State Street : 3Q21 Presentation

October 18, 2021

3Q 2021

Financial Highlights

(NYSE: STT)

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 2021 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 and those tables, which are available on State Street's website, at http://investors.statestreet.com, and are 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

3Q21 highlights

All comparisons are to corresponding prior year periods unless noted otherwise

Financial

performance

Business

momentum

Balance sheet

and capital

• EPS of $1.96, up 35%; $2.00 ex-notable items, up 38%A
• Total revenue of $3.0B
• • Fee revenue of $2.5B, up 9%, reflecting growth in all businesses
  • Net interest income of $0.5B, up 2%
• Total expenses of $2.1B, up 1%; flat ex-notable itemsA
• • Pre-taxmargin of 29.3%, up 4.8%pts; 29.9% ex-notable items, up 5.2%ptsA
  • Generated positive operating leverage of 6.8%pts; 7.4%pts ex-notable itemsA
• Announced proposed acquisition of BBH Investor Services, which will strengthen State Street's market leadership in asset servicing, deepen international reach, and propel the State Street AlphaSM strategy
• • Transaction expected to be accretive in year 1 post-closing and to increase earnings and margin growth1
• AUC/A of $43.3T; and servicing wins of $1.7T with new business yet to be installed of $2.7T2
• Reported 3 new Alpha mandates in 3Q21, with 7 of 18 total mandates live as of the end of 3Q212
• Continued momentum in CRD; record bookings of $28M3 and attained annual recurring revenue (ARR) of $239M, up 12%4
• AUM of $3.9T with strong ETF net inflows, particularly from equity and fixed income products2
• Total average assets of $291B, up 10% YoY and down (5)% QoQ
• ROE of 11.6%, CET1 ratio of 13.5%5
• Returned $179M to shareholders in 3Q21 in the form of common stock dividends paid; declared a 10% increase to 3Q21 quarterly common stock dividend payable in 4Q21
• In September 2021, State Street raised $1.9B of capital through a common stock issuance to finance the proposed acquisition of BBH Investor Services

A Financial metrics ex-notable items are non-GAAP measures; refer to the Appendix for explanations and reconciliations of our non-GAAP measures.	3
Refer to the Appendix included with this presentation for endnotes 1 to 18.

Summary of 3Q21 financial results

					Quarters		%∆		3Q20 %∆
(GAAP, $M, except EPS data, or where otherwise noted)	3Q20	2Q21	3Q21	2Q21	3Q20	ex-currency
				translation	A
Revenue:
Servicing fees				$1,301	$1,399	$1,395	(0)%	7%	7%
Management fees				479	504	526	4	10	9
Foreign exchange trading services	270	286	279	(2)	3	3
Securities finance				84	109	106	(3)	26	26
Software and processing fees	172	216	198	(8)	15	15
Total fee revenue				2,306	2,514	2,504	(0.4)	8.6	8.2
Net interest income				478	467	487	4	2	1
Other income				-	53	(1)	nm	nm	nm
Total revenue				$2,784	$3,034	$2,990	(1.5)%	7.4%	6.9%
Provision for credit losses	6			-	($15)	($2)	nm	nm	nm
Total expenses				$2,103	$2,111	$2,116	0.2%	0.6%	0.1%
Net income				$555	$763	$714	(6.4)%	28.6%
Diluted earnings per share			$1.45	$2.07	$1.96	(5.3)%	35.2%
Return on average common equity	8.9%	12.6%	11.6%	(1.0)%pts	2.7%pts
Pre-tax margin				24.5%	30.9%	29.3%	(1.6)%pts	4.8%pts
Tax rate				18.5%	18.6%	18.5%	(0.1)%pts	-
Ex-notable items, non-GAAP	A	:
Total revenue				$2,784	$2,981	$2,990	0.3%	7.4%	6.9%
Total expenses				$2,097	$2,111	$2,098	(0.6)%	0.0%	(0.4)%
EPS				$1.45	$1.97	$2.00	1.5%	37.9%
Pre-tax margin				24.7%	29.7%	29.9%	0.2%pts	5.2%pts

Notable Items

		Quarters
($M, except EPS data)
	3Q20	2Q21	3Q21
Gain on saleB	-	53	-
Acquisition and	(15)	(11)	(18)
restructuring costs
Legal and otherC	9	11	-
Total Notable items	($6)	$53	($18)
(pre-tax)
EPS Impact	-	$0.10	($0.04)

1. This is a non-GAAP presentation; ex-currency translation percentage changes are in reference to the YoY quarterly comparison between 3Q21 and 3Q20 which excludes the impact of foreign currency translation; refer to the Appendix for a reconciliation of ex-notable items/currency translation and further explanations of non-GAAP measures. B Gain on sale of $53M in 2Q21 included in Other income

reflecting a gain on sale of a majority interest in our Wealth Manager Services business. C Legal and other benefits of $11M in 2Q21 and $9M in 3Q20 included in Other expenses. Refer to the Appendix	4
included with this presentation for endnotes 1 to 18.

AUC/A and AUM levels, markets and flows performance

AUC/A and AUMA

AUC/A ($T, as of period-end)2
		+18%	+2%				•	18% increase from 3Q20 largely
								driven by:
				$43.3			- Higher market levels, client flows, and net
		$42.6
				new business growth
$36.6						•	2% increase from 2Q21 due to:
									- Higher market levels, net new business
									growth, and client flows

Market indices7

(% change)			3Q21 vs
	2Q21	3Q20
S&P 500	EOP	0%	28%
Daily Avg	6	33
MSCI EAFE	EOP	(1)	23
Daily Avg	1	25
MSCI EM	EOP	(9)	16
Daily Avg	(4)	19
Barclays Global Agg	EOP	(1)	(1)

3Q202Q213Q21

AUM ($B, as of period-end)

+23%

-1%

$3,897 $3,862

$3,148

3Q202Q213Q21

• 23% increase from 3Q20 reflecting:
• • Higher market levels and net inflows from ETFs and cash, partially offset by institutional net outflows
• (1)% decrease from 2Q21 due to:
• • Net outflows from cash and institutional, and lower market levels, partially offset by ETF net inflows

Select industry flows8

($B)		Total flowsB
3Q20	2Q21	3Q21
Long Term Funds	$21	$196	$130
Money Market	(166)	33	21
ETF	60	123	103
North America Total	(84)	351	254
EMEA Total	227	267	298

A Changes to AUC/A and AUM also reflect currency translation. B Line items may not sum to total due to rounding.	5
Refer to the Appendix included with this presentation for endnotes 1 to 18.