Document


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

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

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



Pre-tax margin	24.8			26.4			27.4			19.4
Pre-tax margin, excluding notable items(1)	26.3			27.6			28.4			26.4
Net interest margin, fully taxable-equivalent basis	0.97			0.74			1.03			1.20
Common equity tier 1 ratio(2)(3)	12.3			14.3			13.6			11.6
Tier 1 capital ratio(2)(3)	14.4			16.1			15.4			13.4
Total capital ratio(2)(3)	15.3			17.5			16.8			15.2
Tier 1 leverage ratio(2)	6.4			6.1			6.0			5.5
Supplementary leverage ratio(2)	8.1			7.4			7.0			6.2
Assets under custody and/or administration (in trillions)	$	38.79		$	43.68		$	36.74		$	41.81
Assets under management (in trillions)	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
(Dollars in millions, except per share amounts, or where otherwise noted)	1Q23		2Q23		3Q23		4Q23		1Q24			1Q24 vs. 1Q23		1Q24 vs. 4Q23

Fee revenue:
Back office servicing fees	$	1,131	$	1,164	$	1,138	$	1,128	$	1,136		0.4	%	0.7	%
Middle office services	86		95		96		84		92			7.0		9.5
Servicing fees	1,217		1,259		1,234		1,212		1,228			0.9		1.3
Management fees	457		461		479		479		510			11.6		6.5
Foreign exchange trading services	342		303		313		307		331			(3.2)		7.8
Securities finance	109		117		103		97		96			(11.9)		(1.0)
Front office software and data	109		162		130		179		144			32.1		(19.6)
Lending related and other fees	56		59		58		58		63			12.5		8.6
Software and processing fees	165		221		188		237		207			25.5		(12.7)
Other fee revenue	45		58		44		33		50			11.1		51.5
Total fee revenue	2,335		2,419		2,361		2,365		2,422			3.7		2.4
Net interest income:
Interest income	2,027		2,232		2,328		2,593		2,889			42.5		11.4
Interest expense	1,261		1,541		1,704		1,915		2,173			72.3		13.5
Net interest income	766		691		624		678		716			(6.5)		5.6
Other income:
Gains (losses) related to investment securities, net	—		—		(294)		—		—			—		—

Total other income	—		—		(294)		—		—			—		—
Total revenue	3,101		3,110		2,691		3,043		3,138			1.2		3.1
Provision for credit losses	44		(18)		—		20		27			(38.6)		35.0
Expenses:
Compensation and employee benefits	1,292		1,123		1,082		1,247		1,252			(3.1)		0.4
Information systems and communications	414		405		411		473		432			4.3		(8.7)
Transaction processing services	239		235		241		242		248			3.8		2.5
Occupancy	94		103		101		128		103			9.6		(19.5)
Acquisition and restructuring costs	—		—		—		(15)		—			—		nm
Amortization of other intangible assets	60		60		60		59		60			—		1.7
Other	270		286		285		688		418			54.8		(39.2)
Total expenses	2,369		2,212		2,180		2,822		2,513			6.1		(10.9)
Income before income tax expense	688		916		511		201		598			(13.1)		nm
Income tax expense	139		153		89		(9)		135			(2.9)		nm
Net income	$	549	$	763	$	422	$	210	$	463		(15.7)		nm


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

	Quarters											% Change
(Dollars in millions, except per share amounts, or where otherwise noted)		1Q23		2Q23		3Q23		4Q23		1Q24			1Q24 vs. 1Q23		1Q24 vs. 4Q23
Adjustments to net income:
Dividends on preferred stock		$	(23)	$	(37)	$	(24)	$	(38)	$	(45)		(95.7)	%	(18.4)	%
Earnings allocated to participating securities		(1)		—		—		—		—			nm		—
Net income available to common shareholders		$	525	$	726	$	398	$	172	$	418		(20.4)		nm

Per common share:
Basic earnings		$	1.54	$	2.20	$	1.27	$	0.56	$	1.38		(10.4)		nm
Diluted earnings		1.52		2.17		1.25		0.55		1.37			(9.9)		nm
Average common shares outstanding (in thousands):
Basic		341,106		329,383		313,147		306,198		301,991			(11.5)		(1.4)
Diluted		345,472		333,540		317,329		310,419		305,943			(11.4)		(1.4)
Cash dividends declared per common share		$	0.63	$	0.63	$	0.69	$	0.69	$	0.69		9.5		—
Closing price per share of common stock (as of quarter end)		75.69		73.18		66.96		77.46		77.32			2.2		(0.2)
Book value per common share		$	67.69	$	69.01	$	70.14	$	72.27	$	72.85		7.6		0.8
Tangible book value per common share(1)		42.34		42.68		43.07		44.22		45.06			6.4		1.9
Balance sheet averages:
Investment securities		$	107,089	$	107,550	$	104,995	$	103,474	$	101,318		(5.4)		(2.1)
Total assets		277,492		274,972		267,727		278,659		298,570			7.6		7.1
Total deposits		210,320		205,831		197,869		206,544		218,892			4.1		6.0








Ratios and other metrics:
Effective tax rate	20.2		%	16.7		%	17.4		%	(4.4)		%	22.5		%	2.3	%	pts	26.9	%	pts
Return on average common equity	9.3			13.0			7.3			3.1			7.7			(1.6)			4.6
Return on average tangible common equity(2)	14.6			18.0			16.5			13.6			12.4			(2.2)			(1.2)
Pre-tax margin	22.2			29.5			19.0			6.6			19.1			(3.1)			12.5
Pre-tax margin, excluding notable items(3)	22.2			29.5			27.0			27.0			23.2			1.0			(3.8)
Net interest margin, fully taxable-equivalent basis	1.31			1.19			1.12			1.16			1.13			(0.18)			(0.03)
Common equity tier 1 ratio(4)(5)	12.1			11.8			11.0			11.6			11.1			(1.0)			(0.5)
Tier 1 capital ratio(4)(5)	13.8			13.6			12.7			13.4			13.2			(0.6)			(0.2)
Total capital ratio(4)(5)	15.2			14.9			14.0			15.2			14.9			(0.3)			(0.3)
Tier 1 leverage ratio(4)	6.0			5.8			5.8			5.5			5.4			(0.6)			(0.1)
Supplementary leverage ratio(4)	6.8			6.4			6.3			6.2			6.5			(0.3)			0.3
End-of-period securities on loan(6)	$	362,438		$	290,515		$	280,408		$	293,331		$	339,940		(6.2)	%		15.9	%
Assets under custody and/or administration (in billions)	37,635			39,589			40,017			41,810			43,912			16.7			5.0
Assets under management (in billions)	3,618			3,797			3,687			4,128			4,336			19.8			5.0


(1) Tangible book value per common share is calculated by dividing the period end tangible common equity (non-GAAP) by the total common shares outstanding at period end. Refer to the Reconciliations of Tangible Book Value per Common Share and Return on Tangible Common Equity page for details.
(2) Return on tangible common equity is calculated by dividing year-to-date annualized net income available to common shareholders (GAAP-basis) by average tangible common equity (non-GAAP). Refer to the Reconciliations of Tangible Book Value per Common Share and Return on Tangible Common Equity page for details.
(3) Notable items include acquisition and restructuring costs, repositioning charges and legal and other notable items. Refer to Reconciliations of non-GAAP Financial Information pages for details.
(4) The capital ratios presented are calculated in conformity with the applicable regulatory guidance in effect as of each period end. Capital ratios as of March 31, 2024 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 $355,150 million, $298,145 million, $283,855 million and $283,048 million in the first, second, third and fourth quarters of 2023, respectively, and $301,247 million in the first quarter of 2024.
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, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2024			1Q24 vs. 1Q23		1Q24 vs. 4Q23
Assets:
Cash and due from banks		$	3,698	$	3,930	$	4,009	$	4,047	$	3,413		(7.7)	%	(15.7)	%
Interest-bearing deposits with banks, net		87,935		86,048		76,756		87,665		125,486			42.7		43.1
Securities purchased under resale agreements		1,134		1,668		1,816		6,692		7,489			nm		11.9
Trading account assets		695		715		725		773		760			9.4		(1.7)
Investment securities:
Investment securities available-for-sale, net		42,841		43,046		41,546		44,526		48,640			13.5		9.2

Investment securities held-to-maturity, net(1)		65,027		63,510		61,956		57,117		52,914			(18.6)		(7.4)
Total investment securities		107,868		106,556		103,502		101,643		101,554			(5.9)		(0.1)
Loans		33,916		34,123		35,436		36,631		38,635			13.9		5.5
Allowance for credit losses on loans(2)		115		120		119		135		135			17.4		—
Loans, net		33,801		34,003		35,317		36,496		38,500			13.9		5.5
Premises and equipment, net(3)		2,337		2,349		2,334		2,399		2,479			6.1		3.3
Accrued interest and fees receivable		3,570		3,732		3,874		3,806		4,014			12.4		5.5
Goodwill		7,530		7,544		7,487		7,611		7,582			0.7		(0.4)
Other intangible assets		1,493		1,435		1,363		1,320		1,258			(15.7)		(4.7)
Other assets		40,755		46,581		47,232		44,806		45,468			11.6		1.5
Total assets		$	290,816	$	294,561	$	284,415	$	297,258	$	338,003		16.2		13.7
Liabilities:
Deposits:
Non-interest-bearing		$	45,856	$	36,455	$	35,824	$	32,569	$	37,367		(18.5)		14.7
Interest-bearing - U.S.		108,623		122,676		118,561		121,738		148,485			36.7		22.0
Interest-bearing - Non-U.S.		69,152		63,185		58,616		66,663		66,032			(4.5)		(0.9)
Total deposits(4)		223,631		222,316		213,001		220,970		251,884			12.6		14.0
Securities sold under repurchase agreements		3,695		4,294		3,097		1,867		3,576			(3.2)		91.5

Other short-term borrowings		8		53		8		3,660		11,541			nm		nm
Accrued expenses and other liabilities		22,427		26,516		26,124		28,123		26,823			19.6		(4.6)
Long-term debt		16,305		17,178		18,564		18,839		19,746			21.1		4.8
Total liabilities		266,066		270,357		260,794		273,459		313,570			17.9		14.7
Shareholders' equity:
Preferred stock, no par, 3,500,000 shares authorized:
Series D, 7,500 shares issued and outstanding		742		742		742		742		—			nm		nm
Series F, 2,500 shares issued and outstanding		247		247		247		247		—			nm		nm
Series G, 5,000 shares issued and outstanding		493		493		493		493		493			—		—
Series H, 5,000 shares issued and outstanding		494		494		494		494		494			—		—
Series I, 15,000 shares issued and outstanding		—		—		—		—		1,481			nm		nm
Common stock, $1 par, 750,000,000 shares authorized(5)(6)		504		504		504		504		504			—		—
Surplus		10,724		10,729		10,735		10,741		10,724			—		(0.2)
Retained earnings		27,342		27,808		27,993		27,957		28,166			3.0		0.7
Accumulated other comprehensive income (loss)		(3,272)		(3,258)		(3,045)		(2,354)		(2,369)			27.6		(0.6)
Treasury stock, at cost(7)		(12,524)		(13,555)		(14,542)		(15,025)		(15,060)			(20.2)		(0.2)
Total shareholders' equity		24,750		24,204		23,621		23,799		24,433			(1.3)		2.7
Total liabilities and equity		$	290,816	$	294,561	$	284,415	$	297,258	$	338,003		16.2		13.7


(1) Fair value of investment securities held-to-maturity		$	59,139	$	56,863	$	54,121	$	51,503	$	46,823
(2) Total allowance for credit losses including off-balance sheet commitments		162		136		134		150		146
(3) Accumulated depreciation for premises and equipment		5,918		6,035		6,148		6,062		6,193
(4) Average total deposits		210,320		205,831		197,869		206,544		218,892
(5) Common stock shares issued		503,879,642		503,879,642		503,879,642		503,879,642		503,879,642
(6) Total common shares outstanding		336,461,072		322,101,110		308,583,511		301,944,043		301,504,470
(7) Treasury stock shares		167,418,570		181,778,532		195,296,131		201,935,599		202,375,172
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
	1Q23					2Q23					3Q23					4Q23					1Q24						1Q24 vs. 1Q23	1Q24 vs. 4Q23
(Dollars in millions; fully-taxable equivalent basis)	Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates						Average balance		Average balance
Assets:
Interest-bearing deposits with banks, net	$	77,220	3.37		%	$	69,079	4.05		%	$	62,514	4.40		%	$	70,873	4.69		%	$	90,230	4.45		%				16.8	%	27.3	%
Securities purchased under resale agreements(2)	1,643		18.94			1,634		19.82			1,639		15.75			2,138		16.56			6,118		10.97						nm		nm
Trading account assets	667		—			704		—			728		—			745		—			767		—						15.0		3.0
Investment securities:
Investment securities available-for-sale, net	42,101		3.31			43,409		3.76			42,341		4.39			43,537		4.84			46,497		4.93						10.4		6.8
Investment securities held-to-maturity, net	64,988		1.97			64,141		1.99			62,654		2.00			59,937		2.05			54,821		2.14						(15.6)		(8.5)
Total investment securities	107,089		2.50			107,550		2.71			104,995		2.97			103,474		3.23			101,318		3.42						(5.4)		(2.1)
Loans(3)	33,517		4.80			34,235		5.18			34,525		5.65			36,887		5.72			37,747		5.82						12.6		2.3
Other interest-earning assets	17,393		5.71			18,783		6.09			18,089		6.60			18,117		6.59			18,153		6.92						4.4		0.2
Total interest-earning assets	237,529		3.46			231,985		3.86			222,490		4.16			232,234		4.43			254,333		4.57						7.1		9.5
Cash and due from banks	3,639					3,893					3,742					4,418					4,608								26.6		4.3
Other non-interest-earning assets	36,324					39,094					41,495					42,007					39,629								9.1		(5.7)
Total assets	$	277,492				$	274,972				$	267,727				$	278,659				$	298,570							7.6		7.1
Liabilities:
Interest-bearing deposits:
U.S.	$	105,261	3.00		%	$	109,015	3.48		%	$	110,343	3.83		%	$	116,077	4.06		%	$	129,846	4.22		%				23.4		11.9
Non-U.S.(4)	66,356		1.07			64,838		1.54			58,808		1.80			60,856		2.11			62,087		1.80						(6.4)		2.0
Total interest-bearing deposits(4)	171,617		2.25			173,853		2.75			169,151		3.13			176,933		3.39			191,933		3.44						11.8		8.5
Securities sold under repurchase agreements	4,409		0.84			4,266		1.25			3,908		0.61			3,048		0.70			3,122		5.06						(29.2)		2.4
Federal funds purchased	—		—			—		—			—		—			1		5.48			—		—						nm		nm
Other short-term borrowings	1,278		3.78			1,965		4.11			324		2.68			1,183		3.11			8,314		4.85						nm		nm
Long-term debt	15,865		4.64			16,735		5.00			18,117		5.33			18,663		5.43			18,944		5.44						19.4		1.5
Other interest-bearing liabilities	3,078		13.49			3,595		11.74			4,267		11.37			4,606		11.66			4,430		12.29						43.9		(3.8)
Total interest-bearing liabilities	196,247		2.61			200,414		3.09			195,767		3.45			204,434		3.72			226,743		3.85						15.5		10.9
Non-interest-bearing deposits(5)	38,703					31,978					28,718					29,611					26,959								(30.3)		(9.0)
Other non-interest-bearing liabilities	17,691					18,195					19,516					20,855					20,233								14.4		(3.0)
Preferred shareholders' equity	1,976					1,976					1,976					1,976					2,785								40.9		40.9
Common shareholders' equity	22,875					22,409					21,750					21,783					21,850								(4.5)		0.3
Total liabilities and shareholders' equity	$	277,492				$	274,972				$	267,727				$	278,659				$	298,570							7.6		7.1

Total deposits	$	210,320				$	205,831				$	197,869				$	206,544				$	218,892							4.1		6.0

Excess of rate earned over rate paid			0.86		%			0.77		%			0.70		%			0.71		%			0.72		%
Net interest margin			1.31		%			1.19		%			1.12		%			1.16		%			1.13		%
Net interest income, fully taxable-equivalent basis			$	768				$	691				$	626				$	679				$	717
Tax-equivalent adjustment			(2)					—					(2)					(1)					(1)
Net interest income, GAAP-basis(4)			$	766				$	691				$	624				$	678				$	716

(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 $117 billion, $140 billion, $138 billion and $167 billion in the first, second, third and fourth quarters of 2023, respectively, and approximately $172 billion in the first quarter of 2024. Excluding the impact of netting, the average interest rates would be approximately 0.26%, 0.23%, 0.19% and 0.21% in the first, second, third and fourth quarters of 2023, respectively, and approximately 0.38% in the first quarter of 2024.
(3) Average loans are presented on a gross basis. Average loans net of expected credit losses were approximately $33,422 million, $34,124 million, $34,407 million and $36,771 million in the first, second, third and fourth quarters of 2023 and approximately $37,626 million in the first quarter of 2024.
(4) Average rates includes the impact of FX swap expense of approximately ($5) million, $22 million, $24 million and $13 million in the first, second, third and fourth quarters of 2023, respectively, and approximately ($49) million in the first quarter of 2024. Average rates for total interest-bearing deposits excluding the impact of FX swap expense were approximately 2.26%, 2.70%, 3.07% and 3.36% in the first, second, third and fourth quarters of 2023, respectively, and approximately 3.54% in the first quarter of 2024.
(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)

	1Q24
	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	$	44,424	5.54	%	$	25,275	3.83	%	$	6,941	5.11	%	$	13,590	1.70	%	$	90,230	4.45	%
Total investment securities	81,305		3.45		8,901		2.55		4,161		3.87		6,951		3.94		101,318		3.42
Loans	30,599		5.86		5,450		5.45		1,105		7.02		593		4.52		37,747		5.82
Total other interest-earning assets(2)	22,662		8.14		111		3.99		63		5.90		2,202		3.41		25,038		7.70
Total interest-earning assets	$	178,990	4.98		$	39,737	3.77		$	12,270	4.87		$	23,336	2.61		$	254,333	4.57

Total interest-bearing deposits(3)(4)	$	127,920	4.45		$	33,145	2.20		$	11,411	1.78		$	19,457	(0.15)		$	191,933	3.44

Central Bank Rate(5)			5.50				4.00				5.25

	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

	1Q23
	USD				EUR				GBP				Other				Total
(Dollars in millions, except where otherwise noted)	Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates

Interest-bearing deposits with banks	$	32,623	4.74	%	$	23,550	2.32	%	$	7,461	3.69	%	$	13,586	1.72	%	$	77,220	3.37	%
Total investment securities	86,610		2.68		9,038		1.12		3,834		1.78		7,607		2.40		107,089		2.50
Loans	26,814		4.91		4,902		4.12		1,041		5.16		760		4.97		33,517		4.80
Total other interest-earning assets(2)	17,615		7.04		369		4.37		126		4.17		1,593		2.72		19,703		6.62
Total interest-earning assets	$	163,662	3.95		$	37,859	2.29		$	12,462	3.24		$	23,546	2.12		$	237,529	3.46

Total interest-bearing deposits(3)(4)	$	103,951	3.23		$	33,280	0.90		$	12,760	0.82		$	21,626	0.49		$	171,617	2.25

Central Bank Rate(5)			4.69				2.41				3.85

(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
	1Q23				2Q23				3Q23				4Q23				1Q24
(Dollars in billions, except where otherwise noted)	Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate
Available-for-sale investment securities:
Government & agency securities	$	23.1	2.74	%	$	24.0	3.20	%	$	23.2	3.82	%	$	23.1	4.25	%	$	25.1	4.44	%
Asset-backed securities	5.9		4.43		5.8		5.06		5.9		5.63		6.6		5.67		6.9		5.61
Student loans	0.1		7.04		0.1		6.46		0.1		6.82		0.1		6.87		0.1		7.42
Credit cards	0.1		5.40		0.1		5.78		0.1		6.26		0.1		6.35		0.1		6.24
Auto & equipment	0.6		2.74		0.4		3.41		0.6		4.06		0.8		4.22		0.9		4.51
Non-U.S. residential mortgage backed securities	1.6		4.00		1.6		4.45		1.5		5.10		1.7		5.07		2.0		5.24
Collateralized loan obligation	3.2		4.91		3.3		5.60		3.4		6.18		3.6		6.30		3.6		6.08
Other	0.3		3.36		0.4		4.12		0.2		3.91		0.3		4.78		0.2		4.72
Mortgage-backed securities	2.2		3.72		2.9		4.53		3.7		4.88		4.7		5.52		5.6		5.44
Agency MBS	2.2		3.72		2.9		4.53		3.7		4.88		4.7		5.52		5.6		5.44

CMBS	6.9		4.60		6.6		5.26		6.1		5.73		5.9		5.88		5.6		5.81
Corporate bonds	2.3		2.39		2.4		2.65		2.2		3.05		2.5		4.18		2.7		4.34
Covered bonds	—		0.65		—		0.69		—		0.66		—		0.65		—		3.63
Municipal bonds	0.5		2.91		0.6		0.89		0.5		3.29		0.4		3.41		0.2		2.78
Clipper tax-exempt bonds	0.3		4.40		0.2		4.67		0.2		4.45		0.1		4.45		0.1		4.41
Other	0.9		2.83		0.9		1.79		0.5		3.93		0.2		10.19		0.3		8.51
Total available-for-sale portfolio	$	42.1	3.31		$	43.4	3.76		$	42.3	4.39		$	43.5	4.84		$	46.5	4.93

	1Q23				2Q23				3Q23				4Q23				1Q24
(Dollars in billions, except where otherwise noted)	Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate
Held-to-maturity investment securities:
Government & agency securities	$	18.8	0.88	%	$	18.9	0.88	%	$	18.5	0.87	%	$	16.9	0.92	%	$	12.7	0.96	%
Asset-backed securities	3.8		5.37		3.7		5.73		3.5		6.02		3.4		6.19		3.1		6.15
Student loans	3.8		5.37		3.7		5.73		3.5		6.02		3.4		6.19		3.1		6.15


Mortgage-backed securities	37.1		2.23		36.3		2.22		35.4		2.21		34.4		2.22		33.8		2.25
Agency MBS	37.1		2.23		36.3		2.21		35.4		2.20		34.4		2.22		33.8		2.24
Non-agency MBS	—		16.04		—		18.87		—		20.90		—		(12.34)		—		47.98
CMBS	5.3		1.93		5.2		1.94		5.3		1.94		5.2		1.93		5.2		1.93

Total held-for-maturity portfolio	$	65.0	1.97		$	64.1	1.99		$	62.7	2.00		$	59.9	2.05		$	54.8	2.14

Total investment securities	$	107.1	2.50		$	107.5	2.71		$	105.0	2.97		$	103.4	3.23		$	101.3	3.42


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	44		%	35		%	20		%	—		%	—		%	1		%	—		%	$	27.0	55.6	%	$	(192)	90% /10%
Asset-backed securities	—			92			8			—			—			—			—			7.1		14.6		(1)		0% / 100%
Student loans	—			14			77			9			—			—			—			0.1		1.4		1
Credit cards	—			100			—			—			—			—			—			0.1		1.4		1
Auto & equipment	—			72			28			—			—			—			—			0.9		12.7		—
Non-U.S. residential mortgage backed securities	—			96			4			—			—			—			—			2.0		28.2		(1)
Collateralized loan obligation	—			100			—			—			—			—			—			3.7		52.1		(3)
Other	—			56			44			—			—			—			—			0.3		4.2		1
Mortgage-backed securities	100			—			—			—			—			—			—			5.8		11.9		(56)		99% / 1%
Agency MBS	100			—			—			—			—			—			—			5.8		100.0		(56)

CMBS	96			4			—			—			—			—			—			5.5		11.3		(62)		4% / 96%
Corporate bonds	—			—			20			60			20			—			—			2.5		5.1		12		85% / 15%
Covered bonds	—			100			—			—			—			—			—			—		—		(1)		21% / 79%
Municipal bonds	—			47			53			—			—			—			—			0.2		0.5		(2)		100% / 0%
Clipper tax-exempt bonds	—			2			84			14			—			—			—			0.1		0.2		(1)		0% / 100%
Other	—			—			66			34			—			—			—			0.4		0.8		(15)		95% / 5%
Total available-for-sale portfolio	47		%	34		%	14		%	3		%	1		%	1		%	—		%	$	48.6	100.0	%	$	(318)	68% / 32%

Fair Value	$	22.8		$	16.4		$	6.9		$	1.7		$	0.6		$	0.2		$	—

	UST/AGY			AAA			AA			A			BBB			<BBB			NR			Amortized Cost		% Total		Net Unrealized Pre-tax MTM Gain/(Loss) (In millions)(1)		Fixed Rate/ Floating Rate(2)
Held-to-maturity investment securities:
Government & agency securities	55		%	19		%	19		%	—		%	7		%	—		%	—		%	$	11.1	21.0	%	$	(314)	100% / 0%
Asset-backed securities	—			26			72			—			—			2			—			3.1		5.9		(39)		5% / 95%
Student loans	—			26			72			—			—			2			—			3.1		100.0		(39)


Mortgage-backed securities	100			—			—			—			—			—			—			33.5		63.3		(5,017)		100% / 0%
Agency MBS	100			—			—			—			—			—			—			33.5		100.0		(5,034)
Non-agency MBS	—			8			3			15			24			3			47			—		—		17
CMBS	100			—			—			—			—			—			—			5.2		9.8		(723)		97% / 3%

Total held-for-maturity portfolio	85		%	6		%	8		%	—		%	1		%	—		%	—		%	$	52.9	100.0	%	$	(6,093)	94% / 6%

Amortized Cost	$	44.8		$	2.9		$	4.3		$	—		$	0.8		$	0.1		$	—

Total Investment Securities(3)																						$	101.5					82% / 18%


(1) At March 31, 2024, the after-tax unrealized MTM gain/(loss) includes after-tax unrealized loss on securities available-for-sale of $234 million, after-tax unrealized loss on securities held-to-maturity of $4,492 million and after-tax unrealized loss primarily related to securities previously transferred from available-for-sale to held-to-maturity of $490 million.
(2) At March 31, 2024, fixed-to-floating rate securities, which excludes the impact of hedges, had a book value of approximately $28 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 March 31, 2024, approximately 85% 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	$	3.9	AA	$	3.2	$	—	$	—	$	0.4	$	0.3
United Kingdom	2.1		AA	1.0		0.7		0.1		0.3		—
Australia	1.6		AAA	0.2		0.9		0.1		0.4		—
Germany	1.6		AA	1.1		—		0.4		0.1		—
France	1.5		AA	0.4		—		0.9		0.2		—
Netherlands	0.6		AA	—		0.3		0.2		0.1		—
Austria	0.5		AA	0.4		—		0.1		—		—
Italy	0.4		AA	0.1		0.1		0.2		—		—


Hong Kong	0.3		AA	0.3		—		—		—		—
Sweden	0.3		A	—		—		—		0.3		—
Brazil	0.2		BB	0.2		—		—		—		—
Singapore	0.2		AAA	0.2		—		—		—		—
Spain	0.2		A	0.1		—		0.1		—		—
Republic of Korea	0.2		AA	0.2		—		—		—		—
Other	8.5		AAA	7.9		—		0.1		0.5		—
Total Non-U.S. Investments(3)	$	22.1		$	15.3	$	2.0	$	2.2	$	2.3	$	0.3
U.S. Investments	26.5
Total available-for-sale	$	48.6
				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	0.4		AA	0.4		—		—		—		—
France	0.4		AA	0.4		—		—		—		—
Ireland	0.4		AA	0.4		—		—		—		—
Germany	0.2		AA	0.2		—		—		—		—
Austria	0.2		AA	0.2		—		—		—		—
Finland	0.1		AA	0.1		—		—		—		—

Canada	0.1		AA	0.1		—		—		—		—

Other	2.5		AAA	2.5		—		—		—		—
Total Non-U.S. Investments(3)	$	5.1		$	5.1	$	—	$	—	$	—	$	—
U.S. Investments	47.8
Total held-for-maturity	$	52.9

Total Investment Portfolio	$	101.5


(1) Sovereign debt is reflected in the government / agency column.
(2) As of March 31, 2024, other non-U.S. investments include supranational bonds of $7.9 billion in AFS securities and $2.4 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)	1Q23		2Q23		3Q23		4Q23		1Q24			1Q24 vs. 1Q23		1Q24 vs. 4Q23
Assets Under Custody and/or Administration(1)
By Product Classification:
Collective funds, including ETFs	$	12,748	$	13,210	$	13,145	$	14,070	$	14,694		15.3	%	4.4	%
Mutual funds	10,077		10,438		10,313		11,009		11,552			14.6		4.9
Pension products	7,871		8,037		8,255		8,352		8,800			11.8		5.4
Insurance and other products	6,939		7,904		8,304		8,379		8,866			27.8		5.8
Total Assets Under Custody and/or Administration	$	37,635	$	39,589	$	40,017	$	41,810	$	43,912		16.7		5.0
By Asset Class:
Equities	$	20,966	$	22,454	$	22,971	$	24,317	$	25,909		23.6		6.5
Fixed-income	10,645		10,812		10,688		11,043		11,368			6.8		2.9
Short-term and other investments(2)	6,024		6,323		6,358		6,450		6,635			10.1		2.9
Total Assets Under Custody and/or Administration	$	37,635	$	39,589	$	40,017	$	41,810	$	43,912		16.7		5.0
By Geographic Location(3):
Americas	$	27,599	$	28,220	$	28,237	$	29,951	$	31,610		14.5		5.5
Europe/Middle East/Africa	7,396		8,658		8,987		8,913		9,207			24.5		3.3
Asia/Pacific	2,640		2,711		2,793		2,946		3,095			17.2		5.1
Total Assets Under Custody and/or Administration	$	37,635	$	39,589	$	40,017	$	41,810	$	43,912		16.7		5.0
Assets Under Custody(4)
By Product Classification:
Collective funds, including ETFs	$	10,935	$	11,331	$	11,250	$	12,101	$	12,717		16.3		5.1
Mutual funds	8,157		8,447		8,364		8,905		9,309			14.1		4.5
Pension products	6,355		6,485		6,679		6,825		7,235			13.8		6.0
Insurance and other products	2,706		2,778		2,820		2,784		2,898			7.1		4.1
Total Assets Under Custody	$	28,153	$	29,041	$	29,113	$	30,615	$	32,159		14.2		5.0
By Geographic Location(3):
Americas	$	21,019	$	21,708	$	21,578	$	22,904	$	24,241		15.3		5.8
Europe/Middle East/Africa	5,039		5,153		5,273		5,302		5,380			6.8		1.5
Asia-Pacific	2,095		2,180		2,262		2,409		2,538			21.1		5.4
Total Assets Under Custody	$	28,153	$	29,041	$	29,113	$	30,615	$	32,159		14.2		5.0

(1) Consistent with past practice, AUC/A values for certain asset classes are based on a lag, typically one-month.
(2) Short-term and other investments includes derivatives, cash and cash equivalents and other instruments.
(3) Geographic mix is generally based on the domicile of the entity servicing the funds and is not necessarily representative of the underlying asset mix.
(4) 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)	1Q23		2Q23		3Q23		4Q23		1Q24			1Q24 vs. 1Q23		1Q24 vs. 4Q23
Assets Under Management
By Asset Class and Investment Approach:
Equity:
Active	$	60	$	59	$	53	$	47	$	51		(15.0)	%	8.5	%
Passive	2,153		2,288		2,161		2,466		2,662			23.6		7.9
Total Equity	2,213		2,347		2,214		2,513		2,713			22.6		8.0
Fixed-Income:
Active	85		84		80		71		27			(68.2)		(62.0)
Passive	490		505		506		538		550			12.2		2.2
Total Fixed-Income	575		589		586		609		577			0.3		(5.3)
Cash(1)	375		390		434		467		481			28.3		3.0
Multi-Asset-Class Solutions:
Active	28		25		20		21		23			(17.9)		9.5
Passive	203		220		222		289		312			53.7		8.0
Total Multi-Asset-Class Solutions	231		245		242		310		335			45.0		8.1
Alternative Investments(2):
Active	35		38		21		11		11			(68.6)		—
Passive	189		188		190		218		219			15.9		0.5
Total Alternative Investments	224		226		211		229		230			2.7		0.4
Total Assets Under Management	$	3,618	$	3,797	$	3,687	$	4,128	$	4,336		19.8		5.0
By Geographic Location:
North America	$	2,648	$	2,785	$	2,702	$	3,029	$	3,155		19.1		4.2
Europe/Middle East/Africa	521		553		534		602		671			28.8		11.5
Asia-Pacific	449		459		451		497		510			13.6		2.6
Total Assets Under Management	$	3,618	$	3,797	$	3,687	$	4,128	$	4,336		19.8		5.0



(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)	$	73	$	70	$	66	$	73	$	74		1.4	%	1.4	%

Equity	841		919		886		1,038		1,131			34.5		9.0
Fixed-Income	141		142		142		156		155			9.9		(0.6)
Multi-Asset	1		1		1		1		1			—		—
Total Exchange-Traded Funds	$	1,056	$	1,132	$	1,095	$	1,268	$	1,361		28.9		7.3

(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
			1Q23		2Q23		3Q23		4Q23		1Q24
North America - (US Domiciled) Morningstar Direct Market Data(1)(2)
	Long Term Funds(3)		$	(57.5)	$	(113.4)	$	(111.4)	$	(207.4)	$	(2.3)
	Money Market		445.1		175.4		132.4		154.4		(8.9)
	ETF		78.7		136.2		110.2		265.2		190.4
		Total Flows	$	466.3	$	198.2	$	131.2	$	212.2	$	179.2

EMEA-Morningstar Direct Market Data(1)(4)
	Long Term Funds(3)		$	47.4	$	(13.2)	$	(40.2)	$	(66.3)	$	(0.4)
	Money Market		26.6		13.4		47.4		130.4		56.0
	ETF		37.7		27.1		30.5		50.7		53.2
		Total Flows	$	111.7	$	27.3	$	37.7	$	114.8	$	108.8

(1) Source: Morningstar Direct. The data includes long-term mutual funds, ETF’s and Money Market funds. Mutual fund data represents estimates of net new cash flow, which is new sales minus redemptions combined with net exchanges, while ETF data represents net issuance, which is gross issuance less gross redemptions. Data for Fund of Funds, Feeder funds and Obsolete funds were excluded from the series to prevent double counting. Data is from the Morningstar Direct Asset Flows database.
(2) The first quarter of 2024 data for North America (US domiciled) includes Morningstar actuals for January and February 2024 and Morningstar estimates for March 2024.
(3) The long-term fund flows reported by Morningstar in North America are composed of US domiciled Market flows mainly in Equities, Allocation and Fixed Income asset classes. The long-term funds flows reported by Morningstar direct in EMEA are composed of the European market flows mainly in Equities, Allocation and Fixed Incomes asset classes.
(4) The first quarter of 2024 data for Europe is on a rolling three month basis for December 2023 through February 2024, 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)	1Q23			4Q23			1Q24			1Q24 vs. 1Q23		1Q24 vs. 4Q23			1Q23			4Q23			1Q24			1Q24 vs. 1Q23		1Q24 vs. 4Q23			1Q23		4Q23		1Q24		1Q24 vs. 1Q23		1Q24 vs. 4Q23		1Q23			4Q23			1Q24			1Q24 vs. 1Q23		1Q24 vs. 4Q23
Servicing fees	$	1,217		$	1,212		$	1,228		0.9	%	1.3	%		$	—		$	—		$	—		—	%	—	%		$	—	$	—	$	—	—	%	—	%	$	1,217		$	1,212		$	1,228		0.9	%	1.3	%
Management fees	—			—			—			—		—			457			479			510			11.6		6.5			—		—		—		—		—		457			479			510			11.6		6.5
Foreign exchange trading services	321			265			308			(4.0)		16.2			21			42			23			9.5		(45.2)			—		—		—		—		—		342			307			331			(3.2)		7.8
Securities finance	103			92			90			(12.6)		(2.2)			6			5			6			—		20.0			—		—		—		—		—		109			97			96			(11.9)		(1.0)
Software and processing fees	165			237			207			25.5		(12.7)			—			—			—			—		—			—		—		—		—		—		165			237			207			25.5		(12.7)
Other fee revenue	28			21			43			53.6		nm			17			12			7			(58.8)		(41.7)			—		—		—		—		—		45			33			50			11.1		51.5
Total fee revenue	1,834			1,827			1,876			2.3		2.7			501			538			546			9.0		1.5			—		—		—		—		—		2,335			2,365			2,422			3.7		2.4
Net interest income	762			671			711			(6.7)		6.0			4			7			5			25.0		(28.6)			—		—		—		—		—		766			678			716			(6.5)		5.6

Total revenue	2,596			2,498			2,587			(0.3)		3.6			505			545			551			9.1		1.1			—		—		—		—		—		3,101			3,043			3,138			1.2		3.1
Provision for credit losses	44			20			27			(38.6)		35.0			—			—			—			—		—			—		—		—		—		—		44			20			27			(38.6)		35.0
Total expenses	1,978			1,787			1,963			(0.8)		9.8			386			414			420			8.8		1.4			5		621		130		nm		nm		2,369			2,822			2,513			6.1		(10.9)
Income before income tax expense	$	574		$	691		$	597		4.0		(13.6)			$	119		$	131		$	131		10.1		—			$	(5)	$	(621)	$	(130)	nm		nm		$	688		$	201		$	598		(13.1)		nm
Pre-tax margin	22.1		%	27.7		%	23.1		%	1.0	%	(4.6)	%	pts	23.6		%	24.0		%	23.8		%	0.2	%	(0.2)	%	pts											22.2		%	6.6		%	19.1		%	(3.1)	%	12.5	%	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
ALLOWANCE FOR CREDIT LOSSES

	Quarters											% Change
(Dollars in millions)		1Q23		2Q23		3Q23		4Q23		1Q24			1Q24 vs. 1Q23		1Q24 vs. 4Q23
Allowance for credit losses:
Beginning balance		$	121	$	162	$	136	$	134	$	150		24.0	%	11.9	%
Provision for credit losses (funded commitments)		21		12		1		20		31			47.6		55.0
Provision for credit losses (unfunded commitments)		(7)		(1)		(1)		—		(4)			(42.9)		nm
Provision for credit losses (investment securities and all other)		30		(29)		—		—		—			nm		—
Total provision		44		(18)		—		20		27			(38.6)		35.0
Charge-offs		(3)		(8)		(2)		(4)		(31)			nm		nm

Ending balance(1)		$	162	$	136	$	134	$	150	$	146		(9.9)		(2.7)

Allowance for credit losses:
Loans		$	115	$	120	$	119	$	135	$	135		17.4		—
Investment securities		2		—		1		1		1			(50.0)		—
Unfunded (off-balance sheet) commitments		16		15		14		14		10			(37.5)		(28.6)
All other		29		1		—		—		—			nm		—
Ending balance(1)		$	162	$	136	$	134	$	150	$	146		(9.9)		(2.7)


(1) The allowance for credit losses on unfunded commitments is included within Other liabilities in the Consolidated Statement of Condition.
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
(Dollars in millions)		1Q23		2Q23		3Q23		4Q23		1Q24			1Q24 vs. 1Q23			1Q24 vs. 4Q23
Fee Revenue:
Total fee revenue, GAAP-basis		$	2,335	$	2,419	$	2,361	$	2,365	$	2,422		3.7	%		2.4	%


Total fee revenue, excluding notable items		$	2,335	$	2,419	$	2,361	$	2,365	$	2,422		3.7			2.4

Total Revenue:
Total revenue, GAAP-basis		$	3,101	$	3,110	$	2,691	$	3,043	$	3,138		1.2	%		3.1	%
Less: Notable items:

(Gains) losses related to investment securities, net(1)		—		—		294		—		—			—			—
Total revenue, excluding notable items		$	3,101	$	3,110	$	2,985	$	3,043	$	3,138		1.2			3.1

Expenses:
Total expenses, GAAP-basis		$	2,369	$	2,212	$	2,180	$	2,822	$	2,513		6.1	%		(10.9)	%
Less: Notable items:
Acquisition and restructuring costs(2)		—		—		—		15		—			—			nm


Repositioning charges(3)		—		—		—		(203)		—			—			nm
FDIC special assessment(4)		—		—		—		(387)		(130)			nm			(66.4)
Other notable items(5)		—		—		—		(45)		—			—			nm
Total expenses, excluding notable items		2,369		2,212		2,180		2,202		2,383			0.6			8.2
Seasonal expenses		(181)		—		—		—		(162)			(10.5)			nm
Total expenses, excluding notable items and seasonal expenses		$	2,188	$	2,212	$	2,180	$	2,202	$	2,221		1.5			0.9

Fee Operating Leverage, GAAP-Basis:
Total fee revenue, GAAP-basis		$	2,335	$	2,419	$	2,361	$	2,365	$	2,422		3.7	%		2.4	%
Total expenses, GAAP-basis		2,369		2,212		2,180		2,822		2,513			6.1			(10.9)
Fee operating leverage, GAAP-basis(6)													(2.4)	%	pts	13.3	%	pts

Fee Operating Leverage, excluding notable items:
Total fee revenue, excluding notable items (as reconciled above)		$	2,335	$	2,419	$	2,361	$	2,365	$	2,422		3.7	%		2.4	%
Total expenses, excluding notable items (as reconciled above)		2,369		2,212		2,180		2,202		2,383			0.6			8.2
Fee operating leverage, excluding notable items(7)													3.1	%	pts	(5.8)	%	pts

Operating Leverage, GAAP-Basis:
Total revenue, GAAP-basis		$	3,101	$	3,110	$	2,691	$	3,043	$	3,138		1.2	%		3.1	%
Total expenses, GAAP-basis		2,369		2,212		2,180		2,822		2,513			6.1			(10.9)
Operating leverage, GAAP-basis(8)													(4.9)	%	pts	14.0	%	pts

Operating Leverage, excluding notable items:
Total revenue, excluding notable items (as reconciled above)		$	3,101	$	3,110	$	2,985	$	3,043	$	3,138		1.2	%		3.1	%
Total expenses, excluding notable items (as reconciled above)		2,369		2,212		2,180		2,202		2,383			0.6			8.2
Operating leverage, excluding notable items(9)													0.6	%	pts	(5.1)	%	pts


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

	Quarters											% Change
(Dollars in millions, except earnings per share, or where otherwise noted)		1Q23		2Q23		3Q23		4Q23		1Q24			1Q24 vs. 1Q23		1Q24 vs. 4Q23
Income before income tax expense:
Income before income tax expense GAAP-basis	A	$	688	$	916	$	511	$	201	$	598		(13.1)	%	nm
Less: Notable items

(Gains) losses related to investment securities, net(1)		—		—		294		—		—
Acquisition and restructuring costs(2)		—		—		—		(15)		—
Repositioning charges(3)		—		—		—		203		—
FDIC special assessment(4)		—		—		—		387		130
Other notable items(5)		—		—		—		45		—
Income before income tax expense, excluding notable items	B	$	688	$	916	$	805	$	821	$	728		5.8	%	(11.3)	%


Net Income:
Net Income GAAP-basis		$	549	$	763	$	422	$	210	$	463		(15.7)	%	nm
Less: Notable items

(Gains) losses related to investment securities, net(1)		—		—		294		—		—
Acquisition and restructuring costs(2)		—		—		—		(15)		—
Repositioning charges(3)		—		—		—		203		—
FDIC special assessment(4)		—		—		—		387		130

Other notable items(5)		—		—		—		45		—
Tax impact of notable items		—		—		(79)		(156)		(31)
Net Income, excluding notable items		$	549	$	763	$	637	$	674	$	562		2.4	%	(16.6)	%

Net Income Available to Common Shareholders:
Net Income Available to Common Shareholders, GAAP-basis		$	525	$	726	$	398	$	172	$	418		(20.4)	%	nm
Less: Notable items

(Gains) losses related to investment securities, net(1)		—		—		294		—		—
Acquisition and restructuring costs(2)		—		—		—		(15)		—
Repositioning charges(3)		—		—		—		203		—
FDIC special assessment(4)		—		—		—		387		130

Other notable items(5)		—		—		—		45		—
Tax impact of notable items		—		—		(79)		(156)		(31)
Net Income Available to Common Shareholders, excluding notable items		$	525	$	726	$	613	$	636	$	517		(1.5)	%	(18.7)	%

Diluted Earnings per Share:
Diluted earnings per share, GAAP-basis		$	1.52	$	2.17	$	1.25	$	0.55	$	1.37		(9.9)	%	nm
Less: Notable items

(Gains) losses related to investment securities, net(1)		—		—		0.68		—		—
Acquisition and restructuring costs(2)		—		—		—		(0.04)		—
Repositioning charges(3)		—		—		—		0.50		—
FDIC special assessment(4)		—		—		—		0.94		0.32

Other notable items(5)		—		—		—		0.09		—
Diluted earnings per share, excluding notable items		$	1.52	$	2.17	$	1.93	$	2.04	$	1.69		11.2	%	(17.2)	%


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

	Quarters											% Change
(Dollars in millions, except earnings per share, or where otherwise noted)		1Q23		2Q23		3Q23		4Q23		1Q24			1Q24 vs. 1Q23			1Q24 vs. 4Q23
Pre-tax Margin:
Pre-tax margin, GAAP-basis		22.2	%	29.5	%	19.0	%	6.6	%	19.1	%		(3.1)	%	pts	12.5	%	pts
Less: Notable items

(Gains) losses related to investment securities, net(1)		—		—		8.0		—		—
Acquisition and restructuring costs(2)		—		—		—		(0.5)		—
Repositioning charges(3)		—		—		—		6.7		—
FDIC special assessment(4)		—		—		—		12.7		4.1
Other notable items(5)		—		—		—		1.5		—
Pre-tax margin, excluding notable items		22.2	%	29.5	%	27.0	%	27.0	%	23.2	%		1.0			(3.8)

Return on Average Common Equity:
Return on average common equity, GAAP-basis		9.3	%	13.0	%	7.3	%	3.1	%	7.7	%		(1.6)	%	pts	4.6	%	pts
Less: Notable items

(Gains) losses related to investment securities, net(1)		—		—		5.4		—		—
Acquisition and restructuring costs(2)		—		—		—		(0.3)		—
Repositioning charges(3)		—		—		—		3.7		—
FDIC special assessment(4)		—		—		—		7.0		2.4

Other notable items(5)		—		—		—		0.9		—
Tax impact of notable items		—		—		(1.5)		(2.8)		(0.6)
Return on average common equity, excluding notable items		9.3	%	13.0	%	11.2	%	11.6	%	9.5	%		0.2			(2.1)

Effective Tax Rate:
Effective tax rate, GAAP-basis		20.2	%	16.7	%	17.4	%	(4.4)	%	22.5	%		2.3	%	pts	26.9	%	pts
Less: Notable items

(Gains) losses related to investment securities, net(1)		—		—		3.5		—		—
Acquisition and restructuring costs(2)		—		—		—		(0.5)		—
Repositioning charges(3)		—		—		—		7.3		—
FDIC special assessment(4)		—		—		—		13.9		0.3
Other notable items(5)		—		—		—		1.6		—
Effective tax rate, excluding notable items		20.2	%	16.7	%	20.9	%	17.9	%	22.8	%		2.6			4.9










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


(3) 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.
(4) In 2024 and 2023, FDIC special assessment of $130 million and $387 million, respectively, reflected in other expenses.
(5) Charges of $41 million in information systems and communications and $4 million, net, in other expenses, primarily associated with operating model changes.
(6) Calculated as the period-over-period change in total fee revenue less the period-over-period change in total expenses.
(7) 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.
(8) Calculated as the period-over-period change in total revenue less the period-over-period change in total expenses.
(9) 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
RECONCILIATION OF PRE-TAX MARGIN EXCLUDING NOTABLE ITEMS

(Dollars in millions)			2020			2021			2022			2023
Total revenue:
Total revenue, GAAP-basis			$	11,703		$	12,027		$	12,148		$	11,945
		Less: Fees revenue	—			—			(23)			—
		Less: Total other income	—			(111)			—			—

		Add: (Gains) losses related to investment securities, net	—			—			—			294

Total revenue, excluding notable items			11,703			11,916			12,125			12,239

Provision for credit losses			88			(33)			20			46
Total expenses:
Total expenses, GAAP-basis			8,716			8,889			8,801			9,583
	Less: Notable expense items:
		Acquisition and restructuring costs	(50)			(65)			(65)			15
		Deferred incentive compensation expense acceleration	—			(147)			—			—
		Legal and other	9			(18)			—			—
		Repositioning (charges) / release	(133)			3			(70)			(203)
		FDIC special assessment	—			—			—			(387)
		Other notable items	—			—			—			(45)
Total expenses, excluding notable items			8,542			8,662			8,666			8,963
Income before income tax expense, excluding notable items			$	3,073		$	3,287		$	3,439		$	3,230

Income before income tax expense, GAAP-basis			$	2,899		$	3,171		$	3,327		$	2,316

Pre-tax margin, excluding notable items			26.3		%	27.6		%	28.4		%	26.4		%
Pre-tax margin, GAAP-basis			24.8			26.4			27.4			19.4


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)	1Q23		4Q23		1Q24		1Q24 vs. 1Q23		1Q24 vs. 4Q23		1Q24 vs. 1Q23		1Q24 vs. 4Q23		1Q24 vs. 1Q23		1Q24 vs. 4Q23
GAAP-Basis Results:
Fee revenue:
Back office servicing fees	$	1,131	$	1,128	$	1,136	$	2	$	3	$	1,134	$	1,133	0.3	%	0.4	%
Middle office services	86		84		92		1		1		91		91		5.8		8.3
Servicing fees	1,217		1,212		1,228		3		4		1,225		1,224		0.7		1.0
Management fees	457		479		510		(1)		1		511		509		11.8		6.3
Foreign exchange trading services	342		307		331		—		—		331		331		(3.2)		7.8
Securities finance	109		97		96		—		—		96		96		(11.9)		(1.0)
Front office software and data	109		179		144		1		—		143		144		31.2		(19.6)
Lending related and other fees	56		58		63		—		—		63		63		12.5		8.6
Software and processing fees	165		237		207		1		—		206		207		24.8		(12.7)
Other fee revenue	45		33		50		—		—		50		50		11.1		51.5
Total fee revenue	2,335		2,365		2,422		3		5		2,419		2,417		3.6		2.2
Net interest income	766		678		716		5		5		711		711		(7.2)		4.9

Total revenue	$	3,101	$	3,043	$	3,138	$	8	$	10	$	3,130	$	3,128	0.9		2.8

Expenses:
Compensation and employee benefits	$	1,292	$	1,247	$	1,252	$	6	$	6	$	1,246	$	1,246	(3.6)		(0.1)
Information systems and communications	414		473		432		1		1		431		431		4.1		(8.9)
Transaction processing services	239		242		248		1		1		247		247		3.3		2.1
Occupancy	94		128		103		1		1		102		102		8.5		(20.3)
Acquisition and restructuring costs	—		(15)		—		—		—		—		—		nm		nm
Amortization of other intangible assets	60		59		60		—		—		60		60		—		1.7
Other	270		688		418		—		—		418		418		54.8		(39.2)
Total expenses	$	2,369	$	2,822	$	2,513	$	9	$	9	$	2,504	$	2,504	5.7		(11.3)

Total expenses, excluding notable items - Non-GAAP	$	2,369	$	2,202	$	2,383	$	9	$	9	$	2,374	$	2,374	0.2		7.8
Total non-compensation expenses, excluding notable items - Non-GAAP(1)	1,077		1,137		1,131		3		3		1,128		1,128		4.7		(0.8)


































(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 $1,252 million in the first quarter of 2024, $1,065 million in the fourth quarter of 2023 and $1,292 million in the first quarter of 2023.
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)	1Q23			2Q23			3Q23			4Q23			1Q24
Tangible common equity - period end:
Total shareholders' equity	$	24,750		$	24,204		$	23,621		$	23,799		$	24,433
Less:
Preferred stock	1,976			1,976			1,976			1,976			2,468
Common shareholders' equity	22,774			22,228			21,645			21,823			21,965
Less:
Goodwill	7,530			7,544			7,487			7,611			7,582
Other intangible assets	1,493			1,435			1,363			1,320			1,258
Plus related deferred tax liabilities	496			499			497			461			460
Tangible common shareholders' equity - Non-GAAP	$	14,247		$	13,748		$	13,292		$	13,353		$	13,585

Tangible common equity - average:
Average common shareholders' equity	$	22,875		$	22,409		$	21,750		$	21,783		$	21,850
Less:
Average goodwill	7,505			7,536			7,540			7,561			7,589
Average other intangible assets	1,516			1,462			1,402			1,336			1,287
Plus related deferred tax liabilities	495			497			498			479			460
Average tangible common shareholders' equity - Non-GAAP	$	14,349		$	13,908		$	13,306		$	13,365		$	13,434

Net income available to common shareholders	$	525		$	726		$	398		$	172		$	418
Total common shares outstanding - period end (in thousands)	336,461			322,101			308,584			301,944			301,504

Return on tangible common equity - Non-GAAP	14.6		%	18.0		%	16.5		%	13.6		%	12.4		%
Book value per common share	$	67.69		$	69.01		$	70.14		$	72.27		$	72.85
Tangible book value per common share - Non-GAAP	42.34			42.68			43.07			44.22			45.06


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
REGULATORY CAPITAL

		Basel III Advanced Approaches(1)															Basel III Standardized Approach(2)
(Dollars in millions)		1Q23			2Q23			3Q23			4Q23			1Q24				1Q23			2Q23			3Q23			4Q23			1Q24
Ratios and Supporting Calculations:







Common equity tier 1 capital	A	$	14,029		$	13,496		$	13,004		$	12,971		$	13,167			$	14,029		$	13,496		$	13,004		$	12,971		$	13,167
Total risk-weighted assets	B	108,296			106,521			106,846			107,453			112,161				115,582			114,022			118,008			111,703			118,613
Common equity tier 1 risk-based capital ratio	A/B	13.0		%	12.7		%	12.2		%	12.1		%	11.7		%		12.1		%	11.8		%	11.0		%	11.6		%	11.1		%

Tier 1 capital	C	$	16,005		$	15,472		$	14,980		$	14,947		$	15,636			$	16,005		$	15,472		$	14,980		$	14,947		$	15,636
Tier 1 risk-based capital ratio	C/B	14.8		%	14.5		%	14.0		%	13.9		%	13.9		%		13.8		%	13.6		%	12.7		%	13.4		%	13.2		%

Total capital	D	$	17,374		$	16,854		$	16,357		$	16,817		$	17,505			$	17,535		$	16,982		$	16,488		$	16,967		$	17,651
Total risk-based capital ratio	D/B	16.0		%	15.8		%	15.3		%	15.7		%	15.6		%		15.2		%	14.9		%	14.0		%	15.2		%	14.9		%

Tier 1 capital	E	$	16,005		$	15,472		$	14,980		$	14,947		$	15,636			$	16,005		$	15,472		$	14,980		$	14,947		$	15,636
Leverage exposure(3)	F	268,747			266,240			259,086			269,807			289,772				268,747			266,240			259,086			269,807			289,772
Tier 1 leverage ratio	E/F	6.0		%	5.8		%	5.8		%	5.5		%	5.4		%		6.0		%	5.8		%	5.8		%	5.5		%	5.4		%

On-and off-balance sheet leverage exposure		$	244,049		$	249,353		$	246,948		$	248,371		$	249,668			$	244,049		$	249,353		$	246,948		$	248,371		$	249,668
Less: regulatory deductions		(8,745)			(8,732)			(8,641)			(8,852)			(8,798)				(8,745)			(8,732)			(8,641)			(8,852)			(8,798)
Total leverage exposure for SLR	G	235,304			240,621			238,307			239,519			240,870				235,304			240,621			238,307			239,519			240,870
Supplementary leverage ratio(4)	E/G	6.8		%	6.4		%	6.3		%	6.2		%	6.5		%		6.8		%	6.4		%	6.3		%	6.2		%	6.5		%

(1) CET1, tier 1 capital, total capital and tier 1 leverage ratios for each period above were calculated in conformity with the advanced approaches provisions of the Basel III final rule. Capital ratios as of March 31, 2024 are estimates.
(2) CET1, tier 1 capital, total capital and tier 1 leverage ratios for each period above were calculated in conformity with the standardized approach provisions of the Basel III final rule. Capital ratios as of March 31, 2024 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.