Exhibit 21

NORTHERN TRUST CORPORATION SUBSIDIARIES AS OF FEBRUARY 26, 2015

	Percent Owned		Jurisdiction of Incorporation
The Northern Trust Company		100%	Illinois
Norlease, Inc.		100%	Delaware
TNT-NL Leasing I, Inc.		100%	Delaware
TNT-NL Eurolease I, Ltd.		100%	Bermuda
NL-RFI NMTC Fund LLC		100%	Illinois
TNT-NL Eurolease II, Inc.*		100%	Bermuda
Clenston Ltd.*		100%	Bermuda
Northern Trust Hedge Fund Services LLC		100%	Delaware
The Northern Trust Company, Canada		100%	Ontario, Canada
Northern Trust Guernsey Holdings Limited		100%	Guernsey
Northern Trust (Guernsey) Limited		100%	Illinois
Northern Trust Investments, Inc.		100%	Guernsey
Northern Trust Holdings Limited		100%	England
Northern Trust Global Services Limited		100%	England
Northern Trust Company of California		100%	California
The Northern Trust Company of Nevada		100%	Nevada
The Northern Trust Company U.K. Pension Plan Limited		100%	England
Nortrust Nominees, Ltd.		100%	England
Realnor Properties, Inc.		100%	Florida
MFC Company, Inc.		100%	Delaware
The Northern Trust International Banking Corporation		100%	Edge Act
Northern Trust Management Services Limited		100%	England
Northern Trust Global Investments Limited		100%	England
Northern Trust Cayman International, Ltd.		100%	Cayman Islands, BWI
The Northern Trust Company of Hong Kong Limited		99.99%	Hong Kong
Northern Trust Fund Managers (Ireland) Limited		100%	Ireland
Northern Trust Global Fund Services Cayman Limited		100%	Cayman Islands, BWI
Northern Trust Partners Scotland Limited		100%	Scotland
Northern Operating Services Private Limited		99%	India
Northern Trust Management Services Asia Pte. Ltd.		100%	Singapore
Northern Operating Services Asia Inc.		100%	Philippines
NT Global Advisors, Inc.		100%	Ontario, Canada
The Northern Trust Scottish Limited Partnership		99%	Scotland
Northern Trust Luxembourg Capital S.A.R.L.		100%	Luxembourg
NT EBT Limited		100%	England
Northern Trust Management Services (Deutschland) GmbH		100%	Germany
The Northern Trust Company of Saudi Arabia		96%	Kingdom of Saudi Arabia
Northern Trust (Ireland) Limited		100%	Ireland
Northern Trust Fund Services (Ireland) Limited		100%	Ireland
Nortrust Nominees (Ireland) Limited		100%	Ireland
NTRS Nominees Limited		100%	Ireland
Northern Trust Nominees (Ireland) Limited		100%	Ireland
Northern Trust Pension Trustees (Ireland) Limited		100%	Ireland
Northern Trust Management Services (Ireland) Limited		100%	Ireland
Northern Trust International Fund Administration Services (Ireland) Limited		100%	Ireland
Northern Trust Fiduciary Services (Ireland) Limited		100%	Ireland

* Indirectly owned by Norlease Inc. through Delaware business trusts.

	Percent Owned		Jurisdiction of Incorporation
Northern Trust GFS Holdings Limited		100%	Guernsey
Northern Trust Fiduciary Services (Guernsey) Limited		100%	Guernsey
Arnold Limited		100%	Guernsey
Control Nominees Limited		99%	Guernsey
Truchot Limited		100%	Guernsey
Vivian Limited		100%	Guernsey
Doyle Administration Limited		100%	Guernsey
Barfield Nominees Limited		100%	Guernsey
Northern Trust International Fund Administration
Services (Guernsey) Limited		100%	Guernsey
Nelson Representatives Limited		100%	Guernsey
Admiral Nominees Limited		100%	Guernsey
The Northern Trust Company of Delaware		100%	Delaware
Northern Trust European Holdings Limited		100%	England
Northern Trust Luxembourg Management Company S.A.		99.99%	Luxembourg
Northern Trust Directors Services (Guernsey) Limited		100%	Guernsey (Inactive)
Northern Trust Securities, Inc.		100%	Delaware
Northern Trust Services, Inc.		100%	Illinois
The Northern Trust Company of New York		100%	New York
Northern Trust Global Investments Japan, K.K.		100%	Japan
TNT – Comer College Prep, LLC		100%	Illinois
Nortrust Realty Management, Inc.		100%	Illinois
Northern Trust Holdings L.L.C.		100%	Delaware
Northern Investment Corporation		100%	Delaware
NTC Capital I		100%	Delaware
NTC Capital II		100%	Delaware
Equilend Holdings LLC		10%	Delaware
Northern Investment Management Company		100%	Delaware (Inactive)

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