State Street (STT) 8-K Strong Flows In Asset Management

Exhibit 99.2

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
June 30, 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
Average Statement of Condition - Rates Earned and Paid - Fully Taxable-Equivalent Basis - Year-to-Date	7
Selected Average Balances by Currency - Rates Earned and Paid	8
Investment Portfolio Holdings by Asset Class	9
Investment Portfolio Non-U.S. Investments	11
Assets Under Custody and/or Administration	12
Assets Under Management	13
Industry Flow Data by Asset Class	14
Line of Business Information	15
Allowance for Credit Losses	16
Non-GAAP Financial Information:
Reconciliations of Non-GAAP Financial Information	17
Reconciliation of Pre-tax Margin Excluding Notable Items	20
Reconciliations of Constant Currency FX Impacts	21
Capital:
Reconciliations of Tangible Book Value per Share and Return on Tangible Common Equity	22
Regulatory Capital	23
This financial information should be read in conjunction with State Street's news release dated July 14, 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.

2    

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS
	Quarters												% Change					Year-to-Date			% Change
(Dollars in millions, except per share amounts, or where otherwise noted)	1Q22		2Q22		3Q22		4Q22		1Q23		2Q23		2Q23 vs. 2Q22		2Q23 vs. 1Q23			2022	2023		YTD2023 vs. YTD2022
Fee revenue:
Back office servicing fees	$	1,268	$	1,205	$	1,126	$	1,115	$	1,131	$	1,164	(3.4)	%		2.9	%		$	2,473	$	2,295	(7.2)	%
Middle office services	100		92		93		88		86		95		3.3			10.5			192		181		(5.7)
Servicing fees	1,368		1,297		1,219		1,203		1,217		1,259		(2.9)			3.5			2,665		2,476		(7.1)
Management fees	520		490		472		457		457		461		(5.9)			0.9			1,010		918		(9.1)
Foreign exchange trading services	359		331		319		367		342		303		(8.5)			(11.4)			690		645		(6.5)
Securities finance	96		107		110		103		109		117		9.3			7.3			203		226		11.3
Front office software and data	138		126		127		159		109		162		28.6			48.6			264		271		2.7
Lending related and other fees	63		62		57		57		56		59		(4.8)			5.4			125		115		(8.0)
Software and processing fees	201		188		184		216		165		221		17.6			33.9			389		386		(0.8)
Other fee revenue	29		(43)		(5)		18		45		58		nm			28.9			(14)		103		nm
Total fee revenue	2,573		2,370		2,299		2,364		2,335		2,419		2.1			3.6			4,943		4,754		(3.8)
Net interest income:
Interest income	521		704		1,101		1,762		2,027		2,232		nm			10.1			1,225		4,259		nm
Interest expense	12		120		441		971		1,261		1,541		nm			22.2			132		2,802		nm
Net interest income	509		584		660		791		766		691		18.3			(9.8)			1,093		1,457		33.3
Other income:
Gains (losses) related to investment securities, net	(1)		(1)		—		—		—		—		nm			—			(2)		—		nm
Total other income	(1)		(1)		—		—		—		—		nm			—			(2)		—		nm
Total revenue	3,081		2,953		2,959		3,155		3,101		3,110		5.3			0.3			6,034		6,211		2.9
Provision for credit losses	—		10		—		10		44		(18)		nm			nm			10		26		nm
Expenses:
Compensation and employee benefits	1,232		1,046		1,042		1,108		1,292		1,123		7.4			(13.1)			2,278		2,415		6.0
Information systems and communications	423		392		399		416		414		405		3.3			(2.2)			815		819		0.5
Transaction processing services	264		240		227		240		239		235		(2.1)			(1.7)			504		474		(6.0)
Occupancy	95		96		97		106		94		103		7.3			9.6			191		197		3.1
Acquisition and restructuring costs	9		12		13		31		—		—		nm			—			21		—		nm
Amortization of other intangible assets	61		60		58		59		60		60		—			—			121		120		(0.8)
Other	243		262		274		296		270		286		9.2			5.9			505		556		10.1
Total expenses	2,327		2,108		2,110		2,256		2,369		2,212		4.9			(6.6)			4,435		4,581		3.3
Income before income tax expense	754		835		849		889		688		916		9.7			33.1			1,589		1,604		0.9
Income tax expense	150		88		159		156		139		153		73.9			10.1			238		292		22.7
Net income	$	604	$	747	$	690	$	733	$	549	$	763	2.1			39.0			$	1,351	$	1,312	(2.9)

3    

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS (Continued)
	Quarters													% Change			Year-to-Date			% Change
(Dollars in millions, except per share amounts, or where otherwise noted)		1Q22		2Q22		3Q22		4Q22		1Q23		2Q23			2Q23 vs. 2Q22			2Q23 vs. 1Q23		2022		2023		YTD2023 vs. YTD2022
Adjustments to net income:
Dividends on preferred stock		$	(20)	$	(35)	$	(21)	$	(36)	$	(23)	$	(37)		(5.7)	%		(60.9)	%	$	(55)	$	(60)	(9.1)	%
Earnings allocated to participating securities		(1)		—		—		(1)		(1)		—			—			nm		(1)		(1)		—
Net income available to common shareholders		$	583	$	712	$	669	$	696	$	525	$	726		2.0			38.3		$	1,295	$	1,251	(3.4)
Per common share:
Basic earnings		$	1.59	$	1.94	$	1.82	$	1.94	$	1.54	$	2.20		13.4			42.9		$	3.53	$	3.73	5.7
Diluted earnings		1.57		1.91		1.80		1.91		1.52		2.17			13.6			42.8		3.48		3.68		5.7
Average common shares outstanding (in thousands):
Basic		366,542		367,375		367,789		359,200		341,106		329,383			(10.3)			(3.4)		366,961		335,212		(8.7)
Diluted		372,037		372,123		372,418		363,923		345,472		333,540			(10.4)			(3.5)		372,080		339,473		(8.8)
Cash dividends declared per common share		$	0.57	$	0.57	$	0.63	$	0.63	$	0.63	$	0.63		10.5			—		$	1.14	$	1.26	10.5
Closing price per share of common stock (as of quarter end)		87.12		61.65		60.81		77.57		75.69		73.18			18.7			(3.3)		61.65		73.18		18.7
Book value per common share		$	66.05	$	64.72	$	64.33	$	66.51	$	67.69	$	69.01		6.6			2.0		$	64.72	$	69.01	6.6
Tangible book value per common share(1)		42.00		41.25		41.41		42.03		42.34		42.68			3.5			0.8		41.25		42.68		3.5
Balance sheet averages:
Investment securities		$	119,286	$	113,929	$	108,875	$	105,804	$	107,089	$	107,550		(5.6)			0.4		$	116,593	$	107,321	(8.0)
Total assets		295,010		291,435		275,168		284,346		277,492		274,972			(5.6)			(0.9)		293,213		276,225		(5.8)
Total deposits		233,268		228,417		213,302		216,799		210,320		205,831			(9.9)			(2.1)		230,829		208,063		(9.9)

Ratios and other metrics:
Effective tax rate	19.9		%	10.5		%	18.7		%	17.6		%	20.2		%	16.7		%	6.2	%	pts	(3.5)	%	pts	15.0		%	18.2		%	3.2	%	pts
Return on average common equity	9.5			12.1			11.2			11.8			9.3			13.0			0.9			3.7			10.8			11.1			0.3
Return on average tangible common equity(2)	14.7			17.3			17.3			17.7			14.6			18.0			0.7			3.4			16.8			17.7			0.9
Pre-tax margin	24.5			28.3			28.7			28.2			22.2			29.5			1.2			7.3			26.3			25.8			(0.5)
Pre-tax margin, excluding notable items(3)	24.8			28.7			29.1			30.9			22.2			29.5			0.8			7.3			26.7			25.8			(0.9)
Net interest margin, fully taxable-equivalent basis	0.80			0.94			1.11			1.29			1.31			1.19			0.25			(0.12)			0.87			1.25			0.38
Common equity tier 1 ratio(4)(5)	11.9			12.9			13.2			13.6			12.1			11.8			(1.1)			(0.3)			12.9			11.8			(1.1)
Tier 1 capital ratio(4)(5)	13.4			14.6			14.9			15.4			13.8			13.6			(1.0)			(0.2)			14.6			13.6			(1.0)
Total capital ratio(4)(5)	14.8			15.9			16.2			16.8			15.2			14.9			(1.0)			(0.3)			15.9			14.9			(1.0)
Tier 1 leverage ratio(4)	5.9			6.0			6.4			6.0			6.0			5.8			(0.2)			(0.2)			6.0			5.8			(0.2)
Supplementary leverage ratio(4)	6.7			6.6			7.1			7.0			6.8			6.4			(0.2)			(0.4)			6.6			6.4			(0.2)
End-of-period securities on loan(6)	$	412,162		$	358,972		$	353,108		$	362,395		$	362,438		$	290,515		(19.1)	%		(19.8)	%		$	358,972		$	290,515		(19.1)	%
Assets under custody and/or administration (in billions)	41,724			38,180			35,688			36,743			37,635			39,589			3.7			5.2			38,180			39,589			3.7
Assets under management (in billions)	4,022			3,475			3,265			3,481			3,618			3,797			9.3			4.9			3,475			3,797			9.3
(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 June 30, 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 and $298,145 million in the first and second quarters of 2023, respectively.
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, 2022		June 30, 2022		September 30, 2022		December 31. 2022		March 31, 2023		June 30, 2023			2Q23 vs. 2Q22		2Q23 vs. 1Q23
Assets:
Cash and due from banks		$	2,976	$	3,515	$	2,748	$	3,970	$	3,698	$	3,930		11.8	%	6.3	%
Interest-bearing deposits with banks, net		104,010		91,360		99,199		101,593		87,935		86,048			(5.8)		(2.1)
Securities purchased under resale agreements		803		5,203		1,308		5,215		1,134		1,668			(67.9)		47.1
Trading account assets		754		728		685		650		695		715			(1.8)		2.9
Investment securities:
Investment securities available-for-sale, net		74,348		45,454		40,986		40,579		42,841		43,046			(5.3)		0.5
Investment securities held-to-maturity, net(1)		45,203		64,261		65,232		64,700		65,027		63,510			(1.2)		(2.3)
Total investment securities		119,551		109,715		106,218		105,279		107,868		106,556			(2.9)		(1.2)
Loans		35,141		33,565		36,113		32,150		33,916		34,123			1.7		0.6
Allowance for credit losses on loans(2)		86		95		97		97		115		120			26.3		4.3
Loans, net		35,055		33,470		36,016		32,053		33,801		34,003			1.6		0.6
Premises and equipment, net(3)		2,229		2,240		2,283		2,315		2,337		2,349			4.9		0.5
Accrued interest and fees receivable		3,446		3,403		3,526		3,434		3,570		3,732			9.7		4.5
Goodwill		7,582		7,465		7,351		7,495		7,530		7,544			1.1		0.2
Other intangible assets		1,744		1,654		1,568		1,544		1,493		1,435			(13.2)		(3.9)
Other assets		44,200		41,470		42,666		37,902		40,755		46,581			12.3		14.3
Total assets		$	322,350	$	300,223	$	303,568	$	301,450	$	290,816	$	294,561		(1.9)		1.3
Liabilities:
Deposits:
Non-interest-bearing		$	61,797	$	55,062	$	55,894	$	46,755	$	45,856	$	36,455		(33.8)		(20.5)
Interest-bearing - U.S.		104,962		107,262		105,021		111,384		108,623		122,676			14.4		12.9
Interest-bearing - Non-U.S.		84,284		79,589		77,321		77,325		69,152		63,185			(20.6)		(8.6)
Total deposits(4)		251,043		241,913		238,236		235,464		223,631		222,316			(8.1)		(0.6)
Securities sold under repurchase agreements		4,277		951		4,250		1,177		3,695		4,294			nm		16.2
Short-term borrowings		18		73		109		2,097		8		53			(27.4)		nm
Accrued expenses and other liabilities		26,866		17,989		21,326		22,525		22,427		26,516			47.4		18.2
Long-term debt		13,922		13,530		13,999		14,996		16,305		17,178			27.0		5.4
Total liabilities		296,126		274,456		277,920		276,259		266,066		270,357			(1.5)		1.6
Shareholders' equity:
Preferred stock, no par, 3,500,000 shares authorized:
Series D, 7,500 shares issued and outstanding		742		742		742		742		742		742			—		—
Series F, 2,500 shares issued and outstanding		247		247		247		247		247		247			—		—
Series G, 5,000 shares issued and outstanding		493		493		493		493		493		493			—		—
Series H, 5,000 shares issued and outstanding		494		494		494		494		494		494			—		—
Common stock, $1 par, 750,000,000 shares authorized(5)(6)		504		504		504		504		504		504			—		—
Surplus		10,762		10,757		10,760		10,730		10,724		10,729			(0.3)		—
Retained earnings		25,612		26,115		26,552		27,028		27,342		27,808			6.5		1.7
Accumulated other comprehensive income (loss)		(2,698)		(3,687)		(4,268)		(3,711)		(3,272)		(3,258)			11.6		0.4
Treasury stock, at cost(7)		(9,932)		(9,898)		(9,876)		(11,336)		(12,524)		(13,555)			(36.9)		(8.2)
Total shareholders' equity		26,224		25,767		25,648		25,191		24,750		24,204			(6.1)		(2.2)
Total liabilities and equity		$	322,350	$	300,223	$	303,568	$	301,450	$	290,816	$	294,561		(1.9)		1.3
(1) Fair value of investment securities held-to-maturity		$	42,834	$	60,103	$	58,320	$	57,913	$	59,139	$	56,863
(2) Total allowance for credit losses including off-balance sheet commitments		107		114		114		121		162		136
(3) Accumulated depreciation for premises and equipment		5,530		5,652		5,772		5,745		5,918		6,035
(4) Average total deposits		233,268		228,417		213,302		216,799		210,320		205,831
(5) Common stock shares issued		503,879,642		503,879,642		503,879,642		503,879,642		503,879,642		503,879,642
(6) Total common shares outstanding		367,114,788		367,619,353		367,967,505		349,024,167		336,461,072		322,101,110
(7) Treasury stock shares		136,764,854		136,260,289		135,912,137		154,855,475		167,418,570		181,778,532

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
	1Q22					2Q22					3Q22					4Q22					1Q23					2Q23						2Q23 vs. 2Q22	2Q23 vs. 1Q23
(Dollars in millions; fully-taxable equivalent basis)	Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates			Average balance		Average rates						Average balance		Average balance
Assets:
Interest-bearing deposits with banks, net	$	76,741	0.05		%	$	76,531	0.36		%	$	68,918	1.16		%	$	83,809	2.66		%	$	77,220	3.37		%	$	69,079	4.05		%				(9.7)	%	(10.5)	%
Securities purchased under resale agreements(2)	3,150		1.31			2,022		7.47			1,470		15.55			1,843		17.72			1,643		18.94			1,634		19.82						(19.2)		(0.5)
Trading account assets	761		—			746		0.01			701		—			677		—			667		—			704		—						(5.6)		5.5
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			43,409		3.76						(20.7)		3.1
Investment securities held-to-maturity, net	44,060		1.56			59,162		1.55			64,919		1.67			64,824		1.89			64,988		1.97			64,141		1.99						8.4		(1.3)
Total investment securities	119,286		1.10			113,929		1.24			108,875		1.65			105,804		2.19			107,089		2.50			107,550		2.71						(5.6)		0.4
Loans(3)	34,407		2.03			35,826		2.23			35,069		2.90			35,159		3.90			33,517		4.80			34,235		5.18						(4.4)		2.1
Other interest-earning assets	23,767		0.08			22,199		0.83			20,877		2.63			16,635		4.63			17,393		5.71			18,783		6.09						(15.4)		8.0
Total interest-earning assets	258,112		0.82			251,253		1.13			235,910		1.86			243,927		2.87			237,529		3.46			231,985		3.86						(7.7)		(2.3)
Cash and due from banks	4,018					3,829					3,461					3,311					3,639					3,893								1.7		7.0
Other assets	32,880					36,353					35,797					37,108					36,324					39,094								7.5		7.6
Total assets	$	295,010				$	291,435				$	275,168				$	284,346				$	277,492				$	274,972							(5.6)		(0.9)
Liabilities:
Interest-bearing deposits:
U.S.	$	100,073	0.02		%	$	97,273	0.26		%	$	94,636	1.09		%	$	101,056	2.20		%	$	105,261	3.00		%	$	109,015	3.48		%				12.1		3.6
Non-U.S.(4)	83,556		(0.32)			80,055		(0.20)			72,202		0.22			71,736		0.82			66,356		1.07			64,838		1.54						(19.0)		(2.3)
Total interest-bearing deposits(4)	183,629		(0.14)			177,328		0.05			166,838		0.71			172,792		1.62			171,617		2.25			173,853		2.75						(2.0)		1.3
Securities sold under repurchase agreements	2,279		(0.02)			4,486		0.26			3,814		0.23			3,933		0.93			4,409		0.84			4,266		1.25						(4.9)		(3.2)
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			1,965		4.11						nm		69.5
Long-term debt	14,265		1.82			13,702		2.12			13,958		2.78			14,601		3.87			15,865		4.64			16,735		5.00						22.1		5.5
Other interest-bearing liabilities	2,881		1.50			2,518		3.31			2,536		6.43			2,967		11.84			3,078		13.49			3,595		11.74						42.8		16.8
Total interest-bearing liabilities	203,926		0.02			198,714		0.24			187,576		0.93			197,049		1.95			196,247		2.61			200,414		3.09						0.9		2.1
Non-interest bearing deposits(5)	49,639					51,089					46,464					44,007					38,703					31,978								(37.4)		(17.4)
Other liabilities	14,678					15,969					15,453					17,835					17,691					18,195								13.9		2.8
Preferred shareholders' equity	1,976					1,976					1,976					1,976					1,976					1,976								—		—
Common shareholders' equity	24,791					23,687					23,699					23,479					22,875					22,409								(5.4)		(2.0)
Total liabilities and shareholders' equity	$	295,010				$	291,435				$	275,168				$	284,346				$	277,492				$	274,972							(5.6)		(0.9)
Total deposits	$	233,268				$	228,417				$	213,302				$	216,799				$	210,320				$	205,831							(9.9)		(2.1)
Excess of rate earned over rate paid			0.80		%			0.89		%			0.92		%			0.91		%			0.86		%			0.77		%
Net interest margin			0.80		%			0.94		%			1.11		%			1.29		%			1.31		%			1.19		%
Net interest income, fully taxable-equivalent basis			$	512				$	587				$	662				$	793				$	768				$	691
Tax-equivalent adjustment			(3)					(3)					(2)					(2)					(2)					—
Net interest income, GAAP-basis(4)			$	509				$	584				$	660				$	791				$	766				$	691
(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 and $140 billion in the first and second quarters of 2023, respectively. Excluding the impact of netting, the average interest rates would be approximately 0.07%, 0.21%, 0.31% and 0.38% in the first, second, third and fourth quarters of 2022, respectively, and approximately 0.26% and 0.23% in the first and second quarters of 2023, respectively.
(3) Average loans are presented on a gross basis. Average loans net of expected credit losses were approximately $34,320 million, $35,741 million, $34,974 million and $35,063 million in the first, second, third and fourth quarters of 2022 and approximately $33,422 million and $34,124 million in the first and second quarters of 2023, respectively.
(4) Average rates includes the impact of FX swap expense of approximately ($13) million, ($3) million, $16 million and $20 million in the first, second, third and fourth quarters of 2022, respectively, and approximately ($5) million and $22 million in the first and second quarters of 2023, respectively. Average rates for total interest-bearing deposits excluding the impact of FX swap expense were approximately (0.11)%, 0.06%, 0.68% and 1.58% in the first, second, third and fourth quarters of 2022, respectively, and approximately 2.26% and 2.70%, in the first and second quarters of 2023, respectively.
(5) Average non-interest bearing deposits are primarily composed of deposit balances denominated in U.S. dollars.
nm Denotes not meaningful

6    

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
AVERAGE STATEMENT OF CONDITION - RATES EARNED AND PAID - FULLY TAXABLE-EQUIVALENT BASIS - YEAR TO DATE(1)
The following table presents consolidated average interest-earning assets, average interest-bearing liabilities and related average rates earned and paid, respectively, for the years indicated, on a fully taxable-equivalent basis, which is a non-GAAP measure. Tax-equivalent adjustments were calculated using a federal income tax rate of 21% for periods ending in 2022 and 2023, adjusted for applicable state income taxes, net of related federal benefit.
			Year-to-Date														% Change
			2022							2023							YTD2023 vs YTD2022
(Dollars in millions; fully-taxable equivalent basis)	Average balance				Average rates			Average balance				Average rates			Average balance
Assets:
Interest-bearing deposits with banks, net	$	76,635			0.21		%	$	73,127			3.69		%	(4.6)	%
Securities purchased under resale agreements(2)	2,583				3.74			1,638				19.38			(36.6)
Trading account assets	754				0.01			685				—			(9.2)
Investment securities:
Investment securities available-for-sale, net	64,940				0.87			42,759				3.54			(34.2)
Investment securities held-to-maturity, net	51,653				1.55			64,562				1.98			25.0
Total investment securities	116,593				1.17			107,321				2.60			(8.0)
Loans(3)	35,120				2.13			33,878				5.00			(3.5)
Other interest-earning assets	22,979				0.44			18,092				5.91			(21.3)
Total interest-earning assets	254,664				0.97			234,741				3.66			(7.8)
Cash and due from banks	3,923							3,767							(4.0)
Other assets	34,626							37,717							8.9
Total assets	$	293,213						$	276,225						(5.8)
Liabilities:
Interest-bearing deposits:
U.S.	$	98,665			0.14			$	107,148			3.24			8.6
Non-U.S.(4)	81,796				(0.26)			65,593				1.30			(19.8)
Total interest-bearing deposits(4)	180,461				(0.04)			172,741				2.51			(4.3)
Securities sold under repurchase agreements	3,389				0.17			4,337				1.04			28.0
Federal funds purchased	—				—			59				4.70			nm
Short-term borrowings	776				0.32			1,564				3.97			101.5
Long-term debt	13,982				1.97			16,302				4.83			16.6
Other interest-bearing liabilities	2,698				2.34			3,339				12.54			23.8
Total interest-bearing liabilities	201,306				0.13			198,342				2.85			(1.5)
Non-interest bearing deposits(5)	50,368							35,322							(29.9)
Other liabilities	15,326							17,943							17.1
Preferred shareholders' equity	1,976							1,976							—
Common shareholders' equity	24,237							22,642							(6.6)
Total liabilities and shareholders' equity	$	293,213						$	276,225						(5.8)
Total deposits			$	230,829						$	208,063						(9.9)
Excess of rate earned over rate paid					0.84		%					0.81		%
Net interest margin					0.87		%					1.25		%
Net interest income, fully taxable-equivalent basis					$	1,099						$	1,460
Tax-equivalent adjustment					(6)							(3)
Net interest income, GAAP-basis(4)					$	1,093						$	1,457
(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 $126 billion and $256 billion as of June 30, 2022 and 2023, respectively. Excluding the impact of netting, the average interest rates would be approximately 0.07% and 0.12% for the six months ended June 30, 2022 and 2023, respectively.
(3) Average loans are presented on a gross basis. Average loans net of expected credit losses as of June 30, 2022 and 2023 was approximately $35,035 million and $33,775 million, respectively.
(4)Average rates include the impact of FX swap cost of approximately ($16) million and $16 million for the six months ended June 30, 2022 and 2023, respectively. Average rates for total interest-bearing deposits excluding the impact of FX swap cost were (0.03)% and 2.49% for the six month ended June 30, 2022 and 2023, respectively.
(5) Average non-interest bearing deposits are primarily composed of deposit balances denominated in U.S. dollars.

7    

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
SELECTED AVERAGE BALANCES BY CURRENCY - RATES EARNED AND PAID(1)
	2Q23
	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	$	29,415	5.20	%	$	22,458	3.16	%	$	6,757	4.27	%	$	10,449	2.56	%	$	69,079	4.05	%
Total investment securities	86,066		2.88		9,476		1.49		4,553		2.23		7,455		2.54		107,550		2.71
Loans	27,472		5.27		5,084		4.79		1,016		5.04		663		4.66		34,235		5.18
Total other interest-earning assets(2)	18,962		7.35		312		3.46		172		4.46		1,675		3.28		21,121		6.95
Total interest-earning assets	$	161,915	4.24		$	37,330	2.96		$	12,498	3.60		$	20,242	2.68		$	231,985	3.86
Total interest-bearing deposits(3)(4)	$	106,393	3.74		$	32,670	1.32		$	12,422	1.06		$	22,368	1.11		$	173,853	2.75
Central Bank Rate(5)			5.16				3.20				4.44
	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
	2Q22
	USD				EUR				GBP				Other				Total
(Dollars in millions, except where otherwise noted)	Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates		Average Balance		Average Rates
Interest-bearing deposits with banks	$	28,656	0.95	%	$	26,958	(0.46)	%	$	8,237	0.89	%	$	12,680	0.55	%	$	76,531	0.36	%
Total investment securities	91,195		1.35		9,426		0.32		4,499		1.03		8,809		1.22		113,929		1.24
Loans	29,083		2.28		4,681		1.73		1,167		2.40		895		3.06		35,826		2.23
Total other interest-earning assets(2)	22,994		1.39		106		—		8		5.51		1,859		0.83		24,967		1.34
Total interest-earning assets	$	171,928	1.44		$	41,171	(0.03)		$	13,911	1.06		$	24,243	0.96		$	251,253	1.13
Total interest-bearing deposits(3)(4)	$	97,906	0.35		$	38,557	(0.54)		$	14,918	0.14		$	25,947	(0.25)		$	177,328	0.05
Central Bank Rate(5)			0.95				(0.50)				0.95
(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.

8    

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO HOLDINGS BY ASSET CLASS
	Quarters
	1Q22				2Q22				3Q22				4Q22				1Q23				2Q23
(Dollars in billions, except where otherwise noted)	Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate
Available-for-sale investment securities:
Government & agency securities	$	42.9	0.72	%	$	30.3	0.73	%	$	23.5	1.33	%	$	21.9	2.16	%	$	23.1	2.74	%	$	24.0	3.20	%
Asset-backed securities	6.7		0.79		6.7		1.22		6.2		2.21		5.9		3.68		5.9		4.43		5.8		5.06
Student loans	0.2		1.43		0.2		2.25		0.1		3.62		0.1		5.39		0.1		7.04		0.1		6.46
Credit cards	0.1		0.93		0.1		1.57		0.1		3.03		0.1		4.58		0.1		5.40		0.1		5.78
Auto & equipment	1.0		(0.01)		0.9		0.16		0.7		0.56		0.7		1.82		0.6		2.74		0.4		3.41
Non-U.S. residential mortgage backed securities	2.1		0.78		2.1		1.08		1.9		2.16		1.7		3.35		1.6		4.00		1.6		4.45
Collateralized loan obligation	3.2		1.06		3.2		1.59		3.1		2.63		3.1		4.23		3.2		4.91		3.3		5.60
Other	0.1		(0.37)		0.2		0.37		0.3		0.87		0.2		2.25		0.3		3.36		0.4		4.12
Mortgage-backed securities	9.8		1.62		3.4		1.22		1.9		1.71		1.8		3.17		2.2		3.72		2.9		4.53
Agency MBS	9.8		1.62		3.4		1.22		1.9		1.71		1.8		3.17		2.2		3.72		2.9		4.53
CMBS	9.2		0.40		8.9		0.59		8.2		1.72		7.5		3.24		6.9		4.60		6.6		5.26
Corporate bonds	3.9		1.02		2.8		1.32		2.1		1.53		2.1		1.87		2.3		2.39		2.4		2.65
Covered bonds	0.1		0.58		0.1		0.64		—		0.64		—		0.66		—		0.65		—		0.69
Municipal bonds	0.6		2.72		0.6		2.87		0.6		2.83		0.9		3.43		0.5		2.91		0.6		0.89
Clipper tax-exempt bonds	0.5		4.07		0.4		4.41		0.4		4.25		0.3		4.36		0.3		4.40		0.2		4.67
Other	1.6		0.86		1.5		0.98		1.1		1.17		0.6		2.55		0.9		2.83		0.9		1.79
Total available-for-sale portfolio	$	75.3	0.83		$	54.7	0.91		$	44.0	1.62		$	41.0	2.67		$	42.1	3.31		$	43.4	3.76
	1Q22				2Q22				3Q22				4Q22				1Q23				2Q23
(Dollars in billions, except where otherwise noted)	Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate
Held-to-maturity investment securities:
Government & agency securities	$	3.5	1.24	%	$	13.7	0.72	%	$	18.0	0.80	%	$	18.0	0.84	%	$	18.8	0.88	%	$	18.9	0.88	%
Asset-backed securities	4.9		1.05		4.5		1.67		4.3		3.04		4.1		4.48		3.8		5.37		3.7		5.73
Student loans	4.9		1.05		4.5		1.67		4.3		3.04		4.1		4.48		3.8		5.37		3.7		5.73
Mortgage-backed securities	30.6		1.67		35.9		1.84		37.4		1.90		37.6		2.12		37.1		2.23		36.3		2.22
Agency MBS	30.6		1.66		35.8		1.84		37.4		1.90		37.6		2.12		37.1		2.23		36.3		2.21
Non-agency MBS	—		12.22		0.1		4.45		—		13.21		—		14.43		—		16.04		—		18.87
CMBS	5.0		1.53		5.1		1.71		5.2		1.80		5.1		1.87		5.3		1.93		5.2		1.94
Total held-for-maturity portfolio	$	44.0	1.56		$	59.2	1.55		$	64.9	1.67		$	64.8	1.89		$	65.0	1.97		$	64.1	1.99
Total investment securities	$	119.3	1.10		$	113.9	1.24		$	108.9	1.65		$	105.8	2.19		$	107.1	2.50		$	107.5	2.71

9    

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	30		%	41		%	25		%	3		%	—		%	1		%	—		%	$	24.0	55.8	%	$	(646)	89% / 11%
Asset-backed securities	—			92			8			—			—			—			—			5.7		13.3		(56)		0% / 100%
Student loans	—			—			100			—			—			—			—			0.1		1.8		(1)
Credit cards	—			100			—			—			—			—			—			0.1		1.6		—
Auto & equipment	—			67			33			—			—			—			—			0.5		9.4		(1)
Non-U.S. residential mortgage backed securities	—			93			6			—			—			1			—			1.5		26.6		(11)
Collateralized loan obligation	—			100			—			—			—			—			—			3.3		57.8		(43)
Other	—			55			45			—			—			—			—			0.2		2.8		—
Mortgage-backed securities	100			—			—			—			—			—			—			3.1		7.3		(109)		99% / 1%
Agency MBS	100			—			—			—			—			—			—			3.1		100.0		(109)
Non-agency MBS	—			—			—			—			—			—			—			—		—		—
CMBS	96			4			—			—			—			—			—			6.2		14.5		(121)		1% / 99%
Corporate bonds	—			1			12			51			36			—			—			2.3		5.3		(119)		89% / 11%
Covered bonds	—			100			—			—			—			—			—			—		—		(1)		100% / 0%
Municipal bonds	—			29			70			1			—			—			—			0.5		1.1		(9)		100% / 0%
Clipper tax-exempt bonds	—			9			69			22			—			—			—			0.2		0.5		(2)		0% / 100%
Other	—			1			48			51			—			—			—			1.0		2.2		(104)		98% / 2%
Total available-for-sale portfolio	38		%	36		%	18		%	5		%	2		%	1		%	—		%	$	43.0	100.0	%	$	(1,167)	65% / 35%
Fair Value	$	16.2		$	15.6		$	7.7		$	2.4		$	0.9		$	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	64		%	14		%	18		%	—		%	4		%	—		%	—		%	$	18.6	29.3	%	$	(609)	100% / 0%
Asset-backed securities	—			27			71			—			2			—			—			3.6		5.6		(94)		4% / 96%
Student loans	—			27			71			—			2			—			—			3.6		100.0		(94)
Mortgage-backed securities	100			—			—			—			—			—			—			36.0		56.8		(5,147)		100% / 0%
Agency MBS	100			—			—			—			—			—			—			36.0		100.0		(5,165)
Non-agency MBS	—			8			2			—			36			7			47			—		—		18
CMBS	100			—			—			—			—			—			—			5.3		8.3		(797)		97% / 3%
Total held-for-maturity portfolio	84		%	6		%	9		%	—		%	1		%	—		%	—		%	$	63.5	100.0	%	$	(6,647)	94% / 6%
Amortized Cost	$	53.1		$	3.6		$	5.9		$	—		$	0.9		$	—		$	—
Total Investment Securities(3)																						$	106.5					82% / 18%
(1) At June 30, 2023, the after-tax unrealized MTM gain/(loss) includes after-tax unrealized loss on securities available-for-sale of $848 million, after-tax unrealized loss on securities held-to-maturity of $4,829 million and after-tax unrealized loss primarily related to securities previously transferred from available-for-sale to held-to-maturity of $625 million.
(2) At June 30, 2023, fixed-to-floating rate securities had a book value of approximately $35 million or 0.03% of the total portfolio.
(3) State Street has a highly liquid balance sheet, with more than half of total assets deemed HQLA. Based upon fair value as of June 30, 2023, approximately 87% of our investment portfolio was held in HQLA.

10    

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	$	4.2	AA	$	3.1	$	—	$	—	$	0.3	$	—	$	0.8
United Kingdom	2.0		AA	1.3		0.4		0.2		0.1		—		—
Australia	2.0		AAA	0.9		0.7		0.1		0.2		—		0.1
Germany	1.5		AAA	1.1		—		0.4		—		—		—
France	1.1		AAA	0.2		—		0.7		0.2		—		—
Austria	1.0		AAA	1.0		—		—		—		—		—
Japan	0.7		AA	0.7		—		—		—		—		—
Netherlands	0.6		AAA	0.1		0.3		0.1		0.1		—		—
Hong Kong	0.4		AAA	0.4		—		—		—		—		—
Italy	0.3		AAA	0.1		0.1		0.1		—		—		—
Singapore	0.3		AAA	0.3		—		—		—		—		—
Brazil	0.2		AA	0.2		—		—		—		—		—
Republic of Korea	0.2		AAA	0.2		—		—		—		—		—
Spain	0.2		AA	0.1		—		0.1		—		—		—
Other	7.6		AAA	7.2		—		—		0.4		—		—
Total Non-U.S. Investments(3)	$	22.3		$	16.9	$	1.5	$	1.7	$	1.3	$	—	$	0.9
U.S. Investments	20.7
Total available-for-sale	$	43.0
				Investment Securities
(Dollars in billions)	Amortized Cost		Average Rating	Gov't/Agency(1)(2)		ABS FRMBS		ABS All Other		Corporate Bonds		Covered Bonds		Other
Held-to-maturity:
Spain	$	0.8	BBB	$	0.8	$	—	$	—	$	—	$	—	$	—
Belgium	0.7		AA	0.7		—		—		—		—		—
France	0.7		AA	0.7		—		—		—		—		—
Ireland	0.4		AA	0.4		—		—		—		—		—
Austria	0.4		AA	0.4		—		—		—		—		—
Germany	0.3		AA	0.3		—		—		—		—		—
Finland	0.2		AA	0.2		—		—		—		—		—
Netherlands	0.2		AAA	0.2		—		—		—		—		—
Canada	0.1		AA	0.1		—		—		—		—		—
Other	3.0		AAA	3.0		—		—		—		—		—
Total Non-U.S. Investments(3)	$	6.8		$	6.8	$	—	$	—	$	—	$	—	$	—
U.S. Investments	56.7
Total held-for-maturity	$	63.5
Total Investment Portfolio	$	106.5
(1) Sovereign debt is reflected in the government / agency column.
(2) As of June 30, 2023, other non-U.S. investments include supranational bonds of $7.2 billion in AFS securities and $3.0 billion in HTM securities.
(3) Country of collateral used except for corporates where country of issuer is used.

11    

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER CUSTODY AND/OR ADMINISTRATION
	Quarters												% Change
(Dollars in billions)	1Q22		2Q22		3Q22		4Q22		1Q23		2Q23			2Q23 vs. 2Q22		2Q23 vs. 1Q23
Assets Under Custody and/or Administration(1)
By Product Classification:
Collective funds, including ETFs	$	15,140	$	13,609	$	11,649	$	12,261	$	12,748	$	13,210		(2.9)	%	3.6	%
Mutual funds	10,825		9,642		9,289		9,610		10,077		10,438			8.3		3.6
Pension products	8,191		7,764		7,669		7,734		7,871		8,037			3.5		2.1
Insurance and other products	7,568		7,165		7,081		7,138		6,939		7,904			10.3		13.9
Total Assets Under Custody and/or Administration	$	41,724	$	38,180	$	35,688	$	36,743	$	37,635	$	39,589		3.7		5.2
By Asset Class:
Equities	$	25,249	$	21,953	$	19,889	$	20,575	$	20,966	$	22,454		2.3		7.1
Fixed-income	11,303		10,716		10,150		10,318		10,645		10,812			0.9		1.6
Short-term and other investments	5,172		5,511		5,649		5,850		6,024		6,323			14.7		5.0
Total Assets Under Custody and/or Administration	$	41,724	$	38,180	$	35,688	$	36,743	$	37,635	$	39,589		3.7		5.2
By Geographic Location(2):
Americas	$	31,027	$	28,207	$	26,051	$	26,981	$	27,599	$	28,220		—		2.3
Europe/Middle East/Africa	8,103		7,498		6,990		7,136		7,396		8,658			15.5		17.1
Asia/Pacific	2,594		2,475		2,647		2,626		2,640		2,711			9.5		2.7
Total Assets Under Custody and/or Administration	$	41,724	$	38,180	$	35,688	$	36,743	$	37,635	$	39,589		3.7		5.2
Assets Under Custody(3)
By Product Classification:
Collective funds, including ETFs	$	13,107	$	11,669	$	9,932	$	10,464	$	10,935	$	11,331		(2.9)		3.6
Mutual funds	8,833		7,869		7,594		7,811		8,157		8,447			7.3		3.6
Pension products	6,576		6,215		6,204		6,247		6,355		6,485			4.3		2.0
Insurance and other products	2,931		2,856		2,748		2,714		2,706		2,778			(2.7)		2.7
Total Assets Under Custody	$	31,447	$	28,609	$	26,478	$	27,236	$	28,153	$	29,041		1.5		3.2
By Geographic Location(2):
Americas	$	23,655	$	21,389	$	19,581	$	20,246	$	21,019	$	21,708		1.5		3.3
Europe/Middle East/Africa	5,786		5,309		4,818		4,931		5,039		5,153			(2.9)		2.3
Asia-Pacific	2,006		1,911		2,079		2,059		2,095		2,180			14.1		4.1
Total Assets Under Custody	$	31,447	$	28,609	$	26,478	$	27,236	$	28,153	$	29,041		1.5		3.2
(1) Consistent with past practice, AUC/A values for certain asset classes are based on a lag, typically one-month.
(2) Geographic mix is generally based on the domicile of the entity servicing the funds and is not necessarily representative of the underlying asset mix.
(3) Assets under custody are a component of assets under custody and/or administration presented above.

12    

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER MANAGEMENT
	Quarters												% Change
(Dollars in billions)	1Q22		2Q22		3Q22		4Q22		1Q23		2Q23			2Q23 vs. 2Q22		2Q23 vs. 1Q23
Assets Under Management
By Asset Class and Investment Approach:
Equity:
Active	$	67	$	62	$	53	$	54	$	60	$	59		(4.8)	%	(1.7)	%
Passive	2,463		2,024		1,890		2,074		2,153		2,288			13.0		6.3
Total Equity	2,530		2,086		1,943		2,128		2,213		2,347			12.5		6.1
Fixed-Income:
Active	98		89		79		83		85		84			(5.6)		(1.2)
Passive	503		461		439		471		490		505			9.5		3.1
Total Fixed-Income	601		550		518		554		575		589			7.1		2.4
Cash(1)	393		403		410		376		375		390			(3.2)		4.0
Multi-Asset-Class Solutions:
Active	33		29		25		28		28		25			(13.8)		(10.7)
Passive	196		173		167		181		203		220			27.2		8.4
Total Multi-Asset-Class Solutions	229		202		192		209		231		245			21.3		6.1
Alternative Investments(2):
Active	51		42		35		35		35		38			(9.5)		8.6
Passive	218		192		167		179		189		188			(2.1)		(0.5)
Total Alternative Investments	269		234		202		214		224		226			(3.4)		0.9
Total Assets Under Management	$	4,022	$	3,475	$	3,265	$	3,481	$	3,618	$	3,797		9.3		4.9
By Geographic Location:
North America	$	2,878	$	2,525	$	2,396	$	2,544	$	2,648	$	2,785		10.3		5.2
Europe/Middle East/Africa	593		521		474		511		521		553			6.1		6.1
Asia-Pacific	551		429		395		426		449		459			7.0		2.2
Total Assets Under Management	$	4,022	$	3,475	$	3,265	$	3,481	$	3,618	$	3,797		9.3		4.9
(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	$	70		(9.1)	%	(4.1)	%
Equity	940		791		734		817		841		919			16.2		9.3
Fixed-Income	134		130		121		134		141		142			9.2		0.7
Multi-Asset	1		1		1		1		1		1			—		—
Total Exchange-Traded Funds	$	1,159	$	999	$	919	$	1,019	$	1,056	$	1,132		13.3		7.2
(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.

13    

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INDUSTRY FLOW DATA BY ASSET CLASS
(Dollars in billions)			Quarters
			1Q22		2Q22		3Q22		4Q22		1Q23		2Q23
North America - (US Domiciled) Morningstar Direct Market Data(1)(2)
	Long Term Funds(3)		$	(66.7)	$	(277.9)	$	(193.0)	$	(352.6)	$	(57.5)	$	(113.3)
	Money Market		(143.4)		(35.1)		(26.0)		147.7		445.1		160.6
	ETF		181.2		93.2		109.9		192.5		78.7		136.2
		Total Flows	$	(28.9)	$	(219.8)	$	(109.1)	$	(12.4)	$	466.3	$	183.5
EMEA-Morningstar Direct Market Data(1)(4)
	Long Term Funds(3)		$	9.7	$	(79.5)	$	(94.1)	$	(6.2)	$	47.4	$	(6.6)
	Money Market		(68.9)		(7.3)		(11.0)		185.3		26.6		58.8
	ETF		45.4		16.0		(8.6)		26.5		37.7		28.9
		Total Flows	$	(13.8)	$	(70.8)	$	(113.7)	$	205.6	$	111.7	$	81.1
(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 second quarter of 2023 data for North America (US domiciled) includes Morningstar actuals for April and May 2023 and Morningstar estimates for June 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 second quarter of 2023 data for Europe is on a rolling three month basis for March 2023 through May 2023, sourced by Morningstar.

14    

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)	2Q22			1Q23			2Q23				2Q23  vs. 2Q22			2Q23  vs. 1Q23				2Q22				1Q23			2Q23			2Q23  vs. 2Q22		2Q23  vs. 1Q23				2Q22			1Q23				2Q23		2Q23  vs. 2Q22		2Q23  vs. 1Q23		2Q22			1Q23			2Q23			2Q23  vs. 2Q22		2Q23  vs. 1Q23
Servicing fees	$	1,297		$	1,217		$	1,259			(2.9)		%	3.5		%		$	—			$	—		$	—		—	%	—		%		$	—		$	—			$	—	—	%	—	%	$	1,297		$	1,217		$	1,259		(2.9)	%	3.5	%
Management fees	—			—			—				—			—				490				457			461			(5.9)		0.9				—			—				—		—		—		490			457			461			(5.9)		0.9
Foreign exchange trading services	313			321			276				(11.8)			(14.0)				18				21			27			50.0		28.6				—			—				—		—		—		331			342			303			(8.5)		(11.4)
Securities finance	102			103			109				6.9			5.8				5				6			8			nm		33.3				—			—				—		—		—		107			109			117			9.3		7.3
Software and processing fees	188			165			221				17.6			33.9				—				—			—			—		—				—			—				—		—		—		188			165			221			17.6		33.9
Other fee revenue	(12)			28			55				nm			96.4				(31)				17			3			nm		(82.4)				—			—				—		—		—		(43)			45			58			nm		28.9
Total fee revenue	1,888			1,834			1,920				1.7			4.7				482				501			499			3.5		(0.4)				—			—				—		—		—		2,370			2,335			2,419			2.1		3.6
Net interest income	588			762			687				16.8			(9.8)				(4)				4			4			nm		—				—			—				—		—		—		584			766			691			18.3		(9.8)
Total other income	(1)			—			—				nm			—				—				—			—			—		—				—			—				—		—		—		(1)			—			—			nm		—
Total revenue	2,475			2,596			2,607				5.3			0.4				478				505			503			5.2		(0.4)				—			—				—		—		—		2,953			3,101			3,110			5.3		0.3
Provision for credit losses	10			44			(18)				nm			nm				—				—			—			—		—				—			—				—		—		—		10			44			(18)			nm		nm
Total expenses	1,767			1,978			1,850				4.7			(6.5)				327				386			361			10.4		(6.5)				14			5				1		(92.9)		(80.0)		2,108			2,369			2,212			4.9		(6.6)
Income before income tax expense	$	698		$	574		$	775			11.0			35.0				$	151			$	119		$	142		(6.0)		19.3				$	(14)		$	(5)			$	(1)	(92.9)		(80.0)		$	835		$	688		$	916		9.7		33.1
Pre-tax margin	28.2		%	22.1		%	29.7		%		1.5		%	7.6		%	pts	31.6		%		23.6		%	28.2		%	(3.4)	%	4.6		%	pts														28.3		%	22.2		%	29.5		%	1.2	%	7.3	%	pts
	Six Months Ended June 30,
	Investment Servicing						% Change				Investment Management							% Change				Other(1)						% Change		Total							% Change
(Dollars in millions)	2022			2023			YTD2023 vs. YTD2022				2022			2023				YTD2023 vs. YTD2022				2022			2023			YTD2023 vs. YTD2022		2022				2023			YTD2023 vs. YTD2022
Servicing fees	$	2,665		$	2,476		(7.1)		%		$	—		$	—			—		%		$	—		$	—		—	%	$	2,665			$	2,476		(7.1)		%
Management fees	—			—			—				1,010			918				(9.1)				—			—			—		1,010				918			(9.1)
Foreign exchange trading services	655			597			(8.9)				35			48				37.1				—			—			—		690				645			(6.5)
Securities finance	195			212			8.7				8			14				75.0				—			—			—		203				226			11.3
Software and processing fees	389			386			(0.8)				—			—				—				—			—			—		389				386			(0.8)
Other fee revenue	34			83			nm				(48)			20				nm				—			—			—		(14)				103			nm
Total fee revenue	3,938			3,754			(4.7)				1,005			1,000				(0.5)				—			—			—		4,943				4,754			(3.8)
Net interest income	1,097			1,449			32.1				(4)			8				nm				—			—			—		1,093				1,457			33.3
Total other income	(2)			—			nm				—			—				—				—			—			—		(2)				—			nm
Total revenue	5,033			5,203			3.4				1,001			1,008				0.7				—			—			—		6,034				6,211			2.9
Provision for loan losses	10			26			nm				—			—				—				—			—			—		10				26			nm
Total expenses	3,692			3,828			3.7				716			747				4.3				27			6			(77.8)		4,435				4,581			3.3
Income before income tax expense	$	1,331		$	1,349		1.4				$	285		$	261			(8.4)				$	(27)		$	(6)		(77.8)		$	1,589			$	1,604		0.9
Pre-tax margin	26.4		%	25.9		%	(0.5)		%	pts	28.5		%	25.9		%		(2.6)		%	pts									26.3		%		25.8		%	(0.5)		%	pts
(1) Represents amounts that are not allocated to a specific line of business, including repositioning charges, employee costs, acquisition costs, revenue-related recoveries and certain legal accruals.
nm Denotes not meaningful

15    

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ALLOWANCE FOR CREDIT LOSSES
	Quarters													% Change
(Dollars in millions)		1Q22		2Q22		3Q22		4Q22		1Q23		2Q23			2Q23 vs. 2Q22		2Q23 vs. 1Q23
Allowance for credit losses:
Beginning balance		$	108	$	107	$	114	$	114	$	121	$	162		51.4	%	33.9	%
Provision for credit losses(funded commitments)		—		11		3		2		21		12			9.1		(42.9)
Provision for credit losses(unfunded commitments)		—		(1)		(3)		8		(7)		(1)			—		(85.7)
Provision for credit losses(investment securities and all other)		—		—		—		—		30		(29)			nm		nm
Total provision		—		10		—		10		44		(18)			nm		nm
Charge-offs		(1)		(3)		—		(3)		(3)		(8)			nm		nm
Ending balance(1)		$	107	$	114	$	114	$	121	$	162	$	136		19.3		(16.0)
Allowance for credit losses:
Loans		$	86	$	95	$	97	$	97	$	115	$	120		26.3		4.3
Investment securities		2		1		1		2		2		—			nm		nm
Unfunded (off-balance sheet) commitments		19		18		16		23		16		15			(16.7)		(6.3)
All other		—		—		—		(1)		29		1			—		(96.6)
Ending balance(1)		$	107	$	114	$	114	$	121	$	162	$	136		19.3		(16.0)
(1) The allowance for credit losses on unfunded commitments is included within Other liabilities in the Consolidated Statement of Condition.
nm Not meaningful

16    

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION
In addition to presenting State Street's financial results in conformity with U.S. generally accepted accounting principles, or GAAP, management also presents certain financial information on a basis that excludes or adjusts one or more items from GAAP. This latter basis is a non-GAAP presentation. In general, our non-GAAP financial results adjust selected GAAP-basis financial results to exclude the impact of revenue and expenses outside of State Street’s normal course of business or other notable items, such as acquisition and restructuring charges, repositioning charges, gains/losses on sales, as well as, for selected comparisons, seasonal items. For example, we sometimes present expenses on a basis we may refer to as "expenses ex-notable items", which exclude notable items and, to provide additional perspective on both prior year quarter and sequential quarter comparisons, also exclude seasonal items. Management believes that this presentation of financial information facilitates an investor's further understanding and analysis of State Street's financial performance and trends with respect to State Street’s business operations from period-to-period, including providing additional insight into our underlying margin and profitability. In addition, Management may also provide additional non-GAAP measures. For example, we present capital ratios, calculated under regulatory standards scheduled to be effective in the future or other standards, that management uses in evaluating State Street’s business and activities and believes may similarly be useful to investors. Additionally, we may present revenue and expense measures on a constant currency basis to identify the significance of changes in foreign currency exchange rates (which often are variable) in period-to-period comparisons. This presentation represents the effects of applying prior period weighted average foreign currency exchange rates to current period results.
Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in conformity with GAAP.
	Quarters													% Change				Year-to-Date					% Change
(Dollars in millions)		1Q22		2Q22		3Q22		4Q22		1Q23		2Q23			2Q23 vs. 2Q22			2Q23 vs. 1Q23			2022			2023		YTD2023 vs. YTD2022
Fee Revenue:
Total fee revenue, GAAP-basis		$	2,573	$	2,370	$	2,299	$	2,364	$	2,335	$	2,419		2.1	%		3.6	%		$	4,943		$	4,754	(3.8)	%
Less: Fee revenue(1)		—		—		—		(23)		—		—			—			—			—			—		—
Total fee revenue, excluding notable items		$	2,573	$	2,370	$	2,299	$	2,341	$	2,335	$	2,419		2.1			3.6			$	4,943		$	4,754	(3.8)
Total Revenue:
Total revenue, GAAP-basis		$	3,081	$	2,953	$	2,959	$	3,155	$	3,101	$	3,110		5.3	%		0.3	%		$	6,034		$	6,211	2.9	%
Less: Fee revenue(1)		—		—		—		(23)		—		—			—			nm			—			—		—
Total revenue, excluding notable items		$	3,081	$	2,953	$	2,959	$	3,132	$	3,101	$	3,110		5.3			0.3			$	6,034		$	6,211	2.9
Expenses:
Total expenses, GAAP-basis		$	2,327	$	2,108	$	2,110	$	2,256	$	2,369	$	2,212		4.9	%		(6.6)	%		$	4,435		$	4,581	3.3	%
Less: Notable expense items:
Acquisition and restructuring costs(2)		(9)		(12)		(13)		(31)		—		—			nm			—			(21)			—		nm
Repositioning charges(3)		—		—		—		(70)		—		—			—			—			—			—		—
Total expenses, excluding notable items		2,318		2,096		2,097		2,155		2,369		2,212			5.5			(6.6)			4,414			4,581		3.8
Seasonal expenses		(208)		—		—		—		(181)		—			—			nm			(208)			(181)		(13.0)
Total expenses, excluding notable items and seasonal expenses		$	2,110	$	2,096	$	2,097	$	2,155	$	2,188	$	2,212		5.5			1.1			$	4,206		$	4,400	4.6
Fee Operating Leverage, GAAP-Basis:
Total fee revenue, GAAP-basis		$	2,573	$	2,370	$	2,299	$	2,364	$	2,335	$	2,419		2.1	%		3.6	%		$	4,943		$	4,754	(3.8)	%
Total expenses, GAAP-basis		2,327		2,108		2,110		2,256		2,369		2,212			4.9			(6.6)			4,435			4,581		3.3
Fee operating leverage, GAAP-basis(4)															(2.8)	%	pts	10.2	%	pts						(7.1)	%	pts
Fee Operating Leverage, excluding notable items:
Total fee revenue, excluding notable items (as reconciled above)		$	2,573	$	2,370	$	2,299	$	2,341	$	2,335	$	2,419		2.1	%		3.6	%		$	4,943		$	4,754	(3.8)	%
Total expenses, excluding notable items (as reconciled above)		2,318		2,096		2,097		2,155		2,369		2,212			5.5			(6.6)			4,414			4,581		3.8
Fee operating leverage, excluding notable items(5)															(3.4)	%	pts	10.2	%	pts						(7.6)	%	pts
Operating Leverage, GAAP-Basis:
Total revenue, GAAP-basis		$	3,081	$	2,953	$	2,959	$	3,155	$	3,101	$	3,110		5.3	%		0.3	%		$	6,034		$	6,211	2.9	%
Total expenses, GAAP-basis		2,327		2,108		2,110		2,256		2,369		2,212			4.9			(6.6)			4,435			4,581		3.3
Operating leverage, GAAP-basis(6)															0.4	%	pts	6.9	%	pts						(0.4)	%	pts
Operating Leverage, excluding notable items:
Total revenue, excluding notable items (as reconciled above)		$	3,081	$	2,953	$	2,959	$	3,132	$	3,101	$	3,110		5.3	%		0.3	%		$	6,034		$	6,211	2.9	%
Total expenses, excluding notable items (as reconciled above)		2,318		2,096		2,097		2,155		2,369		2,212			5.5			(6.6)			4,414			4,581		3.8
Operating leverage, excluding notable items(7)															(0.2)	%	pts	6.9	%	pts						(0.9)	%	pts

17    

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION (Continued)
	Quarters													% Change				Year-to-Date				% Change
(Dollars in millions, except earnings per share, or where otherwise noted)		1Q22		2Q22		3Q22		4Q22		1Q23		2Q23		2Q23 vs. 2Q22		2Q23 vs. 1Q23		2022		2023		YTD2023 vs. YTD2022
Income before income tax expense:
Income before income tax expense GAAP-basis	A	$	754	$	835	$	849	$	889	$	688	$	916	9.7	%	33.1	%	$	1,589	$	1,604	0.9	%
Less: Notable items
Fee revenue(1)		—		—		—		(23)		—		—						—		—
Acquisition and restructuring costs(2)		9		12		13		31		—		—						21		—
Repositioning charges(3)		—		—		—		70		—		—						—		—
Income before income tax expense, excluding notable items	B	$	763	$	847	$	862	$	967	$	688	$	916	8.1		33.1		$	1,610	$	1,604	(0.4)
Net Income:
Net Income GAAP-basis		$	604	$	747	$	690	$	733	$	549	$	763	2.1	%	39.0	%	$	1,351	$	1,312	(2.9)	%
Less: Notable items
Fee revenue(1)		—		—		—		(23)		—		—						—		—
Acquisition and restructuring costs(2)		9		12		13		31		—		—						21		—
Repositioning charges(3)		—		—		—		70		—		—						—		—
Tax impact of notable items		(2)		(3)		(3)		(21)		—		—						(5)		—
Net Income, excluding notable items		$	611	$	756	$	700	$	790	$	549	$	763	0.9		39.0		$	1,367	$	1,312	(4.0)
Net Income Available to Common Shareholders:
Net Income Available to Common Shareholders, GAAP-basis		$	583	$	712	$	669	$	696	$	525	$	726	2.0	%	38.3	%	$	1,295	$	1,251	(3.4)	%
Less: Notable items
Fee revenue(1)		—		—		—		(23)		—		—						—		—
Acquisition and restructuring costs(2)		9		12		13		31		—		—						21		—
Repositioning charges(3)		—		—		—		70		—		—						—		—
Tax impact of notable items		(2)		(3)		(3)		(21)		—		—						(5)		—
Net Income Available to Common Shareholders, excluding notable items		$	590	$	721	$	679	$	753	$	525	$	726	0.7		38.3		$	1,311	$	1,251	(4.6)
Diluted Earnings per Share:
Diluted earnings per share, GAAP-basis		$	1.57	$	1.91	$	1.80	$	1.91	$	1.52	$	2.17	13.6	%	42.8	%	$	3.48	$	3.68	5.7	%
Less: Notable items
Fee revenue(1)		—		—		—		(0.05)		—		—						—		—
Acquisition and restructuring costs(2)		0.02		0.03		0.02		0.07		—		—						0.04		—
Repositioning charges(3)		—		—		—		0.14		—		—						—		—
Diluted earnings per share, excluding notable items		$	1.59	$	1.94	$	1.82	$	2.07	$	1.52	$	2.17	11.9		42.8		$	3.52	$	3.68	4.5

18    

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION (Continued)
	Quarters											% Change				Year-to-Date					% Change
(Dollars in millions, except earnings per share, or where otherwise noted)		1Q22		2Q22		3Q22		4Q22		1Q23	2Q23		2Q23 vs. 2Q22			2Q23 vs. 1Q23			2022			2023	YTD2023 vs. YTD2022
Pre-tax Margin:
Pre-tax margin, GAAP-basis		24.5	%	28.3	%	28.7	%	28.2	%	22.2%	29.5%		1.2	%	pts	7.3	%	pts	26.3%			25.8%	(0.5)	%	pts
Less: Notable items
Fee revenue(1)		—		—		—		(0.5)		—	—								—			—
Acquisition and restructuring costs(2)		0.3		0.4		0.4		1.0		—	—								0.4			—
Repositioning charges(3)		—		—		—		2.2		—	—								—			—
Pre-tax margin, excluding notable items		24.8%		28.7%		29.1%		30.9%		22.2%	29.5%		0.8			7.3			26.7%			25.8%	(0.9)
Return on Average Common Equity:
Return on average common equity, GAAP-basis		9.5%		12.1%		11.2%		11.8%		9.3%	13.0%		0.9	%	pts	3.7	%	pts	10.8	%		11.1%	0.3	%	pts
Less: Notable items
Fee revenue(1)		—		—		—		(0.4)		—	—								—			—
Acquisition and restructuring costs(2)		0.2		0.1		0.2		0.5		—	—								0.1			—
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%	13.0%		0.8			3.7			10.9	%		11.1%	0.2
Effective Tax Rate:
Effective tax rate, GAAP-basis		19.9%		10.5%		18.7%		17.6%		20.2%	16.7%		6.2	%	pts	(3.5)	%	pts	15.0	%		18.2%	3.2	%	pts
Less: Notable items
Fee revenue(1)		—		—		—		(0.2)		—	—								—			—
Acquisition and restructuring costs(2)		0.1		0.3		0.1		0.3		—	—								0.1			—
Repositioning charges(3)		—		—		—		0.6		—	—								—			—
Effective tax rate, excluding notable items		20.0%		10.8%		18.8%		18.3%		20.2%	16.7%		5.9			(3.5)			15.1%			18.2%	3.1
(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

19    

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

20    

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)	2Q22		1Q23		2Q23		2Q23 vs. 2Q22		2Q23 vs. 1Q23			2Q23 vs. 2Q22		2Q23 vs. 1Q23		2Q23 vs. 2Q22		2Q23 vs. 1Q23
GAAP-Basis Results:
Fee revenue:
Back office servicing fees	$	1,205	$	1,131	$	1,164	$	1	$	5		$	1,163	$	1,159	(3.5)	%	2.5	%
Middle office services	92		86		95		—		—			95		95		3.3		10.5
Servicing fees	1,297		1,217		1,259		1		5			1,258		1,254		(3.0)		3.0
Management fees	490		457		461		—		1			461		460		(5.9)		0.7
Foreign exchange trading services	331		342		303		—		—			303		303		(8.5)		(11.4)
Securities finance	107		109		117		—		—			117		117		9.3		7.3
Front office software and data	126		109		162		—		—			162		162		28.6		48.6
Lending related and other fees	62		56		59		—		—			59		59		(4.8)		5.4
Software and processing fees	188		165		221		—		—			221		221		17.6		33.9
Other fee revenue	(43)		45		58		—		—			58		58		nm		28.9
Total fee revenue	2,370		2,335		2,419		1		6			2,418		2,413		2.0		3.3
Net interest income	584		766		691		2		4			689		687		18.0		(10.3)
Total other income	(1)		—		—		—		—			—		—		nm		nm
Total revenue	$	2,953	$	3,101	$	3,110	$	3	$	10		$	3,107	$	3,100	5.2		—
Expenses:
Compensation and employee benefits	$	1,046	$	1,292	$	1,123	$	(4)	$	5		$	1,127	$	1,118	7.7		(13.5)
Information systems and communications	392		414		405		—		1			405		404		3.3		(2.4)
Transaction processing services	240		239		235		—		1			235		234		(2.1)		(2.1)
Occupancy	96		94		103		—		1			103		102		7.3		8.5
Acquisition and restructuring costs	12		—		—		—		—			—		—		nm		nm
Amortization of other intangible assets	60		60		60		—		—			60		60		—		—
Other	262		270		286		(1)		—			287		286		9.5		5.9
Total expenses	$	2,108	$	2,369	$	2,212	$	(5)	$	8		$	2,217	$	2,204	5.2		(7.0)
Total expenses, excluding notable items - Non-GAAP	$	2,096	$	2,369	$	2,212	$	(5)	$	8		$	2,217	$	2,204	5.8		(7.0)
Total non-compensation expenses, excluding notable items - Non-GAAP(1)	1,050		1,077		1,089		(1)		3			1,090		1,086		3.8		0.8
GAAP-Basis YTD Comparison	Reported				Currency Translation Impact		Excluding Currency Impact		% Change Constant Currency
(Dollars in millions)	2022		2023		YTD2023 vs.YTD2022		2023		YTD2023 vs. YTD2022
GAAP-Basis Results:
Fee revenue:
Back office servicing fees	$	2,473	$	2,295	$	(18)	$	2,313	(6.5)		%
Middle office services	192		181		(1)		182		(5.2)
Servicing fees	2,665		2,476		(19)		2,495		(6.4)
Management fees	1,010		918		(5)		923		(8.6)
Foreign exchange trading services	690		645		—		645		(6.5)
Securities finance	203		226		(1)		227		11.8
Front office software and data	264		271		(1)		272		3.0
Lending related and other fees	125		115		—		115		(8.0)
Software and processing fees	389		386		(1)		387		(0.5)
Other fee revenue	(14)		103		—		103		nm
Total fee revenue	4,943		4,754		(26)		4,780		(3.3)
Net interest income	1,093		1,457		(5)		1,462		33.8
Total other income	(2)		—		—		—		nm
Total revenue	$	6,034	$	6,211	$	(31)	$	6,242	3.4
Expenses:
Compensation and employee benefits	$	2,278	$	2,415	$	(34)	$	2,449	7.5
Information systems and communications	815		819		(3)		822		0.9
Transaction processing services	504		474		(4)		478		(5.2)
Occupancy	191		197		(3)		200		4.7
Acquisition and restructuring costs	21		—		—		—		nm
Amortization of other intangible assets	121		120		(1)		121		—
Other	505		556		(2)		558		10.5
Total expenses	$	4,435	$	4,581	$	(47)	$	4,628	4.4
Total expenses, excluding notable items - Non-GAAP	$	4,414	$	4,581	$	(47)	$	4,628	4.8
Total non-compensation expenses, excluding notable items - Non-GAAP(1)	2,136		2,166		(13)		2,179		2.0
(1) Total non-compensation expenses, excluding notable items is comprised of total expenses, excluding notable items - Non-GAAP, less compensation and employee benefits, excluding notable items. Compensation and benefits, excluding notable items were $1,123 million in the second quarter of 2023, $1,292 million in the first quarter of 2023 and $1,046 million in the second quarter of 2022.
nm Denotes not meaningful

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF TANGIBLE BOOK VALUE PER SHARE AND RETURN ON TANGIBLE COMMON EQUITY
The tangible book value per common share (TBVPS) and return on tangible common equity (ROTCE) are ratios that management believes provides context about State Street's use of equity. The TBVPS ratio is calculated by dividing the period end tangible common equity by total common shares outstanding. The ROTCE ratio is calculated by dividing year-to-date annualized net income available to common shareholders (GAAP-basis) by average tangible common equity. Period end and average tangible common equity reflected in the TBVPS and ROTCE ratios, are both non-GAAP measures which reduce period end and average common shareholders' equity, by period end and average goodwill and other intangible assets, net of related deferred taxes. Since there is no authoritative requirement to calculate the TBVPS and ROTCE ratios, our TBVPS and ROTCE ratios are not necessarily comparable to similar measures disclosed or used by other companies in the financial services industry. TBVPS and ROTCE are non-GAAP financial measures and should be considered in addition to, not as a substitute for or superior to, financial measures determined in accordance with GAAP or other applicable requirements. Reconciliations with respect to the calculation of these ratios are provided within the Reconciliations of Tangible Book Value per Share and Return on Tangible Common Equity within this addendum.
	Quarters
(Dollars in millions, except per share amounts, or where otherwise noted)	1Q22			2Q22			3Q22			4Q22			1Q23			2Q23
Tangible common equity - period end:
Total shareholders' equity	$	26,224		$	25,767		$	25,648		$	25,191		$	24,750		$	24,204
Less:
Preferred stock	1,976			1,976			1,976			1,976			1,976			1,976
Common shareholders' equity	24,248			23,791			23,672			23,215			22,774			22,228
Less:
Goodwill	7,582			7,465			7,351			7,495			7,530			7,544
Other intangible assets	1,744			1,654			1,568			1,544			1,493			1,435
Plus related deferred tax liabilities	497			491			486			493			496			499
Tangible common shareholders' equity - Non-GAAP	$	15,419		$	15,163		$	15,239		$	14,669		$	14,247		$	13,748
Tangible common equity - average:
Average common shareholders' equity	$	24,791		$	23,687		$	23,699		$	23,479		$	22,875		$	22,409
Less:
Average goodwill	7,599			7,501			7,405			7,422			7,505			7,536
Average other intangible assets	1,782			1,693			1,607			1,553			1,516			1,462
Plus related deferred tax liabilities	499			494			488			490			495			497
Average tangible common shareholders' equity - Non-GAAP	$	15,909		$	14,987		$	15,175		$	14,994		$	14,349		$	13,908
Net income available to common shareholders	$	583		$	712		$	669		$	696		$	525		$	726
Total common shares outstanding - period end (in thousands)	367,115			367,619			367,968			349,024			336,461			322,101
Return on tangible common equity - Non-GAAP	14.7		%	17.3		%	17.3		%	17.7		%	14.6		%	18.0		%
Book value per common share	$	66.05		$	64.72		$	64.33		$	66.51		$	67.69		$	69.01
Tangible book value per common share - Non-GAAP	42.00			41.25			41.41			42.03			42.34			42.68

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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)		1Q22			2Q22			3Q22			4Q22			1Q23			2Q23				1Q22			2Q22			3Q22			4Q22			1Q23			2Q23
Ratios and Supporting Calculations:
Common equity tier 1 capital	A	$	15,026		$	14,882		$	15,126		$	14,547		$	14,029		$	13,496			$	15,026		$	14,882		$	15,126		$	14,547		$	14,029		$	13,496
Total risk-weighted assets	B	114,969			110,447			107,771			105,359			108,296			106,521				126,725			115,404			114,682			107,227			115,582			114,064
Common equity tier 1 risk-based capital ratio	A/B	13.1		%	13.5		%	14.0		%	13.8		%	13.0		%	12.7		%		11.9		%	12.9		%	13.2		%	13.6		%	12.1		%	11.8		%
Tier 1 capital	C	$	17,002		$	16,858		$	17,102		$	16,523		$	16,005		$	15,472			$	17,002		$	16,858		$	17,102		$	16,523		$	16,005		$	15,472
Tier 1 risk-based capital ratio	C/B	14.8		%	15.3		%	15.9		%	15.7		%	14.8		%	14.5		%		13.4		%	14.6		%	14.9		%	15.4		%	13.8		%	13.6		%
Total capital	D	$	18,588		$	18,239		$	18,482		$	17,899		$	17,374		$	16,854			$	18,693		$	18,352		$	18,594		$	18,019		$	17,535		$	16,982
Total risk-based capital ratio	D/B	16.2		%	16.5		%	17.1		%	17.0		%	16.0		%	15.8		%		14.8		%	15.9		%	16.2		%	16.8		%	15.2		%	14.9		%
Tier 1 capital	E	$	17,002		$	16,858		$	17,102		$	16,523		$	16,005		$	15,472			$	17,002		$	16,858		$	17,102		$	16,523		$	16,005		$	15,472
Leverage exposure(3)	F	285,788			282,526			266,622			275,678			268,747			266,240				285,788			282,526			266,622			275,678			268,747			266,240
Tier 1 leverage ratio	E/F	5.9		%	6.0		%	6.4		%	6.0		%	6.0		%	5.8		%		5.9		%	6.0		%	6.4		%	6.0		%	6.0		%	5.8		%
On-and off-balance sheet leverage exposure		$	264,616		$	263,538		$	250,070		$	246,017		$	244,049		$	249,353			$	264,616		$	263,538		$	250,070		$	246,017		$	244,049		$	249,353
Less: regulatory deductions		(9,222)			(8,909)			(8,546)			(8,668)			(8,745)			(8,732)				(9,222)			(8,909)			(8,546)			(8,668)			(8,745)			(8,732)
Total leverage exposure for SLR	G	255,394			254,629			241,524			237,349			235,304			240,621				255,394			254,629			241,524			237,349			235,304			240,621
Supplementary leverage ratio(4)	E/G	6.7		%	6.6		%	7.1		%	7.0		%	6.8		%	6.4		%		6.7		%	6.6		%	7.1		%	7.0		%	6.8		%	6.4		%
(1) CET1, tier 1 capital, total capital and tier 1 leverage ratios for each period above were calculated in conformity with the advanced approaches provisions of the Basel III final rule. Capital ratios as of June 30, 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 June 30, 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.

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