State Street 8K Results of Operations and Financial Condition | STT 19 Jan 21

Exhibit 99.2



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
December 31, 2020


Table of Contents

GAAP-Basis Financial Information:
5-Year Summary of Results			2
Consolidated Financial Highlights			3
Consolidated Results of Operations			4
Consolidated Statement of Condition			6
Average Statement of Condition - Rates Earned and Paid - Fully Taxable-Equivalent Basis			7
Average Statement of Condition - Rates Earned and Paid - Fully Taxable-Equivalent Basis - Year-to-Date			8
Assets Under Custody and/or Administration			9
Assets Under Management			10
Industry Flow Data by Asset Class			11
Line of Business Information			12

Investment Portfolio:
Investment Portfolio Holdings by Asset Class			13
Investment Portfolio Non-U.S. Investments			14
Allowance for Credit Losses			15

Non-GAAP Financial Information:
Reconciliations of Non-GAAP Financial Information			16
Reconciliation of Pre-tax Margin Excluding Notable Items			18
Reconciliation of Notable Items			19
Reconciliations of Constant Currency FX Impacts			20

Capital:
Reconciliation of Tangible Common Equity Ratio			21
Regulatory Capital			22
Reconciliations of Supplementary Leverage Ratios			23

This financial information should be read in conjunction with State Street's news release dated January 19, 2021.


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

(Dollars in millions, except per share amounts, or where otherwise noted)	2016			2017			2018			2019			2020
Year ended December 31:
Total fee revenue	$	8,200		$	9,001		$	9,454		$	9,147		$	9,499
Net interest income	2,084			2,304			2,671			2,566			2,200
Other income	7			(39)			6			43			4
Total revenue	10,291			11,266			12,131			11,756			11,703
Provision for credit losses	10			2			15			10			88
Total expenses	8,077			8,269			9,015			9,034			8,716
Income before income tax expense	2,204			2,995			3,101			2,712			2,899
Income tax expense	67			839			508			470			479
Net income from non-controlling interest	1			—			—			—			—
Net income	2,138			2,156			2,593			2,242			2,420
Net income available to common shareholders	$	1,963		$	1,972		$	2,404		$	2,009		$	2,257
Per common share:
Diluted earnings per common share	$	4.96		$	5.19		$	6.39		$	5.38		$	6.32
Average diluted common shares outstanding (in thousands)	396,090			380,213			376,476			373,666			357,106
Cash dividends declared per common share	$	1.44		$	1.60		$	1.78		$	1.98		$	2.08
Closing price per share of common stock (at year end)	77.72			97.61			63.07			79.10			72.78
Average balance sheet:
Investment securities	$	100,738		$	95,779		$	88,070		$	91,768		$	109,175
Total assets	229,727			219,450			223,385			223,334			269,334
Total deposits	170,485			163,808			161,408			158,262			193,225
Ratios and other metrics:
Return on average common equity	10.4		%	10.5		%	12.1		%	9.4		%	10.0		%
Pre-tax margin	21.4			26.6			25.6			23.1			24.8
Pre-tax margin, excluding notable items(1)	26.2			28.7			28.8			25.8			26.3
Net interest margin, fully taxable-equivalent basis	1.13			1.29			1.47			1.42			0.97
Common equity tier 1 ratio(2)(3)(4)	11.6			11.9			11.7			11.7			12.3
Tier 1 capital ratio(2)(3)(4)	14.7			15.0			15.5			14.5			14.4
Total capital ratio(2)(3)(4)	16.0			16.0			16.3			15.6			15.3
Tier 1 leverage ratio(2)(3)	6.5			7.3			7.2			6.9			6.4
Supplementary leverage ratio(2)(3)	5.9			6.5			6.3			6.1			8.1
Assets under custody and/or administration (in trillions)	$	28.77		$	33.12		$	31.62		$	34.36		$	38.79
Assets under management (in trillions)	2.47			2.78			2.51			3.12			3.47

(1) Notable items include acquisition and restructuring costs, repositioning charges, and other notable items. Refer to Reconciliations of pre-tax margin excluding notable items for details.
(2) The capital ratios presented are calculated in conformity with the applicable regulatory guidance in effect as of each period end. Effective January 1, 2018, the applicable final rules are in effect and the ratios are calculated based on fully phased-in CET1, tier 1, total capital and supplementary leverage numbers. We did not revise previously-filed reported capital metrics and ratios.
(3) Under the applicable bank regulatory rules, we are not required to and, accordingly, did not revise previously-filed reported capital metrics and ratios following the change in accounting for LIHTC.
(4) The reportable ratios represent the lower of each of the risk-based capital ratios under both the Standardized Approach and the Advanced Approaches.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED FINANCIAL HIGHLIGHTS

	Quarters																								% Change
(Dollars in millions, except per share amounts, or where otherwise noted)	1Q19			2Q19			3Q19			4Q19			1Q20			2Q20			3Q20			4Q20			4Q20 vs. 4Q19			4Q20 vs. 3Q20
Income statement
Fee revenue	$	2,260		$	2,260		$	2,259		$	2,368		$	2,399		$	2,378		$	2,306		$	2,416		2.0	%		4.8	%
Net interest income	673			613			644			636			664			559			478			499			(21.5)			4.4
Other income	(1)			—			—			44			2			—			—			2			nm			nm
Total revenue	2,932			2,873			2,903			3,048			3,065			2,937			2,784			2,917			(4.3)			4.8
Provision for credit losses(1)	4			1			2			3			36			52			—			—			nm			—
Total expenses	2,293			2,154			2,180			2,407			2,255			2,082			2,103			2,276			(5.4)			8.2
Income before income tax expense	635			718			721			638			774			803			681			641			0.5			(5.9)
Income tax expense	127			131			138			74			140			109			126			104			40.5			(17.5)
Net income	508			587			583			564			634			694			555			537			(4.8)			(3.2)
Net income available to common shareholders	$	452		$	537		$	528		$	492		$	580		$	662		$	517		$	498		1.2			(3.7)
Per common share:
Diluted earnings per common share	$	1.18		$	1.42		$	1.42		$	1.35		$	1.62		$	1.86		$	1.45		$	1.39		3.0			(4.1)
Average diluted common shares outstanding (in thousands)	381,703			377,577			370,595			365,851			357,993			356,413			357,168			357,719			(2.2)			0.2
Cash dividends declared per common share	$	.47		$	.47		$	.52		$	.52		$	.52		$	.52		$	.52		$	.52		—			—
Closing price per share of common stock (as of quarter end)	65.81			56.06			59.19			79.10			53.27			63.55			59.33			72.78			(8.0)			22.7
Average for the quarter:
Investment securities	$	88,273		$	89,930		$	93,588		$	95,186		$	97,560		$	116,626		$	110,448		$	112,018		17.7			1.4
Total assets	219,560			221,514			223,273			228,886			251,181			284,688			264,384			277,055			21.0			4.8
Total deposits	155,343			156,570			157,226			163,829			180,160			197,069			189,226			206,343			26.0			9.0
Securities on loan:
Average securities on loan	$	368,321		$	389,367		$	387,964		$	375,763		$	378,200		$	377,344		$	375,296		$	404,022		7.5			7.7
End-of-period securities on loan	397,773			395,802			397,091			379,631			387,580			381,232			395,075			457,985			20.6			15.9
Ratios and other metrics:
Return on average common equity	8.7		%	10.1		%	9.7		%	9.0		%	10.9		%	12.1		%	8.9		%	8.4		%	(60)		bps	(50)		bps
Pre-tax margin	21.7			25.0			24.8			20.9			25.3			27.3			24.5			22.0			110			(250)
Pre-tax margin, excluding notable items(2)	22.5			25.4			26.4			29.1			25.6			27.7			24.7			26.9			(220)			220
Net interest margin, fully taxable-equivalent basis	1.54			1.38			1.42			1.36			1.30			0.93			0.85			0.84			(52)			(1)
Common equity tier 1 ratio(3)(4)	11.5			11.5			11.3			11.7			10.7			12.3			12.4			12.3			60			(10)
Tier 1 capital ratio(3)(4)	15.0			14.9			14.6			14.5			12.9			14.6			14.7			14.4			(10)			(30)
Total capital ratio(3)(4)	15.9			15.5			15.3			15.6			14.1			15.7			15.7			15.3			(30)			(40)
Tier 1 leverage ratio(3	7.4			7.6			7.4			6.9			6.1			6.1			6.6			6.4			(50)			(20)
Supplementary leverage ratio(3)	6.6			6.7			6.6			6.1			5.4			8.3			8.2			8.1			200			(10)
Assets under custody and/or administration (in billions)	$	32,643		$	32,754		$	32,899		$	34,358		$	31,864		$	33,515		$	36,643		$	38,791		12.9	%		5.9	%
Assets under management (in billions)	2,805			2,918			2,953			3,116			2,689			3,054			3,148			3,467			11.3			10.1


(1) In accordance with ASU 2016-13, the provision for credit losses for 1Q20, 2Q20,3Q20 and 4Q20 includes the provision on funded and unfunded commitments as well as HTM securities. The provision for credit losses on unfunded commitments of ($4 million), $4 million, zero and $3 million for 1Q19, 2Q19, 3Q19 and 4Q19, respectively, is included within other expenses.
(2) Notable items include acquisition and restructuring costs, repositioning charges, and other notable items. Refer to Reconciliations of pre-tax margin excluding notable items for details.
(3) The capital ratios presented are calculated in conformity with the applicable regulatory guidance in effect as of each period end. Effective January 1, 2018, the applicable final rules are in effect and the ratios are calculated based on fully phased-in CET1, tier 1, total capital and supplementary leverage numbers. We did not revise previously-filed reported capital metrics and ratios.
(4) The reportable ratios represent the lower of each of the risk-based capital ratios under both the Standardized Approach and the Advanced Approaches. Refer to Regulatory Capital for details on Standardized and Advanced Approaches ratios.
nm Denotes not meaningful


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS

	Quarters																		% Change				Year-to-Date				% Change
(Dollars in millions, except per share amounts, or where otherwise noted)		1Q19		2Q19		3Q19		4Q19		1Q20		2Q20			3Q20		4Q20		4Q20 vs. 4Q19		4Q20 vs. 3Q20		2019		2020		YTD2020 vs. YTD2019

Fee revenue:
Servicing fees		$	1,251	$	1,252	$	1,272	$	1,299	$	1,287	$	1,272		$	1,301	$	1,307	0.6	%	0.5	%	$	5,074	$	5,167	1.8	%
Management fees(1)		432		453		459		480		464		444			479		493		2.7		2.9		1,824		1,880		3.1
Foreign exchange trading services(1)		268		261		270		259		444		325			270		324		25.1		20.0		1,058		1,363		28.8
Securities finance		118		126		116		111		92		92			84		88		(20.7)		4.8		471		356		(24.4)
Software and processing fees		191		168		142		219		112		245			172		204		(6.8)		18.6		720		733		1.8
Total fee revenue		2,260		2,260		2,259		2,368		2,399		2,378			2,306		2,416		2.0		4.8		9,147		9,499		3.8
Net interest income:
Interest income		1,027		1,007		1,001		906		868		674		—	520		513		(43.4)		(1.3)		3,941		2,575		(34.7)
Interest expense		354		394		357		270		204		115			42		14		(94.8)		(66.7)		1,375		375		(72.7)
Net interest income		673		613		644		636		664		559			478		499		(21.5)		4.4		2,566		2,200		(14.3)
Other income:
Gains (losses) related to investment securities, net		(1)		—		—		—		2		—			—		2		nm		nm		(1)		4		nm
Other income		—		—		—		44		—		—			—		—		nm		—		44		—		nm
Total other income		(1)		—		—		44		2		—			—		2		nm		nm		43		4		nm
Total revenue		2,932		2,873		2,903		3,048		3,065		2,937			2,784		2,917		(4.3)		4.8		11,756		11,703		(0.5)
Provision for credit losses(2)		4		1		2		3		36		52			—		—		nm		—		10		88		nm
Expenses:
Compensation and employee benefits		1,229		1,084		1,083		1,145		1,208		1,051			1,062		1,129		(1.4)		6.3		4,541		4,450		(2.0)
Information systems and communications		362		365		376		362		385		376			395		394		8.8		(0.3)		1,465		1,550		5.8
Transaction processing services		242		245		254		242		254		233			234		257		6.2		9.8		983		978		(0.5)
Occupancy		116		115		113		126		109		109			109		162		28.6		48.6		470		489		4.0
Acquisition and restructuring costs		9		12		27		29		11		12			15		12		(58.6)		(20.0)		77		50		(35.1)
Amortization of other intangible assets		60		59		59		58		58		58			59		59		1.7		—		236		234		(0.8)
Other		275		274		268		445		230		243			229		263		(40.9)		14.8		1,262		965		(23.5)
Total expenses		2,293		2,154		2,180		2,407		2,255		2,082			2,103		2,276		(5.4)		8.2		9,034		8,716		(3.5)
Income before income tax expense		635		718		721		638		774		803			681		641		0.5		(5.9)		2,712		2,899		6.9
Income tax expense		127		131		138		74		140		109			126		104		40.5		(17.5)		470		479		1.9

Net income		$	508	$	587	$	583	$	564	$	634	$	694		$	555	$	537	(4.8)		(3.2)		$	2,242	$	2,420	7.9


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)		1Q19			2Q19			3Q19			4Q19			1Q20			2Q20			3Q20			4Q20			4Q20 vs. 4Q19			4Q20 vs. 3Q20			2019			2020			YTD2020 vs. YTD2019
Adjustments to net income:
Dividends on preferred stock(3)(4)		$	(55)		$	(50)		$	(55)		$	(72)		$	(53)		$	(32)		$	(38)		$	(39)		(45.8)	%		2.6	%		$	(232)		$	(162)		(30.2)	%
Earnings allocated to participating securities		(1)			—			—			—			(1)			—			—			—			—			—			(1)			(1)			—
Net income available to common shareholders		$	452		$	537		$	528		$	492		$	580		$	662		$	517		$	498		1.2			(3.7)			$	2,009		$	2,257		12.3

Per common share:
Basic earnings		$	1.20		$	1.44		$	1.44		$	1.36		$	1.64		$	1.88		$	1.47		$	1.41		3.7			(4.1)			$	5.43		$	6.40		17.9
Diluted earnings		1.18			1.42			1.42			1.35			1.62			1.86			1.45			1.39			3.0			(4.1)			5.38			6.32			17.5
Average common shares outstanding (in thousands):
Basic		377,915			373,773			366,732			361,439			353,746			352,157			352,586			352,974			(2.3)			0.1			369,911			352,865			(4.6)
Diluted		381,703			377,577			370,595			365,851			357,993			356,413			357,168			357,719			(2.2)			0.2			373,666			357,106			(4.4)
Cash dividends declared per common share		$	.47		$	.47		$	.52		$	.52		$	.52		$	.52		$	.52		$	.52		—			—			$	1.98		$	2.08		5.1
Closing price per share of common stock (as of quarter end)		65.81			56.06			59.19			79.10			53.27			63.55			59.33			72.78			(8.0)			22.7			79.10			72.78			(8.0)
Financial ratios:
Effective tax rate		20.1		%	18.1		%	19.2		%	11.6		%	18.1		%	13.6		%	18.5		%	16.1		%	450		bps	(240)		bps	17.3		%	16.5		%	(80)		bps
Return on average common equity		8.7			10.1			9.7			9.0			10.9			12.1			8.9			8.4			(60)			(50)			9.4			10.0			60
Return on tangible common equity(5)		15.0			15.8			16.3			16.3			18.7			18.5			16.6			15.3			(100)			(130)			16.3			15.3			(100)
Pre-tax margin		21.7			25.0			24.8			20.9			25.3			27.3			24.5			22.0			110			(250)			23.1			24.8			170
Pre-tax margin, excluding notable items(6)		22.5			25.4			26.4			29.1			25.6			27.7			24.7			26.9			(220)			220			25.8			26.3			50

(1) Certain fees associated with our GLD ETFs have been reclassified from Foreign exchange trading services to Management fees to better reflect the nature of those fees. Prior periods have been reclassified to conform to current-period presentation. These fees were approximately $12 million, $12 million, $14 million and $15 million in the first, second, third and fourth quarters of 2019, respectively, and approximately $15 million, $19 million, $24 million and $23 million in the first, second, third and fourth quarters of 2020.
(2) In accordance with ASU 2016-13, the provision for credit losses for 1Q20, 2Q20, 3Q20 and 4Q20 includes the provision on funded and unfunded commitments as well as HTM securities. The provision for credit losses on unfunded commitments of ($4 million), $4 million, zero and $3 million for 1Q19, 2Q19, 3Q19 and 4Q19, respectively, is included within other expenses.
(3) We redeemed all outstanding Series C noncumulative perpetual preferred stock on March 15, 2020 at a redemption price of $500 million ($100,000 per share equivalent to $25.00 per depositary share) plus accrued and unpaid dividends. The difference between the redemption value and the net carrying value of approximately $9 million resulted in an EPS impact of approximately ($.03) per share in the first quarter of 2020.
(4) We redeemed all outstanding Series E noncumulative perpetual preferred stock on December 15, 2019 at a redemption price of $750 million ($100,000 per share equivalent to $25.00 per depositary share) plus accrued and unpaid dividends. The difference between the redemption value and the net carrying value of approximately $22 million resulted in an EPS impact of approximately ($.06) per share in 2019.
(5) Return on tangible common equity is calculated by dividing year-to-date annualized net income available to common shareholders (GAAP-basis) by tangible common equity.
(6) Notable items include acquisition and restructuring costs and other notable items. Refer to Reconciliations of non-GAAP Financial Information pages for details.
nm Denotes not meaningful


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED STATEMENT OF CONDITION

	As of																	% Change
(Dollars in millions, except per share amounts)		March 31, 2019(1)		June 30, 2019(1)		September 30, 2019		December 31, 2019		March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		4Q20 vs. 4Q19		4Q20 vs. 3Q20
Assets:
Cash and due from banks		$	4,000	$	3,110	$	3,598	$	3,302	$	4,932	$	3,685	$	4,848	$	3,467	5.0	%	(28.5)	%
Interest-bearing deposits with banks		53,864		62,534		62,324		68,965		147,735		90,199		75,967		116,960		69.6		54.0
Securities purchased under resale agreements		1,522		1,732		3,041		1,487		1,037		4,026		4,499		3,106		108.9		(31.0)
Trading account assets		856		894		839		914		872		883		840		815		(10.8)		(3.0)
Investment securities:
Investment securities available-for-sale		49,002		53,242		54,757		53,815		55,843		56,231		61,780		59,048		9.7		(4.4)
Investment securities held-to-maturity purchased under money market liquidity facility(2)		—		—		—		—		26,808		11,257		4,824		3,299		100.0		(31.6)
Investment securities held-to-maturity(3)		41,145		39,236		39,119		41,782		41,150		41,848		45,394		48,929		17.1		7.8
Total investment securities		90,147		92,478		93,876		95,597		123,801		109,336		111,998		111,276		16.4		(0.6)
Loans		23,381		25,421		27,009		26,309		32,379		26,860		27,035		27,925		6.1		3.3
Allowance for loan losses(4)		70		72		71		74		97		141		134		122		64.9		(9.0)
Loans, net		23,311		25,349		26,938		26,235		32,282		26,719		26,901		27,803		6.0		3.4
Premises and equipment, net(5)		2,230		2,244		2,306		2,282		2,225		2,212		2,193		2,154		(5.6)		(1.8)
Accrued interest and fees receivable		3,277		3,202		3,258		3,231		3,274		3,235		3,291		3,105		(3.9)		(5.7)
Goodwill		7,549		7,565		7,500		7,556		7,506		7,538		7,607		7,683		1.7		1.0
Other intangible assets		2,208		2,155		2,077		2,030		1,963		1,914		1,870		1,827		(10.0)		(2.3)
Other assets		39,368		40,277		38,849		34,011		36,900		30,495		32,061		36,510		7.3		13.9
Total assets		$	228,332	$	241,540	$	244,606	$	245,610	$	362,527	$	280,242	$	272,075	$	314,706	28.1		15.7
Liabilities:
Deposits:
Non-interest-bearing		$	35,295	$	34,278	$	33,719	$	34,031	$	69,404	$	42,132	$	41,183	$	49,439	45.3		20.0
Interest-bearing -- U.S.		62,988		68,964		72,260		77,504		110,106		87,197		85,434		102,331		32.0		19.8
Interest-bearing -- Non-U.S.		64,188		67,352		64,907		70,337		77,594		71,133		70,896		88,028		25.2		24.2
Total deposits(6)		162,471		170,594		170,886		181,872		257,104		200,462		197,513		239,798		31.8		21.4
Securities sold under repurchase agreements		1,420		1,829		1,330		1,102		5,373		3,513		2,430		3,413		209.7		40.5
Short-term borrowings under money market liquidity facility		—		—		—		—		25,665		11,261		4,819		3,302		100.0		(31.5)
Other short-term borrowings		947		4,939		7,073		839		4,835		912		5,838		685		(18.4)		(88.3)
Accrued expenses and other liabilities		27,274		27,350		28,653		24,857		30,151		23,634		22,064		27,503		10.6		24.7
Long-term debt		11,182		11,374		11,455		12,509		15,538		15,587		13,853		13,805		10.4		(0.3)
Total liabilities		203,294		216,086		219,397		221,179		338,666		255,369		246,517		288,506		30.4		17.0
Shareholders' equity:
Preferred stock, no par, 3,500,000 shares authorized:
Series C, 5,000 shares issued and outstanding		491		491		491		491		—		—		—		—		(100.0)		—
Series D, 7,500 shares issued and outstanding		742		742		742		742		742		742		742		742		—		—
Series E, 7,500 shares issued and outstanding		728		728		728		—		—		—		—		—		—		—
Series F, 7,500 shares issued and outstanding		742		742		742		742		742		742		742		742		—		—
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(7)(8)		504		504		504		504		504		504		504		504		—		—
Surplus		10,082		10,109		10,117		10,132		10,155		10,179		10,192		10,205		0.7		0.1
Retained earnings		20,911		21,274		21,612		21,918		22,315		22,794		23,128		23,442		7.0		1.4
Accumulated other comprehensive income (loss)		(1,180)		(874)		(985)		(876)		(920)		(430)		(111)		187		nm		nm
Treasury stock, at cost(9)		(8,969)		(9,249)		(9,729)		(10,209)		(10,664)		(10,645)		(10,626)		(10,609)		3.9		(0.2)
Total shareholders' equity		25,038		25,454		25,209		24,431		23,861		24,873		25,558		26,200		7.2		2.5
Total liabilities and equity		$	228,332	$	241,540	$	244,606	$	245,610	$	362,527	$	280,242	$	272,075	$	314,706	28.1		15.7

(1) Certain previously reported amounts presented in this earnings release addendum have been reclassified to conform to current-period presentation.
(2)Fair value of Investment securities held-to-maturity purchased under money market liquidity facility		$	—	$	—	$	—	$	—	$	26,808	$	11,294	$	4,841	$	3,304
(3) Fair value of investment securities held-to-maturity		40,971		39,473		39,535		42,157		42,201		43,037		46,510		50,003
(4) Total allowance for credit losses including off-balance sheet commitments		83		88		86		91		124		163		153		148
(5) Accumulated depreciation for premises and equipment		3,937		4,091		4,235		4,367		4,459		4,591		4,744		4,825
(6) Average total deposits		155,343		156,570		157,226		163,829		180,160		197,069		189,226		206,343
(7) 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
(8) Total common shares outstanding		376,720,715		372,572,622		363,623,285		357,389,416		351,943,858		352,383,250		352,797,695		353,156,279
(9) Treasury stock shares		127,158,927		131,307,020		140,256,357		146,490,226		151,935,784		151,496,392		151,081,947		150,723,363


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
AVERAGE STATEMENT OF CONDITION - RATES EARNED AND PAID - FULLY TAXABLE-EQUIVALENT BASIS(1)
The following table presents average rates earned and paid, on a fully taxable-equivalent basis, on consolidated average interest-earning assets and average interest-bearing liabilities for the quarters indicated. Tax-equivalent adjustments were calculated using a federal income tax rate of 21%, adjusted for applicable state income taxes, net of related federal benefit.
	Quarters																												% Change
	1Q19					2Q19					3Q19					4Q19					1Q20					2Q20					3Q20					4Q20					4Q20 vs. 4Q19		4Q20 vs. 3Q20
(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	$	48,856	0.99		%	$	48,074	0.91		%	$	45,791	0.85		%	$	51,284	0.69		%	$	67,120	0.49		%	$	86,744	0.01		%	$	72,717	(0.03)		%	$	79,779	(0.02)		%	55.6	%	9.7	%
Securities purchased under resale agreements(2)	2,775		14.33			1,975		18.30			3,149		12.75			2,124		14.00			1,805		14.38			3,342		2.95			4,181		1.91			4,459		1.47			109.9		6.6
Trading account assets	866		—			892		—			880		—			897		—			915		—			877		—			900		—			820		—			(8.6)		(8.9)
Investment securities:
U.S. Treasury and federal agencies:
Direct obligations	15,427		1.79			13,960		1.83			13,614		1.83			14,017		1.83			14,102		1.79			14,182		1.65			14,160		1.54			13,626		1.41			(2.8)		(3.8)
Mortgage- and asset-backed securities	39,216		3.06			41,905		2.83			44,357		2.71			44,009		2.60			43,947		2.66			44,801		2.27			47,369		1.68			51,027		1.60			15.9		7.7
State and political subdivisions(3)	1,914		3.43			1,909		3.34			1,839		3.27			1,815		3.20			1,782		3.05			1,728		3.11			1,705		2.79			1,652		2.85			(9.0)		(3.1)
Other investments:
Asset-backed securities	9,078		2.47			9,335		2.54			9,913		2.39			10,593		2.28			10,645		1.94			10,353		1.50			11,004		1.03			12,370		1.05			16.8		12.4
Collateralized mortgage-backed securities and obligations	980		3.78			918		3.69			871		3.31			818		2.95			741		2.69			683		1.83			662		1.89			644		1.75			(21.3)		(2.7)
Investment securities held-to-maturity purchased under money market liquidity facility	—		—			—		—			—		—			—		—			2,045		1.57			19,037		1.49			7,488		1.32			4,212		1.35			—		(43.8)
Other debt investments and equity securities(3)	21,658		1.04			21,903		1.05			22,994		1.04			23,934		1.07			24,298		1.00			25,842		0.82			28,060		0.67			28,487		0.58			19.0		1.5
Total investment securities	88,273		2.30			89,930		2.23			93,588		2.16			95,186		2.08			97,560		2.03			116,626		1.69			110,448		1.33			112,018		1.27			17.7		1.4
Loans (4)	23,056		3.49			23,824		3.33			23,926		3.24			25,461		2.86			28,468		2.62			27,369		2.30			25,974		2.13			28,298		2.05			11.1		8.9
Other interest-earning assets	15,286		2.89			15,104		3.02			13,990		3.02			12,295		2.13			10,764		1.70			9,831		0.13			11,586		0.10			12,824		0.10			4.3		10.7
Total interest-earning assets	179,112		2.34			179,799		2.26			181,324		2.20			187,247		1.93			206,632		1.70			244,789		1.12			225,806		0.92			238,198		0.86			27.2		5.5
Cash and due from banks	3,078					4,011					3,114					3,358					3,856					3,480					3,652					4,403					31.1		20.6
Other assets	37,370					37,704					38,835					38,281					40,693					36,419					34,926					34,454					(10.0)		(1.4)
Total assets	$	219,560				$	221,514				$	223,273				$	228,886				$	251,181				$	284,688				$	264,384				$	277,055				21.0		4.8
Liabilities:
Interest-bearing deposits:
U.S.	$	64,531	0.83		%	$	66,502	0.91		%	$	67,170	0.83		%	$	71,910	0.64		%	$	80,247	0.50		%	$	91,097	0.03		%	$	85,432	0.02		%	$	92,962	0.01		%	29.3		8.8
Non-U.S.(5)	59,775		0.26			61,303		0.39			61,355		0.21			62,737		(0.04)			64,340		(0.20)			66,977		(0.36)			69,514		(0.37)			74,324		(0.40)			18.5		6.9
Total interest-bearing deposits(5)	124,306		0.56			127,805		0.66			128,525		0.53			134,647		0.32			144,587		0.19			158,074		(0.13)			154,946		(0.16)			167,286		(0.17)			24.2		8.0
Securities sold under repurchase agreements	1,773		2.66			1,488		2.19			1,998		1.45			1,208		1.18			1,773		0.55			3,394		0.03			2,891		0.08			2,402		0.07			98.8		(16.9)
Short-term borrowings under money market liquidity facility	—		—			—		—			—		—			—		—			2,187		1.11			19,036		1.23			7,449		1.24			4,209		1.23			—		(43.5)
Other short-term borrowings	1,157		1.34			2,041		1.22			1,788		1.68			1,110		1.17			2,960		1.32			3,073		0.66			1,724		0.44			1,164		0.25			4.9		(32.5)
Long-term debt	10,955		3.89			11,228		3.78			11,415		3.48			12,286		3.34			13,288		2.64			15,574		2.45			14,794		1.86			13,830		1.75			12.6		(6.5)
Other interest-bearing liabilities	4,642		5.31			3,979		6.47			3,691		7.62			4,106		4.85			3,434		3.55			3,461		1.07			2,764		1.28			3,050		1.20			(25.7)		10.3
Total interest-bearing liabilities	142,833		1.00			146,541		1.08			147,417		0.96			153,357		0.70			168,229		0.49			202,612		0.23			184,568		0.09			191,941		0.03			25.2		4.0
Non-interest bearing deposits	31,037					28,765					28,701					29,182					35,573					38,995					34,280					39,057					33.8		13.9
Other liabilities	20,921					21,188					21,935					21,140					23,052					18,678					20,050					20,087					(5.0)		0.2
Preferred shareholders' equity	3,690					3,690					3,690					3,541					2,861					2,472					2,472					2,472					(30.2)		—
Common shareholders' equity	21,079					21,330					21,530					21,666					21,466					21,931					23,014					23,498					8.5		2.1
Total liabilities and shareholders' equity	$	219,560				$	221,514				$	223,273				$	228,886				$	251,181				$	284,688				$	264,384				$	277,055				21.0		4.8
Excess of rate earned over rate paid			1.34		%			1.18		%			1.24		%			1.23		%			1.21		%			0.89		%			0.83		%			0.84		%
Net interest margin			1.54		%			1.38		%			1.42		%			1.36		%			1.30		%			0.93		%			0.85		%			0.84		%
Net interest income, fully taxable-equivalent basis			$	678				$	618				$	648				$	640				$	668				$	564				$	482				$	503
Tax-equivalent adjustment			(5)					(5)					(4)					(4)					(4)					(5)					(4)					(4)
Net interest income, GAAP-basis(5)			$	673				$	613				$	644				$	636				$	664				$	559				$	478				$	499
																																						—
(1) Average rates earned and paid on interest-earning assets and interest-bearing liabilities include the impact of hedge activities associated with our asset and liability management activities where applicable.
(2) Reflects the impact of balance sheet netting under enforceable netting agreements of approximately $59 billion, $75 billion, $118 billion and $94 billion in the first, second, third and fourth quarters of 2019, respectively, and approximately $124 billion, $103 billion, $83 billion and $91 billion in the first, second, third and fourth quarters of 2020. Excluding the impact of netting, the average interest rates would be approximately 0.64%, 0.47%, 0.33% and 0.31% in the first, second, third and fourth quarters of 2019, respectively, and approximately 0.21%, 0.09%, 0.09% and 0.07% in the first, second, third and fourth quarters of 2020.
(3)State and political subdivisions consists of municipal bonds and clipper tax exempt bonds.Other debt investments and equity securities consists of non-U.S. government and agency securities, corporate bonds, covered bonds and other.
(4) Average loans are presented on a gross basis. We adopted ASU 2016-13 on January 1, 2020, Allowance for Credit Losses. Prior to 2020, we recognized Allowance for loan losses. Average loans net of allowance for loan losses amount to approximately $22,989 million, $23,754 million, $23,855 million and $25,390 million in the first, second, third and fourth quarters of 2019, respectively, and net of expected credit losses of approximately $28,398 million, $27,277 million, $25,839 million and $28,168 million in the first, second, third and fourth quarters of 2020.
(5) Average rates includes the impact of FX swap expense of approximately $39 million, $59 million, $37 million and $18 million in the first, second, third and fourth quarters of 2019, respectively, and approximately ($2) million, ($17) million, ($19) million and ($25) million in the first,second third and fourth quarters of 2020. Average rates for total interest-bearing deposits excluding the impact of FX swap expense were approximately 0.43%, 0.47%, 0.42% and 0.27% for the first, second, third and fourth quarters of 2019, respectively, and approximately 0.19%, (0.09)%, (0.11)% and (0.11)% for the first, second, third and fourth quarters of 2020.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
AVERAGE STATEMENT OF CONDITION - RATES EARNED AND PAID - FULLY TAXABLE-EQUIVALENT BASIS - YEAR TO DATE(1)
The following table presents consolidated average interest-earning assets, average interest-bearing liabilities and related average rates earned and paid, respectively, for the years indicated, on a fully taxable-equivalent basis, which is a non-GAAP measure. Tax-equivalent adjustments were calculated using a federal income tax rate of 21% for periods ending in 2019 and 2020, adjusted for applicable state income taxes, net of related federal benefit.

	Year-to-Date										% Change
	2019					2020					2020 vs 2019
(Dollars in millions; fully-taxable equivalent basis)	Average balance		Average rates			Average balance		Average rates			Average balance
Assets:
Interest-bearing deposits with banks	$	48,500	0.86		%	$	76,588	0.10		%	57.9	%
Securities purchased under resale agreements (2)	2,506		14.54			3,452		3.64			37.7
Trading account assets	884		0.11			878		—			(0.7)
Investment securities:
U.S. Treasury and federal agencies:
Direct obligations	14,249		1.82			14,017		1.60			(1.6)
Mortgage- and asset-backed securities	42,390		2.79			46,799		2.03			10.4
State and political subdivisions(3)	1,869		3.31			1,717		2.95			(8.1)
Other investments:
Asset-backed securities	9,734		2.41			11,096		1.36			14.0
Collateralized mortgage-backed securities and obligations	896		3.46			682		2.06			(23.9)
Investment securities held-to-maturity purchased under money market liquidity facility	—		—			8,183		1.43			nm
Other debt investments and equity securities(3)	22,630		1.05			26,681		0.75			17.9
Total investment securities	91,768		2.19			109,175		1.56			19.0
Loans (4)	24,073		3.22			27,525		2.28			14.3
Other interest-earning assets	14,160		2.79			11,256		0.49			(20.5)
Total interest-earning assets	181,891		2.18			228,874		1.13			25.8
Cash and due from banks	3,390					3,849					13.5
Other assets	38,053					36,611					(3.8)
Total assets	$	223,334				$	269,334				20.6
Liabilities:
Interest-bearing deposits:
U.S.	$	67,547	0.80			$	87,444	0.13			29.5
Non-U.S.(5)	61,301		0.20			68,806		(0.34)			12.2
Total interest-bearing deposits(5)	128,848		0.51			156,250		(0.07)			21.3
Securities sold under repurchase agreements	1,616		1.90			2,615		0.14			61.8
Short-term borrowings under money market liquidity facility	—		—			8,207		1.22			nm
Other short-term borrowings	1,524		1.37			2,226		0.78			46.1
Long-term debt	11,474		3.61			14,371		2.17			25.2
Other interest-bearing liabilities	4,103		6.00			3,176		1.82			(22.6)
Total interest-bearing liabilities	147,565		0.93			186,845		0.20			26.6
Non-interest bearing deposits	29,414					36,975					25.7
Other liabilities	21,299					20,464					(3.9)
Preferred shareholders' equity	3,653					2,569					(29.7)
Common shareholders' equity	21,403					22,481					5.0
Total liabilities and shareholders' equity	$	223,334				$	269,334				20.6
Excess of rate earned over rate paid			1.25		%			0.93		%
Net interest margin			1.42		%			0.97		%
Net interest income, fully taxable-equivalent basis			$	2,585				$	2,217
Tax-equivalent adjustment			(19)					(17)
Net interest income, GAAP-basis (5)			$	2,566				$	2,200

(1) Average rates earned and paid on interest-earning assets and interest-bearing liabilities include the impact of hedge activities associated with our asset and liability management activities where applicable.
(2)Reflects the impact of balance sheet netting under enforceable netting agreements of approximately $87 billion and $100 billion as of December 31, 2019 and 2020, respectively. Excluding the impact of netting, the average interest rates would be approximately 0.41% and 0.12% for the year ended December 31, 2019 and 2020, respectively.
(3)State and political subdivisions consists of municipal bonds and clipper tax exempt bonds.Other debt investments and equity securities consists of non-U.S. government and agency securities, corporate bonds, covered bonds and other.
(4) Average loans are presented on a gross basis. We adopted ASU 2016-13 on January 1, 2020, Allowance for Credit Losses. Prior to 2020, we recognized Allowance for loan losses. Average loans net of allowance for loan losses amount to approximately $24,003 million as of December 31,2019 and net of expected credit losses of approximately $27,418 million as of December 31,2020.
(5) Average rates include the impact of FX swap expense of approximately $153 million and ($63) million for the year ended December 31, 2019 and 2020, respectively. Average rates for total interest-bearing deposits excluding the impact of FX swap expense were 0.40% and (0.03)% for the year ended December 31, 2019 and 2020, respectively.


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

	Quarters																% Change
(Dollars in billions)	1Q19		2Q19		3Q19		4Q19		1Q20		2Q20		3Q20		4Q20		4Q20 vs. 4Q19		4Q20 vs. 3Q20
Assets Under Custody and/or Administration
By Product Classification:
Mutual funds	$	8,586	$	8,645	$	8,687	$	9,221	$	8,056	$	9,155	$	10,143	$	10,882	18.0	%	7.3	%
Collective funds, including ETFs	9,436		9,272		9,224		9,796		8,662		9,111		9,960		10,878		11.0		9.2
Pension products	6,513		6,542		6,817		6,924		6,730		6,694		7,322		7,599		9.7		3.8
Insurance and other products	8,108		8,295		8,171		8,417		8,416		8,555		9,218		9,432		12.1		2.3
Total Assets Under Custody and/or Administration	$	32,643	$	32,754	$	32,899	$	34,358	$	31,864	$	33,515	$	36,643	$	38,791	12.9		5.9
By Financial Instrument:
Equities	$	18,924	$	18,504	$	18,243	$	19,301	$	16,267	$	18,190	$	20,094	$	21,626	12.0		7.6
Fixed-income	9,831		10,089		10,413		10,766		11,096		11,342		12,403		12,834		19.2		3.5
Short-term and other investments	3,888		4,161		4,243		4,291		4,501		3,983		4,146		4,331		0.9		4.5
Total Assets Under Custody and/or Administration	$	32,643	$	32,754	$	32,899	$	34,358	$	31,864	$	33,515	$	36,643	$	38,791	12.9		5.9
By Geographic Location(1):
Americas	$	23,979	$	23,989	$	23,888	$	25,018	$	22,787	$	24,375	$	26,666	$	28,245	12.9		5.9
Europe/Middle East/Africa	6,875		6,937		7,091		7,325		7,112		7,155		7,675		8,101		10.6		5.6
Asia/Pacific	1,789		1,828		1,920		2,015		1,965		1,985		2,302		2,445		21.3		6.2
Total Assets Under Custody and/or Administration	$	32,643	$	32,754	$	32,899	$	34,358	$	31,864	$	33,515	$	36,643	$	38,791	12.9		5.9
Assets Under Custody(2)
By Product Classification:
Mutual funds	$	7,966	$	8,012	$	8,060	$	8,447	$	7,416	$	8,421	$	8,798	$	9,483	12.3		7.8
Collective funds, including ETFs	7,445		7,614		7,668		8,216		7,191		7,639		8,283		9,077		10.5		9.6
Pension products	5,307		5,236		5,457		5,554		5,395		5,363		5,860		6,093		9.7		4.0
Insurance and other products	3,851		3,909		3,893		3,978		3,810		3,976		4,392		4,399		10.6		0.2
Total Assets Under Custody	$	24,569	$	24,771	$	25,078	$	26,195	$	23,812	$	25,399	$	27,333	$	29,052	10.9		6.3
By Geographic Location(1):
Americas	$	18,784	$	18,911	$	19,048	$	19,838	$	17,701	$	19,226	$	20,450	$	21,822	10.0		6.7
Europe/Middle East/Africa	4,462		4,515		4,615		4,858		4,666		4,714		5,212		5,465		12.5		4.9
Asia/Pacific	1,323		1,345		1,415		1,499		1,445		1,459		1,671		1,765		17.7		5.6
Total Assets Under Custody	$	24,569	$	24,771	$	25,078	$	26,195	$	23,812	$	25,399	$	27,333	$	29,052	10.9		6.3

(1) Geographic mix is generally based on the domicile of the entity servicing the funds and is not necessarily representative of the underlying asset mix.
(2) Assets under custody are a component of assets under custody and/or administration presented above.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER MANAGEMENT

	Quarters																% Change
(Dollars in billions)	1Q19		2Q19		3Q19		4Q19		1Q20		2Q20		3Q20		4Q20		4Q20 vs. 4Q19		4Q20 vs. 3Q20
Assets Under Management
By Asset Class and Investment Approach:
Equity:
Active	$	85	$	86	$	84	$	88	$	68	$	75	$	81	$	83	(5.7)	%	2.5	%
Passive(1)	1,694		1,757		1,747		1,903		1,493		1,770		1,879		2,089		9.8		11.2
Total Equity	1,779		1,843		1,831		1,991		1,561		1,845		1,960		2,172		9.1		10.8
Fixed-Income:
Active	88		93		92		89		89		91		87		92		3.4		5.7
Passive	341		357		367		379		369		385		405		441		16.4		8.9
Total Fixed-Income	429		450		459		468		458		476		492		533		13.9		8.3
Cash(2)	314		319		336		324		364		390		333		359		10.8		7.8
Multi-Asset-Class Solutions:
Active	22		23		23		24		21		23		24		26		8.3		8.3
Passive	125		132		134		133		120		135		142		164		23.3		15.5
Total Multi-Asset-Class Solutions	147		155		157		157		141		158		166		190		21.0		14.5
Alternative Investments(3):
Active	21		21		22		21		20		19		20		23		9.5		15.0
Passive(1)	115		130		148		155		145		166		177		190		22.6		7.3
Total Alternative Investments	136		151		170		176		165		185		197		213		21.0		8.1
Total Assets Under Management	$	2,805	$	2,918	$	2,953	$	3,116	$	2,689	$	3,054	$	3,148	$	3,467	11.3		10.1
By Geographic Location:
North America	$	1,899	$	1,965	$	1,999	$	2,115	$	1,847	$	2,104	$	2,169	$	2,414	14.1		11.3
Europe/Middle East/Africa	447		471		476		493		416		462		478		509		3.2		6.5
Asia/Pacific	459		482		478		508		426		488		501		544		7.1		8.6
Total Assets Under Management	$	2,805	$	2,918	$	2,953	$	3,116	$	2,689	$	3,054	$	3,148	$	3,467	11.3		10.1

(1) 1Q19 and 2Q19 have been revised to reflect a reclassification of $14 billion in assets from Passive Equity to Passive Alternative Assets.
(2) Includes both floating- and constant-net-asset-value portfolios held in commingled structures or separate accounts.
(3) Includes real estate investment trusts, currency and commodities, including SPDR® Gold Shares and SPDR® Gold MiniSharesSM Trust, for which we are not the investment manager but act as the marketing agent.

Exchange-Traded Funds(1)
By Asset Class:
Alternative Investments	$	45	$	48	$	56	$	56	$	59	$	77	$	88	$	83	48.2	%	(5.7)	%
Cash	8		9		9		9		18		16		14		14		55.6		—
Equity	535		548		553		618		474		571		605		706		14.2		16.7
Fixed-Income	73		77		80		85		78		90		94		102		20.0		8.5
Multi-Asset	—		—		—		—		—		—		—		1		nm		nm
Total Exchange-Traded Funds	$	661	$	682	$	698	$	768	$	629	$	754	$	801	$	906	18.0		13.1

(1) Exchange-traded funds are a component of assets under management presented above.


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

(Dollars in billions)			Quarters
			1Q19		2Q19		3Q19		4Q19		1Q20		2Q20		3Q20		4Q20
North America - (US Domiciled) Morningstar Direct Market Data(1)(2)(3)
	Long Term Funds(4)		$	109.0	$	62.4	$	34.9	$	50.2	$	(240.1)	$	56.3	$	21.4	$	58.7
	Money Market		34.1		101.7		198.9		181.5		664.8		259.4		(165.8)		(80.8)
	ETF		34.3		53.0		28.5		88.4		22.1		69.6		60.1		128.4
		Total Flows	$	177.4	$	217.1	$	262.3	$	320.1	$	446.8	$	385.3	$	(84.3)	$	106.3

EMEA-Morningstar Direct Market Data(1)(2)(5)
	Long Term Funds(4)		$	25.8	$	89.8	$	97.6	$	160.0	$	(137.6)	$	167.6	$	134.4	$	170.1
	Money Market		16.0		16.0		83.2		(9.4)		11.6		152.8		60.0		13.9
	ETF		30.4		10.2		30.1		48.1		(2.9)		36.2		32.4		29.8
		Total Flows	$	72.2	$	116.0	$	210.9	$	198.7	$	(128.9)	$	356.6	$	226.8	$	213.8

(1) Data providers for North America and EMEA industry flows were changed to Morningstar from other providers in 3Q20 for consistency across regions and other efficiency considerations. Data collection and tabulation methodologies among data providers differ. All periods presented reflect data sourced from Morningstar. Prior period data therefore differs from data previously presented, which was sourced from other data providers. Industry data is provided for illustrative purposes only. It is not intended to reflect State Street’s activity or its clients’ activity and is indicative of only segments of the entire industry.
(2) 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.
(3) The fourth quarter of 2020 data for North America (US domiciled) includes Morningstar actuals October and November and Morningstar estimates for December 2020.
(4) 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.
(5) The fourth quarter of 2020 data for Europe is on a rolling three month basis for September 2020 through November 2020, 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)	4Q20			3Q20			4Q19				4Q20 vs. 3Q20			4Q20 vs. 4Q19				4Q20				3Q20			4Q19			4Q20 vs. 3Q20		4Q20 vs. 4Q19				4Q20			3Q20				4Q19		4Q20 vs. 3Q20		4Q20 vs. 4Q19		4Q20			3Q20			4Q19			4Q20 vs. 3Q20		4Q20 vs. 4Q19
Servicing fees	$	1,307		$	1,301		$	1,299			0.5		%	0.6		%		$	—			$	—		$	—		—	%	—		%		$	—		$	—			$	—	—	%	—	%	$	1,307		$	1,301		$	1,299		0.5	%	0.6	%
Management fees	—			—			—				—			—				493				479			480			2.9		2.7				—			—				—		—		—		493			479			480			2.9		2.7
Foreign exchange trading services	301			252			239				19.4			25.9				23				18			20			27.8		15.0				—			—				—		—		—		324			270			259			20.0		25.1
Securities finance	84			81			109				3.7			(22.9)				4				3			2			33.3		100.0				—			—				—		—		—		88			84			111			4.8		(20.7)
Software and processing fees	178			162			208				9.9			(14.4)				26				10			11			160.0		nm				—			—				—		—		—		204			172			219			18.6		(6.8)
Total fee revenue	1,870			1,796			1,855				4.1			0.8				546				510			513			7.1		6.4				—			—				—		—		—		2,416			2,306			2,368			4.8		2.0
Net interest income	495			482			639				2.7			(22.5)				4				(4)			(3)			(200.0)		(233.3)				—			—				—		—		—		499			478			636			4.4		(21.5)
Total other income	2			—			44				—			(95.5)				—				—			—			—		—				—			—				—		—		—		2			—			44			—		(95.5)
Total revenue	2,367			2,278			2,538				3.9			(6.7)				550				506			510			8.7		7.8				—			—				—		—		—		2,917			2,784			3,048			4.8		(4.3)
Provision for loan losses	—			—			3				—			(100.0)				—				—			—			—		—				—			—				—		—		—		—			—			3			—		(100.0)
Total expenses	1,756			1,739			1,749				1.0			0.4				375				358			379			4.7		(1.1)				145			6				279		nm		(48.0)		2,276			2,103			2,407			8.2		(5.4)
Income before income tax expense	$	611		$	539		$	786			13.4			(22.3)				$	175			$	148		$	131		18.2		33.6				$	(145)		$	(6)			$	(279)	nm		(48.0)		$	641		$	681		$	638		(5.9)		0.5
Pre-tax margin	25.8		%	23.7		%	31.0		%		210			(520)			bps	31.8		%		29.2		%	25.7		%	260		610			bps														22.0		%	24.5		%	20.9		%	(250)		110		bps

	Years Ended December 31,
	Investment Servicing						% Change				Investment Management							% Change				Other(1)						% Change		Total							% Change
(Dollars in millions)	2020			2019			YTD2020 vs. YTD2019				2020			2019				YTD2020 vs. YTD2019				2020			2019			YTD2020 vs. YTD2019		2020				2019			YTD2020 vs. YTD2019
Servicing fees	$	5,167		$	5,074		1.8		%		$	—		$	—			—		%		$	—		$	—		—	%	$	5,167			$	5,074		1.8		%
Management fees	—			—			—				1,880			1,824				3.1				—			—			—		1,880				1,824			3.1
Foreign exchange trading services	1,299			974			33.4				64			84				(23.8)				—			—			—		1,363				1,058			28.8
Securities finance	342			462			(26.0)				14			9				55.6				—			—			—		356				471			(24.4)
Software and processing fees	706			691			2.2				27			29				nm				—			—			—		733				720			1.8
Total fee revenue	7,514			7,201			4.3				1,985			1,946				2.0				—			—			—		9,499				9,147			3.8
Net interest income	2,211			2,590			(14.6)				(11)			(24)				(54.2)				—			—			—		2,200				2,566			(14.3)
Total other income	4			43			nm				—			—				—				—			—			—		4				43			nm
Total revenue	9,729			9,834			(1.1)				1,974			1,922				2.7				—			—			—		11,703				11,756			(0.5)
Provision for loan losses	88			10			nm				—			—				—				—			—			—		88				10			nm
Total expenses	7,071			7,140			(1.0)				1,471			1,535				(4.2)				174			359			(51.5)		8,716				9,034			(3.5)
Income before income tax expense	$	2,570		$	2,684		(4.2)				$	503		$	387			30.0				$	(174)		$	(359)		(51.5)		$	2,899			$	2,712		6.9
Pre-tax margin	26.4		%	27.3		%	(90)			bps	25.5		%	20.1		%		540			bps							—		24.8		%		23.1		%	170			bps

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


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

	Ratings
(Dollars in billions, or where otherwise noted)	UST/AGY			AAA			AA			A			BBB			<BBB			NR			Fair Value		% Total		Spot Rate(1)		Net Unrealized Pre-tax MTM Gain/(Loss) (In millions)(2)		Fixed Rate/ Floating Rate(3)
Available-for-sale investment securities:
Government & agency securities	23		%	32		%	31		%	6		%	7		%	—		%	1		%	$	28.7	48.5	%	0.4	%	$	441	100% / 0%
Asset-backed securities	—			92			8			—			—			—			—			7.6		13.0		0.9		(3)		0% / 100%
Student loans	—			42			58			—			—			—			—			0.3		4.1		1.0		1
Credit cards	—			100			—			—			—			—			—			0.1		1.2		0.9		—
Auto & equipment	—			78			22			—			—			—			—			1.1		14.6		0.1		—
Non-U.S. residential mortgage backed securities	—			96			4			—			—			—			—			2.0		26.1		0.8		2
Collateralized loan obligation	—			100			—			—			—			—			—			3.9		51.3		1.3		(6)
Other	—			58			42			—			—			—			—			0.2		2.7		—		—
Mortgage-backed securities	100			—			—			—			—			—			—			11.1		18.7		3.0		369		99% / 1%
Agency MBS	100			—			—			—			—			—			—			11.1		100.0		3.0		369
Non-agency MBS	—			—			—			—			—			—			—			—		—		—		—
CMBS	98			2			—			—			—			—			—			3.3		5.6		1.0		47		20% / 80%
Corporate bonds	—			—			10			38			52			—			—			5.3		9.0		1.4		111		98% / 2%
Covered bonds	—			100			—			—			—			—			—			0.5		0.9		0.2		5		15% / 85%
Municipal bonds	—			24			72			4			—			—			—			0.8		1.4		2.8		64		100% / 0%
Clipper tax-exempt bonds	—			14			61			17			7			—			—			0.7		1.2		4.1		14		0% / 100%
Other	—			12			77			10			—			—			—			1.0		1.7		1.0		13		81% / 19%
Total available-for-sale portfolio	36		%	29		%	20		%	7		%	8		%	—		%	—		%	$	59.0	100.0	%	1.1	%	$	1,061	80% / 20%

Fair Value	$	20.9		$	17.1		$	11.9		$	4.0		$	4.8		$	0.1		$	0.2

	UST/AGY			AAA			AA			A			BBB			<BBB			NR			Amortized Cost		% Total		Spot Rate(1)		Net Unrealized Pre-tax MTM Gain/(Loss) (In millions)(2)		Fixed Rate/ Floating Rate(3)
Held-to-maturity investment securities:
Government & agency securities	95		%	5		%	—		%	—		%	—		%	—		%	—		%	$	6.4	12.3	%	2.0	%	$	83	100% / 0%
Asset-backed securities	—			32			62			2			3			1			—			5.1		9.8		1.1		71		6% / 94%
Student loans	—			33			64			—			3			—			—			4.8		93.9		1.1		7
Non-U.S. residential mortgage backed securities	—			24			21			26			11			16			2			0.3		6.1		1.8		64
Other	—			—			—			100			—			—			—			—		—		1.1		—
Mortgage-backed securities	100			—			—			—			—			—			—			32.5		62.2		2.4		777		99% / 1%
Agency MBS	100			—			—			—			—			—			—			32.4		99.7		2.4		748
Non-agency MBS	—			—			6			8			19			50			17			0.1		30.0		2.1		28
CMBS	90			10			—			—			—			—			—			4.9		9.4		1.6		140		86% / 14%
Held-to-maturity under money market liquidity facility	—			—			—			—			—			—			100			3.3		6.3		1.3		4		100% / 0%
Total held-for-maturity portfolio	83		%	5		%	6		%	—		%	—		%	—		%	6		%	$	52.2	100.0	%	2.1	%	$	1,075	89% / 11%

Amortized Cost	$	42.9		$	2.5		$	3.1		$	0.1		$	0.2		$	0.1		$	3.3


(1) The spot rate for asset-backed securities, mortgage-backed securities and CMBS assumes premiums/discounts are amortized on a straight-line basis to the final maturity of the security.
(2) At December 31, 2020, the after-tax unrealized MTM gain/(loss) includes after-tax unrealized gain on securities available-for-sale of $785 million, after-tax unrealized gain on securities held-to-maturity of $796 million and after-tax unrealized loss primarily related to securities previously transferred from available-for-sale to held-to-maturity of $58 million.
(3) At December 31, 2020, fixed-to-floating rate securities had a book value of approximately $175 million or .16% of the total portfolio.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO NON-U.S. INVESTMENTS

				Investment Securities
(Dollars in billions)	Fair Value		Average Rating	Gov't/Agency(1)(2)		ABS FRMBS		ABS All Other		Corporate Bonds		Covered Bonds		Other		MMLF
Available-for-sale:
Germany	$	3.8	AA	$	3.0	$	—	$	0.7	$	0.1	$	—	$	—	$	—
United Kingdom	3.6		AAA	2.7		0.4		0.2		0.3		—		—		—
Canada	3.2		AAA	2.8		—		—		0.2		—		0.2		—
Australia	3.1		AAA	0.9		1.2		—		0.2		—		0.8		—
France	2.9		AA	1.5		—		0.9		0.3		0.2		—		—
Spain	1.7		BBB	1.6		—		0.1		—		—		—		—
Belgium	1.6		AA	1.5		—		—		—		0.1		—		—
Austria	1.5		AA	1.5		—		—		—		—		—		—
Netherlands	1.5		AA	0.6		0.3		0.1		0.5		—		—		—
Ireland	1.2		A	1.2		—		—		—		—		—		—
Finland	1.2		AA	1.2		—		—		—		—		—		—
Italy	1.1		A	0.7		0.1		0.3		—		—		—		—
Japan	0.6		A	0.6		—		—		—		—		—		—
Luxembourg	0.5		AA	0.5		—		—		—		—		—		—
Other	0.5		AA	0.2		—		—		0.2		0.1		—		—
Total Non-U.S. Investments(3)	$	28.0		$	20.5	$	2.0	$	2.3	$	1.8	$	0.4	$	1.0	$	—
U.S. Investments	31.0
Total available-for-sale	$	59.0
				Investment Securities
(Dollars in billions)	Amortized Cost		Average Rating	Gov't/Agency(1)(2)		ABS FRMBS		ABS All Other		Corporate Bonds		Covered Bonds		Other		MMLF
Held-to-maturity:
Singapore	$	0.4	AAA	$	0.4	$	—	$	—	$	—	$	—	$	—	$	—
United Kingdom	0.1		AA	—		0.1		—		—		—		—		—

Australia	0.1		A	—		0.1		—		—		—		—		—
Spain	0.1		BBB	—		0.1		—		—		—		—		—
Total Non-U.S. Investments(3)	$	0.7		$	0.4	$	0.3	$	—	$	—	$	—	$	—	$	—
U.S. Investments	51.5
Total held-for-maturity	$	52.2

Total Portfolio	$	111.2


(1) Sovereign debt is reflected in the government / agency column.
(2) As of December 31, 2020, the fair value included $9.5 billion of supranational and non-U.S. agency bonds.
(3) Country of collateral used except for corporates where country of issuer is used.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ALLOWANCE FOR CREDIT LOSSES

	Quarters																	% Change
(Dollars in millions)		1Q19		2Q19		3Q19		4Q19		1Q20		2Q20		3Q20		4Q20		4Q20 vs. 4Q19		4Q20 vs. 3Q20
Allowance for credit losses:
Beginning balance(1)		$	83	$	83	$	88	$	86	$	93	$	124	$	163	$	153	77.9	%	(6.1)	%
Provision for credit losses (funded commitments)		4		1		2		3		29		57		3		(6)		nm		nm
Provision for credit losses (unfunded commitments)(2)		(4)		4		—		3		3		(4)		(2)		6		100.0		nm
Provision for credit losses (held-to-maturity securities and all other)		—		—		—		—		4		(1)		(1)		—		nm		(100.0)
Total provision		—		5		2		6		36		52		—		—		(100.0)		nm
Charge-offs		—		—		(2)		(1)		(5)		(14)		(14)		(8)		nm		(42.9)
Other(3)		—		—		(2)		—		—		1		4		3		nm		(25.0)
Ending balance(4)		$	83	$	88	$	86	$	91	$	124	$	163	$	153	$	148	62.6		(3.3)

Allowance for credit losses:
Loans		$	70	$	72	$	71	$	74	$	97	$	141	$	134	$	122	64.9		(9.0)
Held-to-maturity securities		—		—		—		—		4		4		3		3		nm		—
Unfunded (off-balance sheet) commitments		13		16		15		17		22		18		15		22		29.4		46.7
All other		—		—		—		—		1		—		1		1		nm		—
Ending balance(4)		$	83	$	88	$	86	$	91	$	124	$	163	$	153	$	148	62.6		(3.3)

(1) We adopted ASU 2016-13 on January 1, 2020, Allowance for Credit Losses. Prior to 2020, we recognized allowance for loan losses under an incurred loss model. Upon adoption, we increased the allowance and reduced retained earnings by approximately $2.6 million. As such, the ending balance for 4Q19 will not agree to the opening balance for 1Q20.
(2) Prior to the adoption of ASU 2016-13, the provision for unfunded commitments was recorded within Other expenses in the consolidated statement of income. Upon adoption of ASU 2016-13 in 1Q20, the provision for all assets within scope is recorded within Provision for credit losses in the consolidated statement of income.
(3) Consists primarily of FX translation.
(4) The allowance for credit losses on unfunded commitments is included within Other liabilities in the Consolidated Statement of Condition.
nm Not meaningful


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION
In addition to presenting State Street's financial results in conformity with U.S. generally accepted accounting principles, or GAAP, management also presents certain financial information on a basis that excludes or adjusts one or more items from GAAP. This latter basis is a non-GAAP presentation. In general, our non-GAAP financial results adjust selected GAAP-basis financial results to exclude the impact of revenue and expenses outside of State Street’s normal course of business or other notable items, such as acquisition and restructuring charges, repositioning charges, gains/losses on sales, as well as, for selected comparisons, seasonal items. For example, we sometimes present expenses on a basis we may refer to as "expenses ex-notable items", which exclude notable items and, to provide additional perspective on both prior year quarter and sequential quarter comparisons, also exclude seasonal items. Management believes that this presentation of financial information facilitates an investor's further understanding and analysis of State Street's financial performance and trends with respect to State Street’s business operations from period-to-period, including providing additional insight into our underlying margin and profitability. In addition, Management may also provide additional non-GAAP measures. For example, we present capital ratios, calculated under regulatory standards scheduled to be effective in the future or other standards, that management uses in evaluating State Street’s business and activities and believes may similarly be useful to investors. Additionally, we may present revenue and expense measures on a constant currency basis to identify the significance of changes in foreign currency exchange rates (which often are variable) in period-to-period comparisons. This presentation represents the effects of applying prior period weighted average foreign currency exchange rates to current period results.
Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in conformity with GAAP.

	Quarters																	% Change						Year-to-Date				% Change
(Dollars in millions)		1Q19		2Q19		3Q19		4Q19		1Q20		2Q20		3Q20		4Q20		4Q20 vs. 4Q19			4Q20 vs. 3Q20			2019		2020		YTD2020 vs. YTD2019
Fee Revenue:
Total fee revenue, GAAP-basis		$	2,260	$	2,260	$	2,259	$	2,368	$	2,399	$	2,378	$	2,306	$	2,416	2.0	%		4.8	%		$	9,147	$	9,499	3.8	%

Total fee revenue, excluding notable items		$	2,260	$	2,260	$	2,259	$	2,368	$	2,399	$	2,378	$	2,306	$	2,416	2.0			4.8			$	9,147	$	9,499	3.8

Total Revenue:
Total revenue, GAAP-basis		$	2,932	$	2,873	$	2,903	$	3,048	$	3,065	$	2,937	$	2,784	$	2,917	(4.3)	%		4.8	%		$	11,756	$	11,703	(0.5)	%

Less: other income		—		—		—		(44)		—		—		—		—		—			—			(44)		—		nm
Total revenue, excluding notable items		$	2,932	$	2,873	$	2,903	$	3,004	$	3,065	$	2,937	$	2,784	$	2,917	(2.9)			4.8			$	11,712	$	11,703	(0.1)

Expenses:
Total expenses, GAAP-basis		$	2,293	$	2,154	$	2,180	$	2,407	$	2,255	$	2,082	$	2,103	$	2,276	(5.4)	%		8.2	%		$	9,034	$	8,716	(3.5)	%
Less: Notable expense items:
Acquisition and restructuring costs(1)		(9)		(12)		(27)		(29)		(11)		(12)		(15)		(12)		(58.6)			(20.0)			(77)		(50)		(35.1)
Repositioning charges		—		—		—		(110)		—		—		—		(133)		20.9			nm			(110)		(133)		20.9
Legal and related		(14)		—		(18)		(140)		—		—		9		—		nm			nm			(172)		9		nm
Total expenses, excluding notable items		$	2,270	$	2,142	$	2,135	$	2,128	$	2,244	$	2,070	$	2,097	$	2,131	0.1			1.6			$	8,675	$	8,542	(1.5)

Fee Operating Leverage, GAAP-Basis:
Total fee revenue, GAAP-basis		$	2,260	$	2,260	$	2,259	$	2,368	$	2,399	$	2,378	$	2,306	$	2,416	2.0	%		4.8	%		$	9,147	$	9,499	3.8	%
Total expenses, GAAP-basis		2,293		2,154		2,180		2,407		2,255		2,082		2,103		2,276		(5.4)			8.2			9,034		8,716		(3.5)
Fee operating leverage, GAAP-basis																		740		bps	(340)		bps					730		bps

Fee Operating Leverage, excluding notable items:
Total fee revenue, excluding notable items (as reconciled above)		$	2,260	$	2,260	$	2,259	$	2,368	$	2,399	$	2,378	$	2,306	$	2,416	2.0	%		4.8	%		$	9,147	$	9,499	3.8	%
Total expenses, excluding notable items (as reconciled above)		2,270		2,142		2,135		2,128		2,244		2,070		2,097		2,131		0.1			1.6			8,675		8,542		(1.5)
Fee operating leverage, excluding notable items																		190		bps	320		bps					530		bps

Operating Leverage, GAAP-Basis:
Total revenue, GAAP-basis		$	2,932	$	2,873	$	2,903	$	3,048	$	3,065	$	2,937	$	2,784	$	2,917	(4.3)	%		4.8	%		$	11,756	$	11,703	(0.5)	%
Total expenses, GAAP-basis		2,293		2,154		2,180		2,407		2,255		2,082		2,103		2,276		(5.4)			8.2			9,034		8,716		(3.5)
Operating leverage, GAAP-basis																		110		bps	(340)		bps					300		bps

Operating Leverage, excluding notable items:
Total revenue, excluding notable items (as reconciled above)		$	2,932	$	2,873	$	2,903	$	3,004	$	3,065	$	2,937	$	2,784	$	2,917	(2.9)	%		4.8	%		$	11,712	$	11,703	(0.1)	%
Total expenses, excluding notable items (as reconciled above)		2,270		2,142		2,135		2,128		2,244		2,070		2,097		2,131		0.1			1.6			8,675		8,542		(1.5)
Operating leverage, excluding notable items																		(300)		bps	320		bps					140		bps


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

	Quarters																								% Change						Year-to-Date						% Change
(Dollars in millions, except Earnings per share, or where otherwise noted)		1Q19			2Q19			3Q19			4Q19			1Q20			2Q20			3Q20			4Q20		4Q20 vs. 4Q19			4Q20 vs. 3Q20			2019			2020			YTD2020 vs. YTD2019
Net Income Available to Common Shareholders:
Net Income Available to Common Shareholders, GAAP-basis		$	452		$	537		$	528		$	492		$	580		$	662		$	517		$	498	1.2	%		(3.7)	%		$	2,009		$	2,257		12.3	%
Less: Notable items
Acquisition and restructuring costs(1)		9			12			27			29			11			12			15			12								77			50
Repositioning charges		—			—			—			110			—			—			—			133								110			133
Legal and related		14			—			18			140			—			—			(9)			—								172			(9)
Other income		—			—			—			(44)			—			—			—			—								(44)			—
Preferred securities redemption(2)		—			—			—			22			9			—			—			—								22			9
Tax impact of notable items		(2)			(3)			(12)			(25)			(3)			(3)			(4)			(37)								(42)			(47)
Net Income Available to Common Shareholders, excluding notable items		$	473		$	546		$	561		$	724		$	597		$	671		$	519		$	606	(16.3)			16.8			$	2,304		$	2,393		3.9

Diluted Earnings per Share:
Diluted earnings per share, GAAP-basis		$	1.18		$	1.42		$	1.42		$	1.35		$	1.62		$	1.86		$	1.45		$	1.39	3.0	%		(4.1)	%		$	5.38		$	6.32		17.5	%
Less: Notable items
Acquisition and restructuring costs(1)		0.02			0.03			0.06			0.06			0.02			0.02			0.03			0.03								0.16			0.10
Repositioning charges		—			—			—			0.22			—			—			—			0.27								0.22			0.27
Legal and related		0.04			—			0.03			0.38			—			—			(0.03)			—								0.44			(0.02)
Other income		—			—			—			(0.09)			—			—			—			—								(0.09)			—
Preferred securities redemption(2)(3)		—			—			—			0.06			0.03			—			—			—								0.06			0.03
Diluted earnings per share, excluding notable items		$	1.24		$	1.45		$	1.51		$	1.98		$	1.67		$	1.88		$	1.45		$	1.69	(14.6)	%		16.6			$	6.17		$	6.70		8.6

Pre-tax Margin:
Pre-tax margin, GAAP-basis		21.7		%	25.0		%	24.8		%	20.9		%	25.3%			27.3		%	24.5		%	22.0%		110		bps	(250)		bps	23.1		%	24.8		%	170		bps
Less: Notable items
Acquisition and restructuring costs(1)		0.3			0.4			1.0			1.0			0.3			0.4			0.5			0.4								0.7			0.4
Repositioning charges		—			—			—			3.6			—			—			—			4.5								0.9			1.2
Legal and related		0.5			—			0.6			4.7			—			—			(0.3)			—								1.5			(0.1)
Other income		—			—			—			(1.1)			—			—			—			—								(0.4)			—
Pre-tax margin, excluding notable items		22.5%			25.4%			26.4%			29.1%			25.6%			27.7%			24.7%			26.9%		(220)			220			25.8%			26.3%			50

Return on Average Common Equity:
Return on average common equity, GAAP-basis		8.7		%	10.1		%	9.7		%	9.0		%	10.9		%	12.1%			8.9%			8.4%		(60)		bps	(50)		bps	9.4%			10.0%			60		bps
Less: Notable items
Acquisition and restructuring costs(1)		0.2			0.2			0.5			0.5			0.2			0.2			0.2			0.2								0.4			0.2
Repositioning charges		—			—			—			2.0			—			—			—			2.4								0.5			0.6
Legal and related		0.2			—			0.3			2.6			—			—			(0.1)			—								0.7			—
Other income		—			—			—			(0.8)			—			—			—			—								(0.2)			—
Preferred securities redemption(2)(3)		—			—			—			0.4			0.2			—			—			—								0.1			—
Tax impact of notable items		—			—			(0.2)			(0.4)			(0.1)			—			—			(0.7)								(0.1)			(0.2)
Return on average common equity, excluding notable items		9.1%			10.3%			10.3%			13.3%			11.2%			12.3%			9.0%			10.3%		(300)			130			10.8%			10.6%			(20)

(1) Acquisition and restructuring costs of approximately $12 million in 4Q20, consisting of acquisition costs primarily related to CRD.
(2) We redeemed all outstanding Series C noncumulative perpetual preferred stock on March 15, 2020 at a redemption price of $500 million ($100,000 per share equivalent to $25.00 per depositary share) plus accrued and unpaid dividends. The difference between the redemption value and the net carrying value of approximately $9 million resulted in an EPS impact of approximately ($.03) per share in the first quarter of 2020.
(3) We redeemed all outstanding Series E noncumulative perpetual preferred stock on December 15, 2019 at a redemption price of $750 million ($100,000 per share equivalent to $25.00 per depositary share) plus accrued and unpaid dividends. The difference between the redemption value and the net carrying value of approximately $22 million resulted in an EPS impact of approximately ($.06) per share in 2019.


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

(Dollars in millions)			2016(1)			2017			2018(1)			2019			2020
Total revenue:
Total revenue, GAAP-basis			$	10,291		$	11,266		$	12,131		$	11,756		$	11,703
		Less: Gain on sale	(53)			(56)			—			—			—
		Add: Impact of tax legislation	—			20			—			—			—
		Add: Legal and related	43			—			8			—			—
		Less: Other income	—			—			—			(44)			—
Total revenue, excluding notable items			10,281			11,230			12,139			11,712			11,703

Provision for credit losses			10			2			15			10			88
Total expenses:
Total expenses, GAAP-basis			8,077			8,269			9,015			9,034			8,716
	Less:
		Acquisition and restructuring costs	(209)			(266)			(24)			(77)			(50)
		Legal and related	(56)			—			(42)			(172)			9
		Repositioning charges(1)	11			—			(324)			(110)			(133)
		Acceleration of deferred cash awards	(249)			—			—			—			—
Total expenses, excluding notable items			7,574			8,003			8,625			8,675			8,542
Income before income tax expense, excluding notable items			$	2,697		$	3,225		$	3,499		$	3,027		$	3,073

Income before income tax expense, GAAP-basis			$	2,204		$	2,995		$	3,101		$	2,712		$	2,899

Pre-tax margin, excluding notable items			26.2		%	28.7		%	28.8		%	25.8		%	26.3		%
Pre-tax margin, GAAP-basis			21.4			26.6			25.6			23.1			24.8

(1) Includes charges in 2016 that were previously disclosed as "severance costs associated with staffing realignment" and charges in 2018 that were previously disclosed as "Business exit: Channel Islands."


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF NOTABLE ITEMS

	Quarters																	% Change				Year-to-Date				% Change
(Dollars in millions)		1Q19		2Q19		3Q19		4Q19		1Q20		2Q20		3Q20		4Q20		4Q20 vs. 4Q19		4Q20 vs. 3Q20		YTD 2019		YTD 2020		YTD2020 vs. YTD2019
Total revenue:
Total revenue, GAAP-basis		$	2,932	$	2,873	$	2,903	$	3,048	$	3,065	$	2,937	$	2,784	$	2,917	(4.3)	%	4.8	%	$	11,756	$	11,703	(0.5)	%

Less: other income		—		—		—		(44)		—		—		—		—		nm		nm		(44)		—		nm
Total revenue, excluding notable items		2,932		2,873		2,903		3,004		3,065		2,937		2,784		2,917		(2.9)		4.8		$	11,712	$	11,703	(0.1)

Total expenses:
Total expenses, GAAP basis		$	2,293	$	2,154	$	2,180	$	2,407	$	2,255	$	2,082	$	2,103	$	2,276	(5.4)		8.2		$	9,034	$	8,716	(3.5)
Less: Notable expense items:
Repositioning charges:
Compensation and employee benefits		—		—		—		(98)		—		—		—		(82)		(16.3)		—		(98)		(82)		(16.3)
Occupancy		—		—		—		(12)		—		—		—		(51)		nm		—		(12)		(51)		nm
Repositioning charges		—		—		—		(110)		—		—		—		(133)		20.9		—		(110)		(133)		20.9
Acquisition and restructuring costs		(9)		(12)		(27)		(29)		(11)		(12)		(15)		(12)		(58.6)		(20.0)		(77)		(50)		(35.1)
Legal and related		(14)		—		(18)		(140)		—		—		9		—		nm		(100.0)		(172)		9		nm
Total expenses, excluding notable items		2,270		2,142		2,135		2,128		2,244		2,070		2,097		2,131		0.1		1.6		8,675		8,542		(1.5)
Seasonal expenses		(137)		—		—		—		(151)		—		—		—		—		—		(137)		(151)		10.2
Total expenses excluding notable items and seasonal expenses		2,133		2,142		2,135		2,128		2,093		2,070		2,097		2,131		0.1		1.6		8,538		8,391		(1.7)
CRD expenses		(41)		(46)		(56)		(58)		(58)		(61)		(62)		(67)		15.5		8.1		(201)		(248)		23.4
CRD related expenses: intangible asset amortization costs		(15)		(17)		(17)		(16)		(17)		(16)		(17)		(16)		—		(5.9)		(65)		(66)		1.5
Total expenses, excluding notable items, seasonal items, CRD and CRD related expenses		2,077		2,079		2,062		2,054		2,018		1,993		2,018		2,048		(0.3)		1.5		8,272		8,077		(2.4)

Net Income Available to Common Shareholders, GAAP-basis		$	452	$	537	$	528	$	492	$	580	$	662	$	517	$	498	1.2		(3.7)		$	2,009	$	2,257	12.3
Notable items as reconciled above: pre-tax		23		12		45		235		11		12		6		145						315		174
Tax impact on notable items as reconciled above		(2)		(3)		(12)		(25)		(3)		(3)		(4)		(37)						(42)		(47)
Preferred security cost		—		—		—		22		9		—		—		—						22		9
Net Income Available to Common Shareholders, excluding notable items		$	473	$	546	$	561	$	724	$	597	$	671	$	519	606		(16.3)		16.8		$	2,304	$	2,393	3.9

nm Denotes not meaningful


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF CONSTANT CURRENCY FX IMPACTS
GAAP-Basis Quarter Comparison	Reported						Currency Translation Impact					Excluding Currency Impact				% Change Constant Currency
(Dollars in millions)	4Q19		3Q20		4Q20		4Q20 vs. 4Q19		4Q20 vs. 3Q20			4Q20 vs. 4Q19		4Q20 vs. 3Q20		4Q20 vs. 4Q19		4Q20 vs. 3Q20
GAAP-Basis Results:
Fee revenue:
Servicing fees	$	1,299	$	1,301	$	1,307	$	24	$	7		$	1,283	$	1,300	(1.2)	%	(0.1)	%
Management fees	480		479		493		5		2			488		491		1.7		2.5
Foreign exchange trading services	259		270		324		—		—			324		324		25.1		20.0
Securities finance	111		84		88		—		—			88		88		(20.7)		4.8
Software and processing fees	219		172		204		—		1			204		203		(6.8)		18.0
Total fee revenue	2,368		2,306		2,416		29		10			2,387		2,406		0.8		4.3
Net interest income	636		478		499		9		2			490		497		(23.0)		4.0
Total other income	44		—		2		—		—			2		2		—		—
Total revenue	$	3,048	$	2,784	$	2,917	$	38	$	12		$	2,879	$	2,905	(5.5)		4.3

Expenses:
Compensation and employee benefits	$	1,145	$	1,062	$	1,129	$	13	$	7		$	1,116	$	1,122	(2.5)		5.6
Information systems and communications	362		395		394		1		—			393		394		8.6		(0.3)
Transaction processing services	242		234		257		3		1			254		256		5.0		9.4
Occupancy	126		109		162		2		1			160		161		27.0		47.7
Acquisition and restructuring costs	29		15		12		—		—			12		12		(58.6)		(20.0)
Amortization of other intangible assets	58		59		59		1		—			58		59		—		—
Other	445		229		263		4		3			259		260		(41.8)		13.5
Total expenses	$	2,407	$	2,103	$	2,276	$	24	$	12		$	2,252	$	2,264	(6.4)		7.7

GAAP-Basis YTD Comparison	Reported				Currency Translation Impact		Excluding Currency Impact		% Change Constant Currency
(Dollars in millions)	2019		2020		YTD2020 vs. YTD2019		2020		YTD2020 vs. YTD2019
GAAP-Basis Results:
Fee revenue:
Servicing fees	$	5,074	$	5,167	$	21	$	5,146	1.4		%
Management fees	1,824		1,880		8		1,872		2.6
Foreign exchange trading services	1,058		1,363		—		1,363		28.8
Securities finance	471		356		—		356		(24.4)
Software and processing fees	720		733		—		733		1.8
Total fee revenue	9,147		9,499		29		9,470		3.5
Net interest income	2,566		2,200		7		2,193		(14.5)
Total other income	43		4		—		4		nm
Total revenue	$	11,756	$	11,703	$	36	$	11,667	(0.8)
Expenses:
Compensation and employee benefits	$	4,541	$	4,450	$	4	$	4,446	(2.1)
Information systems and communications	1,465		1,550		1		1,549		5.7
Transaction processing services	983		978		3		975		(0.8)
Occupancy	470		489		—		489		4.0
Acquisition and restructuring costs	77		50		—		50		(35.1)
Amortization of other intangible assets	236		234		1		233		(1.3)
Other	1,262		965		2		963		(23.7)
Total expenses	$	9,034	$	8,716	$	11	$	8,705	(3.6)

nm Denotes not meaningful


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF TANGIBLE COMMON EQUITY RATIO

The tangible common equity, or TCE, ratio is a capital ratio that management believes provides context useful in understanding and assessing State Street's capital adequacy. The TCE ratio is calculated by dividing consolidated total common shareholders’ equity by consolidated total assets, after reducing both amounts by goodwill and other intangible assets net of related deferred taxes. Total assets reflected in the TCE ratio also exclude cash balances on deposit at the Federal Reserve Bank and other central banks in excess of required reserves. The TCE ratio is not required by GAAP or by banking regulations, but is a metric used by management to evaluate the adequacy of State Street’s capital levels. Since there is no authoritative requirement to calculate the TCE ratio, our TCE ratio is not necessarily comparable to similar capital measures disclosed or used by other companies in the financial services industry. Tangible common equity and adjusted tangible assets are non-GAAP financial measures and should be considered in addition to, not as a substitute for or superior to, financial measures determined in accordance with GAAP or other applicable requirements. Reconciliations with respect to the calculation of the TCE ratios are provided within the Reconciliation of Tangible Common Equity Ratio within this package.
The following table presents the calculation of State Street's ratios of tangible common equity to total tangible assets.
		Quarters
(Dollars in millions)		1Q19			2Q19			3Q19			4Q19			1Q20			2Q20			3Q20			4Q20
Consolidated total assets		$	228,332		$	241,540		$	244,606		$	245,610		$	362,527		$	280,242		$	272,075		$	314,706
Less:
Goodwill		7,549			7,565			7,500			7,556			7,506			7,538			7,607			7,683
Other intangible assets		2,208			2,155			2,077			2,030			1,963			1,914			1,870			1,827
Cash balances held at central banks in excess of required reserves		44,294			52,847			57,330			65,812			144,955			87,585			72,210			113,422
Adjusted assets		174,281			178,973			177,699			170,212			208,103			183,205			190,388			191,774
Plus related deferred tax liabilities		464			464			462			475			476			479			486			492
Total tangible assets	A	$	174,745		$	179,437		$	178,161		$	170,687		$	208,579		$	183,684		$	190,874		$	192,266
Consolidated total common shareholders' equity		$	21,348		$	21,764		$	21,519		$	21,469		$	21,390		$	22,402		$	23,087		$	23,729
Less:
Goodwill		7,549			7,565			7,500			7,556			7,506			7,538			7,607			7,683
Other intangible assets		2,208			2,155			2,077			2,030			1,963			1,914			1,870			1,827
Adjusted equity		11,591			12,044			11,942			11,883			11,921			12,950			13,610			14,219
Plus related deferred tax liabilities		464			464			462			475			476			479			486			492
Total tangible common equity	B	$	12,055		$	12,508		$	12,404		$	12,358		$	12,397		$	13,429		$	14,096		$	14,711
Tangible common equity ratio	B/A	6.9		%	7.0		%	7.0		%	7.2		%	5.9		%	7.3		%	7.4		%	7.7		%

GAAP-basis:
Net income available to common shareholders		$	452		$	537		$	528		$	492		$	580		$	662		$	517		$	498
Return on tangible common equity		15.0		%	15.8		%	16.3		%	16.3		%	18.7		%	18.5		%	16.6		%	15.3		%


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
REGULATORY CAPITAL

	Quarters
	1Q19						2Q19						3Q19						4Q19						1Q20						2Q20						3Q20						4Q20
(Dollars in millions)	Basel III Advanced Approaches(1)			Basel III Standardized Approach(2)			Basel III Advanced Approaches(1)			Basel III Standardized Approach(2)			Basel III Advanced Approaches(1)			Basel III Standardized Approach(2)			Basel III Advanced Approaches(1)			Basel III Standardized Approach(2)			Basel III Advanced Approaches(1)			Basel III Standardized Approach(2)			Basel III Advanced Approaches(1)			Basel III Standardized Approach(2)			Basel III Advanced Approaches(1)			Basel III Standardized Approach(2)			Basel III Advanced Approaches (1)			Basel III Standardized Approach(2)
RATIOS:
Common equity tier 1 capital	12.1		%	11.5		%	12.3		%	11.5		%	12.2		%	11.3		%	11.7		%	11.7		%	11.1		%	10.7		%	12.7		%	12.3		%	12.8		%	12.4		%	13.1		%	12.3		%
Tier 1 capital	15.9			15.0			15.9			14.9			15.9			14.6			14.5			14.6			13.4			12.9			15.1			14.6			15.1			14.7			15.4			14.4
Total capital	16.7			15.9			16.6			15.5			16.5			15.3			15.6			15.7			14.5			14.1			16.0			15.7			16.0			15.7			16.2			15.3
Tier 1 leverage	7.4			7.4			7.6			7.6			7.4			7.4			6.9			6.9			6.1			6.1			6.1			6.1			6.6			6.6			6.4			6.4

Supporting Calculations:
Common equity tier 1 capital	$	11,899		$	11,899		$	12,367		$	12,367		$	12,229		$	12,229		$	12,213		$	12,213		$	12,115		$	12,115		$	13,168		$	13,168		$	13,825		$	13,825		$	14,377		$	14,377
Total risk-weighted assets	98,023			103,643			100,699			107,972			100,327			108,701			104,364			104,005			109,056			112,763			103,762			106,839			108,112			111,159			109,641			117,286
Common equity tier 1 risk-based capital ratio	12.1		%	11.5		%	12.3		%	11.5		%	12.2		%	11.3		%	11.7		%	11.7		%	11.1		%	10.7		%	12.7		%	12.3		%	12.8		%	12.4		%	13.1		%	12.3		%

Tier 1 capital	$	15,589		$	—		$	16,058		$	16,058		$	15,919		$	15,919		$	15,175		$	15,175		$	14,586		$	14,586		$	15,639		$	15,639		$	16,296		$	16,296		$	16,848		$	16,848
Total risk-weighted assets	98,023			—			100,699			107,972			100,327			108,701			104,364			104,005			109,056			112,763			103,762			106,839			108,112			111,159			109,641			117,286
Tier 1 risk-based capital ratio	15.9		%	15.0		%	15.9		%	14.9		%	15.9		%	14.6		%	14.5		%	14.6		%	13.4		%	12.9		%	15.1		%	14.6		%	15.1		%	14.7		%	15.4		%	14.4		%

Total capital	$	16,386		$	16,460		$	16,672		$	16,748		$	16,530		$	16,612		$	16,275		$	16,360		$	15,771		$	15,877		$	16,650		$	16,766		$	17,290		$	17,413		$	17,809		$	17,957
Total risk-weighted assets	98,023			103,643			100,699			107,972			100,327			108,701			104,364			104,005			109,056			112,763			103,762			106,839			108,112			111,159			109,641			117,286
Total risk-based capital ratio	16.7		%	15.9		%	16.6		%	15.5		%	16.5		%	15.3		%	15.6		%	15.7		%	14.5		%	14.1		%	16.0		%	15.7		%	16.0		%	15.7		%	16.2		%	15.3		%

Tier 1 capital	$	15,589		$	15,589		$	16,058		$	16,058		$	15,919		$	15,919		$	15,175		$	15,175		$	14,586		$	14,586		$	15,639		$	15,639		$	16,296		$	16,296		$	16,848		$	16,848
Adjusted quarterly average assets	210,099			210,099			212,127			212,127			213,997			213,997			219,624			219,624			239,861			239,861			256,418			256,418			247,762			247,762			263,490			263,490
Tier 1 leverage ratio	7.4		%	7.4		%	7.6		%	7.6		%	7.4		%	7.4		%	6.9		%	6.9		%	6.1		%	6.1		%	6.1		%	6.1		%	6.6		%	6.6		%	6.4		%	6.4		%

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


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF SUPPLEMENTARY LEVERAGE RATIOS

In 2014, U.S. banking regulators issued final rules implementing a supplementary leverage ratio, or SLR, for certain bank holding companies, like State Street, and their insured depository institution subsidiaries, like State Street Bank. We refer to these final rules as the SLR final rule. Under the SLR final rule, which was implemented as of January 1, 2018, (i) State Street Bank must maintain an SLR of at least 6% to be well capitalized under the U.S. banking regulators’ Prompt Corrective Action framework and (ii) if State Street maintains an SLR of at least 5%, it is not subject to limitations on distribution and discretionary bonus payments under the SLR final rule. Beginning with reporting for March 31, 2015, State Street was required to include SLR disclosures with its other Basel disclosures.

The following tables reconcile our estimated pro forma fully-phased in SLR ratios in conformity with the SLR final rule, as described, to our SLR ratios calculated in conformity with applicable regulatory requirements as of the dates indicated.

As of December 31, 2020 (Dollars in millions)		State Street Corporation			State Street Bank
Tier 1 Capital	A	$	16,848		$	17,306
On-and off-balance sheet leverage exposure		217,039			227,182
Less: regulatory deductions		(9,353)			(8,897)
Total assets for SLR	B	207,686			218,285
Supplementary Leverage Ratio	A/B	8.1		%	7.9		%

As of September 30, 2020 (Dollars in millions)		State Street Corporation			State Street Bank
Tier 1 Capital	C	$	16,296		$	17,578
On-and off-balance sheet leverage exposure		206,985			217,362
Less: regulatory deductions		(9,261)			(8,828)
Total assets for SLR	D	197,724			208,534
Supplementary Leverage Ratio	C/D	8.2		%	8.4		%








As of June 30, 2020 (Dollars in millions)		State Street Corporation			State Street Bank
Tier 1 Capital	E	$	15,639		$	16,998
On-and off-balance sheet leverage exposure		198,266			208,344
Less: regulatory deductions		(9,234)			(8,824)
Total assets for SLR	F	189,032			199,520
Supplementary Leverage Ratio	E/F	8.3		%	8.5		%

As of March 31, 2020 (Dollars in millions)		State Street Corporation			State Street Bank
Tier 1 Capital	G	$	14,586		$	17,342
On-and off-balance sheet leverage exposure		279,537			275,700
Less: regulatory deductions		(9,275)			(8,837)
Total assets for SLR	H	270,262			266,863
Supplementary Leverage Ratio	G/H	5.4		%	6.5		%

As of December 31, 2019 (Dollars in millions)		State Street Corporation			State Street Bank
Tier 1 Capital	I	$	15,175		$	16,617
On-and off-balance sheet leverage exposure		257,124			253,500
Less: regulatory deductions		(9,262)			(8,837)
Total assets for SLR	J	247,862			244,663
Supplementary Leverage Ratio	I/J	6.1		%	6.8		%

As of September 30, 2019 (Dollars in millions)		State Street Corporation			State Street Bank
Tier 1 Capital	K	$	15,919		$	17,466
On-and off-balance sheet leverage exposure		251,304			247,529
Less: regulatory deductions		(9,276)			(8,845)
Total assets for SLR	L	242,028			238,684
Supplementary Leverage Ratio	K/L	6.6		%	7.3		%

As of June 30, 2019 (Dollars in millions)		State Street Corporation			State Street Bank
Tier 1 Capital	M	$	16,058		$	17,611
On-and off-balance sheet leverage exposure		248,690			245,118
Less: regulatory deductions		(9,387)			(8,980)
Total assets for SLR	N	239,303			236,138
Supplementary Leverage Ratio	M/N	6.7		%	7.5		%

As of March 31, 2019 (Dollars in millions)		State Street Corporation			State Street Bank
Tier 1 Capital	O	$	15,589		17,196
On-and off-balance sheet leverage exposure		245,449			242,506
Less: regulatory deductions		(9,461)			(9,017)
Total assets for SLR	P	235,988			233,489
Supplementary Leverage Ratio	O/P	6.6		%	7.4		%

State Street (STT) 8-KResults of Operations and Financial Condition