Document


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

(Dollars in millions, except per share amounts, or where otherwise noted)	2019			2020			2021			2022			2023
Year ended December 31:
Total fee revenue	$	9,147		$	9,499		$	10,012		$	9,606		$	9,480
Net interest income	2,566			2,200			1,905			2,544			2,759
Other income	43			4			110			(2)			(294)
Total revenue	11,756			11,703			12,027			12,148			11,945
Provision for credit losses	10			88			(33)			20			46
Total expenses	9,034			8,716			8,889			8,801			9,583
Income before income tax expense	2,712			2,899			3,171			3,327			2,316
Income tax expense	470			479			478			553			372

Net income	2,242			2,420			2,693			2,774			1,944
Net income available to common shareholders	$	2,009		$	2,257		$	2,572		$	2,660		$	1,821
Per common share:
Diluted earnings per common share	$	5.38		$	6.32		$	7.19		$	7.19		$	5.58
Average diluted common shares outstanding (in thousands)	373,666			357,106			357,962			370,109			326,568
Cash dividends declared per common share	$	1.98		$	2.08		$	2.18		$	2.40		$	2.64
Closing price per share of common stock (at year end)	79.10			72.78			93.00			77.57			77.46
Average balance sheet:
Investment securities	$	91,768		$	109,175		$	111,730		$	111,929		$	105,765
Total assets	223,334			269,334			299,743			286,430			274,696
Total deposits	158,262			193,225			235,404			222,874			205,111
Ratios and other metrics:
Return on average common equity	9.4		%	10.0		%	10.7		%	11.1		%	8.2		%



Pre-tax margin	23.1			24.8			26.4			27.4			19.4
Pre-tax margin, excluding notable items(1)	25.8			26.3			27.6			28.4			26.4
Net interest margin, fully taxable-equivalent basis	1.42			0.97			0.74			1.03			1.20
Common equity tier 1 ratio(2)(3)	11.7			12.3			14.3			13.6			11.6
Tier 1 capital ratio(2)(3)	14.5			14.4			16.1			15.4			13.4
Total capital ratio(2)(3)	15.6			15.3			17.5			16.8			15.2
Tier 1 leverage ratio(2)	6.9			6.4			6.1			6.0			5.5
Supplementary leverage ratio(2)	6.1			8.1			7.4			7.0			6.2
Assets under custody and/or administration (in trillions)	$	34.36		$	38.79		$	43.68		$	36.74		$	41.81
Assets under management (in trillions)	3.12			3.47			4.14			3.48			4.13

(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.

(3) The reportable ratios represent the lower of each of the risk-based capital ratios under both the Standardized Approach and the Advanced Approaches.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS

	Quarters																% Change					Year-to-Date			% Change
(Dollars in millions, except per share amounts, or where otherwise noted)	1Q22		2Q22		3Q22		4Q22		1Q23		2Q23		3Q23		4Q23		4Q23 vs. 4Q22		4Q23 vs. 3Q23			2022	2023		YTD2023 vs. YTD2022

Fee revenue:
Back office servicing fees	$	1,268	$	1,205	$	1,126	$	1,115	$	1,131	$	1,164	$	1,138	$	1,128	1.2	%		(0.9)	%		$	4,714	$	4,561	(3.2)	%
Middle office services	100		92		93		88		86		95		96		84		(4.5)			(12.5)			373		361		(3.2)
Servicing fees	1,368		1,297		1,219		1,203		1,217		1,259		1,234		1,212		0.7			(1.8)			5,087		4,922		(3.2)
Management fees	520		490		472		457		457		461		479		479		4.8			—			1,939		1,876		(3.2)
Foreign exchange trading services	359		331		319		367		342		303		313		307		(16.3)			(1.9)			1,376		1,265		(8.1)
Securities finance	96		107		110		103		109		117		103		97		(5.8)			(5.8)			416		426		2.4
Front office software and data	138		126		127		159		109		162		130		179		12.6			37.7			550		580		5.5
Lending related and other fees	63		62		57		57		56		59		58		58		1.8			—			239		231		(3.3)
Software and processing fees	201		188		184		216		165		221		188		237		9.7			26.1			789		811		2.8
Other fee revenue	29		(43)		(5)		18		45		58		44		33		83.3			(25.0)			(1)		180		nm
Total fee revenue	2,573		2,370		2,299		2,364		2,335		2,419		2,361		2,365		—			0.2			9,606		9,480		(1.3)
Net interest income:
Interest income	521		704		1,101		1,762		2,027		2,232		2,328		2,593		47.2			11.4			4,088		9,180		nm
Interest expense	12		120		441		971		1,261		1,541		1,704		1,915		97.2			12.4			1,544		6,421		nm
Net interest income	509		584		660		791		766		691		624		678		(14.3)			8.7			2,544		2,759		8.5
Other income:
Gains (losses) related to investment securities, net	(1)		(1)		—		—		—		—		(294)		—		nm			nm			(2)		(294)		nm

Total other income	(1)		(1)		—		—		—		—		(294)		—		nm			nm			(2)		(294)		nm
Total revenue	3,081		2,953		2,959		3,155		3,101		3,110		2,691		3,043		(3.5)			13.1			12,148		11,945		(1.7)
Provision for credit losses	—		10		—		10		44		(18)		—		20		100.0			nm			20		46		nm
Expenses:
Compensation and employee benefits	1,232		1,046		1,042		1,108		1,292		1,123		1,082		1,247		12.5			15.2			4,428		4,744		7.1
Information systems and communications	423		392		399		416		414		405		411		473		13.7			15.1			1,630		1,703		4.5
Transaction processing services	264		240		227		240		239		235		241		242		0.8			0.4			971		957		(1.4)
Occupancy	95		96		97		106		94		103		101		128		20.8			26.7			394		426		8.1
Acquisition and restructuring costs	9		12		13		31		—		—		—		(15)		nm			nm			65		(15)		nm
Amortization of other intangible assets	61		60		58		59		60		60		60		59		—			(1.7)			238		239		0.4
Other	243		262		274		296		270		286		285		688		nm			nm			1,075		1,529		42.2
Total expenses	2,327		2,108		2,110		2,256		2,369		2,212		2,180		2,822		25.1			29.4			8,801		9,583		8.9
Income before income tax expense	754		835		849		889		688		916		511		201		(77.4)			(60.7)			3,327		2,316		(30.4)
Income tax expense	150		88		159		156		139		153		89		(9)		nm			nm			553		372		(32.7)
Net income	$	604	$	747	$	690	$	733	$	549	$	763	$	422	$	210	(71.4)			(50.2)			$	2,774	$	1,944	(29.9)


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

	Quarters																	% Change				Year-to-Date				% Change
(Dollars in millions, except per share amounts, or where otherwise noted)		1Q22		2Q22		3Q22		4Q22		1Q23		2Q23		3Q23		4Q23		4Q23 vs. 4Q22		4Q23 vs. 3Q23		2022		2023		YTD2023 vs. YTD2022
Adjustments to net income:
Dividends on preferred stock		$	(20)	$	(35)	$	(21)	$	(36)	$	(23)	$	(37)	$	(24)	$	(38)	(5.6)	%	(58.3)	%	$	(112)	$	(122)	(8.9)	%
Earnings allocated to participating securities		(1)		—		—		(1)		(1)		—		—		—		nm		nm		(2)		(1)		(50.0)
Net income available to common shareholders		$	583	$	712	$	669	$	696	$	525	$	726	$	398	$	172	(75.3)		(56.8)		$	2,660	$	1,821	(31.5)

Per common share:
Basic earnings		$	1.59	$	1.94	$	1.82	$	1.94	$	1.54	$	2.20	$	1.27	0.56		(71.1)		(55.9)		$	7.28	$	5.65	(22.4)
Diluted earnings		1.57		1.91		1.80		1.91		1.52		2.17		1.25		0.55		(71.2)		(56.0)		7.19		5.58		(22.4)
Average common shares outstanding (in thousands):
Basic		366,542		367,375		367,789		359,200		341,106		329,383		313,147		306,198		(14.8)		(2.2)		365,214		322,337		(11.7)
Diluted		372,037		372,123		372,418		363,923		345,472		333,540		317,329		310,419		(14.7)		(2.2)		370,109		326,568		(11.8)
Cash dividends declared per common share		$	0.57	$	0.57	$	0.63	$	0.63	$	0.63	$	0.63	$	0.69	$	0.69	9.5		—		$	2.40	$	2.64	10.0
Closing price per share of common stock (as of quarter end)		87.12		61.65		60.81		77.57		75.69		73.18		66.96		77.46		(0.1)		15.7		77.57		77.46		(0.1)
Book value per common share		$	66.05	$	64.72	$	64.33	$	66.51	$	67.69	$	69.01	$	70.14	$	72.27	8.7		3.0		$	66.51	$	72.27	8.7
Tangible book value per common share(1)		42.00		41.25		41.41		42.03		42.34		42.68		43.07		44.22		5.2		2.7		42.03		44.22		5.2
Balance sheet averages:
Investment securities		$	119,286	$	113,929	$	108,875	$	105,804	$	107,089	$	107,550	$	104,995	$	103,474	(2.2)		(1.4)		$	111,929	$	105,765	(5.5)
Total assets		295,010		291,435		275,168		284,346		277,492		274,972		267,727		278,659		(2.0)		4.1		286,430		274,696		(4.1)
Total deposits		233,268		228,417		213,302		216,799		210,320		205,831		197,869		206,544		(4.7)		4.4		222,874		205,111		(8.0)








Ratios and other metrics:
Effective tax rate	19.9		%	10.5		%	18.7		%	17.6		%	20.2		%	16.7		%	17.4		%	(4.4)		%	(22.0)	%	pts	(21.8)	%	pts	16.6		%	16.1		%	(0.5)	%	pts
Return on average common equity	9.5			12.1			11.2			11.8			9.3			13.0			7.3			3.1			(8.7)			(4.2)			11.1			8.2			(2.9)
Return on average tangible common equity(2)	14.7			17.3			17.3			17.7			14.6			18.0			16.5			13.6			(4.1)			(2.9)			17.4			13.3			(4.1)
Pre-tax margin	24.5			28.3			28.7			28.2			22.2			29.5			19.0			6.6			(21.6)			(12.4)			27.4			19.4			(8.0)
Pre-tax margin, excluding notable items(3)	24.8			28.7			29.1			30.9			22.2			29.5			27.0			27.0			(3.9)			—			28.4			26.4			(2.0)
Net interest margin, fully taxable-equivalent basis	0.80			0.94			1.11			1.29			1.31			1.19			1.12			1.16			(0.13)			0.04			1.03			1.20			0.17
Common equity tier 1 ratio(4)(5)	11.9			12.9			13.2			13.6			12.1			11.8			11.0			11.6			(2.0)			0.6			13.6			11.6			(2.0)
Tier 1 capital ratio(4)(5)	13.4			14.6			14.9			15.4			13.8			13.6			12.7			13.4			(2.0)			0.7			15.4			13.4			(2.0)
Total capital ratio(4)(5)	14.8			15.9			16.2			16.8			15.2			14.9			14.0			15.2			(1.6)			1.2			16.8			15.2			(1.6)
Tier 1 leverage ratio(4)	5.9			6.0			6.4			6.0			6.0			5.8			5.8			5.5			(0.5)			(0.3)			6.0			5.5			(0.5)
Supplementary leverage ratio(4)	6.7			6.6			7.1			7.0			6.8			6.4			6.3			6.2			(0.8)			(0.1)			7.0			6.2			(0.8)
End-of-period securities on loan(6)	$	412,162		$	358,972		$	353,108		$	362,395		$	362,438		$	290,515		$	280,408		$	293,331		(19.1)	%		4.6	%		$	362,395		$	293,331		(19.1)	%
Assets under custody and/or administration (in billions)	41,724			38,180			35,688			36,743			37,635			39,589			40,017			41,810			13.8			4.5			36,743			41,810			13.8
Assets under management (in billions)	4,022			3,475			3,265			3,481			3,618			3,797			3,687			4,128			18.6			12.0			3,481			4,128			18.6


(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 December 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, $298,145 million, $283,855 million and $283,048 million in the first, second, third and fourth quarters of 2023, respectively.
nm Denotes not meaningful


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED STATEMENT OF CONDITION

	As of																	% Change
(Dollars in millions, except per share amounts)		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022		March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		4Q23 vs. 4Q22		4Q23 vs. 3Q23
Assets:
Cash and due from banks		$	2,976	$	3,515	$	2,748	$	3,970	$	3,698	$	3,930	$	4,009	$	4,047	1.9	%	0.9	%
Interest-bearing deposits with banks, net		104,010		91,360		99,199		101,593		87,935		86,048		76,756		87,665		(13.7)		14.2
Securities purchased under resale agreements		803		5,203		1,308		5,215		1,134		1,668		1,816		6,692		28.3		nm
Trading account assets		754		728		685		650		695		715		725		773		18.9		6.6
Investment securities:
Investment securities available-for-sale, net		74,348		45,454		40,986		40,579		42,841		43,046		41,546		44,526		9.7		7.2

Investment securities held-to-maturity, net(1)		45,203		64,261		65,232		64,700		65,027		63,510		61,956		57,117		(11.7)		(7.8)
Total investment securities		119,551		109,715		106,218		105,279		107,868		106,556		103,502		101,643		(3.5)		(1.8)
Loans		35,141		33,565		36,113		32,150		33,916		34,123		35,436		36,631		13.9		3.4
Allowance for credit losses on loans(2)		86		95		97		97		115		120		119		135		39.2		13.4
Loans, net		35,055		33,470		36,016		32,053		33,801		34,003		35,317		36,496		13.9		3.3
Premises and equipment, net(3)		2,229		2,240		2,283		2,315		2,337		2,349		2,334		2,399		3.6		2.8
Accrued interest and fees receivable		3,446		3,403		3,526		3,434		3,570		3,732		3,874		3,806		10.8		(1.8)
Goodwill		7,582		7,465		7,351		7,495		7,530		7,544		7,487		7,611		1.5		1.7
Other intangible assets		1,744		1,654		1,568		1,544		1,493		1,435		1,363		1,320		(14.5)		(3.2)
Other assets		44,200		41,470		42,666		37,902		40,755		46,581		47,232		44,806		18.2		(5.1)
Total assets		$	322,350	$	300,223	$	303,568	$	301,450	$	290,816	$	294,561	$	284,415	$	297,258	(1.4)		4.5
Liabilities:
Deposits:
Non-interest-bearing		$	61,797	$	55,062	$	55,894	$	46,755	$	45,856	$	36,455	$	35,824	$	32,569	(30.3)		(9.1)
Interest-bearing - U.S.		104,962		107,262		105,021		111,384		108,623		122,676		118,561		121,738		9.3		2.7
Interest-bearing - Non-U.S.		84,284		79,589		77,321		77,325		69,152		63,185		58,616		66,663		(13.8)		13.7
Total deposits(4)		251,043		241,913		238,236		235,464		223,631		222,316		213,001		220,970		(6.2)		3.7
Securities sold under repurchase agreements		4,277		951		4,250		1,177		3,695		4,294		3,097		1,867		58.6		(39.7)
Federal funds purchased		—		—		—		—		—		—		—		1,000		nm		nm
Other short-term borrowings		18		73		109		2,097		8		53		8		2,660		26.8		nm
Accrued expenses and other liabilities		26,866		17,989		21,326		22,525		22,427		26,516		26,124		28,123		24.9		7.7
Long-term debt		13,922		13,530		13,999		14,996		16,305		17,178		18,564		18,839		25.6		1.5
Total liabilities		296,126		274,456		277,920		276,259		266,066		270,357		260,794		273,459		(1.0)		4.9
Shareholders' equity:
Preferred stock, no par, 3,500,000 shares authorized:
Series D, 7,500 shares issued and outstanding		742		742		742		742		742		742		742		742		—		—
Series F, 2,500 shares issued and outstanding		247		247		247		247		247		247		247		247		—		—
Series G, 5,000 shares issued and outstanding		493		493		493		493		493		493		493		493		—		—
Series H, 5,000 shares issued and outstanding		494		494		494		494		494		494		494		494		—		—
Common stock, $1 par, 750,000,000 shares authorized(5)(6)		504		504		504		504		504		504		504		504		—		—
Surplus		10,762		10,757		10,760		10,730		10,724		10,729		10,735		10,741		0.1		0.1
Retained earnings		25,612		26,115		26,552		27,028		27,342		27,808		27,993		27,957		3.4		(0.1)
Accumulated other comprehensive income (loss)		(2,698)		(3,687)		(4,268)		(3,711)		(3,272)		(3,258)		(3,045)		(2,354)		36.6		22.7
Treasury stock, at cost(7)		(9,932)		(9,898)		(9,876)		(11,336)		(12,524)		(13,555)		(14,542)		(15,025)		(32.5)		(3.3)
Total shareholders' equity		26,224		25,767		25,648		25,191		24,750		24,204		23,621		23,799		(5.5)		0.8
Total liabilities and equity		$	322,350	$	300,223	$	303,568	$	301,450	$	290,816	$	294,561	$	284,415	$	297,258	(1.4)		4.5


(1) Fair value of investment securities held-to-maturity		$	42,834	$	60,103	$	58,320	$	57,913	$	59,139	$	56,863	$	54,121	$	51,503
(2) Total allowance for credit losses including off-balance sheet commitments		107		114		114		121		162		136		134		150
(3) Accumulated depreciation for premises and equipment		5,530		5,652		5,772		5,745		5,918		6,035		6,148		6,062
(4) Average total deposits		233,268		228,417		213,302		216,799		210,320		205,831		197,869		206,544
(5) Common stock shares issued		503,879,642		503,879,642		503,879,642		503,879,642		503,879,642		503,879,642		503,879,642		503,879,642
(6) Total common shares outstanding		367,114,788		367,619,353		367,967,505		349,024,167		336,461,072		322,101,110		308,583,511		301,944,043
(7) Treasury stock shares		136,764,854		136,260,289		135,912,137		154,855,475		167,418,570		181,778,532		195,296,131		201,935,599
nm Denotes not meaningful


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					2Q23					3Q23					4Q23					4Q23 vs. 4Q22		4Q23 vs. 3Q23
(Dollars in millions; fully-taxable equivalent basis)	Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average balance
Assets:
Interest-bearing deposits with banks, net	$	76,741	0.05		%	$	76,531	0.36		%	$	68,918	1.16		%	$	83,809	2.66		%	$	77,220	3.37		%	$	69,079	4.05		%	$	62,514	4.40		%	$	70,873	4.69		%	(15.4)	%	13.4	%
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			1,634		19.82			1,639		15.75			2,138		16.56			16.0		30.4
Trading account assets	761		—			746		0.01			701		—			677		—			667		—			704		—			728		—			745		—			10.0		2.3
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			43,409		3.76			42,341		4.39			43,537		4.84			6.2		2.8
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			64,141		1.99			62,654		2.00			59,937		2.05			(7.5)		(4.3)
Total investment securities	119,286		1.10			113,929		1.24			108,875		1.65			105,804		2.19			107,089		2.50			107,550		2.71			104,995		2.97			103,474		3.23			(2.2)		(1.4)
Loans(3)	34,407		2.03			35,826		2.23			35,069		2.90			35,159		3.90			33,517		4.80			34,235		5.18			34,525		5.65			36,887		5.72			4.9		6.8
Other interest-earning assets	23,767		0.08			22,199		0.83			20,877		2.63			16,635		4.63			17,393		5.71			18,783		6.09			18,089		6.60			18,117		6.59			8.9		0.2
Total interest-earning assets	258,112		0.82			251,253		1.13			235,910		1.86			243,927		2.87			237,529		3.46			231,985		3.86			222,490		4.16			232,234		4.43			(4.8)		4.4
Cash and due from banks	4,018					3,829					3,461					3,311					3,639					3,893					3,742					4,418					33.4		18.1
Other non-interest-earning assets	32,880					36,353					35,797					37,108					36,324					39,094					41,495					42,007					13.2		1.2
Total assets	$	295,010				$	291,435				$	275,168				$	284,346				$	277,492				$	274,972				$	267,727				$	278,659				(2.0)		4.1
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		%	$	109,015	3.48		%	$	110,343	3.83		%	$	116,077	4.06		%	14.9		5.2
Non-U.S.(4)	83,556		(0.32)			80,055		(0.20)			72,202		0.22			71,736		0.82			66,356		1.07			64,838		1.54			58,808		1.80			60,856		2.11			(15.2)		3.5
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			173,853		2.75			169,151		3.13			176,933		3.39			2.4		4.6
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			4,266		1.25			3,908		0.61			3,048		0.70			(22.5)		(22.0)
Federal funds purchased	—		—			7		0.70			—		—			—		—			119		4.70			—		—			—		—			142		4.92			nm		nm
Short-term borrowings	872		—			673		0.73			430		0.01			2,756		3.54			1,159		3.72			1,965		4.11			324		2.68			1,042		2.81			(62.2)		nm
Long-term debt	14,265		1.82			13,702		2.12			13,958		2.78			14,601		3.87			15,865		4.64			16,735		5.00			18,117		5.33			18,663		5.43			27.8		3.0
Other interest-bearing liabilities	2,881		1.50			2,518		3.31			2,536		6.43			2,967		11.84			3,078		13.49			3,595		11.74			4,267		11.37			4,606		11.66			55.2		7.9
Total interest-bearing liabilities	203,926		0.02			198,714		0.24			187,576		0.93			197,049		1.95			196,247		2.61			200,414		3.09			195,767		3.45			204,434		3.72			3.7		4.4
Non-interest-bearing deposits(5)	49,639					51,089					46,464					44,007					38,703					31,978					28,718					29,611					(32.7)		3.1
Other non-interest-bearing liabilities	14,678					15,969					15,453					17,835					17,691					18,195					19,516					20,855					16.9		6.9
Preferred shareholders' equity	1,976					1,976					1,976					1,976					1,976					1,976					1,976					1,976					—		—
Common shareholders' equity	24,791					23,687					23,699					23,479					22,875					22,409					21,750					21,783					(7.2)		0.2
Total liabilities and shareholders' equity	$	295,010				$	291,435				$	275,168				$	284,346				$	277,492				$	274,972				$	267,727				$	278,659				(2.0)		4.1

Total deposits	$	233,268				$	228,417				$	213,302				$	216,799				$	210,320				$	205,831				$	197,869				$	206,544				(4.7)		4.4

Excess of rate earned over rate paid			0.80		%			0.89		%			0.92		%			0.91		%			0.86		%			0.77		%			0.70		%			0.71		%
Net interest margin			0.80		%			0.94		%			1.11		%			1.29		%			1.31		%			1.19		%			1.12		%			1.16		%
Net interest income, fully taxable-equivalent basis			$	512				$	587				$	662				$	793				$	768				$	691				$	626				$	679
Tax-equivalent adjustment			(3)					(3)					(2)					(2)					(2)					—					(2)					(1)
Net interest income, GAAP-basis(4)			$	509				$	584				$	660				$	791				$	766				$	691				$	624				$	678

(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, $140 billion, $138 billion and $167 billion in the first, second, third and fourth quarters of 2023, respectively. 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%, 0.23%, 0.19% and 0.21% in the first, second, third and fourth quarters of 2023, respectively.
(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, $34,124 million, $34,407 million and $36,771 million in the first, second, third and fourth quarters of 2023, respectively.
(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, $22 million, $24 million and $13 million in the first, second, third and fourth quarters of 2023, respectively. 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%, 2.70%, 3.07% and 3.36% in the first, second, third and fourth quarters of 2023, respectively.
(5) Average non-interest-bearing deposits are primarily composed of deposit balances denominated in U.S. dollars.
nm Denotes not meaningful


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 2022 and 2023, adjusted for applicable state income taxes, net of related federal benefit.
			Year-to-Date														% Change
			2022							2023							YTD2023 vs YTD2022
(Dollars in millions; fully-taxable equivalent basis)	Average balance				Average rates			Average balance				Average rates			Average balance
Assets:
Interest-bearing deposits with banks, net	$	76,498			1.10		%	$	69,883			4.11		%	(8.6)	%
Securities purchased under resale agreements(2)	2,116				8.88			1,764				17.67			(16.6)
Trading account assets	721				0.01			711				—			(1.4)
Investment securities:
Investment securities available-for-sale, net	53,613				1.37			42,850				4.08			(20.1)
Investment securities held-to-maturity, net	58,316				1.68			62,915				2.01			7.9
Total investment securities	111,929				1.53			105,765				2.85			(5.5)
Loans(3)	35,117				2.77			34,800				5.35			(0.9)
Other interest-earning assets	20,850				1.84			18,098				6.25			(13.2)
Total interest-earning assets	247,231				1.66			231,021				3.98			(6.6)
Cash and due from banks	3,652							3,925							7.5
Other non-interest-earning assets	35,547							39,750							11.8
Total assets	$	286,430						$	274,696						(4.1)
Liabilities:
Interest-bearing deposits:
U.S.	$	98,252			0.90			$	110,204			3.61			12.2
Non-U.S.(4)	76,842				0.10			62,689				1.62			(18.4)
Total interest-bearing deposits(4)	175,094				0.55			172,893				2.89			(1.3)
Securities sold under repurchase agreements	3,633				0.39			3,904				0.87			7.5
Federal funds purchased	—				—			65				4.82			nm
Short-term borrowings	1,188				2.18			1,120				3.60			(5.7)
Long-term debt	14,132				2.66			17,355				5.12			22.8
Other interest-bearing liabilities	2,725				5.91			3,891				11.96			42.8
Total interest-bearing liabilities	196,772				0.78			199,228				3.22			1.2
Non-interest-bearing deposits(5)	47,780							32,218							(32.6)
Other non-interest-bearing liabilities	15,992							19,073							19.3
Preferred shareholders' equity	1,976							1,976							—
Common shareholders' equity	23,910							22,201							(7.1)
Total liabilities and shareholders' equity	$	286,430						$	274,696						(4.1)

Total deposits			$	222,874						$	205,111						(8.0)


Excess of rate earned over rate paid					0.87		%					0.75		%
Net interest margin					1.03		%					1.20		%
Net interest income, fully taxable-equivalent basis					$	2,554						$	2,764
Tax-equivalent adjustment					(10)							(5)
Net interest income, GAAP-basis(4)					$	2,544						$	2,759

(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 $71 billion and $140 billion as of December 31, 2022 and 2023, respectively. Excluding the impact of netting, the average interest rates would be approximately 0.26% and 0.22% for the years ended December 31, 2022 and 2023, respectively.
(3) Average loans are presented on a gross basis. Average loans net of expected credit losses as of December 31, 2022 and 2023 was approximately $35,026 million and $34,689 million, respectively.
(4) Average rates include the impact of FX swap cost of approximately $20 million and $54 million for the year ended December 31, 2022 and 2023, respectively. Average rates for total interest-bearing deposits excluding the impact of FX swap cost were 0.54% and 2.86% for the years ended December 31, 2022 and 2023, respectively.
(5) Average non-interest-bearing deposits are primarily composed of deposit balances denominated in U.S. dollars.
nm Denotes not meaningful


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

	4Q23
	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	$	34,767	5.55	%	$	19,626	4.05	%	$	6,171	5.12	%	$	10,309	2.74	%	$	70,873	4.69	%
Total investment securities	83,798		3.27		8,694		2.31		4,245		3.20		6,737		3.81		103,474		3.23
Loans	29,834		5.67		5,197		5.82		1,223		6.95		633		4.80		36,887		5.72
Total other interest-earning assets(2)	18,356		7.95		201		4.22		54		5.62		2,389		3.23		21,000		7.37
Total interest-earning assets	$	166,755	4.68		$	33,718	3.87		$	11,693	4.61		$	20,068	3.21		$	232,234	4.43

Total interest-bearing deposits(3)(4)	$	113,890	4.32		$	31,306	2.07		$	11,010	1.59		$	20,727	1.19		$	176,933	3.39

Central Bank Rate(5)			5.50				4.00				5.25

	3Q23
	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	$	28,645	5.34	%	$	17,752	3.79	%	$	5,805	5.14	%	$	10,312	2.41	%	$	62,514	4.40	%
Total investment securities	84,506		3.10		8,815		1.81		4,773		2.80		6,901		2.90		104,995		2.97
Loans	27,770		5.67		5,139		5.28		1,061		7.00		555		5.86		34,525		5.65
Total other interest-earning assets(2)	18,226		7.57		162		3.47		56		5.69		2,012		3.14		20,456		7.10
Total interest-earning assets	$	159,147	4.45		$	31,868	3.48		$	11,695	4.35		$	19,780	2.75		$	222,490	4.16

Total interest-bearing deposits(3)(4)	$	107,999	4.07		$	29,215	1.67		$	11,385	1.29		$	20,552	1.22		$	169,151	3.13

Central Bank Rate(5)			5.43				3.73				5.16

	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

(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.


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

	Quarters
	1Q22				2Q22				3Q22				4Q22				1Q23				2Q23				3Q23				4Q23
(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		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	%	$	24.0	3.20	%	$	23.2	3.82	%	$	23.1	4.25	%
Asset-backed securities	6.7		0.79		6.7		1.22		6.2		2.21		5.9		3.68		5.9		4.43		5.8		5.06		5.9		5.63		6.6		5.67
Student loans	0.2		1.43		0.2		2.25		0.1		3.62		0.1		5.39		0.1		7.04		0.1		6.46		0.1		6.82		0.1		6.87
Credit cards	0.1		0.93		0.1		1.57		0.1		3.03		0.1		4.58		0.1		5.40		0.1		5.78		0.1		6.26		0.1		6.35
Auto & equipment	1.0		(0.01)		0.9		0.16		0.7		0.56		0.7		1.82		0.6		2.74		0.4		3.41		0.6		4.06		0.8		4.22
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		1.6		4.45		1.5		5.10		1.7		5.07
Collateralized loan obligation	3.2		1.06		3.2		1.59		3.1		2.63		3.1		4.23		3.2		4.91		3.3		5.60		3.4		6.18		3.6		6.30
Other	0.1		(0.37)		0.2		0.37		0.3		0.87		0.2		2.25		0.3		3.36		0.4		4.12		0.2		3.91		0.3		4.78
Mortgage-backed securities	9.8		1.62		3.4		1.22		1.9		1.71		1.8		3.17		2.2		3.72		2.9		4.53		3.7		4.88		4.7		5.52
Agency MBS	9.8		1.62		3.4		1.22		1.9		1.71		1.8		3.17		2.2		3.72		2.9		4.53		3.7		4.88		4.7		5.52

CMBS	9.2		0.40		8.9		0.59		8.2		1.72		7.5		3.24		6.9		4.60		6.6		5.26		6.1		5.73		5.9		5.88
Corporate bonds	3.9		1.02		2.8		1.32		2.1		1.53		2.1		1.87		2.3		2.39		2.4		2.65		2.2		3.05		2.5		4.18
Covered bonds	0.1		0.58		0.1		0.64		—		0.64		—		0.66		—		0.65		—		0.69		—		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		0.6		0.89		0.5		3.29		0.4		3.41
Clipper tax-exempt bonds	0.5		4.07		0.4		4.41		0.4		4.25		0.3		4.36		0.3		4.40		0.2		4.67		0.2		4.45		0.1		4.45
Other	1.6		0.86		1.5		0.98		1.1		1.17		0.6		2.55		0.9		2.83		0.9		1.79		0.5		3.93		0.2		10.19
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		$	43.4	3.76		$	42.3	4.39		$	43.5	4.84

	1Q22				2Q22				3Q22				4Q22				1Q23				2Q23				3Q23				4Q23
(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		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	%	$	18.9	0.88	%	$	18.5	0.87	%	$	16.9	0.92	%
Asset-backed securities	4.9		1.05		4.5		1.67		4.3		3.04		4.1		4.48		3.8		5.37		3.7		5.73		3.5		6.02		3.4		6.19
Student loans	4.9		1.05		4.5		1.67		4.3		3.04		4.1		4.48		3.8		5.37		3.7		5.73		3.5		6.02		3.4		6.19


Mortgage-backed securities	30.6		1.67		35.9		1.84		37.4		1.90		37.6		2.12		37.1		2.23		36.3		2.22		35.4		2.21		34.4		2.22
Agency MBS	30.6		1.66		35.8		1.84		37.4		1.90		37.6		2.12		37.1		2.23		36.3		2.21		35.4		2.20		34.4		2.22
Non-agency MBS	—		12.22		0.1		4.45		—		13.21		—		14.43		—		16.04		—		18.87		—		20.90		—		(12.34)
CMBS	5.0		1.53		5.1		1.71		5.2		1.80		5.1		1.87		5.3		1.93		5.2		1.94		5.3		1.94		5.2		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		$	64.1	1.99		$	62.7	2.00		$	59.9	2.05

Total investment securities	$	119.3	1.10		$	113.9	1.24		$	108.9	1.65		$	105.8	2.19		$	107.1	2.50		$	107.5	2.71		$	105.0	2.97		$	103.4	3.23


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	35		%	39		%	21		%	3		%	1		%	1		%	—		%	$	23.4	52.6	%	$	(185)	89% / 11%
Asset-backed securities	—			91			9			—			—			—			—			6.7		15.1		(17)		0% / 100%
Student loans	—			14			86			—			—			—			—			0.1		1.5		1
Credit cards	—			100			—			—			—			—			—			0.1		1.5		—
Auto & equipment	—			67			33			—			—			—			—			0.8		11.9		—
Non-U.S. residential mortgage backed securities	—			94			5			—			—			1			—			1.9		28.4		(4)
Collateralized loan obligation	—			100			—			—			—			—			—			3.5		52.2		(14)
Other	—			57			43			—			—			—			—			0.3		4.5		—
Mortgage-backed securities	100			—			—			—			—			—			—			5.2		11.7		(33)		99% / 1%
Agency MBS	100			—			—			—			—			—			—			5.2		100.0		(33)

CMBS	96			4			—			—			—			—			—			5.8		13.0		(85)		4% / 96%
Corporate bonds	—			—			19			61			20			—			—			2.7		6.1		15		86% / 14%
Covered bonds	—			100			—			—			—			—			—			—		—		(1)		100% / 0%
Municipal bonds	—			46			54			—			—			—			—			0.2		0.4		—		100% / 0%
Clipper tax-exempt bonds	—			2			84			14			—			—			—			0.1		0.2		(1)		0% / 100%
Other	—			1			56			43			—			—			—			0.4		0.9		(20)		95% / 5%
Total available-for-sale portfolio	43		%	35		%	14		%	6		%	1		%	1		%	—		%	$	44.5	100.0	%	$	(327)	65% / 35%

Fair Value	$	19.1		$	15.6		$	6.4		$	2.5		$	0.6		$	0.3		$	—

	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	60		%	16		%	18		%	—		%	6		%	—		%	—		%	$	14.3	25.0	%	$	(309)	100% / 0%
Asset-backed securities	—			26			72			—			—			2			—			3.3		5.8		(59)		5% / 95%
Student loans	—			26			72			—			—			2			—			3.3		100.0		(59)


Mortgage-backed securities	100			—			—			—			—			—			—			34.3		60.1		(4,552)		100% / 0%
Agency MBS	100			—			—			—			—			—			—			34.3		100.0		(4,570)
Non-agency MBS	—			8			2			15			24			3			48			—		—		18
CMBS	100			—			—			—			—			—			—			5.2		9.1		(695)		97% / 3%

Total held-for-maturity portfolio	84		%	6		%	9		%	—		%	1		%	—		%	—		%	$	57.1	100.0	%	$	(5,615)	94% / 6%

Amortized Cost	$	48.0		$	3.3		$	4.9		$	—		$	0.8		$	0.1		$	—

Total Investment Securities(3)																						$	101.6					81% / 19%


(1) At December 31, 2023, the after-tax unrealized MTM gain/(loss) includes after-tax unrealized loss on securities available-for-sale of $236 million, after-tax unrealized loss on securities held-to-maturity of $4,055 million and after-tax unrealized loss primarily related to securities previously transferred from available-for-sale to held-to-maturity of $519 million.
(2) At December 31, 2023, fixed-to-floating rate securities, which excludes the impact of hedges, had a book value of approximately $30 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 fair value as of December 31, 2023, approximately 86% of our investment portfolio was held in HQLA.


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		Other
Available-for-sale:
Canada	$	4.0	AA	$	3.3	$	—	$	—	$	0.4	$	0.3
United Kingdom	2.1		AA	1.2		0.6		0.1		0.2		—
Australia	1.8		AAA	0.5		0.8		0.1		0.4		—
Germany	1.4		AA	0.9		—		0.4		0.1		—
France	1.4		AA	0.2		—		0.9		0.3		—
Japan	0.8		A	0.7		—		—		0.1		—
Netherlands	0.7		AA	—		0.4		0.2		0.1		—
Italy	0.4		AA	0.1		0.1		0.2		—		—


Austria	0.3		AA	0.3		—		—		—		—
Sweden	0.3		A	—		—		—		0.3		—
Brazil	0.3		BB	0.3		—		—		—		—
Singapore	0.2		AAA	0.2		—		—		—		—
Spain	0.2		AA	0.1		—		0.1		—		—
Republic of Korea	0.2		AA	0.2		—		—		—		—
Other	7.7		AAA	7.1		—		0.1		0.5		—
Total Non-U.S. Investments(3)	$	21.8		$	15.1	$	1.9	$	2.1	$	2.4	$	0.3
U.S. Investments	22.7
Total available-for-sale	$	44.5
				Investment Securities
(Dollars in billions)	Amortized Cost		Average Rating	Gov't/Agency(1)(2)		ABS FRMBS		ABS All Other		Corporate Bonds		Other
Held-to-maturity:
Spain	$	0.8	BBB	$	0.8	$	—	$	—	$	—	$	—
Belgium	0.5		AA	0.5		—		—		—		—
France	0.5		AA	0.5		—		—		—		—
Ireland	0.4		AA	0.4		—		—		—		—
Netherlands	0.2		AAA	0.2		—		—		—		—
Austria	0.2		AA	0.2		—		—		—		—
Germany	0.2		AA	0.2		—		—		—		—

Finland	0.1		AA	0.1		—		—		—		—
Canada	0.1		AA	0.1		—		—		—		—
Other	2.7		AAA	2.7		—		—		—		—
Total Non-U.S. Investments(3)	$	5.7		$	5.7	$	—	$	—	$	—	$	—
U.S. Investments	51.4
Total held-for-maturity	$	57.1

Total Investment Portfolio	$	101.6


(1) Sovereign debt is reflected in the government / agency column.
(2) As of December 31, 2023, other non-U.S. investments include supranational bonds of $6.8 billion in AFS securities and $2.7 billion in HTM securities.
(3) Country of collateral used except for corporates where country of issuer is used.


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

	Quarters																% Change
(Dollars in billions)	1Q22		2Q22		3Q22		4Q22		1Q23		2Q23		3Q23		4Q23		4Q23 vs. 4Q22		4Q23 vs. 3Q23
Assets Under Custody and/or Administration(1)
By Product Classification:
Collective funds, including ETFs	$	15,140	$	13,609	$	11,649	$	12,261	$	12,748	$	13,210	$	13,145	$	14,070	14.8	%	7.0	%
Mutual funds	10,825		9,642		9,289		9,610		10,077		10,438		10,313		11,009		14.6		6.7
Pension products	8,191		7,764		7,669		7,734		7,871		8,037		8,255		8,352		8.0		1.2
Insurance and other products	7,568		7,165		7,081		7,138		6,939		7,904		8,304		8,379		17.4		0.9
Total Assets Under Custody and/or Administration	$	41,724	$	38,180	$	35,688	$	36,743	$	37,635	$	39,589	$	40,017	$	41,810	13.8		4.5
By Asset Class:
Equities	$	25,249	$	21,953	$	19,889	$	20,575	$	20,966	$	22,454	$	22,971	$	24,317	18.2		5.9
Fixed-income	11,303		10,716		10,150		10,318		10,645		10,812		10,688		11,043		7.0		3.3
Short-term and other investments	5,172		5,511		5,649		5,850		6,024		6,323		6,358		6,450		10.3		1.4
Total Assets Under Custody and/or Administration	$	41,724	$	38,180	$	35,688	$	36,743	$	37,635	$	39,589	$	40,017	$	41,810	13.8		4.5
By Geographic Location(2):
Americas	$	31,027	$	28,207	$	26,051	$	26,981	$	27,599	$	28,220	$	28,237	$	29,951	11.0		6.1
Europe/Middle East/Africa	8,103		7,498		6,990		7,136		7,396		8,658		8,987		8,913		24.9		(0.8)
Asia/Pacific	2,594		2,475		2,647		2,626		2,640		2,711		2,793		2,946		12.2		5.5
Total Assets Under Custody and/or Administration	$	41,724	$	38,180	$	35,688	$	36,743	$	37,635	$	39,589	$	40,017	$	41,810	13.8		4.5
Assets Under Custody(3)
By Product Classification:
Collective funds, including ETFs	$	13,107	$	11,669	$	9,932	$	10,464	$	10,935	$	11,331	$	11,250	$	12,101	15.6		7.6
Mutual funds	8,833		7,869		7,594		7,811		8,157		8,447		8,364		8,905		14.0		6.5
Pension products	6,576		6,215		6,204		6,247		6,355		6,485		6,679		6,825		9.3		2.2
Insurance and other products	2,931		2,856		2,748		2,714		2,706		2,778		2,820		2,784		2.6		(1.3)
Total Assets Under Custody	$	31,447	$	28,609	$	26,478	$	27,236	$	28,153	$	29,041	$	29,113	$	30,615	12.4		5.2
By Geographic Location(2):
Americas	$	23,655	$	21,389	$	19,581	$	20,246	$	21,019	$	21,708	$	21,578	$	22,904	13.1		6.1
Europe/Middle East/Africa	5,786		5,309		4,818		4,931		5,039		5,153		5,273		5,302		7.5		0.5
Asia-Pacific	2,006		1,911		2,079		2,059		2,095		2,180		2,262		2,409		17.0		6.5
Total Assets Under Custody	$	31,447	$	28,609	$	26,478	$	27,236	$	28,153	$	29,041	$	29,113	$	30,615	12.4		5.2

(1) Consistent with past practice, AUC/A values for certain asset classes are based on a lag, typically one-month.
(2) Geographic mix is generally based on the domicile of the entity servicing the funds and is not necessarily representative of the underlying asset mix.
(3) Assets under custody are a component of assets under custody and/or administration presented above.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER MANAGEMENT

	Quarters																% Change
(Dollars in billions)	1Q22		2Q22		3Q22		4Q22		1Q23		2Q23		3Q23		4Q23		4Q23 vs. 4Q22		4Q23 vs. 3Q23
Assets Under Management
By Asset Class and Investment Approach:
Equity:
Active	$	67	$	62	$	53	$	54	$	60	$	59	$	53	$	47	(13.0)	%	(11.3)	%
Passive	2,463		2,024		1,890		2,074		2,153		2,288		2,161		2,466		18.9		14.1
Total Equity	2,530		2,086		1,943		2,128		2,213		2,347		2,214		2,513		18.1		13.5
Fixed-Income:
Active	98		89		79		83		85		84		80		71		(14.5)		(11.3)
Passive	503		461		439		471		490		505		506		538		14.2		6.3
Total Fixed-Income	601		550		518		554		575		589		586		609		9.9		3.9
Cash(1)	393		403		410		376		375		390		434		467		24.2		7.6
Multi-Asset-Class Solutions:
Active	33		29		25		28		28		25		20		21		(25.0)		5.0
Passive	196		173		167		181		203		220		222		289		59.7		30.2
Total Multi-Asset-Class Solutions	229		202		192		209		231		245		242		310		48.3		28.1
Alternative Investments(2):
Active	51		42		35		35		35		38		21		11		(68.6)		(47.6)
Passive	218		192		167		179		189		188		190		218		21.8		14.7
Total Alternative Investments	269		234		202		214		224		226		211		229		7.0		8.5
Total Assets Under Management	$	4,022	$	3,475	$	3,265	$	3,481	$	3,618	$	3,797	$	3,687	$	4,128	18.6		12.0
By Geographic Location:
North America	$	2,878	$	2,525	$	2,396	$	2,544	$	2,648	$	2,785	$	2,702	$	3,029	19.1		12.1
Europe/Middle East/Africa	593		521		474		511		521		553		534		602		17.8		12.7
Asia-Pacific	551		429		395		426		449		459		451		497		16.7		10.2
Total Assets Under Management	$	4,022	$	3,475	$	3,265	$	3,481	$	3,618	$	3,797	$	3,687	$	4,128	18.6		12.0



(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	$	70	$	66	$	73	9.0	%	10.6	%

Equity	940		791		734		817		841		919		886		1,038		27.1		17.2
Fixed-Income	134		130		121		134		141		142		142		156		16.4		9.9
Multi-Asset	1		1		1		1		1		1		1		1		—		—
Total Exchange-Traded Funds	$	1,159	$	999	$	919	$	1,019	$	1,056	$	1,132	$	1,095	$	1,268	24.4		15.8

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


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

(Dollars in billions)			Quarters
			1Q22		2Q22		3Q22		4Q22		1Q23		2Q23		3Q23		4Q23
North America - (US Domiciled) Morningstar Direct Market Data(1)(2)
	Long Term Funds(3)		$	(66.7)	$	(277.9)	$	(193.0)	$	(352.6)	$	(57.5)	$	(113.4)	$	(111.4)	$	(207.5)
	Money Market		(143.4)		(35.1)		(26.0)		147.7		445.1		175.4		132.4		167.7
	ETF		181.2		93.2		109.9		192.5		78.7		136.2		110.2		265.2
		Total Flows	$	(28.9)	$	(219.8)	$	(109.1)	$	(12.4)	$	466.3	$	198.2	$	131.2	$	225.4

EMEA-Morningstar Direct Market Data(1)(4)
	Long Term Funds(3)		$	9.7	$	(79.5)	$	(94.1)	$	(6.2)	$	47.4	$	(13.2)	$	(40.2)	$	(72.9)
	Money Market		(68.9)		(7.3)		(11.0)		185.3		26.6		13.4		47.4		98.8
	ETF		45.4		16.0		(8.6)		26.5		37.7		27.1		30.5		40.0
		Total Flows	$	(13.8)	$	(70.8)	$	(113.7)	$	205.6	$	111.7	$	27.3	$	37.7	$	65.9

(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 fourth quarter of 2023 data for North America (US domiciled) includes Morningstar actuals for October and November 2023 and Morningstar estimates for December 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 fourth quarter of 2023 data for Europe is on a rolling three month basis for September 2023 through November 2023, sourced by Morningstar.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
LINE OF BUSINESS INFORMATION

	Three Months Ended,
	Investment Servicing										% Change							Investment Management										% Change						Other(1)									% Change				Total									% Change
(Dollars in millions)	4Q22			3Q23			4Q23				4Q23 vs. 4Q22			4Q23 vs. 3Q23				4Q22				3Q23			4Q23			4Q23 vs. 4Q22		4Q23 vs. 3Q23				4Q22			3Q23				4Q23		4Q23 vs. 4Q22		4Q23 vs. 3Q23		4Q22			3Q23			4Q23			4Q23 vs. 4Q22		4Q23 vs. 3Q23
Servicing fees	$	1,203		$	1,234		$	1,212			0.7		%	(1.8)		%		$	—			$	—		$	—		—%		—%				$	—		$	—			$	—	—	%	—	%	$	1,203		$	1,234		$	1,212		0.7	%	(1.8)	%
Management fees	—			—			—				—			—				457				479			479			4.8		—				—			—				—		—		—		457			479			479			4.8		—
Foreign exchange trading services	323			278			265				(18.0)			(4.7)				21				35			42			100.0		20.0				23			—				—		nm		—		367			313			307			(16.3)		(1.9)
Securities finance	97			98			92				(5.2)			(6.1)				6				5			5			(16.7)		—				—			—				—		—		—		103			103			97			(5.8)		(5.8)
Software and processing fees	216			188			237				9.7			26.1				—				—			—			—		—				—			—				—		—		—		216			188			237			9.7		26.1
Other fee revenue	—			41			21				—			(48.8)				18				3			12			(33.3)		nm				—			—				—		—		—		18			44			33			83.3		(25.0)
Total fee revenue	1,839			1,839			1,827				(0.7)			(0.7)				502				522			538			7.2		3.1				23			—				—		nm		—		2,364			2,361			2,365			—		0.2
Net interest income	791			620			671				(15.2)			8.2				—				4			7			nm		75.0				—			—				—		—		—		791			624			678			(14.3)		8.7
Total other income	—			—			—				—			—				—				—			—			—		—				—			(294)				—		nm		nm		—			(294)			—			—		nm
Total revenue	2,630			2,459			2,498				(5.0)			1.6				502				526			545			8.6		3.6				23			(294)				—		nm		nm		3,155			2,691			3,043			(3.5)		13.1
Provision for credit losses	10			—			20				100.0			nm				—				—			—			—		—				—			—				—		—		—		10			—			20			100.0		nm
Total expenses	1,808			1,798			1,787				(1.2)			(0.6)				345				379			414			20.0		9.2				103			3				621		nm		nm		2,256			2,180			2,822			25.1		29.4
Income before income tax expense	$	812		$	661		$	691			(14.9)			4.5				$	157			$	147		$	131		(16.6)		(10.9)				$	(80)		$	(297)			$	(621)	nm		nm		$	889		$	511		$	201		(77.4)		(60.7)
Pre-tax margin	30.9		%	26.9		%	27.7		%		(3.2)		%	0.8		%	pts	31.3		%		27.9		%	24.0		%	(7.3)	%	(3.9)		%	pts														28.2		%	19.0		%	6.6		%	(21.6)	%	(12.4)	%	pts

	Year Ended December 31,
	Investment Servicing						% Change				Investment Management							% Change				Other(1)						% Change		Total							% Change
(Dollars in millions)	2022			2023			YTD2023 vs. YTD2022				2022			2023				YTD2023 vs. YTD2022				2022			2023			YTD2023 vs. YTD2022		2022				2023			YTD2023 vs. YTD2022
Servicing fees	$	5,087		$	4,922		(3.2)		%		$	—		$	—			nm				$	—		$	—		—	%	$	5,087			$	4,922		(3.2)		%
Management fees	—			—			—				1,939			1,876				(3.2)				—			—			—		1,939				1,876			(3.2)
Foreign exchange trading services	1,271			1,140			(10.3)				82			125				52.4				23			—			nm		1,376				1,265			(8.1)
Securities finance	397			402			1.3				19			24				26.3				—			—			—		416				426			2.4
Software and processing fees	789			811			2.8				—			—				—				—			—			—		789				811			2.8
Other fee revenue	46			145			nm				(47)			35				nm				—			—			—		(1)				180			nm
Total fee revenue	7,590			7,420			(2.2)				1,993			2,060				3.4				23			—			nm		9,606				9,480			(1.3)
Net interest income	2,551			2,740			7.4				(7)			19				nm				—			—			—		2,544				2,759			8.5
Total other income	(2)			—			nm				—			—				—				—			(294)			nm		(2)				(294)			nm
Total revenue	10,139			10,160			0.2				1,986			2,079				4.7				23			(294)			nm		12,148				11,945			(1.7)
Provision for loan losses	20			46			nm				—			—				—				—			—			—		20				46			nm
Total expenses	7,260			7,413			2.1				1,396			1,540				10.3				145			630			nm		8,801				9,583			8.9
Income before income tax expense	$	2,859		$	2,701		(5.5)				$	590		$	539			(8.6)				$	(122)		$	(924)		nm		$	3,327			$	2,316		(30.4)
Pre-tax margin	28.2		%	26.6		%	(1.6)		%	pts	29.7		%	25.9		%		(3.8)		%	pts									27.4		%		19.4		%	(8.0)		%	pts

(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


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)		1Q22		2Q22		3Q22		4Q22		1Q23		2Q23		3Q23		4Q23		4Q23 vs. 4Q22			4Q23 vs. 3Q23			2022		2023		YTD2023 vs. YTD2022
Fee Revenue:
Total fee revenue, GAAP-basis		$	2,573	$	2,370	$	2,299	$	2,364	$	2,335	$	2,419	$	2,361	$	2,365	—	%		0.2	%		$	9,606	$	9,480	(1.3)	%
Less: Fee revenue(1)		—		—		—		(23)		—		—		—		—		nm			—			(23)		—		—

Total fee revenue, excluding notable items		$	2,573	$	2,370	$	2,299	$	2,341	$	2,335	$	2,419	$	2,361	$	2,365	1.0			0.2			$	9,583	$	9,480	(1.1)

Total Revenue:
Total revenue, GAAP-basis		$	3,081	$	2,953	$	2,959	$	3,155	$	3,101	$	3,110	$	2,691	$	3,043	(3.5)	%		13.1	%		$	12,148	$	11,945	(1.7)	%
Less: Notable items:
Fee revenue(1)		—		—		—		(23)		—		—		—		—		nm			—			(23)		—		nm
(Gains) losses related to investment securities, net(2)		—		—		—		—		—		—		294		—		—			nm			—		294		nm
Total revenue, excluding notable items		$	3,081	$	2,953	$	2,959	$	3,132	$	3,101	$	3,110	$	2,985	$	3,043	(2.8)			1.9			$	12,125	$	12,239	0.9

Expenses:
Total expenses, GAAP-basis		$	2,327	$	2,108	$	2,110	$	2,256	$	2,369	$	2,212	$	2,180	$	2,822	25.1	%		29.4	%		$	8,801	$	9,583	8.9	%
Less: Notable items:
Acquisition and restructuring costs(3)		(9)		(12)		(13)		(31)		—		—		—		15		nm			nm			(65)		15		nm


Repositioning charges(4)(5)		—		—		—		(70)		—		—		—		(203)		nm			nm			(70)		(203)		nm
FDIC special assessment(6)		—		—		—		—		—		—		—		(387)		nm			nm			—		(387)		nm
Other notable items(7)		—		—		—		—		—		—		—		(45)		nm			nm			—		(45)		nm
Total expenses, excluding notable items		2,318		2,096		2,097		2,155		2,369		2,212		2,180		2,202		2.2			1.0			8,666		8,963		3.4
Seasonal expenses		(208)		—		—		—		(181)		—		—		—		—			nm			(208)		(181)		(13.0)
Total expenses, excluding notable items and seasonal expenses		$	2,110	$	2,096	$	2,097	$	2,155	$	2,188	$	2,212	$	2,180	$	2,202	2.2			1.0			$	8,458	$	8,782	3.8

Fee Operating Leverage, GAAP-Basis:
Total fee revenue, GAAP-basis		$	2,573	$	2,370	$	2,299	$	2,364	$	2,335	$	2,419	$	2,361	$	2,365	—	%		0.2	%		$	9,606	$	9,480	(1.3)	%
Total expenses, GAAP-basis		2,327		2,108		2,110		2,256		2,369		2,212		2,180		2,822		25.1			29.4			8,801		9,583		8.9
Fee operating leverage, GAAP-basis(8)																		(25.1)	%	pts	(29.2)	%	pts					(10.2)	%	pts

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	$	2,419	$	2,361	$	2,365	1.0	%		0.2	%		$	9,583	$	9,480	(1.1)	%
Total expenses, excluding notable items (as reconciled above)		2,318		2,096		2,097		2,155		2,369		2,212		2,180		2,202		2.2			1.0			8,666		8,963		3.4
Fee operating leverage, excluding notable items(9)																		(1.2)	%	pts	(0.8)	%	pts					(4.5)	%	pts

Operating Leverage, GAAP-Basis:
Total revenue, GAAP-basis		$	3,081	$	2,953	$	2,959	$	3,155	$	3,101	$	3,110	$	2,691	$	3,043	(3.5)	%		13.1	%		$	12,148	$	11,945	(1.7)	%
Total expenses, GAAP-basis		2,327		2,108		2,110		2,256		2,369		2,212		2,180		2,822		25.1			29.4			8,801		9,583		8.9
Operating leverage, GAAP-basis(10)																		(28.6)	%	pts	(16.3)	%	pts					(10.6)	%	pts

Operating Leverage, excluding notable items:
Total revenue, excluding notable items (as reconciled above)		$	3,081	$	2,953	$	2,959	$	3,132	$	3,101	$	3,110	$	2,985	$	3,043	(2.8)	%		1.9	%		$	12,125	$	12,239	0.9	%
Total expenses, excluding notable items (as reconciled above)		2,318		2,096		2,097		2,155		2,369		2,212		2,180		2,202		2.2			1.0			8,666		8,963		3.4
Operating leverage, excluding notable items(11)																		(5.0)	%	pts	0.9	%	pts					(2.5)	%	pts


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)		1Q22		2Q22		3Q22		4Q22		1Q23		2Q23		3Q23		4Q23		4Q23 vs. 4Q22		4Q23 vs. 3Q23		2022		2023		YTD2023 vs. YTD2022
Income before income tax expense:
Income before income tax expense GAAP-basis	A	$	754	$	835	$	849	$	889	$	688	$	916	$	511	$	201	(77.4)	%	(60.7)	%	$	3,327	$	2,316	(30.4)	%
Less: Notable items
Fee revenue(1)		—		—		—		(23)		—		—		—		—						(23)		—
(Gains) losses related to investment securities, net(2)		—		—		—		—		—		—		294		—						—		294
Acquisition and restructuring costs(3)		9		12		13		31		—		—		—		(15)						65		(15)
Repositioning charges(4)(5)		—		—		—		70		—		—		—		203						70		203
FDIC special assessment(6)		—		—		—		—		—		—		—		387						—		387
Other notable items(7)		—		—		—		—		—		—		—		45						—		45
Income before income tax expense, excluding notable items	B	$	763	$	847	$	862	$	967	$	688	$	916	$	805	$	821	(15.1)		2.0		$	3,439	$	3,230	(6.1)


Net Income:
Net Income GAAP-basis		$	604	$	747	$	690	$	733	$	549	$	763	$	422	$	210	(71.4)	%	(50.2)	%	$	2,774	$	1,944	(29.9)	%
Less: Notable items
Fee revenue(1)		—		—		—		(23)		—		—		—		—						(23)		—
(Gains) losses related to investment securities, net(2)		—		—		—		—		—		—		294		—						—		294
Acquisition and restructuring costs(3)		9		12		13		31		—		—		—		(15)						65		(15)
Repositioning charges(4)(5)		—		—		—		70		—		—		—		203						70		203
FDIC special assessment(6)		—		—		—		—		—		—		—		387						—		387
Other notable items(7)		—		—		—		—		—		—		—		45						—		45
Tax impact of notable items		(2)		(3)		(3)		(21)		—		—		(79)		(156)						(29)		(235)
Net Income, excluding notable items		$	611	$	756	$	700	$	790	$	549	$	763	$	637	$	674	(14.7)		5.8		$	2,857	$	2,623	(8.2)

Net Income Available to Common Shareholders:
Net Income Available to Common Shareholders, GAAP-basis		$	583	$	712	$	669	$	696	$	525	$	726	$	398	$	172	(75.3)	%	(56.8)	%	$	2,660	$	1,821	(31.5)	%
Less: Notable items
Fee revenue(1)		—		—		—		(23)		—		—		—		—						(23)		—
(Gains) losses related to investment securities, net(2)		—		—		—		—		—		—		294		—						—		294
Acquisition and restructuring costs(3)		9		12		13		31		—		—		—		(15)						65		(15)
Repositioning charges(4)(5)		—		—		—		70		—		—		—		203						70		203
FDIC special assessment(6)		—		—		—		—		—		—		—		387						—		387
Other notable items(7)		—		—		—		—		—		—		—		45						—		45

Tax impact of notable items		(2)		(3)		(3)		(21)		—		—		(79)		(156)						(29)		(235)
Net Income Available to Common Shareholders, excluding notable items		$	590	$	721	$	679	$	753	$	525	$	726	$	613	$	636	(15.5)		3.8		$	2,743	$	2,500	(8.9)

Diluted Earnings per Share:
Diluted earnings per share, GAAP-basis		$	1.57	$	1.91	$	1.80	$	1.91	$	1.52	$	2.17	$	1.25	$	0.55	(71.2)	%	(56.0)	%	$	7.19	$	5.58	(22.4)	%
Less: Notable items
Fee revenue(1)		—		—		—		(0.05)		—		—		—		—						(0.05)		—
(Gains) losses related to investment securities, net(2)		—		—		—		—		—		—		0.68		—						—		0.66
Acquisition and restructuring costs(3)		0.02		0.03		0.02		0.07		—		—		—		(0.04)						0.13		(0.03)
Repositioning charges(4)(5)		—		—		—		0.14		—		—		—		0.50						0.14		0.47
FDIC special assessment(6)		—		—		—		—		—		—		—		0.94						—		0.89
Other notable items(7)		—		—		—		—		—		—		—		0.09						—		0.09

Diluted earnings per share, excluding notable items		$	1.59	$	1.94	$	1.82	$	2.07	$	1.52	$	2.17	$	1.93	$	2.04	(1.4)		5.7		$	7.41	$	7.66	3.4


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)		1Q22	2Q22	3Q22	4Q22	1Q23	2Q23	3Q23	4Q23	4Q23 vs. 4Q22			4Q23 vs. 3Q23			2022	2023	YTD2023 vs. YTD2022
Pre-tax Margin:
Pre-tax margin, GAAP-basis		24.5%	28.3%	28.7%	28.2%	22.2%	29.5%	19.0%	6.6%	(21.6)	%	pts	(12.4)	%	pts	27.4%	19.4%	(8.0)	%	pts
Less: Notable items
Fee revenue(1)		—	—	—	(0.5)	—	—	—	—							(0.1)	—
(Gains) losses related to investment securities, net(2)		—	—	—	—	—	—	8.0	—							—	2.3
Acquisition and restructuring costs(3)		0.3	0.4	0.4	1.0	—	—	—	(0.5)							0.5	(0.1)
Repositioning charges(4)(5)		—	—	—	2.2	—	—	—	6.7							0.6	1.6
FDIC special assessment(6)		—	—	—	—	—	—	—	12.7							—	3.0
Other notable items(7)		—	—	—	—	—	—	—	1.5							—	0.2
Pre-tax margin, excluding notable items		24.8%	28.7%	29.1%	30.9%	22.2%	29.5%	27.0%	27.0%	(3.9)			—			28.4%	26.4%	(2.0)

Return on Average Common Equity:
Return on average common equity, GAAP-basis		9.5%	12.1%	11.2%	11.8%	9.3%	13.0%	7.3%	3.1%	(8.7)	%	pts	(4.2)	%	pts	11.1%	8.2%	(2.9)	%	pts
Less: Notable items
Fee revenue(1)		—	—	—	(0.4)	—	—	—	—							(0.1)	—
(Gains) losses related to investment securities, net(2)		—	—	—	—	—	—	5.4	—							—	1.3
Acquisition and restructuring costs(3)		0.2	0.1	0.2	0.5	—	—	—	(0.3)							0.3	(0.1)
Repositioning charges(4)(5)		—	—	—	1.1	—	—	—	3.7							0.3	0.9
FDIC special assessment(6)		—	—	—	—	—	—	—	7.0							—	1.7
Other notable items(7)		—	—	—	—	—	—	—	0.9							—	0.3

Tax impact of notable items		—	—	—	(0.3)	—	—	(1.5)	(2.8)							(0.1)	(1.0)
Return on average common equity, excluding notable items		9.7%	12.2%	11.4%	12.7%	9.3%	13.0%	11.2%	11.6%	(1.1)			0.4			11.5%	11.3%	(0.2)

Effective Tax Rate:
Effective tax rate, GAAP-basis		19.9%	10.5%	18.7%	17.6%	20.2%	16.7%	17.4%	(4.4)%	(22.0)	%	pts	(21.8)	%	pts	16.6%	16.1%	(0.5)	%	pts
Less: Notable items
Fee revenue(1)		—	—	—	(0.2)	—	—	—	—							(0.1)	—
(Gains) losses related to investment securities, net(2)		—	—	—	—	—	—	3.5	—							—	0.9
Acquisition and restructuring costs(3)		0.1	0.3	0.1	0.3	—	—	—	(0.5)							0.2	—
Repositioning charges(4)(5)		—	—	—	0.6	—	—	—	7.3							0.2	0.6
FDIC special assessment(6)		—	—	—	—	—	—	—	13.9							—	1.1
Other notable items(7)		—	—	—	—	—	—	—	1.6							—	0.1
Effective tax rate, excluding notable items		20.0%	10.8%	18.8%	18.3%	20.2%	16.7%	20.9%	17.9%	(0.4)			(3.0)			16.9%	18.8%	1.9









(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) Loss on the sale of investment securities of $294 million related to the repositioning of certain investment securities.
(3) Acquisition and restructuring costs related to the BBH Investor Services acquisition transaction that State Street is no longer pursuing.

(4) Amount in 2023 includes $182 million of compensation and benefits expenses related to workforce rationalization, and $21 million of occupancy charges related to real estate footprint optimization.
(5) 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.
(6) FDIC special assessment of $387 million, reflected in other expenses.
(7) Charges of $41 million in information systems and communications and $4 million, net, in other expenses, primarily associated with operating model changes.
(8) Calculated as the period-over-period change in total fee revenue less the period-over-period change in total expenses.
(9) 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.
(10) Calculated as the period-over-period change in total revenue less the period-over-period change in total expenses.
(11) 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


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

GAAP-Basis QTD Comparison	Reported						Currency Translation Impact					Excluding Currency Impact				% Change Constant Currency
(Dollars in millions)	4Q22		3Q23		4Q23		4Q23 vs. 4Q22		4Q23 vs. 3Q23			4Q23 vs. 4Q22		4Q23 vs. 3Q23		4Q23 vs. 4Q22		4Q23 vs. 3Q23
GAAP-Basis Results:
Fee revenue:
Back office servicing fees	$	1,115	$	1,138	$	1,128	$	11	$	(4)		$	1,117	$	1,132	0.2	%	(0.5)	%
Middle office services	88		96		84		1		—			83		84		(5.7)		(12.5)
Servicing fees	1,203		1,234		1,212		12		(4)			1,200		1,216		(0.2)		(1.5)
Management fees	457		479		479		3		(1)			476		480		4.2		0.2
Foreign exchange trading services	367		313		307		—		—			307		307		(16.3)		(1.9)
Securities finance	103		103		97		—		—			97		97		(5.8)		(5.8)
Front office software and data	159		130		179		1		—			178		179		11.9		37.7
Lending related and other fees	57		58		58		—		—			58		58		1.8		—
Software and processing fees	216		188		237		1		—			236		237		9.3		26.1
Other fee revenue	18		44		33		—		—			33		33		nm		(25.0)
Total fee revenue	2,364		2,361		2,365		16		(5)			2,349		2,370		(0.6)		0.4
Net interest income	791		624		678		13		(4)			665		682		(15.9)		9.3
Total other income	—		(294)		—		—		—			—		—		nm		nm
Total revenue	$	3,155	$	2,691	$	3,043	$	29	$	(9)		$	3,014	$	3,052	(4.5)		13.4

Expenses:
Compensation and employee benefits	$	1,108	$	1,082	$	1,247	$	16	$	—		$	1,231	$	1,247	11.1		15.2
Information systems and communications	416		411		473		1		—			472		473		13.5		15.1
Transaction processing services	240		241		242		2		(1)			240		243		—		0.8
Occupancy	106		101		128		3		—			125		128		17.9		26.7
Acquisition and restructuring costs	31		—		(15)		—		—			(15)		(15)		nm		nm
Amortization of other intangible assets	59		60		59		1		—			58		59		(1.7)		(1.7)
Other	296		285		688		3		—			685		688		nm		nm
Total expenses	$	2,256	$	2,180	$	2,822	$	26	$	(1)		$	2,796	$	2,823	23.9		29.5

Total expenses, excluding notable items - Non-GAAP	$	2,155	$	2,180	$	2,202	$	26	$	(1)		$	2,176	$	2,203	1.0		1.1
Total non-compensation expenses, excluding notable items - Non-GAAP(1)	1,097		1,098		1,137		10		(1)			1,127		1,138		2.7		3.6


GAAP-Basis YTD Comparison	Reported				Currency Translation Impact		Excluding Currency Impact		% Change Constant Currency
(Dollars in millions)	2022		2023		YTD2023 vs.YTD2022		2023		YTD2023 vs. YTD2022
GAAP-Basis Results:
Fee revenue:
Back office servicing fees	$	4,714	$	4,561	$	10	$	4,551	(3.5)		%
Middle office services	373		361		1		360		(3.5)
Servicing fees	5,087		4,922		11		4,911		(3.5)
Management fees	1,939		1,876		3		1,873		(3.4)
Foreign exchange trading services	1,376		1,265		—		1,265		(8.1)
Securities finance	416		426		(1)		427		2.6
Front office software and data	550		580		1		579		5.3
Lending related and other fees	239		231		—		231		(3.3)
Software and processing fees	789		811		1		810		2.7
Other fee revenue	(1)		180		—		180		nm
Total fee revenue	9,606		9,480		14		9,466		(1.5)
Net interest income	2,544		2,759		20		2,739		7.7
Total other income	(2)		(294)		—		(294)		nm
Total revenue	$	12,148	$	11,945	$	34	$	11,911	(2.0)

Expenses:
Compensation and employee benefits	$	4,428	$	4,744	$	(1)	$	4,745	7.2
Information systems and communications	1,630		1,703		—		1,703		4.5
Transaction processing services	971		957		1		956		(1.5)
Occupancy	394		426		2		424		7.6
Acquisition and restructuring costs	65		(15)		—		(15)		nm
Amortization of other intangible assets	238		239		1		238		—
Other	1,075		1,529		4		1,525		41.9
Total expenses	$	8,801	$	9,583	$	7	$	9,576	8.8

Total expenses, excluding notable items - Non-GAAP	$	8,666	$	8,963	$	7	$	8,956	3.3
Total non-compensation expenses, excluding notable items - Non-GAAP(1)	4,288		4,401		8		4,393		2.4

(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 were $1,065 million in the fourth quarter of 2023, $1,082 million in the third quarter of 2023 and $1,058 million in the fourth quarter of 2022.
nm Denotes not meaningful


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			2Q23			3Q23			4Q23
Tangible common equity - period end:
Total shareholders' equity	$	26,224		$	25,767		$	25,648		$	25,191		$	24,750		$	24,204		$	23,621		$	23,799
Less:
Preferred stock	1,976			1,976			1,976			1,976			1,976			1,976			1,976			1,976
Common shareholders' equity	24,248			23,791			23,672			23,215			22,774			22,228			21,645			21,823
Less:
Goodwill	7,582			7,465			7,351			7,495			7,530			7,544			7,487			7,611
Other intangible assets	1,744			1,654			1,568			1,544			1,493			1,435			1,363			1,320
Plus related deferred tax liabilities	497			491			486			493			496			499			497			461
Tangible common shareholders' equity - Non-GAAP	$	15,419		$	15,163		$	15,239		$	14,669		$	14,247		$	13,748		$	13,292		$	13,353

Tangible common equity - average:
Average common shareholders' equity	$	24,791		$	23,687		$	23,699		$	23,479		$	22,875		$	22,409		$	21,750		$	21,783
Less:
Average goodwill	7,599			7,501			7,405			7,422			7,505			7,536			7,540			7,561
Average other intangible assets	1,782			1,693			1,607			1,553			1,516			1,462			1,402			1,336
Plus related deferred tax liabilities	499			494			488			490			495			497			498			479
Average tangible common shareholders' equity - Non-GAAP	$	15,909		$	14,987		$	15,175		$	14,994		$	14,349		$	13,908		$	13,306		$	13,365

Net income available to common shareholders	$	583		$	712		$	669		$	696		$	525		$	726		$	398		$	172
Total common shares outstanding - period end (in thousands)	367,115			367,619			367,968			349,024			336,461			322,101			308,584			301,944

Return on tangible common equity - Non-GAAP	14.7		%	17.3		%	17.3		%	17.7		%	14.6		%	18.0		%	16.5		%	13.6		%
Book value per common share	$	66.05		$	64.72		$	64.33		$	66.51		$	67.69		$	69.01		$	70.14		$	72.27
Tangible book value per common share - Non-GAAP	42.00			41.25			41.41			42.03			42.34			42.68			43.07			44.22


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			2Q23			3Q23			4Q23			1Q22			2Q22			3Q22			4Q22			1Q23			2Q23			3Q23			4Q23
Ratios and Supporting Calculations:







Common equity tier 1 capital	A	$	15,026		$	14,882		$	15,126		$	14,547		$	14,029		$	13,496		$	13,004		$	12,971		$	15,026		$	14,882		$	15,126		$	14,547		$	14,029		$	13,496		$	13,004		$	12,971
Total risk-weighted assets	B	114,969			110,447			107,771			105,359			108,296			106,521			106,846			107,453			126,725			115,404			114,682			107,227			115,582			114,022			118,008			111,703
Common equity tier 1 risk-based capital ratio	A/B	13.1		%	13.5		%	14.0		%	13.8		%	13.0		%	12.7		%	12.2		%	12.1		%	11.9		%	12.9		%	13.2		%	13.6		%	12.1		%	11.8		%	11.0		%	11.6		%

Tier 1 capital	C	$	17,002		$	16,858		$	17,102		$	16,523		$	16,005		$	15,472		$	14,980		$	14,947		$	17,002		$	16,858		$	17,102		$	16,523		$	16,005		$	15,472		$	14,980		$	14,947
Tier 1 risk-based capital ratio	C/B	14.8		%	15.3		%	15.9		%	15.7		%	14.8		%	14.5		%	14.0		%	13.9		%	13.4		%	14.6		%	14.9		%	15.4		%	13.8		%	13.6		%	12.7		%	13.4		%

Total capital	D	$	18,588		$	18,239		$	18,482		$	17,899		$	17,374		$	16,854		$	16,357		$	16,817		$	18,693		$	18,352		$	18,594		$	18,019		$	17,535		$	16,982		$	16,488		$	16,967
Total risk-based capital ratio	D/B	16.2		%	16.5		%	17.1		%	17.0		%	16.0		%	15.8		%	15.3		%	15.7		%	14.8		%	15.9		%	16.2		%	16.8		%	15.2		%	14.9		%	14.0		%	15.2		%

Tier 1 capital	E	$	17,002		$	16,858		$	17,102		$	16,523		$	16,005		$	15,472		$	14,980		$	14,947		$	17,002		$	16,858		$	17,102		$	16,523		$	16,005		$	15,472		$	14,980		$	14,947
Leverage exposure(3)	F	285,788			282,526			266,622			275,678			268,747			266,240			259,086			269,807			285,788			282,526			266,622			275,678			268,747			266,240			259,086			269,807
Tier 1 leverage ratio	E/F	5.9		%	6.0		%	6.4		%	6.0		%	6.0		%	5.8		%	5.8		%	5.5		%	5.9		%	6.0		%	6.4		%	6.0		%	6.0		%	5.8		%	5.8		%	5.5		%

On-and off-balance sheet leverage exposure		$	264,616		$	263,538		$	250,070		$	246,017		$	244,049		$	249,353		$	246,948		$	248,371		$	264,616		$	263,538		$	250,070		$	246,017		$	244,049		$	249,353		$	246,948		$	248,371
Less: regulatory deductions		(9,222)			(8,909)			(8,546)			(8,668)			(8,745)			(8,732)			(8,641)			(8,852)			(9,222)			(8,909)			(8,546)			(8,668)			(8,745)			(8,732)			(8,641)			(8,852)
Total leverage exposure for SLR	G	255,394			254,629			241,524			237,349			235,304			240,621			238,307			239,519			255,394			254,629			241,524			237,349			235,304			240,621			238,307			239,519
Supplementary leverage ratio(4)	E/G	6.7		%	6.6		%	7.1		%	7.0		%	6.8		%	6.4		%	6.3		%	6.2		%	6.7		%	6.6		%	7.1		%	7.0		%	6.8		%	6.4		%	6.3		%	6.2		%

(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 December 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 December 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.



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
December 31, 2023


Table of Contents

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

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

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

Capital:
Reconciliations of Tangible Book Value per Share and Return on Tangible Common Equity			22
Regulatory Capital			23


This financial information should be read in conjunction with State Street's news release dated January 19, 2024.