🟢 New in Current Filing Risk Factors 🔒

🟢 New in Current Filing We are subject to intense competition in all aspects of our business, which could negatively affect our ability to maintain or increase our profitability. 🔒

🟢 New in Current Filing We are subject to variability in our assets under custody and/or administration and assets under management, and in our financial results, due to the significant size of our relationship with many of our institutional clients, and are also subject to significant pricing pressure due to trends in the market for custodial services and the considerable market influence exerted by those clients. 🔒

🟢 New in Current Filing We are subject to intense competition in all aspects of our business, which could negatively affect our ability to maintain or increase our profitability. 🔒

🟢 New in Current Filing result in risks to our business and other uncertainties. 🔒

🟢 New in Current Filing Competition for qualified members of our workforce is intense, and we may not be able to attract and retain the personnel we need to support our business. 🔒

🟢 New in Current Filing We have significant global operations, and clients, that can be adversely impacted by disruptions in key economies, including local, regional and geopolitical developments affecting those economies. 🔒

🟢 New in Current Filing Our business activities expose us to interest rate risk. 🔒

🟢 New in Current Filing Fee revenue represents a significant majority of our consolidated revenue and is subject to decline, among other things, in the event of a reduction in, or changes to, the level or type of investment activity by our clients. 🔒

🟢 New in Current Filing Any downgrades in our credit ratings, or an actual or perceived reduction in our financial strength, could adversely affect our borrowing costs, capital costs and liquidity position and cause reputational harm. 🔒

🟢 New in Current Filing Changes in accounting standards may adversely affect our consolidated financial statements. 🔒

🟢 New in Current Filing Our business may be negatively affected by risks associated with strategic initiatives we are employing to enhance the effectiveness and efficiency of our operations and of our cybersecurity and technology infrastructure. 🔒

🟢 New in Current Filing Outsourcing of work to global hub locations may expose us to increased operational risk and reputational harm and may not result in expected cost savings. 🔒

🟢 New in Current Filing We may not be able to protect our intellectual property, and we are subject to claims of third-party intellectual property rights. 🔒

🟢 New in Current Filing Our reputation and business prospects may be damaged if investors in the collective investment pools we sponsor or manage incur substantial losses in these investment pools or are restricted in redeeming their interests in these investment pools. 🔒

🟢 New in Current Filing Climate change may increase the frequency and severity of major weather events and the ongoing transition to a low carbon economy may drive regulatory and business model change that could adversely affect our business operations and resiliency, our clients, our counterparties or other financial market participants and could adversely affect our consolidated results of operations and financial condition. 🔒

🔴 No Match in Current Filing Risk Factors 🔒

🔴 No Match in Current Filing We have significant global operations, and clients that can be adversely impacted by disruptions in key global economies, including local, regional and geopolitical developments affecting those economies. 🔒

🔴 No Match in Current Filing We assume significant credit risk to counterparties, many of which are major financial institutions. These financial institutions and other counterparties may also have substantial financial dependencies with other financial institutions and sovereign entities. These credit exposures and concentrations could expose us to financial loss. 🔒

🔴 No Match in Current Filing Fee revenue represents a significant majority of our consolidated revenue and is subject to decline, among other things, in the event of a reduction in, or changes to, the level or type of investment activity by our clients. 🔒

🔴 No Match in Current Filing We may need to raise additional capital or debt in the future, which may not be available to us or may only be available on unfavorable terms. 🔒

🔴 No Match in Current Filing Our businesses may be adversely affected by increased and conflicting political and regulatory scrutiny of asset management stewardship and corporate sustainability or ESG practices. 🔒

🔴 No Match in Current Filing Changes in accounting standards may adversely affect our consolidated financial statements. 🔒

🔴 No Match in Current Filing We could face liabilities for withholding and other non-income taxes as a result of tax authority examinations. 🔒

🔴 No Match in Current Filing Our business may be negatively affected by our failure to update and maintain our technology infrastructure. 🔒

🔴 No Match in Current Filing Our businesses may be negatively affected by adverse publicity or other reputational harm. 🔒

🔴 No Match in Current Filing We may not be able to protect our intellectual property, and we are subject to claims of third-party intellectual property rights. 🔒

🔴 No Match in Current Filing The quantitative models we use to manage our business may contain errors that result in inadequate risk assessments, inaccurate valuations or poor business and risk management decisions, and lapses in disclosure controls and procedures or internal control over financial reporting could occur, any of which could result in material harm. 🔒

🔴 No Match in Current Filing Our efforts to improve our billing processes and practices are ongoing and may result in the identification of additional billing errors. 🔒

🔴 No Match in Current Filing Disclosure requirements and expectations related to sustainability or ESG are increasing and evolving. Our inability to meet these requirements and expectations or to provide related information to clients facing similar requirements could cause regulatory or reputational harm and affect our ability to attract and retain clients. 🔒

🔴 No Match in Current Filing Our efforts to improve our billing processes and practices are ongoing and may result in the identification of additional billing errors. 🔒

🟡 Modified Fee revenue represents a significant majority of our consolidated revenue and is subject to decline, among other things, in the event of a reduction in, or changes to, the level or type of investment activity by our clients. 🔒

🟡 Modified Any theft, loss, damage to or other misappropriation or inadvertent disclosure of, or inappropriate access to, the confidential information we possess could have an adverse impact on our business and could subject us to regulatory actions, litigation and other adverse effects. 🔒

🟡 Modified Changes in accounting standards may adversely affect our consolidated financial statements. 🔒

🟡 Modified Competition for qualified members of our workforce is intense, and we may not be able to attract and retain the personnel we need to support our business. 🔒

🟡 Modified result in risks to our business and other uncertainties. 🔒

🟡 Modified We face extensive and changing government regulation and supervision in the U.S. and non-U.S. jurisdictions in which we operate, which may increase our costs and expose us to risks related to compliance. 🔒

🟡 Modified Our calculations of credit, market and operational risk exposures, total RWA and capital ratios for regulatory purposes depend on data inputs, formulae, models, correlations and assumptions that are subject to change over time, which changes, in addition to our consolidated financial results, could materially impact our risk exposures, our total RWA and our capital ratios from period to period. 🔒

🟡 Modified We are subject to variability in our assets under custody and/or administration and assets under management, and in our financial results, due to the significant size of our relationship with many of our institutional clients, and are also subject to significant pricing pressure due to trends in the market for custodial services and the considerable market influence exerted by those clients. 🔒

🟡 Modified Acquisitions, strategic alliances, joint ventures and divestitures pose risks for our business. 🔒

🟡 Modified Any downgrades in our credit ratings, or an actual or perceived reduction in our financial strength, could adversely affect our borrowing costs, capital costs and liquidity position and cause reputational harm. 🔒

🟡 Modified Climate change may increase the frequency and severity of major weather events and the ongoing transition to a low carbon economy may drive regulatory and business model change that could adversely affect our business operations and resiliency, our clients, our counterparties or other financial market participants and could adversely affect our consolidated results of operations and financial condition. 🔒

🟡 Modified Our businesses may be adversely affected by government enforcement and litigation. 🔒

🟡 Modified Our business may be negatively affected by risks associated with strategic initiatives we are employing to enhance the effectiveness and efficiency of our operations and of our cybersecurity and technology infrastructure. 🔒

🟡 Modified We may need to raise additional capital or debt in the future, which may not be available to us or may only be available on unfavorable terms. 🔒

🟡 Modified The quantitative models we use to manage our business may contain errors that result in inadequate risk assessments, inaccurate valuations or poor business and risk management decisions, and lapses in disclosure controls and procedures or internal control over financial reporting could occur, any of which could result in material harm. 🔒

🟡 Modified Our businesses may be negatively affected by adverse publicity or other reputational harm. 🔒

🟡 Modified Our businesses may be adversely affected by increased and conflicting political and regulatory scrutiny of asset management, stewardship and corporate sustainability or ESG practices in the jurisdictions in which we operate. 🔒

🟡 Modified Long-term contracts expose us to increased operational risk, pricing and performance risk. 🔒

🟡 Modified Disclosure requirements and expectations related to sustainability or ESG are increasing, evolving and may diverge across jurisdictions. Our inability to meet these requirements and expectations or to provide related information to clients facing similar requirements could cause regulatory or reputational harm and affect our ability to attract and retain clients. 🔒

🟡 Modified Our business and capital-related activities, including our ability to return capital to shareholders and repurchase our capital stock, may be adversely affected by our implementation of regulatory capital and liquidity standards that we must meet or as a result of regulatory capital stress testing. 🔒

🟡 Modified Our calculations of credit, market and operational risk exposures, total RWA and capital ratios for regulatory purposes depend on data inputs, formulae, models, correlations and assumptions that are subject to change over time, which changes, in addition to our consolidated financial results, could materially impact our risk exposures, our total RWA and our capital ratios from period to period. 🔒

🟡 Modified We assume significant credit risk of counterparties, many of which are major financial institutions. These financial institutions and other counterparties may also have substantial financial dependencies with other financial institutions and sovereign entities. These credit exposures and concentrations could expose us to financial loss. 🔒

🟡 Modified Our risk management framework, models and processes may not be effective in identifying or mitigating risk and reducing the potential for related losses, and a failure or circumvention of our controls and procedures, or errors or delays in our operational and transaction processing, or those of third parties, could have an adverse effect on our business, financial condition, operating results and reputation. 🔒

🟡 Modified Outsourcing of work to global hub locations may expose us to increased operational risk and reputational harm and may not result in expected cost savings. 🔒

🟡 Modified If we are unable to effectively manage our capital and liquidity, including by continuously attracting deposits and other short-term funding, our consolidated financial condition, including our regulatory capital ratios, our consolidated results of operations and our business prospects, could be adversely affected. 🔒

🟡 Modified We may incur losses arising from our investments in sponsored investment funds, which could be material to our consolidated results of operations in the periods incurred. 🔒

🟡 Modified The integration and the retention and development of the benefits of our acquisitions 🔒

🟡 Modified Political, geopolitical and economic conditions and developments could adversely affect us, particularly if we face increased uncertainty and unpredictability in managing our businesses. 🔒

🟡 Modified We may incur losses or face negative impacts on our business and operations as a result of unforeseen events, including terrorist attacks, geopolitical events, acute or chronic physical risk events, natural disasters, pandemics, global conflicts or a banking crisis which may have a negative impact on our business and operations. 🔒

🟡 Modified Climate change may increase the frequency and severity of major weather events and the ongoing transition to a low carbon economy may drive regulatory and business model change that could adversely affect our business operations and resiliency, our clients, our counterparties or other financial market participants and could adversely affect our consolidated results of operations and financial condition. 🔒

🟡 Modified Our business activities expose us to interest rate risk. 🔒

🟡 Modified Competition for qualified members of our workforce is intense, and we may not be able to attract and retain the personnel we need to support our business. 🔒

🟡 Modified We may incur losses or face negative impacts on our business and operations as a result of unforeseen events, including terrorist attacks, geopolitical events, acute or chronic physical risk events, natural disasters, pandemics, global conflicts or a banking crisis which may have a negative impact on our business and operations. 🔒

🟡 Modified We may need to raise additional capital or debt in the future, which may not be available to us or may only be available on unfavorable terms. 🔒

🟡 Modified We may incur losses arising from our investments in sponsored investment funds, which could be material to our consolidated results of operations in the periods incurred. 🔒

🟡 Modified Outsourcing of work to global hub locations may expose us to increased operational risk and reputational harm and may not result in expected cost savings. 🔒

🟡 Modified Acquisitions, strategic alliances, joint ventures and divestitures pose risks for our business. 🔒

🟡 Modified Our reputation and business prospects may be damaged if investors in the collective investment pools we sponsor or manage incur substantial losses in these investment pools or are restricted in redeeming their interests in these investment pools. 🔒

🟡 Modified Our calculations of credit, market and operational risk exposures, total RWA and capital ratios for regulatory purposes depend on data inputs, formulae, models, correlations and assumptions that are subject to change over time, which changes, in addition to our consolidated financial results, could materially impact our risk exposures, our total RWA and our capital ratios from period to period. 🔒

🟡 Modified Development and completion of new products and services, including State Street Alpha and those related to wealth servicing, alternative investment management or digital assets or incorporating artificial intelligence, may impose costs on us, involve dependencies on third parties and may expose us to increased risks. 🔒

🟡 Modified Our risk management framework, models and processes may not be effective in identifying or mitigating risk and reducing the potential for related losses, and a failure or circumvention of our controls and procedures, or errors or delays in our operational and transaction processing, or those of third parties, could have an adverse effect on our business, financial condition, operating results and reputation. 🔒

🟡 Modified Any downgrades in our credit ratings, or an actual or perceived reduction in our financial strength, could adversely affect our borrowing costs, capital costs and liquidity position and cause reputational harm. 🔒

🟡 Modified We may not be able to protect our intellectual property, and we are subject to claims of third-party intellectual property rights. 🔒

🟡 Modified We have significant global operations, and clients, that can be adversely impacted by disruptions in key economies, including local, regional and geopolitical developments affecting those economies. 🔒

🟡 Modified If we are unable to effectively manage our capital and liquidity, including by continuously attracting deposits and other short-term funding, our consolidated financial condition, including our regulatory capital ratios, our consolidated results of operations and our business prospects, could be adversely affected. 🔒

🟡 Modified The quantitative models we use to manage our business may contain errors that result in inadequate risk assessments, inaccurate valuations or poor business and risk management decisions, and lapses in disclosure controls and procedures or internal control over financial reporting could occur, any of which could result in material harm. 🔒

🟡 Modified Any theft, loss, damage to or other misappropriation or inadvertent disclosure of, or inappropriate access to, the confidential information we possess could have an adverse impact on our business and could subject us to regulatory actions, litigation and other adverse effects. 🔒

🟡 Modified Acquisitions, strategic alliances, joint ventures and divestitures pose risks for our business. 🔒

🟡 Modified Any failures of or damage to, attack on or unauthorized access to our information technology systems or facilities or disruptions to our continuous operations, including the systems, facilities or operations of third parties with which we do business, such as resulting from cyber-attacks, could result in significant costs and reputational damage and impact our ability to conduct our business activities. 🔒

🟡 Modified Fee revenue represents a significant majority of our consolidated revenue and is subject to decline, among other things, in the event of a reduction in, or changes to, the level or type of investment activity by our clients. 🔒

🟡 Modified Development and completion of new products and services, including State Street Alpha and those related to wealth servicing, alternative investment management or digital assets or incorporating artificial intelligence, may impose costs on us, involve dependencies on third parties and may expose us to increased risks. 🔒

🟡 Modified Our businesses may be negatively affected by adverse publicity or other reputational harm. 🔒

🟡 Modified Disclosure requirements and expectations related to sustainability or ESG are increasing, evolving and may diverge across jurisdictions. Our inability to meet these requirements and expectations or to provide related information to clients facing similar requirements could cause regulatory or reputational harm and affect our ability to attract and retain clients. 🔒

🟡 Modified Our investment securities portfolio, consolidated financial condition and consolidated results of operations could be adversely affected by changes in the financial markets, governmental action or monetary policy. For example, among other risks, changes in prevailing interest rates or other market conditions have led, and were they to occur in the future could further lead, to decreases in our NII or to portfolio management decisions resulting in reductions in our capital or liquidity ratios. 🔒

🟡 Modified We could face liabilities for withholding and other non-income taxes as a result of tax authority examinations. 🔒