State Street 8K Results of Operations and Financial Condition | STT 17 Apr 23

Exhibit 99.2



STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
March 31, 2023


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

Selected Average Balances by Currency - Rates Earned and Paid			7
Investment Portfolio Holdings by Asset Class			9
Investment Portfolio Non-U.S. Investments			10
Assets Under Custody and/or Administration			11
Assets Under Management			12
Industry Flow Data by Asset Class			13
Line of Business Information			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			19
Reconciliations of Constant Currency FX Impacts			20

Capital:
Reconciliations of Tangible Book Value per Share and Return on Tangible Common Equity			21
Regulatory Capital			22


This financial information should be read in conjunction with State Street's news release dated April 17, 2023.


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

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

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



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

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


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS

	Quarters											% Change
(Dollars in millions, except per share amounts, or where otherwise noted)		1Q22		2Q22		3Q22		4Q22		1Q23		1Q23 vs. 1Q22		1Q23 vs. 4Q22

Fee revenue:
Back office servicing fees		$	1,268	$	1,205	$	1,126	$	1,115	$	1,131	(10.8)	%	1.4	%
Middle office services		100		92		93		88		86		(14.0)		(2.3)
Servicing fees		1,368		1,297		1,219		1,203		1,217		(11.0)		1.2
Management fees		520		490		472		457		457		(12.1)		—
Foreign exchange trading services		359		331		319		367		342		(4.7)		(6.8)
Securities finance		96		107		110		103		109		13.5		5.8
Front office software and data		138		126		127		159		109		(21.0)		(31.4)
Lending related and other fees		63		62		57		57		56		(11.1)		(1.8)
Software and processing fees		201		188		184		216		165		(17.9)		(23.6)
Other fee revenue		29		(43)		(5)		18		45		55.2		nm
Total fee revenue		2,573		2,370		2,299		2,364		2,335		(9.2)		(1.2)
Net interest income:
Interest income		521		704		1,101		1,762		2,027		nm		15.0
Interest expense		12		120		441		971		1,261		nm		29.9
Net interest income		509		584		660		791		766		50.5		(3.2)
Other income:
Gains (losses) related to investment securities, net		(1)		(1)		—		—		—		nm		—

Total other income		(1)		(1)		—		—		—		nm		—
Total revenue		3,081		2,953		2,959		3,155		3,101		0.6		(1.7)
Provision for credit losses		—		10		—		10		44		nm		nm
Expenses:
Compensation and employee benefits		1,232		1,046		1,042		1,108		1,292		4.9		16.6
Information systems and communications		423		392		399		416		414		(2.1)		(0.5)
Transaction processing services		264		240		227		240		239		(9.5)		(0.4)
Occupancy		95		96		97		106		94		(1.1)		(11.3)
Acquisition and restructuring costs		9		12		13		31		—		nm		nm
Amortization of other intangible assets		61		60		58		59		60		(1.6)		1.7
Other		243		262		274		296		270		11.1		(8.8)
Total expenses		2,327		2,108		2,110		2,256		2,369		1.8		5.0
Income before income tax expense		754		835		849		889		688		(8.8)		(22.6)
Income tax expense		150		88		159		156		139		(7.3)		(10.9)
Net income		$	604	$	747	$	690	$	733	$	549	(9.1)		(25.1)


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

	Quarters											% Change
(Dollars in millions, except per share amounts, or where otherwise noted)		1Q22		2Q22		3Q22		4Q22		1Q23			1Q23 vs. 1Q22		1Q23 vs. 4Q22
Adjustments to net income:
Dividends on preferred stock		$	(20)	$	(35)	$	(21)	$	(36)	$	(23)		(15.0)	%	36.1	%
Earnings allocated to participating securities		(1)		—		—		(1)		(1)			—		—
Net income available to common shareholders		$	583	$	712	$	669	$	696	$	525		(9.9)		(24.6)

Per common share:
Basic earnings		$	1.59	$	1.94	$	1.82	$	1.94	$	1.54		(3.1)		(20.6)
Diluted earnings		1.57		1.91		1.80		1.91		1.52			(3.2)		(20.4)
Average common shares outstanding (in thousands):
Basic		366,542		367,375		367,789		359,200		341,106			(6.9)		(5.0)
Diluted		372,037		372,123		372,418		363,923		345,472			(7.1)		(5.1)
Cash dividends declared per common share		$	0.57	$	0.57	$	0.63	$	0.63	$	0.63		10.5		—
Closing price per share of common stock (as of quarter end)		87.12		61.65		60.81		77.57		75.69			(13.1)		(2.4)
Book value per common share		$	66.05	$	64.72	$	64.33	$	66.51	$	67.69		2.5		1.8
Tangible book value per common share(1)		42.00		41.25		41.41		42.03		42.34			0.8		0.7
Balance sheet averages:
Investment securities		$	119,286	$	113,929	$	108,875	$	105,804	$	107,089		(10.2)		1.2
Total assets		295,010		291,435		275,168		284,346		277,492			(5.9)		(2.4)
Total deposits		233,268		228,417		213,302		216,799		210,320			(9.8)		(3.0)








Ratios and other metrics:
Effective tax rate	19.9		%	10.5		%	18.7		%	17.6		%	20.2		%	30		bps	260		bps
Return on average common equity	9.5			12.1			11.2			11.8			9.3			(20)			(250)
Return on average tangible common equity(2)	14.7			17.3			17.3			17.7			14.6			(10)			(310)
Pre-tax margin	24.5			28.3			28.7			28.2			22.2			(230)			(600)
Pre-tax margin, excluding notable items(3)	24.8			28.7			29.1			30.9			22.2			(260)			(870)
Net interest margin, fully taxable-equivalent basis	0.80			0.94			1.11			1.29			1.31			51			2
Common equity tier 1 ratio(4)(5)	11.9			12.9			13.2			13.6			12.1			20			(150)
Tier 1 capital ratio(4)(5)	13.4			14.6			14.9			15.4			13.8			40			(160)
Total capital ratio(4)(5)	14.8			15.9			16.2			16.8			15.1			30			(170)
Tier 1 leverage ratio(4)	5.9			6.0			6.4			6.0			5.9			—			(10)
Supplementary leverage ratio(4)	6.7			6.6			7.1			7.0			6.8			10			(20)
End-of-period securities on loan(6)	$	412,162		$	358,972		$	353,108		$	362,395		$	362,438		(12.1)	%		—	%
Assets under custody and/or administration (in billions)	41,724			38,180			35,688			36,743			37,635			(9.8)			2.4
Assets under management (in billions)	4,022			3,475			3,265			3,481			3,618			(10.0)			3.9


(1) Tangible book value per common share is calculated by dividing the period end tangible common equity (non-GAAP) by the total common shares outstanding at period end. Refer to the Reconciliations of Tangible Book Value per Common Share and Return on Tangible Common Equity page for details.
(2) Return on tangible common equity is calculated by dividing year-to-date annualized net income available to common shareholders (GAAP-basis) by average tangible common equity (non-GAAP). Refer to the Reconciliations of Tangible Book Value per Common Share and Return on Tangible Common Equity page for details.
(3) Notable items include acquisition and restructuring costs, repositioning charges and legal and other notable items. Refer to Reconciliations of non-GAAP Financial Information pages for details.
(4) The capital ratios presented are calculated in conformity with the applicable regulatory guidance in effect as of each period end. Capital ratios as of March 31, 2023 are estimates.
(5) The reportable ratios represent the lower of each of the risk-based capital ratios under both the Standardized Approach and the Advanced Approaches. Refer to Regulatory Capital for details on Standardized and Advanced Approaches ratios.
(6) Average securities on loan were $397,522 million, $386,734 million, $365,883 million and $355,298 million in the first, second, third and fourth quarters of 2022, respectively, and $355,150 million in the first quarter of 2023.
nm Denotes not meaningful


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED STATEMENT OF CONDITION

	As of											% Change
(Dollars in millions, except per share amounts)		March 31, 2022		June 30, 2022		September 30, 2022		December 31. 2022		March 31, 2023			1Q23 vs. 1Q22		1Q23 vs. 4Q22
Assets:
Cash and due from banks		$	2,976	$	3,515	$	2,748	$	3,970	$	3,698		24.3	%	(6.9)	%
Interest-bearing deposits with banks, net		104,010		91,360		99,199		101,593		87,935			(15.5)		(13.4)
Securities purchased under resale agreements		803		5,203		1,308		5,215		1,134			41.2		(78.3)
Trading account assets		754		728		685		650		695			(7.8)		6.9
Investment securities:
Investment securities available-for-sale, net		74,348		45,454		40,986		40,579		42,841			(42.4)		5.6

Investment securities held-to-maturity, net(1)		45,203		64,261		65,232		64,700		65,027			43.9		0.5
Total investment securities		119,551		109,715		106,218		105,279		107,868			(9.8)		2.5
Loans		35,141		33,565		36,113		32,150		33,916			(3.5)		5.5
Allowance for credit losses on loans(2)		86		95		97		97		115			33.7		18.6
Loans, net		35,055		33,470		36,016		32,053		33,801			(3.6)		5.5
Premises and equipment, net(3)		2,229		2,240		2,283		2,315		2,337			4.8		1.0
Accrued interest and fees receivable		3,446		3,403		3,526		3,434		3,570			3.6		4.0
Goodwill		7,582		7,465		7,351		7,495		7,530			(0.7)		0.5
Other intangible assets		1,744		1,654		1,568		1,544		1,493			(14.4)		(3.3)
Other assets		44,200		41,470		42,666		37,902		40,755			(7.8)		7.5
Total assets		$	322,350	$	300,223	$	303,568	$	301,450	$	290,816		(9.8)		(3.5)
Liabilities:
Deposits:
Non-interest-bearing		$	61,797	$	55,062	$	55,894	$	46,755	$	45,856		(25.8)		(1.9)
Interest-bearing - U.S.		104,962		107,262		105,021		111,384		108,623			3.5		(2.5)
Interest-bearing - Non-U.S.		84,284		79,589		77,321		77,325		69,152			(18.0)		(10.6)
Total deposits(4)		251,043		241,913		238,236		235,464		223,631			(10.9)		(5.0)
Securities sold under repurchase agreements		4,277		951		4,250		1,177		3,695			(13.6)		nm


Short-term borrowings		18		73		109		2,097		8			(55.6)		(99.6)
Accrued expenses and other liabilities		26,866		17,989		21,326		22,525		22,427			(16.5)		(0.4)
Long-term debt		13,922		13,530		13,999		14,996		16,305			17.1		8.7
Total liabilities		296,126		274,456		277,920		276,259		266,066			(10.2)		(3.7)
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(5)(6)		504		504		504		504		504			—		—
Surplus		10,762		10,757		10,760		10,730		10,724			(0.4)		(0.1)
Retained earnings		25,612		26,115		26,552		27,028		27,342			6.8		1.2
Accumulated other comprehensive income (loss)		(2,698)		(3,687)		(4,268)		(3,711)		(3,272)			21.3		(11.8)
Treasury stock, at cost(7)		(9,932)		(9,898)		(9,876)		(11,336)		(12,524)			26.1		10.5
Total shareholders' equity		26,224		25,767		25,648		25,191		24,750			(5.6)		(1.8)
Total liabilities and equity		$	322,350	$	300,223	$	303,568	$	301,450	$	290,816		(9.8)		(3.5)


(1) Fair value of investment securities held-to-maturity		$	42,834	$	60,103	$	58,320	$	57,913	$	59,139
(2) Total allowance for credit losses including off-balance sheet commitments		107		114		114		121		162
(3) Accumulated depreciation for premises and equipment		5,530		5,652		5,772		5,745		5,918
(4) Average total deposits		233,268		228,417		213,302		216,799		210,320
(6) Common stock shares issued		503,879,642		503,879,642		503,879,642		503,879,642		503,879,642
(6) Total common shares outstanding		367,114,788		367,619,353		367,967,505		349,024,167		336,461,072
(7) Treasury stock shares		136,764,854		136,260,289		135,912,137		154,855,475		167,418,570


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
AVERAGE STATEMENT OF CONDITION - RATES EARNED AND PAID - FULLY TAXABLE-EQUIVALENT BASIS(1)
The following table presents average rates earned and paid, on a fully taxable-equivalent basis, on consolidated average interest-earning assets and average interest-bearing liabilities for the quarters indicated. Tax-equivalent adjustments were calculated using a federal income tax rate of 21%, adjusted for applicable state income taxes, net of related federal benefit.
	Quarters																									% Change
	1Q22					2Q22					3Q22					4Q22					1Q23						1Q23 vs. 1Q22	1Q23 vs. 4Q22
(Dollars in millions; fully-taxable equivalent basis)	Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates						Average balance		Average balance
Assets:
Interest-bearing deposits with banks, net	$	76,741	0.05		%	$	76,531	0.36		%	$	68,918	1.16		%	$	83,809	2.66		%	$	77,220	3.37		%				0.6	%	(7.9)	%
Securities purchased under resale agreements(2)	3,150		1.31			2,022		7.47			1,470		15.55			1,843		17.72			1,643		18.94						(47.8)		(10.9)
Trading account assets	761		—			746		0.01			701		—			677		—			667		—						(12.4)		(1.5)
Investment securities:
Investment securities available-for-sale, net	75,226		0.83			54,767		0.91			43,956		1.62			40,980		2.67			42,101		3.31						(44.0)		2.7
Investment securities held-to-maturity, net	44,060		1.56			59,162		1.55			64,919		1.67			64,824		1.89			64,988		1.97						47.5		0.3

Total investment securities	119,286		1.10			113,929		1.24			108,875		1.65			105,804		2.19			107,089		2.50						(10.2)		1.2
Loans(3)	34,407		2.03			35,826		2.23			35,069		2.90			35,159		3.90			33,517		4.80						(2.6)		(4.7)
Other interest-earning assets	23,767		0.08			22,199		0.83			20,877		2.63			16,635		4.63			17,393		5.71						(26.8)		4.6
Total interest-earning assets	258,112		0.82			251,253		1.13			235,910		1.86			243,927		2.87			237,529		3.46						(8.0)		(2.6)
Cash and due from banks	4,018					3,829					3,461					3,311					3,639								(9.4)		9.9
Other assets	32,880					36,353					35,797					37,108					36,324								10.5		(2.1)
Total assets	$	295,010				$	291,435				$	275,168				$	284,346				$	277,492							(5.9)		(2.4)
Liabilities:
Interest-bearing deposits:
U.S.	$	100,073	0.02		%	$	97,273	0.26		%	$	94,636	1.09		%	$	101,056	2.20		%	$	105,261	3.00		%				5.2		4.2
Non-U.S.(4)	83,556		(0.32)			80,055		(0.20)			72,202		0.22			71,736		0.82			66,356		1.07						(20.6)		(7.5)
Total interest-bearing deposits(4)	183,629		(0.14)			177,328		0.05			166,838		0.71			172,792		1.62			171,617		2.25						(6.5)		(0.7)
Securities sold under repurchase agreements	2,279		(0.02)			4,486		0.26			3,814		0.23			3,933		0.93			4,409		0.84						93.5		12.1
Federal funds purchased	—		—			7		0.70			—		—			—		—			119		4.70						nm		nm
Short-term borrowings	872		—			673		0.73			430		0.01			2,756		3.54			1,159		3.72						32.9		(57.9)
Long-term debt	14,265		1.82			13,702		2.12			13,958		2.78			14,601		3.87			15,865		4.64						11.2		8.7
Other interest-bearing liabilities	2,881		1.50			2,518		3.31			2,536		6.43			2,967		11.84			3,078		13.49						6.8		3.7
Total interest-bearing liabilities	203,926		0.02			198,714		0.24			187,576		0.93			197,049		1.95			196,247		2.61						(3.8)		(0.4)
Non-interest bearing deposits(5)	49,639					51,089					46,464					44,007					38,703								(22.0)		(12.1)
Other liabilities	14,678					15,969					15,453					17,835					17,691								20.5		(0.8)
Preferred shareholders' equity	1,976					1,976					1,976					1,976					1,976								—		—
Common shareholders' equity	24,791					23,687					23,699					23,479					22,875								(7.7)		(2.6)
Total liabilities and shareholders' equity	$	295,010				$	291,435				$	275,168				$	284,346				$	277,492							(5.9)		(2.4)

Total deposits	$	233,268				$	228,417				$	213,302				$	216,799				$	210,320							(9.8)		(3.0)

Excess of rate earned over rate paid			0.80		%			0.89		%			0.92		%			0.91		%			0.86		%
Net interest margin			0.80		%			0.94		%			1.11		%			1.29		%			1.31		%
Net interest income, fully taxable-equivalent basis			$	512				$	587				$	662				$	793				$	768
Tax-equivalent adjustment			(3)					(3)					(2)					(2)					(2)
Net interest income, GAAP-basis(4)			$	509				$	584				$	660				$	791				$	766

(1) Average rates earned and paid on interest-earning assets and interest-bearing liabilities include the impact of hedge activities associated with our asset and liability management activities where applicable.
(2) Reflects the impact of balance sheet netting under enforceable netting agreements of approximately $55 billion, $71 billion, $73 billion and $85 billion in the first, second, third and fourth quarters of 2022, respectively, and approximately $117 billion in the first quarter of 2023. Excluding the impact of netting, the average interest rates would be approximately 0.07%, 0.21%, 0.31% and 0.38% in the first, second, third and fourth quarters of 2022, respectively, and approximately 0.26% in the first quarter of 2023.
(3) Average loans are presented on a gross basis. Average loans net of expected credit losses were approximately $34,320 million, $35,741 million, $34,974 million and $35,063 million in the first, second, third and fourth quarters of 2022 and approximately $33,422 million in the first quarter of 2023.
(4) Average rates includes the impact of FX swap expense of approximately ($13) million, ($3) million, $16 million and $20 million in the first, second, third and fourth quarters of 2022, respectively, and approximately ($5) million in the first quarter of 2023. Average rates for total interest-bearing deposits excluding the impact of FX swap expense were approximately (0.11)%, 0.06%, 0.68% and 1.58% in the first, second, third and fourth quarters of 2022, respectively, and approximately 2.26%, in the first quarter of 2023.
(5) Average non-interest bearing deposits are primarily composed of deposit balances denominated in U.S. dollars.
nm Denotes not meaningful


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

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

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

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

Central Bank Rate(5)			4.69				2.41				3.85

	4Q22
	USD				EUR				GBP				Other				Total
(Dollars in millions, except where otherwise noted)	Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates

Interest-bearing deposits with banks	$	35,603	3.88	%	$	27,282	1.31	%	$	10,049	2.70	%	$	10,875	2.02	%	$	83,809	2.66	%
Total investment securities	87,006		2.37		7,639		0.63		3,472		1.37		7,687		2.14		105,804		2.19
Loans	28,281		4.07		4,651		2.83		1,378		3.62		849		4.40		35,159		3.90
Total other interest-earning assets(2)	17,088		6.22		541		(1.74)		114		4.02		1,412		2.74		19,155		5.72
Total interest-earning assets	$	167,978	3.36		$	40,113	1.31		$	15,013	2.48		$	20,823	2.20		$	243,927	2.87

Total interest-bearing deposits(3)(4)	$	100,189	2.39		$	34,254	0.43		$	15,411	0.44		$	22,938	0.85		$	172,792	1.62

Central Bank Rate(5)			3.84				1.38				2.82

	1Q22
	USD				EUR				GBP				Other				Total
(Dollars in millions, except where otherwise noted)	Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates

Interest-bearing deposits with banks	$	26,972	0.29	%	$	26,865	(0.44)	%	$	9,805	0.40	%	$	13,099	0.29	%	$	76,741	0.05	%
Total investment securities	93,102		1.25		11,546		0.28		5,595		0.84		9,043		0.80		119,286		1.10
Loans	27,292		2.05		4,832		1.83		1,415		2.01		868		2.53		34,407		2.03
Total other interest-earning assets(2)	26,374		0.21		82		(0.98)		91		0.36		1,131		0.43		27,678		0.22
Total interest-earning assets	$	173,740	1.07		$	43,325	—		$	16,906	0.67		$	24,141	0.64		$	258,112	0.82

Total interest-bearing deposits(3)(4)	$	101,655	0.08		$	39,391	(0.59)		$	16,603	0.03		$	25,980	(0.45)		$	183,629	(0.14)

Central Bank Rate(5)			0.29				(0.50)				0.45

(1) Average rates earned and paid on interest-earning assets and interest-bearing liabilities include the impact of hedge activities associated with our asset and liability management activities where applicable.
(2) Average total other interest-earning assets include securities purchased under resale agreements, trading account assets and other interest-earning assets. Refer to average statement of condition - rates earned and paid - full taxable-equivalent basis for details.
(3) Average rates for interest-bearing deposit balances denominated in U.S. dollars include both client and wholesale deposits.
(4) FX swap costs for interest-bearing deposits are included in other currencies.
(5) Central Bank Rate represents the quarterly average Federal Funds Target Rate for USD, European Central Bank Deposit Facility Rate for EUR, and the Bank of England's Bank Rate for GBP.


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

	Quarters
	1Q22				2Q22				3Q22				4Q22				1Q23
(Dollars in billions, except where otherwise noted)	Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate
Available-for-sale investment securities:
Government & agency securities	$	42.9	0.72	%	$	30.3	0.73	%	$	23.5	1.33	%	$	21.9	2.16	%	$	23.1	2.74	%
Asset-backed securities	6.7		0.79		6.7		1.22		6.2		2.21		5.9		3.68		5.9		4.43
Student loans	0.2		1.43		0.2		2.25		0.1		3.62		0.1		5.39		0.1		7.04
Credit cards	0.1		0.93		0.1		1.57		0.1		3.03		0.1		4.58		0.1		5.40
Auto & equipment	1.0		(0.01)		0.9		0.16		0.7		0.56		0.7		1.82		0.6		2.74
Non-U.S. residential mortgage backed securities	2.1		0.78		2.1		1.08		1.9		2.16		1.7		3.35		1.6		4.00
Collateralized loan obligation	3.2		1.06		3.2		1.59		3.1		2.63		3.1		4.23		3.2		4.91
Other	0.1		(0.37)		0.2		0.37		0.3		0.87		0.2		2.25		0.3		3.36
Mortgage-backed securities	9.8		1.62		3.4		1.22		1.9		1.71		1.8		3.17		2.2		3.72
Agency MBS	9.8		1.62		3.4		1.22		1.9		1.71		1.8		3.17		2.2		3.72
Non-agency MBS	—		—		—		—		—		—		—		—		—		—
CMBS	9.2		0.40		8.9		0.59		8.2		1.72		7.5		3.24		6.9		4.60
Corporate bonds	3.9		1.02		2.8		1.32		2.1		1.53		2.1		1.87		2.3		2.39
Covered bonds	0.1		0.58		0.1		0.64		—		0.64		—		0.66		—		0.65
Municipal bonds	0.6		2.72		0.6		2.87		0.6		2.83		0.9		3.43		0.5		2.91
Clipper tax-exempt bonds	0.5		4.07		0.4		4.41		0.4		4.25		0.3		4.36		0.3		4.40
Other	1.6		0.86		1.5		0.98		1.1		1.17		0.6		2.55		0.9		2.83
Total available-for-sale portfolio	$	75.3	0.83		$	54.7	0.91		$	44.0	1.62		$	41.0	2.67		$	42.1	3.31

	1Q22				2Q22				3Q22				4Q22				1Q23
(Dollars in billions, except where otherwise noted)	Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate
Held-to-maturity investment securities:
Government & agency securities	$	3.5	1.24	%	$	13.7	0.72	%	$	18.0	0.80	%	$	18.0	0.84	%	$	18.8	0.88	%
Asset-backed securities	4.9		1.05		4.5		1.67		4.3		3.04		4.1		4.48		3.8		5.37
Student loans	4.9		1.05		4.5		1.67		4.3		3.04		4.1		4.48		3.8		5.37

Other	—		—		—		—		—		—		—		—		—		—
Mortgage-backed securities	30.6		1.67		35.9		1.84		37.4		1.90		37.6		2.12		37.1		2.23
Agency MBS	30.6		1.66		35.8		1.84		37.4		1.90		37.6		2.12		37.1		2.23
Non-agency MBS	—		12.22		0.1		4.45		—		13.21		—		14.43		—		16.04
CMBS	5.0		1.53		5.1		1.71		5.2		1.80		5.1		1.87		5.3		1.93

Total held-for-maturity portfolio	$	44.0	1.56		$	59.2	1.55		$	64.9	1.67		$	64.8	1.89		$	65.0	1.97

Total investment securities	$	119.3	1.10		$	113.9	1.24		$	108.9	1.65		$	105.8	2.19		$	107.1	2.50


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	33		%	40		%	23		%	3		%	—		%	1		%	—		%	$	23.5	54.8	%	$	(558)	88% / 12%
Asset-backed securities	—			92			8			—			—			—			—			5.9		13.6		(69)		0% / 100%
Student loans	—			—			100			—			—			—			—			0.1		1.9		—
Credit cards	—			100			—			—			—			—			—			0.1		1.5		—
Auto & equipment	—			68			32			—			—			—			—			0.6		10.6		(2)
Non-U.S. residential mortgage backed securities	—			93			6			—			—			1			—			1.6		26.7		(14)
Collateralized loan obligation	—			100			—			—			—			—			—			3.3		56.5		(53)
Other	—			63			37			—			—			—			—			0.2		2.8		—
Mortgage-backed securities	100			—			—			—			—			—			—			2.6		6.2		(89)		99% / 1%
Agency MBS	100			—			—			—			—			—			—			2.6		100.0		(89)
Non-agency MBS	—			—			—			—			—			—			—			—		—		—
CMBS	96			4			—			—			—			—			—			6.8		15.9		(83)		1% / 99%
Corporate bonds	—			1			14			49			36			—			—			2.4		5.5		(116)		89% / 11%
Covered bonds	—			100			—			—			—			—			—			—		—		(1)		100% / 0%
Municipal bonds	—			26			73			1			—			—			—			0.6		1.5		(7)		100% / 0%
Clipper tax-exempt bonds	—			8			71			21			—			—			—			0.2		0.6		(2)		0% / 100%
Other	—			1			48			51			—			—			—			0.8		1.9		(85)		98% / 2%
Total available-for-sale portfolio	39		%	35		%	17		%	6		%	2		%	1		%	—		%	$	42.8	100.0	%	$	(1,010)	63% / 37%

Fair Value	$	16.8		$	15.1		$	7.3		$	2.4		$	1.0		$	0.2		$	—

	UST/AGY			AAA			AA			A			BBB			<BBB			NR			Amortized Cost		% Total		Net Unrealized Pre-tax MTM Gain/(Loss) (In millions)(1)		Fixed Rate/ Floating Rate(2)
Held-to-maturity investment securities:
Government & agency securities	62		%	16		%	16		%	2		%	4		%	—		%	—		%	$	19.0	29.2	%	$	(514)	100% / 0%
Asset-backed securities	—			27			71			—			2			—			—			3.7		5.7		(107)		4% / 96%
Student loans	—			27			71			—			2			—			—			3.7		100.0		(107)


Mortgage-backed securities	100			—			—			—			—			—			—			37.0		56.9		(4,547)		100% / 0%
Agency MBS	100			—			—			—			—			—			—			37.0		100.0		(4,565)
Non-agency MBS	—			8			2			—			34			7			49			—		—		18
CMBS	99			1			—			—			—			—			—			5.3		8.2		(719)		96% / 4%

Total held-for-maturity portfolio	83		%	6		%	9		%	1		%	1		%	—		%	—		%	$	65.0	100.0	%	$	(5,887)	94% / 6%

Amortized Cost	$	54.0		$	4.1		$	5.6		$	0.4		$	0.9		$	—		$	—

Total Investment Securities(3)																						$	107.8					82% / 18%


(1) At March 31, 2023, the after-tax unrealized MTM gain/(loss) includes after-tax unrealized loss on securities available-for-sale of $736 million, after-tax unrealized loss on securities held-to-maturity of $4,293 million and after-tax unrealized loss primarily related to securities previously transferred from available-for-sale to held-to-maturity of $682 million.
(2) At March 31, 2023, fixed-to-floating rate securities had a book value of approximately $37 million or 0.03% of the total portfolio.
(3) State Street has a highly liquid balance sheet, with more than half of total assets deemed HQLA. Based upon book value as of March 31, 2023, approximately 88% of our investment portfolio was held in HQLA.


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

				Investment Securities
(Dollars in billions)	Fair Value		Average Rating	Gov't/Agency(1)(2)		ABS FRMBS		ABS All Other		Corporate Bonds		Covered Bonds		Other
Available-for-sale:
Canada	$	4.0	AA	$	3.0	$	—	$	—	$	0.2	$	—	$	0.8
Australia	2.1		AAA	1.0		0.8		—		0.2		—		0.1
United Kingdom	1.4		AA	0.7		0.4		0.2		0.1		—		—
Germany	1.3		AA	0.9		—		0.4		—		—		—
France	1.1		AA	0.1		—		0.7		0.3		—		—
Austria	1.0		AA	1.0		—		—		—		—		—
Japan	0.8		A	0.7		—		—		0.1		—		—
Hong Kong	0.7		AA	0.7		—		—		—		—		—
Netherlands	0.6		AA	0.1		0.3		0.1		0.1		—		—
Italy	0.3		AA	0.1		0.1		0.1		—		—		—
Spain	0.2		AA	0.1		—		0.1		—		—		—
Republic of Korea	0.2		AA	0.2		—		—		—		—		—
Finland	0.2		AA	0.1		—		—		0.1		—		—
Brazil	0.2		BB	0.2		—		—		—		—		—
Other	7.3		AAA	6.9		—		0.1		0.3		—		—
Total Non-U.S. Investments(3)	$	21.4		$	15.8	$	1.6	$	1.7	$	1.4	$	—	$	0.9
U.S. Investments	21.4
Total available-for-sale	$	42.8
				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	$	0.8	BBB	$	0.8	$	—	$	—	$	—	$	—	$	—
Belgium	0.7		AAA	0.7		—		—		—		—		—
France	0.6		AA	0.6		—		—		—		—		—
Ireland	0.4		A	0.4		—		—		—		—		—
Austria	0.4		AA	0.4		—		—		—		—		—
Germany	0.3		AA	0.3		—		—		—		—		—
Singapore	0.2		AAA	0.2		—		—		—		—		—
Finland	0.2		AA	0.2		—		—		—		—		—
Netherlands	0.2		AAA	0.2		—		—		—		—		—
Canada	0.1		AA	0.1		—		—		—		—		—
Other	3.3		AAA	3.3		—		—		—		—		—
Total Non-U.S. Investments(3)	$	7.2		$	7.2	$	—	$	—	$	—	$	—	$	—
U.S. Investments	57.8
Total held-for-maturity	$	65.0

Total Investment Portfolio	$	107.8


(1) Sovereign debt is reflected in the government / agency column.
(2) As of March 31, 2023, other non-U.S. investments include supranational bonds of $6.8 billion in AFS securities and $3.2 billion in HTM securities.
(3) Country of collateral used except for corporates where country of issuer is used.


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

	Quarters										% Change
(Dollars in billions)	1Q22		2Q22		3Q22		4Q22		1Q23			1Q23 vs. 1Q22		1Q23 vs. 4Q22
Assets Under Custody and/or Administration(1)
By Product Classification:
Collective funds, including ETFs	$	15,140	$	13,609	$	11,649	$	12,261	$	12,748		(15.8)	%	4.0	%
Mutual funds	10,825		9,642		9,289		9,610		10,077			(6.9)		4.9
Pension products	8,191		7,764		7,669		7,734		7,871			(3.9)		1.8
Insurance and other products	7,568		7,165		7,081		7,138		6,939			(8.3)		(2.8)
Total Assets Under Custody and/or Administration	$	41,724	$	38,180	$	35,688	$	36,743	$	37,635		(9.8)		2.4
By Asset Class:
Equities	$	25,249	$	21,953	$	19,889	$	20,575	$	20,966		(17.0)		1.9
Fixed-income	11,303		10,716		10,150		10,318		10,645			(5.8)		3.2
Short-term and other investments	5,172		5,511		5,649		5,850		6,024			16.5		3.0
Total Assets Under Custody and/or Administration	$	41,724	$	38,180	$	35,688	$	36,743	$	37,635		(9.8)		2.4
By Geographic Location(2):
Americas	$	31,027	$	28,207	$	26,051	$	26,981	$	27,599		(11.0)		2.3
Europe/Middle East/Africa	8,103		7,498		6,990		7,136		7,396			(8.7)		3.6
Asia/Pacific	2,594		2,475		2,647		2,626		2,640			1.8		0.5
Total Assets Under Custody and/or Administration	$	41,724	$	38,180	$	35,688	$	36,743	$	37,635		(9.8)		2.4
Assets Under Custody(3)
By Product Classification:
Collective funds, including ETFs	$	13,107	$	11,669	$	9,932	$	10,464	$	10,935		(16.6)		4.5
Mutual funds	8,833		7,869		7,594		7,811		8,157			(7.7)		4.4
Pension products	6,576		6,215		6,204		6,247		6,355			(3.4)		1.7
Insurance and other products	2,931		2,856		2,748		2,714		2,706			(7.7)		(0.3)
Total Assets Under Custody	$	31,447	$	28,609	$	26,478	$	27,236	$	28,153		(10.5)		3.4
By Geographic Location(2):
Americas	$	23,655	$	21,389	$	19,581	$	20,246	$	21,019		(11.1)		3.8
Europe/Middle East/Africa	5,786		5,309		4,818		4,931		5,039			(12.9)		2.2
Asia-Pacific	2,006		1,911		2,079		2,059		2,095			4.4		1.7
Total Assets Under Custody	$	31,447	$	28,609	$	26,478	$	27,236	$	28,153		(10.5)		3.4

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


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER MANAGEMENT

	Quarters										% Change
(Dollars in billions)	1Q22		2Q22		3Q22		4Q22		1Q23			1Q23 vs. 1Q22		1Q23 vs. 4Q22
Assets Under Management
By Asset Class and Investment Approach:
Equity:
Active	$	67	$	62	$	53	$	54	$	60		(10.4)	%	11.1	%
Passive	2,463		2,024		1,890		2,074		2,153			(12.6)		3.8
Total Equity	2,530		2,086		1,943		2,128		2,213			(12.5)		4.0
Fixed-Income:
Active	98		89		79		83		85			(13.3)		2.4
Passive	503		461		439		471		490			(2.6)		4.0
Total Fixed-Income	601		550		518		554		575			(4.3)		3.8
Cash(1)	393		403		410		376		375			(4.6)		(0.3)
Multi-Asset-Class Solutions:
Active	33		29		25		28		28			(15.2)		—
Passive	196		173		167		181		203			3.6		12.2
Total Multi-Asset-Class Solutions	229		202		192		209		231			0.9		10.5
Alternative Investments(2):
Active	51		42		35		35		35			(31.4)		—
Passive	218		192		167		179		189			(13.3)		5.6
Total Alternative Investments	269		234		202		214		224			(16.7)		4.7
Total Assets Under Management	$	4,022	$	3,475	$	3,265	$	3,481	$	3,618		(10.0)		3.9
By Geographic Location:
North America	$	2,878	$	2,525	$	2,396	$	2,544	$	2,648		(8.0)		4.1
Europe/Middle East/Africa	593		521		474		511		521			(12.1)		2.0
Asia-Pacific	551		429		395		426		449			(18.5)		5.4
Total Assets Under Management	$	4,022	$	3,475	$	3,265	$	3,481	$	3,618		(10.0)		3.9



(1) Includes both floating- and constant-net-asset-value portfolios held in commingled structures or separate accounts.
(2) Includes real estate investment trusts, currency and commodities, including SPDR® Gold Shares and SPDR® Gold MiniSharesSM Trust. We are not the investment manager for the SPDR® Gold Shares and SPDR®Gold MiniSharesSM Trust, but act as the marketing agent.

Exchange-Traded Funds(1)
By Asset Class:
Alternative Investments(2)	$	84	$	77	$	63	$	67	$	73		(13.1)	%	9.0	%

Equity	940		791		734		817		841			(10.5)		2.9
Fixed-Income	134		130		121		134		141			5.2		5.2
Multi-Asset	1		1		1		1		1			—		—
Total Exchange-Traded Funds	$	1,159	$	999	$	919	$	1,019	$	1,056		(8.9)		3.6

(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.


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

(Dollars in billions)			Quarters
			1Q22		2Q22		3Q22		4Q22		1Q23
North America - (US Domiciled) Morningstar Direct Market Data(1)(2)
	Long Term Funds(3)		$	(66.7)	$	(277.9)	$	(193.0)	$	(352.6)	$	(59.1)
	Money Market		(143.4)		(35.1)		(26.0)		147.7		465.9
	ETF		181.2		93.2		109.9		192.5		78.4
		Total Flows	$	(28.9)	$	(219.8)	$	(109.1)	$	(12.4)	$	485.2

EMEA-Morningstar Direct Market Data(1)(4)
	Long Term Funds(3)		$	9.7	$	(79.5)	$	(94.1)	$	(6.2)	$	81.6
	Money Market		(68.9)		(7.3)		(11.0)		185.3		(10.7)
	ETF		45.4		16.0		(8.6)		26.5		31.7
		Total Flows	$	(13.8)	$	(70.8)	$	(113.7)	$	205.6	$	102.6

(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 2023 data for North America (US domiciled) includes Morningstar actuals for January and February 2023 and Morningstar estimates for March 2023.
(3) The long-term fund flows reported by Morningstar in North America are composed of US domiciled Market flows mainly in Equities, Allocation and Fixed Income asset classes. The long-term funds flows reported by Morningstar direct in EMEA are composed of the European market flows mainly in Equities, Allocation and Fixed Incomes asset classes.
(4) The first quarter of 2023 data for Europe is on a rolling three month basis for December 2022 through February 2023, sourced by Morningstar.


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
LINE OF BUSINESS INFORMATION

	Three Months Ended,
	Investment Servicing									% Change					Investment Management									% Change					Other(1)						% Change				Total									% Change
(Dollars in millions)	1Q22			4Q22			1Q23			1Q23 vs. 1Q22		1Q23 vs. 4Q22			1Q22			4Q22			1Q23			1Q23 vs. 1Q22		1Q23 vs. 4Q22			1Q22		4Q22		1Q23		1Q23 vs. 1Q22		1Q23 vs. 4Q22		1Q22			4Q22			1Q23			1Q23 vs. 1Q22		1Q23 vs. 4Q22
Servicing fees	$	1,368		$	1,203		$	1,217		(11.0)	%	1.2	%		$	—		$	—		$	—		—	%	—	%		$	—	$	—	$	—	—	%	—	%	$	1,368		$	1,203		$	1,217		(11.0)	%	1.2	%
Management fees	—			—			—			—		—			520			457			457			(12.1)		—			—		—		—		—		—		520			457			457			(12.1)		—
Foreign exchange trading services	342			323			321			(6.1)		(0.6)			17			21			21			23.5		—			—		23		—		—		nm		359			367			342			(4.7)		(6.8)
Securities finance	93			97			103			10.8		6.2			3			6			6			nm		—			—		—		—		—		—		96			103			109			13.5		5.8
Software and processing fees	201			216			165			(17.9)		(23.6)			—			—			—			—		—			—		—		—		—		—		201			216			165			(17.9)		(23.6)
Other fee revenue	46			—			28			(39.1)		—			(17)			18			17			nm		(5.6)			—		—		—		—		—		29			18			45			55.2		nm
Total fee revenue	2,050			1,839			1,834			(10.5)		(0.3)			523			502			501			(4.2)		(0.2)			—		23		—		—		nm		2,573			2,364			2,335			(9.2)		(1.2)
Net interest income	509			791			762			49.7		(3.7)			—			—			4			—		—			—		—		—		—		—		509			791			766			50.5		(3.2)
Total other income	(1)			—			—			nm		—			—			—			—			—		—			—		—		—		—		—		(1)			—			—			nm		—
Total revenue	2,558			2,630			2,596			1.5		(1.3)			523			502			505			(3.4)		0.6			—		23		—		—		nm		3,081			3,155			3,101			0.6		(1.7)
Provision for credit losses	—			10			44			—		nm			—			—			—			—		—			—		—		—		—		—		—			10			44			—		nm
Total expenses	1,925			1,808			1,978			2.8		9.4			389			345			386			(0.8)		11.9			13		103		5		(61.5)		(95.1)		2,327			2,256			2,369			1.8		5.0
Income before income tax expense	$	633		$	812		$	574		(9.3)		(29.3)			$	134		$	157		$	119		(11.2)		(24.2)			$	(13)	$	(80)	$	(5)	(61.5)		(93.8)		$	754		$	889		$	688		(8.8)		(22.6)
Pre-tax margin	24.7		%	30.9		%	22.1		%	(260)		(880)		bps	25.6		%	31.3		%	23.6		%	(200)		(770)		bps											24.5		%	28.2		%	22.2		%	(230)		(600)		bps




















(1) Represents amounts that are not allocated to a specific line of business, including repositioning charges, employee costs, acquisition costs, revenue-related recoveries and certain legal accruals.
nm Denotes not meaningful


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ALLOWANCE FOR CREDIT LOSSES

	Quarters											% Change
(Dollars in millions)		1Q22		2Q22		3Q22		4Q22		1Q23			1Q23 vs. 1Q22		1Q23 vs. 4Q22
Allowance for credit losses:
Beginning balance		$	108	$	107	$	114	$	114	$	121		12.0	%	6.1	%
Provision for credit losses (funded commitments)		—		11		3		2		21			—		nm
Provision for credit losses (unfunded commitments)		—		(1)		(3)		8		(7)			—		nm
Provision for credit losses (investment securities and all other)		—		—		—		—		30			—		—
Total provision		—		10		—		10		44			—		nm
Charge-offs		(1)		(3)		—		(3)		(3)			nm		—

Ending balance(1)		$	107	$	114	$	114	$	121	$	162		51.4		33.9

Allowance for credit losses:
Loans		$	86	$	95	$	97	$	97	$	115		33.7		18.6
Investment securities		2		1		1		2		2			—		—
Unfunded (off-balance sheet) commitments		19		18		16		23		16			(15.8)		(30.4)
All other		—		—		—		(1)		29			—		nm
Ending balance(1)		$	107	$	114	$	114	$	121	$	162		51.4		33.9


(1) 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
(Dollars in millions)		1Q22		2Q22		3Q22		4Q22		1Q23			1Q23 vs. 1Q22			1Q23 vs. 4Q22
Fee Revenue:
Total fee revenue, GAAP-basis		$	2,573	$	2,370	$	2,299	$	2,364	$	2,335		(9.2)	%		(1.2)	%
Less: Fee revenue(1)		—		—		—		(23)		—			—			nm

Total fee revenue, excluding notable items		$	2,573	$	2,370	$	2,299	$	2,341	$	2,335		(9.2)			(0.3)

Total Revenue:
Total revenue, GAAP-basis		$	3,081	$	2,953	$	2,959	$	3,155	$	3,101		0.6	%		(1.7)	%
Less: Fee revenue(1)		—		—		—		(23)		—			—			nm

Total revenue, excluding notable items		$	3,081	$	2,953	$	2,959	$	3,132	$	3,101		0.6			(1.0)

Expenses:
Total expenses, GAAP-basis		$	2,327	$	2,108	$	2,110	$	2,256	$	2,369		1.8	%		5.0	%
Less: Notable expense items:
Acquisition and restructuring costs(2)		(9)		(12)		(13)		(31)		—			nm			nm


Repositioning charges(3)		—		—		—		(70)		—			—			nm


Total expenses, excluding notable items		2,318		2,096		2,097		2,155		2,369			2.2			9.9
Seasonal expenses		(208)		—		—		—		(181)			(13.0)			nm
Total expenses, excluding notable items and seasonal expenses		$	2,110	$	2,096	$	2,097	$	2,155	$	2,188		3.7			1.5

Fee Operating Leverage, GAAP-Basis:
Total fee revenue, GAAP-basis		$	2,573	$	2,370	$	2,299	$	2,364	$	2,335		(9.2)	%		(1.2)	%
Total expenses, GAAP-basis		2,327		2,108		2,110		2,256		2,369			1.8			5.0
Fee operating leverage, GAAP-basis(4)													(1,100)		bps	(620)		bps

Fee Operating Leverage, excluding notable items:
Total fee revenue, excluding notable items (as reconciled above)		$	2,573	$	2,370	$	2,299	$	2,341	$	2,335		(9.2)	%		(0.3)	%
Total expenses, excluding notable items (as reconciled above)		2,318		2,096		2,097		2,155		2,369			2.2			9.9
Fee operating leverage, excluding notable items(5)													(1,140)		bps	(1,020)		bps

Operating Leverage, GAAP-Basis:
Total revenue, GAAP-basis		$	3,081	$	2,953	$	2,959	$	3,155	$	3,101		0.6	%		(1.7)	%
Total expenses, GAAP-basis		2,327		2,108		2,110		2,256		2,369			1.8			5.0
Operating leverage, GAAP-basis(6)													(120)		bps	(670)		bps

Operating Leverage, excluding notable items:
Total revenue, excluding notable items (as reconciled above)		$	3,081	$	2,953	$	2,959	$	3,132	$	3,101		0.6	%		(1.0)	%
Total expenses, excluding notable items (as reconciled above)		2,318		2,096		2,097		2,155		2,369			2.2			9.9
Operating leverage, excluding notable items(7)													(160)		bps	(1,090)		bps


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)		1Q22		2Q22		3Q22		4Q22		1Q23			1Q23 vs. 1Q22		1Q23 vs. 4Q22
Income before income tax expense:
Income before income tax expense GAAP-basis	A	$	754	$	835	$	849	$	889	$	688		(8.8)	%	(22.6)	%
Less: Notable items
Fee revenue(1)		—		—		—		(23)		—
Acquisition and restructuring costs(2)		9		12		13		31		—
Repositioning charges / (release)(3)		—		—		—		70		—

Income before income tax expense, excluding notable items	B	$	763	$	847	$	862	$	967	$	688		(9.8)		(28.9)


Net Income:
Net Income GAAP-basis		$	604	$	747	$	690	$	733	$	549		(9.1)	%	(25.1)	%
Less: Notable items
Fee revenue(1)		—		—		—		(23)		—

Acquisition and restructuring costs(2)		9		12		13		31		—
Repositioning charges / (release)(3)		—		—		—		70		—


Tax impact of notable items		(2)		(3)		(3)		(21)		—
Net Income, excluding notable items		$	611	$	756	$	700	$	790	$	549		(10.1)		(30.5)

Net Income Available to Common Shareholders:
Net Income Available to Common Shareholders, GAAP-basis		$	583	$	712	$	669	$	696	$	525		(9.9)	%	(24.6)	%
Less: Notable items
Fee revenue(1)		—		—		—		(23)		—

Acquisition and restructuring costs(2)		9		12		13		31		—
Repositioning charges / (release)(3)		—		—		—		70		—



Tax impact of notable items		(2)		(3)		(3)		(21)		—
Net Income Available to Common Shareholders, excluding notable items		$	590	$	721	$	679	$	753	$	525		(11.0)		(30.3)

Diluted Earnings per Share:
Diluted earnings per share, GAAP-basis		$	1.57	$	1.91	$	1.80	$	1.91	$	1.52		(3.2)	%	(20.4)	%
Less: Notable items
Fee revenue(1)		—		—		—		(0.05)		—

Acquisition and restructuring costs(2)		0.02		0.03		0.02		0.07		—
Repositioning charges / (release)(3)		—		—		—		0.14		—



Diluted earnings per share, excluding notable items		$	1.59	$	1.94	$	1.82	$	2.07	$	1.52		(4.4)		(26.6)


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)		1Q22		2Q22		3Q22		4Q22		1Q23		1Q23 vs. 1Q22		1Q23 vs. 4Q22
Pre-tax Margin:
Pre-tax margin, GAAP-basis		24.5	%	28.3	%	28.7	%	28.2	%	22.2%		(230)	bps	(600)	bps
Less: Notable items
Fee revenue(1)		—		—		—		(0.5)		—

Acquisition and restructuring costs(2)		0.3		0.4		0.4		1.0		—
Repositioning charges(3)		—		—		—		2.2		—


Pre-tax margin, excluding notable items		24.8%		28.7%		29.1%		30.9%		22.2%		(260)		(870)

Return on Average Common Equity:
Return on average common equity, GAAP-basis		9.5%		12.1%		11.2%		11.8%		9.3%		(20)	bps	(250)	bps
Less: Notable items
Fee revenue(1)		—		—		—		(0.4)		—

Acquisition and restructuring costs(2)		0.2		0.1		0.2		0.5		—
Repositioning charges(3)		—		—		—		1.1		—



Tax impact of notable items		—		—		—		(0.3)		—
Return on average common equity, excluding notable items		9.7%		12.2%		11.4%		12.7%		9.3%		(40)		(340)

Effective Tax Rate:
Effective tax rate, GAAP-basis		19.9%		10.5%		18.7%		17.6%		20.2%		30	bps	260	bps
Less: Notable items
Fee revenue(1)		—		—		—		(0.2)		—
Acquisition and restructuring costs(2)		0.1		0.3		0.1		0.3		—
Repositioning charges(3)		—		—		—		0.6		—
Effective tax rate, excluding notable items		20.0%		10.8%		18.8%		18.3%		20.2%		20		190









(1) Amount in 2022 consists of a $23 million revenue-related recovery related to settlement proceeds from a 2018 foreign exchange benchmark litigation resolution, which is reflected in foreign exchange trading services revenue.

(2) Acquisition and restructuring costs of approximately $65 million in 2022 related to the BBH Investor Services acquisition transaction that State Street is no longer pursuing.



(3) Amount in 2022 includes $50 million of compensation and benefits expenses primarily related to streamlining the Investment Services organization, and $20 million of occupancy charges related to real estate footprint optimization.
(4) Calculated as the period-over-period change in total fee revenue less the period-over-period change in total expenses.
(5) Calculated as the period-over-period change in total fee revenue, excluding notable items less the period-over-period change in total expenses, excluding notable items.
(6) Calculated as the period-over-period change in total revenue less the period-over-period change in total expenses.
(7) Calculated as the period-over-period change in total revenue, excluding notable items less the period-over-period change in total expenses, excluding notable items.
nm Denotes not meaningful


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

(Dollars in millions)			2019			2020			2021			2022
Total revenue:
Total revenue, GAAP-basis			$	11,756		$	11,703		$	12,027		$	12,148
		Less: Fees revenue	—			—			—			(23)
		Less: Total other income	(44)			—			(111)			—



Total revenue, excluding notable items			11,712			11,703			11,916			12,125

Provision for credit losses			10			88			(33)			20
Total expenses:
Total expenses, GAAP-basis			9,034			8,716			8,889			8,801
	Less:
		Acquisition and restructuring costs	(77)			(50)			(65)			(65)
		Deferred incentive compensation expense acceleration	—			—			(147)			—
		Legal and other	(172)			9			(18)			—
		Repositioning (charges) / release	(110)			(133)			3			(70)
Total expenses, excluding notable items			8,675			8,542			8,662			8,666
Income before income tax expense, excluding notable items			$	3,027		$	3,073		$	3,287		$	3,439

Income before income tax expense, GAAP-basis			$	2,712		$	2,899		$	3,171		$	3,327

Pre-tax margin, excluding notable items			25.8		%	26.3		%	27.6		%	28.4		%
Pre-tax margin, GAAP-basis			23.1			24.8			26.4			27.4


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)	1Q22		4Q22		1Q23		1Q23 vs. 1Q22		1Q23 vs. 4Q22		1Q23 vs. 1Q22		1Q23 vs. 4Q22		1Q23 vs. 1Q22		1Q23 vs. 4Q22
GAAP-Basis Results:
Fee revenue:
Back office servicing fees	$	1,268	$	1,115	$	1,131	$	(19)	$	11	$	1,150	$	1,120	(9.3)	%	0.4	%
Middle office services	100		88		86		(1)		1		87		85		(13.0)		(3.4)
Servicing fees	1,368		1,203		1,217		(20)		12		1,237		1,205		(9.6)		0.2
Management fees	520		457		457		(5)		4		462		453		(11.2)		(0.9)
Foreign exchange trading services	359		367		342		—		—		342		342		(4.7)		(6.8)
Securities finance	96		103		109		(1)		—		110		109		14.6		5.8
Front office software and data	138		159		109		(1)		1		110		108		(20.3)		(32.1)
Lending related and other fees	63		57		56		—		—		56		56		(11.1)		(1.8)
Software and processing fees	201		216		165		(1)		1		166		164		(17.4)		(24.1)
Other fee revenue	29		18		45		—		—		45		45		55.2		nm
Total fee revenue	2,573		2,364		2,335		(27)		17		2,362		2,318		(8.2)		(1.9)
Net interest income	509		791		766		(7)		12		773		754		51.9		(4.7)
Total other income	(1)		—		—		—		—		—		—		nm		nm
Total revenue	$	3,081	$	3,155	$	3,101	$	(34)	$	29	$	3,135	$	3,072	1.8		(2.6)

Expenses:
Compensation and employee benefits	$	1,232	$	1,108	$	1,292	$	(30)	$	13	$	1,322	$	1,279	7.3		15.4
Information systems and communications	423		416		414		(3)		2		417		412		(1.4)		(1.0)
Transaction processing services	264		240		239		(4)		3		243		236		(8.0)		(1.7)
Occupancy	95		106		94		(3)		1		97		93		2.1		(12.3)
Acquisition and restructuring costs	9		31��		—		—		—		—		—		nm		nm
Amortization of other intangible assets	61		59		60		(1)		1		61		59		—		—
Other	243		296		270		(1)		3		271		267		11.5		(9.8)
Total expenses	$	2,327	$	2,256	$	2,369	$	(42)	$	23	$	2,411	$	2,346	3.6		4.0

Total expenses, excluding notable items - Non-GAAP	$	2,318	$	2,155	$	2,369	$	(42)	$	23	$	2,411	$	2,346	4.0		8.9
Total non-compensation expenses, excluding notable items - Non-GAAP(1)	1,086		1,097		1,077		(12)		10		1,089		1,067		0.3		(2.7)


































(1) Total non-compensation expenses, excluding notable items is comprised of total expenses, excluding notable items - Non-GAAP, less compensation and employee benefits, excluding notable items. Compensation and benefits, excluding notable items was $1,292 million in the first quarter of 2023, $1,058 million in the fourth quarter of 2022 and $1,232 million in the first quarter of 2022, respectively.
nm Denotes not meaningful


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF TANGIBLE BOOK VALUE PER SHARE AND RETURN ON TANGIBLE COMMON EQUITY

The tangible book value per common share (TBVPS) and return on tangible common equity (ROTCE) are ratios that management believes provides context about State Street's use of equity. The TBVPS ratio is calculated by dividing the period end tangible common equity by total common shares outstanding. The ROTCE ratio is calculated by dividing year-to-date annualized net income available to common shareholders (GAAP-basis) by average tangible common equity. Period end and average tangible common equity reflected in the TBVPS and ROTCE ratios, are both non-GAAP measures which reduce period end and average common shareholders' equity, by period end and average goodwill and other intangible assets, net of related deferred taxes. Since there is no authoritative requirement to calculate the TBVPS and ROTCE ratios, our TBVPS and ROTCE ratios are not necessarily comparable to similar measures disclosed or used by other companies in the financial services industry. TBVPS and ROTCE are non-GAAP financial measures and should be considered in addition to, not as a substitute for or superior to, financial measures determined in accordance with GAAP or other applicable requirements. Reconciliations with respect to the calculation of these ratios are provided within the Reconciliations of Tangible Book Value per Share and Return on Tangible Common Equity within this addendum.
	Quarters
(Dollars in millions, except per share amounts, or where otherwise noted)	1Q22			2Q22			3Q22			4Q22			1Q23
Tangible common equity - period end:
Total shareholders' equity	$	26,224		$	25,767		$	25,648		$	25,191		$	24,750
Less:
Preferred stock	1,976			1,976			1,976			1,976			1,976
Common shareholders' equity	24,248			23,791			23,672			23,215			22,774
Less:
Goodwill	7,582			7,465			7,351			7,495			7,530
Other intangible assets	1,744			1,654			1,568			1,544			1,493
Plus related deferred tax liabilities	497			491			486			493			496
Tangible common shareholders' equity - Non-GAAP	$	15,419		$	15,163		$	15,239		$	14,669		$	14,247

Tangible common equity - average:
Average common shareholders' equity	$	24,791		$	23,687		$	23,699		$	23,479		$	22,875
Less:
Average goodwill	7,599			7,501			7,405			7,422			7,505
Average other intangible assets	1,782			1,693			1,607			1,553			1,516
Plus related deferred tax liabilities	499			494			488			490			495
Average tangible common shareholders' equity - Non-GAAP	$	15,909		$	14,987		$	15,175		$	14,994		$	14,349

Net income available to common shareholders	$	583		$	712		$	669		$	696		$	525
Total common shares outstanding - period end (in thousands)	367,115			367,619			367,968			349,024			336,461

Return on tangible common equity - Non-GAAP	14.7		%	17.3		%	17.3		%	17.7		%	14.6		%
Book value per common share	$	66.05		$	64.72		$	64.33		$	66.51		$	67.69
Tangible book value per common share - Non-GAAP	42.00			41.25			41.41			42.03			42.34


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
REGULATORY CAPITAL

		Basel III Advanced Approaches(1)															Basel III Standardized Approach(2)
(Dollars in millions)		1Q22			2Q22			3Q22			4Q22			1Q23				1Q22			2Q22			3Q22			4Q22			1Q23
Ratios and Supporting Calculations:







Common equity tier 1 capital	A	$	15,026		$	14,882		$	15,126		$	14,547		$	14,000			$	15,026		$	14,882		$	15,126		$	14,547		$	14,000
Total risk-weighted assets	B	114,969			110,447			107,771			105,359			108,207				126,725			115,404			114,682			107,227			115,494
Common equity tier 1 risk-based capital ratio	A/B	13.1		%	13.5		%	14.0		%	13.8		%	12.9		%		11.9		%	12.9		%	13.2		%	13.6		%	12.1		%

Tier 1 capital	C	$	17,002		$	16,858		$	17,102		$	16,523		$	15,976			$	17,002		$	16,858		$	17,102		$	16,523		$	15,976
Tier 1 risk-based capital ratio	C/B	14.8		%	15.3		%	15.9		%	15.7		%	14.8		%		13.4		%	14.6		%	14.9		%	15.4		%	13.8		%

Total capital	D	$	18,588		$	18,239		$	18,482		$	17,899		$	17,345			$	18,693		$	18,352		$	18,594		$	18,019		$	17,476
Total risk-based capital ratio	D/B	16.2		%	16.5		%	17.1		%	17.0		%	16.0		%		14.8		%	15.9		%	16.2		%	16.8		%	15.1		%

Tier 1 capital	E	$	17,002		$	16,858		$	17,102		$	16,523		$	15,976			$	17,002		$	16,858		$	17,102		$	16,523		$	15,976
Leverage exposure(3)	F	285,788			282,526			266,622			275,678			268,718				285,788			282,526			266,622			275,678			268,718
Tier 1 leverage ratio	E/F	5.9		%	6.0		%	6.4		%	6.0		%	5.9		%		5.9		%	6.0		%	6.4		%	6.0		%	5.9		%

On-and off-balance sheet leverage exposure		$	264,616		$	263,538		$	250,070		$	246,017		$	244,049			$	264,616		$	263,538		$	250,070		$	246,017		$	244,049
Less: regulatory deductions		(9,222)			(8,909)			(8,546)			(8,668)			(8,772)				(9,222)			(8,909)			(8,546)			(8,668)			(8,772)
Total leverage exposure for SLR	G	255,394			254,629			241,524			237,349			235,277				255,394			254,629			241,524			237,349			235,277
Supplementary leverage ratio(4)	E/G	6.7		%	6.6		%	7.1		%	7.0		%	6.8		%		6.7		%	6.6		%	7.1		%	7.0		%	6.8		%

(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, 2023 are estimates.
(2) CET1, tier 1 capital, total capital and tier 1 leverage ratios for each period above were calculated in conformity with the standardized approach provisions of the Basel III final rule. Capital ratios as of March 31, 2023 are estimates.
(3) Leverage exposure is equal to average consolidated total assets less applicable Tier 1 capital deductions.
(4) We are subject to a minimum Supplementary Leverage Ratio or SLR of 3%, and as a U.S. G-SIB, we must maintain a 2% SLR buffer in order to avoid any limitations on distributions to shareholders and discretionary bonus payments to certain executives.

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