Attachment: 8-K

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						Exhibit 99.1 State Street Corporation One Lincoln Street Boston, MA 02111 NYSE: STT www.statestreet.com

Boston, MA… July 17, 2020 News Release

STATE STREET REPORTS SECOND-QUARTER 2020 EPS OF $1.86, UP 31% YEAR-ON-YEAR
% changes noted below reflect year-over-year 2Q comparisons

TOTAL FEE REVENUE UP 5% WITH SOFTWARE AND PROCESSING FEES UP SIGNIFICANTLY

FX TRADING SERVICES FEES UP 26%

SERVICING FEES UP 2%

EXPENSES DOWN (3)%

PRE-TAX MARGIN OF 27.3%, UP 2.3% POINTS

Ron O'Hanley, Chairman and Chief Executive Officer: "Our second quarter results again reflect the strength of our business model and the dedication and talent of our employees. Amid a very challenging operating environment, we achieved growth in servicing fees year-on-year, strong business wins, and continuing demand for Charles River Development solutions and our State Street Alpha front-to-back asset servicing platform. With volatility still heightened, foreign exchange trading services revenue also increased year-on-year. We provided comprehensive support to clients, employees, and communities while also realizing operational efficiencies and reducing expenses." O'Hanley added: "Although the shape of the economic recovery remains uncertain, we remain focused on being an essential partner to our clients and a high performing organization. Our capital position remains strong, as evidenced by the Federal Reserve's most recent stress test, and we are confident in our ability to continue to operate effectively, help stabilize the financial markets as needed, and support our clients with our balance sheet. As we continue to navigate this extraordinarily challenging time, we are creating a strong foundation for future growth and are well positioned to return capital to shareholders."

FINANCIAL HIGHLIGHTS

(Table presents summary results, dollars in millions, except per share amounts, or where otherwise noted)			2Q20						1Q20						2Q19						% QoQ									% YoY
Income statement:
Total fee revenue			$	2,378					$	2,399					$	2,260					(0.9)		%							5.2		%
Net interest income			559						664						613						(15.8)									(8.8)
Other income			—						2						—						nm									—
Total revenue			2,937						3,065						2,873						(4.2)									2.2
Provision for credit losses(1)			52						36						5						44.4									nm
Total expenses			2,082						2,255						2,154						(7.7)									(3.3)
Net income			694						634						587						9.5									18.2
Financial ratios and other metrics:
Diluted earnings per share			$	1.86					$	1.62					$	1.42					14.8		%							31.0		%
Return on average common equity			12.1		%				10.9		%				10.1		%				120			bps						200			bps
Pre-tax margin			27.3						25.3						25.0						200									230
AUC/A ($ billions)			33,515						31,864						32,754						5.2		%							2.3		%
AUM ($ billions)			3,054						2,689						2,918						13.6									4.7

⁽¹⁾Prior to the adoption of ASU 2016-13, the provision for unfunded commitments was recorded within other expenses in the consolidated statement of income. Upon adoption of ASU 2016-13 in 1Q20, the entire provision for credit losses is recorded within provision for credit losses in the consolidated statement of income. For purposes of this presentation, provision for credit losses includes $4 million for 2Q19 for unfunded commitments included within other expenses. See Allowance for credit losses within the Addendum to this News Release.

nm = not meaningful

Investor Contact: Ilene Fiszel Bieler +1 617/664-3477    Media Contact: Carolyn Cichon +1 617/664-8672

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2Q20 HIGHLIGHTS

(all comparisons are to 2Q19, unless otherwise noted)

AUC/A and AUM

•Investment Servicing AUC/A as of quarter-end increased 2% to $33.5 trillion, primarily due to higher period-end market levels and client flows, partially offset by a previously announced client transition.

•Investment Management AUM as of quarter-end increased 5% to $3.1 trillion, primarily due to net inflows from cash and ETFs and higher period-end equity market levels, partially offset by institutional net outflows.

New business

•Investment Servicing mandates announced in 2Q20 totaled $162 billion, with quarter-end servicing assets remaining to be installed in future periods of $1.0 trillion.

•Investment Management net inflows in 2Q20 of $23 billion were driven by cash and ETF inflows, partially offset by institutional outflows.

•Charles River Development (CRD) 2Q20 new bookings of $3 million with strong front-to-back State Street Alpha^SM pipeline.

Revenue

•Fee revenue increased 5%, largely due to stronger CRD revenues, including a significant client implementation and several client renewals, elevated FX volume and volatility, and improving servicing fees, partially offset by a decline in securities finance revenue and lower average international equity markets.

•Net interest income (NII) decreased (9)%, primarily due to the impact of lower market rates, partially offset by stronger deposit balances and our participation in the Money Market Mutual Fund Liquidity Facility (MMLF) program.

◦Compared to 1Q20, NII decreased (16)%, largely driven by the impact of lower market rates and the absence of 1Q20 episodic market-related benefits, partially offset by our participation in the MMLF program.

Provision for credit losses

•Total provision for credit losses, calculated under the Current Expected Credit Loss (CECL) accounting standard, increased $47 million primarily due to the impact of COVID-19 driven changes in State Street's economic outlook and ratings migrations as of quarter-end.

Expenses

•Total expenses were down (3)%, reflecting ongoing expense management initiatives. Quarter-end headcount was down (1)% year-on-year. Progress in driving increased productivity and cost efficiency enabled controlled investments to support our operations, client needs, and technology innovation.

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Notable items

(Dollars in millions, except EPS amounts)			Quarters
						2Q20			1Q20			2Q19
Acquisition and restructuring costs			(12)			(11)			(12)
Notable items (pre-tax)			$	(12)		$	(11)		$	(12)
Preferred securities redemption (after-tax) (a)			—			(9)			—
EPS impact ($s)			$	(0.02)		$	(0.05)		$	(0.03)

Capital

•ROE of 12.1% in 2Q20, increased 2.0% points compared to 2Q19 and increased 1.2% points compared to 1Q20.

•Preliminary Common Equity Tier 1 (CET1) of 12.3% (Standardized), Tier 1 Leverage ratio of 6.1% and Supplementary Leverage ratio (SLR) of 8.3% ^(b) at quarter-end.

•Returned $183 million to shareholders in 2Q20 in the form of common share dividends.

^(a) $9 million included in dividends on preferred stock impacting net income available to common shareholders in 1Q20 was related to the redemption of all outstanding Series C preferred stock.

^(b) Section 402 central bank deposits rule changes came into effect on April 1, 2020.

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MARKET DATA

The following table provides a summary of selected financial information, including market indices and foreign exchange rates.

(Dollars in billions, except market indices and foreign exchange rates)			2Q20						1Q20						2Q19						% QoQ						% YoY
Assets under Custody and/or Administration (AUC/A)(1) (2)			$	33,515					$	31,864					$	32,754					5.2		%				2.3		%
Assets under Management (AUM)(2)			3,054						2,689						2,918						13.6						4.7
Market Indices:(3)
S&P 500 daily average			2,932						3,056						2,882						(4.1)						1.7
S&P 500 EOP			3,100						2,585						2,942						19.9						5.4
MSCI EAFE daily average			1,681						1,868						1,888						(10.0)						(11.0)
MSCI EAFE EOP			1,781						1,560						1,922						14.2						(7.3)
MSCI Emerging Markets daily average			930						1,030						1,045						(9.7)						(11.0)
MSCI Emerging Markets EOP			995						849						1,055						17.2						(5.7)
Barclays Capital Global Aggregate Bond Index EOP			527						510						506						3.3						4.2
Foreign Exchange Volatility Indices:(3)
JPM G7 Volatility Index daily average			8.2						7.2						6.1						13.9						34.4
JPM Emerging Market Volatility Index daily average			11.1						8.3						8.4						33.7						32.1
Average Foreign Exchange Rate:
Euro vs. USD			1.101						1.103						1.123						(0.2)						(2.0)
GBP vs. USD			1.242						1.280						1.285						(3.0)						(3.3)

⁽¹⁾ Includes assets under custody of $25,399 billion, $23,812 billion, and $24,771 billion, as of 2Q20, 1Q20, and 2Q19, respectively.

⁽²⁾ As of period-end.

⁽³⁾ The index names listed in the table are service marks of their respective owners.

INDUSTRY FLOW DATA

The following table represents industry flow data.

(Dollars in billions)									2Q20			1Q20			4Q19			3Q19			2Q19
North America - ICI Market Data:(1)
Long Term Funds									$	(31.1)		$	(339.6)		$	(51.2)		$	(51.6)		$	(38.2)
Money Market									258.4			786.3			168.7			224.5			137.0
ETF									143.9			72.5			126.5			84.8			65.4
Total ICI Flows									$	371.2		$	519.2		$	244.0		$	257.7		$	164.2
Europe - Broadridge Market Data:(1)(2)
Long Term Funds									$	80.5		$	(256.4)		$	143.9		$	49.4		$	27.5
Money Market									92.4			12.2			(12.1)			78.9			1.6
Total Broadridge Flows									$	172.9		$	(244.2)		$	131.8		$	128.3		$	29.1

⁽¹⁾ Industry data is provided for illustrative purposes only and is not intended to reflect the Company's or its clients' activity.

⁽²⁾ 2Q20 data is on a rolling 3 month basis and includes March 2020 through May 2020 for EMEA (Copyright 2020 Broadridge Financial Solutions, Inc.).

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INVESTMENT SERVICING AUC/A

The following table presents AUC/A information by product and financial instrument.

(Dollars in billions)			2Q20			1Q20			2Q19			% QoQ			% YoY
Assets Under Custody and/or Administration(1)
By Product Classification:
Mutual funds			$	9,155		$	8,056		$	8,645		13.6		%	5.9		%
Collective funds, including ETFs			9,111			8,662			9,272			5.2			(1.7)
Pension products			6,694			6,730			6,542			(0.5)			2.3
Insurance and other products			8,555			8,416			8,295			1.7			3.1
Total Assets Under Custody and/or Administration			$	33,515		$	31,864		$	32,754		5.2		%	2.3		%
By Financial Instrument:
Equities			$	18,190		$	16,267		$	18,504		11.8		%	(1.7)		%
Fixed-income			11,342			11,096			10,089			2.2			12.4
Short-term and other investments			3,983			4,501			4,161			(11.5)			(4.3)
Total Assets Under Custody and/or Administration			$	33,515		$	31,864		$	32,754		5.2		%	2.3		%

⁽¹⁾ As of period-end.

INVESTMENT MANAGEMENT AUM

The following tables present 2Q20 activity in AUM by product category.

(Dollars in billions)			Equity			Fixed- Income			Cash			Multi-Asset Class Solutions			Alternative Investments(1)						Total
Beginning balance as of March 31, 2020			$	1,561		$	458		$	364		$	141		$	165					$	2,689
Net asset flows:
Long-term institutional(2)			(17)			(10)			—			1			(5)						(31)
ETF			8			9			(2)			—			11						26
Cash fund			—			—			28			—			—						28
Total flows, net			$	(9)		$	(1)		$	26		$	1		$	6					$	23
Market appreciation/(depreciation)			283			17			(1)			15			10						324
Foreign exchange impact			10			2			1			1			4						18
Total market/foreign exchange impact			$	293		$	19		$	—		$	16		$	14					$	342
Ending balance as of June 30, 2020			$	1,845		$	476		$	390		$	158		$	185					$	3,054

(Dollars in billions)									2Q20			1Q20			4Q19			3Q19			2Q19
Beginning balance									$	2,689		$	3,116		$	2,953		$	2,918		$	2,805
Net asset flows:
Long-term institutional(2)									(31)			10			(16)			(14)			16
ETF									26			(3)			24			12			1
Cash fund									28			32			(11)			15			3
Total flows, net									$	23		$	39		$	(3)		$	13		$	20
Market appreciation/(depreciation)									324			(436)			149			40			86
Foreign exchange impact									18			(30)			17			(18)			7
Total market and foreign exchange impact									$	342		$	(466)		$	166		$	22		$	93
Ending balance									$	3,054		$	2,689		$	3,116		$	2,953		$	2,918

⁽¹⁾ Includes real estate investment trusts, currency and commodities, including SPDR® Gold Shares and SPDR® Gold MiniSharesSM Trust, for which we are not the investment manager but act as the marketing agent.

⁽²⁾ Amounts represent long-term portfolios, excluding ETFs.

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REVENUE

(Dollars in millions)			2Q20			1Q20			2Q19						% QoQ									% YoY
Servicing fees			$	1,272		$	1,287		$	1,252					(1.2)		%							1.6		%
Management fees			425			449			441						(5.3)									(3.6)
Foreign exchange trading services			344			459			273						(25.1)									26.0
Securities finance revenue			92			92			126						—									(27.0)
Software and processing fees			245			112			168						118.8									45.8
Total fee revenue			$	2,378		$	2,399		$	2,260					(0.9)									5.2
Net interest income			559			664			613						(15.8)									(8.8)
Other income			—			2			—						nm									nm
Total Revenue			$	2,937		$	3,065		$	2,873					(4.2)									2.2
Net interest margin (FTE)(c)			0.93		%	1.30		%	1.38		%				(37)			bps						(45)			bps

Servicing fees were up 2% compared to 2Q19, primarily driven by higher client activity and net new business, partially offset by moderating pricing headwinds. Servicing fees were down (1)% compared to 1Q20, largely due to lower average market levels, partially offset by higher client activity.

Management fees decreased (4)% compared to 2Q19, mainly due to institutional net outflows, partially offset by net inflows to cash and ETFs, particularly in SPDR® Portfolio and Sector ETFs. Management fees decreased (5)% compared to 1Q20, mainly due to lower average equity market levels and institutional net outflows, partially offset by net inflows from cash and ETF.

Foreign exchange trading services increased 26% compared to 2Q19, mainly reflecting significantly elevated FX volume and volatility. Foreign exchange trading services decreased (25)% compared to 1Q20, mainly reflecting lower FX volume and volatility.

Securities finance decreased (27)% compared to 2Q19, primarily driven by lower agency spreads and dividend activity and client deleveraging in Enhanced Custody. Securities finance was flat compared to 1Q20.

Software and processing fees increased 46% compared to 2Q19 and increased 119% compared to 1Q20, each mainly due to revenue associated with a significant wealth client implementation and several client renewals, as well as market-related adjustments. CRD contributed $134 million of revenue on a consolidated basis in 2Q20^(d).

Net interest income (NII) decreased (9)% compared to 2Q19, primarily due to the impact of lower market rates, partially offset by stronger deposit balances and our participation in the MMLF program. NII decreased (16)% compared to 1Q20, largely driven by the impact of lower market rates and the absence of 1Q20 episodic market-related benefits, partially offset by our participation in the MMLF program. Net interest margin (NIM)^(c) decreased (45) basis points compared to 2Q19 and decreased (37) basis points compared to 1Q20, primarily due to lower NII and an increase in interest-earning assets from higher average deposit levels and MMLF balances.

^(c) NIM is presented on a fully taxable-equivalent (FTE) basis. Refer to the Addendum for reconciliations of our FTE-basis presentation.

^(d) See In This News Release for an explanation and reconciliation of CRD consolidated revenue.

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PROVISION FOR CREDIT LOSSES

(Dollars in millions)			2Q20			1Q20			2Q19						% QoQ																		% YoY
Allowance for credit losses:
Beginning balance			$	124		$	93		$	83					33.3		%																49.4		%
Provision for credit losses			52			36			5						44.4																		nm
Charge-offs			(14)			(5)			—						nm																		nm
Other(1)			1			—			—						nm																		nm
Ending Balance			$	163		$	124		$	88					31.5		%																85.2		%
(1) Consists primarily of FX translation

Total provision for credit losses, calculated under the CECL accounting standard increased $47 million compared to 2Q19 and $16 million compared to 1Q20, primarily due to the impact of COVID-19 driven changes in State Street's economic outlook as of quarter-end and ratings migrations.

EXPENSES

(Dollars in millions)			2Q20			1Q20			2Q19						% QoQ									% YoY
Compensation and employee benefits			$	1,051		$	1,208		$	1,084					(13.0)		%							(3.0)		%
Information systems and communications			376			385			365						(2.3)									3.0
Transaction processing services			233			254			245						(8.3)									(4.9)
Occupancy			109			109			115						—									(5.2)
Acquisition and restructuring costs			12			11			12						9.1									—
Amortization of other intangible assets			58			58			59						—									(1.7)
Other			243			230			274						5.7									(11.3)
Total Expenses			$	2,082		$	2,255		$	2,154					(7.7)		%							(3.3)		%
Total expenses, excluding notable items and seasonal expenses			$	2,070		$	2,093		$	2,142					(1.1)									(3.4)
Effective tax rate			13.6		%	18.1		%	18.1		%				(450)			bps						(450)						bps

Compensation and employee benefits decreased (3)% compared to 2Q19, primarily driven by lower salaries and headcount. Compensation and employee benefits were down (13)% compared to 1Q20, primarily driven by the absence of 1Q20 seasonal compensation expenses, lower headcount, and lower employee medical costs.

Information systems and communications increased 3% compared to 2Q19, largely reflecting software costs and technology infrastructure investments, partially offset by vendor savings. Information systems and communications was down (2)% compared to 1Q20, reflecting third party vendor credits.

Transaction processing services decreased (5)% compared to 2Q19 and (8)% compared to 1Q20, each primarily reflecting lower market data costs and sub-custody savings.

Occupancy decreased (5)% compared to 2Q19, primarily due to footprint optimization. Occupancy was flat compared to 1Q20.

Other expenses decreased (11)% compared to 2Q19, mainly driven by lower marketing spend and travel, partially offset by professional fees. Other expenses were up 6% compared to 1Q20, primarily due to higher State Street Foundation funding and professional fees, partially offset by lower marketing spend and travel.

The effective tax rate in 2Q20 was 13.6% compared to 18.1% in 2Q19 and 18.1% in 1Q20. Compared to both periods, the effective tax rate decreased primarily due to the use of foreign tax credits.

CAPITAL AND LIQUIDITY

The following table presents preliminary estimates of regulatory capital ratios for State Street Corporation.

June 30, 2020						2Q20			1Q20			2Q19
Basel III Standardized Estimated:
Common Equity Tier 1 ratio						12.3		%	10.7		%	11.5		%
Tier 1 capital ratio						14.6			12.9			14.9
Total capital ratio						15.7			14.1			15.5
Basel III Advanced Approaches:
Common Equity Tier 1 ratio						12.7			11.1			12.3
Tier 1 capital ratio						15.1			13.4			15.9
Total capital ratio						16.0			14.5			16.6
Tier 1 leverage ratio						6.1			6.1			7.6
Supplementary leverage ratio(1)						8.3			5.4			6.7
Liquidity coverage ratio						109		%	109		%	111		%

⁽¹⁾ Under the Section 402 central bank deposits rule changes that came into effect on April 1, 2020, 1Q20 SLR would have been 7.1%.

Standardized capital ratios were binding for the period. Standardized CET1 ratio increased compared to 1Q20, primarily due to higher retained earnings and lower risk-weighted assets as period-end market volatility abated. Tier 1 Leverage ratio was flat quarter-on-quarter while the SLR increased compared to 1Q20, primarily reflecting the impact of regulatory rule changes.

Preliminary average liquidity coverage ratio (LCR) for State Street Corporation of approximately 109%, which is in line with prior periods.

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INVESTOR CONFERENCE CALL AND QUARTERLY WEBSITE DISCLOSURE

State Street will webcast an investor conference call today, Friday, July 17th, 2020, at 10:00 a.m. EDT, available at http://investors.statestreet.com/. The conference call will also be available via telephone, at (833) 380-0399 or (236) 714-2093. The Conference ID# is 2676079.

Recorded replays of the conference call will be available on the website and by telephone at (800) 585-8367 or (416) 621-4642 beginning approximately two hours after the call's completion. The Conference ID# is 2676079.

The telephone replay will be available for approximately two weeks following the conference call. This News Release, presentation materials referred to on the conference call and additional financial information are available on State Street's website, at http://investors.statestreet.com/ under “Investor Relations--Investor News & Events" and under the title “Events and Presentations.”

State Street intends to publish updates to its public disclosure regarding regulatory capital, as required by the Basel III final rule, and the liquidity coverage ratio, on a quarterly basis on its website at http:// investors.statestreet.com/, under "Filings & Reports." Those updates will be published each quarter, during the period beginning after State Street's public announcement of its quarterly results of operations and ending on or prior to the due date under applicable bank regulatory requirements (i.e., ordinarily, ending no later than 60 days following year-end or 45 days following each other quarter-end, as applicable). For 2Q20, State Street expects to publish its updates during the period beginning today and ending on or about August 31, 2020.

State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $33.52 trillion in assets under custody and/or administration and $3.05 trillion* in assets under management as of June 30, 2020, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

* Assets under management as of June 30, 2020 includes approximately $67 billion of assets with respect to which State Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as marketing agent; SSGA FD and State Street Global Advisors are affiliated.

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IN THIS NEWS RELEASE:

•Expenses and other measures are sometimes presented excluding notable items. This is a non-GAAP presentation. See the Addendum to this News Release for an explanation and reconciliations of our non-GAAP measures.

•Prior to the adoption of ASU 2016-13, the provision for unfunded commitments was recorded within other expenses in the consolidated statement of income. Upon adoption of ASU 2016-13 in 1Q20, the entire provision for credit losses is recorded within provision for credit losses in the consolidated statement of income. For purposes of this presentation on a like-for-like basis, the provision for credit losses includes $4 million for 2Q19 for unfunded commitments included within other expenses.  See Allowance for credit losses within the Addendum to this News Release.

•CRD annual contract value bookings, as presented in this News Release, represent signed annual recurring revenue contract value excluding bookings with affiliates, including SSGA. CRD revenue derived from affiliate agreements is eliminated in consolidation for financial reporting purposes.

•For 2Q20, on a consolidated basis, CRD revenue contributed $138 million, including $134 million in Software and processing fees and $4 million in FX trading services.

•Revenue and pre-tax income reflects the application of ASC 606. Revenue recognition under ASC 606 results in the acceleration of a significant portion of revenues for on-premise software agreements when a client goes live or renews their contract with us. The amount of revenue recognized in any given quarter will be driven in large part by client activity, including agreements that renew or are installed in that quarter.

•New asset servicing mandates, including announced front-to-back investment servicing clients, may be subject to completion of definitive agreements, approval of applicable boards and shareholders and customary regulatory approvals. New asset servicing mandates and servicing assets remaining to be installed in future periods exclude new business which has been contracted, but for which the client has not yet provided permission to publicly disclose and is not yet installed. These excluded assets, which from time to time may be significant, will be included in new asset servicing mandates and reflected in servicing assets remaining to be installed in the period in which the client provides its permission. Servicing mandates and servicing assets remaining to be installed in future periods are presented on a gross basis and therefore also do not include the impact of clients who have notified us during the period of their intent to terminate or reduce their relationship with State Street, which from time to time may be significant.

•New business in assets to be serviced is reflected in our AUC/A after we begin servicing the assets, and new business in assets to be managed is reflected in our AUM after we begin managing the assets. As such, only a portion of any new asset servicing and asset management mandates may be reflected in our AUC/A and AUM as of any particular date specified. Generally, our servicing fee revenues are affected by several factors, including changes in market valuations, client activity and asset flows, net new business and the manner in which we price our services. We provide a range of services to our clients, including core custody services, accounting, reporting and administration and middle office services, and the nature and mix of services provided affects our servicing fees. The basis for fees will differ across regions and clients. The industry in which we operate has historically faced pricing pressure, and our servicing fee revenues are also affected by such pressures today. Consequently, no assumption should be drawn as to future revenue run rate from announced servicing wins or new servicing business yet to be installed, as the amount of revenue associated with AUC/A can vary materially. Management fees generally are affected by our level of AUM and differ based upon the nature, type and investment strategy of the investment product. Management fee revenue is more sensitive to market valuations than servicing fee revenue, as a higher proportion of the underlying services provided, and the associated management fees earned, are dependent on equity and fixed-income security valuations. Additional factors, such as the relative mix of assets managed, may have a significant effect on our management fee revenue. While certain management fees are directly determined by the values of AUM and the investment strategies employed, management fees may reflect other factors, including performance fee arrangements, as well as our relationship pricing for clients.

•State Street’s common stock and other stock dividends, including the declaration, timing and amount, remain subject to consideration and approval by State Street’s Board of Directors at the relevant times.

•Process re-engineering and automation savings, as presented in this News Release, can include high-cost location workforce reductions, reducing manual/bespoke activities, reducing redundant activities, streamlining operational centers and moves to common platforms/retiring legacy applications. Resource discipline benefits, as presented in this News Release, can include reducing senior management headcount, rigorous performance management, vendor management and optimization of real estate.

•Distribution fees from the SPDR® Gold ETF and the SPDR® Long Dollar Gold Trust ETF are recorded in brokerage and other fee revenue and not in management fee revenue.

•Unless otherwise noted, all capital ratios referenced on this News Release and elsewhere in this presentation refer to State Street Corporation, or State Street, and not State Street Bank and Trust Company, or State Street Bank. The lower of capital ratios calculated under the Basel III advanced approaches and under the Basel III standardized approach are applied in the assessment of our capital adequacy for regulatory purposes. Standardized ratios were binding for 2Q20. Refer to the Addendum included with this News Release for additional information.

•All earnings per share amounts represent fully diluted earnings per common share.

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•Return on average common shareholders' equity is determined by dividing annualized net income available to common equity by average common shareholders' equity for the period.

•Return on tangible equity is determined by dividing annualized, year-to-date net income available to common equity by total tangible common equity. Refer to the Addendum included with this News Release for details.

•Quarter-over-quarter (QoQ) is a sequential quarter comparison. Year-on-year (YoY) is the current period compared to the same period a year ago.

•"AUC/A" denotes Assets Under Custody and/or Administration; "AUC" denotes Assets Under Custody; "AUM" denotes Assets Under Management; "nm" denotes not meaningful; "EOP" denotes end of period.

•"FTE" denotes fully taxable-equivalent basis; NIM is presented on an FTE-basis. Refer to the Addendum for reconciliations of our FTE-basis presentation.

•Industry data is provided for illustrative purposes only and is not intended to reflect State Street's or its clients' activity and is indicative of only selected segments of the entire industry.

^◦Investment Company Institute (ICI) data includes long term funds, ETFs and money market funds, as well as funds not registered under the Investment Company Act of 1940. Mutual fund data represents estimates of net new cash flow, which is new sales minus redemptions combined with net exchanges, while exchange-traded fund (ETF) data represents net issuance, which is gross issuance less gross redemptions. Data for mutual funds that invest primarily in other mutual funds and ETFs that invest primarily in other ETFs were excluded from the series. ICI classifies mutual funds and ETFs based on language in the fund prospectus. The long term fund flows reported by ICI are composed of North America Market flows mainly in Equities, Hybrids and Fixed Income Asset Classes. 2Q20 represents the three month period from April 2020 through June 2020, the last date for which information is available with June 2020 estimates.

◦Broadridge flows data © Copyright 2020, Broadridge Financial Solutions, Inc. Funds of funds have been excluded from Broadridge data (to avoid double counting). Therefore, a market total is the sum of all the investment categories excluding the three funds of funds categories (in-house, ex-house and hedge). ETFs are included in Broadridge’s database on mutual funds, but this excludes exchange-traded commodity products that are not mutual funds.

◦The long term fund flows reported by ICI are composed of North America Market flows mainly in Equities, Hybrids and Fixed Income Asset Classes. The long term fund flows reported by Broadridge are composed of EMEA Market flows mainly in Equities, Fixed Income, and Multi Asset Classes.

•We adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments on January 1, 2020, Allowance for Credit Losses. Prior to 2020, we recognized an allowance for loan losses under an incurred loss model. Upon adoption, we increased the allowance and reduced retained earnings by approximately $2.6 million.

◦Prior to the adoption of ASU 2016-13, the provision for unfunded commitments was recorded within other expenses in the consolidated statement of income. Upon adoption of ASU 2016-13 in 1Q20, the entire provision for credit losses is recorded within provision for credit losses in the consolidated statement of income. For purposes of this presentation, provision for credit losses includes $4 million for 2Q19 for unfunded commitments included within other expenses. See Allowance for credit losses within the Addendum to this News Release.

◦The allowance for credit losses on unfunded commitments is included within Other liabilities in the Consolidated Statement of Condition.

FORWARD LOOKING STATEMENTS

This News Release (and the conference call referenced herein) contains forward-looking statements within the meaning of United States securities laws, including statements about our goals and expectations regarding our business, financial and capital condition, results of operations, strategies, the financial and market outlook, dividend and stock purchase programs, governmental and regulatory initiatives and developments, expense reduction programs, new client business, and the business environment. Forward-looking statements are often, but not always, identified by such forward-looking terminology as “outlook,” “guidance,” “expect,” “priority,” “objective,” “intend,” “plan,” “forecast,” “believe,” “anticipate,” “estimate,” “seek,” “may,” “will,” “trend,” “target,” “strategy” and “goal,” or similar statements or variations of such terms. These statements are not guarantees of future performance, are inherently uncertain, are based on current assumptions that are difficult to predict and involve a number of risks and uncertainties. Therefore, actual outcomes and results may differ materially from what is expressed in those statements, and those statements should not be relied upon as representing our expectations or beliefs as of any time subsequent to the time this News Release is first issued.

Important factors that may affect future results and outcomes include, but are not limited to:

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•the financial strength of the counterparties with which we or our clients do business and to which we have investment, credit or financial exposures or to which our clients have such exposures as a result of our acting as agent, including as an asset manager or securities lending agent;

•the significant risks and uncertainties for our business, results of operations and financial condition, as well as our regulatory capital and liquidity ratios and other regulatory requirements in the United States and internationally caused by the COVID-19 pandemic, which will depend on several factors, including the scope and duration of the pandemic, its influence on financial markets, the effectiveness of our work from home arrangements and staffing levels in operational facilities, the impact of market participants on which we rely and actions taken by governmental authorities and other third parties in response to the pandemic;

•increases in the volatility of, or declines in the level of, our NII, changes in the composition or valuation of the assets recorded in our consolidated statement of condition (and our ability to measure the fair value of investment securities) and changes in the manner in which we fund those assets;

•the volatility of servicing fee, management fee, trading fee and securities finance revenues due to, among other factors, the value of equity and fixed-income markets, market interest and foreign exchange rates, the volume of client transaction activity, competitive pressures in the investment servicing and asset management industries, and the timing of revenue recognition with respect to software and processing fee revenues;

•the liquidity of the U.S. and international securities markets, particularly the markets for fixed-income securities and inter-bank credits; the liquidity of the assets on our balance sheet and changes or volatility in the sources of such funding, particularly the deposits of our clients; and demands upon our liquidity, including the liquidity demands and requirements of our clients;

•the level, volatility and uncertainty of interest rates; the expected discontinuation of Interbank Offered Rates (IBORs) including LIBOR; the valuation of the U.S. dollar relative to other currencies in which we record revenue or accrue expenses; the performance and volatility of securities, credit, currency and other markets in the U.S. and internationally; and the impact of monetary and fiscal policy in the U.S. and internationally on prevailing rates of interest and currency exchange rates in the markets in which we provide services to our clients;

•the credit quality, credit-agency ratings and fair values of the securities in our investment securities portfolio, a deterioration or downgrade of which could lead to other-than-temporary impairment of such securities and the recognition of an impairment loss in our consolidated statement of income;

•our ability to attract deposits and other low-cost, short-term funding; our ability to manage the level and pricing of such deposits and the relative portion of our deposits that are determined to be operational under regulatory guidelines; and our ability to deploy deposits in a profitable manner consistent with our liquidity needs, regulatory requirements and risk profile;

•the manner and timing with which the Federal Reserve and other U.S. and non-U.S. regulators implement or reevaluate the regulatory framework applicable to our operations (as well as changes to that framework), including implementation or modification of the Dodd-Frank Act and related stress testing and resolution planning requirements, implementation of international standards applicable to financial institutions, such as those proposed by the Basel Committee and European legislation (such as UCITS V, the Money Market Fund Regulation and MiFID II / MiFIR); among other consequences, these regulatory changes impact the levels of regulatory capital, long-term debt and liquidity we must maintain, acceptable levels of credit exposure to third parties, margin requirements applicable to derivatives, restrictions on banking and financial activities and the manner in which we structure and implement our global operations and servicing relationships. In addition, our regulatory posture and related expenses have been and will continue to be affected by heightened standards and changes in regulatory expectations for global systemically important financial institutions applicable to, among other things, risk management, liquidity and capital planning, resolution planning and compliance programs, as well as changes in governmental enforcement approaches to perceived failures to comply with regulatory or legal obligations;

•adverse changes in the regulatory ratios that we are, or will be, required to meet, whether arising under the Dodd-Frank Act or implementation of international standards applicable to financial institutions, such as those proposed by the Basel Committee, or due to changes in regulatory positions, practices or regulations in jurisdictions in which we engage in banking activities, including changes in internal or external data, formulae, models, assumptions or other advanced systems used in the calculation of our capital or liquidity ratios that cause changes in those ratios as they are measured from period to period;

•requirements to obtain the prior approval or non-objection of the Federal Reserve or other U.S. and non-U.S. regulators for the use, allocation or distribution of our capital or other specific capital actions or corporate activities, including, without limitation, acquisitions, investments in subsidiaries, dividends and stock repurchases, without which our growth plans, distributions to shareholders, share repurchase programs or other capital or corporate initiatives may be restricted;

•changes in law or regulation, or the enforcement of law or regulation, that may adversely affect our business activities or those of our clients or our counterparties, and the products or services that we sell, including, without limitation, additional or increased taxes or assessments thereon, capital adequacy requirements, margin requirements and changes that expose us to risks related to the adequacy of our controls or compliance programs;

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•economic or financial market disruptions in the U.S. or internationally, including those which may result from recessions or political instability; for example, the U.K.'s exit from the European Union or actual or potential changes in trade policy, such as tariffs or bilateral and multilateral trade agreements;

•our ability to create cost efficiencies through changes in our operational processes and to further digitize our processes and interfaces with our clients, any failure of which, in whole or in part, may among other things, reduce our competitive position, diminish the cost-effectiveness of our systems and processes or provide an insufficient return on our associated investment;

•our ability to promote a strong culture of risk management, operating controls, compliance oversight, ethical behavior and governance that meets our expectations and those of our clients and our regulators, and the financial, regulatory, reputational and other consequences of our failure to meet such expectations;

•the impact on our compliance and controls enhancement programs associated with the appointment of a monitor under the deferred prosecution agreement with the DOJ and compliance consultant appointed under a settlement with the SEC, including the potential for such monitor and compliance consultant to require changes to our programs or to identify other issues that require substantial expenditures, changes in our operations, payments to clients or reporting to U.S. authorities;

•the results of our review of our billing practices, including additional findings or amounts we may be required to reimburse clients, as well as potential consequences of such review, including damage to our client relationships or our reputation and adverse actions or penalties imposed by governmental authorities;

•our ability to expand our use of technology to enhance the efficiency, accuracy and reliability of our operations and our dependencies on information technology; to replace and consolidate systems, particularly those relying upon older technology, and to adequately incorporate resiliency and business continuity into our systems management; to implement robust management processes into our technology development and maintenance programs; and to control risks related to use of technology, including cyber-crime and inadvertent data disclosures;

•our ability to identify and address threats to our information technology infrastructure and systems (including those of our third-party service providers); the effectiveness of our and our third party service providers' efforts to manage the resiliency of the systems on which we rely; controls regarding the access to, and integrity of, our and our clients' data; and complexities and costs of protecting the security of such systems and data;

•the results of, and costs associated with, governmental or regulatory inquiries and investigations, litigation and similar claims, disputes, or civil or criminal proceedings;

•changes or potential changes in the amount of compensation we receive from clients for our services, and the mix of services provided by us that clients choose;

•the large institutional clients on which we focus are often able to exert considerable market influence and have diverse investment activities, and this, combined with strong competitive market forces, subjects us to significant pressure to reduce the fees we charge, to potentially significant changes in our AUC/A or our AUM in the event of the acquisition or loss of a client, in whole or in part, and to potentially significant changes in our revenue in the event a client re-balances or changes its investment approach, re-directs assets to lower- or higher-fee asset classes or changes the mix of products or services that it receives from us;

•the potential for losses arising from our investments in sponsored investment funds;

•the possibility that our clients will incur substantial losses in investment pools for which we act as agent, the possibility of significant reductions in the liquidity or valuation of assets underlying those pools and the potential that clients will seek to hold us liable for such losses; and the possibility that our clients or regulators will assert claims that our fees, with respect to such investment products, are not appropriate;

•our ability to anticipate and manage the level and timing of redemptions and withdrawals from our collateral pools and other collective investment products;

•the credit agency ratings of our debt and depository obligations and investor and client perceptions of our financial strength;

•adverse publicity, whether specific to us or regarding other industry participants or industry-wide factors, or other reputational harm;

•our ability to control operational risks, data security breach risks and outsourcing risks; our ability to protect our intellectual property rights; the possibility of errors in the quantitative models we use to manage our business; and the possibility that our controls will prove insufficient, fail or be circumvented;

•changes or potential changes to the competitive environment, due to, among other things, regulatory and technological changes, the effects of industry consolidation and perceptions of us, as a suitable service provider or counterparty;

•our ability to complete acquisitions, joint ventures and divestitures including, without limitation, our ability to obtain regulatory approvals, the ability to arrange financing as required and the ability to satisfy closing conditions;

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•the risks that our acquired businesses, including, without limitation, our acquisition of Charles River Development, and joint ventures will not achieve their anticipated financial, operational and product innovation benefits or will not be integrated successfully, or that the integration will take longer than anticipated; that expected synergies will not be achieved or unexpected negative synergies or liabilities will be experienced; that client and deposit retention goals will not be met; that other regulatory or operational challenges will be experienced; and that disruptions from the transaction will harm our relationships with our clients, our employees or regulators;

•our ability to integrate Charles River Development's front office software solutions with our middle and back office capabilities to develop a front-to-middle-to-back office platform that is competitive, generates revenues in line with our expectations and meets our clients' requirements;

•our ability to recognize evolving needs of our clients and to develop products that are responsive to such trends and profitable to us; the performance of and demand for the products and services we offer; and the potential for new products and services to impose additional costs on us and expose us to increased operational risk;

•our ability to grow revenue, manage expenses, attract and retain highly skilled people and raise the capital necessary to achieve our business goals and comply with regulatory requirements and expectations;

•changes in accounting standards and practices; and

•the impact of the U.S. tax legislation enacted in 2017, and changes in tax legislation and in the interpretation of existing tax laws by U.S. and non-U.S. tax authorities that affect the amount of taxes due.

Other important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in our 2019 Annual Report on Form 10-K and our subsequent SEC filings. We encourage investors to read these filings, particularly the sections on risk factors, for additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking statements contained in this News Release should not by relied on as representing our expectations or beliefs as of any time subsequent to the time this News Release is first issued, and we do not undertake efforts to revise those forward-looking statements to reflect events after that time.

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Exhibit 99.2

STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
June 30, 2020
Table of Contents
GAAP-Basis Financial Information:
4-Year Summary of Results			2
Consolidated Financial Highlights			3
Consolidated Results of Operations			4
Consolidated Statement of Condition			6
Average Statement of Condition - Rates Earned and Paid - Fully Taxable-Equivalent Basis			7
Average Statement of Condition - Rates Earned and Paid - Fully Taxable-Equivalent Basis - Year-to-Date			8
Assets Under Custody and/or Administration			9
Assets Under Management			10
Industry Flow Data by Asset Class			11
Investment Portfolio:
Investment Portfolio Holdings by Asset Class			12
Investment Portfolio Non-U.S. Investments			13
Allowance for Credit Losses			14
Non-GAAP Financial Information:
Reconciliations of Non-GAAP Financial Information			15
Reconciliation of Pre-tax Margin Excluding Notable Items			17
Reconciliation of Notable Items			18
Reconciliations of Constant Currency FX Impacts			19
Capital:
Reconciliation of Tangible Common Equity Ratio			20
Regulatory Capital			21
Reconciliations of Supplementary Leverage Ratios			22
This financial information should be read in conjunction with State Street's news release dated July 17, 2020.

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

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED FINANCIAL HIGHLIGHTS
						Quarters																																																																																	% Change
(Dollars in millions, except per share amounts, or where otherwise noted)						1Q19						2Q19						3Q19						4Q19						1Q20						2Q20																					2Q20 vs. 2Q19												2Q20 vs. 1Q20
Income statement
Fee revenue						$	2,260					$	2,260					$	2,259					$	2,368					$	2,399					$	2,378																				5.2		%							(0.9)		%
Net interest income						673						613						644						636						664						559																					(8.8)									(15.8)
Other income						(1)						—						—						44						2						—																					—									nm
Total revenue						2,932						2,873						2,903						3,048						3,065						2,937																					2.2									(4.2)
Provision for credit losses(1)						4						1						2						3						36						52																					nm									44.4
Total expenses						2,293						2,154						2,180						2,407						2,255						2,082																					(3.3)									(7.7)
Income before income tax expense						635						718						721						638						774						803																					11.8									3.7
Income tax expense						127						131						138						74						140						109																					(16.8)									(22.1)
Net income						508						587						583						564						634						694																					18.2									9.5
Net income available to common shareholders						$	452					$	537					$	528					$	492					$	580					$	662																				23.3									14.1
Per common share:
Diluted earnings per common share						$	1.18					$	1.42					$	1.42					1.35						$	1.62					$	1.86																				31.0									14.8
Average diluted common shares outstanding (in thousands)						381,703						377,577						370,595						365,851						357,993						356,413																					(5.6)									(0.4)
Cash dividends declared per common share						$	.47					$	.47					$	.52					$	.52					$	.52					$	.52																				10.6									—
Closing price per share of common stock (as of quarter end)						65.81						56.06						59.19						79.10						53.27						63.55																					13.4									19.3
Average for the quarter:
Investment securities						$	88,273					$	89,930					$	93,588					$	95,186					$	97,560					$	116,626																				29.7									19.5
Total assets						219,560						221,514						223,273						228,886						251,181						284,688																					28.5									13.3
Total deposits						155,343						156,570						157,226						163,829						180,160						197,069																					25.9									9.4
Securities on loan (dollars in billions):
Average securities on loan						$	368					$	389					$	388					$	376					$	378					$	377																				(3.1)									(0.3)
End-of-period securities on loan						398						396						397						380						388						381																					(3.8)									(1.8)
Ratios and other metrics:
Return on average common equity						8.7		%				10.1		%				9.7		%				9.0		%				10.9		%				12.1		%																			200			bps						120			bps
Pre-tax margin						21.7						25.0						24.8						20.9						25.3						27.3																					230									200
Pre-tax margin, excluding notable items(2)						22.5						25.4						26.4						29.1						25.6						27.7																					230									210
Net interest margin, fully taxable-equivalent basis						1.54						1.38						1.42						1.36						1.30						0.93																					(45)									(37)
Common equity tier 1 ratio(3)(4)						11.5						11.5						11.3						11.7						10.7						12.3																					80									160
Tier 1 capital ratio(3)(4)						15.0						14.9						14.6						14.5						12.9						14.6																					(30)									170
Total capital ratio(3)(4)						15.9						15.5						15.3						15.6						14.1						15.7																					20									160
Tier 1 leverage ratio(3						7.4						7.6						7.4						6.9						6.1						6.1																					(150)									—
Supplementary leverage ratio(3)						6.6						6.7						6.6						6.1						5.4						8.3																					160									290
Assets under custody and/or administration (in billions)						$	32,643					$	32,754					$	32,899					$	34,358					$	31,864					$	33,515																				2.3		%							5.2		%
Assets under management (in billions)						2,805						2,918						2,953						3,116						2,689						3,054																					4.7									13.6
(1) In accordance with ASU 2016-13, the provision for credit losses for 1Q20 and 2Q20 includes the provision on funded and unfunded commitments as well as HTM securities. The provision for credit losses on unfunded commitments of ($4 million), $4 million, zero and $3 million for 1Q19, 2Q19, 3Q19 and 4Q19, respectively, is included within other expenses.
(2) Notable items include acquisition and restructuring costs, gains on sales and other notable items. Refer to Reconciliations of non-GAAP Financial Information pages for details.
(3) The capital ratios presented are calculated in conformity with the applicable regulatory guidance in effect as of each period end. Effective January 1, 2018, the applicable final rules are in effect and the ratios are calculated based on fully phased-in CET1, tier 1, total capital and supplementary leverage numbers. We did not revise previously-filed reported capital metrics and ratios.
(4) The reportable ratios represent the lower of each of the risk-based capital ratios under both the Standardized Approach and the Advanced Approaches. Refer to Regulatory Capital for details on Standardized and Advanced Approaches ratios.
nm Not meaningful

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS
			Quarters																																																																																				% Change																														Year-to-Date																		% Change
(Dollars in millions, except per share amounts, or where otherwise noted)						1Q19						2Q19						3Q19						4Q19						1Q20						2Q20																		2Q20 vs. 2Q19												2Q20 vs. 1Q20												2019						2020						YTD2020 vs. YTD2019
Fee revenue:
Servicing fees						$	1,251					$	1,252					$	1,272					$	1,299					$	1,287					$	1,272																	1.6		%							(1.2)		%							$	2,503					$	2,559					2.2		%
Management fees						420						441						445						465						449						425																		(3.6)									(5.3)									861						874						1.5
Foreign exchange trading services						280						273						284						274						459						344																		26.0									(25.1)									553						803						45.2
Securities finance						118						126						116						111						92						92																		(27.0)									—									244						184						(24.6)
Software and processing fees						191						168						142						219						112						245																		45.8									118.8									359						357						(0.6)
Total fee revenue						2,260						2,260						2,259						2,368						2,399						2,378																		5.2									(0.9)									4,520						4,777						5.7
Net interest income:
Interest income						1,027						1,007						1,001						906						868						674			—															(33.1)									(22.4)									2,034						1,542						(24.2)
Interest expense						354						394						357						270						204						115																		(70.8)									(43.6)									748						319						(57.4)
Net interest income						673						613						644						636						664						559																		(8.8)									(15.8)									1,286						1,223						(4.9)
Other income:
Gains (losses) related to investment securities, net						(1)						—						—						—						2						—																		—									nm									(1)						2						nm
Other income						—						—						—						44						—						—																		—									nm									—						—						nm
Total other income						(1)						—						—						44						2						—																		—									nm									(1)						2						nm
Total revenue						2,932						2,873						2,903						3,048						3,065						2,937																		2.2									(4.2)									5,805						6,002						3.4
Provision for credit losses(1)						4						1						2						3						36						52																		nm									44.4									5						88						nm
Expenses:
Compensation and employee benefits						1,229						1,084						1,083						1,145						1,208						1,051																		(3.0)									(13.0)									2,313						2,259						(2.3)
Information systems and communications						362						365						376						362						385						376																		3.0									(2.3)									727						761						4.7
Transaction processing services						242						245						254						242						254						233																		(4.9)									(8.3)									487						487						—
Occupancy						116						115						113						126						109						109																		(5.2)									—									231						218						(5.6)
Acquisition and restructuring costs						9						12						27						29						11						12																		—									9.1									21						23						9.5
Amortization of other intangible assets						60						59						59						58						58						58																		(1.7)									—									119						116						(2.5)
Other						275						274						268						445						230						243																		(11.3)									5.7									549						473						(13.8)
Total expenses						2,293						2,154						2,180						2,407						2,255						2,082																		(3.3)									(7.7)									4,447						4,337						(2.5)
Income before income tax expense						635						718						721						638						774						803																		11.8									3.7									1,353						1,577						16.6
Income tax expense						127						131						138						74						140						109																		(16.8)									(22.1)									258						249						(3.5)
Net income						$	508					$	587					$	583					$	564					$	634					$	694																	18.2									9.5									$	1,095					$	1,328					21.3

                 4 

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED RESULTS OF OPERATIONS (Continued)
			Quarters																																																																																				% Change																														Year-to-Date																		% Change
(Dollars in millions, except per share amounts, or where otherwise noted)						1Q19						2Q19						3Q19						4Q19						1Q20						2Q20																		2Q20 vs. 2Q19												2Q20 vs. 1Q20												2019						2020						YTD2020 vs. YTD2019
Adjustments to net income:
Dividends on preferred stock(2)(3)						$	(55)					$	(50)					$	(55)					$	(72)					$	(53)					$	(32)																	(36.0)		%							(39.6)		%							$	(105)					$	(85)					(19.0)		%
Earnings allocated to participating securities						(1)						—						—						—						(1)						—																		—									(100.0)									(1)						(1)						—
Net income available to common shareholders						$	452					$	537					$	528					$	492					$	580					$	662																	23.3									14.1									$	989					$	1,242					25.6
Per common share:
Basic earnings						$	1.20					$	1.44					$	1.44					$	1.36					$	1.64					$	1.88																	30.6									14.6									$	2.63					$	3.52					33.8
Diluted earnings						1.18						1.42						1.42						1.35						1.62						1.86																		31.0									14.8									2.61						3.48						33.3
Average common shares outstanding (in thousands):
Basic						377,915						373,773						366,732						361,439						353,746						352,157																		(5.8)									(0.4)									375,832						352,952						(6.1)
Diluted						381,703						377,577						370,595						365,851						357,993						356,413																		(5.6)									(0.4)									379,465						357,028						(5.9)
Cash dividends declared per common share						$	.47					$	.47					$	.52					$	.52					$	.52					$	.52																	10.6									—									$	.94					$	1.04					10.6
Closing price per share of common stock (as of quarter end)						65.81						56.06						59.19						79.10						53.27						63.55																		13.4									19.3									56.06						63.55						13.4
Financial ratios:
Effective tax rate						20.1		%				18.1		%				19.2		%				11.6		%				18.1		%				13.6		%																(450)			bps						(450)			bps						19.0		%				15.8		%				(320)			bps
Return on average common equity						8.7						10.1						9.7						9.0						10.9						12.1																		200									120									9.4						11.5						210
Return on tangible common equity(4)						15.0						15.8						16.3						16.3						18.7						18.5																		270									(20)									15.8						18.5						270
Pre-tax margin						21.7						25.0						24.8						20.9						25.3						27.3																		230									200									23.3						26.3						300
Pre-tax margin, excluding notable items(5)						22.5						25.4						26.4						29.1						25.6						27.7																		230									210									23.9						26.7						280
(1) In accordance with ASU 2016-13, the provision for credit losses for 1Q20 and 2Q20 includes the provision on funded and unfunded commitments as well as HTM securities. The provision for credit losses on unfunded commitments of ($4 million), $4 million, zero and $3 million for 1Q19, 2Q19, 3Q19 and 4Q19, respectively, is included within other expenses.
(2) We redeemed all outstanding Series C noncumulative perpetual preferred stock on March 15, 2020 at a redemption price of $500 million ($100,000 per share equivalent to $25.00 per depositary share) plus accrued and unpaid dividends. The difference between the redemption value and the net carrying value of approximately $9 million resulted in an EPS impact of approximately ($.03) per share in the first quarter of 2020.
(3) We redeemed all outstanding Series E noncumulative perpetual preferred stock on December 15, 2019 at a redemption price of $750 million ($100,000 per share equivalent to $25.00 per depositary share) plus accrued and unpaid dividends. The difference between the redemption value and the net carrying value of approximately $22 million resulted in an EPS impact of approximately ($.06) per share in 2019.
(4) Return on tangible common equity is calculated by dividing year-to-date annualized net income available to common shareholders (GAAP-basis) by tangible common equity.
(5) Notable items include acquisition and restructuring costs and other notable items. Refer to Reconciliations of non-GAAP Financial Information pages for details.
nm Denotes not meaningful

                 5 

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
CONSOLIDATED STATEMENT OF CONDITION
			As of																																																																																				% Change
(Dollars in millions, except per share amounts)						March 31, 2019(1)						June 30, 2019(1)						September 30, 2019						December 31, 2019						March 31, 2020						June 30, 2020																		2Q20 vs. 2Q19						2Q20 vs. 1Q20
Assets:
Cash and due from banks						$	4,000					$	3,110					$	3,598					$	3,302					$	4,932					$	3,685																	18.5		%				(25.3)		%
Interest-bearing deposits with banks						53,864						62,534						62,324						68,965						147,735						90,199																		44.2						(38.9)
Securities purchased under resale agreements						1,522						1,732						3,041						1,487						1,037						4,026																		132.4						288.2
Trading account assets						856						894						839						914						872						883																		(1.2)						1.3
Investment securities:
Investment securities available-for-sale						49,002						53,242						54,757						53,815						55,843						56,231																		5.6						0.7
Investment securities held-to-maturity purchased under money market liquidity facility(2)						—						—						—						—						26,808						11,257																		100.0						(58.0)
Investment securities held-to-maturity(3)						41,145						39,236						39,119						41,782						41,150						41,848																		6.7						1.7
Total investment securities						90,147						92,478						93,876						95,597						123,801						109,336																		18.2						(11.7)
Loans						23,381						25,421						27,009						26,309						32,379						26,860																		5.7						(17.0)
Allowance for loan losses(4)						70						72						71						74						97						141																		95.8						45.4
Loans, net						23,311						25,349						26,938						26,235						32,282						26,719																		5.4						(17.2)
Premises and equipment, net(5)						2,230						2,244						2,306						2,282						2,225						2,212																		(1.4)						(0.6)
Accrued interest and fees receivable						3,277						3,202						3,258						3,231						3,274						3,235																		1.0						(1.2)
Goodwill						7,549						7,565						7,500						7,556						7,506						7,538																		(0.4)						0.4
Other intangible assets						2,208						2,155						2,077						2,030						1,963						1,914																		(11.2)						(2.5)
Other assets						39,368						40,277						38,849						34,011						36,900						30,495																		(24.3)						(17.4)
Total assets						$	228,332					$	241,540					$	244,606					$	245,610					$	362,527					$	280,242																	16.0						(22.7)
Liabilities:
Deposits:
Non-interest-bearing						$	35,295					$	34,278					$	33,719					$	34,031					$	69,404					$	42,132																	22.9						(39.3)
Interest-bearing -- U.S.						62,988						68,964						72,260						77,504						110,106						87,197																		26.4						(20.8)
Interest-bearing -- Non-U.S.						64,188						67,352						64,907						70,337						77,594						71,133																		5.6						(8.3)
Total deposits(6)						162,471						170,594						170,886						181,872						257,104						200,462																		17.5						(22.0)
Securities sold under repurchase agreements						1,420						1,829						1,330						1,102						5,373						3,513																		92.1						(34.6)
Short-term borrowings under money market liquidity facility						—						—						—						—						25,665						11,261																		100.0						(56.1)
Other short-term borrowings						947						4,939						7,073						839						4,835						912																		(81.5)						(81.1)
Accrued expenses and other liabilities						27,274						27,350						28,653						24,857						30,151						23,634																		(13.6)						(21.6)
Long-term debt						11,182						11,374						11,455						12,509						15,538						15,587																		37.0						0.3
Total liabilities						203,294						216,086						219,397						221,179						338,666						255,369																		18.2						(24.6)
Shareholders' equity:
Preferred stock, no par, 3,500,000 shares authorized:
Series C, 5,000 shares issued and outstanding						491						491						491						491						—						—																		(100.0)						—
Series D, 7,500 shares issued and outstanding						742						742						742						742						742						742																		—						—
Series E, 7,500 shares issued and outstanding						728						728						728						—						—						—																		(100.0)						—
Series F, 7,500 shares issued and outstanding						742						742						742						742						742						742																		—						—
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(7)(8)						504						504						504						504						504						504																		—						—
Surplus						10,082						10,109						10,117						10,132						10,155						10,179																		0.7						0.2
Retained earnings						20,911						21,274						21,612						21,918						22,315						22,794																		7.1						2.1
Accumulated other comprehensive income (loss)						(1,180)						(874)						(985)						(876)						(920)						(430)																		(50.8)						(53.3)
Treasury stock, at cost(9)						(8,969)						(9,249)						(9,729)						(10,209)						(10,664)						(10,645)																		15.1						(0.2)
Total shareholders' equity						25,038						25,454						25,209						24,431						23,861						24,873																		(2.3)						4.2
Total liabilities and equity						$	228,332					$	241,540					$	244,606					$	245,610					$	362,527					$	280,242																	16.0						(22.7)
(1) Certain previously reported amounts presented in this earnings release addendum have been reclassified to conform to current-period presentation.
(2)Fair value of Investment securities held-to-maturity purchased under money market liquidity facility						$	—					$	—					$	—					$	—					$	26,808					$	11,294
(3) Fair value of investment securities held-to-maturity						40,971						39,473						39,535						42,157						42,201						43,037
(4) Total allowance for credit losses including off-balance sheet commitments						83						88						86						91						124						163
(5) Accumulated depreciation for premises and equipment						3,937						4,091						4,235						4,367						4,459						4,591
(6) Average total deposits						155,343						156,570						157,226						163,829						180,160						197,069
(7) Common stock shares issued						503,879,642						503,879,642						503,879,642						503,879,642						503,879,642						503,879,642
(8) Total common shares outstanding						376,720,715						372,572,622						363,623,285						357,389,416						351,943,858						352,383,250
(9) Treasury stock shares						127,158,927						131,307,020						140,256,357						146,490,226						151,935,784						151,496,392

                 6 

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
AVERAGE STATEMENT OF CONDITION - RATES EARNED AND PAID - FULLY TAXABLE-EQUIVALENT BASIS(1)
The following table presents average rates earned and paid, on a fully taxable-equivalent basis, on consolidated average interest-earning assets and average interest-bearing liabilities for the quarters indicated. Tax-equivalent adjustments were calculated using a federal income tax rate of 21%, adjusted for applicable state income taxes, net of related federal benefit.
						Quarters																																																																																																																																																													% Change
						1Q19																		2Q19																		3Q19																		4Q19																		1Q20																		2Q20																																										2Q20 vs. 2Q19						2Q20 vs. 1Q20
(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						$	48,856					0.99		%				$	48,074					0.91		%				$	45,791					0.85		%				$	51,284					0.69		%				$	67,120					0.49		%				$	86,744					0.01		%																												80.4		%				29.2		%
Securities purchased under resale agreements(2)						2,775						14.33						1,975						18.30						3,149						12.75						2,124						14.00						1,805						14.38						3,342						2.95																														69.2						85.2
Trading account assets						866						—						892						—						880						—						897						—						915						—						877						—																														(1.7)						(4.2)
Investment securities:
U.S. Treasury and federal agencies:
Direct obligations						15,427						1.79						13,960						1.83						13,614						1.83						14,017						1.83						14,102						1.79						14,182						1.65																														1.6						0.6
Mortgage- and asset-backed securities						39,216						3.06						41,905						2.83						44,357						2.71						44,009						2.60						43,947						2.66						44,801						2.27																														6.9						1.9
State and political subdivisions(3)						1,914						3.43						1,909						3.34						1,839						3.27						1,815						3.20						1,782						3.05						1,728						3.11																														(9.5)						(3.0)
Other investments:
Asset-backed securities						9,078						2.47						9,335						2.54						9,913						2.39						10,593						2.28						10,645						1.94						10,353						1.50																														10.9						(2.7)
Collateralized mortgage-backed securities and obligations						980						3.78						918						3.69						871						3.31						818						2.95						741						2.69						683						1.83																														(25.6)						(7.8)
Investment securities held-to-maturity purchased under money market liquidity facility						—						—						—						—						—						—						—						—						2,045						1.57						19,037						1.49																														nm						nm
Other debt investments and equity securities(3)						21,658						1.04						21,903						1.05						22,994						1.04						23,934						1.07						24,298						1.00						25,842						0.82																														18.0						6.4
Total investment securities						88,273						2.30						89,930						2.23						93,588						2.16						95,186						2.08						97,560						2.03						116,626						1.69																														29.7						19.5
Loans (4)						23,056						3.49						23,824						3.33						23,926						3.24						25,461						2.86						28,468						2.62						27,369						2.30																														14.9						(3.9)
Other interest-earning assets						15,286						2.89						15,104						3.02						13,990						3.02						12,295						2.13						10,764						1.70						9,831						0.13																														(34.9)						(8.7)
Total interest-earning assets						179,112						2.34						179,799						2.26						181,324						2.20						187,247						1.93						206,632						1.70						244,789						1.12																														36.1						18.5
Cash and due from banks						3,078												4,011												3,114												3,358												3,856												3,480																																				(13.2)						(9.8)
Other assets						37,370												37,704												38,835												38,281												40,693												36,419																																				(3.4)						(10.5)
Total assets						$	219,560											$	221,514											$	223,273											$	228,886											$	251,181											$	284,688																																			28.5						13.3
Liabilities:
Interest-bearing deposits:
U.S.						$	64,531					0.83		%				$	66,502					0.91		%				$	67,170					0.83		%				$	71,910					0.64		%				$	80,247					0.50		%				$	91,097					0.03		%																												37.0						13.5
Non-U.S.(5)						59,775						0.26						61,303						0.39						61,355						0.21						62,737						(0.04)						64,340						(0.20)						66,977						(0.36)																														9.3						4.1
Total interest-bearing deposits(5)						124,306						0.56						127,805						0.66						128,525						0.53						134,647						0.32						144,587						0.19						158,074						(0.13)																														23.7						9.3
Securities sold under repurchase agreements						1,773						2.66						1,488						2.19						1,998						1.45						1,208						1.18						1,773						0.55						3,394						0.03																														128.1						91.4
Short-term borrowings under money market liquidity facility						—						—						—						—						—						—						—						—						2,187						1.11						19,036						1.23																														nm						nm
Other short-term borrowings						1,157						1.34						2,041						1.22						1,788						1.68						1,110						1.17						2,960						1.32						3,073						0.66																														50.6						3.8
Long-term debt						10,955						3.89						11,228						3.78						11,415						3.48						12,286						3.34						13,288						2.64						15,574						2.45																														38.7						17.2
Other interest-bearing liabilities						4,642						5.31						3,979						6.47						3,691						7.62						4,106						4.85						3,434						3.55						3,461						1.07																														(13.0)						0.8
Total interest-bearing liabilities						142,833						1.00						146,541						1.08						147,417						0.96						153,357						0.70						168,229						0.49						202,612						0.23																														38.3						20.4
Non-interest bearing deposits						31,037												28,765												28,701												29,182												35,573												38,995																																				35.6						9.6
Other liabilities						20,921												21,188												21,935												21,140												23,052												18,678																																				(11.8)						(19.0)
Preferred shareholders' equity						3,690												3,690												3,690												3,541												2,861												2,472																																				(33.0)						(13.6)
Common shareholders' equity						21,079												21,330												21,530												21,666												21,466												21,931																																				2.8						2.2
Total liabilities and shareholders' equity						$	219,560											$	221,514											$	223,273											$	228,886											$	251,181											$	284,688																																			28.5						13.3
Excess of rate earned over rate paid												1.34		%										1.18		%										1.24		%										1.23		%										1.21		%										0.89		%
Net interest margin												1.54		%										1.38		%										1.42		%										1.36		%										1.30		%										0.93		%
Net interest income, fully taxable-equivalent basis												$	678											$	618											$	648											$	640											$	668											$	564
Tax-equivalent adjustment												(5)												(5)												(4)												(4)												(4)												(5)
Net interest income, GAAP-basis(5)												$	673											$	613											$	644											$	636											$	664											$	559
(1) Average rates earned and paid on interest-earning assets and interest-bearing liabilities include the impact of hedge activities associated with our asset and liability management activities where applicable.
(2) Reflects the impact of balance sheet netting under enforceable netting agreements of approximately $59 billion, $75 billion, $118 billion and $94 billion in the first, second, third and fourth quarters of 2019, respectively, and approximately $124 billion and $103 billion in the first and second quarters of 2020. Excluding the impact of netting, the average interest rates would be approximately 0.64%, 0.47%, 0.33% and 0.31% in the first, second, third and fourth quarters of 2019, respectively, and approximately 0.21% and 0.09% in the first and second quarters of 2020.
(3)State and political subdivisions consists of municipal bonds and clipper tax exempt bonds.Other debt investments and equity securities consists of non-U.S. government and agency securities, corporate bonds, covered bonds and other.
(4) Average loans are presented on a gross basis. We adopted ASU 2016-13 on January 1, 2020, Allowance for Credit Losses. Prior to 2020, we recognized Allowance for loan losses. Average loans net of allowance for loan losses amount to approximately $22,989 million, $23,754 million, $23,855 million and $25,390 million in the first, second, third and fourth quarters of 2019, respectively, and net of expected credit losses of approximately $28,398 million and $27,277 million in the first and second quarters of 2020.
(5) Average rates includes the impact of FX swap expense of approximately $39 million, $59 million, $37 million and $18 million in the first, second, third and fourth quarters of 2019, respectively, and approximately ($2) million and ($17) million in the first and second quarters of 2020. Average rates for total interest-bearing deposits excluding the impact of FX swap expense were approximately 0.43%, 0.47%, 0.42% and 0.27% for the first, second, third and fourth quarters of 2019, respectively, and approximately 0.19% and (0.09)% for the first and second quarters of 2020.

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
AVERAGE STATEMENT OF CONDITION - RATES EARNED AND PAID - FULLY TAXABLE-EQUIVALENT BASIS - YEAR TO DATE(1)
The following table presents consolidated average interest-earning assets, average interest-bearing liabilities and related average rates earned and paid, respectively, for the years indicated, on a fully taxable-equivalent basis, which is a non-GAAP measure. Tax-equivalent adjustments were calculated using a federal income tax rate of 21% for periods ending in 2019 and 2020, adjusted for applicable state income taxes, net of related federal benefit.
						Year-to-Date
						2019																		2020																		% Change
(Dollars in millions; fully-taxable equivalent basis)						Average balance						Average rates						Average balance						Average rates						2020 vs 2019
Assets:
Interest-bearing deposits with banks						$	48,462					0.95		%				$	76,931					0.22		%				58.7		%
Securities purchased under resale agreements (2)						2,373						15.99						2,574						6.96						8.5
Trading account assets						879						—						896						—						1.9
Investment securities:
U.S. Treasury and federal agencies:
Direct obligations						14,690						1.81						14,142						1.72						(3.7)
Mortgage- and asset-backed securities						40,568						2.94						44,374						2.47						9.4
State and political subdivisions(3)						1,911						3.39						1,755						3.08						(8.2)
Other investments:
Asset-backed securities						9,207						2.50						10,499						1.72						14.0
Collateralized mortgage-backed securities and obligations						949						3.74						712						2.28						(25.0)
Investment securities held-to-maturity purchased under money market liquidity facility						—						—						10,541						1.49						nm
Other debt investments and equity securities(3)						21,781						1.05						25,070						0.91						15.1
Total investment securities						89,106						2.27						107,093						1.84						20.2
Loans (4)						23,442						3.41						27,919						2.46						19.1
Other interest-earning assets						15,195						2.96						10,298						0.95						(32.2)
Total interest-earning assets						179,457						2.30						225,711						1.38						25.8
Cash and due from banks						3,547												3,668												3.4
Other assets						37,538												38,556												2.7
Total assets						$	220,542											$	267,935											21.5
Liabilities:
Interest-bearing deposits:
U.S.						$	65,522					0.87						$	85,672					0.25						30.8
Non-U.S.(5)						60,543						0.33						65,658						(0.28)						8.4
Total interest-bearing deposits(5)						126,065						0.61						151,330						0.02						20.0
Securities sold under repurchase agreements						1,630						2.44						2,584						0.21						58.5
Short-term borrowings under money market liquidity facility						—						—						10,612						1.22						nm
Other short-term borrowings						1,601						1.27						3,017						0.98						88.4
Long-term debt						11,092						3.83						14,431						2.53						30.1
Other interest-bearing liabilities						4,309						5.85						3,446						2.31						(20.0)
Total interest-bearing liabilities						144,697						1.04						185,420						0.34						28.1
Non-interest bearing deposits						29,895												37,284												24.7
Other liabilities						21,055												20,867												(0.9)
Preferred shareholders' equity						3,690												2,666												(27.8)
Common shareholders' equity						21,205												21,698												2.3
Total liabilities and shareholders' equity						$	220,542											$	267,935											21.5
Excess of rate earned over rate paid												1.26		%										1.04		%
Net interest margin												1.46		%										1.10		%
Net interest income, fully taxable-equivalent basis												$	1,296											$	1,232
Tax-equivalent adjustment												(10)												(9)
Net interest income, GAAP-basis (5)												$	1,286											$	1,223
(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 $67 billion and $114 billion as of June 30, 2019 and 2020, respectively. Excluding the impact of netting, the average interest rates would be approximately 0.55% and 0.15% for the six months ended June 30, 2019 and 2020, respectively.
(3)State and political subdivisions consists of municipal bonds and clipper tax exempt bonds.Other debt investments and equity securities consists of non-U.S. government and agency securities, corporate bonds, covered bonds and other.
(4) Average loans are presented on a gross basis. We adopted ASU 2016-13 on January 1, 2020, Allowance for Credit Losses. Prior to 2020, we recognized Allowance for loan losses. Average loans net of allowance for loan losses amount to approximately $23,373 million in the first half of 2019 and net of expected credit losses of approximately $27,838 million in the first half of 2020.
(5) Average rates include the impact of FX swap expense of approximately $98 million and ($19) million for the six months ended June 30, 2019 and 2020, respectively. Average rates for total interest-bearing deposits excluding the impact of FX swap expense were 0.45% and 0.04% for the six months ended June 30, 2019 and 2020, respectively.

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER CUSTODY AND/OR ADMINISTRATION
						Quarters																																																																														% Change
(Dollars in billions)						1Q19						2Q19						3Q19						4Q19						1Q20						2Q20																		2Q20 vs. 2Q19						2Q20 vs. 1Q20
Assets Under Custody and/or Administration
By Product Classification:
Mutual funds						$	8,586					$	8,645					$	8,687					$	9,221					$	8,056					$	9,155																	5.9		%				13.6		%
Collective funds, including ETFs						9,436						9,272						9,224						9,796						8,662						9,111																		(1.7)						5.2
Pension products						6,513						6,542						6,817						6,924						6,730						6,694																		2.3						(0.5)
Insurance and other products						8,108						8,295						8,171						8,417						8,416						8,555																		3.1						1.7
Total Assets Under Custody and/or Administration						$	32,643					$	32,754					$	32,899					$	34,358					$	31,864					$	33,515																	2.3						5.2
By Financial Instrument:
Equities						$	18,924					$	18,504					$	18,243					$	19,301					$	16,267					$	18,190																	(1.7)						11.8
Fixed-income						9,831						10,089						10,413						10,766						11,096						11,342																		12.4						2.2
Short-term and other investments						3,888						4,161						4,243						4,291						4,501						3,983																		(4.3)						(11.5)
Total Assets Under Custody and/or Administration						$	32,643					$	32,754					$	32,899					$	34,358					$	31,864					$	33,515																	2.3						5.2
By Geographic Location(1):
Americas						$	23,979					$	23,989					$	23,888					$	25,018					$	22,787					$	24,375																	1.6						7.0
Europe/Middle East/Africa						6,875						6,937						7,091						7,325						7,112						7,155																		3.1						0.6
Asia/Pacific						1,789						1,828						1,920						2,015						1,965						1,985																		8.6						1.0
Total Assets Under Custody and/or Administration						$	32,643					$	32,754					$	32,899					$	34,358					$	31,864					$	33,515																	2.3						5.2
Assets Under Custody(2)
By Product Classification:
Mutual funds						$	7,966					$	8,012					$	8,060					$	8,447					$	7,416					$	8,421																	5.1						13.6
Collective funds, including ETFs						7,445						7,614						7,668						8,216						7,191						7,639																		0.3						6.2
Pension products						5,307						5,236						5,457						5,554						5,395						5,363																		2.4						(0.6)
Insurance and other products						3,851						3,909						3,893						3,978						3,810						3,976																		1.7						4.4
Total Assets Under Custody						$	24,569					$	24,771					$	25,078					$	26,195					$	23,812					$	25,399																	2.5						6.7
By Geographic Location(1):
Americas						$	18,784					$	18,911					$	19,048					$	19,838					$	17,701					$	19,226																	1.7						8.6
Europe/Middle East/Africa						4,462						4,515						4,615						4,858						4,666						4,714																		4.4						1.0
Asia/Pacific						1,323						1,345						1,415						1,499						1,445						1,459																		8.5						1.0
Total Assets Under Custody						$	24,569					$	24,771					$	25,078					$	26,195					$	23,812					$	25,399																	2.5						6.7
(1) Geographic mix is generally based on the domicile of the entity servicing the funds and is not necessarily representative of the underlying asset mix.
(2) Assets under custody are a component of assets under custody and/or administration presented above.

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ASSETS UNDER MANAGEMENT
						Quarters																																																																														% Change
(Dollars in billions)						1Q19						2Q19						3Q19						4Q19						1Q20						2Q20																		2Q20 vs. 2Q19						2Q20 vs. 1Q20
Assets Under Management
By Asset Class and Investment Approach:
Equity:
Active						$	85					$	86					$	84					$	88					$	68					$	75																	(12.8)		%				10.3		%
Passive(1)						1,694						1,757						1,747						1,903						1,493						1,770																		0.7						18.6
Total Equity						1,779						1,843						1,831						1,991						1,561						1,845																		0.1						18.2
Fixed-Income:
Active						88						93						92						89						89						91																		(2.2)						2.2
Passive						341						357						367						379						369						385																		7.8						4.3
Total Fixed-Income						429						450						459						468						458						476																		5.8						3.9
Cash(2)						314						319						336						324						364						390																		22.3						7.1
Multi-Asset-Class Solutions:
Active						22						23						23						24						21						23																		—						9.5
Passive						125						132						134						133						120						135																		2.3						12.5
Total Multi-Asset-Class Solutions						147						155						157						157						141						158																		1.9						12.1
Alternative Investments(3):
Active						21						21						22						21						20						19																		(9.5)						(5.0)
Passive(1)						115						130						148						155						145						166																		27.7						14.5
Total Alternative Investments						136						151						170						176						165						185																		22.5						12.1
Total Assets Under Management						$	2,805					$	2,918					$	2,953					$	3,116					$	2,689					$	3,054																	4.7						13.6
By Geographic Location:
North America						$	1,899					$	1,965					$	1,999					$	2,115					$	1,847					$	2,104																	7.1						13.9
Europe/Middle East/Africa						447						471						476						493						416						462																		(1.9)						11.1
Asia/Pacific						459						482						478						508						426						488																		1.2						14.6
Total Assets Under Management						$	2,805					$	2,918					$	2,953					$	3,116					$	2,689					$	3,054																	4.7						13.6
(1) 1Q19 and 2Q19 have been revised to reflect a reclassification of $14 billion in assets from Passive Equity to Passive Alternative Assets.
(2) Includes both floating- and constant-net-asset-value portfolios held in commingled structures or separate accounts.
(3) Includes real estate investment trusts, currency and commodities, including SPDR® Gold Shares and SPDR® Gold MiniSharesSM Trust, for which we are not the investment manager but act as the marketing agent.
Exchange-Traded Funds(1)
By Asset Class:
Alternative Investments						$	45					$	48					$	56					$	56					$	59					$	77																	60.4		%				30.5		%
Cash						8						9						9						9						18						16																		77.8						(11.1)
Equity						535						548						553						618						474						571																		4.2						20.5
Fixed-Income						73						77						80						85						78						90																		16.9						15.4
Total Exchange-Traded Funds						$	661					$	682					$	698					$	768					$	629					$	754																	10.6						19.9
(1) Exchange-traded funds are a component of assets under management presented above.

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INDUSTRY FLOW DATA BY ASSET CLASS
(Dollars in billions)																		Quarters
																					1Q19						2Q19						3Q19						4Q19						1Q20						2Q20
North America - ICI Market Data(1)(2)(3)
			Long Term Funds(2)												$	41.8					$	(38.2)					$	(51.6)					$	(51.2)					$	(339.6)					$	(31.1)
			Money Market												54.0						137.0						224.5						168.7						786.3						258.4
			ETF												45.7						65.4						84.8						126.5						72.5						143.9
						Total ICI Flows						$	141.5					$	164.2					$	257.7					$	244.0					$	519.2					$	371.2
Europe - Broadridge Market Data(1)(4)(5)
			Long Term Funds(4)												$	5.7					$	27.5					$	49.4					$	143.9					$	(256.4)					$	80.5
			Money Market												(9.0)						1.6						78.9						(12.1)						12.2						92.4
						Total Broadridge Flows						$	(3.3)					$	29.1					$	128.3					$	131.8					$	(244.2)					$	172.9
(1) Industry data is provided for illustrative purposes only. It is not intended to reflect State Street’s or its clients' activity and is indicative of only selected segments of the entire industry.
(2) Source: Investment Company Institute (ICI). ICI data includes long term funds, ETFs and money market funds, as well as funds not registered under the Investment Company Act of 1940. Mutual fund data represents estimates of net new cash flow, which is new sales minus redemptions combined with net exchanges, while exchange-traded fund (ETF) data represents net issuance, which is gross issuance less gross redemptions. Data for mutual funds that invest primarily in other mutual funds and ETFs that invest primarily in other ETFs were excluded from the series. ICI classifies mutual funds and ETFs based on language in the fund prospectus. The long term fund flows reported by ICI are composed of North America Market flows mainly in Equities, Hybrids and Fixed Income Asset Classes.
(3) 2Q20 represents the three month period from April 2020 through June 2020, the last date for which information is available with June 2020 estimates.
(4) Source: © Copyright 2020, Broadridge Financial Solutions, Inc.Funds of funds have been excluded from Broadridge data (to avoid double counting). Therefore, a market total is the sum of all the investment categories excluding the three funds of funds categories (inhouse, ex-house and hedge). Broadridge data includes funds for long term funds and money market funds. Broadridge’s long term funds data are also segmented by passive and active funds which includes ETFs. ETFs are included in Broadridge’s database on mutual funds, but this excludes exchange-traded commodity products that are not mutual funds. The long term fund flows reported by Broadridge are composed of EMEA Market flows mainly in Equities, Fixed Income, and Multi Asset Classes.
(5) 2Q20 represents the rolling three month period from March 2020 through May 2020, the last date for which information is available.

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO HOLDINGS BY ASSET CLASS
						Ratings
(Dollars in billions, or where otherwise noted)						UST/AGY						AAA						AA						A						BBB						<BBB						NR						Fair Value						% Total						Spot Rate						Net Unrealized Pre-tax MTM Gain/(Loss) (In millions)(1)						Fixed Rate/ Floating Rate(2)
Available-for-sale investment securities:
Government & agency securities						22		%				27		%				32		%				10		%				7		%				—		%				1		%				$	25.8					45.9		%				0.5		%				$	414					100% / 0%
Asset-backed securities						—						90						10						—						—						—						—						6.0						10.7						1.1						(57)						0% / 100%
Student loans						—						53						47						—						—						—						—						0.4						6.7						1.3						(5)
Credit cards						—						100						—						—						—						—						—						0.1						1.5						1.0						—
Auto & equipment						—						74						26						—						—						—						—						0.9						15.3						0.1						(2)
Non-U.S. residential mortgage backed securities						—						94						6						—						—						—						—						1.7						28.4						0.9						(8)
Collateralized loan obligation						—						100						—						—						—						—						—						2.8						46.5						1.7						(42)
Other						—						—						100						—						—						—						—						0.1						1.6						0.1						(1)
Mortgage-backed securities						100						—						—						—						—						—						—						14.0						24.9						3.3						519						99% / 1%
Agency MBS						100						—						—						—						—						—						—						14.0						100.0						3.3						519
Non-agency MBS						—						—						—						—						—						—						—						—						—						—						—
CMBS						97						3						—						—						—						—						—						2.8						5.0						1.2						40						27% / 73%
Corporate bonds						—						—						13						40						47						—						—						4.4						7.8						1.8						90						98% / 2%
Covered bonds						—						100						—						—						—						—						—						0.5						0.8						0.3						4						15% / 85%
Municipal bonds						—						24						72						4						—						—						—						0.8						1.5						2.8						59						100% / 0%
Clipper tax-exempt bonds						—						13						58						23						6						—						—						0.9						1.6						4.1						9						0% / 100%
Other						—						20						46						26						7						—						—						1.0						1.8						0.9						9						84% / 16%
Total available-for-sale portfolio						40		%				24		%				20		%				9		%				7		%				—		%				—		%				$	56.2					100.0		%				1.5		%				$	1,087					82% / 18%
Fair Value						$	22.5					$	13.5					$	11.1					$	4.8					$	4.1					$	0.1					$	0.1
						UST/AGY						AAA						AA						A						BBB						<BBB						NR						Amortized Cost						% Total						Spot Rate						Net Unrealized Pre-tax MTM Gain/(Loss) (In millions)(1)						Fixed Rate/ Floating Rate(2)
Held-to-maturity investment securities:
Government & agency securities						95		%				5		%				—		%				—		%				—		%				—		%				—		%				$	8.6					16.1		%				1.9		%				$	145					100% / 0%
Asset-backed securities						—						29						63						2						4						1						—						4.5						8.5						1.2						(59)						2% / 98%
Student loans						—						29						67						—						3						1						—						4.2						92.3						1.2						(104)
Non-U.S. residential mortgage backed securities						—						30						19						28						11						12						—						0.3						7.7						1.7						46
Other						—						—						—						100						—						—						—						—						—						1.2						—
Mortgage-backed securities						100						—						—						—						—						—						—						25.1						47.3						3.0						940						99% / 1%
Agency MBS						100						—						—						—						—						—						—						25.0						99.6						3.0						919
Non-agency MBS						—						—						6						14						13						50						18						0.1						0.4						2.4						21
CMBS						87						13						—						—						—						—						—						3.6						6.9						1.9						158						80% / 20%
Held-to-maturity under money market liquidity facility						—						—						—						—						—						—						100						11.3						21.2						1.4						33						100% / 0%
Total held-for-maturity portfolio						68		%				4		%				5		%				—		%				—		%				—		%				21		%				$	53.1					100.0		%				2.2		%				$	1,217					90% / 10%
Amortized Cost						$	36.4					$	2.2					$	2.9					$	0.1					$	0.2					$	0.1					$	11.3
(1) At June 30, 2020, the after-tax unrealized MTM gain/(loss) includes after-tax unrealized gain on securities available-for-sale of $804 million, after-tax unrealized gain on securities held-to-maturity of $904 million and after-tax unrealized loss primarily related to securities previously transferred from available-for-sale to held-to-maturity of ($4) million.
(2) At June 30, 2020, fixed-to-floating rate securities had a book value of approximately $241 million or .22% of the total portfolio.

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
INVESTMENT PORTFOLIO NON-U.S. INVESTMENTS
																		Investment Securities
(Dollars in billions)						Fair Value						Average Rating						Gov't/Agency(1)(2)						ABS FRMBS						ABS All Other						Corporate Bonds						Covered Bonds						Other						MMLF
Available-for-sale:
Germany						$	3.5					AA						$	2.8					$	—					$	0.6					$	0.1					$	—					$	—					$	—
United Kingdom						3.4						AAA						2.4						0.4						0.2						0.3						—						0.1						—
Canada						2.9						AAA						2.7						—						—						0.2						—						—						—
France						2.5						AA						1.3						—						0.7						0.2						0.2						0.1						—
Australia						2.4						AAA						0.7						0.9						—						0.2						—						0.6						—
Spain						1.6						BBB						1.5						—						0.1						—						—						—						—
Belgium						1.4						AA						1.3						—						—						—						0.1						—						—
Austria						1.4						AA						1.4						—						—						—						—						—						—
Japan						1.4						A						1.4						—						—						—						—						—						—
Netherlands						1.4						AA						0.6						0.3						0.1						0.4						—						—						—
Ireland						1.1						A						1.1						—						—						—						—						—						—
Finland						1.0						AA						1.0						—						—						—						—						—						—
Italy						0.9						A						0.6						0.1						0.2						—						—						—						—
Luxembourg						0.4						AA						0.4						—						—						—						—						—						—
Other						1.2						AA						0.6						—						—						0.3						0.2						0.1						—
Total Non-U.S. Investments(3)						$	26.5											$	19.8					$	1.7					$	1.9					$	1.7					$	0.5					$	0.9					$	—
U.S. Investments						29.7
Total available-for-sale						$	56.2
																		Investment Securities
(Dollars in billions)						Amortized Cost						Average Rating						Gov't/Agency(1)(2)						ABS FRMBS						ABS All Other						Corporate Bonds						Covered Bonds						Other						MMLF
Held-to-maturity:
Singapore						$	0.3					AAA						$	0.3					$	—					$	—					$	—					$	—					$	—					$	—
United Kingdom						0.1						AA						—						0.1						—						—						—						—						—
Germany						0.1						AAA						0.1						—						—						—						—						—						—
Australia						0.1						A						—						0.1						—						—						—						—						—
Spain						0.1						BBB						—						0.1						—						—						—						—						—
Total Non-U.S. Investments(3)						$	0.7											$	0.4					$	0.3					$	—					$	—					$	—					$	—					$	—
U.S. Investments						52.4
Total held-for-maturity						$	53.1
Total Portfolio						$	109.3
(1) Sovereign debt is reflected in the government / agency column.
(2) As of June 30, 2020, the fair value included $6.9 billion of supranational and non-U.S. agency bonds.
(3) Country of collateral used except for corporates where country of issuer is used.

                 13 

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
ALLOWANCE FOR CREDIT LOSSES
			Quarters																																																																																				% Change
(Dollars in millions)						1Q19						2Q19						3Q19						4Q19						1Q20						2Q20																		2Q20 vs. 2Q19						2Q20 vs. 1Q20
Allowance for credit losses:
Beginning balance(1)						$	83					$	83					$	88					$	86					$	93					$	124																	49.4		%				33.3		%
Provision for credit losses (funded commitments)						4						1						2						3						29						57																		nm						96.6
Provision for credit losses (unfunded commitments)(2)						(4)						4						—						3						3						(4)																		nm						nm
Provision for credit losses (held-to-maturity securities and all other)						—						—						—						—						4						(1)																		nm						nm
Total provision						—						5						2						6						36						52																		nm						44.4
Charge-offs						—						—						(2)						(1)						(5)						(14)																		nm						nm
Other(3)						—						—						(2)						—						—						1																		nm						nm
Ending balance(4)						$	83					$	88					$	86					$	91					$	124					$	163																	85.2						31.5
Allowance for credit losses:
Loans						$	70					$	72					$	71					$	74					$	97					$	141																	95.8						45.4
Held-to-maturity securities						—						—						—						—						4						4																		nm						nm
Unfunded (off-balance sheet) commitments						13						16						15						17						22						18																		12.5						(18.2)
All other						—						—						—						—						1						—																		nm						nm
Ending balance(4)						$	83					$	88					$	86					$	91					$	124					$	163																	85.2						31.5
(1) We adopted ASU 2016-13 on January 1, 2020, Allowance for Credit Losses. Prior to 2020, we recognized allowance for loan losses under an incurred loss model. Upon adoption, we increased the allowance and reduced retained earnings by approximately $2.6 million. As such, the ending balance for 4Q19 will not agree to the opening balance for 1Q20.
(2) Prior to the adoption of ASU 2016-13, the provision for unfunded commitments was recorded within Other expenses in the consolidated statement of income. Upon adoption of ASU 2016-13 in 1Q20, the provision for all assets within scope is recorded within Provision for credit losses in the consolidated statement of income.
(3) Consists primarily of FX translation.
(4) The allowance for credit losses on unfunded commitments is included within Other liabilities in the Consolidated Statement of Condition.
nm Not meaningful

                 14 

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION
In addition to presenting State Street's financial results in conformity with U.S. generally accepted accounting principles, or GAAP, management also presents certain financial information on a basis that excludes or adjusts one or more items from GAAP. This latter basis is a non-GAAP presentation. In general, our non-GAAP financial results adjust selected GAAP-basis financial results to exclude the impact of revenue and expenses outside of State Street’s normal course of business or other notable items, such as acquisition and restructuring charges, repositioning charges, gains/losses on sales, as well as, for selected comparisons, seasonal items. For example, we sometimes present expenses on a basis we may refer to as "expenses ex-notable items", which exclude notable items and, to provide additional perspective on both prior year quarter and sequential quarter comparisons, also exclude seasonal items. Management believes that this presentation of financial information facilitates an investor's further understanding and analysis of State Street's financial performance and trends with respect to State Street’s business operations from period-to-period, including providing additional insight into our underlying margin and profitability. In addition, Management may also provide additional non-GAAP measures. For example, we present capital ratios, calculated under regulatory standards scheduled to be effective in the future or other standards, that management uses in evaluating State Street’s business and activities and believes may similarly be useful to investors. Additionally, we may present revenue and expense measures on a constant currency basis to identify the significance of changes in foreign currency exchange rates (which often are variable) in period-to-period comparisons. This presentation represents the effects of applying prior period weighted average foreign currency exchange rates to current period results.
Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in conformity with GAAP.
			Quarters																																																																																				% Change																														Year-to-Date																		% Change
(Dollars in millions)						1Q19						2Q19						3Q19						4Q19						1Q20						2Q20																		2Q20 vs. 2Q19												2Q20 vs. 1Q20												2019						2020						YTD2020 vs. YTD2019
Fee Revenue:
Total fee revenue, GAAP-basis						$	2,260					$	2,260					$	2,259					$	2,368					$	2,399					$	2,378																	5.2		%							(0.9)		%							$	4,520					$	4,777					5.7		%
Total fee revenue, excluding notable items						$	2,260					$	2,260					$	2,259					$	2,368					$	2,399					$	2,378																	5.2									(0.9)									$	4,520					$	4,777					5.7
Total Revenue:
Total revenue, GAAP-basis						$	2,932					$	2,873					$	2,903					$	3,048					$	3,065					$	2,937																	2.2		%							(4.2)		%							$	5,805					$	6,002					3.4		%
Less: other income						—						—						—						(44)						—						—																																				—						—						—
Total revenue, excluding notable items						$	2,932					$	2,873					$	2,903					$	3,004					$	3,065					$	2,937																	2.2									(4.2)									$	5,805					$	6,002					3.4
Expenses:
Total expenses, GAAP-basis						$	2,293					$	2,154					$	2,180					$	2,407					$	2,255					$	2,082																	(3.3)		%							(7.7)		%							$	4,447					$	4,337					(2.5)		%
Less: Notable expense items:
Acquisition and restructuring costs(1)						(9)						(12)						(27)						(29)						(11)						(12)																		—									9.1									(21)						(23)						9.5
Repositioning charges						—						—						—						(110)						—						—																		—									—									—						—						—
Legal and related						(14)						—						(18)						(140)						—						—																		—									—									(14)						—						(100.0)
Total expenses, excluding notable items						$	2,270					$	2,142					$	2,135					$	2,128					$	2,244					$	2,070																	(3.4)									(7.8)									$	4,412					$	4,314					(2.2)
Fee Operating Leverage, GAAP-Basis:
Total fee revenue, GAAP-basis						$	2,260					$	2,260					$	2,259					$	2,368					$	2,399					$	2,378																	5.2		%							(0.9)		%							$	4,520					$	4,777					5.7		%
Total expenses, GAAP-basis						2,293						2,154						2,180						2,407						2,255						2,082																		(3.3)									(7.7)									4,447						4,337						(2.5)
Fee operating leverage, GAAP-basis																																																						850			bps						680			bps																		820			bps
Fee Operating Leverage, excluding notable items:
Total fee revenue, excluding notable items (as reconciled above)						$	2,260					$	2,260					$	2,259					$	2,368					$	2,399					$	2,378																	5.2		%							(0.9)		%							$	4,520					$	4,777					5.7		%
Total expenses, excluding notable items (as reconciled above)						2,270						2,142						2,135						2,128						2,244						2,070																		(3.4)									(7.8)									4,412						4,314						(2.2)
Fee operating leverage, excluding notable items																																																						860			bps						690			bps																		790			bps
Operating Leverage, GAAP-Basis:
Total revenue, GAAP-basis						$	2,932					$	2,873					$	2,903					$	3,048					$	3,065					$	2,937																	2.2		%							(4.2)		%							$	5,805					$	6,002					3.4		%
Total expenses, GAAP-basis						2,293						2,154						2,180						2,407						2,255						2,082																		(3.3)									(7.7)									4,447						4,337						(2.5)
Operating leverage, GAAP-basis																																																						550			bps						350			bps																		590			bps
Operating Leverage, excluding notable items:
Total revenue, excluding notable items (as reconciled above)						$	2,932					$	2,873					$	2,903					$	3,004					$	3,065					$	2,937																	2.2		%							(4.2)		%							$	5,805					$	6,002					3.4		%
Total expenses, excluding notable items (as reconciled above)						2,270						2,142						2,135						2,128						2,244						2,070																		(3.4)									(7.8)									4,412						4,314						(2.2)
Operating leverage, excluding notable items																																																						560			bps						360			bps																		560			bps

                 15 

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF NON-GAAP FINANCIAL INFORMATION (Continued)
			Quarters																																																																														% Change																														Year-to-Date																		% Change
(Dollars in millions, except Earnings per share, or where otherwise noted)						1Q19						2Q19						3Q19						4Q19						1Q20						2Q20																		2Q20 vs. 2Q19												2Q20 vs. 1Q20												2019						2020						YTD2020 vs. YTD2019
Net Income Available to Common Shareholders:
Net Income Available to Common Shareholders, GAAP-basis						$	452					$	537					$	528					$	492					$	580					$	662																	23.3		%							14.1		%							$	989					$	1,242					25.6		%
Less: Notable items
Acquisition and restructuring costs(1)						9						12						27						29						11						12																																				21						23
Repositioning charges						—						—						—						110						—						—																																				—						—
Legal and related						14						—						18						140						—						—																																				14						—
Other income						—						—						—						(44)						—						—																																				—						—
Preferred securities redemption(2)						—						—						—						22						9						—																																				—						9
Tax impact of notable items						(2)						(3)						(12)						(25)						(3)						(3)																																				(5)						(6)
Net Income Available to Common Shareholders, excluding notable items						$	473					$	546					$	561					$	724					$	597					$	671																	22.9									12.4									$	1,019					$	1,268					24.4
Diluted Earnings per Share:
Diluted earnings per share, GAAP-basis						$	1.18					$	1.42					$	1.42					$	1.35					$	1.62					$	1.86																	31.0		%							14.8		%							$	2.61					$	3.48					33.3		%
Less: Notable items
Acquisition and restructuring costs(1)						0.02						0.03						0.06						0.06						0.02						0.02																																				0.05						0.04
Repositioning charges						—						—						—						0.22						—						—																																				—						—
Legal and related						0.04						—						0.03						0.38						—						—																																				0.04						—
Other income						—						—						—						(0.09)						—						—																																				—						—
Preferred securities redemption(2)(3)						—						—						—						0.06						0.03						—																																				—						0.03
Diluted earnings per share, excluding notable items						$	1.24					$	1.45					$	1.51					$	1.98					$	1.67					$	1.88																	29.7									12.6									$	2.70					$	3.55					31.5
Pre-tax Margin:
Pre-tax margin, GAAP-basis						21.7		%				25.0		%				24.8		%				20.9		%				25.3		%				27.3		%																230			bps						200			bps						23.3		%				26.3		%				300			bps
Less: Notable items
Acquisition and restructuring costs(1)						0.3						0.4						1.0						1.0						0.3						0.4																																				0.4						0.4
Repositioning charges						—						—						—						3.6						—						—																																				—						—
Legal and related						0.5						—						0.6						4.7						—						—																																				0.2						—
Other income						—						—						—						(1.1)						—						—																																				—						—
Pre-tax margin, excluding notable items						22.5		%				25.4		%				26.4		%				29.1		%				25.6		%				27.7		%																230									210									23.9		%				26.7		%				280
Return on Average Common Equity:
Return on average common equity, GAAP-basis						8.7		%				10.1		%				9.7		%				9.0		%				10.9		%				12.1		%																200			bps						120			bps						9.4		%				11.5		%				210			bps
Less: Notable items
Acquisition and restructuring costs(1)						0.2						0.2						0.5						0.5						0.2						0.2																																				0.2						0.3
Repositioning charges						—						—						—						2.0						—						—																																				—						—
Legal and related						0.2						—						0.3						2.6						—						—																																				0.1						—
Other income						—						—						—						(0.8)						—						—																																				—						—
Preferred securities redemption(2)(3)						—						—						—						0.4						0.2						—																																				—						0.1
Tax impact of notable items						—						—						(0.2)						(0.4)						(0.1)						—																																				—						(0.1)
Return on average common equity, excluding notable items						9.1		%				10.3		%				10.3		%				13.3		%				11.2		%				12.3		%																200									110									9.7		%				11.8		%				210
(1) Acquisition and restructuring costs of approximately $12 million in 2Q20, consisting of acquisition costs primarily related to CRD.
(2) We redeemed all outstanding Series C noncumulative perpetual preferred stock on March 15, 2020 at a redemption price of $500 million ($100,000 per share equivalent to $25.00 per depositary share) plus accrued and unpaid dividends. The difference between the redemption value and the net carrying value of approximately $9 million resulted in an EPS impact of approximately ($.03) per share in the first quarter of 2020.
(3) We redeemed all outstanding Series E noncumulative perpetual preferred stock on December 15, 2019 at a redemption price of $750 million ($100,000 per share equivalent to $25.00 per depositary share) plus accrued and unpaid dividends. The difference between the redemption value and the net carrying value of approximately $22 million resulted in an EPS impact of approximately ($.06) per share in 2019.

                 16 

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF PRE-TAX MARGIN EXCLUDING NOTABLE ITEMS
(Dollars in millions)																		2016(1)						2017						2018(1)						2019
Total revenue:
Total revenue, GAAP-basis																		$	10,291					$	11,266					$	12,131					$	11,756
						Less: Gain on sale						(53)						(56)						—						—
						Add: Impact of tax legislation						—						20						—						—
						Add: Legal and related						43						—						8						—
						Less: Other income						—						—						—						(44)
Total revenue, excluding notable items																		10,281						11,230						12,139						11,712
Provision for credit losses																		10						2						15						10
Total expenses:
Total expenses, GAAP-basis																		8,077						8,269						9,015						9,034
			Less:
						Acquisition and restructuring costs						(209)						(266)						(24)						(77)
						Legal and related						(56)						—						(42)						(172)
						Repositioning charges(1)						11						—						(324)						(110)
						Acceleration of deferred cash awards						(249)						—						—						—
Total expenses, excluding notable items																		7,574						8,003						8,625						8,675
Income before income tax expense, excluding notable items																		$	2,697					$	3,225					$	3,499					$	3,027
Income before income tax expense, GAAP-basis																		$	2,204					$	2,995					$	3,101					$	2,712
Pre-tax margin, excluding notable items																		26.2		%				28.7		%				28.8		%				25.8		%
Pre-tax margin, GAAP-basis																		21.4						26.6						25.6						23.1
(1) Includes charges in 2016 that were previously disclosed as "severance costs associated with staffing realignment" and charges in 2018 that were previously disclosed as "Business exit: Channel Islands."

                 17 

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF NOTABLE ITEMS
						Quarters																																																																																				% Change																		Year-to-Date																		% Change
(Dollars in millions)									1Q19						2Q19						3Q19						4Q19						1Q20						2Q20																		2Q20 vs. 2Q19						2Q20 vs. 1Q20						YTD 2019						YTD 2020						YTD2020 vs. YTD2019
Total revenue:
Total revenue, GAAP-basis									$	2,932					$	2,873					$	2,903					$	3,048					$	3,065					$	2,937																	2.2		%				(4.2)		%				$	5,805					$	6,002					3.4		%
Less: other income									—						—						—						(44)						—						—																														—						—						—
Total revenue, excluding notable items									2,932						2,873						2,903						3,004						3,065						2,937																		2.2						(4.2)						$	5,805					$	6,002					3.4
Total expenses:
Total expenses, GAAP basis									$	2,293					$	2,154					$	2,180					$	2,407					$	2,255					$	2,082																	(3.3)						(7.7)						$	4,447					$	4,337					(2.5)
Less: Notable expense items:
Repositioning charges:
Compensation and employee benefits									—						—						—						(98)						—						—																		—						—						—						—						—
Occupancy									—						—						—						(12)						—						—																		—						—						—						—						—
Repositioning charges									—						—						—						(110)						—						—																		—						—						—						—						—
Acquisition and restructuring costs									(9)						(12)						(27)						(29)						(11)						(12)																		—						9.1						(21)						(23)						9.5
Legal and related									(14)						—						(18)						(140)						—						—																		—						—						(14)						—						(100.0)
Total expenses, excluding notable items									2,270						2,142						2,135						2,128						2,244						2,070																		(3.4)						(7.8)						4,412						4,314						(2.2)
Seasonal expenses									(137)						—						—						—						(151)						—																		nm						nm						(137)						(151)						10.2
Total expenses excluding notable items and seasonal expenses									2,133						2,142						2,135						2,128						2,093						2,070																		(3.4)						(1.1)						4,275						4,163						(2.6)
CRD expenses									(41)						(46)						(56)						(58)						(58)						(61)																		32.6						5.2						(87)						(119)						36.8
CRD related expenses: intangible asset amortization costs									(15)						(17)						(17)						(16)						(17)						(16)																		(5.9)						(5.9)						(32)						(33)						3.1
Total expenses, excluding notable items, seasonal items, CRD and CRD related expenses									2,077						2,079						2,062						2,054						2,018						1,993																		(4.1)						(1.2)						4,156						4,011						(3.5)
Net Income Available to Common Shareholders, GAAP-basis									$	452					$	537					$	528					$	492					$	580					$	662																	23.3						14.1						$	989					$	1,242					25.6
Notable items as reconciled above: pre-tax									23						12						45						235						11						12																														35						23
Tax impact on notable items as reconciled above									(2)						(3)						(12)						(25)						(3)						(3)																														(5)						(6)
Preferred security cost									—						—						—						22						9						—																														—						9
Net Income Available to Common Shareholders, excluding notable items									$	473					$	546					$	561					$	724					$	597					$	671																	22.9						12.4						$	1,019					$	1,268					24.4
nm Denotes not meaningful

                 18 

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF CONSTANT CURRENCY FX IMPACTS
GAAP-Basis Quarter Comparison						Reported																														Currency Translation Impact																		Excluding Currency Impact																		% Change Constant Currency
(Dollars in millions)						2Q19						1Q20						2Q20						2Q20 vs. 2Q19						2Q20 vs. 1Q20						2Q20 vs. 2Q19						2Q20 vs. 1Q20						2Q20 vs. 2Q19						2Q20 vs. 1Q20
GAAP-Basis Results:
Fee revenue:
Servicing fees						$	1,252					$	1,287					$	1,272					$	(10)					$	(3)					$	1,282					$	1,275					2.4		%				(0.9)		%
Management fees						441						449						425						(2)						(1)						427						426						(3.2)						(5.1)
Foreign exchange trading services						273						459						344						—						—						344						344						26.0						(25.1)
Securities finance						126						92						92						—						—						92						92						(27.0)						—
Software and processing fees						168						112						245						—						—						245						245						45.8						118.8
Total fee revenue						2,260						2,399						2,378						(12)						(4)						2,390						2,382						5.8						(0.7)
Net interest income						613						664						559						(4)						(2)						563						561						(8.2)						(15.5)
Total other income						—						2						—						—						—						—						—						nm						nm
Total revenue						$	2,873					$	3,065					$	2,937					$	(16)					$	(6)					$	2,953					$	2,943					2.8						(4.0)
Expenses:
Compensation and employee benefits						$	1,084					$	1,208					$	1,051					$	(11)					$	(5)					$	1,062					$	1,056					(2.0)						(12.6)
Information systems and communications						365						385						376						(1)						(1)						377						377						3.3						(2.1)
Transaction processing services						245						254						233						(1)						—						234						233						(4.5)						(8.3)
Occupancy						115						109						109						(2)						(1)						111						110						(3.5)						0.9
Acquisition and restructuring costs						12						11						12						—						—						12						12						—						9.1
Amortization of other intangible assets						59						58						58						—						—						58						58						(1.7)						—
Other						274						230						243						(2)						—						245						243						(10.6)						5.7
Total expenses						$	2,154					$	2,255					$	2,082					$	(17)					$	(7)					$	2,099					$	2,089					(2.6)						(7.4)
GAAP-Basis YTD Comparison						Reported																		Currency Translation Impact						Excluding Currency Impact						% Change Constant Currency
(Dollars in millions)						2019						2020						YTD2020 vs. YTD2019						2020						YTD2020 vs. YTD2019
GAAP-Basis Results:
Fee revenue:
Servicing fees						$	2,503					$	2,559					$	(21)					$	2,580					3.1		%
Management fees						861						874						(5)						879						2.1
Foreign exchange trading services						553						803						—						803						45.2
Securities finance						244						184						—						184						(24.6)
Software and processing fees						359						357						(2)						359						—
Total fee revenue						4,520						4,777						(28)						4,805						6.3
Net interest income						1,286						1,223						(9)						1,232						(4.2)
Total other income						(1)						2						—						2						nm
Total revenue						5,805						6,002						$	(37)					6,039						4.0
Expenses:
Compensation and employee benefits						2,313						2,259						$	(23)					2,282						(1.3)
Information systems and communications						727						761						(2)						763						5.0
Transaction processing services						487						487						(2)						489						0.4
Occupancy						231						218						(3)						221						(4.3)
Acquisition and restructuring costs						21						23						—						23						9.5
Amortization of other intangible assets						119						116						(1)						117						(1.7)
Other						549						473						(4)						477						(13.1)
Total expenses						4,447						4,337						$	(35)					4,372						(1.7)

nm Denotes not meaningful

                 19 

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATION OF TANGIBLE COMMON EQUITY RATIO
The tangible common equity, or TCE, ratio is a capital ratio that management believes provides context useful in understanding and assessing State Street's capital adequacy. The TCE ratio is calculated by dividing consolidated total common shareholders’ equity by consolidated total assets, after reducing both amounts by goodwill and other intangible assets net of related deferred taxes. Total assets reflected in the TCE ratio also exclude cash balances on deposit at the Federal Reserve Bank and other central banks in excess of required reserves. The TCE ratio is not required by GAAP or by banking regulations, but is a metric used by management to evaluate the adequacy of State Street’s capital levels. Since there is no authoritative requirement to calculate the TCE ratio, our TCE ratio is not necessarily comparable to similar capital measures disclosed or used by other companies in the financial services industry. Tangible common equity and adjusted tangible assets are non-GAAP financial measures and should be considered in addition to, not as a substitute for or superior to, financial measures determined in accordance with GAAP or other applicable requirements. Reconciliations with respect to the calculation of the TCE ratios are provided within the Reconciliation of Tangible Common Equity Ratio within this package.
The following table presents the calculation of State Street's ratios of tangible common equity to total tangible assets.
									Quarters
(Dollars in millions)									1Q19						2Q19						3Q19						4Q19						1Q20						2Q20
Consolidated total assets									$	228,332					$	241,540					$	244,606					$	245,610					$	362,527					$	280,242
Less:
Goodwill									7,549						7,565						7,500						7,556						7,506						7,538
Other intangible assets									2,208						2,155						2,077						2,030						1,963						1,914
Cash balances held at central banks in excess of required reserves									44,294						52,847						57,330						65,812						144,955						87,585
Adjusted assets									174,281						178,973						177,699						170,212						208,103						183,205
Plus related deferred tax liabilities									464						464						462						475						476						479
Total tangible assets			A						$	174,745					$	179,437					$	178,161					$	170,687					$	208,579					$	183,684
Consolidated total common shareholders' equity									$	21,348					$	21,764					$	21,519					$	21,469					$	21,390					$	22,402
Less:
Goodwill									7,549						7,565						7,500						7,556						7,506						7,538
Other intangible assets									2,208						2,155						2,077						2,030						1,963						1,914
Adjusted equity									11,591						12,044						11,942						11,883						11,921						12,950
Plus related deferred tax liabilities									464						464						462						475						476						479
Total tangible common equity			B						$	12,055					$	12,508					$	12,404					$	12,358					$	12,397					$	13,429
Tangible common equity ratio			B/A						6.9		%				7.0		%				7.0		%				7.2		%				5.9		%				7.3		%
GAAP-basis:
Net income available to common shareholders									$	452					$	537					$	528					$	492					$	580					$	662
Return on tangible common equity									15.0		%				15.8		%				16.3		%				16.3		%				18.7		%				18.5		%

                 20 

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
REGULATORY CAPITAL
						Quarters
						1Q19																		2Q19																		3Q19																		4Q19																		1Q20																		2Q20
(Dollars in millions)						Basel III Advanced Approaches(1)						Basel III Standardized Approach(2)						Basel III Advanced Approaches(1)						Basel III Standardized Approach(2)						Basel III Advanced Approaches(1)						Basel III Standardized Approach(2)						Basel III Advanced Approaches(1)						Basel III Standardized Approach(2)						Basel III Advanced Approaches(1)						Basel III Standardized Approach(2)						Basel III Advanced Approaches(1)						Basel III Standardized Approach(2)
RATIOS:
Common equity tier 1 capital						12.1		%				11.5		%				12.3		%				11.5		%				12.2		%				11.3		%				11.7		%				11.7		%				11.1		%				10.7		%				12.7		%				12.3		%
Tier 1 capital						15.9						15.0						15.9						14.9						15.9						14.6						14.5						14.6						13.4						12.9						15.1						14.6
Total capital						16.7						15.9						16.6						15.5						16.5						15.3						15.6						15.7						14.5						14.1						16.0						15.7
Tier 1 leverage						7.4						7.4						7.6						7.6						7.4						7.4						6.9						6.9						6.1						6.1						6.1						6.1
Supporting Calculations:
Common equity tier 1 capital						$	11,899					$	11,899					$	12,367					$	12,367					$	12,229					$	12,229					$	12,213					$	12,213					$	12,115					$	12,115					$	13,168					$	13,168
Total risk-weighted assets						98,023						103,643						100,699						107,972						100,327						108,701						104,364						104,005						109,056						112,763						103,762						106,839
Common equity tier 1 risk-based capital ratio						12.1		%				11.5		%				12.3		%				11.5		%				12.2		%				11.3		%				11.7		%				11.7		%				11.1		%				10.7		%				12.7		%				12.3		%
Tier 1 capital						$	15,589					$	15,589					$	16,058					$	16,058					$	15,919					$	15,919					$	15,175					$	15,175					$	14,586					$	14,586					$	15,639					$	15,639
Total risk-weighted assets						98,023						103,643						100,699						107,972						100,327						108,701						104,364						104,005						109,056						112,763						103,762						106,839
Tier 1 risk-based capital ratio						15.9		%				15.0		%				15.9		%				14.9		%				15.9		%				14.6		%				14.5		%				14.6		%				13.4		%				12.9		%				15.1		%				14.6		%
Total capital						$	16,386					$	16,460					$	16,672					$	16,748					$	16,530					$	16,612					$	16,275					$	16,360					$	15,771					$	15,877					$	16,650					$	16,766
Total risk-weighted assets						98,023						103,643						100,699						107,972						100,327						108,701						104,364						104,005						109,056						112,763						103,762						106,839
Total risk-based capital ratio						16.7		%				15.9		%				16.6		%				15.5		%				16.5		%				15.3		%				15.6		%				15.7		%				14.5		%				14.1		%				16.0		%				15.7		%
Tier 1 capital						$	15,589					$	15,589					$	16,058					$	16,058					$	15,919					$	15,919					$	15,175					$	15,175					$	14,586					$	14,586					$	15,639					$	15,639
Adjusted quarterly average assets						210,099						210,099						212,127						212,127						213,997						213,997						219,624						219,624						239,861						239,861						256,418						256,418
Tier 1 leverage ratio						7.4		%				7.4		%				7.6		%				7.6		%				7.4		%				7.4		%				6.9		%				6.9		%				6.1		%				6.1		%				6.1		%				6.1		%
(1) CET1, tier 1 capital, total capital and tier 1 leverage ratios for each period above were calculated in conformity with the advanced approaches provisions of the Basel III final rule.
(2) CET1, tier 1 capital, total capital and tier 1 leverage ratios for each period above were calculated in conformity with the standardized approach provisions of the Basel III final rule.

                 21 

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
RECONCILIATIONS OF SUPPLEMENTARY LEVERAGE RATIOS
In 2014, U.S. banking regulators issued final rules implementing a supplementary leverage ratio, or SLR, for certain bank holding companies, like State Street, and their insured depository institution subsidiaries, like State Street Bank. We refer to these final rules as the SLR final rule. Under the SLR final rule, which was implemented as of January 1, 2018, (i) State Street Bank must maintain an SLR of at least 6% to be well capitalized under the U.S. banking regulators’ Prompt Corrective Action framework and (ii) if State Street maintains an SLR of at least 5%, it is not subject to limitations on distribution and discretionary bonus payments under the SLR final rule. Beginning with reporting for March 31, 2015, State Street was required to include SLR disclosures with its other Basel disclosures.
The following tables reconcile our estimated pro forma fully-phased in SLR ratios in conformity with the SLR final rule, as described, to our SLR ratios calculated in conformity with applicable regulatory requirements as of the dates indicated.
As of June 30, 2020 (Dollars in millions)									State Street Corporation												State Street Bank
Tier 1 Capital						A			$	15,639											$	16,998
On-and off-balance sheet leverage exposure									198,266												208,344
Less: regulatory deductions									(9,234)												(8,824)
Total assets for SLR						B			189,032												199,520
Supplementary Leverage Ratio						A/B			8.3		%										8.5		%
As of March 31, 2020 (Dollars in millions)									State Street Corporation												State Street Bank
Tier 1 Capital						C			$	14,586											$	17,342
On-and off-balance sheet leverage exposure									279,537												275,700
Less: regulatory deductions									(9,275)												(8,837)
Total assets for SLR						D			270,262												266,863
Supplementary Leverage Ratio						C/D			5.4		%										6.5		%
As of December 31, 2019 (Dollars in millions)									State Street Corporation												State Street Bank
Tier 1 Capital						E			15,175												16,617
On-and off-balance sheet leverage exposure									257,124												253,500
Less: regulatory deductions									(9,262)												(8,837)
Total assets for SLR						F			247,862												244,663
Supplementary Leverage Ratio						E/F			6.1		%										6.8		%
As of September 30, 2019 (Dollars in millions)									State Street Corporation												State Street Bank
Tier 1 Capital						G			15,919												17,466
On-and off-balance sheet leverage exposure									251,304												247,529
Less: regulatory deductions									(9,276)												(8,845)
Total assets for SLR						H			242,028												238,684
Supplementary Leverage Ratio						G/H			6.6		%										7.3		%
As of June 30, 2019 (Dollars in millions)									State Street Corporation												State Street Bank
Tier 1 Capital						I			16,058												17,611
On-and off-balance sheet leverage exposure									248,690												245,118
Less: regulatory deductions									(9,387)												(8,980)
Total assets for SLR						J			239,303												236,138
Supplementary Leverage Ratio						I/J			6.7		%										7.5		%
As of March 31, 2019 (Dollars in millions)									State Street Corporation												State Street Bank
Tier 1 Capital						K			$	15,589											$	17,196
On-and off-balance sheet leverage exposure									245,449												242,506
Less: regulatory deductions									(9,461)												(9,017)
Total assets for SLR						L			235,988												233,489
Supplementary Leverage Ratio						K/L			6.6		%										7.4		%

                 22 

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Exhibit 99.3 July 17, 2020 2Q 2020 Financial Highlights (NYSE: STT)

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Preface and forward-looking statements This presentation includes certain highlights of, and also material supplemental to, State Street Corporation’s news release announcing its second quarter 2020 financial results. That news release contains a more detailed discussion of many of the matters described in this presentation and is accompanied by detailed financial tables. This presentation is designed to be reviewed together with that news release, which is available on State Street’s website, at http://investors.statestreet.com, and is incorporated herein by reference. This presentation (and the conference call accompanying it) contains forward-looking statements as defined by United States securities laws. These statements are not guarantees of future performance, are inherently uncertain, are based on assumptions that are difficult to predict and have a number of risks and uncertainties. The forward-looking statements in this presentation speak only as of the time this presentation is first furnished to the SEC on a Current Report on Form 8-K, and State Street does not undertake efforts to revise forward-looking statements. See “Forward-looking statements” in the Appendix for more information, including a description of certain factors that could affect future results and outcomes. Certain financial information in this presentation is presented on both a GAAP basis and on a basis that excludes or adjusts one or more items from GAAP. The latter basis is a non-GAAP presentation. Refer to the Appendix for explanations of our non-GAAP financial measures and to the Addendum for reconciliations of our non-GAAP financial information. 2

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Successfully navigating through the challenging environment Client Product Supporting the Planning ahead for engagement performance financial system our employees • Continued to onboard new • AUC/A of $33.5T; servicing • Supporting clients' liquidity and • Developed a framework to clients and manage elevated wins of $162B, with new financing needs with innovative reopen offices in a safe and transaction volumes, while business yet to be installed of solutions measured approach maintaining a robust pipeline $1.0T at quarter-end2 ‒ Liquidity provided to clients • Establishing a “Workplace of ‒ Several major servicing, • AUM of $3.1T at quarter-end, by facilitating nearly 50% of the Future” plan CRD and SSGA clients the Money Market Mutual with net inflows >$20B two ‒ Continue to optimize a work onboarded in 2Q20 2 Fund Liquidity Facility quarters in a row from home model, leverage ‒ 13% and 35% increase in (MMLF) • Continued growth in low cost technology, optimize real back and middle office ‒ Custodian and administrator A ETF market share, with well- estate and enable more transactions, respectively for four Federal Reserve diversified quarterly net inflows effective ways to serve programs: Commercial Paper • Named #1 FX provider to Asset clients 1 • Providing a diverse suite of Funding Facility (CPFF), Managers three years in a row cash management solutions Main Street Lending Program • Supporting employee career ‒ #1 in overall customer growth and performance ‒ Flight-to-quality deposits (limit of $600B), and Primary satisfaction in Americas and and Secondary Markets ‒ Launched an internal Talent ‒ Record Money Market Fund Europe; #2 in Asia Corporate Credit Facilities Marketplace AUM levels in SSGA ‒ #1 in electronic trading and (combined max of $750B) ‒ Sharpening performance ‒ Record levels of assets in multi-dealer platforms to measurement to meet our Fund Connect Asset Managers evolving business needs ‒ Leading sponsored repo • First ETF service provider to provider support launch of semi- transparent ETFs A Transaction volume comparison based on daily average volumes in June 2020 as compared to 5-month daily average volumes from October 2019 to February 2020 in our processing Centers of Excellence. Refer to the Appendix included with this presentation for endnotes 1 to 21. 3

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2Q20 and 1H20 highlights GAAP basis, all comparisons are to corresponding prior year periods unless noted otherwise 2Q20 1H20 • EPS of $1.86, up 31% • EPS of $3.48, up 33% • Total revenue of $2.9B, up 2% • Total revenue of $6.0B, up 3% Financial ‒ Fee revenue of $2.4B, up 5% ‒ Fee revenue of $4.8B, up 6% performance ‒ Net interest income of $0.6B, down (9)% ‒ Net interest income of $1.2B, down (5)% • Pre-tax margin of 27.3%, up 2.3%pts • Pre-tax margin of 26.3%, up 3.0%pts • Expenses of $2.1B, down (3)% • Expenses of $4.3B, down (2)% 4 ‒ Continued expense management, IT optimization ‒ IT optimization savings of $74M YTD Efficiency and operational productivity 4 and productivity ‒ Operations savings of $73M YTD ‒ Generated positive operating leverage of ‒ Generated positive operating leverage of 5.5%pts 5.9%pts • ROE of 12.1%, up 2.0%pts • ROE of 11.5%, up 2.1%pts Capital and • Strong capital position supports clients, financial • Deposit flight-to-quality markets and the broader economy3 balance sheet ‒ Average deposit balance of $189B, up 21%, strength ‒ CET1 ratio improved to 12.3% with significant driven by growth in both interest-bearing and headroom above regulatory requirement non-interest bearing balances Refer to the Appendix included with this presentation for endnotes 1 to 21. 4

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Summary of 2Q20 results Quarters % ∆ (GAAP, $M, except EPS data, or where otherwise noted) 2Q19 1Q20 2Q20 2Q19 1Q20 Revenue: Servicing fees $1,252 $1,287 $1,272 2% (1)% Management fees 441 449 425 (4) (5) Foreign exchange trading services 273 459 344 26 (25) Securities finance 126 92 92 (27) - Software and processing fees 168 112 245 46 119 Notable Items Total fee revenue 2,260 2,399 2,378 5 (1) Net interest income 613 664 559 (9) (16) QuartersD ($M, except EPS data) Other income - 2 - nm nm 2Q19 1Q20 2Q20 Total revenue $2,873 $3,065 $2,937 2% (4)% Acquisition and restructuring A $(12) $(11) $(12) Provision for credit losses $1 $36 $52 nm 44% costs (pre-tax) Total expensesB $2,154 $2,255 $2,082 (3)% (8)% Preferred securities Income before income tax expense $718 $774 $803 12% 4% - (9) - redemption (after-tax) Income tax expense $131 $140 $109 (17)% (22)% Net income $587 $634 $694 18% 9% EPS Impact ($0.03) ($0.05) ($0.02) Diluted earnings per share $1.42 $1.62 $1.86 31% 15% Return on average common equity 10.1% 10.9% 12.1% 2.0%pts 1.2%pts Pre-tax margin 25.0% 25.3% 27.3% 2.3%pts 2.0%pts Tax rate 18.1% 18.1% 13.6% (4.5)% pts (4.5)% pts Ex-notable items, non-GAAP C: Total expenses $2,142 $2,244 $2,070 (3)% (8)% EPS $1.45 $1.67 $1.88 30 13 Pre-tax margin 25.4% 25.6% 27.7% 2.3%pts 2.1%pts A In accordance with ASU 2016-13, the Provision for credit losses for 1Q20 and 2Q20 includes the provision on funded and unfunded commitments as well as HTM securities. For 2Q19, the provision for credit B C losses on unfunded commitments of $4M is included within Total expenses. 1Q20 includes $151M of seasonal compensation expenses. This is a non-GAAP presentation; quarterly expenses ex-notable 5 items, as presented, are calculated as expenses less notable items; refer to the Appendix for a reconciliation of ex-notable items to GAAP expenses and further explanations of non-GAAP measures. D Refer to the Addendum for further details on notable items.

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AUC/A and AUM levels, markets and flows performance A AUC/A and AUM Market indices5 ($T, as of period-end) 2Q20 vs AUC/A • 2% increase from 2Q19 primarily (% change) 2Q19 1Q20 +2% driven by: – Higher period-end market levels and client EOP 5% 20% +5% S&P 500 flows, partially offset by a previously Daily Avg 2 (4) announced client transition $33.5 EOP (7) 14 $32.8 MSCI EAFE $31.9 Daily Avg (11) (10) • 5% increase from 1Q20 largely EOP (6) 17 reflecting: MSCI EM – Higher period-end market levels Daily Avg (11) (10) 2Q19 1Q20 2Q20 Barclays Global Agg EOP 4 3 AUM ($B, as of period-end) 6 Select North America industry flows +5% • 5% increase from 2Q19 reflecting: +14% – Net inflows from cash and ETFs and Total flows higher period-end equity market levels, ($B) $3,054 partially offset by institutional net outflows 2Q19 1Q20 2Q20 $2,918 Long Term Funds $(38) $(340) $(31) $2,689 • 14% increase from 1Q20 primarily due Money Market 137 786 258 to: – Higher period-end market levels and net ETF 65 73 144 inflows from cash and ETFs, partially Total 164 519 371 2Q19 1Q20 2Q20 offset by institutional net outflows A Changes to AUC/A and AUM also reflect FX translation. Refer to the Appendix included with this presentation for endnotes 1 to 21. 6

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Revenue: Servicing fees Servicing fees ($M) 2Q20 performance Servicing fees of $1,272M up 2% YoY, down (1)% QoQ Total YoY +2% $2,873 $2,903 $3,048 $3,065 $2,937 revenue QoQ -4% • Up 2% YoY primarily driven by higher client activity and net new business, partially offset by moderating pricing headwinds +2% • Down (1)% QoQ largely due to lower average market levels, -1% partially offset by higher client activity • Continued strong client pipeline in the front-to-back Alpha platform $1,299 $1,287 Servicing $1,252 $1,272 $1,272 fees • Total revenue and servicing fees were negatively impacted by FX translation when compared to 2Q19 by $16M and $10M, respectivelyA Mgmt fees, FX, SF AUC/A sales performance indicators Software & proc. ($B) 2Q19 3Q19 4Q19 1Q20 2Q20 NII AUC/A wins $390 $1,031 $294 $171 $162 2Q19 3Q19 4Q19 1Q20 2Q20 AUC/A to be installed 575 1,165 1,167 1,063 1,037 A Total revenue and servicing fees were negatively impacted by FX translation when compared to 1Q20 by $6M and $3M, respectively. 7

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Revenue: Management, Markets, Software and processing fee revenue Management, Markets, Software and processing fee 2Q20 performance revenue ($M) Management, Markets, Software and processing fee $3,065 Total $2,873 $2,937 revenue of $1,106M up 10% YoY, down (1)% QoQ revenue • Management fees of $425M – Down (4)% YoY mainly due to institutional net outflows, partially +10% offset by net inflows from cash and ETF, particularly in SPDR® Servicing fees -1% Portfolio and Sector ETFs $1,112 – Down (5)% QoQ mainly due to lower average equity market levels $1,008 $1,106 and institutional net outflows, partially offset by net inflows from cash and ETF Mgmt. $449 $441 $425 A fees • FX trading services of $344M $459 – Up 26% YoY mainly reflecting significantly higher FX volume and FX $273 $344 heightened volatility SF $126 $92 $92 – Down (25)% QoQ mainly reflecting lower FX volume and volatility as Software & $168 $112 $245 processing outsized March volatility subsided NII • Securities finance of $92M – Down (27)% YoY primarily driven by lower agency spreads and dividend activity and client deleveraging in Enhanced Custody 2Q19 1Q20 2Q20 – Flat QoQ A 7 • Software and processing fees of $245M Mgmt. fees FX trading services (FX) Sec. finance (SF) – Up 46% YoY and 119% QoQ mainly due to revenue associated with a significant CRD wealth client implementation and several client Software and processing renewals, as well as market-related adjustments A For 2Q20, CRD standalone results include revenue of $145M, which includes $7M of revenue associated with affiliates, including SSGA, that is eliminated in consolidation for financial reporting purposes. On a consolidated basis, CRD revenue contributed $138M, including $134M in Software and processing fees and $4M in FX trading services. Refer to the Appendix included with this presentation for 8 endnotes 1 to 21.

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CRD performance and Alpha integration progress Quarterly metrics ($M) Achieving key milestones and business momentum • Strong quarterly performance driven by a significant wealth client +59% implementation and several client renewals8 +45% • Robust Alpha pipeline, with active discussions and continued strong $145 interest from clients $126 • Average new client contract term increased over 30% and deal sizes nearly doubled since acquisition10 $100 $91 11 $85 • Confident in achieving both revenue and expense synergy targets Executing on our CRD wealth strategy Standalone A CRD revenue • Wealth represents ~20% of CRD revenue, with a strong growth rate over the past 6 quarters12 • Went live with 2 major wealth clients in 1H20, which validated the 2Q19 3Q19 4Q19 1Q20 2Q20 scale and capability of the platform • 40+ clients with $2.9T of wealth-related assets on CRD’s Investment Pre-tax income8 $45 $29 $68 $42 $84 Management Solution platform Operating – Increased number of wealth clients by ~30% post acquisition expenses 46 56 58 58 61 – 12,000+ financial advisors leveraging the platform New bookings9 6 5 23 5 3 • Continue to add capabilities across the platform in the areas of trading and portfolio management A For 2Q20, CRD standalone results include revenue of $145M, operating expenses of $61M and pre-tax income of $84M, which includes $7M of revenue associated with affiliates, including SSGA, that is eliminated in consolidation for financial reporting purposes. On a consolidated basis, CRD revenue contributed $138M, including $134M in Software and processing fees and $4M in FX trading services. Refer 9 to the Appendix included with this presentation for endnotes 1 to 21.

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Revenue: Net interest income NII and NIM ($M)A Balance sheet highlights Total $3,065 $2,937 Average Period-end revenue $2,873 2Q19 1Q20 2Q19 1Q20 Servicing -9% ($B) 2Q20 2Q20 fees Total assets $222 $251 $285 $242 $363 $280 Mgmt. -16% fees, FX, SF, Loans 24 28 27 25 32 27 Software $613 $664 $559 & proc. MMLF - 2 19 - 27 11 NII Total deposits 157 180 197 171 257 200 2Q19 1Q20 2Q20 Interest-bearing 128 145 158 136 188 158 NIM A 1.38% 1.30% 0.93% (FTE, %) Non-Interest bearing 29 36 39 34 69 42 ex-MMLF n/a 1.31% 0.98% Supporting clients with our balance sheet NII of $559M down (9)% YoY and (16)% QoQ • Flight-to-quality deposits • Down (9)% YoY primarily due to the impact of lower market rates, – Total average deposits increased 26% YoY and 9% QoQ, driven partially offset by stronger deposit balances and our participation in by growth in both interest-bearing and non-interest bearing the MMLF program balances – While average deposit levels remained elevated, total period-end • Down (16)% QoQ largely driven by the impact of lower market rates deposits declined (22)% QoQ and the absence of 1Q20 episodic market-related benefits, partially offset by our participation in the MMLF program • Average loans decreased (4)% QoQ primarily driven by lower overdrafts A NII is presented on a GAAP-basis; NIM is presented on an FTE-basis. Refer to the Addendum for reconciliations of our FTE-basis presentation. 10

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High quality loan portfolio 13 Average loans by segment ($B) 2Q20 loan portfolio highlights $13 $13 High quality loan portfolio; 79% investment grade; majority of $12 credit extended to existing clients 19% 81% 84% 84% • Fund Finance: Primarily includes ‘40 Act Funds, PE Capital Call $6 Finance, and Business Development Companies $5 $5 $4 $4 $4 $4 $5 • Leverage Loans: High quality book with vast majority of loans rated $3 BB and above, underweight cyclical sectors • Commercial Real Estate, Muni and Other: CRE portfolio average 2Q19 1Q20 2Q20 LTV of 53%; all U.S. major central business districts, existing buildings, 14 14 substantially leased Fund Finance Leveraged Loans CRE/Other Overdrafts • Overdrafts: End of period and average balances decreased QoQ by (49)% and (23)%, respectively Total $24 $28 YoY +15% Loans $27 QoQ (4)% Allowance for credit losses and net charge-offs ($M) Reserves and economic assumptions $163 • Allowance for credit losses increased $39M QoQ primarily due to $52M in provisions for credit losses driven by economic conditions and $124 ratings migrations, partially offset by $14M in net charge-offs $88 – Changes in economic outlook declined including FY baseline GDP $0 $5 $14 declined from (2)% in 1Q20 to (7)%, among other factors 15 2Q19 1Q20 2Q20 • Net charge-offs: Selective de-risking actions in leveraged loan portfolio resulted in charge-offs of $14M, but reduced reserve build by Allowance for credit losses Net charge-offs ~$8M Refer to the Appendix included with this presentation for endnotes 1 to 21. 11

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Expenses Expenses A 2Q20 YoY: Expenses ex-notable items down (3)% (Ex-notable items and seasonal expenses, non-GAAP, $M) • Compensation and benefits down (3)% YoY primarily driven by lower -3% salaries and headcount • Information systems and communications up 3% YoY largely -1% reflecting software costs and technology infrastructure investments, partially offset by vendor savings $2,142 $2,093 $2,070 • Transaction processing services down (5)% YoY mainly reflecting lower market data costs and sub-custody savings Comp. $1,084 $1,057 • Occupancy down (5)% YoY primarily due to footprint optimization & ben. $1,051 • Other down (10)% YoY mainly driven by lower marketing spend and travel, partially offset by professional fees Info. sys. $365 $385 $376 Tran. $245 2Q20 QoQ: Expenses ex-notable items and seasonal processing $254 $233 17 Occupancy $115 $109 $109 expenses down (1)% 16 Other $333 $288 $301 • Compensation and benefits down (1)% QoQ primarily driven by lower B B headcount and employee medical costs 2Q19 1Q20 2Q20 • Information systems and communications down (2)% QoQ largely GAAP Expense $2,154 $2,255 $2,082 reflecting third party vendor credits Head- 39,483 39,318 39,068 • Transaction processing services down (8)% QoQ mainly due to count lower market data costs and sub-custody savings • Total GAAP expenses were positively impacted by FX translation when compared to 2Q19 by $17M17 • Occupancy flat QoQ • Quarter-end headcount down (1)% YoY and (1)% QoQ driven by productivity • Other up 5% QoQ primarily due to higher Foundation funding and savings professional fees, partially offset by lower marketing spend and travel A Quarterly expenses ex-notable items and seasonal expenses, as presented, is a non-GAAP presentation; refer to the Appendix for a reconciliation of ex-notable items and seasonal expenses to GAAP expenses. B 1Q20 excludes $151M of seasonal compensation expenses. Refer to the Appendix included with this presentation for endnotes 1 to 21. 12

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Investment portfolio and capital ratios Investment portfolio highlights18 Capital ratios19 ($B, portfolio metrics as of quarter-end) (%, as of period-end) CET1 (Standardized) 11.5% 10.7% 12.3% Headroom 4.3% $123.8 1.0% G-SIB surcharge A 2.5% CCB/SCB20 12% $109.3 8.0% 4.5% Minimum ratio $92.5 ~$27B from 14% MMLF ~$11B from Regulatory Non-HQLA 17% MMLF 2Q19 1Q20 2Q20 minimum Tier 1 Leverage 7.6% 6.1% 6.1% HQLA 83% 88% 86% Headroom 2.1% 4.0% Minimum ratio Regulatory 2Q19 1Q20 2Q20 minimum 2Q19 1Q20 2Q20 • CET1 ratio improved to 12.3% driven by higher retained HTM % 42% 55% 49% earnings and a reduction in RWAs, while supporting clients and Duration 2.6 2.2 2.4 financial markets – Declared $183M in common stock dividends in 2Q20 • Preliminary SCB well below the 2.5% minimum, resulting in an SCB at that floor A Money Market Mutual Fund Liquidity Facility (MMLF) contributed ~$11B to the investment portfolio in 2Q20. Excluding MMLF, the investment portfolio size would be ~$98B, with a duration of 2.8 years and 43% HTM. Refer to the Appendix included with this presentation for endnotes 1 to 21. 13

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Summary 2Q20 financial performance • EPS of $1.86, up 31% YoY; ROE of 12.1% – Fee revenue increased 5% YoY largely due to elevated FX volume and volatility, stronger CRD activity and improving servicing fees, partially offset by a decline in securities finance revenue and lower average international equity market levels – NII decreased (9)% YoY as lower interest rates were partially offset by higher deposit balances and our participation in the MMLF program – Expenses down (3)% YoY, reflecting ongoing expense management initiatives • Strong capital ratios, with CET1 of 12.3%, and significant headroom above regulatory requirement3 Continuing to support clients and the financial system through challenging times • Meeting client demands and handled elevated transaction volumes – Named #1 FX provider to Asset Managers three years in a row1 – Providing a diverse suite of cash management products • Supporting clients' liquidity and financing needs with innovative solutions – Providing liquidity to clients by facilitating the Money Market Mutual Fund Liquidity Facility – Providing custodial and administrative services to four Federal Reserve programs: Commercial Paper Funding Facility (CPFF), Main Street Lending Program, and Primary and Secondary Markets Corporate Credit Facilities Refer to the Appendix included with this presentation for endnotes 1 to 21. 14

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Medium-term financial targets 16 Reconciliation of notable items 17 Endnotes 18 Appendix Forward-looking statements 19 Non-GAAP measures 20 Definitions 21 15

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Medium-term financial targetsA Our strategic priorities will deliver growth, drive innovation and enhance shareholder value Revenue growth 4–5% with CRD Pre-tax margin Further improve by an additional 2%pts EPS growth 10–15% ROE 12–15% Capital return Targeting total payout ratio greater than or equal to 80%B A Financial targets to be met within a three-year time horizon ending 2021 or on a run-rate basis for 2022. Financial targets do not reflect items outside of the normal course of business. Revenue and EPS growth targets stated on a YoY basis. Pre-tax margin stated relative to 3Q18YTD. Timing to achieve all medium-term financial targets may become subject to uncertainties associated with the COVID-19 16 pandemic, including the overall magnitude and duration of its impact. B Payouts calculated over CCAR cycles. CCAR cycles run from mid-year to mid-year. Refer to endnote 21 for additional details.

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Reconciliation of notable items Quarterly reconciliation (Dollars in millions, unless noted otherwise) 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 Total revenue, GAAP-basis 2,932 2,873 2,903 3,048 3,065 2,937 Less: Other income (44) Total revenue, excluding notable items 2,932 2,873 2,903 3,004 3,065 2,937 Total expenses, GAAP basis 2,293 2,154 2,180 2,407 2,255 2,082 Less: Notable expense items: Repositioning charges: Compensation and employee benefits (98) Occupancy (12) Repositioning charges (110) Acquisition and restructuring costs (9) (12) (27) (29) (11) (12) Legal and related (14) (18) (140) Total expenses, excluding notable items 2,270 2,142 2,135 2,128 2,244 2,070 Seasonal expenses (137) (151) Total expenses, excluding notable items and seasonal expense items 2,133 2,142 2,135 2,128 2,093 2,070 Pre-tax margin, GAAP-basis 21.7% 25.0% 24.8% 20.9% 25.3% 27.3% Notable items as reconciled above 0.8% 0.4% 1.6% 8.2% 0.3% 0.4% Pre-tax margin, excluding notable items 22.5% 25.4% 26.4% 29.1% 25.6% 27.7% Net income available to common shareholders, GAAP-basis 452 537 528 492 580 662 Notable items as reconciled above: pre-tax 23 12 45 235 11 12 Tax impact on notable items as reconciled above (2) (3) (12) (25) (3) (3) Preferred securities cost 22 9 Net income available to common shareholders, excluding notable items 473 546 561 724 597 671 Diluted EPS, GAAP-basis 1.18 1.42 1.42 1.35 1.62 1.86 Notable items as reconciled above 0.06 0.03 0.09 0.63 0.05 0.02 Diluted EPS, excluding notable items 1.24 1.45 1.51 1.98 1.67 1.88 17

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Endnotes 1. Recognized Global Markets as the #1 FX provider to asset managers in the 2020 Euromoney (Real Money) FX Survey. 2. New asset servicing mandates, including announced front-to-back investment servicing clients, may be subject to completion of definitive agreements, approval of applicable boards and shareholders and customary regulatory approvals. New asset servicing mandates and servicing assets remaining to be installed in future periods exclude new business which has been contracted, but for which the client has not yet provided permission to publicly disclose and is not yet installed. These excluded assets, which from time to time may be significant, will be included in new asset servicing mandates and reflected in servicing assets remaining to be installed in the period in which the client provides its permission. Servicing mandates and servicing assets remaining to be installed in future periods are presented on a gross basis and therefore also do not include the impact of clients who have notified us during the period of their intent to terminate or reduce their relationship with State Street, which from time to time may be significant. New business in assets to be serviced is reflected in our AUC/A after we begin servicing the assets, and new business in assets to be managed is reflected in our AUM after we begin managing the assets. As such, only a portion of any new asset servicing and asset management mandates may be reflected in our AUC/A and AUM as of any particular date specified. Generally, our servicing fee revenues are affected by several factors including changes in market valuations, client activity and asset flows, net new business and the manner in which we price our services. We provide a range of services to our clients, including core custody services, accounting, reporting and administration and middle office services, and the nature and mix of services provided affects our servicing fees. The basis for fees will differ across regions and clients. The industry in which we operate has historically faced pricing pressure, and our servicing fee revenues are also affected by such pressures today. Consequently, no assumption should be drawn as to future revenue run rate from announced servicing wins or new servicing business yet to be installed, as the amount of revenue associated with AUC/A can vary materially. Management fees generally are affected by our level of AUM and differ based upon the nature, type and investment strategy of the investment product. Management fee revenue is more sensitive to market valuations than servicing fee revenue, as a higher proportion of the underlying services provided, and the associated management fees earned, are dependent on equity and fixed-income security valuations. Additional factors, such as the relative mix of assets managed, may have a significant effect on our management fee revenue. While certain management fees are directly determined by the values of AUM and the investment strategies employed, management fees may reflect other factors, including performance fee arrangements, as well as our relationship pricing for clients. 3. State Street’s common stock and other stock dividends, including the declaration, timing and amount, remain subject to consideration and approval by State Street’s Board of Directors at the relevant times. 4. Savings are stated on a gross basis. 5. The index names listed are service marks of their respective owners. 6. Industry data is provided for illustrative purposes only. It is not intended to reflect State Street’s or its clients' activity and is indicative of only selected segments of the entire industry. Source: Investment Company Institute (ICI). ICI data includes long term funds, ETFs and money market funds, as well as funds not registered under the Investment Company Act of 1940. Mutual fund data represents estimates of net new cash flow, which is new sales minus redemptions combined with net exchanges, while exchange-traded fund (ETF) data represents net issuance, which is gross issuance less gross redemptions. Data for mutual funds that invest primarily in other mutual funds and ETFs that invest primarily in other ETFs were excluded from the series. ICI classifies mutual funds and ETFs based on language in the fund prospectus. The long term fund flows reported by ICI are composed of North America Market flows mainly in Equities, Hybrids and Fixed Income Asset Classes. 2Q20 represents the three month period from April 2020 through June 2020, the last date for which information is available with June 2020 estimates. 7. FX trading services includes Brokerage and other revenue. 8. Revenue and pre-tax income reflects the application of ASC 606. Revenue recognition under ASC 606 results in the acceleration of a significant portion of revenues for on-premise software agreements when a client goes live or renews their contract with us. The amount of revenue recognized in any given quarter will be driven in large part by client activity, including agreements that renew or are installed in that quarter. 9. CRD annual contract value bookings, as presented in this presentation, represent signed annual recurring revenue contract value excluding bookings with affiliates, including SSGA. CRD revenue derived from affiliate agreements is eliminated in consolidation for financial reporting purposes. 10. Average contract term and deal size comparison based on new contracts between FY2017 to 3Q18 (CRD pre-acquisition) and 4Q18 to 2Q20 (CRD post-acquisition). Contracts exclude affiliates. 11. Revenue synergy target of $75-85M in 2021 mainly represents opportunities to enhance the distribution of State Street products and capabilities to CRD clients, cross sell CRD into State Street client base, expand share of wallet across our combined client base, bundle services to clients seeking an integrated experience and expand combined and integrated capabilities into new client segments. Cost synergy target of ~$55-65M in 2021 is net of expenses and cost to achieve, excluding restructuring charges, on a pre-tax basis. All targets as announced on July 20, 2018. 12. On a trailing 12-month basis. 13. Includes drawn loans, gross. Line items may not sum to total due to rounding 14. CRE and Other category includes Commercial Real Estate, Alternative Financing, Municipal Loans, and other. 15. Calculated under the incurred loss methodology. 16. Other includes other expenses and amortization of intangible assets. 17. Total GAAP expenses were positively impacted by FX translation when compared to 1Q20 by $7M. 18. For purposes of this presentation, prior period balances have been revised to reflect the carrying value of the securities, including available-for-sale securities at fair value, rather than amortized cost. 19. Unless otherwise noted, all capital ratios referenced on this slide and elsewhere in this presentation refer to State Street Corporation, or State Street, and not State Street Bank and Trust Company, or State Street Bank. The lower of capital ratios calculated under the Basel III advanced approaches and under the Basel III standardized approach are applied in the assessment of our capital adequacy for regulatory purposes. Standardized approach ratios were binding for 2Q19, 1Q20 and 2Q20. Refer to the Addendum included with this presentation for a further description of these ratios. June 30, 2020 capital ratios are presented as of quarter-end and are preliminary estimates. 20. State Street received a preliminary SCB of 2.5%. The SCB requirement will be effective in 4Q20. 21. Subject to annual CCAR process conducted by the Board of Governors of the Federal Reserve System. CCAR cycles run from mid-year to mid-year. 18

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Forward-looking statements This presentation (and the conference call referenced herein) contains forward-looking statements within the meaning of United States securities laws, including statements about our goals and expectations regarding our business, financial and capital condition, results of operations, strategies, the financial and market outlook, dividend and stock purchase programs, governmental and regulatory initiatives and developments, expense reduction programs, new client business, and the business environment. Forward-looking statements are often, but not always, identified by such forward-looking terminology as “outlook,” “guidance,” “expect,” “priority,” “objective,” “intend,” “plan,” “forecast,” “believe,” “anticipate,” “estimate,” “seek,” “may,” “will,” “trend,” “target,” “strategy” and “goal,” or similar statements or variations of such terms. These statements are not guarantees of future performance, are inherently uncertain, are based on current assumptions that are difficult to predict and involve a number of risks and uncertainties. Therefore, actual outcomes and results may differ materially from what is expressed in those statements, and those statements should not be relied upon as representing our expectations or beliefs as of any time subsequent to the time this presentation is first issued. Important factors that may affect future results and outcomes include, but are not limited to: the financial strength of the counterparties with which we or our clients do business and to which we have investment, credit or financial exposures or to which our clients have such exposures as a result of our acting as agent, including as an asset manager or securities lending agent; the significant risks and uncertainties for our business, results of operations and financial condition, as well as our regulatory capital and liquidity ratios and other regulatory requirements in the United States and internationally, caused by the COVID-19 pandemic, which will depend on several factors, including the scope and duration of the pandemic, its influence on the economy and financial markets, the effectiveness of our work from home arrangements and staffing levels in operational facilities, the impact of market participants on which we rely and actions taken by governmental authorities and other third parties in response to the pandemic and the impact of lower equity market valuations on our service and management fee revenue; increases in the volatility of, or declines in the level of, our NII; changes in the composition or valuation of the assets recorded in our consolidated statement of condition (and our ability to measure the fair value of investment securities); and changes in the manner in which we fund those assets; the volatility of servicing fee, management fee, trading fee and securities finance revenues due to, among other factors, the value of equity and fixed-income markets, market interest and FX rates, the volume of client transaction activity, competitive pressures in the investment servicing and asset management industries, and the timing of revenue recognition with respect to software and processing fees revenues; the liquidity of the U.S. and international securities markets, particularly the markets for fixed-income securities and inter-bank credits; the liquidity of the assets on our balance sheet and changes or volatility in the sources of such funding, particularly the deposits of our clients; and demands upon our liquidity, including the liquidity demands and requirements of our clients; the level, volatility and uncertainty of interest rates; the expected discontinuation of Interbank Offered Rates including London Interbank Offered Rate (LIBOR); the valuation of the U.S. dollar relative to other currencies in which we record revenue or accrue expenses; the performance and volatility of securities, credit, currency and other markets in the U.S. and internationally; and the impact of monetary and fiscal policy in the U.S. and internationally on prevailing rates of interest and currency exchange rates in the markets in which we provide services to our clients; the credit quality, credit-agency ratings and fair values of the securities in our investment securities portfolio, a deterioration or downgrade of which could lead to impairment of such securities and the recognition of a provision for credit losses in our consolidated statement of income; our ability to attract and retain deposits and other low-cost, short-term funding; our ability to manage the level and pricing of such deposits and the relative portion of our deposits that are determined to be operational under regulatory guidelines; our ability to deploy deposits in a profitable manner consistent with our liquidity needs, regulatory requirements and risk profile; and the risks associated with the potential liquidity mismatch between short-term deposit funding and longer term investments; the manner and timing with which the Federal Reserve and other U.S. and non-U.S. regulators implement or reevaluate the regulatory framework applicable to our operations (as well as changes to that framework), including implementation or modification of the Dodd-Frank Act and related stress testing and resolution planning requirements and implementation of international standards applicable to financial institutions, such as those proposed by the Basel Committee and European legislation (such as Undertakings for Collective Investments in Transferable Securities (UCITS) V, the Money Market Fund Regulation and the Markets in Financial Instruments Directive II/Markets in Financial Instruments Regulation); among other consequences, these regulatory changes impact the levels of regulatory capital, long-term debt and liquidity we must maintain, acceptable levels of credit exposure to third parties, margin requirements applicable to derivatives, restrictions on banking and financial activities and the manner in which we structure and implement our global operations and servicing relationships. In addition, our regulatory posture and related expenses have been and will continue to be affected by heightened standards and changes in regulatory expectations for global systemically important financial institutions applicable to, among other things, risk management, liquidity and capital planning, cyber-security, resiliency, resolution planning and compliance programs, as well as changes in governmental enforcement approaches to perceived failures to comply with regulatory or legal obligations; adverse changes in the regulatory ratios that we are, or will be, required to meet, whether arising under the Dodd-Frank Act or implementation of international standards applicable to financial institutions, such as those proposed by the Basel Committee, or due to changes in regulatory positions, practices or regulations in jurisdictions in which we engage in banking activities, including changes in internal or external data, formulae, models, assumptions or other advanced systems used in the calculation of our capital or liquidity ratios that cause changes in those ratios as they are measured from period to period; requirements to obtain the prior approval or non-objection of the Federal Reserve or other U.S. and non-U.S. regulators for the use, allocation or distribution of our capital or other specific capital actions or corporate activities, including, without limitation, acquisitions, investments in subsidiaries, dividends and stock repurchases, without which our growth plans, distributions to shareholders, share repurchase programs or other capital or corporate initiatives may be restricted; changes in law or regulation, or the enforcement of law or regulation, that may adversely affect our business activities or those of our clients or our counterparties, and the products or services that we sell, including, without limitation, additional or increased taxes or assessments thereon, capital adequacy requirements, margin requirements and changes that expose us to risks related to our operating model and the adequacy and resiliency of our controls or compliance programs; a cyber-security incident, or a failure to protect our systems and our, our clients' and others' information against cyber-attacks, could result in the theft, loss, unauthorized access to, disclosure, use or alteration of information, system failures, or loss of access to information; any such incident or failure could adversely impact our ability to conduct our businesses, damage our reputation and cause losses, potentially materially; our ability to expand our use of technology to enhance the efficiency, accuracy and reliability of our operations and our dependencies on information technology; to replace and consolidate systems, particularly those relying upon older technology, and to adequately incorporate cyber-security, resiliency and business continuity into our operations, information technology infrastructure and systems management; to implement robust management processes into our technology development and maintenance programs; and to control risks related to use of technology, including cyber-crime and inadvertent data disclosures; our ability to identify and address threats to our information technology infrastructure and systems (including those of our third-party service providers); the effectiveness of our and our third party service providers' efforts to manage the resiliency of the systems on which we rely; controls regarding the access to, and integrity of, our and our clients' data; and complexities and costs of protecting the security of such systems and data; our ability to control operational and resiliency risks, data security breach risks and outsourcing risks; our ability to protect our intellectual property rights; the possibility of errors in the quantitative models we use to manage our business; and the possibility that our controls will prove insufficient, fail or be circumvented; economic or financial market disruptions in the U.S. or internationally, including those which may result from recessions or political instability; for example, the United Kingdom's (U.K.) exit from the European Union or actual or potential changes in trade policy, such as tariffs or bilateral and multilateral trade agreements; our ability to create cost efficiencies through changes in our operational processes and to further digitize our processes and interfaces with our clients, any failure of which, in whole or in part, may among other things, reduce our competitive position, diminish the cost-effectiveness of our systems and processes or provide an insufficient return on our associated investment; our ability to promote a strong culture of risk management, operating controls, compliance oversight, ethical behavior and governance that meets our expectations and those of our clients and our regulators, and the financial, regulatory, reputational and other consequences of our failure to meet such expectations; the impact on our compliance and controls enhancement programs associated with the appointment of a monitor under the deferred prosecution agreement with the DOJ and compliance consultant appointed under a settlement with the SEC, including the potential for such monitor and compliance consultant to require changes to our programs or to identify other issues that require substantial expenditures, changes in our operations, payments to clients or reporting to U.S. authorities; the results of our review of our billing practices, including additional findings or amounts we may be required to reimburse clients, as well as potential consequences of such review, including damage to our client relationships or our reputation, adverse actions or penalties imposed by governmental authorities and costs associated with remediation of identified deficiencies; the results of, and costs associated with, governmental or regulatory inquiries and investigations, litigation and similar claims, disputes, or civil or criminal proceedings; changes or potential changes in the amount of compensation we receive from clients for our services, and the mix of services provided by us that clients choose; the large institutional clients on which we focus are often able to exert considerable market influence and have diverse investment activities, and this, combined with strong competitive market forces, subjects us to significant pressure to reduce the fees we charge, to potentially significant changes in our AUC/A or our AUM in the event of the acquisition or loss of a client, in whole or in part, and to potentially significant changes in our revenue in the event a client re-balances or changes its investment approach, re-directs assets to lower- or higher-fee asset classes or changes the mix of products or services that it receives from us; the potential for losses arising from our investments in sponsored investment funds; the possibility that our clients will incur substantial losses in investment pools for which we act as agent; the possibility of significant reductions in the liquidity or valuation of assets underlying those pools and the potential that clients will seek to hold us liable for such losses; and the possibility that our clients or regulators will assert claims that our fees, with respect to such investment products, are not appropriate; our ability to anticipate and manage the level and timing of redemptions and withdrawals from our collateral pools and other collective investment products; the credit agency ratings of our debt and depositary obligations and investor and client perceptions of our financial strength; adverse publicity, whether specific to us or regarding other industry participants or industry-wide factors, or other reputational harm; changes or potential changes to the competitive environment, due to, among other things, regulatory and technological changes, the effects of industry consolidation and perceptions of us, as a suitable service provider or counterparty; our ability to complete acquisitions, joint ventures and divestitures, including, without limitation, our ability to obtain regulatory approvals, the ability to arrange financing as required and the ability to satisfy closing conditions; the risks that our acquired businesses, including, without limitation, our acquisition of CRD, and joint ventures will not achieve their anticipated financial, operational and product innovation benefits or will not be integrated successfully, or that the integration will take longer than anticipated; that expected synergies will not be achieved or unexpected negative synergies or liabilities will be experienced; that client and deposit retention goals will not be met; that other regulatory or operational challenges will be experienced; and that disruptions from the transaction will harm our relationships with our clients, our employees or regulators; our ability to integrate CRD's front office software solutions with our middle and back office capabilities to develop our front-to-middle-to-back office State Street Alpha that is competitive, generates revenues in line with our expectations and meets our clients' requirements; the dependency of State Street Alpha on enhancements to our data management and the risks to our servicing model associated with increased exposure to client data; our ability to recognize evolving needs of our clients and to develop products that are responsive to such trends and profitable to us; the performance of and demand for the products and services we offer; and the potential for new products and services to impose additional costs on us and expose us to increased operational risk; our ability to grow revenue, manage expenses, attract and retain highly skilled people and raise the capital necessary to achieve our business goals and comply with regulatory requirements and expectations; changes in accounting standards and practices; and the impact of the U.S. tax legislation enacted in 2017, and changes in tax legislation and in the interpretation of existing tax laws by U.S. and non-U.S. tax authorities that affect the amount of taxes due. Other important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in our 2019 Annual Report on Form 10-K and our subsequent SEC filings. We encourage investors to read these filings, particularly the sections on risk factors, for additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking statements contained in this presentation should not by relied on as representing our expectations or beliefs as of any time subsequent to the time this presentation is first issued, and we do not undertake efforts to revise those forward-looking statements to reflect events after that time. 19

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Non-GAAP measures 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. Refer to the Addendum for reconciliations of our non-GAAP financial information. To access the Addendum go to http://investors.statestreet.com and click on “Filings & Reports – Quarterly Earnings”. 20

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Definitions AUC/A Assets under custody and/or administration AUM Assets under management Barclays Agg Barclays Agg represents Barclays Global Aggregate Bond Index Bps Basis points, with one basis point representing one hundredth of one percent CCAR Comprehensive Capital Analysis and Review CCB Capital conservation buffer CET1 Common equity tier 1 ratio CRD Charles River Development Diluted earnings per share (EPS) Net income available to common shareholders divided by diluted average common shares outstanding for the noted period EM Emerging markets EOP End of period ETF Exchange-traded fund FX Foreign exchange FY Full-year GAAP Generally accepted accounting principles in the United States GDP Gross domestic product G-SIB Global systemically important bank HTM Held-to-maturity HQLA High quality liquid assets LTV Loan-to-value ratio Net interest income (NII) Income earned on interest bearing assets less interest paid on interest bearing liabilities Net interest margin (NIM) Net interest income divided by average interest-earning assets nm Not meaningful Operating leverage Rate of growth of total revenue less the rate of growth of total expenses, relative to the successive prior year period, as applicable Payout ratio Total payout ratio is equal to common stock dividends and common stock purchases as a percentage of net income available to common shareholders Pre-tax operating margin Income before income tax expense divided by total revenue %P ts Percentage points is the difference from one percentage value subtracted from another Quarter-over-quarter (QoQ) Sequential quarter comparison Return on equity (ROE) Net income less dividends on preferred stock divided by average common equity SCB Stress capital buffer Seasonal Expenses Seasonal deferred incentive compensation expenses for retirement-eligible employees and payroll taxes SSGA State Street Global Advisors T1L Tier 1 leverage ratio Year-over-year (YoY) Current period compared to the same period a year ago 21

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