STATE STREET CORP

“The markets in which we operate across all facets of our business are both highly competitive and global. These markets are changing as a result of financial and technological innovation and new and evolving laws and regulations applicable to financial services institutions. For example, the adoption and implementation of evolving and emerging technologies, such as artificial intelligence and distributed ledger technology, and related regulatory frameworks, have the potential to disrupt materially the activities of the financial services industry, the operation of financial markets, processes,…”

“market new products, particularly in the “Fintech” sector including through State Street Alpha and broader digital asset-related initiatives or in attractive areas of focus such as wealth servicing and alternative investment management, may position us in new markets with pre-existing or less regulated competitors with strong market position. We have also experienced, and anticipate that we will continue to experience, significant pricing pressure in many of our core businesses, particularly our custodial and investment management services. This pricing pressure has and may continue to impact …”

“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.”

“as a result of that client or mandate at the time we win that business.”