This presentation represents the effects of applying prior period weighted average foreign currency exchange rates to current period results.
Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in conformity with GAAP.
	Quarters													% Change						Year-to-Date				% Change
(Dollars in millions)		1Q19		2Q19		3Q19		4Q19		1Q20		2Q20		2Q20 vs. 2Q19			2Q20 vs. 1Q20			2019		2020		YTD2020 vs. YTD2019
Fee Revenue:
Total fee revenue, GAAP-basis		$	2,260	$	2,260	$	2,259	$	2,368	$	2,399	$	2,378	5.2	%		(0.9)	%		$	4,520	$	4,777	5.7	%
Total fee revenue, excluding notable items		$	2,260	$	2,260	$	2,259	$	2,368	$	2,399	$	2,378	5.2			(0.9)			$	4,520	$	4,777	5.7
Total Revenue:
Total revenue, GAAP-basis		$	2,932	$	2,873	$	2,903	$	3,048	$	3,065	$	2,937	2.2	%		(4.2)	%		$	5,805	$	6,002	3.4	%
Less: other income		—		—		—		(44)		—		—								—		—		—
Total revenue, excluding notable items		$	2,932	$	2,873	$	2,903	$	3,004	$	3,065	$	2,937	2.2			(4.2)			$	5,805	$	6,002	3.4
Expenses:
Total expenses, GAAP-basis		$	2,293	$	2,154	$	2,180	$	2,407	$	2,255	$	2,082	(3.3)	%		(7.7)	%		$	4,447	$	4,337	(2.5)	%
Less: Notable expense items:
Acquisition and restructuring costs(1)		(9)		(12)		(27)		(29)		(11)		(12)		—			9.1			(21)		(23)		9.5
Repositioning charges		—		—		—		(110)		—		—		—			—			—		—		—
Legal and related		(14)		—		(18)		(140)		—		—		—			—			(14)		—		(100.0)
Total expenses, excluding notable items		$	2,270	$	2,142	$	2,135	$	2,128	$	2,244	$	2,070	(3.4)			(7.8)			$	4,412	$	4,314	(2.2)
Fee Operating Leverage, GAAP-Basis:
Total fee revenue, GAAP-basis		$	2,260	$	2,260	$	2,259	$	2,368	$	2,399	$	2,378	5.2	%		(0.9)	%		$	4,520	$	4,777	5.7	%
Total expenses, GAAP-basis		2,293		2,154		2,180		2,407		2,255		2,082		(3.3)			(7.7)			4,447		4,337		(2.5)
Fee operating leverage, GAAP-basis														850		bps	680		bps					820		bps
Fee Operating Leverage, excluding notable items:
Total fee revenue, excluding notable items (as reconciled above)		$	2,260	$	2,260	$	2,259	$	2,368	$	2,399	$	2,378	5.2	%		(0.9)	%		$	4,520	$	4,777	5.7	%
Total expenses, excluding notable items (as reconciled above)		2,270		2,142		2,135		2,128		2,244		2,070		(3.4)			(7.8)			4,412		4,314		(2.2)
Fee operating leverage, excluding notable items														860		bps	690		bps					790		bps
Operating Leverage, GAAP-Basis:
Total revenue, GAAP-basis		$	2,932	$	2,873	$	2,903	$	3,048	$	3,065	$	2,937	2.2	%		(4.2)	%		$	5,805	$	6,002	3.4	%
Total expenses, GAAP-basis		2,293		2,154		2,180		2,407		2,255		2,082		(3.3)			(7.7)			4,447		4,337		(2.5)
Operating leverage, GAAP-basis														550		bps	350		bps					590		bps
Operating Leverage, excluding notable items:
Total revenue, excluding notable items (as reconciled above)		$	2,932	$	2,873	$	2,903	$	3,004	$	3,065	$	2,937	2.2	%		(4.2)	%		$	5,805	$	6,002	3.4	%
Total expenses, excluding notable items (as reconciled above)		2,270		2,142		2,135		2,128		2,244		2,070		(3.4)			(7.8)			4,412		4,314		(2.2)
Operating leverage, excluding notable items														560		bps	360		bps					560		bps

                 15 

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION (Continued)
	Quarters																			% Change						Year-to-Date						% Change
(Dollars in millions, except Earnings per share, or where otherwise noted)		1Q19			2Q19			3Q19			4Q19			1Q20			2Q20			2Q20 vs. 2Q19			2Q20 vs. 1Q20			2019			2020			YTD2020 vs. YTD2019
Net Income Available to Common Shareholders:
Net Income Available to Common Shareholders, GAAP-basis		$	452		$	537		$	528		$	492		$	580		$	662		23.3	%		14.1	%		$	989		$	1,242		25.6	%
Less: Notable items
Acquisition and restructuring costs(1)		9			12			27			29			11			12									21			23
Repositioning charges		—			—			—			110			—			—									—			—
Legal and related		14			—			18			140			—			—									14			—
Other income		—			—			—			(44)			—			—									—			—
Preferred securities redemption(2)		—			—			—			22			9			—									—			9
Tax impact of notable items		(2)			(3)			(12)			(25)			(3)			(3)									(5)			(6)
Net Income Available to Common Shareholders, excluding notable items		$	473		$	546		$	561		$	724		$	597		$	671		22.9			12.4			$	1,019		$	1,268		24.4
Diluted Earnings per Share:
Diluted earnings per share, GAAP-basis		$	1.18		$	1.42		$	1.42		$	1.35		$	1.62		$	1.86		31.0	%		14.8	%		$	2.61		$	3.48		33.3	%
Less: Notable items
Acquisition and restructuring costs(1)		0.02			0.03			0.06			0.06			0.02			0.02									0.05			0.04
Repositioning charges		—			—			—			0.22			—			—									—			—
Legal and related		0.04			—			0.03			0.38			—			—									0.04			—
Other income		—			—			—			(0.09)			—			—									—			—
Preferred securities redemption(2)(3)		—			—			—			0.06			0.03			—									—			0.03
Diluted earnings per share, excluding notable items		$	1.24		$	1.45		$	1.51		$	1.98		$	1.67		$	1.88		29.7			12.6			$	2.70		$	3.55		31.5
Pre-tax Margin:
Pre-tax margin, GAAP-basis		21.7		%	25.0		%	24.8		%	20.9		%	25.3		%	27.3		%	230		bps	200		bps	23.3		%	26.3		%	300		bps
Less: Notable items
Acquisition and restructuring costs(1)		0.3			0.4			1.0			1.0			0.3			0.4									0.4			0.4
Repositioning charges		—			—			—			3.6			—			—									—			—
Legal and related		0.5			—			0.6			4.7			—			—									0.2			—
Other income		—			—			—			(1.1)			—			—									—			—
Pre-tax margin, excluding notable items		22.5		%	25.4		%	26.4		%	29.1		%	25.6		%	27.7		%	230			210			23.9		%	26.7		%	280
Return on Average Common Equity:
Return on average common equity, GAAP-basis		8.7		%	10.1		%	9.7		%	9.0		%	10.9		%	12.1		%	200		bps	120		bps	9.4		%	11.5		%	210		bps
Less: Notable items
Acquisition and restructuring costs(1)		0.2			0.2			0.5			0.5			0.2			0.2									0.2			0.3
Repositioning charges		—			—			—			2.0			—			—									—			—
Legal and related		0.2			—			0.3			2.6			—			—									0.1			—
Other income		—			—			—			(0.8)			—			—									—			—
Preferred securities redemption(2)(3)		—			—			—			0.4			0.2			—									—			0.1
Tax impact of notable items		—			—			(0.2)			(0.4)			(0.1)			—									—			(0.1)
Return on average common equity, excluding notable items		9.1		%	10.3		%	10.3		%	13.3		%	11.2		%	12.3		%	200			110			9.7		%	11.8		%	210
(1) Acquisition and restructuring costs of approximately$12 million in 2Q20, consisting of acquisition costs primarily related to CRD.
(2) We redeemed all outstanding Series C noncumulative perpetual preferred stock on March 15, 2020 at a redemption price of $500 million ($100,000 per share equivalent to $25.00 per depositary share) plus accrued and unpaid dividends. The difference between the redemption value and the net carrying value of approximately $9 million resulted in an EPS impact of approximately ($.03) per share in the first quarter of 2020.
(3) We redeemed all outstanding Series E noncumulative perpetual preferred stock on December 15, 2019 at a redemption price of $750 million ($100,000 per share equivalent to $25.00 per depositary share) plus accrued and unpaid dividends. The difference between the redemption value and the net carrying value of approximately $22 million resulted in an EPS impact of approximately ($.06) per share in 2019.

                 16 

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF PRE-TAX MARGIN EXCLUDING NOTABLE ITEMS
(Dollars in millions)			2016(1)			2017			2018(1)			2019
Total revenue:
Total revenue, GAAP-basis			$	10,291		$	11,266		$	12,131		$	11,756
		Less: Gain on sale	(53)			(56)			—			—
		Add: Impact of tax legislation	—			20			—			—
		Add: Legal and related	43			—			8			—
		Less: Other income	—			—			—			(44)
Total revenue, excluding notable items			10,281			11,230			12,139			11,712
Provision for credit losses			10			2			15			10
Total expenses:
Total expenses, GAAP-basis			8,077			8,269			9,015			9,034
	Less:
		Acquisition and restructuring costs	(209)			(266)			(24)			(77)
		Legal and related	(56)			—			(42)			(172)
		Repositioning charges(1)	11			—			(324)			(110)
		Acceleration of deferred cash awards	(249)			—			—			—
Total expenses, excluding notable items			7,574			8,003			8,625			8,675
Income before income tax expense, excluding notable items			$	2,697		$	3,225		$	3,499		$	3,027
Income before income tax expense, GAAP-basis			$	2,204		$	2,995		$	3,101		$	2,712
Pre-tax margin, excluding notable items			26.2		%	28.7		%	28.8		%	25.8		%
Pre-tax margin, GAAP-basis			21.4			26.6			25.6			23.1
(1) Includes charges in 2016 that were previously disclosed as "severance costs associated with staffing realignment" and charges in 2018 that were previously disclosed as "Business exit: Channel Islands."

                 17 

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF NOTABLE ITEMS
	Quarters													% Change				Year-to-Date				% Change
(Dollars in millions)		1Q19		2Q19		3Q19		4Q19		1Q20		2Q20		2Q20 vs. 2Q19		2Q20 vs. 1Q20		YTD 2019		YTD 2020		YTD2020 vs. YTD2019
Total revenue:
Total revenue, GAAP-basis		$	2,932	$	2,873	$	2,903	$	3,048	$	3,065	$	2,937	2.2	%	(4.2)	%	$	5,805	$	6,002	3.4	%
Less: other income		—		—		—		(44)		—		—						—		—		—
Total revenue, excluding notable items		2,932		2,873		2,903		3,004		3,065		2,937		2.2		(4.2)		$	5,805	$	6,002	3.4
Total expenses:
Total expenses, GAAP basis		$	2,293	$	2,154	$	2,180	$	2,407	$	2,255	$	2,082	(3.3)		(7.7)		$	4,447	$	4,337	(2.5)
Less: Notable expense items:
Repositioning charges:
Compensation and employee benefits		—		—		—		(98)		—		—		—		—		—		—		—
Occupancy		—		—		—		(12)		—		—		—		—		—		—		—
Repositioning charges		—		—		—		(110)		—		—		—		—		—		—		—
Acquisition and restructuring costs		(9)		(12)		(27)		(29)		(11)		(12)		—		9.1		(21)		(23)		9.5
Legal and related		(14)		—		(18)		(140)		—		—		—		—		(14)		—		(100.0)
Total expenses, excluding notable items		2,270		2,142		2,135		2,128		2,244		2,070		(3.4)		(7.8)		4,412		4,314		(2.2)
Seasonal expenses		(137)		—		—		—		(151)		—		nm		nm		(137)		(151)		10.2
Total expenses excluding notable items and seasonal expenses		2,133		2,142		2,135		2,128		2,093		2,070		(3.4)		(1.1)		4,275		4,163		(2.6)
CRD expenses		(41)		(46)		(56)		(58)		(58)		(61)		32.6		5.2		(87)		(119)		36.8
CRD related expenses: intangible asset amortization costs		(15)		(17)		(17)		(16)		(17)		(16)		(5.9)		(5.9)		(32)		(33)		3.1
Total expenses, excluding notable items, seasonal items, CRD and CRD related expenses		2,077		2,079		2,062		2,054		2,018		1,993		(4.1)		(1.2)		4,156		4,011		(3.5)
Net Income Available to Common Shareholders, GAAP-basis		$	452	$	537	$	528	$	492	$	580	$	662	23.3		14.1		$	989	$	1,242	25.6
Notable items as reconciled above: pre-tax		23		12		45		235		11		12						35		23
Tax impact on notable items as reconciled above		(2)		(3)		(12)		(25)		(3)		(3)						(5)		(6)
Preferred security cost		—		—		—		22		9		—						—		9
Net Income Available to Common Shareholders, excluding notable items		$	473	$	546	$	561	$	724	$	597	$	671	22.9		12.4		$	1,019	$	1,268	24.4
nm Denotes not meaningful

                 18 

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF CONSTANT CURRENCY FX IMPACTS
GAAP-Basis Quarter Comparison	Reported						Currency Translation Impact					Excluding Currency Impact				% Change Constant Currency
(Dollars in millions)	2Q19		1Q20		2Q20		2Q20 vs. 2Q19		2Q20 vs. 1Q20			2Q20 vs. 2Q19		2Q20 vs. 1Q20		2Q20 vs. 2Q19		2Q20 vs. 1Q20
GAAP-Basis Results:
Fee revenue:
Servicing fees	$	1,252	$	1,287	$	1,272	$	(10)	$	(3)		$	1,282	$	1,275	2.4	%	(0.9)	%
Management fees	441		449		425		(2)		(1)			427		426		(3.2)		(5.1)
Foreign exchange trading services	273		459		344		—		—			344		344		26.0		(25.1)
Securities finance	126		92		92		—		—			92		92		(27.0)		—
Software and processing fees	168		112		245		—		—			245		245		45.8		118.8
Total fee revenue	2,260		2,399		2,378		(12)		(4)			2,390		2,382		5.8		(0.7)
Net interest income	613		664		559		(4)		(2)			563		561		(8.2)		(15.5)
Total other income	—		2		—		—		—			—		—		nm		nm
Total revenue	$	2,873	$	3,065	$	2,937	$	(16)	$	(6)		$	2,953	$	2,943	2.8		(4.0)
Expenses:
Compensation and employee benefits	$	1,084	$	1,208	$	1,051	$	(11)	$	(5)		$	1,062	$	1,056	(2.0)		(12.6)
Information systems and communications	365		385		376		(1)		(1)			377		377		3.3		(2.1)
Transaction processing services	245		254		233		(1)		—			234		233		(4.5)		(8.3)
Occupancy	115		109		109		(2)		(1)			111		110		(3.5)		0.9
Acquisition and restructuring costs	12		11		12		—		—			12		12		—		9.1
Amortization of other intangible assets	59		58		58		—		—			58		58		(1.7)		—
Other	274		230		243		(2)		—			245		243		(10.6)		5.7
Total expenses	$	2,154	$	2,255	$	2,082	$	(17)	$	(7)		$	2,099	$	2,089	(2.6)		(7.4)
GAAP-Basis YTD Comparison	Reported				Currency Translation Impact		Excluding Currency Impact		% Change Constant Currency
(Dollars in millions)	2019		2020		YTD2020 vs. YTD2019		2020		YTD2020 vs. YTD2019
GAAP-Basis Results:
Fee revenue:
Servicing fees	$	2,503	$	2,559	$	(21)	$	2,580	3.1		%
Management fees	861		874		(5)		879		2.1
Foreign exchange trading services	553		803		—		803		45.2
Securities finance	244		184		—		184		(24.6)
Software and processing fees	359		357		(2)		359		—
Total fee revenue	4,520		4,777		(28)		4,805		6.3
Net interest income	1,286		1,223		(9)		1,232		(4.2)
Total other income	(1)		2		—		2		nm
Total revenue	5,805		6,002		$	(37)	6,039		4.0
Expenses:
Compensation and employee benefits	2,313		2,259		$	(23)	2,282		(1.3)
Information systems and communications	727		761		(2)		763		5.0
Transaction processing services	487		487		(2)		489		0.4
Occupancy	231		218		(3)		221		(4.3)
Acquisition and restructuring costs	21		23		—		23		9.5
Amortization of other intangible assets	119		116		(1)		117		(1.7)
Other	549		473		(4)		477		(13.1)
Total expenses	4,447		4,337		$	(35)	4,372		(1.7)

^nm Denotes not meaningful

                 19 

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF TANGIBLE COMMON EQUITY RATIO
The tangible common equity, or TCE, ratio is a capital ratio that management believes provides context useful in understanding and assessing State Street's capital adequacy. The TCE ratio is calculated by dividing consolidated total common shareholders’ equity by consolidated total assets, after reducing both amounts by goodwill and other intangible assets net of related deferred taxes. Total assets reflected in the TCE ratio also exclude cash balances on deposit at the Federal Reserve Bank and other central banks in excess of required reserves. The TCE ratio is not required by GAAP or by banking regulations, but is a metric used by management to evaluate the adequacy of State Street’s capital levels. Since there is no authoritative requirement to calculate the TCE ratio, our TCE ratio is not necessarily comparable to similar capital measures disclosed or used by other companies in the financial services industry. Tangible common equity and adjusted tangible assets are non-GAAP financial measures and should be considered in addition to, not as a substitute for or superior to, financial measures determined in accordance with GAAP or other applicable requirements. Reconciliations with respect to the calculation of the TCE ratios are provided within the Reconciliation of Tangible Common Equity Ratio within this package.
The following table presents the calculation of State Street's ratios of tangible common equity to total tangible assets.
		Quarters
(Dollars in millions)		1Q19			2Q19			3Q19			4Q19			1Q20			2Q20
Consolidated total assets		$	228,332		$	241,540		$	244,606		$	245,610		$	362,527		$	280,242
Less:
Goodwill		7,549			7,565			7,500			7,556			7,506			7,538
Other intangible assets		2,208			2,155			2,077			2,030			1,963			1,914
Cash balances held at central banks in excess of required reserves		44,294			52,847			57,330			65,812			144,955			87,585
Adjusted assets		174,281			178,973			177,699			170,212			208,103			183,205
Plus related deferred tax liabilities		464			464			462			475			476			479
Total tangible assets	A	$	174,745		$	179,437		$	178,161		$	170,687		$	208,579		$	183,684
Consolidated total common shareholders' equity		$	21,348		$	21,764		$	21,519		$	21,469		$	21,390		$	22,402
Less:
Goodwill		7,549			7,565			7,500			7,556			7,506			7,538
Other intangible assets		2,208			2,155			2,077			2,030			1,963			1,914
Adjusted equity		11,591			12,044			11,942			11,883			11,921			12,950
Plus related deferred tax liabilities		464			464			462			475			476			479
Total tangible common equity	B	$	12,055		$	12,508		$	12,404		$	12,358		$	12,397		$	13,429
Tangible common equity ratio	B/A	6.9		%	7.0		%	7.0		%	7.2		%	5.9		%	7.3		%
GAAP-basis:
Net income available to common shareholders		$	452		$	537		$	528		$	492		$	580		$	662
Return on tangible common equity		15.0		%	15.8		%	16.3		%	16.3		%	18.7		%	18.5		%

                 20 

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
REGULATORY CAPITAL
	Quarters
	1Q19						2Q19						3Q19						4Q19						1Q20						2Q20
(Dollars in millions)	Basel III Advanced Approaches(1)			Basel III Standardized Approach(2)			Basel III Advanced Approaches(1)			Basel III Standardized Approach(2)			Basel III Advanced Approaches(1)			Basel III Standardized Approach(2)			Basel III Advanced Approaches(1)			Basel III Standardized Approach(2)			Basel III Advanced Approaches(1)			Basel III Standardized Approach(2)			Basel III Advanced Approaches(1)			Basel III Standardized Approach(2)
RATIOS:
Common equity tier 1 capital	12.1		%	11.5		%	12.3		%	11.5		%	12.2		%	11.3		%	11.7		%	11.7		%	11.1		%	10.7		%	12.7		%	12.3		%
Tier 1 capital	15.9			15.0			15.9			14.9			15.9			14.6			14.5			14.6			13.4			12.9			15.1			14.6
Total capital	16.7			15.9			16.6			15.5			16.5			15.3			15.6			15.7			14.5			14.1			16.0			15.7
Tier 1 leverage	7.4			7.4			7.6			7.6			7.4			7.4			6.9			6.9			6.1			6.1			6.1			6.1
Supporting Calculations:
Common equity tier 1 capital	$	11,899		$	11,899		$	12,367		$	12,367		$	12,229		$	12,229		$	12,213		$	12,213		$	12,115		$	12,115		$	13,168		$	13,168
Total risk-weighted assets	98,023			103,643			100,699			107,972			100,327			108,701			104,364			104,005			109,056			112,763			103,762			106,839
Common equity tier 1 risk-based capital ratio	12.1		%	11.5		%	12.3		%	11.5		%	12.2		%	11.3		%	11.7		%	11.7		%	11.1		%	10.7		%	12.7		%	12.3		%
Tier 1 capital	$	15,589		$	15,589		$	16,058		$	16,058		$	15,919		$	15,919		$	15,175		$	15,175		$	14,586		$	14,586		$	15,639		$	15,639
Total risk-weighted assets	98,023			103,643			100,699			107,972			100,327			108,701			104,364			104,005			109,056			112,763			103,762			106,839
Tier 1 risk-based capital ratio	15.9		%	15.0		%	15.9		%	14.9		%	15.9		%	14.6		%	14.5		%	14.6		%	13.4		%	12.9		%	15.1		%	14.6		%
Total capital	$	16,386		$	16,460		$	16,672		$	16,748		$	16,530		$	16,612		$	16,275		$	16,360		$	15,771		$	15,877		$	16,650		$	16,766
Total risk-weighted assets	98,023			103,643			100,699			107,972			100,327			108,701			104,364			104,005			109,056			112,763			103,762			106,839
Total risk-based capital ratio	16.7		%	15.9		%	16.6		%	15.5		%	16.5		%	15.3		%	15.6		%	15.7		%	14.5		%	14.1		%	16.0		%	15.7		%
Tier 1 capital	$	15,589		$	15,589		$	16,058		$	16,058		$	15,919		$	15,919		$	15,175		$	15,175		$	14,586		$	14,586		$	15,639		$	15,639
Adjusted quarterly average assets	210,099			210,099			212,127			212,127			213,997			213,997			219,624			219,624			239,861			239,861			256,418			256,418
Tier 1 leverage ratio	7.4		%	7.4		%	7.6		%	7.6		%	7.4		%	7.4		%	6.9		%	6.9		%	6.1		%	6.1		%	6.1		%	6.1		%
(1) CET1, tier 1 capital, total capital and tier 1 leverage ratios for each period above were calculated in conformity with the advanced approaches provisions of the Basel III final rule.
(2) CET1, tier 1 capital, total capital and tier 1 leverage ratios for each period above were calculated in conformity with the standardized approach provisions of the Basel III final rule.

                 21 

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF SUPPLEMENTARY LEVERAGE RATIOS
In 2014, U.S. banking regulators issued final rules implementing a supplementary leverage ratio, or SLR, for certain bank holding companies, like State Street, and their insured depository institution subsidiaries, like State Street Bank. We refer to these final rules as the SLR final rule. Under the SLR final rule, which was implemented as of January 1, 2018, (i) State Street Bank must maintain an SLR of at least 6% to be well capitalized under the U.S. banking regulators’ Prompt Corrective Action framework and (ii) if State Street maintains an SLR of at least 5%, it is not subject to limitations on distribution and discretionary bonus payments under the SLR final rule. Beginning with reporting for March 31, 2015, State Street was required to include SLR disclosures with its other Basel disclosures.
The following tables reconcile our estimated pro forma fully-phased in SLR ratios in conformity with the SLR final rule, as described, to our SLR ratios calculated in conformity with applicable regulatory requirements as of the dates indicated.
As of June 30, 2020 (Dollars in millions)		State Street Corporation			State Street Bank
Tier 1 Capital	A	$	15,639		$	16,998
On-and off-balance sheet leverage exposure		198,266			208,344
Less: regulatory deductions		(9,234)			(8,824)
Total assets for SLR	B	189,032			199,520
Supplementary Leverage Ratio	A/B	8.3		%	8.5		%
As of March 31, 2020 (Dollars in millions)		State Street Corporation			State Street Bank
Tier 1 Capital	C	$	14,586		$	17,342
On-and off-balance sheet leverage exposure		279,537			275,700
Less: regulatory deductions		(9,275)			(8,837)
Total assets for SLR	D	270,262			266,863
Supplementary Leverage Ratio	C/D	5.4		%	6.5		%
As of December 31, 2019 (Dollars in millions)		State Street Corporation			State Street Bank
Tier 1 Capital	E	15,175			16,617
On-and off-balance sheet leverage exposure		257,124			253,500
Less: regulatory deductions		(9,262)			(8,837)
Total assets for SLR	F	247,862			244,663
Supplementary Leverage Ratio	E/F	6.1		%	6.8		%
As of September 30, 2019 (Dollars in millions)		State Street Corporation			State Street Bank
Tier 1 Capital	G	15,919			17,466
On-and off-balance sheet leverage exposure		251,304			247,529
Less: regulatory deductions		(9,276)			(8,845)
Total assets for SLR	H	242,028			238,684
Supplementary Leverage Ratio	G/H	6.6		%	7.3		%
As of June 30, 2019 (Dollars in millions)		State Street Corporation			State Street Bank
Tier 1 Capital	I	16,058			17,611
On-and off-balance sheet leverage exposure		248,690			245,118
Less: regulatory deductions		(9,387)			(8,980)
Total assets for SLR	J	239,303			236,138
Supplementary Leverage Ratio	I/J	6.7		%	7.5		%
As of March 31, 2019 (Dollars in millions)		State Street Corporation			State Street Bank
Tier 1 Capital	K	$	15,589		$	17,196
On-and off-balance sheet leverage exposure		245,449			242,506
Less: regulatory deductions		(9,461)			(9,017)
Total assets for SLR	L	235,988			233,489
Supplementary Leverage Ratio	K/L	6.6		%	7.4		%

                 22