Document


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

(Dollars in millions, except per share amounts, or where otherwise noted)	2018			2019			2020			2021
Year ended December 31:
Total fee revenue	$	9,454		$	9,147		$	9,499		$	10,012
Net interest income	2,671			2,566			2,200			1,905
Other income	6			43			4			110
Total revenue	12,131			11,756			11,703			12,027
Provision for credit losses	15			10			88			(33)
Total expenses	9,015			9,034			8,716			8,889
Income before income tax expense	3,101			2,712			2,899			3,171
Income tax expense	508			470			479			478

Net income	2,593			2,242			2,420			2,693
Net income available to common shareholders	$	2,404		$	2,009		$	2,257		$	2,572
Per common share:
Diluted earnings per common share	$	6.39		$	5.38		$	6.32		$	7.19
Average diluted common shares outstanding (in thousands)	376,476			373,666			357,106			357,962
Cash dividends declared per common share	$	1.78		$	1.98		$	2.08		$	2.18
Closing price per share of common stock (at year end)	63.07			79.10			72.78			93.00
Average balance sheet:
Investment securities	$	88,070		$	91,768		$	109,175		$	111,730
Total assets	223,385			223,334			269,334			299,743
Total deposits	161,408			158,262			193,225			235,404
Ratios and other metrics:
Return on average common equity	12.1		%	9.4		%	10.0		%	10.7		%



Pre-tax margin	25.6			23.1			24.8			26.4
Pre-tax margin, excluding notable items(1)	28.8			25.8			26.3			27.6
Net interest margin, fully taxable-equivalent basis	1.47			1.42			0.97			0.74
Common equity tier 1 ratio(2)(3)(4)	11.7			11.7			12.3			14.3
Tier 1 capital ratio(2)(3)(4)	15.5			14.5			14.4			16.1
Total capital ratio(2)(3)(4)	16.3			15.6			15.3			17.5
Tier 1 leverage ratio(2)(3)	7.2			6.9			6.4			6.1
Supplementary leverage ratio(2)(3)	6.3			6.1			8.1			7.4
Assets under custody and/or administration (in trillions)	$	31.62		$	34.36		$	38.79		$	43.68
Assets under management (in trillions)	2.51			3.12			3.47			4.14

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


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)		1Q21		2Q21		3Q21		4Q21		1Q22		2Q22			2Q22 vs. 2Q21		2Q22 vs. 1Q22	2021		2022		YTD2022 vs. YTD2021

Fee revenue:
Back office servicing fees		$	1,266	$	1,290	$	1,289	$	1,272	$	1,268	$	1,205		(6.6)%		(5.0)%	$	2,556	$	2,473	(3.2)%
Middle office services		103		104		102		105		100		92			(11.5)		(8.0)	207		192		(7.2)
Servicing fees		1,369		1,394		1,391		1,377		1,368		1,297			(7.0)		(5.2)	2,763		2,665		(3.5)
Management fees		493		504		526		530		520		490			(2.8)		(5.8)	997		1,010		1.3
Foreign exchange trading services		346		286		279		300		359		331			15.7		(7.8)	632		690		9.2
Securities finance		99		109		106		102		96		107			(1.8)		11.5	208		203		(2.4)
Front office software and data		96		148		116		124		138		126			(14.9)		(8.7)	244		264		8.2
Lending related and other fees		64		63		64		63		63		62			(1.6)		(1.6)	127		125		(1.6)
Software and processing fees		160		211		180		187		201		188			(10.9)		(6.5)	371		389		4.9
Other fee revenue		16		10		22		15		29		(43)			nm		nm	26		(14)		nm
Total fee revenue		2,483		2,514		2,504		2,511		2,573		2,370			(5.7)		(7.9)	4,997		4,943		(1.1)
Net interest income:
Interest income		471		467		487		483		521		704			50.7		35.1	938		1,225		30.6
Interest expense		4		—		—		(1)		12		120			nm		nm	4		132		nm
Net interest income		467		467		487		484		509		584			25.1		14.7	934		1,093		17.0
Other income:
Gains (losses) related to investment securities, net		—		—		(1)		58		(1)		(1)			—		—	—		(2)		nm
Other income		—		53		—		—		—		—			nm		—	53		—		nm
Total other income		—		53		(1)		58		(1)		(1)			nm		—	53		(2)		nm
Total revenue		2,950		3,034		2,990		3,053		3,081		2,953			(2.7)		(4.2)	5,984		6,034		0.8
Provision for credit losses		(9)		(15)		(2)		(7)		—		10			nm		nm	(24)		10		nm
Expenses:
Compensation and employee benefits		1,242		1,077		1,054		1,181		1,232		1,046			(2.9)		(15.1)	2,319		2,278		(1.8)
Information systems and communications		421		398		406		436		423		392			(1.5)		(7.3)	819		815		(0.5)
Transaction processing services		270		263		253		238		264		240			(8.7)		(9.1)	533		504		(5.4)
Occupancy		109		100		102		133		95		96			(4.0)		1.1	209		191		(8.6)
Acquisition and restructuring costs		10		11		18		26		9		12			9.1		33.3	21		21		—
Amortization of other intangible assets		58		63		62		62		61		60			(4.8)		(1.6)	121		121		—
Other		222		199		221		254		243		262			31.7		7.8	421		505		20.0
Total expenses		2,332		2,111		2,116		2,330		2,327		2,108			(0.1)		(9.4)	4,443		4,435		(0.2)
Income before income tax expense		627		938		876		730		754		835			(11.0)		10.7	1,565		1,589		1.5
Income tax expense		108		175		162		33		150		88			(49.7)		(41.3)	283		238		(15.9)
Net income		$	519	$	763	$	714	$	697	$	604	$	747		(2.1)		23.7	$	1,282	$	1,351	5.4


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)		1Q21		2Q21		3Q21		4Q21		1Q22		2Q22			2Q22 vs. 2Q21		2Q22 vs. 1Q22	2021		2022		YTD2022 vs. YTD2021
Adjustments to net income:
Dividends on preferred stock(1)		$	(30)	$	(34)	$	(21)	$	(34)	$	(20)	$	(35)		2.9%		75.0%	$	(64)	$	(55)	(14.1)%
Earnings allocated to participating securities		—		(1)		—		(1)		(1)		—			nm		nm	(1)		(1)		—
Net income available to common shareholders		$	489	$	728	$	693	$	662	$	583	$	712		(2.2)		22.1	$	1,217	$	1,295	6.4

Per common share:
Basic earnings		$	1.39	$	2.11	$	1.99	$	1.81	$	1.59	$	1.94		(8.1)		22.0	$	3.49	$	3.53	1.1
Diluted earnings		1.37		2.07		1.96		1.78		1.57		1.91			(7.7)		21.7	3.44		3.48		1.2
Average common shares outstanding (in thousands):
Basic		350,743		345,889		347,718		365,798		366,542		367,375			6.2		0.2	348,303		366,961		5.4
Diluted		355,690		351,582		353,494		371,685		372,037		372,123			5.8		—	353,434		372,080		5.3
Cash dividends declared per common share		$	0.52	$	0.52	$	0.57	$	0.57	$	0.57	$	0.57		9.6		—	$	1.04	$	1.14	9.6
Closing price per share of common stock (as of quarter end)		84.01		82.28		84.72		93.00		87.12		61.65			(25.1)		(29.2)	82.28		61.65		(25.1)
Balance sheet averages for the quarter:
Investment securities		$	107,809	$	111,481	$	113,635	$	113,906	$	119,286	$	113,929		2.2		(4.5)	$	109,656	$	116,593	6.3
Total assets		296,328		308,195		291,459		303,007		295,010		291,435			(5.4)		(1.2)	302,294		293,213		(3.0)
Total deposits		226,232		242,310		233,266		239,680		233,268		228,417			(5.7)		(2.1)	234,316		230,829		(1.5)








Ratios and other metrics:
Effective tax rate	17.2		%	18.6		%	18.5		%	4.6		%	19.9		%	10.5		%	(810)		bps	(940)		bps	18.1		%	15.0		%	(310)		bps
Return on average common equity	8.4			12.6			11.6			10.3			9.5			12.1			(50)			260			10.5			10.8			30
Return on tangible common equity(2)	13.4			17.3			17.3			15.7			14.7			17.3			—			260			17.0			16.8			(20)
Pre-tax margin	21.3			30.9			29.3			23.9			24.5			28.3			(260)			380			26.2			26.3			10
Pre-tax margin, excluding notable items(3)	22.6			29.7			29.9			28.1			24.8			28.7			(100)			390			26.2			26.7			50
Net interest margin, fully taxable-equivalent basis	0.75			0.71			0.76			0.73			0.80			0.94			23			14			0.73			0.87			14
Common equity tier 1 ratio(4)(5)	10.8			11.2			13.5			14.3			11.9			12.9			170			100			11.2			12.9			170
Tier 1 capital ratio(4)(5)	12.4			12.9			15.2			16.1			13.4			14.6			170			120			12.9			14.6			170
Total capital ratio(4)(5)	14.0			14.3			16.6			17.5			14.8			15.9			160			110			14.3			15.9			160
Tier 1 leverage ratio(4)	5.4			5.2			6.3			6.1			5.9			6.0			80			10			5.2			6.0			80
Supplementary leverage ratio(4)	7.2			6.7			7.5			7.4			6.7			6.6			(10)			(10)			6.7			6.6			(10)

End-of-period securities on loan(6)	$	451,913		$	437,094		$	417,142		$	400,940		$	412,162		$	358,972		(17.9)	%		(12.9)	%		$	437,094		$	358,972		(17.9)	%
Assets under custody and/or administration (in billions)	40,263			42,597			43,337			43,678			41,724			38,180			(10.4)			(8.5)			42,597			38,180			(10.4)
Assets under management (in billions)	3,591			3,897			3,862			4,138			4,022			3,475			(10.8)			(13.6)			3,897			3,475			(10.8)

(1) We redeemed an aggregate of $500 million, or 5,000 of the 7,500 outstanding shares of our non-cumulative perpetual preferred stock, Series F, for cash at a redemption price of $100,000 per share (equivalent to $1,000 per depositary share) plus all declared and unpaid dividends on March 15, 2021. The difference between the redemption value and the net carrying value of approximately $5 million resulted in an EPS impact of approximately ($.02) per share in the first quarter of 2021.
(2) Return on tangible common equity is calculated by dividing year-to-date annualized net income available to common shareholders (GAAP-basis) by average tangible common equity.
(3) Notable items include acquisition and restructuring costs, repositioning charges and legal and other notable items. Refer to Reconciliations of non-GAAP Financial Information pages for details.
(4) The capital ratios presented are calculated in conformity with the applicable regulatory guidance in effect as of each period end. Capital ratios as of June 30, 2022 are estimates.
(5) The reportable ratios represent the lower of each of the risk-based capital ratios under both the Standardized Approach and the Advanced Approaches. Refer to Regulatory Capital for details on Standardized and Advanced Approaches ratios.
(6) Average securities on loan were $429,991 million, $457,604 million, $418,111 million and $412,403 million in the first, second, third and fourth quarters of 2021, respectively, and $397,522 million and $386,734 million in the first and second quarters of 2022.
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, 2021		June 30, 2021		September 30, 2021		December 31, 2021		March 31, 2022		June 30, 2022			2Q22 vs. 2Q21		2Q22 vs. 1Q22
Assets:
Cash and due from banks		$	4,552	$	4,619	$	4,606	$	3,631	$	2,976	$	3,515		(23.9)	%	18.1	%
Interest-bearing deposits with banks		107,554		113,347		107,553		106,358		104,010		91,360			(19.4)		(12.2)
Securities purchased under resale agreements		5,238		3,997		2,847		3,012		803		5,203			30.2		547.9
Trading account assets		786		721		720		758		754		728			1.0		(3.4)
Investment securities:
Investment securities available-for-sale		60,512		67,497		70,279		73,399		74,348		45,454			(32.7)		(38.9)
Investment securities held-to-maturity purchased under money market liquidity facility(1)		201		—		—		—		—		—			—		—
Investment securities held-to-maturity(2)		46,261		45,182		43,346		42,430		45,203		64,261			42.2		42.2
Total investment securities		106,974		112,679		113,625		115,829		119,551		109,715			(2.6)		(8.2)
Loans		31,585		30,704		32,797		32,532		35,141		33,565			9.3		(4.5)
Allowance for loan losses(3)		118		100		95		87		86		95			(5.0)		10.5
Loans, net		31,467		30,604		32,702		32,445		35,055		33,470			9.4		(4.5)
Premises and equipment, net(4)		2,143		2,169		2,191		2,261		2,229		2,240			3.3		0.5
Accrued interest and fees receivable		3,302		3,358		3,407		3,278		3,446		3,403			1.3		(1.2)
Goodwill		7,629		7,629		7,650		7,621		7,582		7,465			(2.1)		(1.5)
Other intangible assets		2,007		1,933		1,887		1,816		1,744		1,654			(14.4)		(5.2)
Other assets		45,233		45,472		45,951		37,615		44,200		41,470			(8.8)		(6.2)
Total assets		$	316,885	$	326,528	$	323,139	$	314,624	$	322,350	$	300,223		(8.1)		(6.9)
Liabilities:
Deposits:
Non-interest-bearing		$	57,079	$	61,742	$	64,885	$	56,461	$	61,797	$	55,062		(10.8)		(10.9)
Interest-bearing - U.S.		108,372		111,291		108,909		102,985		104,962		107,262			(3.6)		2.2
Interest-bearing - Non-U.S.		79,442		90,936		85,579		95,589		84,284		79,589			(12.5)		(5.6)
Total deposits(5)		244,893		263,969		259,373		255,035		251,043		241,913			(8.4)		(3.6)
Securities sold under repurchase agreements		587		658		637		1,575		4,277		951			44.5		(77.8)
Short-term borrowings under money market liquidity facility		200		—		—		—		—		—			—		—

Other short-term borrowings		642		635		549		128		18		73			(88.5)		305.6
Accrued expenses and other liabilities		31,722		23,067		22,288		17,048		26,866		17,989			(22.0)		(33.0)
Long-term debt		13,836		13,032		12,978		13,475		13,922		13,530			3.8		(2.8)
Total liabilities		291,880		301,361		295,825		287,261		296,126		274,456			(8.9)		(7.3)
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(6)(7)		504		504		504		504		504		504			—		—
Surplus		10,227		10,246		10,763		10,787		10,762		10,757			5.0		—
Retained earnings		23,751		24,300		24,785		25,238		25,612		26,115			7.5		2.0
Accumulated other comprehensive income (loss)		(418)		(422)		(682)		(1,133)		(2,698)		(3,687)			773.7		36.7
Treasury stock, at cost(8)		(11,035)		(11,437)		(10,032)		(10,009)		(9,932)		(9,898)			(13.5)		(0.3)
Total shareholders' equity		25,005		25,167		27,314		27,363		26,224		25,767			2.4		(1.7)
Total liabilities and equity		$	316,885	$	326,528	$	323,139	$	314,624	$	322,350	$	300,223		(8.1)		(6.9)

(1) Fair value of Investment securities held-to-maturity purchased under money market liquidity facility		$	201	$	—	$	—	$	—	$	—	$	—
(2) Fair value of investment securities held-to-maturity		46,752		45,685		43,728		42,271		42,834		60,103
(3) Total allowance for credit losses including off-balance sheet commitments		135		121		117		108		107		114
(4) Accumulated depreciation for premises and equipment		4,960		5,108		5,235		5,391		5,530		5,652
(5) Average total deposits		226,232		242,310		233,266		239,680		233,268		228,417
(6) Common stock shares issued		503,879,642		503,879,642		503,879,642		503,879,642		503,879,642		503,879,642
(7) Total common shares outstanding		348,032,982		343,503,114		365,629,173		365,982,820		367,114,788		367,619,353
(8) Treasury stock shares		155,846,660		160,376,528		138,250,469		137,896,822		136,764,854		136,260,289


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
AVERAGE STATEMENT OF CONDITION - RATES EARNED AND PAID - FULLY TAXABLE-EQUIVALENT BASIS(1)
The following table presents average rates earned and paid, on a fully taxable-equivalent basis, on consolidated average interest-earning assets and average interest-bearing liabilities for the quarters indicated. Tax-equivalent adjustments were calculated using a federal income tax rate of 21%, adjusted for applicable state income taxes, net of related federal benefit.
	Quarters																												% Change
	1Q21					2Q21					3Q21					4Q21					1Q22					2Q22					2Q22 vs. 2Q21	2Q22 vs. 1Q22
(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	$	95,235	(0.04)		%	$	99,438	(0.02)		%	$	79,375	—		%	$	86,154	(0.01)		%	$	76,741	0.05		%	$	76,531	0.36		%			(23.0)	%	(0.3)	%
Securities purchased under resale agreements(2)	4,568		0.88			3,958		0.28			4,061		0.65			4,191		0.69			3,150		1.31			2,022		7.47					(48.9)		(35.8)
Trading account assets	800		—			729		—			733		0.02			747		0.01			761		—			746		0.01					2.3		(2.0)
Investment securities:
Investment securities available-for-sale	59,191		0.95			66,225		0.88			69,621		0.86			71,134		0.83			75,226		0.83			54,767		0.91					(17.3)		(27.2)
Investment securities held-to-maturity	47,356		1.54			45,243		1.47			44,014		1.47			42,772		1.45			44,060		1.56			59,162		1.55					30.8		34.3
Investment securities held-to-maturity purchased under money market liquidity facility	1,262		1.35			13		1.28			—		—			—		—			—		—			—		—					(100.0)		—
Total investment securities	107,809		1.21			111,481		1.12			113,635		1.10			113,906		1.06			119,286		1.10			113,929		1.24					2.2		(4.5)
Loans(3)	28,025		2.05			29,471		2.14			32,035		2.08			34,425		2.00			34,407		2.03			35,826		2.23					21.6		4.1
Other interest-earning assets	18,296		0.10			20,939		0.07			24,662		0.08			25,418		0.07			23,767		0.08			22,199		0.83					6.0		(6.6)
Total interest-earning assets	254,733		0.76			266,016		0.71			254,501		0.76			264,841		0.73			258,112		0.82			251,253		1.13					(5.5)		(2.7)
Cash and due from banks	4,529					5,594					5,103					4,998					4,018					3,829							(31.6)		(4.7)
Other assets	37,066					36,585					31,855					33,168					32,880					36,353							(0.6)		10.6
Total assets	$	296,328				$	308,195				$	291,459				$	303,007				$	295,010				$	291,435						(5.4)		(1.2)
Liabilities:
Interest-bearing deposits:
U.S.	$	100,974	0.01		%	$	110,269	—		%	$	104,575	0.02		%	$	103,547	—		%	$	100,073	0.02		%	$	97,273	0.26		%			(11.8)		(2.8)
Non-U.S.(4)	78,433		(0.37)			83,248		(0.32)			82,230		(0.33)			84,525		(0.31)			83,556		(0.32)			80,055		(0.20)					(3.8)		(4.2)
Total interest-bearing deposits(4)	179,407		(0.16)			193,517		(0.14)			186,805		(0.13)			188,072		(0.14)			183,629		(0.14)			177,328		0.05					(8.4)		(3.4)
Securities sold under repurchase agreements	1,017		0.05			477		(0.02)			332		—			847		(0.05)			2,279		(0.02)			4,486		0.26					840.5		96.8
Short-term borrowings under money market liquidity facility	1,264		1.21			13		1.25			—		—			—		—			—		—			—		—					(100.0)		—
Other short-term borrowings	764		0.14			893		0.27			837		0.17			659		0.28			872		—			680		0.73					(23.9)		(22.0)
Long-term debt	13,819		1.74			13,461		1.60			13,021		1.59			13,243		1.62			14,265		1.82			13,702		2.12					1.8		(3.9)
Other interest-bearing liabilities	4,848		0.73			5,682		0.80			5,461		0.78			5,943		0.71			2,881		1.50			2,518		3.31					(55.7)		(12.6)
Total interest-bearing liabilities	201,119		0.01			214,043		—			206,456		—			208,764		—			203,926		0.02			198,714		0.24					(7.2)		(2.6)
Non-interest bearing deposits(5)	46,825					48,793					46,461					51,608					49,639					51,089							4.7		2.9
Other liabilities	22,423					20,131					12,775					15,266					14,678					15,969							(20.7)		8.8
Preferred shareholders' equity	2,378					1,976					1,976					1,976					1,976					1,976							—		—
Common shareholders' equity	23,583					23,252					23,791					25,393					24,791					23,687							1.9		(4.5)
Total liabilities and shareholders' equity	$	296,328				$	308,195				$	291,459				$	303,007				$	295,010				$	291,435						(5.4)		(1.2)

Total deposits	$	226,232				$	242,310				$	233,266				$	239,680				$	233,268				$	228,417						(5.7)		(2.1)

Excess of rate earned over rate paid			0.75		%			0.71		%			0.76		%			0.73		%			0.80		%			0.89		%
Net interest margin			0.75		%			0.71		%			0.76		%			0.73		%			0.80		%			0.94		%
Net interest income, fully taxable-equivalent basis			$	471				$	470				$	490				$	487				$	512				$	587
Tax-equivalent adjustment			(4)					(3)					(3)					(3)					(3)					(3)
Net interest income, GAAP-basis(4)			$	467				$	467				$	487				$	484				$	509				$	584

(1) Average rates earned and paid on interest-earning assets and interest-bearing liabilities include the impact of hedge activities associated with our asset and liability management activities where applicable.
(2) Reflects the impact of balance sheet netting under enforceable netting agreements of approximately $87 billion, $62 billion, $52 billion and $48 billion in the first, second, third and fourth quarters 2021, respectively, and approximately $55 billion and $71 billion in the first and second quarters of 2022. Excluding the impact of netting, the average interest rates would be approximately 0.04%, 0.02%, 0.05% and 0.06% in the first, second, third and fourth quarters of 2021, respectively, and approximately 0.07% and 0.21% in the first and second quarters of 2022.
(3) Average loans are presented on a gross basis. Average loans net of expected credit losses were approximately $27,904 million, $29,352 million, $31,935 million and $34,331 million in the first, second, third and fourth quarters of 2021 and approximately $34,320 million and $35,741 million in the first and second quarters of 2022.
(4) Average rates includes the impact of FX swap expense of approximately ($21) million, ($16) million, ($16) million and ($14) million in the first, second, third and fourth quarters of 2021, respectively, and approximately ($13) million and ($3) million in the first and second quarters of 2022. Average rates for total interest-bearing deposits excluding the impact of FX swap expense were approximately (0.11)%, (0.10)%, (0.10)% and (0.11)% in the first, second, third and fourth quarters of 2021, respectively, and approximately (0.11)% and 0.06% in the first and second quarters of 2022.
(5) Average non-interest bearing deposits are primarily composed of deposit balances denominated in U.S. dollars.


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 2021 and 2022, adjusted for applicable state income taxes, net of related federal benefit.
			Year-to-Date														% Change
			2021							2022							YTD2022 vs YTD2021
(Dollars in millions; fully-taxable equivalent basis)	Average balance				Average rates			Average balance				Average rates			Average balance
Assets:
Interest-bearing deposits with banks	$	97,348			(0.03)		%	$	76,635			0.21		%	(21.3)	%
Securities purchased under resale agreements(2)	4,261				0.60			2,583				3.74			(39.4)
Trading account assets	764				—			754				0.01			(1.3)
Investment securities:
Investment securities available-for-sale	62,728				0.91			64,940				0.87			3.5
Investment securities held-to-maturity	46,294				1.51			51,653				1.55			11.6
Investment securities held-to-maturity purchased under money market liquidity facility	634				1.35			—				—			nm
Total investment securities	109,656				1.56			116,593				1.17			6.3
Loans(3)	28,752				2.10			35,120				2.13			22.1
Other interest-earning assets	19,625				0.09			22,979				0.44			17.1
Total interest-earning assets	260,406				0.73			254,664				0.97			(2.2)
Cash and due from banks	5,065							3,923							(22.5)
Other assets	36,823							34,626							(6.0)
Total assets	$	302,294						$	293,213						(3.0)
Liabilities:
Interest-bearing deposits:
U.S.	$	105,647			1.00			$	98,665			0.14			(6.6)
Non-U.S.(4)	80,854				(0.34)			81,796				(0.26)			1.2
Total interest-bearing deposits(4)	186,501				(0.15)			180,461				(0.04)			(3.2)
Securities sold under repurchase agreements	745				0.02			3,389				0.17			354.9
Short-term borrowings under money market liquidity facility	635				1.21			—				—			nm
Other short-term borrowings	829				0.21			776				0.32			(6.4)
Long-term debt	13,639				1.67			13,982				1.97			2.5
Other interest-bearing liabilities	5,268				0.77			2,698				2.34			(48.8)
Total interest-bearing liabilities	207,617				—			201,306				0.13			(3.0)
Non-interest bearing deposits(5)	47,815							50,368							5.3
Other liabilities	21,269							15,326							(27.9)
Preferred shareholders' equity	2,177							1,976							(9.2)
Common shareholders' equity	23,416							24,237							3.5
Total liabilities and shareholders' equity	$	302,294						$	293,213						(3.0)

Total deposits			$	234,316						$	230,829						(1.5)

Excess of rate earned over rate paid					0.73		%					0.84		%
Net interest margin					0.73		%					0.87		%
Net interest income, fully taxable-equivalent basis					$	941						$	1,099
Tax-equivalent adjustment					(7)							(6)
Net interest income, GAAP-basis(4)					$	934						$	1,093

(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 $74 billion and $126 billion as of June 30, 2021 and 2022, respectively. Excluding the impact of netting, the average interest rates would be approximately 0.03% and 0.07% for the six months ended June 30, 2021 and 2022, respectively.
(3) Average loans are presented on a gross basis. Average loans net of expected credit losses as of June 30, 2021 and 2022 was approximately $28,632 million and $35,035 million, respectively.
(4) Average rates include the impact of FX swap cost of approximately ($37) million and ($16) million for the six months ended June 30, 2021 and 2022, respectively. Average rates for total interest-bearing deposits excluding the impact of FX swap cost were (0.10)% and (0.03)% for the six months ended June 30, 2021 and 2022, respectively.
(5) Average non-interest bearing deposits are primarily composed of deposit balances denominated in U.S. dollars.


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

	2Q22
	USD				EUR				GBP				Other				Total
(Dollars in millions, or 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

	1Q22
	USD				EUR				GBP				Other				Total
(Dollars in millions, or 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)

	2Q21
	USD				EUR				GBP				Other				Total
(Dollars in millions, or 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	$	32,592	0.15	%	$	23,542	(0.43)	%	$	18,260	0.10	%	$	25,044	0.07	%	$	99,438	(0.02)	%
Total investment securities	85,503		1.30		13,514		0.26		4,271		0.72		8,193		0.84		111,481		1.12
Loans	23,879		2.15		3,614		1.97		1,426		2.25		552		2.90		29,471		2.14
Total other interest-earning assets(2)	24,238		0.11		230		(0.62)		155		0.03		1,003		0.03		25,626		0.10
Total interest-earning assets	$	166,212	1.02		$	40,900	0.01		$	24,112	0.34		$	34,792	0.32		$	266,016	0.71

Total interest-bearing deposits(3)(4)	$	108,704	0.06		$	40,926	(0.53)		$	15,723	—		$	28,164	(0.41)		$	193,517	(0.14)

(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.


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

	Quarters
	1Q21				2Q21				3Q21				4Q21				1Q22				2Q22
(Dollars in billions, or where otherwise noted)	Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate
Available-for-sale investment securities:
Government & agency securities	$	28.5	0.44	%	$	32.5	0.53	%	$	36.1	0.59	%	$	38.8	0.63	%	$	42.9	0.72	%	$	30.3	0.73	%
Asset-backed securities	7.9		0.86		9.1		0.84		9.4		0.88		7.6		0.82		6.7		0.79		6.7		1.22
Student loans	0.3		0.94		0.3		1.19		0.2		1.18		0.2		1.25		0.2		1.43		0.2		2.25
Credit cards	0.1		0.88		0.1		0.87		0.1		0.86		0.1		0.87		0.1		0.93		0.1		1.57
Auto & equipment	1.1		0.03		1.3		(0.01)		1.3		0.03		1.2		(0.02)		1.0		(0.01)		0.9		0.16
Non-U.S. residential mortgage backed securities	2.0		0.80		2.1		0.77		2.1		0.74		2.1		0.79		2.1		0.78		2.1		1.08
Collateralized loan obligation	4.2		1.16		5.2		1.10		5.4		1.16		3.8		1.11		3.2		1.06		3.2		1.59
Other	0.2		(0.12)		0.1		(0.09)		0.3		(0.07)		0.2		(0.20)		0.1		(0.37)		0.2		0.37
Mortgage-backed securities	10.3		1.77		10.7		1.53		9.6		1.54		9.4		1.57		9.8		1.62		3.4		1.22
Agency MBS	10.3		1.77		10.7		1.53		9.6		1.54		9.4		1.57		9.8		1.62		3.4		1.22
Non-agency MBS	—		—		—		—		—		—		—		—		—		—		—		—
CMBS	3.8		0.78		5.6		0.53		6.5		0.50		8.0		0.43		9.2		0.40		8.9		0.59
Corporate bonds	5.4		1.33		5.3		1.29		5.0		1.27		4.3		1.29		3.9		1.02		2.8		1.32
Covered bonds	0.5		0.22		0.3		0.30		0.2		0.40		0.1		0.57		0.1		0.58		0.1		0.64
Municipal bonds	0.8		2.59		0.8		2.61		0.8		2.62		0.8		2.65		0.6		2.72		0.6		2.87
Clipper tax-exempt bonds	0.7		3.76		0.7		3.80		0.6		3.79		0.6		3.83		0.5		4.07		0.4		4.41
Other	1.3		0.93		1.2		0.94		1.4		0.93		1.5		0.92		1.6		0.86		1.5		0.98
Total available-for-sale portfolio	$	59.2	0.95		$	66.2	0.88		$	69.6	0.86		$	71.1	0.83		$	75.3	0.83		$	54.7	0.91

	1Q21				2Q21				3Q21				4Q21				1Q22				2Q22
(Dollars in billions, or where otherwise noted)	Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate		Average Balance		Average Rate
Held-to-maturity investment securities:
Government & agency securities	$	6.0	2.10	%	$	5.8	1.97	%	$	5.3	1.73	%	$	4.1	1.56	%	$	3.5	1.24	%	$	13.7	0.72	%
Asset-backed securities	5.0		1.31		5.1		1.22		5.1		1.19		5.1		1.13		4.9		1.05		4.5		1.67
Student loans	4.7		1.11		4.8		1.05		4.9		1.03		5.0		0.96		4.9		1.05		4.5		1.67
Non-U.S. residential mortgage backed securities	0.3		4.56		0.3		4.14		0.2		4.52		0.1		8.31		—		—		—		—
Other	—		1.13		—		1.11		—		1.11		—		0.65		—		—		—		—
Mortgage-backed securities	31.3		1.51		29.5		1.38		28.7		1.40		28.7		1.43		30.6		1.67		35.9		1.84
Agency MBS	31.2		1.51		29.4		1.37		28.7		1.39		28.7		1.41		30.6		1.66		35.8		1.84
Non-agency MBS	0.1		4.21		0.1		4.44		—		4.93		—		5.38		—		12.22		0.1		4.45
CMBS	5.0		1.54		4.9		1.61		4.9		1.57		4.9		1.52		5.0		1.53		5.1		1.71
Held-to-maturity under money market liquidity facility	1.3		1.35		—		1.28		—		—		—		—		—		—		—		—
Total held-for-maturity portfolio	$	48.6	1.54		$	45.3	1.47		$	44.0	1.47		$	42.8	1.45		$	44.0	1.56		$	59.2	1.55

Total investment securities	$	107.8	1.21		$	111.5	1.12		$	113.6	1.10		$	113.9	1.06		$	119.3	1.10		$	113.9	1.24


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	39		%	36		%	21		%	3		%	—		%	1		%	—		%	$	24.3	53.5	%	$	(682)	90% /10%
Asset-backed securities	—			92			8			—			—			—			—			6.4		14.1		(84)		0% / 100%
Student loans	—			13			87			—			—			—			—			0.1		2.3		(2)
Credit cards	—			100			—			—			—			—			—			0.1		1.4		(1)
Auto & equipment	—			76			24			—			—			—			—			0.8		12.8		(4)
Non-U.S. residential mortgage backed securities	—			93			6			—			—			1			—			2.0		30.6		(13)
Collateralized loan obligation	—			100			—			—			—			—			—			3.2		49.6		(64)
Other	—			64			36			—			—			—			—			0.2		3.3		—
Mortgage-backed securities	100			—			—			—			—			—			—			2.0		4.3		(69)		97% / 3%
Agency MBS	100			—			—			—			—			—			—			2.0		100.0		(69)
Non-agency MBS	—			—			—			—			—			—			—			—		—		—
CMBS	98			2			—			—			—			—			—			8.5		18.7		(73)		0% / 100%
Corporate bonds	—			—			16			47			37			—			—			2.1		4.6		(123)		89% / 11%
Covered bonds	—			100			—			—			—			—			—			—		—		(1)		100% / 0%
Municipal bonds	—			27			72			1			—			—			—			0.6		1.3		(6)		100% / 0%
Clipper tax-exempt bonds	—			12			63			14			11			—			—			0.4		1.0		(2)		0% / 100%
Other	—			1			55			44			—			—			—			1.1		2.5		(101)		94% / 6%
Total available-for-sale portfolio	43		%	33		%	16		%	5		%	2		%	1		%	—		%	$	45.4	100.0	%	$	(1,141)	60% / 40%

Fair Value	$	19.7		$	15.0		$	7.4		$	2.2		$	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		%	16		%	13		%	3		%	4		%	—		%	—		%	$	17.9	27.8	%	$	(202)	100% / 0%
Asset-backed securities	—			25			73			—			2			—			—			4.5		7.0		(123)		4% / 96%
Student loans	—			25			73			—			2			—			—			4.5		100.0		(123)
Non-U.S. residential mortgage backed securities	—			—			—			—			—			—			—			—		—		—
Other	—			—			—			—			—			—			—			—		—		—
Mortgage-backed securities	100			—			—			—			—			—			—			36.7		57.2		(3,258)		100% / 0%
Agency MBS	100			—			—			—			—			—			—			36.7		100.0		(3,278)
Non-agency MBS	—			—			12			—			29			21			38			—		—		20
CMBS	95			5			—			—			—			—			—			5.2		8.0		(574)		91% / 9%

Total held-for-maturity portfolio	82		%	7		%	9		%	1		%	1		%	—		%	—		%	$	64.3	100.0	%	$	(4,157)	93% / 7%

Amortized Cost	$	53.1		$	4.2		$	5.6		$	0.4		$	0.9		$	0.1		$	—

Total investment securities																						$	109.7					79% / 21%


(1) At June 30, 2022, the after-tax unrealized MTM gain/(loss) includes after-tax unrealized loss on securities available-for-sale of $826 million, after-tax unrealized loss on securities held-to-maturity of $3,011 million and after-tax unrealized gain primarily related to securities previously transferred from available-for-sale to held-to-maturity of $842 million.
(2) At June 30, 2022, fixed-to-floating rate securities had a book value of approximately $47 million or 0.04% of the total portfolio.


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

				Investment Securities
(Dollars in billions)	Fair Value		Average Rating	Gov't/Agency(1)(2)		ABS FRMBS		ABS All Other			Corporate Bonds		Covered Bonds		Other
Available-for-sale:
Canada	$	3.9	AA	$	2.9	$	—	$	—		$	0.2	$	—	$	0.8
Australia	2.6		AAA	1.0		1.1		—			0.2		—		0.3
United Kingdom	1.6		AA	0.8		0.5		0.2			0.1		—		—
Germany	1.3		AA	0.9		—		0.4			—		—		—
France	1.1		AAA	0.2		—		0.8			0.1		—		—
Austria	0.9		AA	0.9		—		—			—		—		—
Hong Kong	0.8		AA	0.8		—		—			—		—		—
Japan	0.8		A	0.7		—		—			0.1		—		—
Netherlands	0.7		AAA	0.2		0.3		0.1			0.1		—		—
Finland	0.4		AA	0.4		—		—		—	—		—		—
Italy	0.3		AA	—		0.1		0.2			—		—		—
Spain	0.2		A	0.1		—		0.1			—		—		—
Brazil	0.2		BB	0.2		—		—			—		—		—
Republic of Korea	0.1		AA	0.1		—		—			—		—		—
Other	6.1		AAA	5.8		—		0.1			0.2		—		—
Total Non-U.S. Investments(3)	$	21.0		$	15.0	$	2.0	$	1.9		$	1.0	$	—	$	1.1
U.S. Investments	24.4
Total available-for-sale	$	45.4
				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	0.6		AA	0.6		—		—			—		—		—
Ireland	0.4		A	0.4		—		—			—		—		—
Singapore	0.3		AAA	0.3		—		—			—		—		—
Austria	0.3		AA	0.3		—		—			—		—		—
Netherlands	0.2		AAA	0.2		—		—			—		—		—
Finland	0.2		AA	0.2		—		—			—		—		—
Germany	0.1		AA	0.1		—		—			—		—		—
Other	2.8		AAA	2.8		—		—			—		—		—
Total Non-U.S. Investments(3)	$	6.4		$	6.4	$	—	$	—		$	—	$	—	$	—
U.S. Investments	57.9
Total held-for-maturity	$	64.3

Total Investment Portfolio	$	109.7


(1) Sovereign debt is reflected in the government / agency column.
(2) As of June 30, 2022, other non-U.S. investments include $5.7 billion supranational bonds in AFS securities and $2.8 billion supranational bonds 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)	1Q21		2Q21		3Q21		4Q21		1Q22		2Q22			2Q22 vs. 2Q21		2Q22 vs. 1Q22
Assets Under Custody and/or Administration(1)
By Product Classification:
Collective funds, including ETFs	$	14,052	$	15,048	$	15,159	$	15,722	$	15,140	$	13,609		(9.6)	%	(10.1)	%
Mutual funds	10,439		10,873		11,505		11,575		10,825		9,642			(11.3)		(10.9)
Pension products	7,843		8,291		8,497		8,443		8,191		7,764			(6.4)		(5.2)
Insurance and other products	7,929		8,385		8,176		7,938		7,568		7,165			(14.5)		(5.3)
Total Assets Under Custody and/or Administration	$	40,263	$	42,597	$	43,337	$	43,678	$	41,724	$	38,180		(10.4)		(8.5)
By Asset Class:
Equities	$	22,825	$	24,792	$	25,350	$	25,974	$	25,249	$	21,953		(11.5)		(13.1)
Fixed-income	13,022		13,079		12,808		12,587		11,303		10,716			(18.1)		(5.2)
Short-term and other investments	4,416		4,726		5,179		5,117		5,172		5,511			16.6		6.6
Total Assets Under Custody and/or Administration	$	40,263	$	42,597	$	43,337	$	43,678	$	41,724	$	38,180		(10.4)		(8.5)
By Geographic Location(2):
Americas	$	29,530	$	31,280	$	31,934	$	32,427	$	31,027	$	28,207		(9.8)		(9.1)
Europe/Middle East/Africa	8,256		8,716		8,748		8,599		8,103		7,498			(14.0)		(7.5)
Asia/Pacific	2,477		2,601		2,655		2,652		2,594		2,475			(4.8)		(4.6)
Total Assets Under Custody and/or Administration	$	40,263	$	42,597	$	43,337	$	43,678	$	41,724	$	38,180		(10.4)		(8.5)
Assets Under Custody(3)
By Product Classification:
Collective funds, including ETFs	$	11,895	$	12,785	$	12,881	$	13,448	$	13,107	$	11,669		(8.7)		(11.0)
Mutual funds	8,811		9,188		9,369		9,491		8,833		7,869			(14.4)		(10.9)
Pension products	6,283		6,671		6,798		6,733		6,576		6,215			(6.8)		(5.5)
Insurance and other products	3,145		3,303		3,316		3,173		2,931		2,856			(13.5)		(2.6)
Total Assets Under Custody	$	30,134	$	31,947	$	32,364	$	32,845	$	31,447	$	28,609		(10.4)		(9.0)
By Geographic Location(2):
Americas	$	22,715	$	24,015	$	24,380	$	24,864	$	23,655	$	21,389		(10.9)		(9.6)
Europe/Middle East/Africa	5,564		5,957		5,994		5,988		5,786		5,309			(10.9)		(8.2)
Asia/Pacific	1,855		1,975		1,990		1,993		2,006		1,911			(3.2)		(4.7)
Total Assets Under Custody	$	30,134	$	31,947	$	32,364	$	32,845	$	31,447	$	28,609		(10.4)		(9.0)

(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)	1Q21		2Q21		3Q21		4Q21		1Q22		2Q22			2Q22 vs. 2Q21		2Q22 vs. 1Q22
Assets Under Management
By Asset Class and Investment Approach:
Equity:
Active	$	84	$	83	$	79	$	80	$	67	$	62		(25.3)	%	(7.5)	%
Passive	2,198		2,378		2,361		2,594		2,463		2,024			(14.9)		(17.8)
Total Equity	2,282		2,461		2,440		2,674		2,530		2,086			(15.2)		(17.5)
Fixed-Income:
Active	91		100		101		103		98		89			(11.0)		(9.2)
Passive	463		510		509		520		503		461			(9.6)		(8.3)
Total Fixed-Income	554		610		610		623		601		550			(9.8)		(8.5)
Cash(1)	372		381		367		368		393		403			5.8		2.5
Multi-Asset-Class Solutions:
Active	34		35		35		34		33		29			(17.1)		(12.1)
Passive	155		172		174		188		196		173			0.6		(11.7)
Total Multi-Asset-Class Solutions	189		207		209		222		229		202			(2.4)		(11.8)
Alternative Investments(2):
Active	27		63		58		56		51		42			(33.3)		(17.6)
Passive	167		175		178		195		218		192			9.7		(11.9)
Total Alternative Investments	194		238		236		251		269		234			(1.7)		(13.0)
Total Assets Under Management	$	3,591	$	3,897	$	3,862	$	4,138	$	4,022	$	3,475		(10.8)		(13.6)
By Geographic Location:
North America	$	2,512	$	2,749	$	2,732	$	2,931	$	2,878	$	2,525		(8.1)		(12.3)
Europe/Middle East/Africa	530		570		558		592		593		521			(8.6)		(12.1)
Asia/Pacific	549		578		572		615		551		429			(25.8)		(22.1)
Total Assets Under Management	$	3,591	$	3,897	$	3,862	$	4,138	$	4,022	$	3,475		(10.8)		(13.6)



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

Exchange-Traded Funds(1)
By Asset Class:
Alternative Investments(2)	$	69	$	73	$	69	$	72	$	84	$	77		5.5	%	(8.3)	%

Equity	777		844		849		970		940		791			(6.3)		(15.9)
Fixed-Income	122		128		131		135		134		130			1.6		(3.0)
Multi-Asset	—		1		1		1		1		1			—		—
Total Exchange-Traded Funds	$	968	$	1,046	$	1,050	$	1,178	$	1,159	$	999		(4.5)		(13.8)

(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
			1Q21		2Q21		3Q21		4Q21		1Q22		2Q22
North America - (US Domiciled) Morningstar Direct Market Data(1)(2)
	Long Term Funds(3)		$	165.2	$	195.7	$	149.8	$	101.7	$	(66.7)	$	(275.6)
	Money Market		156.4		33.1		15.2		200.8		(143.4)		(54.2)
	ETF		148.4		122.6		77.1		156.5		181.2		93.2
		Total Flows	$	470.0	$	351.4	$	242.1	$	459.0	$	(28.9)	$	(236.6)

EMEA-Morningstar Direct Market Data(1)(4)
	Long Term Funds(3)		$	237.0	$	225.8	$	192.1	$	154.6	$	9.7	$	(32.2)
	Money Market		(91.0)		(9.8)		(4.3)		109.7		(68.9)		(4.8)
	ETF		54.2		51.1		36.8		34.7		45.4		24.0
		Total Flows	$	200.2	$	267.1	$	224.6	$	299.0	$	(13.8)	$	(13.0)

(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 2022 data for North America (US domiciled) includes Morningstar actuals for April and May 2022 and Morningstar estimates for June 2022.
(3) The long-term fund flows reported by Morningstar in North America are composed of US domiciled Market flows mainly in Equities, Allocation and Fixed Income asset classes. The long-term funds flows reported by Morningstar direct in EMEA are composed of the European market flows mainly in Equities, Allocation and Fixed Incomes asset classes.
(4) The second quarter of 2022 data for Europe is on a rolling three month basis for March 2022 through May 2022, 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)	2Q21			1Q22			2Q22				2Q22 vs. 2Q21			2Q22 vs. 1Q22				2Q21				1Q22			2Q22			2Q22 vs. 2Q21		2Q22 vs. 1Q22				2Q21			1Q22				2Q22		2Q22 vs. 2Q21		2Q22 vs. 1Q22		2Q21			1Q22			2Q22			2Q22 vs. 2Q21		2Q22 vs. 1Q22
Servicing fees	$	1,394		$	1,368		$	1,297			(7.0)		%	(5.2)		%		$	—			$	—		$	—		—	%	—		%		$	—		$	—			$	—	—	%	—	%	$	1,394		$	1,368		$	1,297		(7.0)	%	(5.2)	%
Management fees	—			—			—				—			—				504				520			490			(2.8)		(5.8)				—			—				—		—		—		504			520			490			(2.8)		(5.8)
Foreign exchange trading services	270			342			313				15.9			(8.5)				16				17			18			12.5		5.9				—			—				—		—		—		286			359			331			15.7		(7.8)
Securities finance	106			93			102				(3.8)			9.7				3				3			5			66.7		66.7				—			—				—		—		—		109			96			107			(1.8)		11.5
Software and processing fees	211			201			188				(10.9)			(6.5)				—				—			—			nm		nm				—			—				—		—		—		211			201			188			(10.9)		(6.5)
Other fee revenue	3			46			(12)				nm			nm				7				(17)			(31)			nm		nm				—			—				—		—		—		10			29			(43)			nm		nm
Total fee revenue	1,984			2,050			1,888				(4.8)			(7.9)				530				523			482			(9.1)		(7.8)				—			—				—		—		—		2,514			2,573			2,370			(5.7)		(7.9)
Net interest income	468			509			588				25.6			15.5				(1)				—			(4)			nm		nm				—			—				—		—		—		467			509			584			25.1		14.7
Total other income	—			(1)			(1)				nm			nm				—				—			—			—		—				53			—				—		—		nm		53			(1)			(1)			nm		nm
Total revenue	2,452			2,558			2,475				0.9			(3.2)				529				523			478			(9.6)		(8.6)				53			—				—		nm		nm		3,034			3,081			2,953			(2.7)		(4.2)
Provision for credit losses	(15)			—			10				nm			nm				—				—			—			—		—				—			—				—		—		—		(15)			—			10			nm		nm
Total expenses	1,755			1,925			1,767				0.7			(8.2)				346				389			327			(5.5)		(15.9)				10			13				14		nm		nm		2,111			2,327			2,108			(0.1)		(9.4)
Income before income tax expense	$	712		$	633		$	698			(2.0)			10.3				$	183			$	134		$	151		(17.5)		12.7				$	43		$	(13)			$	(14)	nm		nm		$	938		$	754		$	835		(11.0)		10.7
Pre-tax margin	29.0		%	24.7		%	28.2		%		(80)			350			bps	34.6		%		25.6		%	31.6		%	(300)		600			bps														30.9		%	24.5		%	28.3		%	(260)		380		bps


	Six Months Ended June 30,
	Investment Servicing						% Change				Investment Management							% Change				Other(1)						% Change		Total							% Change
(Dollars in millions)	2021			2022			YTD2022 vs. YTD2021				2021			2022				YTD2022 vs. YTD2021				2021			2022			YTD2022 vs. YTD2021		2021				2022			YTD2022 vs. YTD2021
Servicing fees	$	2,763		$	2,665		(3.5)		%		$	—		$	—			—		%		$	—		$	—		—	%	$	2,763			$	2,665		(3.5)		%
Management fees	—			—			—				997			1,010				1.3				—			—			—		997				1,010			1.3
Foreign exchange trading services	603			655			8.6				29			35				20.7				—			—			—		632				690			9.2
Securities finance	201			195			(3.0)				7			8				14.3				—			—			—		208				203			(2.4)
Software and processing fees	371			389			4.9				—			—				nm				—			—			—		371				389			4.9
Other fee revenue	17			34			nm				9			(48)				nm				—			—			—		26				(14)			nm
Total fee revenue	3,955			3,938			(0.4)				1,042			1,005				(3.6)				—			—			—		4,997				4,943			(1.1)
Net interest income	941			1,097			16.6				(7)			(4)				(42.9)				—			—			—		934				1,093			17.0
Total other income	—			(2)			nm				—			—				—				53			—			nm		53				(2)			nm
Total revenue	4,896			5,033			2.8				1,035			1,001				(3.3)				53			—			(100.0)		5,984				6,034			0.8
Provision for loan losses	(24)			10			nm				—			—				—				—			—			—		(24)				10			nm
Total expenses	3,634			3,692			1.6				743			716				(3.6)				66			27			(59.1)		4,443				4,435			(0.2)
Income before income tax expense	$	1,286		$	1,331		3.5				$	292		$	285			(2.4)				$	(13)		$	(27)		107.7		$	1,565			$	1,589		1.5
Pre-tax margin	26.3		%	26.4		%	10			bps	28.2		%	28.5		%		30			bps									26.2		%		26.3		%	10			bps

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


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ALLOWANCE FOR CREDIT LOSSES

	Quarters													% Change
(Dollars in millions)		1Q21		2Q21		3Q21		4Q21		1Q22		2Q22			2Q22 vs. 2Q21		2Q22 vs. 1Q22
Allowance for credit losses:
Beginning balance		$	148	$	135	$	121	$	117	$	108	$	107		(20.7)	%	(0.9)	%
Provision for credit losses (funded commitments)		—		(19)		(3)		(7)		—		11			nm		nm
Provision for credit losses (unfunded commitments)		(7)		4		1		—		—		(1)			nm		—
Provision for credit losses (investment securities and all other)		(2)		—		—		—		—		—			nm		—
Total provision		(9)		(15)		(2)		(7)		—		10			nm		nm
Charge-offs		—		(1)		(1)		—		(1)		(3)			nm		nm
Other(1)		(4)		2		(1)		(2)		—		—			nm		nm
Ending balance(2)		$	135	$	121	$	117	$	108	$	107	$	114		(5.8)		6.5

Allowance for credit losses:
Loans		$	118	$	100	$	95	$	87	$	86	$	95		(5.0)		10.5
Investment securities		2		2		2		2		2		1			(50.0)		(50.0)
Unfunded (off-balance sheet) commitments		15		19		20		19		19		18			(5.3)		(5.3)
All other		—		—		—		—		—		—			—		—
Ending balance(2)		$	135	$	121	$	117	$	108	$	107	$	114		(5.8)		6.5

(1) Consists primarily of FX translation.
(2) The allowance for credit losses on unfunded commitments is included within Other liabilities in the Consolidated Statement of Condition.
nm Not meaningful


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)		1Q21		2Q21		3Q21		4Q21		1Q22		2Q22			2Q22 vs. 2Q21				2Q22 vs. 1Q22			2021		2022		YTD2022 vs. YTD2021
Fee Revenue:
Total fee revenue, GAAP-basis		$	2,483	$	2,514	$	2,504	$	2,511	$	2,573	$	2,370		(5.7)	%			(7.9)	%		$	4,997	$	4,943	(1.1)	%


Total fee revenue, excluding notable items		$	2,483	$	2,514	$	2,504	$	2,511	$	2,573	$	2,370		(5.7)				(7.9)			$	4,997	$	4,943	(1.1)

Total Revenue:
Total revenue, GAAP-basis		$	2,950	$	3,034	$	2,990	$	3,053	$	3,081	$	2,953		(2.7)	%			(4.2)	%		$	5,984	$	6,034	0.8	%

Less: total other income(1)		—		(53)		—		(58)		—		—			nm				—			(53)		—		nm
Total revenue, excluding notable items		$	2,950	$	2,981	$	2,990	$	2,995	$	3,081	$	2,953		(0.9)				(4.2)			$	5,931	$	6,034	1.7

Expenses:
Total expenses, GAAP-basis		$	2,332	$	2,111	$	2,116	$	2,330	$	2,327	$	2,108		(0.1)	%			(9.4)	%		$	4,443	$	4,435	(0.2)	%
Less: Notable expense items:
Acquisition and restructuring costs(2)		(10)		(11)		(18)		(26)		(9)		(12)			9.1				33.3			(21)		(21)		—
Compensation and employee benefits		—		—		—		32		—		—			—				—			—		—		—
Occupancy		—		—		—		(29)		—		—			—				—			—		—		—
Repositioning (charges) / release		—		—		—		3		—		—			—				—			—		—		—
Deferred incentive compensation expense acceleration(3)		—		—		—		(147)		—		—			—				—			—		—		—
Legal and other		(29)		11		—		—		—		—			nm				—			(18)		—		nm
Total expenses, excluding notable items		2,293		2,111		2,098		2,160		2,318		2,096			(0.7)				(9.6)			4,404		4,414		0.2
Seasonal expenses		(176)		—		—		—		(208)		—			—				nm			(176)		(208)		18.2
Total expenses, excluding notable items and seasonal expenses		$	2,117	$	2,111	$	2,098	$	2,160	$	2,110	$	2,096		(0.7)				(0.7)			$	4,228	$	4,206	(0.5)

Fee Operating Leverage, GAAP-Basis:
Total fee revenue, GAAP-basis		$	2,483	$	2,514	$	2,504	$	2,511	$	2,573	$	2,370		(5.7)	%			(7.9)	%		$	4,997	$	4,943	(1.1)	%
Total expenses, GAAP-basis		2,332		2,111		2,116		2,330		2,327		2,108			(0.1)				(9.4)			4,443		4,435		(0.2)
Fee operating leverage, GAAP-basis															(560)		bps		150		bps					(90)		bps

Fee Operating Leverage, excluding notable items:
Total fee revenue, excluding notable items (as reconciled above)		$	2,483	$	2,514	$	2,504	$	2,511	$	2,573	$	2,370		(5.7)	%			(7.9)	%		$	4,997	$	4,943	(1.1)	%
Total expenses, excluding notable items (as reconciled above)		2,293		2,111		2,098		2,160		2,318		2,096			(0.7)				(9.6)			4,404		4,414		0.2
Fee operating leverage, excluding notable items															(500)		bps		170		bps					(130)		bps

Operating Leverage, GAAP-Basis:
Total revenue, GAAP-basis		$	2,950	$	3,034	$	2,990	$	3,053	$	3,081	$	2,953		(2.7)	%			(4.2)	%		$	5,984	$	6,034	0.8	%
Total expenses, GAAP-basis		2,332		2,111		2,116		2,330		2,327		2,108			(0.1)				(9.4)			4,443		4,435		(0.2)
Operating leverage, GAAP-basis															(260)		bps		520		bps					100		bps

Operating Leverage, excluding notable items:
Total revenue, excluding notable items (as reconciled above)		$	2,950	$	2,981	$	2,990	$	2,995	$	3,081	$	2,953		(0.9)	%			(4.2)	%		$	5,931	$	6,034	1.7	%
Total expenses, excluding notable items (as reconciled above)		2,293		2,111		2,098		2,160		2,318		2,096			(0.7)				(9.6)			4,404		4,414		0.2
Operating leverage, excluding notable items															(20)		bps		540		bps					150		bps



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

	Quarters																	% Change				Year-to-Date				% Change
(Dollars in millions, except earnings per share, or where otherwise noted)		1Q21			2Q21			3Q21			4Q21			1Q22		2Q22			2Q22 vs. 2Q21				2Q22 vs. 1Q22			2021			2022		YTD2022 vs. YTD2021
Net Income :
Net Income GAAP-basis		$	519		$	763		$	714		$	697		$	604	$	747		(2.1)	%			23.7	%		$	1,282		$	1,351	5.4
Less: Notable items
Total other income(1)		—			(53)			—			(58)			—		—										(53)			—
Acquisition and restructuring costs(2)		10			11			18			26			9		12										21		—	21
Repositioning charges / (release)		—			—			—			(3)			—		—										—		—	—
Deferred incentive compensation expense acceleration(3)		—			—			—			147			—		—										—			—
Legal and other		29			(11)			—			—			—		—										18		—	—
Tax impact of notable items		(10)			16			(5)			(29)			(2)		(3)										6		—	(5)
Net Income, excluding notable items		$	548		$	726		$	727		$	780		$	611	$	756		4.1				23.7			$	1,274		$	1,367	7.3

Net Income Available to Common Shareholders:
Net Income Available to Common Shareholders, GAAP-basis		$	489		$	728		$	693		$	662		$	583	$	712		(2.2)	%			22.1	%		$	1,217		$	1,295	6.4	%
Less: Notable items
Total other income(1)		—			(53)			—			(58)			—		—										(53)			—
Acquisition and restructuring costs(2)		10			11			18			26			9		12										21			21
Repositioning charges / (release)		—			—			—			(3)			—		—										—			—
Deferred incentive compensation expense acceleration(3)		—			—			—			147			—		—										—			—
Legal and other		29			(11)			—			—			—		—										18			—
Preferred securities redemption(4)		5			—			—			—			—		—										5			—
Tax impact of notable items		(10)			16			(5)			(29)			(2)		(3)										6			(5)
Net Income Available to Common Shareholders, excluding notable items		$	523		$	691		$	706		$	745		$	590	$	721		4.3				22.2			$	1,214		$	1,311	8.0

Diluted Earnings per Share:
Diluted earnings per share, GAAP-basis		$	1.37		$	2.07		$	1.96		$	1.78		$	1.57	$	1.91		(7.7)	%			21.7	%		$	3.44		$	3.48	1.2	%
Less: Notable items
Total other income(1)		—			(0.10)			—			(0.11)			—		—										(0.10)			—
Acquisition and restructuring costs(2)		0.02			0.02			0.04			0.05			0.02		0.03										0.04			0.04
Repositioning charges / (release)		—			—			—			(0.01)			—		—										—			—
Deferred incentive compensation expense acceleration(3)		—			—			—			0.29			—		—										—			—
Legal and other		0.06			(0.02)			—			—			—		—										0.04			—
Preferred securities redemption(4)		0.02			—			—			—			—		—										0.01			—
Diluted earnings per share, excluding notable items		$	1.47		$	1.97		$	2.00		$	2.00		$	1.59	$	1.94		(1.5)				22.0			$	3.43		$	3.52	2.6

Pre-tax Margin:
Pre-tax margin, GAAP-basis		21.3		%	30.9		%	29.3		%	23.9		%	24.5%		28.3%			(260)		bps		380		bps	26.2%			26.3%		10		bps
Less: Notable items
Total other income(1)		—			(1.2)			—			(1.4)			—		—										(0.7)			—
Acquisition and restructuring costs(2)		0.3			0.4			0.6			0.8			0.3		0.4										0.4			0.4
Repositioning charges		—			—			—			—			—		—										—			—
Deferred incentive compensation expense acceleration(3)		—			—			—			4.8			—		—										—			—
Legal and other		1.0			(0.4)			—			—			—		—										0.3			—
Pre-tax margin, excluding notable items		22.6%			29.7%			29.9%			28.1%			24.8%		28.7%			(100)				390			26.2%			26.7%		50




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)		1Q21		2Q21		3Q21		4Q21		1Q22		2Q22		2Q22 vs. 2Q21			2Q22 vs. 1Q22		2021	2022	YTD2022 vs. YTD2021
Return on Average Common Equity:
Return on average common equity, GAAP-basis		8.4	%	12.6	%	11.6	%	10.3	%	9.5	%	12.1%		(50)	bps		260	bps	10.5%	10.8%	30	bps
Less: Notable items
Total other income(1)		—		(1.0)		—		(0.9)		—		—							(0.5)	—
Acquisition and restructuring costs(2)		0.2		0.2		0.3		0.4		0.2		0.1							0.2	0.1
Repositioning charges		—		—		—		—		—		—							—	—
Deferred incentive compensation expense acceleration(3)		—		—		—		2.3		—		—							—	—
Legal and other		0.5		(0.2)		—		—		—		—							0.2	—
Preferred securities redemption(4)		0.1		—		—		—		—		—							—	—
Tax impact of notable items		(0.2)		0.3		(0.1)		(0.5)		—		—							0.1	—
Return on average common equity, excluding notable items		9.0%		11.9%		11.8%		11.6%		9.7%		12.2%		30			250		10.5%	10.9%	40

(1) Amount in 2021 consists of $58 million related to the sale of investment securities and $53 million gain on the sale of a majority share of our WMS business.
(2) Acquisition and restructuring costs of approximately $12 million in 2Q22, consisting of acquisition costs primarily related to BBH Investor Services.
(3) Amount in 2021 reflects $142 million related to the acceleration of expenses associated with certain cash settled deferred incentive compensation awards and $5 million related to employee benefits.
(4) We redeemed an aggregate of $500 million, or 5,000 of the 7,500 outstanding shares of our non-cumulative perpetual preferred stock, Series F, for cash at a redemption price of $100,000 per share (equivalent to $1,000 per depositary share) plus all declared and unpaid dividends on March 15, 2021.The difference between the redemption value and the net carrying value of approximately $5 million resulted in an EPS impact of approximately ($.02) per share in the first quarter of 2021.

nm Denotes not meaningful


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)	2Q21		1Q22		2Q22		2Q22 vs. 2Q21		2Q22 vs. 1Q22			2Q22 vs. 2Q21		2Q22 vs. 1Q22		2Q22 vs. 2Q21		2Q22 vs. 1Q22
GAAP-Basis Results:
Fee revenue:
Back office servicing fees	$	1,290	$	1,268	$	1,205	$	(38)	$	(18)		$	1,243	$	1,223	(3.6)	%	(3.5)	%
Middle office services	104		100		92		(3)		(1)			95		93		(8.7)		(7.0)
Servicing fees	1,394		1,368		1,297		(41)		(19)			1,338		1,316		(4.0)		(3.8)
Management fees	504		520		490		(9)		(5)			499		495		(1.0)		(4.8)
Foreign exchange trading services	286		359		331		—		—			331		331		15.7		(7.8)
Securities finance	109		96		107		(1)		—			108		107		(0.9)		11.5
Front office software and data	148		138		126		(1)		(1)			127		127		(14.2)		(8.0)
Lending related and other fees	63		63		62		—		—			62		62		(1.6)		(1.6)
Software and processing fees	211		201		188		(1)		(1)			189		189		(10.4)		(6.0)
Other fee revenue	10		29		(43)		1		—			(44)		(43)		nm		nm
Total fee revenue	2,514		2,573		2,370		(51)		(25)			2,421		2,395		(3.7)		(6.9)
Net interest income	467		509		584		(12)		(6)			596		590		27.6		15.9
Total other income	53		(1)		(1)		—		—			(1)		(1)		nm		nm
Total revenue	$	3,034	$	3,081	$	2,953	$	(63)	$	(31)		$	3,016	$	2,984	(0.6)		(3.1)

Expenses:
Compensation and employee benefits	$	1,077	$	1,232	$	1,046	$	(38)	$	(21)		$	1,084	$	1,067	0.6		(13.4)
Information systems and communications	398		423		392		(4)		(2)			396		394		(0.5)		(6.9)
Transaction processing services	263		264		240		(6)		(3)			246		243		(6.5)		(8.0)
Occupancy	100		95		96		(4)		(2)			100		98		—		3.2
Acquisition and restructuring costs	11		9		12		—		—			12		12		9.1		33.3
Amortization of other intangible assets	63		61		60		(2)		(1)			62		61		(1.6)		—
Other	199		243		262		(6)		(5)			268		267		34.7		9.9
Total expenses	$	2,111	$	2,327	$	2,108	$	(60)	$	(34)		$	2,168	$	2,142	2.7		(8.0)

Total expenses, excluding notable items - Non-GAAP	$	2,111	$	2,318	$	2,096	$	(60)	$	(34)		$	2,156	$	2,130	2.1		(8.1)
Total non-compensation expenses, excluding notable items - Non-GAAP(1)	$	1,034	$	1,086	$	1,050	$	(22)	$	(13)		$	1,072	$	1,063	3.7		(2.1)


GAAP-Basis YTD Comparison	Reported				Currency Translation Impact		Excluding Currency Impact		% Change Constant Currency
(Dollars in millions)	2021		2022		YTD2022 vs.YTD2021		2022		YTD2022 vs. YTD2021
GAAP-Basis Results:
Fee revenue:
Back office servicing fees	$	2,556	$	2,473	$	(58)	$	2,531	(1.0)		%
Middle office services	207		192		(4)		196		(5.3)
Servicing fees	2,763		2,665		(62)		2,727		(1.3)
Management fees	997		1,010		(13)		1,023		2.6
Foreign exchange trading services	632		690		—		690		9.2
Securities finance	208		203		(1)		204		(1.9)
Front office software and data	244		264		(1)		265		8.6
Lending related and other fees	127		125		(1)		126		(0.8)
Software and processing fees	371		389		(2)		391		5.4
Other fee revenue	26		(14)		(1)		(13)		nm
Total fee revenue	4,997		4,943		(79)		5,022		0.5
Net interest income	934		1,093		(18)		1,111		19.0
Total other income	53		(2)		3		(5)		nm
Total revenue	$	5,984	$	6,034	$	(94)	$	6,128	2.4

Expenses:
Compensation and employee benefits	$	2,319	$	2,278	$	(51)	$	2,329	0.4
Information systems and communications	819		815		(6)		821		0.2
Transaction processing services	533		504		(8)		512		(3.9)
Occupancy	209		191		(7)		198		(5.3)
Acquisition and restructuring costs	21		21		—		21		—
Amortization of other intangible assets	121		121		(3)		124		2.5
Other	421		505		(10)		515		22.3
Total expenses	$	4,443	$	4,435	$	(85)	$	4,520	1.7

Total expenses, excluding notable items - Non-GAAP	$	4,404	$	4,414	$	(85)	$	4,499	2.2
Total non-compensation expenses, excluding notable items - Non-GAAP(1)	$	2,085	$	2,136	$	(34)	$	2,170	4.1

(1) Total non-compensation expenses, excluding notable items is comprised of total expenses, excluding notable items - Non-GAAP, less compensation and employee benefits (as shown above).
nm Denotes not meaningful


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

The tangible common equity, or TCE, ratio is a capital ratio that management believes provides context useful in understanding and assessing State Street's capital adequacy. The TCE ratio is calculated by dividing consolidated average common shareholders’ equity by average consolidated total assets, after reducing both amounts by average goodwill and average other intangible assets net of related deferred taxes. Total assets reflected in the TCE ratio also exclude average cash balances on deposit at the Federal Reserve Bank and other central banks in excess of required reserves. The TCE ratio is not required by GAAP or by banking regulations, but is a metric used by management to evaluate the adequacy of State Street’s capital levels. Since there is no authoritative requirement to calculate the TCE ratio, our TCE ratio is not necessarily comparable to similar capital measures disclosed or used by other companies in the financial services industry. Average tangible common equity and adjusted average tangible assets are non-GAAP financial measures and should be considered in addition to, not as a substitute for or superior to, financial measures determined in accordance with GAAP or other applicable requirements. Reconciliations with respect to the calculation of the TCE ratios are provided within the Reconciliation of Tangible Common Equity Ratio within this package.
The following table presents the calculation of State Street's ratios of tangible common equity to total tangible assets.
		Quarters
(Dollars in millions)		1Q21			2Q21			3Q21			4Q21			1Q22			2Q22
Average consolidated total assets		$	296,328		$	308,195		$	291,459		$	303,007		$	295,010		$	291,435
Less:
Average goodwill		7,662			7,652			7,621			7,628			7,599			7,501
Average other intangible assets		1,798			1,987			1,901			1,850			1,782			1,693
Average cash balances held at central banks in excess of required reserves		92,207			97,257			77,207			83,931			73,339			71,714
Plus related deferred tax liabilities		489			490			495			499			499			494
Average tangible assets	A	$	195,150		$	201,789		$	205,225		$	210,097		$	212,789		$	211,021
Average consolidated common shareholders' equity		$	23,583		$	23,252		$	23,791		$	25,393		$	24,791		$	23,687
Less:
Average goodwill		7,662			7,652			7,621			7,628			7,599			7,501
Average other intangible assets		1,798			1,987			1,901			1,850			1,782			1,693

Plus related deferred tax liabilities		489			490			495			499			499			494
Average tangible common equity	B	$	14,612		$	14,103		$	14,764		$	16,414		$	15,909		$	14,987
Average tangible common equity ratio	B/A	7.5		%	7.0		%	7.2		%	7.8		%	7.5		%	7.1		%

GAAP-basis:
Net income available to common shareholders		$	489		$	728		$	693		$	662		$	583		$	712
Return on tangible common equity - Non-GAAP		13.4		%	17.3		%	17.3		%	15.7		%	14.7		%	17.3		%


STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
REGULATORY CAPITAL

		Basel III Advanced Approaches(1)																		Basel III Standardized Approach(2)
(Dollars in millions)		1Q21			2Q21			3Q21			4Q21			1Q22			2Q22				1Q21			2Q21			3Q21			4Q21			1Q22			2Q22
Ratios and Supporting Calculations:







Common equity tier 1 capital	A	$	13,443		$	13,691		$	15,831		$	15,947		$	15,026		$	14,882			$	13,443		$	13,691		$	15,831		$	15,947		$	15,026		$	14,882
Total risk-weighted assets	B	113,051			116,458			114,878			111,398			114,969			110,480				124,324			121,922			117,229			111,667			126,725			115,404
Common equity tier 1 risk-based capital ratio	A/B	11.9		%	11.8		%	13.8		%	14.3		%	13.1		%	13.5		%		10.8		%	11.2		%	13.5		%	14.3		%	11.9		%	12.9		%

Tier 1 capital	C	$	15,419		$	15,667		$	17,807		$	17,923		$	17,002		$	16,858			$	15,419		$	15,667		$	17,807		$	17,923		$	17,002		$	16,858
Tier 1 risk-based capital ratio	C/B	13.6		%	13.5		%	15.5		%	16.1		%	14.8		%	15.3		%		12.4		%	12.9		%	15.2		%	16.1		%	13.4		%	14.6		%

Total capital	D	$	17,220		$	17,259		$	19,397		$	19,511		$	18,588		$	18,239			$	17,355		$	17,379		$	19,514		$	19,619		$	18,693		$	18,352
Total risk-based capital ratio	D/B	15.2		%	14.8		%	16.9		%	17.5		%	16.2		%	16.5		%		14.0		%	14.3		%	16.6		%	17.6		%	14.8		%	15.9		%

Tier 1 capital	E	$	15,419		$	15,667		$	17,807		$	17,923		$	17,002		$	16,858			$	15,419		$	15,667		$	17,807		$	17,923		$	17,002		$	16,858
Leverage exposure(3)	F	285,480			298,682			281,952			293,567			285,788			282,526				285,480			298,682			281,952			293,567			285,788			282,526
Tier 1 leverage ratio	E/F	5.4		%	5.2		%	6.3		%	6.1		%	5.9		%	6.0		%		5.4		%	5.2		%	6.3		%	6.1		%	5.9		%	6.0		%

On-and off-balance sheet leverage exposure		223,451			241,743			246,609			251,879			264,616			263,538				223,451			241,743			246,609			251,879			264,616			263,538
Less: regulatory deductions		(9,586)			(9,500)			(9,507)			(9,440)			(9,222)			(8,909)				(9,586)			(9,500)			(9,507)			(9,440)			(9,222)			(8,909)
Total leverage exposure for SLR	G	213,865			232,243			237,102			242,439			255,394			254,629				213,865			232,243			237,102			242,439			255,394			254,629
Supplementary leverage ratio(4)	E/G	7.2		%	6.7		%	7.5		%	7.4		%	6.7		%	6.6		%		7.2		%	6.7		%	7.5		%	7.4		%	6.7		%	6.6		%

(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, 2022 are estimates.
(2) CET1, tier 1 capital, total capital and tier 1 leverage ratios for each period above were calculated in conformity with the standardized approach provisions of the Basel III final rule. Capital ratios as of June 30, 2022 are estimates.
(3) Leverage exposure is equal to average consolidated total assets less applicable Tier 1 capital deductions.
(4) We are subject to a minimum Supplementary Leverage Ratio or SLR of 3%, and as a U.S. G-SIB, we must maintain a 2% SLR buffer in order to avoid any limitations on distributions to shareholders and discretionary bonus payments to certain executives.


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

(Dollars in millions)			2018(1)			2019			2020			2021
Total revenue:
Total revenue, GAAP-basis			$	12,131		$	11,756		$	11,703		$	12,027
		Less: Total other income	—			(44)			—			(111)

		Add: Legal and other	8			—			—			—

Total revenue, excluding notable items			12,139			11,712			11,703			11,916

Provision for credit losses			15			10			88			(33)
Total expenses:
Total expenses, GAAP-basis			9,015			9,034			8,716			8,889
	Less:
		Acquisition and restructuring costs	(24)			(77)			(50)			(65)
		Deferred incentive compensation expense acceleration	—			—			—			(147)
		Legal and other	(42)			(172)			9			(18)
		Repositioning (charges) / release(1)	(324)			(110)			(133)			3
Total expenses, excluding notable items			8,625			8,675			8,542			8,662
Income before income tax expense, excluding notable items			$	3,499		$	3,027		$	3,073		$	3,287

Income before income tax expense, GAAP-basis			$	3,101		$	2,712		$	2,899		$	3,171

Pre-tax margin, excluding notable items			28.8		%	25.8		%	26.3		%	27.6		%
Pre-tax margin, GAAP-basis			25.6			23.1			24.8			26.4

(1) Includes charges in 2018 that were previously disclosed as "Business exit: Channel Islands".