Letter from Lead Director Dame Amelia Fawcett

Dame Amelia Fawcett

Independent Lead Director

Letter from Lead Director Dame Amelia Fawcett

Amelia C. Fawcett DAME AMELIA FAWCETT Independent Lead Director

TO MY FELLOW SHAREHOLDERS

DAME AMELIA FAWCETT Independent Lead Director
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With the team, the diversified offerings, the history, the strategy, and the shared vision of innovation and excellence, State Street is better, stronger, more impactful, and more innovative than ever.

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With the team, the diversified offerings, the history, the strategy, and the shared vision of innovation and excellence, State Street is better, stronger, more impactful, and more innovative than ever.

State Street demonstrated the resiliency, durability, and diversification of its business model in 2022 — achieving solid performance, advancing its strategic agenda for growth, and continuing to innovate and shape the future of the financial services industry against a very challenging macroeconomic and market environment. State Street's purpose — to help create better outcomes for the world's investors and the people they serve — resonated powerfully across the organization and among clients, shareholders, employees, and other stakeholders.

In undertaking the serious work of helping State Street fulfill its purpose, the Board provides independent counsel from diverse perspectives to help the management team create long-term shareholder value and to hold management accountable for outcomes.

Each year, the Board works closely with management to reassess and refresh State Street's multiyear strategy to adapt to the ever-changing market environment and to address the needs of State Street's clients.

This year, those discussions included important strategic priorities, such as building and scaling the State Street Alpha platform, State Street's innovation agenda, opportunities for top-line growth, enhancing operational capabilities and client service, and leveraging ESG as a value driver, as well as State Street's geographic strengths and opportunities. This year's strategic discussions were open and engaging, with the Board providing creative perspectives and insightful challenge. The Board has great confidence in State Street's multi-year strategy and in the growth opportunities available to the firm in the years ahead.

The Board and management focused throughout the year on the critical need to achieve greater simplicity. Clients are increasingly looking to partners that remove operational complexity with outsourced and innovative solutions that help spur growth. State Street's own organizational design and operating model need to evolve continually to allow the company to serve its clients better in achieving their goals while efficiently leveraging the full benefits of State Street's broad and distinctive capabilities.

Strategy is only as effective as strategic execution, and the Board has been pleased to see Ron and his team driving firm-wide accountability, excellence, and relentless execution against State Street's strategic priorities. This includes directly connecting what everyone does to the strategy. Now, each and every individual understands more fully the important contribution they make to State Street's success and to the company's focus on being the best in the industry, servicing its clients, and embracing the role it has in shaping the future of the financial services industry. With the team, the diversified offerings, the history, the strategy, and the shared vision of innovation and excellence, State Street is better, stronger, more impactful, and more innovative than ever.

Looking back on a truly unpredictable 2022 and reflecting upon State Street's progress, I would like to recognize the contributions of company leadership, management teams, and employees around the world. And, of course, a special thank-you to you, our shareholders, for your commitment and support.

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AMELIA FAWCETT Independent Lead Director

Details 04/27/2022