State Street sees FY24 NII approximately (10)% year-over-year

Expect 5th consecutive year of business growth-focused investments fully or partially offset by productivity and expense transformation. Planned acceleration of investments supporting Alpha, Private Markets and International Custody business to deliver higher new business sales growth. Expects global equity markets flat to December 2023 EOP which translates to average global equity markets up ~10% YoY. Sees FY24 fee revenue to increase about 3-4% year-over-year. Growth in servicing and management fees driven by higher market levels and business momentum. Sees FY24 expenses up approximately 2.5% year-over-year.