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… October 16, 2020 News Release

STATE STREET REPORTS THIRD-QUARTER 2020 EPS OF $1.45 PER SHARE
% changes noted below reflect year-over-year 3Q comparisons

TOTAL FEE AND SERVICING FEE REVENUE BOTH UP 2%

ACHIEVED NEW INVESTMENT SERVICING WINS OF $249 BILLION

NEW FRONT-TO-BACK STATE STREET ALPHA^SM DEALS REPRESENT APPROXIMATELY ONE-THIRD OF NEW BUSINESS WINS

EXPENSES DOWN (4)%, OR (2)% EX-NOTABLES^(a), REFLECTING ONGOING

EXPENSE MANAGEMENT INITIATIVES

OPERATING AT ELEVATED CAPITAL LEVELS WITH CET1 OF 12.4%

Ron O'Hanley, Chairman and Chief Executive Officer: "These results reflect year-over-year growth in nearly all fee revenue lines and continued advancement of our strategy amid a difficult and complex operating environment. Despite the challenges, we achieved strong new business wins, maintained pricing discipline, and saw continued demand for Charles River Development and State Street Alpha, our front-to-back servicing platform, including the signing of a large new client. Though persistent low rates depressed net interest income during the quarter, deposit levels remain strong, allowing us to lend more to our clients and reinvest in our investment portfolio. Furthermore, our laser focus on enhancing productivity and reducing expenses continues." O'Hanley added: "I am proud of what we are accomplishing in support of our clients, our people, the financial markets and the communities where we live. I am confident that while we work our way through this challenging time, we are creating a strong foundation for growth and remain well positioned to return capital to shareholders."

FINANCIAL HIGHLIGHTS

(Table presents summary results, dollars in millions, except per share amounts, or where otherwise noted)			3Q20						2Q20						3Q19						% QoQ									% YoY
Income statement:
Total fee revenue			$	2,306					$	2,378					$	2,259					(3)		%							2		%
Net interest income			478						559						644						(14)									(26)
Total revenue			2,784						2,937						2,903						(5)									(4)
Provision for credit losses(1)			—						52						2						nm									nm
Total expenses			2,103						2,082						2,180						1									(4)
Net income			555						694						583						(20)									(5)
Financial ratios and other metrics:
Diluted earnings per share			$	1.45					$	1.86					$	1.42					(22)		%							2		%
Return on average common equity			8.9		%				12.1		%				9.7		%				(320)			bps						(80)			bps
Pre-tax margin			24.5						27.3						24.8						(280)									(30)
AUC/A ($ billions)			36,643						33,515						32,899						9		%							11		%
AUM ($ billions)			3,148						3,054						2,953						3									7

⁽¹⁾ See endnotes included In This News Release.

^{(a )}See 3Q20 Highlights in this news release for a listing of notable items. Results excluding notable items are non-GAAP measures. Please refer to the Addendum included with this news

release for an explanation and reconciliation of non-GAAP measures.

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

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3Q20 HIGHLIGHTS

(all comparisons are to 3Q19, unless otherwise noted)

AUC/A and AUM

•Investment Servicing AUC/A as of quarter-end increased 11% to $36.6 trillion, primarily due to higher period-end market levels, net new business growth, and client flows.

•Investment Management AUM as of quarter-end increased 7% to $3.1 trillion, mainly driven by higher period-end market levels and net inflows from ETFs, partially offset by institutional net outflows.

New business

•Investment Servicing mandates announced in 3Q20 totaled $249 billion, with approximately one-third of wins driven by State Street Alpha. Quarter-end servicing assets remaining to be installed in future periods totaled $486 billion.

•Charles River Development (CRD) 3Q20 new bookings of $17 million with a strong front-to-back State Street Alpha pipeline.

Revenue

•Fee revenue increased 2%, largely due to improving servicing and management fees, stronger CRD revenue and FX trading services, partially offset by a decline in securities finance revenue.

◦Servicing and management fees both increased 2%, FX trading services increased 4%, Securities finance decreased (28)%, and Software and processing fees increased 21% primarily reflecting CRD performance.

•Net interest income (NII) decreased (26)%, primarily due to lower market rates, the absence of 3Q19 episodic market-related benefits, and a 3Q20 true-up of approximately $20 million, partially offset by higher investment portfolio and loan balances. Excluding the episodic items and true-up, NII decreased (20)% compared to 3Q19.^(b)

◦Compared to 2Q20, NII decreased (14)%, or (11)% excluding the true-up in 3Q20.

Provision for credit losses

•Net provisions for credit losses, calculated under the Current Expected Credit Loss (CECL) accounting standard, was nil in 3Q20 compared to $52 million in 2Q20, reflecting slightly improving economic forecasts and limited negative credit migration.

Expenses and efficiencies

•Total expenses were down (4)%, or (2)% ex-notable items reflecting ongoing expense management initiatives. Headcount was down (1)% compared to 3Q19.

•Progress in driving increased productivity and cost efficiency enabled controlled investments to support our operations, client needs, and technology innovation.

◦Company-wide productivity and efficiency efforts achieved year-to-date gross savings of over $300 million, or approximately 5% points of expense base, or 2% on a net basis.^(c)

^(b) 3Q20 NII of $478 million includes a true-up of approximately $(20) million related to prior periods that had previously been recorded in other comprehensive income. 3Q19 NII of $644 million includes approximately $20 million of episodic market-related benefits. Excluding these episodic items and the 3Q20 true-up, 3Q20 adjusted NII of $498 million decreased (20)% as compared to 3Q19 adjusted NII of $624 million, and (11)% as compared to 2Q20.

^(c) Company-wide productivity and efficiency gross savings based on an expenses ex-notable items basis for the comparison between 3Q20YTD and 3Q19YTD. 3Q20YTD expenses ex-notable items of $6,411M decreased (2)% from 3Q19YTD expenses ex-notable items of $6,547M. The decrease is primarily driven by gross savings worth approximately (5)%, partially offset by incremental investments and variable costs worth approximately 3%.

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Notable items

(Dollars in millions, except EPS amounts)			Quarters
						3Q20			2Q20			3Q19
Acquisition and restructuring costs			(15)			(12)			(27)
Legal and related costs			9			—			(18)
Notable items (pre-tax)			$	(6)		$	(12)		$	(45)
EPS impact ($s)			$	—		$	(0.02)		$	(0.09)

Capital

•Common Equity Tier 1 (CET1) of 12.4% (Standardized), Tier 1 Leverage ratio of 6.6% and Supplementary Leverage ratio (SLR) of 8.2% at quarter-end.

•Returned $183 million to shareholders in 3Q20 in the form of common share dividends. Consistent with the restrictions imposed on large banks by the Federal Reserve, we made no common share repurchases in 3Q20.

•ROE of 8.9% in 3Q20, decreased (0.8)% points compared to 3Q19 and decreased (3.2)% points compared to 2Q20.

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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)			3Q20			2Q20			3Q19			% QoQ			% YoY
Assets under Custody and/or Administration (AUC/A)(1) (2)			$	36,643		$	33,515		$	32,899		9.3		%	11.4		%
Assets under Management (AUM)(2)			3,148			3,054			2,953			3.1			6.6
Market Indices:(3)
S&P 500 daily average			3,320			2,932			2,958			13.2			12.2
S&P 500 EOP			3,363			3,100			2,977			8.5			13.0
MSCI EAFE daily average			1,871			1,681			1,882			11.3			(0.6)
MSCI EAFE EOP			1,855			1,781			1,889			4.2			(1.8)
MSCI Emerging Markets daily average			1,084			930			1,014			16.6			6.9
MSCI Emerging Markets EOP			1,082			995			1,001			8.7			8.1
Barclays Capital Global Aggregate Bond Index EOP			541			527			509			2.7			6.3
Foreign Exchange Volatility Indices:(3)
JPM G7 Volatility Index daily average			8.0			8.2			6.9			(2.4)			15.9
JPM Emerging Market Volatility Index daily average			10.8			11.1			8.1			(2.7)			33.3
Average Foreign Exchange Rate:
Euro vs. USD			1.169			1.101			1.112			6.2			5.1
GBP vs. USD			1.292			1.242			1.233			4.0			4.8

⁽¹⁾ Includes assets under custody of $27,333 billion, $25,399 billion, and $25,078 billion, as of EOP for 3Q20, 2Q20, and 3Q19, 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)						3Q20			2Q20			1Q20			4Q19			3Q19
North America - (US Domiciled) Morningstar Direct Market Data:(1)
Long Term Funds						$	1		$	56		$	(240)		$	50		$	35
Money Market						(193)			259			665			182			199
ETF						78			70			22			88			29
Total Flows						$	(114)		$	385		$	447		$	320		$	263
EMEA-Morningstar Direct Market Data:(1)(2)
Long Term Funds						$	175		$	168		$	(138)		$	160		$	98
Money Market						117			153			12			(9)			83
ETF						40			36			(3)			48			30
Total Flows						$	332		$	357		$	(129)		$	199		$	211

⁽¹⁾ Industry data is provided for illustrative purposes only. It is not intended to reflect State Street or its clients' activity and is indicative of only segments of the entire industry. Industry flow data presented reflects a change in data providers from previous presentations for all periods presented. See endnotes included In This News Release.

⁽²⁾ The third quarter of 2020 data for Europe is on a rolling three month basis for June 2020 through August 2020, sourced by Morningstar.

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INVESTMENT SERVICING AUC/A

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

(Dollars in billions)			3Q20			2Q20			3Q19			% QoQ			% YoY
Assets Under Custody and/or Administration(1)
By Product Classification:
Mutual funds			$	10,143		$	9,155		$	8,687		10.8		%	16.8		%
Collective funds, including ETFs			9,960			9,111			9,224			9.3			8.0
Pension products			7,322			6,694			6,817			9.4			7.4
Insurance and other products			9,218			8,555			8,171			7.7			12.8
Total Assets Under Custody and/or Administration			$	36,643		$	33,515		$	32,899		9.3		%	11.4		%
By Financial Instrument:
Equities			$	20,094		$	18,190		$	18,243		10.5		%	10.1		%
Fixed-income			12,403			11,342			10,413			9.4			19.1
Short-term and other investments			4,146			3,983			4,243			4.1			(2.3)
Total Assets Under Custody and/or Administration			$	36,643		$	33,515		$	32,899		9.3		%	11.4		%

⁽¹⁾ As of period-end.

INVESTMENT MANAGEMENT AUM

The following tables present 3Q20 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 June 30, 2020			$	1,845		$	476		$	390		$	158		$	185					$	3,054
Net asset flows:
Long-term institutional(2)			(19)			15			—			2			(6)						(8)
ETF			(4)			2			(2)			—			5						1
Cash fund			—			—			(58)			—			—						(58)
Total flows, net			$	(23)		$	17		$	(60)		$	2		$	(1)					$	(65)
Market appreciation/(depreciation)			123			(5)			2			4			11						135
Foreign exchange impact			15			4			1			2			2						24
Total market/foreign exchange impact			$	138		$	(1)		$	3		$	6		$	13					$	159
Ending balance as of September 30, 2020			$	1,960		$	492		$	333		$	166		$	197					$	3,148

(Dollars in billions)						3Q20			2Q20			1Q20			4Q19			3Q19
Beginning balance						$	3,054		$	2,689		$	3,116		$	2,953		$	2,918
Net asset flows:
Long-term institutional(2)						(8)			(31)			10			(16)			(14)
ETF						1			26			(3)			24			12
Cash fund						(58)			28			32			(11)			15
Total flows, net						$	(65)		$	23		$	39		$	(3)		$	13
Market appreciation/(depreciation)						135			324			(436)			149			40
Foreign exchange impact						24			18			(30)			17			(18)
Total market and foreign exchange impact						$	159		$	342		$	(466)		$	166		$	22
Ending balance						$	3,148		$	3,054		$	2,689		$	3,116		$	2,953

⁽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)			3Q20			2Q20			3Q19			% QoQ									% YoY
Servicing fees			$	1,301		$	1,272		$	1,272		2.3		%							2.3		%
Management fees			455			425			445			7.1									2.2
Foreign exchange trading services			294			344			284			(14.5)									3.5
Securities finance revenue			84			92			116			(8.7)									(27.6)
Software and processing fees			172			245			142			(29.8)									21.1
Total fee revenue			$	2,306		$	2,378		$	2,259		(3.0)									2.1
Net interest income			478			559			644			(14.5)									(25.8)
Other income			—			—			—			—									—
Total Revenue			$	2,784		$	2,937		$	2,903		(5.2)									(4.1)
Net interest margin (FTE)(d)			0.85		%	0.93		%	1.42		%	(8)			bps						(57)			bps

Servicing fees were up 2% compared to 3Q19, primarily driven by higher average market levels, net new business and client activity, partially offset by moderating pricing headwinds. Servicing fees were up 2% compared to 2Q20, largely due to higher average market levels, partially offset by lower client activity.

Management fees increased 2% compared to 3Q19, and 7% compared to 2Q20, primarily driven by higher average market levels, partially offset by institutional net outflows.

Foreign exchange trading services increased 4% compared to 3Q19, reflecting higher client FX volume and volatility. Compared to 2Q20, Foreign exchange trading services decreased (15)%, mainly reflecting continued normalization of FX volume and volatility.

Securities finance decreased (28)% compared to 3Q19, primarily driven by lower balances and spreads. Securities finance decreased (9)% compared to 2Q20, primary driven by lower agency reinvestment rates.

Software and processing fees increased 21% compared to 3Q19, primarily reflecting higher CRD revenues and market-related adjustments. Compared to 2Q20, Software and processing fees decreased (30)%, mainly reflecting the absence of a large on-premises CRD implementation and renewals reported in 2Q20 as well as lower market-related adjustments.

Net interest income (NII) decreased (26)% compared to 3Q19, primarily due to lower market rates, the absence of 3Q19 episodic market-related benefits, and a 3Q20 true-up of approximately $20 million, partially offset by higher investment portfolio and loan balances. NII decreased (14)% compared to 2Q20, largely driven by the impact of lower market rates and a 3Q20 true-up, partially offset by an expansion of the investment portfolio (ex-MMLF).

Total revenues were positively impacted by FX translation when compared to 3Q19 and 2Q20 by $32M and $38M, respectively.

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

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PROVISION FOR CREDIT LOSSES

(Dollars in millions)			3Q20			2Q20			3Q19						% QoQ																		% YoY
Allowance for credit losses:
Beginning balance			$	163		$	124		$	88					31.5		%																85.2		%
Provision for credit losses			—			52			2						nm																		nm
Charge-offs			(14)			(14)			(2)						—																		nm
Other(1)			4			1			(2)						nm																		nm
Ending Balance			$	153		$	163		$	86					(6.1)		%																77.9		%
(1) Consists primarily of FX translation

Net provisions for credit losses, calculated under the CECL accounting standard, was nil in 3Q20 compared to $52 million in 2Q20, reflecting slightly improving economic forecasts and limited negative credit migrations.

EXPENSES

(Dollars in millions)			3Q20			2Q20			3Q19						% QoQ									% YoY
Compensation and employee benefits			$	1,062		$	1,051		$	1,083					1.0		%							(1.9)		%
Information systems and communications			395			376			376						5.1									5.1
Transaction processing services			234			233			254						0.4									(7.9)
Occupancy			109			109			113						—									(3.5)
Acquisition and restructuring costs			15			12			27						25.0									(44.4)
Amortization of other intangible assets			59			58			59						1.7									—
Other			229			243			268						(5.8)									(14.6)
Total Expenses			$	2,103		$	2,082		$	2,180					1.0		%							(3.5)		%
Total expenses, excluding notable items and seasonal expenses			$	2,097		$	2,070		$	2,135					1.3									(1.8)
Effective tax rate			18.5		%	13.6		%	19.2		%				490			bps						(70)						bps

Compensation and employee benefits decreased (2)% compared to 3Q19, primarily driven by lower headcount, employee medical costs and incentive compensation. Compensation and employee benefits were up 1% compared to 2Q20, primarily driven by the absence of vendor credits and additional day count, partially offset by lower incentive compensation.

Information systems and communications increased 5% compared to 3Q19, mainly reflecting higher software costs and technology infrastructure investments, partially offset by third-party vendor savings. Information systems and communications was up 5% compared to 2Q20, largely reflecting the absence of vendor credits reported in 2Q20.

Transaction processing services decreased (8)% compared to 3Q19 primarily reflecting higher sub-custody savings. Transaction processing services was flat compared to 2Q20.

Occupancy decreased (4)% compared to 3Q19, primarily due to footprint optimization. Occupancy was flat compared to 2Q20.

Other expenses decreased (15)% compared to 3Q19, mainly driven by a notable legal and related expense in 3Q19, a notable accrual release in 3Q20, lower marketing and travel spend, partially offset by higher professional fees. Other expenses were down (6)% compared to 2Q20, mainly due to lower professional fees, partially offset by higher marketing spend.

The effective tax rate in 3Q20 decreased to 18.5% from 19.2% in 3Q19. Compared to 2Q20, the effective tax rate increased from 13.6% primarily due to the use of foreign tax credits in the prior quarter.

Total GAAP expenses were adversely impacted by FX translation when compared to 3Q19 and 2Q20 by $21M and $31M, respectively.

CAPITAL AND LIQUIDITY

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

September 30, 2020						3Q20			2Q20			3Q19
Basel III Standardized:
Common Equity Tier 1 ratio						12.4		%	12.3		%	11.3		%
Tier 1 capital ratio						14.6		%	14.6			14.6
Total capital ratio						15.6		%	15.7			15.3
Basel III Advanced Approaches:
Common Equity Tier 1 ratio						12.8		%	12.7			12.2
Tier 1 capital ratio						15.1		%	15.1			15.9
Total capital ratio						16.0		%	16.0			16.5
Tier 1 leverage ratio						6.6		%	6.1			7.4
Supplementary leverage ratio						8.2		%	8.3			6.6
Liquidity coverage ratio						109		%	109		%	110		%

Standardized capital ratios were binding for the period. The standardized CET1 ratio increased to 12.4% as compared to 11.3% in 3Q19 primarily due to higher retained earnings, partially offset by an increase in risk weighted assets. Compared to 2Q20, the CET ratio increased 0.1% point. The Tier 1 Leverage ratio decreased to 6.6% as compared to 7.4% in 3Q19 mainly due to an increase in adjusted average assets and the redemption of the Company's preferred stock in 4Q19 and 1Q20, partially offset by higher retained earnings. Compared to 2Q20, the Tier 1 Leverage ratio increased 0.5% points primarily driven by higher retained earnings and lower adjusted average assets.

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, October 16, 2020, at 10:00 a.m. EDT, available at http://investors.statestreet.com/. The conference call will also be available via telephone, at (844) 862-1432 or (702) 495-1535. The Conference ID# is 7356747.

Recorded replays of the conference call will be available on the website and by telephone at (855) 859-2056 or (404) 537-3406 beginning approximately two hours after the call's completion. The Conference ID# is 7356747.

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 3Q20, State Street expects to publish its updates during the period beginning today and ending on or about November 15, 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 $36.6 trillion in assets under custody and/or administration and $3.1 trillion* in assets under management as of September 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 September 30, 2020 includes approximately $81 billion of assets with respect to SPDR^® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the 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.

•CRD 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 3Q20, on a consolidated basis, CRD revenue contributed $89 million, including $86 million in Software and processing fees and $3 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-premises 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.

•Distribution fees from the SPDR® Gold ETF and the SPDR® Long Dollar Gold Trust ETF are recorded in FX trading services 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 3Q20. Refer to the Addendum included with this News Release for additional information. All capital ratios are estimated as of October 16, 2020. Liquidity Coverage Ratio (LCR) is a preliminary estimate based on a quarterly daily average.

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

•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.

9

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•"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. It is not intended to reflect State Street's or its clients' activity and is indicative of only selected segments of the entire industry.

◦Data providers for North America and EMEA industry flows were changed to Morningstar from other providers in 3Q20 for consistency across regions and other efficiency considerations. Data collection and tabulation methodologies among data providers differ. All periods presented reflect data sourced from Morningstar. Prior period data therefore differs from data previously presented, which was sourced from other data providers. Industry data is provided for illustrative purposes only.

◦Morningstar data includes long-term mutual funds, ETF’s and Money Market funds. Mutual fund data represents estimates of net new cash flow, which is new sales minus redemptions combined with net exchanges, while ETF data represents net issuance, which is gross issuance less gross redemptions. Data for Fund of Funds, Feeder funds and Obsolete funds were excluded from the series to prevent double counting. Data is from the Morningstar Direct Asset Flows database.

◦The long-term fund flows reported by Morningstar in North America are composed of US domiciled Market flows mainly in Equities, Allocation and Fixed Income asset classes. 3Q20 data for North America (US domiciled) includes Morningstar actuals July and August and Morningstar estimates for September 2020.

◦The long-term funds flows reported by Morningstar direct in EMEA are composed of the European market flows mainly in Equities, Allocation and Fixed Incomes asset classes. 3Q20 data for Europe is on a rolling three month basis for June 2020 through August 2020, sourced by Morningstar.

•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.

◦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 $0 of unfunded commitments in 3Q19 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:

•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, 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, challenges associated with our return to office plans such as maintaining a safe office environment and integrating at-home and in-office staff, 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;

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•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;

•geopolitical risks applicable to our operations and activities in jurisdictions globally, including emerging markets and economies, that have the potential to disrupt or impose costs, delays or damages upon our, our clients', our counterparties' and suppliers' and our infrastructure providers' respective operations, activities and strategic planning and to compromise financial markets and stability;

•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;

•cyber-security incidents, or failures to protect our systems and our, our clients' and others' information against cyber-attacks, that could result in the theft, loss, unauthorized access to, disclosure, use or alteration of information, system

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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;

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•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, 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 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
September 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
Line of Business Information			12
Investment Portfolio:
Investment Portfolio Holdings by Asset Class			13
Investment Portfolio Non-U.S. Investments			14
Allowance for Credit Losses			15
Non-GAAP Financial Information:
Reconciliations of Non-GAAP Financial Information			16
Reconciliation of Pre-tax Margin Excluding Notable Items			18
Reconciliation of Notable Items			19
Reconciliations of Constant Currency FX Impacts			20
Capital:
Reconciliation of Tangible Common Equity Ratio			21
Regulatory Capital			22
Reconciliations of Supplementary Leverage Ratios			23
This financial information should be read in conjunction with State Street's news release dated October 16, 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						3Q20												3Q20 vs. 3Q19												3Q20 vs. 2Q20
Income statement
Fee revenue						$	2,260					$	2,260					$	2,259					$	2,368					$	2,399					$	2,378					$	2,306											2.1		%							(3.0)		%
Net interest income						673						613						644						636						664						559						478												(25.8)									(14.5)
Other income						(1)						—						—						44						2						—						—												—									—
Total revenue						2,932						2,873						2,903						3,048						3,065						2,937						2,784												(4.1)									(5.2)
Provision for credit losses(1)						4						1						2						3						36						52						—												nm									nm
Total expenses						2,293						2,154						2,180						2,407						2,255						2,082						2,103												(3.5)									1.0
Income before income tax expense						635						718						721						638						774						803						681												(5.5)									(15.2)
Income tax expense						127						131						138						74						140						109						126												(8.7)									15.6
Net income						508						587						583						564						634						694						555												(4.8)									(20.0)
Net income available to common shareholders						$	452					$	537					$	528					$	492					$	580					$	662					$	517											(2.1)									(21.9)
Per common share:
Diluted earnings per common share						$	1.18					$	1.42					$	1.42					$	1.35					$	1.62					$	1.86					$	1.45											2.1									(22.0)
Average diluted common shares outstanding (in thousands)						381,703						377,577						370,595						365,851						357,993						356,413						357,168												(3.6)									0.2
Cash dividends declared per common share						$	.47					$	.47					$	.52					$	.52					$	.52					$	.52					$	.52											—									—
Closing price per share of common stock (as of quarter end)						65.81						56.06						59.19						79.10						53.27						63.55						59.33												0.2									(6.6)
Average for the quarter:
Investment securities						$	88,273					$	89,930					$	93,588					$	95,186					$	97,560					$	116,626					$	110,448											18.0									(5.3)
Total assets						219,560						221,514						223,273						228,886						251,181						284,688						264,384												18.4									(7.1)
Total deposits						155,343						156,570						157,226						163,829						180,160						197,069						189,226												20.4									(4.0)
Securities on loan:
Average securities on loan						$	368,321					$	389,367					$	387,964					$	375,763					$	378,200					$	377,344					$	375,296											(3.3)									(0.5)
End-of-period securities on loan						397,773						395,802						397,091						379,631						387,580						381,232						395,075												(0.5)									3.6
Ratios and other metrics:
Return on average common equity						8.7		%				10.1		%				9.7		%				9.0		%				10.9		%				12.1		%				8.9		%										(80)			bps						(320)			bps
Pre-tax margin						21.7						25.0						24.8						20.9						25.3						27.3						24.5												(30)									(280)
Pre-tax margin, excluding notable items(2)						22.5						25.4						26.4						29.1						25.6						27.7						24.7												(170)									(300)
Net interest margin, fully taxable-equivalent basis						1.54						1.38						1.42						1.36						1.30						0.93						0.85												(57)									(8)
Common equity tier 1 ratio(3)(4)						11.5						11.5						11.3						11.7						10.7						12.3						12.4												110									10
Tier 1 capital ratio(3)(4)						15.0						14.9						14.6						14.5						12.9						14.6						14.6												—									—
Total capital ratio(3)(4)						15.9						15.5						15.3						15.6						14.1						15.7						15.6												30									(10)
Tier 1 leverage ratio(3						7.4						7.6						7.4						6.9						6.1						6.1						6.6												(80)									50
Supplementary leverage ratio(3)						6.6						6.7						6.6						6.1						5.4						8.3						8.2												160									(10)
Assets under custody and/or administration (in billions)						$	32,643					$	32,754					$	32,899					$	34,358					$	31,864					$	33,515					$	36,643											11.4		%							9.3		%
Assets under management (in billions)						2,805						2,918						2,953						3,116						2,689						3,054						3,148												6.6									3.1
(1) In accordance with ASU 2016-13, the provision for credit losses for 1Q20, 2Q20 and 3Q20 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 Denotes 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						3Q20												3Q20 vs. 3Q19												3Q20 vs. 2Q20												2019						2020						YTD2020 vs. YTD2019
Fee revenue:
Servicing fees						$	1,251					$	1,252					$	1,272					$	1,299					$	1,287					$	1,272					$	1,301											2.3		%							2.3		%							$	3,775					$	3,860					2.3		%
Management fees						420						441						445						465						449						425						455												2.2									7.1									1,306						1,329						1.8
Foreign exchange trading services						280						273						284						274						459						344						294												3.5									(14.5)									837						1,097						31.1
Securities finance						118						126						116						111						92						92						84												(27.6)									(8.7)									360						268						(25.6)
Software and processing fees						191						168						142						219						112						245						172												21.1									(29.8)									501						529						5.6
Total fee revenue						2,260						2,260						2,259						2,368						2,399						2,378						2,306												2.1									(3.0)									6,779						7,083						4.5
Net interest income:
Interest income						1,027						1,007						1,001						906						868						674			—			520												(48.1)									(22.8)									3,035						2,062						(32.1)
Interest expense						354						394						357						270						204						115						42												(88.2)									(63.5)									1,105						361						(67.3)
Net interest income						673						613						644						636						664						559						478												(25.8)									(14.5)									1,930						1,701						(11.9)
Other income:
Gains (losses) related to investment securities, net						(1)						—						—						—						2						—						—												—									—									(1)						2						nm
Other income						—						—						—						44						—						—						—												—									—									—						—						—
Total other income						(1)						—						—						44						2						—						—												—									—									(1)						2						nm
Total revenue						2,932						2,873						2,903						3,048						3,065						2,937						2,784												(4.1)									(5.2)									8,708						8,786						0.9
Provision for credit losses(1)						4						1						2						3						36						52						—												nm									nm									7						88						nm
Expenses:
Compensation and employee benefits						1,229						1,084						1,083						1,145						1,208						1,051						1,062												(1.9)									1.0									3,396						3,321						(2.2)
Information systems and communications						362						365						376						362						385						376						395												5.1									5.1									1,103						1,156						4.8
Transaction processing services						242						245						254						242						254						233						234												(7.9)									0.4									741						721						(2.7)
Occupancy						116						115						113						126						109						109						109												(3.5)									—									344						327						(4.9)
Acquisition and restructuring costs						9						12						27						29						11						12						15												(44.4)									25.0									48						38						(20.8)
Amortization of other intangible assets						60						59						59						58						58						58						59												—									1.7									178						175						(1.7)
Other						275						274						268						445						230						243						229												(14.6)									(5.8)									817						702						(14.1)
Total expenses						2,293						2,154						2,180						2,407						2,255						2,082						2,103												(3.5)									1.0									6,627						6,440						(2.8)
Income before income tax expense						635						718						721						638						774						803						681												(5.5)									(15.2)									2,074						2,258						8.9
Income tax expense						127						131						138						74						140						109						126												(8.7)									15.6									396						375						(5.3)
Net income						$	508					$	587					$	583					$	564					$	634					$	694					$	555											(4.8)									(20.0)									$	1,678					$	1,883					12.2

                                        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						3Q20												3Q20 vs. 3Q19												3Q20 vs. 2Q20												2019						2020						YTD2020 vs. YTD2019
Adjustments to net income:
Dividends on preferred stock(2)(3)						$	(55)					$	(50)					$	(55)					$	(72)					$	(53)					$	(32)					$	(38)											(30.9)		%							18.8		%							$	(160)					$	(123)					(23.1)		%
Earnings allocated to participating securities						(1)						—						—						—						(1)						—						—												—									—									(1)						(1)						—
Net income available to common shareholders						$	452					$	537					$	528					$	492					$	580					$	662					$	517											(2.1)									(21.9)									$	1,517					$	1,759					16.0
Per common share:
Basic earnings						$	1.20					$	1.44					$	1.44					$	1.36					$	1.64					$	1.88					$	1.47											2.1									(21.8)									$	4.07					$	4.99					22.6
Diluted earnings						1.18						1.42						1.42						1.35						1.62						1.86						1.45												2.1									(22.0)									4.03						4.93						22.3
Average common shares outstanding (in thousands):
Basic						377,915						373,773						366,732						361,439						353,746						352,157						352,586												(3.9)									0.1									372,766						352,829						(5.3)
Diluted						381,703						377,577						370,595						365,851						357,993						356,413						357,168												(3.6)									0.2									376,361						356,971						(5.2)
Cash dividends declared per common share						$	.47					$	.47					$	.52					$	.52					$	.52					$	.52					$	.52											—									—									$	1.46					$	1.56					6.8
Closing price per share of common stock (as of quarter end)						65.81						56.06						59.19						79.10						53.27						63.55						59.33												0.2									(6.6)									59.19						59.33						0.2
Financial ratios:
Effective tax rate						20.1		%				18.1		%				19.2		%				11.6		%				18.1		%				13.6		%				18.5		%										(70)			bps						490			bps						19.1		%				16.6		%				(250)			bps
Return on average common equity						8.7						10.1						9.7						9.0						10.9						12.1						8.9												(80)									(320)									9.5						10.6						110
Return on tangible common equity(4)						15.0						15.8						16.3						16.3						18.7						18.5						16.6												30									(190)									16.3						16.6						30
Pre-tax margin						21.7						25.0						24.8						20.9						25.3						27.3						24.5												(30)									(280)									23.8						25.7						190
Pre-tax margin, excluding notable items(5)						22.5						25.4						26.4						29.1						25.6						27.7						24.7												(170)									(300)									24.7						26.0						130
(1) In accordance with ASU 2016-13, the provision for credit losses for 1Q20, 2Q20 and 3Q20 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						September 30, 2020												3Q20 vs. 3Q19						3Q20 vs. 2Q20
Assets:
Cash and due from banks						$	4,000					$	3,110					$	3,598					$	3,302					$	4,932					$	3,685					$	4,848											34.7		%				31.6		%
Interest-bearing deposits with banks						53,864						62,534						62,324						68,965						147,735						90,199						75,967												21.9						(15.8)
Securities purchased under resale agreements						1,522						1,732						3,041						1,487						1,037						4,026						4,499												47.9						11.7
Trading account assets						856						894						839						914						872						883						840												0.1						(4.9)
Investment securities:
Investment securities available-for-sale						49,002						53,242						54,757						53,815						55,843						56,231						61,780												12.8						9.9
Investment securities held-to-maturity purchased under money market liquidity facility(2)						—						—						—						—						26,808						11,257						4,824												100.0						(57.1)
Investment securities held-to-maturity(3)						41,145						39,236						39,119						41,782						41,150						41,848						45,394												16.0						8.5
Total investment securities						90,147						92,478						93,876						95,597						123,801						109,336						111,998												19.3						2.4
Loans						23,381						25,421						27,009						26,309						32,379						26,860						27,035												0.1						0.7
Allowance for loan losses(4)						70						72						71						74						97						141						134												88.7						(5.0)
Loans, net						23,311						25,349						26,938						26,235						32,282						26,719						26,901												(0.1)						0.7
Premises and equipment, net(5)						2,230						2,244						2,306						2,282						2,225						2,212						2,193												(4.9)						(0.9)
Accrued interest and fees receivable						3,277						3,202						3,258						3,231						3,274						3,235						3,291												1.0						1.7
Goodwill						7,549						7,565						7,500						7,556						7,506						7,538						7,607												1.4						0.9
Other intangible assets						2,208						2,155						2,077						2,030						1,963						1,914						1,870												(10.0)						(2.3)
Other assets						39,368						40,277						38,849						34,011						36,900						30,495						32,061												(17.5)						5.1
Total assets						$	228,332					$	241,540					$	244,606					$	245,610					$	362,527					$	280,242					$	272,075											11.2						(2.9)
Liabilities:
Deposits:
Non-interest-bearing						$	35,295					$	34,278					$	33,719					$	34,031					$	69,404					$	42,132					$	41,183											22.1						(2.3)
Interest-bearing -- U.S.						62,988						68,964						72,260						77,504						110,106						87,197						85,434												18.2						(2.0)
Interest-bearing -- Non-U.S.						64,188						67,352						64,907						70,337						77,594						71,133						70,896												9.2						(0.3)
Total deposits(6)						162,471						170,594						170,886						181,872						257,104						200,462						197,513												15.6						(1.5)
Securities sold under repurchase agreements						1,420						1,829						1,330						1,102						5,373						3,513						2,430												82.7						(30.8)
Short-term borrowings under money market liquidity facility						—						—						—						—						25,665						11,261						4,819												100.0						(57.2)
Other short-term borrowings						947						4,939						7,073						839						4,835						912						5,838												(17.5)						nm
Accrued expenses and other liabilities						27,274						27,350						28,653						24,857						30,151						23,634						22,064												(23.0)						(6.6)
Long-term debt						11,182						11,374						11,455						12,509						15,538						15,587						13,853												20.9						(11.1)
Total liabilities						203,294						216,086						219,397						221,179						338,666						255,369						246,517												12.4						(3.5)
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						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						742												—						—
Series G, 5,000 shares issued and outstanding						493						493						493						493						493						493						493												—						—
Series H, 5,000 shares issued and outstanding						494						494						494						494						494						494						494												—						—
Common stock, $1 par, 750,000,000 shares authorized(7)(8)						504						504						504						504						504						504						504												—						—
Surplus						10,082						10,109						10,117						10,132						10,155						10,179						10,192												0.7						0.1
Retained earnings						20,911						21,274						21,612						21,918						22,315						22,794						23,128												7.0						1.5
Accumulated other comprehensive income (loss)						(1,180)						(874)						(985)						(876)						(920)						(430)						(111)												(88.7)						(74.2)
Treasury stock, at cost(9)						(8,969)						(9,249)						(9,729)						(10,209)						(10,664)						(10,645)						(10,626)												9.2						(0.2)
Total shareholders' equity						25,038						25,454						25,209						24,431						23,861						24,873						25,558												1.4						2.8
Total liabilities and equity						$	228,332					$	241,540					$	244,606					$	245,610					$	362,527					$	280,242					$	272,075											11.2						(2.9)
(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					$	4,841
(3) Fair value of investment securities held-to-maturity						40,971						39,473						39,535						42,157						42,201						43,037						46,510
(4) Total allowance for credit losses including off-balance sheet commitments						83						88						86						91						124						163						153
(5) Accumulated depreciation for premises and equipment						3,937						4,091						4,235						4,367						4,459						4,591						4,744
(6) Average total deposits						155,343						156,570						157,226						163,829						180,160						197,069						189,226
(7) Common stock shares issued						503,879,642						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						352,797,695
(9) Treasury stock shares						127,158,927						131,307,020						140,256,357						146,490,226						151,935,784						151,496,392						151,081,947

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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																		3Q20																														3Q20 vs. 3Q19						3Q20 vs. 2Q20
(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 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		%				$	72,717					(0.03)		%																58.8		%				(16.2)		%
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						4,181						1.91																		32.8						25.1
Trading account assets						866						—						892						—						880						—						897						—						915						—						877						—						900						—																		2.3						2.6
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						14,160						1.54																		4.0						(0.2)
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						47,369						1.68																		6.8						5.7
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						1,705						2.79																		(7.3)						(1.3)
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						11,004						1.03																		11.0						6.3
Collateralized mortgage-backed securities and obligations						980						3.78						918						3.69						871						3.31						818						2.95						741						2.69						683						1.83						662						1.89																		(24.0)						(3.1)
Investment securities held-to-maturity purchased under money market liquidity facility						—						—						—						—						—						—						—						—						2,045						1.57						19,037						1.49						7,488						1.32																		nm						(60.7)
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						28,060						0.67																		22.0						8.6
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						110,448						1.33																		18.0						(5.3)
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						25,974						2.13																		8.6						(5.1)
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						11,586						0.10																		(17.2)						17.9
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						225,806						0.92																		24.5						(7.8)
Cash and due from banks						3,078												4,011												3,114												3,358												3,856												3,480												3,652																								17.3						4.9
Other assets						37,370												37,704												38,835												38,281												40,693												36,419												34,926																								(10.1)						(4.1)
Total assets						$	219,560											$	221,514											$	223,273											$	228,886											$	251,181											$	284,688											$	264,384																							18.4						(7.1)
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		%				$	85,432					0.02		%																27.2						(6.2)
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)						69,514						(0.37)																		13.3						3.8
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)						154,946						(0.16)																		20.6						(2.0)
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						2,891						0.08																		44.7						(14.8)
Short-term borrowings under money market liquidity facility						—						—						—						—						—						—						—						—						2,187						1.11						19,036						1.23						7,449						1.24																		nm						(60.9)
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						1,724						0.44																		(3.6)						(43.9)
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						14,794						1.86																		29.6						(5.0)
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						2,764						1.28																		(25.1)						(20.1)
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						184,568						0.09																		25.2						(8.9)
Non-interest bearing deposits						31,037												28,765												28,701												29,182												35,573												38,995												34,280																								19.4						(12.1)
Other liabilities						20,921												21,188												21,935												21,140												23,052												18,678												20,050																								(8.6)						7.3
Preferred shareholders' equity						3,690												3,690												3,690												3,541												2,861												2,472												2,472																								(33.0)						—
Common shareholders' equity						21,079												21,330												21,530												21,666												21,466												21,931												23,014																								6.9						4.9
Total liabilities and shareholders' equity						$	219,560											$	221,514											$	223,273											$	228,886											$	251,181											$	284,688											$	264,384																							18.4						(7.1)
Excess of rate earned over rate paid												1.34		%										1.18		%										1.24		%										1.23		%										1.21		%										0.89		%										0.83		%
Net interest margin												1.54		%										1.38		%										1.42		%										1.36		%										1.30		%										0.93		%										0.85		%
Net interest income, fully taxable-equivalent basis												$	678											$	618											$	648											$	640											$	668											$	564											$	482
Tax-equivalent adjustment												(5)												(5)												(4)												(4)												(4)												(5)												(4)
Net interest income, GAAP-basis(5)												$	673											$	613											$	644											$	636											$	664											$	559											$	478
(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, $103 billion and $83 billion in the first, second and third 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%, 0.09% and 0.09% in the first, second and third 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, $27,277 million and $25,839 million in the first, second and third 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, ($17) million and ($19) million in the first,second and third 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%, (0.09)% and (0.11)% for the first, second and third 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																																													% Change
						2019																		2020																		2020 vs 2019
(Dollars in millions; fully-taxable equivalent basis)						Average balance						Average rates						Average balance						Average rates						Average rates
Assets:
Interest-bearing deposits with banks						$	47,562					0.92		%				$	75,517					0.14		%				58.8		%
Securities purchased under resale agreements (2)						2,634						14.69						3,114						4.68						18.2
Trading account assets						880						—						897						—						1.9
Investment securities:
U.S. Treasury and federal agencies:
Direct obligations						14,327						1.82						14,148						1.66						(1.2)
Mortgage- and asset-backed securities						41,845						2.86						45,380						2.19						8.4
State and political subdivisions(3)						1,887						3.35						1,738						2.99						(7.9)
Other investments:
Asset-backed securities						9,445						2.46						10,669						1.49						13.0
Collateralized mortgage-backed securities and obligations						923						3.61						695						2.15						(24.7)
Investment securities held-to-maturity purchased under money market liquidity facility						—						—						9,516						1.45						nm
Other debt investments and equity securities(3)						22,190						1.04						26,074						0.81						17.5
Total investment securities						90,617						2.23						108,220						1.67						19.4
Loans (4)						23,605						3.35						27,266						2.36						15.5
Other interest-earning assets						14,790						2.98						10,729						0.64						(27.5)
Total interest-earning assets						180,088						2.26						225,743						1.23						25.4
Cash and due from banks						3,401												3,663												7.7
Other assets						37,975												37,336												(1.7)
Total assets						$	221,464											$	266,742											20.4
Liabilities:
Interest-bearing deposits:
U.S.						$	66,077					0.86						$	85,592					0.17						29.5
Non-U.S.(5)						60,817						0.29						66,953						(0.31)						10.1
Total interest-bearing deposits(5)						126,894						0.58						152,545						(0.04)						20.2
Securities sold under repurchase agreements						1,754						2.06						2,687						0.16						53.2
Short-term borrowings under money market liquidity facility						—						—						9,550						1.22						nm
Other short-term borrowings						1,664						1.41						2,582						0.86						55.2
Long-term debt						11,201						3.71						14,553						2.31						29.9
Other interest-bearing liabilities						4,101						6.39						3,217						2.01						(21.6)
Total interest-bearing liabilities						145,614						1.01						185,134						0.26						27.1
Non-interest bearing deposits						29,493												36,276												23.0
Other liabilities						21,353												20,591												(3.6)
Preferred shareholders' equity						3,690												2,601												(29.5)
Common shareholders' equity						21,314												22,140												3.9
Total liabilities and shareholders' equity						$	221,464											$	266,742											20.4
Excess of rate earned over rate paid												1.25		%										0.97		%
Net interest margin												1.44		%										1.01		%
Net interest income, fully taxable-equivalent basis												$	1,944											$	1,714
Tax-equivalent adjustment												(14)												(13)
Net interest income, GAAP-basis (5)												$	1,930											$	1,701
(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 $84 billion and $103 billion as of September 30, 2019 and 2020, respectively. Excluding the impact of netting, the average interest rates would be approximately 0.45% and 0.14% for the nine months ended September 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 $23,536 million in the first nine months of 2019 and net of expected credit losses of approximately $27,167 million in the first nine months of 2020.
(5) Average rates include the impact of FX swap expense of approximately $135 million and ($39) million for the nine months ended September 30, 2019 and 2020, respectively. Average rates for total interest-bearing deposits excluding the impact of FX swap expense were 0.44% and (0.01%) for the nine months ended September 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						3Q20												3Q20 vs. 3Q19						3Q20 vs. 2Q20
Assets Under Custody and/or Administration
By Product Classification:
Mutual funds						$	8,586					$	8,645					$	8,687					$	9,221					$	8,056					$	9,155					$	10,143											16.8		%				10.8		%
Collective funds, including ETFs						9,436						9,272						9,224						9,796						8,662						9,111						9,960												8.0						9.3
Pension products						6,513						6,542						6,817						6,924						6,730						6,694						7,322												7.4						9.4
Insurance and other products						8,108						8,295						8,171						8,417						8,416						8,555						9,218												12.8						7.7
Total Assets Under Custody and/or Administration						$	32,643					$	32,754					$	32,899					$	34,358					$	31,864					$	33,515					$	36,643											11.4						9.3
By Financial Instrument:
Equities						$	18,924					$	18,504					$	18,243					$	19,301					$	16,267					$	18,190					$	20,094											10.1						10.5
Fixed-income						9,831						10,089						10,413						10,766						11,096						11,342						12,403												19.1						9.4
Short-term and other investments						3,888						4,161						4,243						4,291						4,501						3,983						4,146												(2.3)						4.1
Total Assets Under Custody and/or Administration						$	32,643					$	32,754					$	32,899					$	34,358					$	31,864					$	33,515					$	36,643											11.4						9.3
By Geographic Location(1):
Americas						$	23,979					$	23,989					$	23,888					$	25,018					$	22,787					$	24,375					$	26,666											11.6						9.4
Europe/Middle East/Africa						6,875						6,937						7,091						7,325						7,112						7,155						7,675												8.2						7.3
Asia/Pacific						1,789						1,828						1,920						2,015						1,965						1,985						2,302												19.9						16.0
Total Assets Under Custody and/or Administration						$	32,643					$	32,754					$	32,899					$	34,358					$	31,864					$	33,515					$	36,643											11.4						9.3
Assets Under Custody(2)
By Product Classification:
Mutual funds						$	7,966					$	8,012					$	8,060					$	8,447					$	7,416					$	8,421					$	8,798											9.2						4.5
Collective funds, including ETFs						7,445						7,614						7,668						8,216						7,191						7,639						8,283												8.0						8.4
Pension products						5,307						5,236						5,457						5,554						5,395						5,363						5,860												7.4						9.3
Insurance and other products						3,851						3,909						3,893						3,978						3,810						3,976						4,392												12.8						10.5
Total Assets Under Custody						$	24,569					$	24,771					$	25,078					$	26,195					$	23,812					$	25,399					$	27,333											9.0						7.6
By Geographic Location(1):
Americas						$	18,784					$	18,911					$	19,048					$	19,838					$	17,701					$	19,226					$	20,450											7.4						6.4
Europe/Middle East/Africa						4,462						4,515						4,615						4,858						4,666						4,714						5,212												12.9						10.6
Asia/Pacific						1,323						1,345						1,415						1,499						1,445						1,459						1,671												18.1						14.5
Total Assets Under Custody						$	24,569					$	24,771					$	25,078					$	26,195					$	23,812					$	25,399					$	27,333											9.0						7.6
(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						3Q20												3Q20 vs. 3Q19						3Q20 vs. 2Q20
Assets Under Management
By Asset Class and Investment Approach:
Equity:
Active						$	85					$	86					$	84					$	88					$	68					$	75					$	81											(3.6)		%				8.0		%
Passive(1)						1,694						1,757						1,747						1,903						1,493						1,770						1,879												7.6						6.2
Total Equity						1,779						1,843						1,831						1,991						1,561						1,845						1,960												7.0						6.2
Fixed-Income:
Active						88						93						92						89						89						91						87												(5.4)						(4.4)
Passive						341						357						367						379						369						385						405												10.4						5.2
Total Fixed-Income						429						450						459						468						458						476						492												7.2						3.4
Cash(2)						314						319						336						324						364						390						333												(0.9)						(14.6)
Multi-Asset-Class Solutions:
Active						22						23						23						24						21						23						24												4.3						4.3
Passive						125						132						134						133						120						135						142												6.0						5.2
Total Multi-Asset-Class Solutions						147						155						157						157						141						158						166												5.7						5.1
Alternative Investments(3):
Active						21						21						22						21						20						19						20												(9.1)						5.3
Passive(1)						115						130						148						155						145						166						177												19.6						6.6
Total Alternative Investments						136						151						170						176						165						185						197												15.9						6.5
Total Assets Under Management						$	2,805					$	2,918					$	2,953					$	3,116					$	2,689					$	3,054					$	3,148											6.6						3.1
By Geographic Location:
North America						$	1,899					$	1,965					$	1,999					$	2,115					$	1,847					$	2,104					$	2,169											8.5						3.1
Europe/Middle East/Africa						447						471						476						493						416						462						478												0.4						3.5
Asia/Pacific						459						482						478						508						426						488						501												4.8						2.7
Total Assets Under Management						$	2,805					$	2,918					$	2,953					$	3,116					$	2,689					$	3,054					$	3,148											6.6						3.1
(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					$	88											57.1		%				14.3		%
Cash						8						9						9						9						18						16						14												55.6						(12.5)
Equity						535						548						553						618						474						571						605												9.4						6.0
Fixed-Income						73						77						80						85						78						90						94												17.5						4.4
Total Exchange-Traded Funds						$	661					$	682					$	698					$	768					$	629					$	754					$	801											14.8						6.2
(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						3Q20
North America - (US Domiciled) Morningstar Direct Market Data(1)(2)(3)
			Long Term Funds(4)												$	109.0					$	62.4					$	34.9					$	50.2					$	(240.1)					$	56.3					$	1.2
			Money Market												34.1						101.7						198.9						181.5						664.8						259.4						(192.8)
			ETF												34.3						53.0						28.5						88.4						22.1						69.6						77.8
						Total Flows						$	177.4					$	217.1					$	262.3					$	320.1					$	446.8					$	385.3					$	(113.8)
EMEA-Morningstar Direct Market Data(1)(2)(5)
			Long Term Funds(4)												$	25.8					$	89.8					$	97.6					$	160.0					$	(137.6)					$	167.6					$	175.3
			Money Market												16.0						16.0						83.2						(9.4)						11.6						152.8						117.0
			ETF												$	30.4					$	10.2					$	30.1					$	48.1					$	(2.9)					$	36.2					$	39.7
						Total Flows						$	72.2					$	116.0					$	210.9					$	198.7					$	(128.9)					$	356.6					$	332.0
(1) Data providers for North America and EMEA industry flows were changed to Morningstar from other providers in 3Q20 for consistency across regions and other efficiency considerations. Data collection and tabulation methodologies among data providers differ. All periods presented reflect data sourced from Morningstar. Prior period data therefore differs from data previously presented, which was sourced from other data providers. Industry data is provided for illustrative purposes only. It is not intended to reflect State Street’s activity or its clients’ activity and is indicative of only segments of the entire industry.
(2) Source: Morningstar Direct. The data includes long-term mutual funds, ETF’s and Money Market funds. Mutual fund data represents estimates of net new cash flow, which is new sales minus redemptions combined with net exchanges, while ETF data represents net issuance, which is gross issuance less gross redemptions. Data for Fund of Funds, Feeder funds and Obsolete funds were excluded from the series to prevent double counting. Data is from the Morningstar Direct Asset Flows database.
(3) The third quarter of 2020 data for North America (US domiciled) includes Morningstar actuals July and August and Morningstar estimates for September 2020.
(4) The long-term fund flows reported by Morningstar in North America are composed of US domiciled Market flows mainly in Equities, Allocation and Fixed Income asset classes. The long-term funds flows reported by Morningstar direct in EMEA are composed of the European market flows mainly in Equities, Allocation and Fixed Incomes asset classes.
(5) The third quarter of 2020 data for Europe is on a rolling three month basis for June 2020 through August 2020, sourced by Morningstar.

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
LINE OF BUSINESS INFORMATION
						Three Months Ended
						Investment Servicing																														% Change																		Investment Management																														% Change																		Other(1)																														% Change																		Total																														% Change
(Dollars in millions)						3Q20						2Q20						3Q19						3Q20 vs. 2Q20						3Q20 vs. 3Q19						3Q20						2Q20						3Q19						3Q20 vs. 2Q20						3Q20 vs. 3Q19						3Q20						2Q20						3Q19						3Q20 vs. 2Q20						3Q20 vs. 3Q19						3Q20						2Q20						3Q19						3Q20 vs. 2Q20						3Q20 vs. 3Q19
Servicing fees						$	1,301					$	1,272					$	1,272					2.3		%				2.3		%				$	—					$	—					$	—					—		%				—		%				$	—					$	—					$	—					—		%				—		%				$	1,301					$	1,272					$	1,272					2.3		%				2.3		%
Management fees						—						—						—						—						—						455						425						445						7.1						2.2						—						—						—						—						—						455						425						445						7.1						2.2
Foreign exchange trading services						252						312						249						(19.2)						1.2						42						32						35						31.3						20.0						—						—						—						—						—						294						344						284						(14.5)						3.5
Securities finance						81						88						114						(8.0)						(28.9)						3						4						2						(25.0)						50.0						—						—						—						—						—						84						92						116						(8.7)						(27.6)
Software and processing fees						162						229						140						(29.3)						15.7						10						16						2						(37.5)						nm						—						—						—						—						—						172						245						142						(29.8)						21.1
Total fee revenue						1,796						1,901						1,775						(5.5)						1.2						510						477						484						6.9						5.4						—						—						—						—						—						2,306						2,378						2,259						(3.0)						2.1
Net interest income						482						571						649						(15.6)						(25.7)						(4)						(12)						(5)						(66.7)						(20.0)						—						—						—						—						—						478						559						644						(14.5)						(25.8)
Total revenue						2,278						2,472						2,424						(7.8)						(6.0)						506						465						479						8.8						5.6						—						—						—						—						—						2,784						2,937						2,903						(5.2)						(4.1)
Provision for loan losses						—						52						2						(100.0)						nm						—						—						—						—						—						—						—						—						—						—						—						52						2						nm						nm
Total expenses						1,739						1,717						1,762						1.3						(1.3)						358						353						373						1.4						(4.0)						6						12						45						(50.0)						(86.7)						2,103						2,082						2,180						1.0						(3.5)
Income before income tax expense						$	539					$	703					$	660					(23.3)						(18.3)						$	148					$	112					$	106					32.1						39.6						$	(6)					$	(12)					$	(45)					(50.0)						(86.7)						$	681					$	803					$	721					(15.2)						(5.5)
Pre-tax margin						23.7		%				28.4		%				27.2		%				(470)						(350)			bps			29.2		%				24.1		%				22.1		%				510						710			bps																																	24.5		%				27.3		%				24.8		%				(280)						(30)			bps
						Nine Months Ended September 30,
						Investment Servicing																		% Change						Investment Management																		% Change						Other(1)																		% Change						Total																		% Change
(Dollars in millions)						2020						2019						YTD2020 vs. YTD2019						2020						2019						YTD2020 vs. YTD2019						2020						2019						YTD2020 vs. YTD2019						2020						2019						YTD2020 vs. YTD2019
Servicing fees						$	3,860					$	3,775					2.3		%				$	—					$	—					—		%				$	—					$	—					—		%				$	3,860					$	3,775					2.3		%
Management fees						—						—						—						1,329						1,306						1.8						—						—						—						1,329						1,306						1.8
Foreign exchange trading services						998						735						35.8						99						102						(2.9)						—						—						—						1,097						837						31.1
Securities finance						258						353						(26.9)						10						7						42.9						—						—						—						268						360						(25.6)
Software and processing fees						528						483						9.3						1						18						nm						—						—						—						529						501						5.6
Total fee revenue						5,644						5,346						5.6						1,439						1,433						0.4						—						—						—						7,083						6,779						4.5
Net interest income						1,716						1,951						(12.0)						(15)						(21)						(28.6)						—						—						—						1,701						1,930						(11.9)
Total other income						2						(1)						nm						—						—						—						—						—						—						2						(1)						nm
Total revenue						7,362						7,296						0.9						1,424						1,412						0.8						—						—						—						8,786						8,708						0.9
Provision for loan losses						88						7						nm						—						—						—						—						—						—						88						7						nm
Total expenses						5,315						5,391						(1.4)						1,096						1,156						(5.2)						29						80						(63.8)						6,440						6,627						(2.8)
Income before income tax expense						$	1,959					$	1,898					3.2						$	328					$	256					28.1						$	(29)					$	(80)					(63.8)						$	2,258					$	2,074					8.9
Pre-tax margin						26.6		%				26.0		%				60			bps			23.0		%				18.1		%				490			bps															—						25.7		%				23.8		%				190			bps
(1)Represents costs incurred that are not allocated to a specific line of business, including certain severance and restructuring costs, acquisition costs and certain provisions for legal contingencies.
DM Denotes not meaningful

                                        12    

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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						26		%				29		%				31		%				6		%				7		%				—		%				1		%				$	28.3					45.7		%				0.5		%				$	441					100% / 0%
Asset-backed securities						—						91						9						—						—						—						—						7.0						11.1						0.9						(23)						0% / 100%
Student loans						—						47						53						—						—						—						—						0.4						5.2						1.0						—
Credit cards						—						100						—						—						—						—						—						0.1						1.3						0.9						—
Auto & equipment						—						74						26						—						—						—						—						1.0						14.6						0.1						—
Non-U.S. residential mortgage backed securities						—						95						5						—						—						—						—						1.9						27.1						0.9						(2)
Collateralized loan obligation						—						100						—						—						—						—						—						3.5						50.2						1.2						(21)
Other						—						11						89						—						—						—						—						0.1						1.6						0.1						—
Mortgage-backed securities						100						—						—						—						—						—						—						15.1						24.5						2.8						415						99% / 1%
Agency MBS						100						—						—						—						—						—						—						15.1						100.0						2.8						415
Non-agency MBS						—						—						—						—						—						—						—						—						—						—						—
CMBS						97						3						—						—						—						—						—						3.2						5.1						1.0						43						23% / 77%
Corporate bonds						—						—						11						37						52						—						—						5.4						8.8						1.4						99						98% / 2%
Covered bonds						—						100						—						—						—						—						—						0.4						0.7						0.2						5						16% / 84%
Municipal bonds						—						24						72						4						—						—						—						0.8						1.4						2.8						62						100% / 0%
Clipper tax-exempt bonds						—						12						58						21						9						—						—						0.8						1.4						4.1						12						0% / 100%
Other						—						30						60						6						4						—						—						0.8						1.3						1.0						12						77% / 23%
Total available-for-sale portfolio						41		%				25		%				19		%				6		%				8		%				—		%				1		%				$	61.8					100.0		%				1.3		%				$	1,066					82% / 18%
Fair Value						$	25.5					$	15.6					$	11.4					$	4.0					$	4.9					$	0.1					$	0.3
						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						94		%				6		%				—		%				—		%				—		%				—		%				—		%				$	7.1					14.1		%				1.9		%				$	110					100% / 0%
Asset-backed securities						—						31						63						2						3						1						—						4.7						9.3						1.1						19						2% / 98%
Student loans						—						31						66						—						3						—						—						4.4						92.9						1.1						(38)
Non-U.S. residential mortgage backed securities						—						30						20						25						10						15						—						0.3						7.1						1.9						57
Other						—						—						—						100						—						—						—						—						—						1.1						—
Mortgage-backed securities						100						—						—						—						—						—						—						28.8						57.5						2.7						815						99% / 1%
Agency MBS						100						—						—						—						—						—						—						28.7						99.6						2.7						788
Non-agency MBS						—						—						7						12						14						49						18						0.1						0.4						2.2						27
CMBS						90						10						—						—						—						—						—						4.8						9.5						1.6						170						85% / 15%
Held-to-maturity under money market liquidity facility						—						—						—						—						—						—						100						4.8						9.6						1.3						16						100% / 0%
Total held-for-maturity portfolio						79		%				5		%				6		%				—		%				—		%				—		%				10		%				$	50.2					100.0		%				2.2		%				$	1,130					89% / 11%
Amortized Cost						$	39.7					$	2.3					$	2.9					$	0.1					$	0.2					$	0.2					$	4.8
(1) At September 30, 2020, the after-tax unrealized MTM gain/(loss) includes after-tax unrealized gain on securities available-for-sale of $789 million, after-tax unrealized gain on securities held-to-maturity of $836 million and after-tax unrealized loss primarily related to securities previously transferred from available-for-sale to held-to-maturity of $71 million.
(2) At September 30, 2020, fixed-to-floating rate securities had a book value of approximately $206 million or 0.19% 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						$	3.7					AA						$	3.0					$	—					$	0.6					$	0.1					$	—					$	—					$	—
United Kingdom						3.5						AAA						2.5						0.4						0.2						0.4						—						—						—
Canada						3.3						AAA						3.1						—						—						0.2						—						—						—
Australia						2.8						AAA						0.8						1.1						—						0.2						—						0.7						—
France						2.6						AA						1.4						—						0.7						0.3						0.2						—						—
Spain						1.7						BBB						1.6						—						0.1						—						—						—						—
Belgium						1.6						AA						1.5						—						—						—						0.1						—						—
Austria						1.5						AA						1.5						—						—						—						—						—						—
Netherlands						1.4						A						0.5						0.3						0.1						0.5						—						—						—
Ireland						1.2						AA						1.2						—						—						—						—						—						—
Finland						1.2						A						1.2						—						—						—						—						—						—
Italy						1.0						A						0.6						0.1						0.3						—						—						—						—
Japan						0.6						AA						0.6						—						—						—						—						—						—
Luxembourg						0.5						AA						0.4						—						—						0.1						—						—						—
Other						0.6						AA						0.3						—						—						0.2						0.1						—						—
Total Non-U.S. Investments(3)						$	27.2											$	20.2					$	1.9					$	2.0					$	2.0					$	0.4					$	0.7					$	—
U.S. Investments						34.6
Total available-for-sale						$	61.8
																		Investment Securities
(Dollars in billions)						Amortized Cost						Average Rating						Gov't/Agency(1)(2)						ABS FRMBS						ABS All Other						Corporate Bonds						Covered Bonds						Other						MMLF
Held-to-maturity:
Singapore						$	0.3					AAA						$	0.3					$	—					$	—					$	—					$	—					$	—					$	—
United Kingdom						0.2						AAA						—						0.2						—						—						—						—						—
Germany						0.1						AA						0.1						—						—						—						—						—						—
Australia						0.1						A						—						0.1						—						—						—						—						—
Spain						0.1						BBB						—						0.1						—						—						—						—						—
Total Non-U.S. Investments(3)						$	0.8											$	0.4					$	0.4					$	—					$	—					$	—					$	—					$	—
U.S. Investments						49.4
Total held-for-maturity						$	50.2
Total Portfolio						$	112.0
(1) Sovereign debt is reflected in the government / agency column.
(2) As of September 30, 2020, the fair value included $8.1 billion of supranational and non-U.S. agency bonds.
(3) Country of collateral used except for corporates where country of issuer is used.

                                        14    

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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						3Q20												3Q20 vs. 3Q19						3Q20 vs. 2Q20
Allowance for credit losses:
Beginning balance(1)						$	83					$	83					$	88					$	86					$	93					$	124					$	163											85.2		%				31.5		%
Provision for credit losses (funded commitments)						4						1						2						3						29						57						3												nm						(94.7)
Provision for credit losses (unfunded commitments)(2)						(4)						4						—						3						3						(4)						(2)												nm						(50.0)
Provision for credit losses (held-to-maturity securities and all other)						—						—						—						—						4						(1)						(1)												nm						—
Total provision						—						5						2						6						36						52						—												nm						nm
Charge-offs						—						—						(2)						(1)						(5)						(14)						(14)												nm						—
Other(3)						—						—						(2)						—						—						1						4												nm						nm
Ending balance(4)						$	83					$	88					$	86					$	91					$	124					$	163					$	153											77.9						(6.1)
Allowance for credit losses:
Loans						$	70					$	72					$	71					$	74					$	97					$	141					$	134											88.7						(5.0)
Held-to-maturity securities						—						—						—						—						4						4						3												nm						(25.0)
Unfunded (off-balance sheet) commitments						13						16						15						17						22						18						15												—						(16.7)
All other						—						—						—						—						1						—						1												nm						nm
Ending balance(4)						$	83					$	88					$	86					$	91					$	124					$	163					$	153											77.9						(6.1)
(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

                                        15    

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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						3Q20												3Q20 vs. 3Q19												3Q20 vs. 2Q20												2019						2020						YTD2020 vs. YTD2019
Fee Revenue:
Total fee revenue, GAAP-basis						$	2,260					$	2,260					$	2,259					$	2,368					$	2,399					$	2,378					$	2,306											2.1		%							(3.0)		%							$	6,779					$	7,083					4.5		%
Total fee revenue, excluding notable items						$	2,260					$	2,260					$	2,259					$	2,368					$	2,399					$	2,378					$	2,306											2.1									(3.0)									$	6,779					$	7,083					4.5
Total Revenue:
Total revenue, GAAP-basis						$	2,932					$	2,873					$	2,903					$	3,048					$	3,065					$	2,937					$	2,784											(4.1)		%							(5.2)		%							$	8,708					$	8,786					0.9		%
Less: other income						—						—						—						(44)						—						—						—																														—						—						—
Total revenue, excluding notable items						$	2,932					$	2,873					$	2,903					$	3,004					$	3,065					$	2,937					$	2,784											(4.1)									(5.2)									$	8,708					$	8,786					0.9
Expenses:
Total expenses, GAAP-basis						$	2,293					$	2,154					$	2,180					$	2,407					$	2,255					$	2,082					$	2,103											(3.5)		%							1.0		%							$	6,627					$	6,440					(2.8)		%
Less: Notable expense items:
Acquisition and restructuring costs(1)						(9)						(12)						(27)						(29)						(11)						(12)						(15)												(44.4)									25.0									(48)						(38)						(20.8)
Repositioning charges						—						—						—						(110)						—						—						—												—									—									—						—						—
Legal and related						(14)						—						(18)						(140)						—						—						9												nm									—									(32)						9						nm
Total expenses, excluding notable items						$	2,270					$	2,142					$	2,135					$	2,128					$	2,244					$	2,070					$	2,097											(1.8)									1.3									$	6,547					$	6,411					(2.1)
Fee Operating Leverage, GAAP-Basis:
Total fee revenue, GAAP-basis						$	2,260					$	2,260					$	2,259					$	2,368					$	2,399					$	2,378					$	2,306											2.1		%							(3.0)		%							$	6,779					$	7,083					4.5		%
Total expenses, GAAP-basis						2,293						2,154						2,180						2,407						2,255						2,082						2,103												(3.5)									1.0									6,627						6,440						(2.8)
Fee operating leverage, GAAP-basis																																																						560			bps						(400)			bps																		730			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					$	2,306											2.1		%							(3.0)		%							$	6,779					$	7,083					4.5		%
Total expenses, excluding notable items (as reconciled above)						2,270						2,142						2,135						2,128						2,244						2,070						2,097												(1.8)									1.3									6,547						6,411						(2.1)
Fee operating leverage, excluding notable items																																																						390			bps						(430)			bps																		660			bps
Operating Leverage, GAAP-Basis:
Total revenue, GAAP-basis						$	2,932					$	2,873					$	2,903					$	3,048					$	3,065					$	2,937					$	2,784											(4.1)		%							(5.2)		%							$	8,708					$	8,786					0.9		%
Total expenses, GAAP-basis						2,293						2,154						2,180						2,407						2,255						2,082						2,103												(3.5)									1.0									6,627						6,440						(2.8)
Operating leverage, GAAP-basis																																																						(60)			bps						(620)			bps																		370			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					$	2,784											(4.1)		%							(5.2)		%							$	8,708					$	8,786					0.9		%
Total expenses, excluding notable items (as reconciled above)						2,270						2,142						2,135						2,128						2,244						2,070						2,097												(1.8)									1.3									6,547						6,411						(2.1)
Operating leverage, excluding notable items																																																						(230)			bps						(650)			bps																		300			bps

                                        16    

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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						3Q20												3Q20 vs. 3Q19												3Q20 vs. 2Q20												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					$	517											(2.1)		%							(21.9)		%							$	1,517					$	1,759					16.0		%
Less: Notable items
Acquisition and restructuring costs(1)						9						12						27						29						11						12						15																														48						38
Repositioning charges						—						—						—						110						—						—						—																														—						—
Legal and related						14						—						18						140						—						—						(9)																														32						(9)
Other income						—						—						—						(44)						—						—						—																														—						—
Preferred securities redemption(2)						—						—						—						22						9						—						—																														—						9
Tax impact of notable items						(2)						(3)						(12)						(25)						(3)						(3)						(4)																														(17)						(10)
Net Income Available to Common Shareholders, excluding notable items						$	473					$	546					$	561					$	724					$	597					$	671					$	519											(7.5)									(22.7)									$	1,580					$	1,787					13.1
Diluted Earnings per Share:
Diluted earnings per share, GAAP-basis						$	1.18					$	1.42					$	1.42					$	1.35					$	1.62					$	1.86					$	1.45											2.1		%							(22.0)		%							$	4.03					$	4.93					22.3		%
Less: Notable items
Acquisition and restructuring costs(1)						0.02						0.03						0.06						0.06						0.02						0.02						0.03																														0.11						0.07
Repositioning charges						—						—						—						0.22						—						—						—																														—						—
Legal and related						0.04						—						0.03						0.38						—						—						(0.03)																														0.06						(0.02)
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					$	1.45											(4.0)									(22.9)									$	4.20					$	5.01					19.3
Pre-tax Margin:
Pre-tax margin, GAAP-basis						21.7		%				25.0		%				24.8		%				20.9		%				25.3		%				27.3		%				24.5		%										(30)			bps						(280)			bps						23.8		%				25.7		%				190			bps
Less: Notable items
Acquisition and restructuring costs(1)						0.3						0.4						1.0						1.0						0.3						0.4						0.5																														0.6						0.4
Repositioning charges						—						—						—						3.6						—						—						—																														—						—
Legal and related						0.5						—						0.6						4.7						—						—						(0.3)																														0.3						(0.1)
Other income						—						—						—						(1.1)						—						—						—																														—						—
Pre-tax margin, excluding notable items						22.5		%				25.4		%				26.4		%				29.1		%				25.6		%				27.7		%				24.7		%										(170)									(300)									24.7		%				26.0		%				130
Return on Average Common Equity:
Return on average common equity, GAAP-basis						8.7		%				10.1		%				9.7		%				9.0		%				10.9		%				12.1		%				8.9		%										(80)			bps						(320)			bps						9.5		%				10.6		%				110			bps
Less: Notable items
Acquisition and restructuring costs(1)						0.2						0.2						0.5						0.5						0.2						0.2						0.2																														0.2						0.2
Repositioning charges						—						—						—						2.0						—						—						—																														—						—
Legal and related						0.2						—						0.3						2.6						—						—						(0.1)																														0.1						(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)						—						—																														—						—
Return on average common equity, excluding notable items						9.1		%				10.3		%				10.3		%				13.3		%				11.2		%				12.3		%				9.0		%										(130)									(330)									9.8		%				10.8		%				100
(1) Acquisition and restructuring costs of approximately $15 million in 3Q20, 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.

                                        17    

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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."

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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						3Q20												3Q20 vs. 3Q19						3Q20 vs. 2Q20						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					$	2,784											(4.1)		%				(5.2)		%				$	8,708					$	8,786					0.9		%
Less: other income									—						—						—						(44)						—						—						—												—						—						—						—						—
Total revenue, excluding notable items									2,932						2,873						2,903						3,004						3,065						2,937						2,784												(4.1)						(5.2)						$	8,708					$	8,786					0.9
Total expenses:
Total expenses, GAAP basis									$	2,293					$	2,154					$	2,180					$	2,407					$	2,255					$	2,082					$	2,103											(3.5)						1.0						$	6,627					$	6,440					(2.8)
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)						(15)												(44.4)						25.0						(48)						(38)						(20.8)
Legal and related									(14)						—						(18)						(140)						—						—						9												nm						—						(32)						9						nm
Total expenses, excluding notable items									2,270						2,142						2,135						2,128						2,244						2,070						2,097												(1.8)						1.3						6,547						6,411						(2.1)
Seasonal expenses									(137)						—						—						—						(151)						—						—												—						—						(137)						(151)						10.2
Total expenses excluding notable items and seasonal expenses									2,133						2,142						2,135						2,128						2,093						2,070						2,097												(1.8)						1.3						6,410						6,260						(2.3)
CRD expenses									(41)						(46)						(56)						(58)						(58)						(61)						(62)												10.7						1.6						(143)						(181)						26.6
CRD related expenses: intangible asset amortization costs									(15)						(17)						(17)						(16)						(17)						(16)						(17)												—						6.3						(49)						(50)						2.0
Total expenses, excluding notable items, seasonal items, CRD and CRD related expenses									2,077						2,079						2,062						2,054						2,018						1,993						2,018												(2.1)						1.3						6,218						6,029						(3.0)
Net Income Available to Common Shareholders, GAAP-basis									$	452					$	537					$	528					$	492					$	580					$	662					$	517											(2.1)						(21.9)						$	1,517					$	1,759					16.0
Notable items as reconciled above: pre-tax									23						12						45						235						11						12						6																								80						29
Tax impact on notable items as reconciled above									(2)						(3)						(12)						(25)						(3)						(3)						(4)																								(17)						(10)
Preferred security cost									—						—						—						22						9						—						—																								—						9
Net Income Available to Common Shareholders, excluding notable items									$	473					$	546					$	561					$	724					$	597					$	671					$	519											(7.5)						(22.7)						$	1,580					$	1,787					13.1
nm Denotes not meaningful

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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)						3Q19						2Q20						3Q20						3Q20 vs. 3Q19						3Q20 vs. 2Q20						3Q20 vs. 3Q19						3Q20 vs. 2Q20						3Q20 vs. 3Q19						3Q20 vs. 2Q20
GAAP-Basis Results:
Fee revenue:
Servicing fees						$	1,272					$	1,272					$	1,301					$	19					$	26					$	1,282					$	1,275					0.8		%				0.2		%
Management fees						445						425						455						5						5						450						450						1.1						5.9
Foreign exchange trading services						284						344						294						—						—						294						294						3.5						(14.5)
Securities finance						116						92						84						—						—						84						84						(27.6)						(8.7)
Software and processing fees						142						245						172						1						—						171						172						20.4						(29.8)
Total fee revenue						2,259						2,378						2,306						25						31						2,281						2,275						1.0						(4.3)
Net interest income						644						559						478						7						7						471						471						(26.9)						(15.7)
Total other income						—						—						—						—						—						—						—						—						—
Total revenue						$	2,903					$	2,937					$	2,784					$	32					$	38					$	2,752					$	2,746					(5.2)						(6.5)
Expenses:
Compensation and employee benefits						$	1,083					$	1,051					$	1,062					$	11					$	19					$	1,051					$	1,043					(3.0)						(0.8)
Information systems and communications						376						376						395						1						2						394						393						4.8						4.5
Transaction processing services						254						233						234						3						4						231						230						(9.1)						(1.3)
Occupancy						113						109						109						2						2						107						107						(5.3)						(1.8)
Acquisition and restructuring costs						27						12						15						—						—						15						15						(44.4)						25.0
Amortization of other intangible assets						59						58						59						1						1						58						58						(1.7)						—
Other						268						243						229						3						3						226						226						(15.7)						(7.0)
Total expenses						$	2,180					$	2,082					$	2,103					$	21					$	31					$	2,082					$	2,072					(4.5)						(0.5)
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						$	3,775					$	3,860					$	(2)					$	3,862					2.3		%
Management fees						1,306						1,329						(1)						1,330						1.8
Foreign exchange trading services						837						1,097						—						1,097						31.1
Securities finance						360						268						—						268						(25.6)
Software and processing fees						501						529						—						529						5.6
Total fee revenue						6,779						7,083						(3)						7,086						4.5
Net interest income						1,930						1,701						(5)						1,706						(11.6)
Total other income						(1)						2						—						2						nm
Total revenue						8,708						8,786						$	(8)					8,794						1.0
Expenses:
Compensation and employee benefits						3,396						3,321						$	(15)					3,336						(1.8)
Information systems and communications						1,103						1,156						(1)						1,157						4.9
Transaction processing services						741						721						—						721						(2.7)
Occupancy						344						327						(2)						329						(4.4)
Acquisition and restructuring costs						48						38						—						38						(20.8)
Amortization of other intangible assets						178						175						—						175						(1.7)
Other						817						702						(1)						703						(14.0)
Total expenses						6,627						6,440						$	(19)					6,459						(2.5)

nm Denotes not meaningful

                                        20    

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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						3Q20
Consolidated total assets									$	228,332					$	241,540					$	244,606					$	245,610					$	362,527					$	280,242					$	272,075
Less:
Goodwill									7,549						7,565						7,500						7,556						7,506						7,538						7,607
Other intangible assets									2,208						2,155						2,077						2,030						1,963						1,914						1,870
Cash balances held at central banks in excess of required reserves									44,294						52,847						57,330						65,812						144,955						87,585						72,210
Adjusted assets									174,281						178,973						177,699						170,212						208,103						183,205						190,388
Plus related deferred tax liabilities									464						464						462						475						476						479						486
Total tangible assets			A						$	174,745					$	179,437					$	178,161					$	170,687					$	208,579					$	183,684					$	190,874
Consolidated total common shareholders' equity									$	21,348					$	21,764					$	21,519					$	21,469					$	21,390					$	22,402					$	23,087
Less:
Goodwill									7,549						7,565						7,500						7,556						7,506						7,538						7,607
Other intangible assets									2,208						2,155						2,077						2,030						1,963						1,914						1,870
Adjusted equity									11,591						12,044						11,942						11,883						11,921						12,950						13,610
Plus related deferred tax liabilities									464						464						462						475						476						479						486
Total tangible common equity			B						$	12,055					$	12,508					$	12,404					$	12,358					$	12,397					$	13,429					$	14,096
Tangible common equity ratio			B/A						6.9		%				7.0		%				7.0		%				7.2		%				5.9		%				7.3		%				7.4		%
GAAP-basis:
Net income available to common shareholders									$	452					$	537					$	528					$	492					$	580					$	662					$	517
Return on tangible common equity									15.0		%				15.8		%				16.3		%				16.3		%				18.7		%				18.5		%				16.6		%

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STATE STREET CORPORATION
EARNINGS RELEASE ADDENDUM
REGULATORY CAPITAL
						Quarters
						1Q19																		2Q19																		3Q19																		4Q19																		1Q20																		2Q20																		3Q20
(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)						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		%				12.8		%				12.4		%
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						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						16.0						15.6
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						6.6						6.6
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					$	13,825					$	13,825
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						108,027						111,606
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		%				12.8		%				12.4		%
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					$	16,296					$	16,296
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						108,027						111,606
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		%				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					$	17,290					$	17,413
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						108,027						111,606
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		%				16.0		%				15.6		%
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					$	16,296					$	16,296
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						247,762						247,762
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		%				6.6		%				6.6		%
(1) CET1, tier 1 capital, total capital and tier 1 leverage ratios for each period above were calculated in conformity with the advanced approaches provisions of the Basel III final rule.
(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.

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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 September 30, 2020 (Dollars in millions)									State Street Corporation												State Street Bank
Tier 1 Capital						A			$	16,296											$	17,578
On-and off-balance sheet leverage exposure									206,985												217,362
Less: regulatory deductions									(9,261)												(8,828)
Total assets for SLR						B			197,724												208,534
Supplementary Leverage Ratio						A/B			8.2		%										8.4		%
As of June 30, 2020 (Dollars in millions)									State Street Corporation												State Street Bank
Tier 1 Capital						C			$	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						D			189,032												199,520
Supplementary Leverage Ratio						C/D			8.3		%										8.5		%
As of March 31, 2020 (Dollars in millions)									State Street Corporation												State Street Bank
Tier 1 Capital						E			$	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						F			270,262												266,863
Supplementary Leverage Ratio						E/F			5.4		%										6.5		%
As of December 31, 2019 (Dollars in millions)									State Street Corporation												State Street Bank
Tier 1 Capital						G			$	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						H			247,862												244,663
Supplementary Leverage Ratio						G/H			6.1		%										6.8		%
As of September 30, 2019 (Dollars in millions)									State Street Corporation												State Street Bank
Tier 1 Capital						I			$	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						J			242,028												238,684
Supplementary Leverage Ratio						I/J			6.6		%										7.3		%
As of June 30, 2019 (Dollars in millions)									State Street Corporation												State Street Bank
Tier 1 Capital						K			$	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						L			239,303												236,138
Supplementary Leverage Ratio						K/L			6.7		%										7.5		%
As of March 31, 2019 (Dollars in millions)									State Street Corporation												State Street Bank
Tier 1 Capital						M			$	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						N			235,988												233,489
Supplementary Leverage Ratio						M/N			6.6		%										7.4		%

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Exhibit 99.3 October 16, 2020 3Q 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 third 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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Implementing our strategy while navigating the challenging environment Client Product performance Productivity and Employees and the engagement and innovation efficiencies financial system • Record AUC/A of $36.6T at • Enhancing the client • Company-wide productivity and • Developed a safe and 1 quarter-end experience through technology efficiency efforts achieved gross measured framework to reopen innovation savings of 5%, or 2% on a net offices • 3Q20 servicing wins of $249B1 2 ‒ Expanding Alpha basis ‒ Almost all offices reopened, SM ‒ State Street Alpha -related functionality with multiple ‒ Gained efficiencies through except India wins contributed ~1/3 of new partnerships spanning across operations, IT and real estate business analytics, data and optimization, and disciplined • Establishing a “Workplace of outsourced solutions vendor management the Future” plan, leveraging • Onboarded significant amount providers technology and optimizing a of new mandates and managed • Progress in productivity enabled ‒ Paving the way for future hybrid work from home model transaction volumes, while targeted investments to support cloud-based Alpha solutions; maintaining a robust pipeline ® client needs, technology CRD now live on Microsoft • Launched 10-Point Action Plan innovation, and resiliency ‒ ~$800B of assets onboarded Azure’s cloud to strengthen racial equity in 3Q20 ‒ Further build-out of the CRD ‒ Introduced the Charles River and Alpha platform • Key service provider to Federal Wealth Hub, streamlining • Record AUM of $3.1T at ‒ Upgrading and modernizing Reserve programs quarter-end1 interactions between asset and wealth managers technology infrastructure ‒ Supported clients' liquidity and financing needs • Opened Riyadh office to better ‒ Launched NAV Insights, an support official institutions and enhanced production and regional institutional investors delivery platform for hedge funds Refer to the Appendix included with this presentation for endnotes 1 to 19. 3

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3Q20 and 2020YTD highlights All comparisons are to corresponding prior year periods unless noted otherwise 3Q20 2020YTD • EPS of $1.45, up 2% • EPS of $4.93, up 22% • Total revenue of $2.8B reflecting: • Total revenue of $8.8B reflecting: Financial ‒ Fee revenue of $7.1B, up 4% performance ‒ Fee revenue of $2.3B, up 2% ‒ Net interest income of $0.5B, down (26)%, or ‒ Net interest income of $1.7B, down (12)% (20)% ex-episodic and true-up itemsA • Expenses ex-notable items of $2.1B, down (2)%B • Expenses ex-notable items of $6.4B, down (2)%B Efficiency ‒ Continued expense management, IT optimization ‒ Company-wide productivity and efficiency efforts and operational productivity achieved YTD gross savings of over $300M and productivity ‒ Operating leverage ex-notables of (2.3)%ptsB ‒ Positive operating leverage ex-notables of 3.0%ptsB • ROE of 8.9% • ROE of 10.6% Capital and • Strong capital position supports clients and • Average deposit growth of 21% driven by both balance sheet financial markets interest-bearing and non-interest bearing balances strength ‒ CET1 ratio improved to 12.4% with significant • Loan and investment portfolio growth served to headroom above regulatory requirement mitigate impact of rates A 3Q20 NII of $478M includes a true-up of ~$(20)M related to prior periods that had previously been recorded in other comprehensive income. 3Q19 NII of $644M includes ~$20M of episodic market-related benefits. Excluding these episodic items and the 3Q20 true-up, 3Q20 adjusted NII of $498M decreased (20)% as compared to 3Q19 adjusted NII of $624M, and (11)% as compared to 2Q20. B Financial metrics 4 ex-notable items are non-GAAP measures; refer to the Appendix for explanations and reconciliations of our non-GAAP measures.

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Summary of 3Q20 results Quarters % ∆ (GAAP, $M, except EPS data, or where otherwise noted) 3Q19 2Q20 3Q20 3Q19 2Q20 Revenue: Servicing fees $1,272 $1,272 $1,301 2% 2% Management fees 445 425 455 2 7 Foreign exchange trading services 284 344 294 4 (15) Securities finance 116 92 84 (28) (9) Excluding episodic and true-up items of $20M in 3Q19 and $(20)M in 3Q20B, NII was down Software and processing fees 142 245 172 21 (30) (20)% YoY and (11)% QoQ Total fee revenue 2,259 2,378 2,306 2 (3) Net interest income 644 559 478 (26) (14) Other income - - - nm nm Total revenue $2,903 $2,937 $2,784 (4)% (5)% Notable Items Provision for credit losses3 $2 $52 - nm nm QuartersC Total expenses $2,180 $2,082 $2,103 (4)% 1% ($M, except EPS data) Income before income tax expense $721 $803 $681 (6)% (15)% 3Q19 2Q20 3Q20 Income tax expense $138 $109 $126 (9)% 16% Acquisition and restructuring $(27) $(12) $(15) Net income $583 $694 $555 (5)% (20)% costs Diluted earnings per share $1.42 $1.86 $1.45 2% (22)% Return on average common equity 9.7% 12.1% 8.9% (0.8)% pts (3.2)% pts Legal and related costs (18) - 9 Pre-tax margin 24.8% 27.3% 24.5% (0.3)% pts (2.8)% pts Tax rate 19.2% 13.6% 18.5% (0.7)% pts 4.9%pts Total notable items (pre-tax) $(45) $(12) $(6) Ex-notable items, non-GAAP A : Total expenses $2,135 $2,070 $2,097 (2)% 1% EPS Impact $(0.09) $(0.02) $0.00 EPS $1.51 $1.88 $1.45 (4) (23) Pre-tax margin 26.4% 27.7% 24.7% (1.7)%pts (3.0)%pts A This is a non-GAAP presentation; quarterly expenses ex-notable 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. B 3Q20 NII of $478M includes a true-up of ~$(20)M related to prior periods that had previously been recorded in other comprehensive income. 3Q19 NII of $644M includes ~$20M of episodic market-related benefits. Excluding these episodic items and the 3Q20 true-up, 3Q20 adjusted NII of $498M decreased (20)% as compared to 3Q19 adjusted NII of 5 $624M, and (11)% as compared to 2Q20. C Refer to the Addendum for further details on notable items. Refer to the Appendix included with this presentation for endnotes 1 to 19.

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AUC/A and AUM levels, markets and flows performance A AUC/A and AUM Market indices4 ($T, as of period-end) 3Q20 vs AUC/A (% change) +11% • 11% increase from 3Q19 primarily 3Q19 2Q20 driven by: EOP 13% 8% +9% S&P 500 – Higher period-end market levels, net new Daily Avg 12 13 business growth, and client flows $36.6 EOP (2) 4 MSCI EAFE $32.9 $33.5 Daily Avg (1) 11 • 9% increase from 2Q20 largely reflecting: EOP 8 9 MSCI EM – Higher period-end market levels and net Daily Avg 7 17 new business growth 3Q19 2Q20 3Q20 Barclays Global Agg EOP 6 3 AUM ($B, as of period-end) 5 Select North America industry flows +7% • 7% increase from 3Q19 reflecting: +3% – Higher period-end market levels, and ETF Total flows net inflows, partially offset by institutional ($B) $3,148 net outflows 3Q19 2Q20 3Q20 $3,054 Long Term Funds $35 $56 $1 $2,953 • 3% increase from 2Q20 primarily due to: Money Market 199 259 (193) – Higher period-end market levels, partially ETF 29 70 78 offset by cash net outflows Total 262 385 (114) 3Q19 2Q20 3Q20 A Changes to AUC/A and AUM also reflect FX translation. Refer to the Appendix included with this presentation for endnotes 1 to 19. 6

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Revenue: Servicing fees Servicing fees ($M) 3Q20 performance Total YoY -4% Servicing fees of $1,301M up 2% YoY and QoQ $2,903 $3,048 $3,065 $2,937 $2,784 revenue QoQ -5% • Up 2% YoY primarily driven by higher average market levels, net new business and client activity, partially offset by moderating pricing +2% headwinds. +2% – Enhanced investor servicing offering and continued pricing discipline has reduced pricing headwinds $1,299 $1,301 $1,287 • Up 2% QoQ largely due to higher average market levels, partially offset by $1,272 $1,272 lower client activity Revenue growth actions Implementing new Institutional Services model to 3Q19 4Q19 1Q20 2Q20 3Q20 drive future revenue growth AUC/A sales performance indicators ($B) • Leverage Alpha value proposition to create enhanced client solutions and AUC/A $1,031 $294 $171 $162 $249 expand sales pipeline wins – ~1/3 of 3Q20 AUC/A wins1 attributed to Alpha deals AUC/A to 1,165 1,167 1,063 1,037 486 be installed • Continue to upgrade talent and expand sales coverage model beyond Global Clients Division • Total revenues were positively impacted by FX translation when compared to 3Q19 and 2Q20 by $32M and $38M, respectively – Leverage segment, country and regional strategies to drive market share – Servicing fees were also positively impacted by $19M and $26M, respectively Refer to the Appendix included with this presentation for endnotes 1 to 19. 7

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Revenue: Management, Markets, Software and processing fee revenue Management, Markets, Software & processing fee ($M) 3Q20 performance Total YoY -4% Management, Markets, Software and processing fee $2,903 $3,048 $3,065 $2,937 $2,784 revenue QoQ -5% revenue of $1,005M up 2% YoY, down (9)% QoQ • Management fees of $455M +2% – Up 2% YoY and 7% QoQ primarily driven by higher average market -9% levels $1,112 $1,106 $1,069 – Investment Management total fee revenue, including GLD ETF, A $987 $1,005 increased 5% YoY and 7% QoQ B • 449 425 FX trading services of $294M 465 – Up 4% YoY reflecting higher client FX volume and volatility Mgmt. 445 455 fees – Down (15)% QoQ mainly due to continued normalization of FX volume and volatility 344 • Securities finance of $84M 274 459 FX 284 294 – Down (28)% YoY primarily driven by lower balances and spreads trading6 111 92 – Down (9)% QoQ primarily driven by lower agency reinvestment rates Securities 116 84 B finance 92 • Software and processing fees of $172M 219 245 Software & 142 172 – Up 21% YoY primarily reflecting higher CRD revenues processing 112 3Q19 4Q19 1Q20 2Q20 3Q20 – Down (30)% QoQ mainly reflecting the absence of a large 2Q20 on- prem CRD implementation and renewals, and lower market-adjustments A Investment Management Total fee revenue (segment-basis) primarily consists of management fees, distributions fees including for GLD ETF, and certain market-related adjustments in Software and B processing fees. Refer to the Addendum for further segment-basis information. For 3Q20, on a consolidated basis, CRD revenue contributed $89M, including $86M in Software and processing fees and $3M 8 in FX trading services. On a standalone-basis, CRD revenue of $99M includes $10M of revenue associated with affiliates, including SSGA, that is eliminated in consolidation for financial reporting purposes. Refer to the Appendix included with this presentation for endnotes 1 to 19.

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CRD performance Financial performance (Standalone basis, $M)A Business momentum 9 • New SaaS clients increased ~14% YTD +16% -32% • Average new client contract term increased over 40% and deal sizes doubled since acquisition9 $145M ® • CRD now live on Microsoft Azure’s cloud-based computing platform $126M • Continue to add Wealth capabilities across the platform 63 in the areas of trading and portfolio management $100M $99M 57 $85M • Confident in achieving both revenue and expense 28 20 targets10 B synergy On-prem 20 26 22 Professional 19 17 19 services 20% YoY CRD wealth strategy Software- growth 57 57 enabled 49 49 53 • Enhancing the client experience through technology B (including SaaS) innovation – Launched the Charles River Wealth Hub, a 3Q19 4Q19 1Q20 2Q20 3Q20 communications platform that enables asset managers to provide wealth managers a broad 7 Pre-tax income $29 $68 $42 $84 $37 selection of separate account investment strategies 8 • 40+ clients with $2.9T of wealth-related assets on New bookings 5 23 5 3 17 CRD’s Investment Management Solution platform A For 3Q20, CRD standalone results include revenue of $99M and pre-tax income of $37M, which includes $10M of revenue associated with affiliates, including SSGA, that is eliminated in consolidation for financial reporting purposes. On a consolidated basis, CRD revenue contributed $89M, including $86M in Software and processing fees and $3M in FX trading services. Revenue line items may not sum to total due to rounding. B On-prem revenue is revenue derived from locally installed software. Software-enabled revenue includes software as a service, maintenance and support revenue, FIX, brokerage, 9 and value-add services. Revenue recognition pattern for on-prem installations differs from software-enabled revenue. Refer to the Appendix included with this presentation for endnotes 1 to 19.

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Revenue: Net interest income NII and NIM ($M)11 Average balance sheet highlights ($B) Total $2,903 $2,937 $2,784 YoY -4% revenue QoQ -5% 3Q19 2Q20 3Q20 -26% -20% ex-episodic & Total assets $223 $285 $264 true-up itemsA -14% EOP 245 280 272 -11% ex-episodic $644 & true-up itemsA Loans 24 27 26 $624 $478 ex- $559 $498 EOP 27 27 27 episodic ex- benefits true-up Investment portfolio (ex. MMLF) 94 98 103 94 98 3Q19 2Q20 3Q20 EOP 107 NIM11 Total deposits 157 197 189 (FTE, %) 1.42% 0.93% 0.85% EOP 171 200 198 ex-MMLF n/a 0.98% 0.88% NII of $478M down (26)% YoY and (14)% QoQ Total average assets of $264B up 18% YoY and down (7)% QoQ • Down (26)% YoY primarily due to lower market rates, the absence of 3Q19 • Up 18% YoY largely driven by higher total average deposits A episodic market-related benefits and a 3Q20 true-up of ~$(20)M , partially • Down (7)% QoQ primarily due to the run-off of the MMLF facility and offset by higher investment portfolio and loan balances stabilizing average deposits • Down (14)% QoQ largely driven by the impact of lower market rates and • Expanding the investment portfolio to shift central bank balances to higher the 3Q20 true-upA, partially offset by an expansion of the investment yielding assets portfolio (ex. MMLF) • Excluding the episodic benefits in 3Q19 and the true-up in 3Q20, NII was A down (20)% YoY and (11)% QoQ A 3Q20 NII of $478M includes a true-up of ~$(20)M related to prior periods that had previously been recorded in other comprehensive income. 3Q19 NII of $644M includes ~$20M of episodic market-related benefits. 10 Refer to the Appendix included with this presentation for endnotes 1 to 19.

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Expenses Expenses 3Q20 performance A (Ex-notable items, non-GAAP, $M) (Ex-notable items, non-GAAP)A Expenses ex-notable items of $2,097M down (2)% -2% YoY, up 1% QoQ +1% • Compensation and benefits of $1,062M – Down (2)% YoY primarily driven by lower headcount, medical costs and $2,135 $2,070 $2,097 incentive compensation – Up 1% QoQ primarily driven by the absence of vendor credits and Comp. additional day count, partially offset by lower incentive compensation 1,083 1,051 1,062 & ben. • Information systems and communications of $395M – Up 5% YoY mainly reflecting higher software costs and technology Info. sys. infrastructure investments, partially offset by third-party vendor savings 376 376 395 Tran. – Up 5% QoQ largely reflecting the absence of vendor credits from 2Q20 processing 254 233 234 Occupancy 113 109 109 • Transaction processing services of $234M 12 309 301 Other 297 – Down (8)% YoY primarily due to higher sub-custody savings 3Q19 2Q20 3Q20 • Occupancy of $109M GAAP – Down (4)% YoY primarily due to footprint optimization Expense $2,180 $2,082 $2,103 • Other of $297M Head- 39,407 39,068 38,979 count – Down (4)% YoY mainly driven by lower marketing and travel spend, partially offset by higher professional fees • Total GAAP expenses were adversely impacted by FX translation when compared to 3Q19 and 2Q20 by $21M and $31M, respectively – Down (1)% QoQ mainly due to lower professional fees • Headcount down (1)% YoY and flat QoQ A Quarterly expenses ex-notable items, as presented, is a non-GAAP presentation; refer to the Appendix for a reconciliation of ex-notable items and seasonal expenses to GAAP expenses. Refer to the Appendix included with this presentation for endnotes 1 to 19. 11

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Investment portfolio and capital ratios Investment portfolio highlights13 Capital ratios14 ($B, portfolio metrics as of quarter-end) (%, as of period-end) CET1 (Standardized) 11.3% 12.3% 12.4% A Headroom 4.4% $109 $112 1.0% G-SIB surcharge CCB/SCB15 14% $16 15% 2.5% $94 $15 8.0% ~$5B from 4.5% Minimum ratio Non-HQLA $15 16% ~$11B from MMLF MMLF 3Q19 2Q20 3Q20 Regulatory minimum Tier 1 Leverage 7.4% 6.1% 6.6% HQLA $79 84% $94 86% $96 85% Headroom 2.6% 4.0% Minimum ratio 3Q19 2Q20 3Q20 Regulatory minimum 3Q19 2Q20 3Q20 Continuing to accumulate excess capital HTM % 42% 49% 45% • CET1 ratio increased QoQ primarily driven by higher retained earnings, partially offset by higher RWAs Duration 2.6 2.4 2.9 • Tier 1 leverage ratio increased QoQ driven by higher retained earnings and lower average total assets • Returned $183M to shareholders in the form of common stock dividends in 3Q20 A Money Market Mutual Fund Liquidity Facility (MMLF) contributed ~$5B to the investment portfolio in 3Q20. Excluding MMLF, the investment portfolio size would be ~$107B, with a duration of 3.0 years and 42% HTM. Refer to the Appendix included with this presentation for endnotes 1 to 19. 12

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Summary 3Q20 and 2020YTD financial performance • 3Q20 EPS of $1.45, up 2%, and 2020YTD EPS of $4.93, up 22% • 3Q20 financials: – Fee revenue up 2% YoY primarily driven by improved servicing and management fees, and CRD performance, partially offset by lower securities finance revenue – NII down (26)% YoY; ex-episodic and true-up items down (20)% YoY largely reflecting the lower interest rate environmentA – Expenses ex-notable items down (2)% YoY reflecting ongoing expense management initiativesB • 2020YTD financials: – Fee revenue up 4% YoY YTD – Expenses ex-notable items down (2)% YoY YTD, generating positive operating leverage ex-notable items of 3.0%ptsB • Strong capital ratios, with CET1 of 12.4%, and significant headroom above regulatory requirement Continuing to support clients and employees through challenging times • Increasing client satisfaction as we continue to onboard new clients and build new transaction pipeline • Supporting employee career growth through an internal Talent Marketplace • Launched 10-Point Action Plan to strengthen racial equity A 3Q20 NII of $478M includes a true-up of ~$(20)M related to prior periods that had previously been recorded in other comprehensive income. 3Q19 NII of $644M includes ~$20M of episodic market-related benefits. Excluding these episodic items and the 3Q20 true-up, 3Q20 adjusted NII of $498M decreased (20)% as compared to 3Q19 adjusted NII of $624M, and (11)% as compared to 2Q20. B Financial metrics 13 ex-notable items are non-GAAP measures; refer to the Appendix for explanations and reconciliations of our non-GAAP measures.

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Medium-term financial targets 15 Loan portfolio 16 Reconciliation of notable items 17 Appendix Endnotes 18 Forward-looking statements 19 Non-GAAP measures 20 Definitions 21 14

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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 15 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 16 for additional details.

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Loan portfolio 17 Average loans by segment ($B) 3Q20 loan portfolio highlights $13 $14 High quality loan portfolio; 81% investment grade; majority of $12 credit extended to existing clients 19% 81% 84% 84% • Fund Finance: Primarily includes ‘40 Act Funds, PE Capital Call Finance, and Business Development Companies $5 $4 $4 $4 $5 $4 $4 • Leverage Loans: High quality book with vast majority of loans rated $3 $3 BB and above, underweight cyclical sectors • CRE and Other18: CRE portfolio average LTV of 52%; primarily in top 3Q19 2Q20 3Q20 US 30 metropolitan areas, existing buildings, substantially leased 18 Fund Finance Leveraged Loans CRE/Other Overdrafts • Overdrafts: End of period and average balances decreased QoQ by (15)% and (30)%, respectively Total $24 $27 YoY +9% Loans $26 QoQ -5% Allowance for credit losses and net charge-offs ($M) 3Q20 reserve $163 $153 • Allowance for credit losses of $153M, down (6)% QoQ primarily due to the impact of net charge-offs $86 • Net charge-offs of $14M, flat QoQ due to continued selective de- risking actions in leveraged loan portfolio $0 $14 $14 • Provision for credit losses was nil in 3Q20 compared to $52M in 3Q1919 2Q20 3Q20 2Q20, reflecting slightly improving economic forecasts and limited Allowance for credit losses Net charge-offs negative credit migration Refer to the Appendix included with this presentation for endnotes 1 to 19. 16

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Reconciliation of notable items Quarterly reconciliation % Change Year-to-Date % Change 3Q20 3Q20 YTD2020 vs. vs. vs. (Dollars in millions, unless noted otherwise) 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 3Q19 2Q20 2019 2020 YTD2019 Total revenue, GAAP-basis 2,932 2,873 2,903 3,048 3,065 2,937 2,784 (4.1)% (5.2)% 8,708 8,786 0.9% Less: Other income (44) Total revenue, excluding notable items 2,932 2,873 2,903 3,004 3,065 2,937 2,784 (4.1)% (5.2)% 8,708 8,786 0.9% Total expenses, GAAP basis 2,293 2,154 2,180 2,407 2,255 2,082 2,103 (3.5)% 1.0% 6,627 6,440 (2.8)% 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) (15) (48) (38) Legal and related (14) (18) (140) 9 (32) 9 Total expenses, excluding notable items 2,270 2,142 2,135 2,128 2,244 2,070 2,097 (1.8)% 1.3% 6,547 6,411 (2.1)% Seasonal expenses (137) (151) (137) (151) Total expenses, excluding notable items and seasonal expense items 2,133 2,142 2,135 2,128 2,093 2,070 2,097 (1.8)% 1.3% 6,410 6,260 (2.3)% Operating leverage, GAAP-basisA (60) bps (620) bps 370 bps Operating leverage, excluding notable itemsB (230) (650) 300 Pre-tax margin, GAAP-basis (%) 21.7% 25.0% 24.8% 20.9% 25.3% 27.3% 24.5% (30) (280) 23.8% 25.7% 190 Notable items as reconciled above (%) 0.8% 0.4% 1.6% 8.2% 0.3% 0.4% 0.2% 0.9% 0.3% Pre-tax margin, excluding notable items (%) 22.5% 25.4% 26.4% 29.1% 25.6% 27.7% 24.7% (170) (300) 24.7% 26.0% 130 Net income available to common shareholders, GAAP-basis 452 537 528 492 580 662 517 (2.1)% (21.9)% 1,517 1,759 16.0% Notable items as reconciled above: pre-tax 23 12 45 235 11 12 6 80 29 Tax impact on notable items as reconciled above (2) (3) (12) (25) (3) (3) (4) (17) (10) Preferred securities cost 22 9 9 Net income available to common shareholders, excluding notable items 473 546 561 724 597 671 519 (7.5)% (22.7)% 1,580 1,787 13.1% Diluted EPS, GAAP-basis 1.18 1.42 1.42 1.35 1.62 1.86 1.45 2.1% (22.0)% 4.03 4.93 22.3% Notable items as reconciled above 0.06 0.03 0.09 0.63 0.05 0.02 0.00 0.18 0.08 Diluted EPS, excluding notable items 1.24 1.45 1.51 1.98 1.67 1.88 1.45 (4.0)% (22.9)% 4.21 5.01 19.0% A Calculated as the period-over-period change in total revenue less the period-over-period change in total expenses. B Calculated as the period-over-period change in total revenue, excluding notable items less the period-over-period change in total expenses, excluding notable items. 17

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Endnotes 1. 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. 2. Company-wide productivity and efficiency gross savings of 5% based on an expenses ex-notable items basis for the comparison between 3Q20YTD and 3Q19YTD. 3Q20YTD expenses ex-notable items of $6,411M decreased (2)% from 3Q19YTD expenses ex-notable items of $6,547M. The decrease is primarily driven by gross savings worth ~(5)%, partially offset by incremental investments and variable costs worth ~3%. Financial metrics ex-notable items are non-GAAP measures. For further details on explanations and reconciliations of our non-GAAP measures, refer to Reconciliation of notable items and Non-GAAP measures included in the Appendix. 3. In accordance with ASU 2016-13, the Provision for credit losses for 2Q20 and 3Q20 includes the provision on funded and unfunded commitments as well as HTM securities. For 3Q19, the provision for credit losses on unfunded commitments of $0 is included within Total expenses. 4. The index names listed are service marks of their respective owners. 5. 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. The data provider for North America industry flows were changed to Morningstar from other providers in 3Q20 for consistency across regions and other efficiency considerations. Data collection and tabulation methodologies among data providers differ. All periods presented reflect data sourced from Morningstar. Prior period data therefore differs from data previously presented, which was sourced from other data providers. Morningstar data includes long-term mutual funds, ETF’s and Money Market funds. Mutual fund data represents estimates of net new cash flow, which is new sales minus redemptions combined with net exchanges, while ETF data represents net issuance, which is gross issuance less gross redemptions. Data for Fund of Funds, Feeder funds and Obsolete funds were excluded from the series to prevent double counting. Data is from the Morningstar Direct Asset Flows database. The long-term fund flows reported by Morningstar in North America are composed of US domiciled Market flows mainly in Equities, Allocation and Fixed Income asset classes. 3Q20 data for North America (US domiciled) includes Morningstar actuals July and August and Morningstar estimates for September 2020. 6. FX trading services includes Brokerage and other revenue. 7. 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-prem 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. 8. CRD 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. 9. Average contract term and deal size comparison based on new contracts between FY2017 to 3Q18 (CRD pre-acquisition) and 4Q18 to 3Q20 (CRD post-acquisition). Contracts exclude affiliates. New SaaS client comparison based on the number of SaaS clients at year-end 2019 as compared to September 2020. 10. 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. 11. NII is presented on a GAAP-basis. NIM is presented on an FTE-basis. Refer to the Addendum for reconciliations of NII FTE-basis to NII GAAP-basis on the Average Statement of Condition. NIM (ex-MMLF) is presented on a FTE-basis and also excludes NII of $12.1M and $1.7M for 2Q20 and 3Q20, respectively. 12. Other includes other expenses and amortization of intangible assets. 13. 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. 14. 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 3Q19, 2Q20 and 3Q20. Refer to the Addendum included with this presentation for a further description of these ratios. September 30, 2020 capital ratios are presented as of quarter-end and are estimated as of October 16, 2020. 15. State Street received an SCB requirement of 2.5%. The SCB requirement is effective as of October 1, 2020. 16. 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. 17. Includes drawn loans, gross. Line items may not sum to total due to rounding. 18. CRE and Other category includes Commercial Real Estate, Alternative Financing, Municipal Loans, and other. 19. Calculated under the incurred loss methodology. 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, 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, challenges associated with our return to office plans such as maintaining a safe office environment and integrating at- home and in-office staff, 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; geopolitical risks applicable to our operations and activities in jurisdictions globally, including emerging markets and economies, that have the potential to disrupt or impose costs, delays or damages upon our, our clients', our counterparties' and suppliers' and our infrastructure providers' respective operations, activities and strategic planning and to compromise financial markets and stability; 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; cyber-security incidents, or failures to protect our systems and our, our clients' and others' information against cyber-attacks, that 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, 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 CRE Commercial real estate 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 G-SIB Global systemically important bank HTM Held-to-maturity HQLA High quality liquid assets LTV Loan-to-value ratio MMLF Money Market Mutual Fund Liquidity Facility 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 On-prem On-premises revenue as recognized in the CRD business 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 SSGA State Street Global Advisors T1L Tier 1 leverage ratio Year-over-year (YoY) Current period compared to the same period a year ago Year-to-date (YTD) The cumulative amount of time within a fiscal year up to the end of the quarter indicated (i.e., 3Q20YTD is equivalent to the nine months ended September 30, 2020) 21

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