State Street (STT) 8-K State Street Reports First Quarter 2022 Eps of $1.57; $1.59

Exhibit 99.2

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
March 31, 2022
Table of Contents
GAAP-Basis Financial Information:
4-Year Summary of Results	2
Consolidated Results of Operations	3
Consolidated Statement of Condition	5
Average Statement of Condition - Rates Earned and Paid - Fully Taxable-Equivalent Basis	6
Investment Portfolio Holdings by Asset Class	7
Investment Portfolio Non-U.S. Investments	9
Assets Under Custody and/or Administration	10
Assets Under Management	11
Industry Flow Data by Asset Class	12
Line of Business Information	13
Allowance for Credit Losses	14
Non-GAAP Financial Information:
Reconciliations of Non-GAAP Financial Information	15
Reconciliation of Pre-tax Margin Excluding Notable Items	18
Reconciliations of Constant Currency FX Impacts	19
Capital:
Reconciliation of Tangible Common Equity Ratio	20
Regulatory Capital	21
This financial information should be read in conjunction with State Street's news release dated April 14, 2022.

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
4-YEAR SUMMARY OF RESULTS
(Dollars in millions, except per share amounts, or where otherwise noted)	2018			2019			2020			2021
Year ended December 31:
Total fee revenue	$	9,454		$	9,147		$	9,499		$	10,012
Net interest income	2,671			2,566			2,200			1,905
Other income	6			43			4			110
Total revenue	12,131			11,756			11,703			12,027
Provision for credit losses	15			10			88			(33)
Total expenses	9,015			9,034			8,716			8,889
Income before income tax expense	3,101			2,712			2,899			3,171
Income tax expense	508			470			479			478
Net income	2,593			2,242			2,420			2,693
Net income available to common shareholders	$	2,404		$	2,009		$	2,257		$	2,572
Per common share:
Diluted earnings per common share	$	6.39		$	5.38		$	6.32		$	7.19
Average diluted common shares outstanding (in thousands)	376,476			373,666			357,106			357,962
Cash dividends declared per common share	$	1.78		$	1.98		$	2.08		$	2.18
Closing price per share of common stock (at year end)	63.07			79.10			72.78			93.00
Average balance sheet:
Investment securities	$	88,070		$	91,768		$	109,175		$	111,730
Total assets	223,385			223,334			269,334			299,743
Total deposits	161,408			158,262			193,225			235,404
Ratios and other metrics:
Return on average common equity	12.1		%	9.4		%	10.0		%	10.7		%
Pre-tax margin	25.6			23.1			24.8			26.4
Pre-tax margin, excluding notable items(1)	28.8			25.8			26.3			27.6
Net interest margin, fully taxable-equivalent basis	1.47			1.42			0.97			0.74
Common equity tier 1 ratio(2)(3)(4)	11.7			11.7			12.3			14.3
Tier 1 capital ratio(2)(3)(4)	15.5			14.5			14.4			16.1
Total capital ratio(2)(3)(4)	16.3			15.6			15.3			17.5
Tier 1 leverage ratio(2)(3)	7.2			6.9			6.4			6.1
Supplementary leverage ratio(2)(3)	6.3			6.1			8.1			7.4
Assets under custody and/or administration (in trillions)	$	31.62		$	34.36		$	38.79		$	43.68
Assets under management (in trillions)	2.51			3.12			3.47			4.14
(1) Notable items include acquisition and restructuring costs, repositioning charges and legal and other notable items. Refer to Reconciliations of pre-tax margin excluding notable items for details.
(2) The capital ratios presented are calculated in conformity with the applicable regulatory guidance in effect as of each period end. Effective January 1, 2018, the applicable final rules are in effect and the ratios are calculated based on fully phased-in CET1, tier 1, total capital and supplementary leverage numbers. We did not revise previously-filed reported capital metrics and ratios.
(3) Under the applicable bank regulatory rules, we are not required to and, accordingly, did not revise previously-filed reported capital metrics and ratios following the change in accounting for LIHTC.
(4) The reportable ratios represent the lower of each of the risk-based capital ratios under both the Standardized Approach and the Advanced Approaches.

2    

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS
	Quarters											% Change
(Dollars in millions, except per share amounts, or where otherwise noted)		1Q21		2Q21		3Q21		4Q21		1Q22			1Q22 vs. 1Q21	1Q22 vs. 4Q21
Fee revenue:
Back office servicing fees		$	1,266	$	1,290	$	1,289	$	1,272	$	1,268		0.2%	(0.3)%
Middle office services		103		104		102		105		100			(2.9)	(4.8)
Servicing fees		1,369		1,394		1,391		1,377		1,368			(0.1)	(0.7)
Management fees		493		504		526		530		520			5.5	(1.9)
Foreign exchange trading services		346		286		279		300		359			3.8	19.7
Securities finance		99		109		106		102		96			(3.0)	(5.9)
Front office software and data		96		148		116		124		138			43.8	11.3
Lending related and other fees		64		63		64		63		63			(1.6)	—
Software and processing fees		160		211		180		187		201			25.6	7.5
Other fee revenue		16		10		22		15		29			81.3	93.3
Total fee revenue		2,483		2,514		2,504		2,511		2,573			3.6	2.5
Net interest income:
Interest income		471		467		487		483		521			10.6	7.9
Interest expense		4		—		—		(1)		12			nm	nm
Net interest income		467		467		487		484		509			9.0	5.2
Other income:
Gains (losses) related to investment securities, net		—		—		(1)		58		(1)			nm	nm
Other income		—		53		—		—		—			—	—
Total other income		—		53		(1)		58		(1)			nm	nm
Total revenue		2,950		3,034		2,990		3,053		3,081			4.4	0.9
Provision for credit losses		(9)		(15)		(2)		(7)		—			nm	nm
Expenses:
Compensation and employee benefits		1,242		1,077		1,054		1,181		1,232			(0.8)	4.3
Information systems and communications		421		398		406		436		423			0.5	(3.0)
Transaction processing services		270		263		253		238		264			(2.2)	10.9
Occupancy		109		100		102		133		95			(12.8)	(28.6)
Acquisition and restructuring costs		10		11		18		26		9			(10.0)	(65.4)
Amortization of other intangible assets		58		63		62		62		61			5.2	(1.6)
Other		222		199		221		254		243			9.5	(4.3)
Total expenses		2,332		2,111		2,116		2,330		2,327			(0.2)	(0.1)
Income before income tax expense		627		938		876		730		754			20.3	3.3
Income tax expense		108		175		162		33		150			38.9	nm
Net income		$	519	$	763	$	714	$	697	$	604		16.4	(13.3)

3    

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS (Continued)
	Quarters											% Change
(Dollars in millions, except per share amounts, or where otherwise noted)		1Q21		2Q21		3Q21		4Q21		1Q22			1Q22 vs. 1Q21		1Q22 vs. 4Q21
Adjustments to net income:
Dividends on preferred stock(1)		$	(30)	$	(34)	$	(21)	$	(34)	$	(20)		(33.3)	%	(41.2)	%
Earnings allocated to participating securities		—		(1)		—		(1)		(1)			—		—
Net income available to common shareholders		$	489	$	728	$	693	$	662	$	583		19.2		(11.9)
Per common share:
Basic earnings		$	1.39	$	2.11	$	1.99	$	1.81	$	1.59		14.4		(12.2)
Diluted earnings		1.37		2.07		1.96		1.78		1.57			14.6		(11.8)
Average common shares outstanding (in thousands):
Basic		350,743		345,889		347,718		365,798		366,542			4.5		0.2
Diluted		355,690		351,582		353,494		371,685		372,037			4.6		0.1
Cash dividends declared per common share		$	0.52	$	0.52	$	0.57	$	0.57	$	0.57		9.6		—
Closing price per share of common stock (as of quarter end)		84.01		82.28		84.72		93.00		87.12			3.7		(6.3)
Balance sheet averages for the quarter:
Investment securities		$	107,809	$	111,481	$	113,635	$	113,906	$	119,286		10.6		4.7
Total assets		296,328		308,195		291,459		303,007		295,010			(0.4)		(2.6)
Total deposits		226,232		242,310		233,266		239,680		233,268			3.1		(2.7)

Ratios and other metrics:
Effective tax rate	17.2		%	18.6		%	18.5		%	4.6		%	19.9		%	270		bps	1,530		bps
Return on average common equity	8.4			12.6			11.6			10.3			9.5			110			(80)
Return on tangible common equity(2)	13.4			17.3			17.3			15.7			14.7			130			(100)
Pre-tax margin	21.3			30.9			29.3			23.9			24.5			320			60
Pre-tax margin, excluding notable items(3)	22.6			29.7			29.9			28.1			24.8			220			(330)
Net interest margin, fully taxable-equivalent basis	0.75			0.71			0.76			0.73			0.80			5			7
Common equity tier 1 ratio(4)(5)	10.8			11.2			13.5			14.3			11.9			110			(240)
Tier 1 capital ratio(4)(5)	12.4			12.9			15.2			16.1			13.4			100			(270)
Total capital ratio(4)(5)	14.0			14.3			16.6			17.5			14.8			80			(270)
Tier 1 leverage ratio(4)	5.4			5.2			6.3			6.1			5.9			50			(20)
Supplementary leverage ratio(4)	7.2			6.7			7.5			7.4			6.7			(50)			(70)
Average securities on loan	$	429,991		$	457,604		$	418,111		$	412,403		$	397,522		(7.6)	%		(3.6)	%
End-of-period securities on loan	451,913			437,094			417,142			400,940			412,162			(8.8)			2.8
Assets under custody and/or administration (in billions)	40,263			42,597			43,337			43,678			41,724			3.6			(4.5)
Assets under management (in billions)	3,591			3,897			3,862			4,138			4,022			12.0			(2.8)
(1) We redeemed an aggregate of $500 million, or 5,000 of the 7,500 outstanding shares of our non-cumulative perpetual preferred stock, Series F, for cash at a redemption price of $100,000 per share (equivalent to $1,000 per depositary share) plus all declared and unpaid dividends on March 15, 2021. The difference between the redemption value and the net carrying value of approximately $5 million resulted in an EPS impact of approximately ($.02) per share in the first quarter of 2021.
(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.
(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, 2022 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.
nm Denotes not meaningful

4    

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED STATEMENT OF CONDITION
	As of											% Change
(Dollars in millions, except per share amounts)		March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021		March 31, 2022			1Q22 vs. 1Q21		1Q22 vs. 4Q21
Assets:
Cash and due from banks		$	4,552	$	4,619	$	4,606	$	3,631	$	2,976		(34.6)	%	(18.0)	%
Interest-bearing deposits with banks		107,554		113,347		107,553		106,358		104,010			(3.3)		(2.2)
Securities purchased under resale agreements		5,238		3,997		2,847		3,012		803			(84.7)		(73.3)
Trading account assets		786		721		720		758		754			(4.1)		(0.5)
Investment securities:
Investment securities available-for-sale		60,512		67,497		70,279		73,399		74,348			22.9		1.3
Investment securities held-to-maturity purchased under money market liquidity facility(1)		201		—		—		—		—			(100.0)		—
Investment securities held-to-maturity(2)		46,261		45,182		43,346		42,430		45,203			(2.3)		6.5
Total investment securities		106,974		112,679		113,625		115,829		119,551			11.8		3.2
Loans		31,585		30,704		32,797		32,532		35,141			11.3		8.0
Allowance for loan losses(3)		118		100		95		87		86			(27.1)		(1.1)
Loans, net		31,467		30,604		32,702		32,445		35,055			11.4		8.0
Premises and equipment, net(4)		2,143		2,169		2,191		2,261		2,229			4.0		(1.4)
Accrued interest and fees receivable		3,302		3,358		3,407		3,278		3,446			4.4		5.1
Goodwill		7,629		7,629		7,650		7,621		7,582			(0.6)		(0.5)
Other intangible assets		2,007		1,933		1,887		1,816		1,744			(13.1)		(4.0)
Other assets		45,233		45,472		45,951		37,615		44,200			(2.3)		17.5
Total assets		$	316,885	$	326,528	$	323,139	$	314,624	$	322,350		1.7		2.5
Liabilities:
Deposits:
Non-interest-bearing		$	57,079	$	61,742	$	64,885	$	56,461	$	61,797		8.3		9.5
Interest-bearing - U.S.		108,372		111,291		108,909		102,985		104,962			(3.1)		1.9
Interest-bearing - Non-U.S.		79,442		90,936		85,579		95,589		84,284			6.1		(11.8)
Total deposits(5)		244,893		263,969		259,373		255,035		251,043			2.5		(1.6)
Securities sold under repurchase agreements		587		658		637		1,575		4,277			628.6		171.6
Short-term borrowings under money market liquidity facility		200		—		—		—		—			—		—
Other short-term borrowings		642		635		549		128		18			(97.2)		(85.9)
Accrued expenses and other liabilities		31,722		23,067		22,288		17,048		26,866			(15.3)		57.6
Long-term debt		13,836		13,032		12,978		13,475		13,922			0.6		3.3
Total liabilities		291,880		301,361		295,825		287,261		296,126			1.5		3.1
Shareholders' equity:
Preferred stock, no par, 3,500,000 shares authorized:
Series D, 7,500 shares issued and outstanding		742		742		742		742		742			—		—
Series F, 2,500 shares issued and outstanding		247		247		247		247		247			—		—
Series G, 5,000 shares issued and outstanding		493		493		493		493		493			—		—
Series H, 5,000 shares issued and outstanding		494		494		494		494		494			—		—
Common stock, $1 par, 750,000,000 shares authorized(6)(7)		504		504		504		504		504			—		—
Surplus		10,227		10,246		10,763		10,787		10,762			5.2		(0.2)
Retained earnings		23,751		24,300		24,785		25,238		25,612			7.8		1.5
Accumulated other comprehensive income (loss)		(418)		(422)		(682)		(1,133)		(2,698)			545.5		138.1
Treasury stock, at cost(8)		(11,035)		(11,437)		(10,032)		(10,009)		(9,932)			(10.0)		(0.8)
Total shareholders' equity		25,005		25,167		27,314		27,363		26,224			4.9		(4.2)
Total liabilities and equity		$	316,885	$	326,528	$	323,139	$	314,624	$	322,350		1.7		2.5
(1) Fair value of Investment securities held-to-maturity purchased under money market liquidity facility		$	201	$	—	$	—	$	—	$	—
(2) Fair value of investment securities held-to-maturity		46,752		45,685		43,728		42,271		42,834
(3) Total allowance for credit losses including off-balance sheet commitments		135		121		117		108		107
(4) Accumulated depreciation for premises and equipment		4,960		5,108		5,235		5,391		5,530
(5) Average total deposits		226,232		242,310		233,266		239,680		233,268
(6) Common stock shares issued		503,879,642		503,879,642		503,879,642		503,879,642		503,879,642
(7) Total common shares outstanding		348,032,982		343,503,114		365,629,173		365,982,820		367,114,788
(8) Treasury stock shares		155,846,660		160,376,528		138,250,469		137,896,822		136,764,854

5    

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
	1Q21					2Q21					3Q21					4Q21					1Q22						1Q22 vs. 1Q21	1Q22 vs. 4Q21
(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	$	95,235	(0.04)		%	$	99,438	(0.02)		%	$	79,375	—		%	$	86,154	(0.01)		%	$	76,741	0.05		%				(19.4)	%	(10.9)	%
Securities purchased under resale agreements(2)	4,568		0.88			3,958		0.28			4,061		0.65			4,191		0.69			3,150		1.31						(31.0)		(24.8)
Trading account assets	800		—			729		—			733		0.02			747		0.01			761		—						(4.9)		1.9
Investment securities:
Investment securities available-for-sale	59,191		0.95			66,225		0.88			69,621		0.86			71,134		0.83			75,226		0.83						27.1		5.8
Investment securities held-to-maturity	47,356		1.54			45,243		1.47			44,014		1.47			42,772		1.45			44,060		1.56						(7.0)		3.0
Investment securities held-to-maturity purchased under money market liquidity facility	1,262		1.35			13		1.28			—		—			—		—			—		—						(100.0)		—
Total investment securities	107,809		1.21			111,481		1.12			113,635		1.10			113,906		1.06			119,286		1.10						10.6		4.7
Loans(3)	28,025		2.05			29,471		2.14			32,035		2.08			34,425		2.00			34,407		2.03						22.8		(0.1)
Other interest-earning assets	18,296		0.10			20,939		0.07			24,662		0.08			25,418		0.07			23,767		0.08						29.9		(6.5)
Total interest-earning assets	254,733		0.76			266,016		0.71			254,501		0.76			264,841		0.73			258,112		0.82						1.3		(2.5)
Cash and due from banks	4,529					5,594					5,103					4,998					4,018								(11.3)		(19.6)
Other assets	37,066					36,585					31,855					33,168					32,880								(11.3)		(0.9)
Total assets	$	296,328				$	308,195				$	291,459				$	303,007				$	295,010							(0.4)		(2.6)
Liabilities:
Interest-bearing deposits:
U.S.	$	100,974	0.01		%	$	110,269	—		%	$	104,575	0.02		%	$	103,547	—		%	$	100,073	0.02		%				(0.9)		(3.4)
Non-U.S.(4)	78,433		(0.37)			83,248		(0.32)			82,230		(0.33)			84,525		(0.31)			83,556		(0.32)						6.5		(1.1)
Total interest-bearing deposits(4)	179,407		(0.16)			193,517		(0.14)			186,805		(0.13)			188,072		(0.14)			183,629		(0.14)						2.4		(2.4)
Securities sold under repurchase agreements	1,017		0.05			477		(0.02)			332		—			847		(0.05)			2,279		(0.02)						124.1		169.1
Short-term borrowings under money market liquidity facility	1,264		1.21			13		1.25			—		—			—		—			—		—						(100.0)		—
Other short-term borrowings	764		0.14			893		0.27			837		0.17			659		0.28			872		—						14.1		32.3
Long-term debt	13,819		1.74			13,461		1.60			13,021		1.59			13,243		1.62			14,265		1.82						3.2		7.7
Other interest-bearing liabilities	4,848		0.73			5,682		0.80			5,461		0.78			5,943		0.71			2,881		1.50						(40.6)		(51.5)
Total interest-bearing liabilities	201,119		0.01			214,043		—			206,456		—			208,764		—			203,926		0.02						1.4		(2.3)
Non-interest bearing deposits	46,825					48,793					46,461					51,608					49,639								6.0		(3.8)
Other liabilities	22,423					20,131					12,775					15,266					14,678								(34.5)		(3.9)
Preferred shareholders' equity	2,378					1,976					1,976					1,976					1,976								(16.9)		—
Common shareholders' equity	23,583					23,252					23,791					25,393					24,791								5.1		(2.4)
Total liabilities and shareholders' equity	$	296,328				$	308,195				$	291,459				$	303,007				$	295,010							(0.4)		(2.6)
Total deposits	$	226,232				$	242,310				$	233,266				$	239,680				$	233,268							3.1		(2.7)
Excess of rate earned over rate paid			0.75		%			0.71		%			0.76		%			0.73		%			0.80		%
Net interest margin			0.75		%			0.71		%			0.76		%			0.73		%			0.80		%
Net interest income, fully taxable-equivalent basis			$	471				$	470				$	490				$	487				$	512
Tax-equivalent adjustment			(4)					(3)					(3)					(3)					(3)
Net interest income, GAAP-basis(4)			$	467				$	467				$	487				$	484				$	509
(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, $62 billion, $52 billion and $48 billion in the first, second, third and fourth quarters 2021, respectively, and approximately $55 billion in the first quarter of 2022. Excluding the impact of netting, the average interest rates would be approximately 0.04%, 0.02%, 0.05% and 0.06% in the first, second, third and fourth quarters of 2021, respectively, and approximately 0.07% in the first quarter of 2022.
(3) Average loans are presented on a gross basis. Average loans net of expected credit losses were approximately $27,904 million, $29,352 million, $31,935 million and $34,331 million in the first, second, third and fourth quarters of 2021 and approximately $34,320 million in the first quarter of 2022.
(4) Average rates includes the impact of FX swap expense of approximately ($21) million, ($16) million, ($16) million and ($14) million in the first, second, third and fourth quarters of 2021, respectively, and approximately ($13) million in the first quarter of 2022. Average rates for total interest-bearing deposits excluding the impact of FX swap expense were approximately (0.11)%, (0.10)%, (0.10)% and (0.11)% in the first, second, third and fourth quarters of 2021, respectively, and approximately (0.11)% in the first quarter of 2022.

6    

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO HOLDINGS BY ASSET CLASS
	Quarters
	1Q21				2Q21				3Q21				4Q21				1Q22
(Dollars in billions, or 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	$	28.5	0.44	%	$	32.5	0.53	%	$	36.1	0.59	%	$	38.8	0.63	%	$	42.9	0.72	%
Asset-backed securities	7.9		0.86		9.1		0.84		9.4		0.88		7.6		0.82		6.7		0.79
Student loans	0.3		0.94		0.3		1.19		0.2		1.18		0.2		1.25		0.2		1.43
Credit cards	0.1		0.88		0.1		0.87		0.1		0.86		0.1		0.87		0.1		0.93
Auto & equipment	1.1		0.03		1.3		(0.01)		1.3		0.03		1.2		(0.02)		1.0		(0.01)
Non-U.S. residential mortgage backed securities	2.0		0.80		2.1		0.77		2.1		0.74		2.1		0.79		2.1		0.78
Collateralized loan obligation	4.2		1.16		5.2		1.10		5.4		1.16		3.8		1.11		3.2		1.06
Other	0.2		(0.12)		0.1		(0.09)		0.3		(0.07)		0.2		(0.20)		0.1		(0.37)
Mortgage-backed securities	10.3		1.77		10.7		1.53		9.6		1.54		9.4		1.57		9.8		1.62
Agency MBS	10.3		1.77		10.7		1.53		9.6		1.54		9.4		1.57		9.8		1.62
Non-agency MBS	—		—		—		—		—		—		—		—		—		—
CMBS	3.8		0.78		5.6		0.53		6.5		0.50		8.0		0.43		9.2		0.40
Corporate bonds	5.4		1.33		5.3		1.29		5.0		1.27		4.3		1.29		3.9		1.02
Covered bonds	0.5		0.22		0.3		0.30		0.2		0.40		0.1		0.57		0.1		0.58
Municipal bonds	0.8		2.59		0.8		2.61		0.8		2.62		0.8		2.65		0.6		2.72
Clipper tax-exempt bonds	0.7		3.76		0.7		3.80		0.6		3.79		0.6		3.83		0.5		4.07
Other	1.3		0.93		1.2		0.94		1.4		0.93		1.5		0.92		1.6		0.86
Total available-for-sale portfolio	$	59.2	0.95		$	66.2	0.88		$	69.6	0.86		$	71.1	0.83		$	75.3	0.83
	1Q21				2Q21				3Q21				4Q21				1Q22
(Dollars in billions, or 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	$	6.0	2.10	%	$	5.8	1.97	%	$	5.3	1.73	%	$	4.1	1.56	%	$	3.5	1.24	%
Asset-backed securities	5.0		1.31		5.1		1.22		5.1		1.19		5.1		1.13		4.9		1.05
Student loans	4.7		1.11		4.8		1.05		4.9		1.03		5.0		0.96		4.9		1.05
Non-U.S. residential mortgage backed securities	0.3		4.56		0.3		4.14		0.2		4.52		0.1		8.31		—		—
Other	—		1.13		—		1.11		—		1.11		—		0.65		—		—
Mortgage-backed securities	31.3		1.51		29.5		1.38		28.7		1.40		28.7		1.43		30.6		1.67
Agency MBS	31.2		1.51		29.4		1.37		28.7		1.39		28.7		1.41		30.6		1.66
Non-agency MBS	0.1		4.21		0.1		4.44		—		4.93		—		5.38		—		12.22
CMBS	5.0		1.54		4.9		1.61		4.9		1.57		4.9		1.52		5.0		1.53
Held-to-maturity under money market liquidity facility	1.3		1.35		—		1.28		—		—		—		—		—		—
Total held-for-maturity portfolio	$	48.6	1.54		$	45.3	1.47		$	44.0	1.47		$	42.8	1.45		$	44.0	1.56
Total investment securities	$	107.8	1.21		$	111.5	1.12		$	113.6	1.10		$	113.9	1.06		$	119.3	1.10

7    

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	50		%	25		%	18		%	4		%	2		%	1		%	—		%	$	41.7	56.0	%	$	(1,139)	94% / 6%
Asset-backed securities	—			92			8			—			—			—			—			7.0		9.4		(26)		0% / 100%
Student loans	—			17			83			—			—			—			—			0.2		2.7		1
Credit cards	—			100			—			—			—			—			—			0.1		1.3		—
Auto & equipment	—			76			24			—			—			—			—			1.0		13.7		(2)
Non-U.S. residential mortgage backed securities	—			93			6			—			—			1			—			2.3		32.3		(10)
Collateralized loan obligation	—			100			—			—			—			—			—			3.3		47.4		(15)
Other	—			85			15			—			—			—			—			0.1		2.6		—
Mortgage-backed securities	100			—			—			—			—			—			—			9.6		13.0		(425)		99% / 1%
Agency MBS	100			—			—			—			—			—			—			9.6		100.0		(425)
Non-agency MBS	—			—			—			—			—			—			—			—		—		—
CMBS	98			2			—			—			—			—			—			9.3		12.5		(39)		3% / 97%
Corporate bonds	—			—			13			41			46			—			—			3.8		5.1		(75)		93% / 7%
Covered bonds	—			100			—			—			—			—			—			0.1		0.1		(1)		100% / 0%
Municipal bonds	—			26			73			1			—			—			—			0.7		1.0		5		100% / 0%
Clipper tax-exempt bonds	—			11			61			18			10			—			—			0.5		0.7		—		0% / 100%
Other	—			1			41			43			15			—			—			1.6		2.2		(75)		96% / 4%
Total available-for-sale portfolio	53		%	24		%	13		%	6		%	4		%	—		%	—		%	$	74.3	100.0	%	$	(1,775)	74% / 26%
Fair Value	$	39.7		$	17.5		$	9.9		$	4.2		$	2.7		$	0.2		$	0.1
	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	16		%	34		%	31		%	—		%	19		%	—		%	—		%	$	4.4	9.8	%	$	(25)	100% / 0%
Asset-backed securities	—			25			73			—			2			—			—			4.7		10.3		(31)		5% / 95%
Student loans	—			25			73			—			2			—			—			4.7		100.0		(31)
Non-U.S. residential mortgage backed securities	—			—			—			—			—			—			—			—		—		—
Other	—			—			—			—			—			—			—			—		—		—
Mortgage-backed securities	100			—			—			—			—			—			—			31.1		68.9		(1,846)		100% / 0%
Agency MBS	100			—			—			—			—			—			—			31.1		100.0		(1,866)
Non-agency MBS	—			—			12			—			19			22			47			—		—		20
CMBS	94			6			—			—			—			—			—			5.0		11.0		(383)		92% / 8%
Total held-for-maturity portfolio	81		%	7		%	10		%	—		%	2		%	—		%	—		%	$	45.2	100.0	%	$	(2,285)	89% / 11%
Amortized Cost	$	36.5		$	3.0		$	4.8		$	—		$	0.9		$	—		$	—
Total investment securities																						$	119.5					80% / 20%
(1) At March 31, 2022, the after-tax unrealized MTM gain/(loss) includes after-tax unrealized loss on securities available-for-sale of $1,294 million, after-tax unrealized loss on securities held-to-maturity of $1,733 million and after-tax unrealized gain primarily related to securities previously transferred from available-for-sale to held-to-maturity of $56 million.
(2) At March 31, 2022, fixed-to-floating rate securities had a book value of approximately $150 million or 0.12% of the total portfolio.

8    

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO NON-U.S. INVESTMENTS
				Investment Securities
(Dollars in billions)	Fair Value		Average Rating	Gov't/Agency(1)(2)		ABS FRMBS		ABS All Other		Corporate Bonds		Covered Bonds		Other
Available-for-sale:
Canada	$	4.4	AA	$	3.1	$	—	$	0.1	$	0.3	$	—	$	0.9
Australia	3.1		AAA	1.2		1.3		—		0.3		—		0.3
Germany	2.0		AAA	1.2		—		0.5		0.1		—		0.2
United Kingdom	1.9		AA	0.8		0.6		0.2		0.3		—		—
France	1.7		AA	0.5		—		0.8		0.2		0.1		0.1
Japan	1.3		A	1.3		—		—		—		—		—
Austria	1.2		AAA	1.2		—		—		—		—		—
Netherlands	0.9		AA	0.2		0.3		0.1		0.3		—		—
Italy	0.8		AA	0.6		0.1		0.1		—		—		—
Finland	0.8		A	0.7		—		0.1		—		—		—
Belgium	0.5		AA	0.5		—		—		—		—		—
Ireland	0.5		A	0.5		—		—		—		—		—
Hong Kong	0.4		AA	0.4		—		—		—		—		—
Spain	0.3		A	0.2		—		0.1		—		—		—
Other	8.6		AAA	8.3		—		—		0.3		—		—
Total Non-U.S. Investments(3)	$	28.4		$	20.7	$	2.3	$	2.0	$	1.8	$	0.1	$	1.5
U.S. Investments	45.9
Total available-for-sale	$	74.3
				Investment Securities
(Dollars in billions)	Amortized Cost		Average Rating	Gov't/Agency(1)(2)		ABS FRMBS		ABS All Other		Corporate Bonds		Covered Bonds		Other
Held-to-maturity:
Spain	$	0.9	A	$	0.9	$	—	$	—	$	—	$	—	$	—
France	0.5		AA	0.5		—		—		—		—		—
Belgium	0.2		AA	0.2		—		—		—		—		—
Singapore	0.2		AAA	0.2		—		—		—		—		—
Austria	0.2		AA	0.2		—		—		—		—		—
Netherlands	0.2		AAA	0.2		—		—		—		—		—
Germany	0.1		AA	0.1		—		—		—		—		—
Other	1.5		AAA	1.5		—		—		—		—		—
Total Non-U.S. Investments(3)	$	3.8		$	3.8	$	—	$	—	$	—	$	—	$	—
U.S. Investments	41.4
Total held-for-maturity	$	45.2
Total Investment Portfolio	$	119.5
(1) Sovereign debt is reflected in the government / agency column.
(2) As of March 31, 2022, other non-U.S. investments include $7.7 billion supranational bonds in AFS securities and $1.4 billion supranational bonds in HTM securities.
(3) Country of collateral used except for corporates where country of issuer is used.

9    

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER CUSTODY AND/OR ADMINISTRATION
	Quarters										% Change
(Dollars in billions)	1Q21		2Q21		3Q21		4Q21		1Q22			1Q22 vs. 1Q21		1Q22 vs. 4Q21
Assets Under Custody and/or Administration(1)
By Product Classification:
Collective funds, including ETFs	$	14,052	$	15,048	$	15,159	$	15,722	$	15,140		7.7	%	(3.7)	%
Mutual funds	10,439		10,873		11,505		11,575		10,825			3.7		(6.5)
Pension products	7,843		8,291		8,497		8,443		8,191			4.4		(3.0)
Insurance and other products	7,929		8,385		8,176		7,938		7,568			(4.6)		(4.7)
Total Assets Under Custody and/or Administration	$	40,263	$	42,597	$	43,337	$	43,678	$	41,724		3.6		(4.5)
By Financial Instrument:
Equities	$	22,825	$	24,792	$	25,350	$	25,974	$	25,249		10.6		(2.8)
Fixed-income	13,022		13,079		12,808		12,587		11,303			(13.2)		(10.2)
Short-term and other investments	4,416		4,726		5,179		5,117		5,172			17.1		1.1
Total Assets Under Custody and/or Administration	$	40,263	$	42,597	$	43,337	$	43,678	$	41,724		3.6		(4.5)
By Geographic Location(2):
Americas	$	29,530	$	31,280	$	31,934	$	32,427	$	31,027		5.1		(4.3)
Europe/Middle East/Africa	8,256		8,716		8,748		8,599		8,103			(1.9)		(5.8)
Asia/Pacific	2,477		2,601		2,655		2,652		2,594			4.7		(2.2)
Total Assets Under Custody and/or Administration	$	40,263	$	42,597	$	43,337	$	43,678	$	41,724		3.6		(4.5)
Assets Under Custody(3)
By Product Classification:
Collective funds, including ETFs	$	11,895	$	12,785	$	12,881	$	13,448	$	13,107		10.2		(2.5)
Mutual funds	8,811		9,188		9,369		9,491		8,833			0.2		(6.9)
Pension products	6,283		6,671		6,798		6,733		6,576			4.7		(2.3)
Insurance and other products	3,145		3,303		3,316		3,173		2,931			(6.8)		(7.6)
Total Assets Under Custody	$	30,134	$	31,947	$	32,364	$	32,845	$	31,447		4.4		(4.3)
By Geographic Location(2):
Americas	$	22,715	$	24,015	$	24,380	$	24,864	$	23,655		4.1		(4.9)
Europe/Middle East/Africa	5,564		5,957		5,994		5,988		5,786			4.0		(3.4)
Asia/Pacific	1,855		1,975		1,990		1,993		2,006			8.1		0.7
Total Assets Under Custody	$	30,134	$	31,947	$	32,364	$	32,845	$	31,447		4.4		(4.3)
(1) Consistent with past practice, AUC/A values for certain asset classes are based on a lag, typically one-month.
(2) Geographic mix is generally based on the domicile of the entity servicing the funds and is not necessarily representative of the underlying asset mix.
(3) Assets under custody are a component of assets under custody and/or administration presented above.

10    

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER MANAGEMENT
	Quarters										% Change
(Dollars in billions)	1Q21		2Q21		3Q21		4Q21		1Q22			1Q22 vs. 1Q21		1Q22 vs. 4Q21
Assets Under Management
By Asset Class and Investment Approach:
Equity:
Active	$	84	$	83	$	79	$	80	$	67		(20.2)	%	(16.3)	%
Passive	2,198		2,378		2,361		2,594		2,463			12.1		(5.1)
Total Equity	2,282		2,461		2,440		2,674		2,530			10.9		(5.4)
Fixed-Income:
Active	91		100		101		103		98			7.7		(4.9)
Passive	463		510		509		520		503			8.6		(3.3)
Total Fixed-Income	554		610		610		623		601			8.5		(3.5)
Cash(1)	372		381		367		368		393			5.6		6.8
Multi-Asset-Class Solutions:
Active	34		35		35		34		33			(2.9)		(2.9)
Passive	155		172		174		188		196			26.5		4.3
Total Multi-Asset-Class Solutions	189		207		209		222		229			21.2		3.2
Alternative Investments(2):
Active	27		63		58		56		51			88.9		(8.9)
Passive	167		175		178		195		218			30.5		11.8
Total Alternative Investments	194		238		236		251		269			38.7		7.2
Total Assets Under Management	$	3,591	$	3,897	$	3,862	$	4,138	$	4,022		12.0		(2.8)
By Geographic Location:
North America	$	2,512	$	2,749	$	2,732	$	2,931	$	2,878		14.6		(1.8)
Europe/Middle East/Africa	530		570		558		592		593			11.9		0.2
Asia/Pacific	549		578		572		615		551			0.4		(10.4)
Total Assets Under Management	$	3,591	$	3,897	$	3,862	$	4,138	$	4,022		12.0		(2.8)
(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)	$	69	$	73	$	69	$	72	$	84		21.7	%	16.7	%
Equity	777		844		849		970		940			21.0		(3.1)
Fixed-Income	122		128		131		135		134			9.8		(0.7)
Multi-Asset	—		1		1		1		1			nm		nm
Total Exchange-Traded Funds	$	968	$	1,046	$	1,050	$	1,178	$	1,159		19.7		(1.6)
(1) Exchange-traded funds are a component of assets under management presented above.
(2) Includes real estate investment trusts, currency and commodities, including SPDR® Gold Shares and SPDR® Gold MiniSharesSM Trust. We are not the investment manager for the SPDR® Gold Shares and SPDR®Gold MiniSharesSM Trust, but act as the marketing agent.
nm Denotes not meaningful

11    

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INDUSTRY FLOW DATA BY ASSET CLASS
(Dollars in billions)			Quarters
			1Q21		2Q21		3Q21		4Q21		1Q22
North America - (US Domiciled) Morningstar Direct Market Data(1)(2)
	Long Term Funds(3)		$	165.2	$	195.7	$	149.8	$	101.7	$	(65.6)
	Money Market		156.4		33.1		15.2		200.8		(133.7)
	ETF		148.4		122.6		77.1		156.5		181.2
		Total Flows	$	470.0	$	351.4	$	242.1	$	459.0	$	(18.1)
EMEA-Morningstar Direct Market Data(1)(4)
	Long Term Funds(3)		$	237.0	$	225.8	$	192.1	$	154.6	$	76.1
	Money Market		(91.0)		(9.8)		(4.3)		109.7		(70.6)
	ETF		54.2		51.1		36.8		34.7		47.0
		Total Flows	$	200.2	$	267.1	$	224.6	$	299.0	$	52.5
(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 2022 data for North America (US domiciled) includes Morningstar actuals for January and February 2022 and Morningstar estimates for March 2022.
(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 2022 data for Europe is on a rolling three month basis for December 2021 through February 2022, sourced by Morningstar.

12    

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)	1Q21			4Q21			1Q22			1Q22  vs. 1Q21		1Q22  vs. 4Q21			1Q21			4Q21			1Q22			1Q22  vs. 1Q21		1Q22  vs. 4Q21			1Q21		4Q21		1Q22		1Q22  vs. 1Q21		1Q22  vs. 4Q21		1Q21			4Q21			1Q22			1Q22  vs. 1Q21		1Q22  vs. 4Q21
Servicing fees	$	1,369		$	1,377		$	1,368		(0.1)	%	(0.7)	%		$	—		$	—		$	—		—	%	—	%		$	—	$	—	$	—	—	%	—	%	$	1,369		$	1,377		$	1,368		(0.1)	%	(0.7)	%
Management fees	—			—			—			—		—			493			530			520			5.5		(1.9)			—		—		—		—		—		493			530			520			5.5		(1.9)
Foreign exchange trading services	333			280			342			2.7		22.1			13			20			17			30.8		(15.0)			—		—		—		—		—		346			300			359			3.8		19.7
Securities finance	95			98			93			(2.1)		(5.1)			4			4			3			(25.0)		(25.0)			—		—		—		—		—		99			102			96			(3.0)		(5.9)
Software and processing fees	160			187			201			25.6		7.5			—			—			—			nm		nm			—		—		—		—		—		160			187			201			25.6		7.5
Other fee revenue	14			14			46			nm		nm			2			1			(17)			nm		nm			—		—		—		—		—		16			15			29			81.3		93.3
Total fee revenue	1,971			1,956			2,050			4.0		4.8			512			555			523			2.1		(5.8)			—		—		—		—		—		2,483			2,511			2,573			3.6		2.5
Net interest income	473			487			509			7.6		4.5			(6)			(3)			—			nm		nm			—		—		—		—		—		467			484			509			9.0		5.2
Total other income	—			—			(1)			nm		nm			—			—			—			—		—			—		58		—		—		nm		—			58			(1)			nm		nm
Total revenue	2,444			2,443			2,558			4.7		4.7			506			552			523			3.4		(5.3)			—		58		—		—		nm		2,950			3,053			3,081			4.4		0.9
Provision for credit losses	(9)			(7)			—			nm		nm			—			—			—			—		—			—		—		—		—		—		(9)			(7)			—			nm		nm
Total expenses	1,879			1,793			1,925			2.4		7.4			397			363			389			(2.0)		7.2			56		174		13		nm		nm		2,332			2,330			2,327			(0.2)		(0.1)
Income before income tax expense	$	574		$	657		$	633		10.3		(3.7)			$	109		$	189		$	134		22.9		(29.1)			$	(56)	$	(116)	$	(13)	nm		nm		$	627		$	730		$	754		20.3		3.3
Pre-tax margin	23.5		%	26.9		%	24.7		%	120		(220)		bps	21.5		%	34.2		%	25.6		%	410		(860)		bps											21.3		%	23.9		%	24.5		%	320		60		bps
(1) Represents costs incurred that are not allocated to a specific line of business, including certain severance and restructuring costs, employee costs, acquisition costs and certain provisions for legal contingencies.
nm Denotes not meaningful

13    

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ALLOWANCE FOR CREDIT LOSSES
	Quarters											% Change
(Dollars in millions)		1Q21		2Q21		3Q21		4Q21		1Q22			1Q22 vs. 1Q21		1Q22 vs. 4Q21
Allowance for credit losses:
Beginning balance		$	148	$	135	$	121	$	117	$	108		(27.0)	%	(7.7)	%
Provision for credit losses(funded commitments)		—		(19)		(3)		(7)		—			—		nm
Provision for credit losses(unfunded commitments)		(7)		4		1		—		—			nm		—
Provision for credit losses(investment securities and all other)		(2)		—		—		—		—			nm		—
Total provision		(9)		(15)		(2)		(7)		—			nm		nm
Charge-offs		—		(1)		(1)		—		(1)			nm		nm
Other(1)		(4)		2		(1)		(2)		—			nm		nm
Ending balance(2)		$	135	$	121	$	117	$	108	$	107		(20.7)		(0.9)
Allowance for credit losses:
Loans		$	118	$	100	$	95	$	87	$	86		(27.1)		(1.1)
Investment securities		2		2		2		2		2			—		—
Unfunded (off-balance sheet) commitments		15		19		20		19		19			26.7		—
All other		—		—		—		—		—			—		—
Ending balance(2)		$	135	$	121	$	117	$	108	$	107		(20.7)		(0.9)
(1) Consists primarily of FX translation.
(2) The allowance for credit losses on unfunded commitments is included within Other liabilities in the Consolidated Statement of Condition.
nm Not meaningful

14    

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION
In addition to presenting State Street's financial results in conformity with U.S. generally accepted accounting principles, or GAAP, management also presents certain financial information on a basis that excludes or adjusts one or more items from GAAP. This latter basis is a non-GAAP presentation. In general, our non-GAAP financial results adjust selected GAAP-basis financial results to exclude the impact of revenue and expenses outside of State Street’s normal course of business or other notable items, such as acquisition and restructuring charges, repositioning charges, gains/losses on sales, as well as, for selected comparisons, seasonal items. For example, we sometimes present expenses on a basis we may refer to as "expenses ex-notable items", which exclude notable items and, to provide additional perspective on both prior year quarter and sequential quarter comparisons, also exclude seasonal items. Management believes that this presentation of financial information facilitates an investor's further understanding and analysis of State Street's financial performance and trends with respect to State Street’s business operations from period-to-period, including providing additional insight into our underlying margin and profitability. In addition, Management may also provide additional non-GAAP measures. For example, we present capital ratios, calculated under regulatory standards scheduled to be effective in the future or other standards, that management uses in evaluating State Street’s business and activities and believes may similarly be useful to investors. Additionally, we may present revenue and expense measures on a constant currency basis to identify the significance of changes in foreign currency exchange rates (which often are variable) in period-to-period comparisons. This presentation represents the effects of applying prior period weighted average foreign currency exchange rates to current period results.
Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in conformity with GAAP.
	Quarters											% Change
(Dollars in millions)		1Q21		2Q21		3Q21		4Q21		1Q22			1Q22 vs. 1Q21			1Q22 vs. 4Q21
Fee Revenue:
Total fee revenue, GAAP-basis		$	2,483	$	2,514	$	2,504	$	2,511	$	2,573		3.6	%		2.5	%
Total fee revenue, excluding notable items		$	2,483	$	2,514	$	2,504	$	2,511	$	2,573		3.6			2.5
Total Revenue:
Total revenue, GAAP-basis		$	2,950	$	3,034	$	2,990	$	3,053	$	3,081		4.4	%		0.9	%
Less: total other income(1)		—		(53)		—		(58)		—			—			nm
Total revenue, excluding notable items		$	2,950	$	2,981	$	2,990	$	2,995	$	3,081		4.4			2.9
Expenses:
Total expenses, GAAP-basis		$	2,332	$	2,111	$	2,116	$	2,330	$	2,327		(0.2)	%		(0.1)	%
Less: Notable expense items:
Acquisition and restructuring costs(2)		(10)		(11)		(18)		(26)		(9)			(10.0)			(65.4)
Compensation and employee benefits		—		—		—		32		—			—			nm
Occupancy		—		—		—		(29)		—			—			nm
Repositioning (charges) / release		—		—		—		3		—			—			nm
Deferred incentive compensation expense acceleration(3)		—		—		—		(147)		—			—			nm
Legal and other		(29)		11		—		—		—			nm			—
Total expenses, excluding notable items		2,293		$	2,111	$	2,098	$	2,160	$	2,318		1.1			7.3
Seasonal expenses		(176)		—		—		—		(208)			18.2			nm
Total expenses, excluding notable items and seasonal expenses		$	2,117	$	2,111	$	2,098	$	2,160	$	2,110		(0.3)			(2.3)
Fee Operating Leverage, GAAP-Basis:
Total fee revenue, GAAP-basis		$	2,483	$	2,514	$	2,504	$	2,511	$	2,573		3.6	%		2.5	%
Total expenses, GAAP-basis		2,332		2,111		2,116		2,330		2,327			(0.2)			(0.1)
Fee operating leverage, GAAP-basis													380		bps	260		bps
Fee Operating Leverage, excluding notable items:
Total fee revenue, excluding notable items (as reconciled above)		$	2,483	$	2,514	$	2,504	$	2,511	$	2,573		3.6	%		2.5	%
Total expenses, excluding notable items (as reconciled above)		2,293		2,111		2,098		2,160		2,318			1.1			7.3
Fee operating leverage, excluding notable items													250		bps	(480)		bps
Operating Leverage, GAAP-Basis:
Total revenue, GAAP-basis		$	2,950	$	3,034	$	2,990	$	3,053	$	3,081		4.4	%		0.9	%
Total expenses, GAAP-basis		2,332		2,111		2,116		2,330		2,327			(0.2)			(0.1)
Operating leverage, GAAP-basis													460		bps	100		bps
Operating Leverage, excluding notable items:
Total revenue, excluding notable items (as reconciled above)		$	2,950	$	2,981	$	2,990	$	2,995	$	3,081		4.4	%		2.9	%
Total expenses, excluding notable items (as reconciled above)		2,293		2,111		2,098		2,160		2,318			1.1			7.3
Operating leverage, excluding notable items													330		bps	(440)		bps

15    

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)		1Q21			2Q21			3Q21			4Q21			1Q22			1Q22 vs. 1Q21			1Q22 vs. 4Q21
Net Income :
Net Income GAAP-basis		$	519		$	763		$	714		$	697		$	604		16.4	%		(13.3)	%
Less: Notable items
Total other income(1)		—			(53)			—			(58)			—
Acquisition and restructuring costs(2)		10			11			18			26			9
Repositioning charges / (release)		—			—			—			(3)			—
Deferred incentive compensation expense acceleration(3)		—			—			—			147			—
Legal and other		29			(11)			—			—			—
Tax impact of notable items		(10)			16			(5)			(29)			(2)
Net Income, excluding notable items		$	548		$	726		$	727		$	780		$	611		11.5			(21.7)
Net Income Available to Common Shareholders:
Net Income Available to Common Shareholders, GAAP-basis		$	489		$	728		$	693		$	662		$	583		19.2	%		(11.9)	%
Less: Notable items
Total other income(1)		—			(53)			—			(58)			—
Acquisition and restructuring costs(2)		10			11			18			26			9
Repositioning charges / (release)		—			—			—			(3)			—
Deferred incentive compensation expense acceleration(3)		—			—			—			147			—
Legal and other		29			(11)			—			—			—
Preferred securities redemption(4)		5			—			—			—			—
Tax impact of notable items		(10)			16			(5)			(29)			(2)
Net Income Available to Common Shareholders, excluding notable items		$	523		$	691		$	706		$	745		$	590		12.8			(20.8)
Diluted Earnings per Share:
Diluted earnings per share, GAAP-basis		$	1.37		$	2.07		$	1.96		$	1.78		$	1.57		14.6	%		(11.8)	%
Less: Notable items
Total other income(1)		—			(0.10)			—			(0.11)			—
Acquisition and restructuring costs(2)		0.02			0.02			0.04			0.05			0.02
Repositioning charges / (release)		—			—			—			(0.01)			—
Deferred incentive compensation expense acceleration(3)		—			—			—			0.29			—
Legal and other		0.06			(0.02)			—			—			—
Preferred securities redemption(4)		0.02			—			—			—			—
Diluted earnings per share, excluding notable items		$	1.47		$	1.97		$	2.00		$	2.00		$	1.59		8.2			(20.5)
Pre-tax Margin:
Pre-tax margin, GAAP-basis		21.3		%	30.9		%	29.3		%	23.9		%	24.5%			320		bps	60		bps
Less: Notable items
Total other income(1)		—			(1.2)			—			(1.4)			—
Acquisition and restructuring costs(2)		0.3			0.4			0.6			0.8			0.3
Repositioning charges		—			—			—			—			—
Deferred incentive compensation expense acceleration(3)		—			—			—			4.8			—
Legal and other		1.0			(0.4)			—			—			—
Pre-tax margin, excluding notable items		22.6%			29.7%			29.9%			28.1%			24.8%			220			(330)

16    

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)		1Q21		2Q21		3Q21		4Q21		1Q22			1Q22 vs. 1Q21		1Q22 vs. 4Q21
Return on Average Common Equity:
Return on average common equity, GAAP-basis		8.4	%	12.6	%	11.6	%	10.3	%	9.5	%		110	bps	(80)	bps
Less: Notable items
Total other income(1)		—		(1.0)		—		(0.9)		—
Acquisition and restructuring costs(2)		0.2		0.2		0.3		0.4		0.2
Repositioning charges		—		—		—		—		—
Deferred incentive compensation expense acceleration(3)		—		—		—		2.3		—
Legal and other		0.5		(0.2)		—		—		—
Preferred securities redemption(4)		0.1		—		—		—		—
Tax impact of notable items		(0.2)		0.3		(0.1)		(0.5)		—
Return on average common equity, excluding notable items		9.0%		11.9%		11.8%		11.6%		9.7%			70		(190)
(1) Amount in 2021 consists of $58 million related to the sale of investment securities and $53 million gain on the sale of a majority share of our WMS business.
(2) Acquisition and restructuring costs of approximately$9 million in 1Q22, consisting of acquisition costs primarily related to BBH Investor Services.
(3) Amount in 2021 reflects $142 million related to the acceleration of expenses associated with certain cash settled deferred incentive compensation awards and $5 million related to employee benefits.
(4) We redeemed an aggregate of $500 million, or 5,000 of the 7,500 outstanding shares of our non-cumulative perpetual preferred stock, Series F, for cash at a redemption price of $100,000 per share (equivalent to $1,000 per depositary share) plus all declared and unpaid dividends on March 15, 2021.The difference between the redemption value and the net carrying value of approximately $5 million resulted in an EPS impact of approximately ($.02) per share in the first quarter of 2021.
nm Denotes not meaningful

17    

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF PRE-TAX MARGIN EXCLUDING NOTABLE ITEMS
(Dollars in millions)			2018(1)			2019			2020			2021
Total revenue:
Total revenue, GAAP-basis			$	12,131		$	11,756		$	11,703		$	12,027
		Less: Total other income	—			(44)			—			(111)
		Add: Legal and other	8			—			—			—
Total revenue, excluding notable items			12,139			11,712			11,703			11,916
Provision for credit losses			15			10			88			(33)
Total expenses:
Total expenses, GAAP-basis			9,015			9,034			8,716			8,889
	Less:
		Acquisition and restructuring costs	(24)			(77)			(50)			(65)
		Deferred incentive compensation expense acceleration	—			—			—			(147)
		Legal and other	(42)			(172)			9			(18)
		Repositioning (charges) / release(1)	(324)			(110)			(133)			3
Total expenses, excluding notable items			8,625			8,675			8,542			8,662
Income before income tax expense, excluding notable items			$	3,499		$	3,027		$	3,073		$	3,287
Income before income tax expense, GAAP-basis			$	3,101		$	2,712		$	2,899		$	3,171
Pre-tax margin, excluding notable items			28.8		%	25.8		%	26.3		%	27.6		%
Pre-tax margin, GAAP-basis			25.6			23.1			24.8			26.4
(1) Includes charges in 2018 that were previously disclosed as "Business exit: Channel Islands".

18    

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF CONSTANT CURRENCY FX IMPACTS
	Reported						Currency Translation Impact				Excluding Currency Impact				% Change Constant Currency
(Dollars in millions)	1Q21		4Q21		1Q22		1Q22 vs. 1Q21		1Q22 vs. 4Q21		1Q22 vs. 1Q21		1Q22 vs. 4Q21		1Q22 vs. 1Q21		1Q22 vs. 4Q21
GAAP-Basis Results:
Fee revenue:
Back office servicing fees	$	1,266	$	1,272	$	1,268	$	(21)	$	(4)	$	1,289	$	1,272	1.8	%	—	%
Middle office services	103		105		100		(1)		—		101		100		(1.9)		(4.8)
Servicing fees	1,369		1,377		1,368		(22)		(4)		1,390		1,372		1.5		(0.4)
Management fees	493		530		520		(5)		(2)		525		522		6.5		(1.5)
Foreign exchange trading services	346		300		359		—		—		359		359		3.8		19.7
Securities finance	99		102		96		—		—		96		96		(3.0)		(5.9)
Front office software and data	96		124		138		(1)		—		139		138		44.8		11.3
Lending related and other fees	64		63		63		—		—		63		63		(1.6)		—
Software and processing fees	160		187		201		(1)		—		202		201		26.3		7.5
Other fee revenue	16		15		29		—		—		29		29		81.3		93.3
Total fee revenue	2,483		2,511		2,573		(28)		(6)		2,601		2,579		4.8		2.7
Net interest income	467		484		509		1		1		508		508		8.8		5.0
Total other income	—		58		(1)		—		—		(1)		(1)		nm		nm
Total revenue	$	2,950	$	3,053	$	3,081	$	(27)	$	(5)	$	3,108	$	3,086	5.4		1.1
Expenses:
Compensation and employee benefits	$	1,242	$	1,181	$	1,232	$	(15)	$	(4)	$	1,247	$	1,236	0.4		4.7
Information systems and communications	421		436		423		(2)		(1)		425		424		1.0		(2.8)
Transaction processing services	270		238		264		(3)		(1)		267		265		(1.1)		11.3
Occupancy	109		133		95		(1)		—		96		95		(11.9)		(28.6)
Acquisition and restructuring costs	10		26		9		(1)		—		10		9		—		(65.4)
Amortization of other intangible assets	58		62		61		—		—		61		61		5.2		(1.6)
Other	222		254		243		(3)		(1)		246		244		10.8		(3.9)
Total expenses	$	2,332	$	2,330	$	2,327	$	(25)	$	(7)	$	2,352	$	2,334	0.9		0.2
Total expenses, excluding notable items - Non-GAAP	$	2,293	$	2,160	$	2,318	$	(24)	$	(7)	$	2,342	$	2,325	2.1		7.6
nm Denotes not meaningful

19    

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF TANGIBLE COMMON EQUITY RATIO
The tangible common equity, or TCE, ratio is a capital ratio that management believes provides context useful in understanding and assessing State Street's capital adequacy. The TCE ratio is calculated by dividing consolidated average common shareholders’ equity by average consolidated total assets, after reducing both amounts by average goodwill and average other intangible assets net of related deferred taxes. Total assets reflected in the TCE ratio also exclude average 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. Average tangible common equity and adjusted average 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)		1Q21			2Q21			3Q21			4Q21			1Q22
Average consolidated total assets		$	296,328		$	308,195		$	291,459		$	303,007		$	295,010
Less:
Average goodwill		7,662			7,652			7,621			7,628			7,599
Average other intangible assets		1,798			1,987			1,901			1,850			1,782
Average cash balances held at central banks in excess of required reserves		92,207			97,257			77,207			83,931			73,339
Plus related deferred tax liabilities		489			490			495			499			499
Average tangible assets	A	$	195,150		$	201,789		$	205,225		$	210,097		$	212,789
Consolidated average common shareholders' equity		$	23,583		$	23,252		$	23,791		$	25,393		$	24,791
Less:
Average goodwill		7,662			7,652			7,621			7,628			7,599
Average other intangible assets		1,798			1,987			1,901			1,850			1,782
Adjusted average equity		14,123			13,613			14,269			15,915			15,410
Plus related deferred tax liabilities		489			490			495			499			499
Average tangible common equity	B	$	14,612		$	14,103		$	14,764		$	16,414		$	15,909
Average tangible common equity ratio	B/A	7.5		%	7.0		%	7.2		%	7.8		%	7.5		%
GAAP-basis:
Net income available to common shareholders		$	489		$	728		$	693		$	662		$	583
Return on tangible common equity - Non-GAAP		13.4		%	17.3		%	17.3		%	15.7		%	14.7		%

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
REGULATORY CAPITAL
	Basel III Advanced Approaches(1)															Basel III Standardized Approach(2)
(Dollars in millions)	1Q21			2Q21			3Q21			4Q21			1Q22				1Q21			2Q21			3Q21			4Q21			1Q22
RATIOS:
Common equity tier 1 capital	11.9		%	11.8		%	13.8		%	14.3		%	13.1		%		10.8		%	11.2		%	13.5		%	14.3		%	11.9		%
Tier 1 capital	13.6			13.5			15.5			16.1			14.8				12.4			12.9			15.2			16.1			13.4
Total capital	15.2			14.8			16.9			17.5			16.2				14.0			14.3			16.6			17.6			14.8
Tier 1 leverage	5.4			5.2			6.3			6.1			5.9				5.4			5.2			6.3			6.1			5.9
Supplementary leverage ratio	7.2			6.7			7.5			7.4			6.7				7.2			6.7			7.5			7.4			6.7
Supporting Calculations:
Common equity tier 1 capital	$	13,443		$	13,691		$	15,831		$	15,947		$	15,026			$	13,443		$	13,691		$	15,831		$	15,947		$	15,026
Total risk-weighted assets	113,051			116,458			114,878			111,398			115,029				124,324			121,922			117,229			111,667			126,725
Common equity tier 1 risk-based capital ratio	11.9		%	11.8		%	13.8		%	14.3		%	13.1		%		10.8		%	11.2		%	13.5		%	14.3		%	11.9		%
Tier 1 capital	$	15,419		$	15,667		$	17,807		$	17,923		$	17,002			$	15,419		$	15,667		$	17,807		$	17,923		$	17,002
Total risk-weighted assets	113,051			116,458			114,878			111,398			115,029				124,324			121,922			117,229			111,667			126,725
Tier 1 risk-based capital ratio	13.6		%	13.5		%	15.5		%	16.1		%	14.8		%		12.4		%	12.9		%	15.2		%	16.1		%	13.4		%
Total capital	$	17,220		$	17,259		$	19,397		$	19,511		$	18,588			$	17,355		$	17,379		$	19,514		$	19,619		$	18,696
Total risk-weighted assets	113,051			116,458			114,878			111,398			115,029				124,324			121,922			117,229			111,667			126,725
Total risk-based capital ratio	15.2		%	14.8		%	16.9		%	17.5		%	16.2		%		14.0		%	14.3		%	16.6		%	17.6		%	14.8		%
Tier 1 capital	$	15,419		$	15,667		$	17,807		$	17,923		$	17,002			$	15,419		$	15,667		$	17,807		$	17,923		$	17,002
Leverage exposure(3)	285,480			298,682			281,952			293,567			285,788				285,480			298,682			281,952			293,567			285,788
Tier 1 leverage ratio	5.4		%	5.2		%	6.3		%	6.1		%	5.9		%		5.4		%	5.2		%	6.3		%	6.1		%	5.9		%
Tier 1 capital	$	15,419		$	15,667		$	17,807		$	17,923		$	17,002			$	15,419		$	15,667		$	17,807		$	17,923		$	17,002
On-and off-balance sheet leverage exposure	223,451			241,743			246,609			251,879			264,616				223,451			241,743			246,609			251,879			264,616
Less: regulatory deductions	(9,586)			(9,500)			(9,507)			(9,440)			(9,222)				(9,586)			(9,500)			(9,507)			(9,440)			(9,222)
Total leverage exposure for SLR	213,865			232,243			237,102			242,439			255,394				213,865			232,243			237,102			242,439			255,394
Supplementary leverage ratio(4)	7.2		%	6.7		%	7.5		%	7.4		%	6.7		%		7.2		%	6.7		%	7.5		%	7.4		%	6.7		%
(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, 2022 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, 2022 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.

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