Slide Presentation

Giving Our Clients the Freedom to Focus on What Really Matters

Forward Looking Statement

This presentation may include forward-looking statements such as statements that

relate to Northern Trust’s financial goals, dividend policy, expansion and business

development plans, anticipated expense levels and projected profit improvements,

business prospects and positioning with respect to market, demographic and

pricing trends, strategic initiatives, re-engineering and outsourcing activities, new

business results and outlook, changes in securities market prices, credit quality

including reserve levels, planned capital expenditures and technology spending,

anticipated tax benefits and expenses, and the effects of any extraordinary events

and various other matters (including developments in litigation and regulation

involving Northern Trust and changes in accounting policies, standards and

interpretations) on Northern Trust’s business and results. These statements speak

of Northern Trust’s plans, goals, strategies, beliefs, and expectations, and refer

estimates or use similar terms. Actual results could differ materially from those

indicated by these statements because the realization of those results is subject to

many risks and uncertainties. Our 2006 financial annual report and periodic

reports to the SEC contain information about specific factors that could cause

actual results to differ, and you are urged to read them. Northern Trust disclaims

any continuing accuracy of the information provided in this presentation after

today.

Giving Our Clients the Freedom to Focus on What Really Matters

Northern Trust Corporation

Client-centric and Highly Focused

Northern Trust Clients

Pension Funds

Large Corporations

Investment Management Firms

Foundations / Endowments / Healthcare

Insurance Companies

Government Agencies

Taft-Hartley

Individuals

Families

Asset

Servicing

Highly Focused Business

Personal

Clients

Institutional

Clients

Two Client Channels

Integrated Operations & Technology Platform

Asset

Management

One Operating Platform

Banking

Giving Our Clients the Freedom to Focus on What Really Matters

Northern Trust Corporation

Client-centric and Highly Focused

Northern Trust Clients

Pension Funds

Large Corporations

Investment Management Firms

Foundations / Endowments / Healthcare

Insurance Companies

Government Agencies

Taft-Hartley

Individuals

Families

Highly

Focused

Business

Personal

Clients

Institutional

Clients

Two Client

Channels

Integrated Operations & Technology Platform

One

Operating

Platform

Businesses we are

NOT

in:

•Retail Banking

•Consumer Finance

•Credit Cards

•Discount Brokerage

•Investment Banking

•ADRs

•Venture Capital

•Stock Transfer

•DC Record Keeping

Asset

Servicing

Asset

Management

Banking

Giving Our Clients the Freedom to Focus on What Really Matters

Northern Trust Corporation

Excellent Financial Performance

Trust, Inv. & Other Servicing Fees

Other Non-Interest Income

Net Interest Income

Total Revenues

Non-Interest Expenses

Net Income

Earnings Per Share

% Growth

2006 to

2007

$1,021 Million

$266 Million

$419 Million

$1,706 Million

$1,081 Million

$394 Million

$1.76

+14%

+6%

+8%

+11%

+12%

+19%

+18%

Assets Under Custody

Global Custody Assets

Assets Under Management

$4.0 Trillion

$1.9 Trillion

$767 Billion

+26%

+34%

+20%

YTD

6/30/07

% Growth

2005 to

2006

$1,792 Million

$475 Million

$795 Million

$3,061 Million

$1,957 Million

$665 Million

$3.00

+15%

+17%

+10%

+14%

+13%

+14%

$3.5 Trillion

$1.7 Trillion

$697 Billion

+21%

+36%

+13%

Full Year

2006

Giving Our Clients the Freedom to Focus on What Really Matters

Northern Trust Corporation

Excellent Financial Condition

Consistent and Conservative Balance Sheet

High Quality Securities Portfolio

96% of $12.6 billion securities portfolio rated AAA

Securities backed by sub-prime mortgages equaled $459 million

94% of sub-prime asset backed securities rated AAA

Excellent Credit Quality

Nonperforming assets equaled $32 million on June 30

, representing 0.13% of

the loan portfolio

Northern Trust does not underwrite mortgage loans to sub-prime borrowers,

does not lend directly to hedge funds, does not provide bridge financing to

private equity buyout deals, and does not provide an off-balance sheet

commercial paper conduit for client liquidity

Consistent and Strong Capital Position

The second quarter of 2007 represented the 77

consecutive quarter

that Northern Trust reported an increase in common equity

Each of Northern Trust’s subsidiary banks have capital ratios that are

above the level required for “well capitalized”

classification

All data as of June 30, 2007

Giving Our Clients the Freedom to Focus on What Really Matters

Personal Financial Services

Comprehensive Array of Solutions for Clients

Retirement Services

Qualified Plan Services

Defined Benefit Plans

Defined Contribution Plans

Recordkeeping

Investment Management

Benefit Payment Services

Trust Services

Fiduciary Administration and

Oversight

Family Business Services

Philanthropic Services

Estate Settlement Services

Real Estate and Farm

Management

Asset Custody

Minerals Management

Brokerage

Full-Service Brokerage

Money Market Instruments

Safekeeping

Online Access

Access to Your Banking, Trust, Investment

Management, Mutual Funds and Brokerage

Information, via Northern Trust Private Passport ®

and Wealth Passport ®

Financial Planning

Retirement Planning

Estate Planning

Tax Planning

Asset Allocation

Stock Option Planning

Corporate Banking

Working Capital and General Corporate Loans

Secured and Cash Flow Lending

Acquisition Financing

Industrial Development Bonds

Equipment Finance and Leasing

Asset Management

Structured Investment Services

Asset Allocation

Equity Investing

Fixed Income Investing

Short-Term Asset Management

Indexing

Alternative Investments

Single Stock Strategies

Private Banking

Personal Credit Lines and Swing

Loans

Real Estate Development Loans

Margin Loans

Stock Option Lending

Home Mortgages

Equity Credit Lines

Wealth Management Group

Family Office Support

Multi-generational Wealth Management

Global Asset Servicing for Multi-Manager

Investment Programs

Data Aggregation and Customized Reporting

Tax Lot and Partnership Accounting

Investment Consulting and Performance Measurement

Giving Our Clients the Freedom to Focus on What Really Matters

Source: Claritas

Personal Financial Services

Extensive Reach in High Growth Target Market

85 Offices in 18 States

Over 50% of millionaire market resides within

a 45-minute drive of Northern Trust offices.

Arizona

(8)

Florida

(25)

Illinois

(19)

Colorado

(1)

Nevada

(1)

Missouri

(1)

Minnesota

(1)

Washington

(1)

Michigan

(3)

Texas

(7)

California

(11)

New York (1)

Connecticut (1)

Delaware (1)

Georgia

(1)

Massachusetts (1)

Wisconsin

(1)

Ohio

(1)

Giving Our Clients the Freedom to Focus on What Really Matters

Favorable Growth Projections in the Affluent Market

Source: U.S. Census Bureau, Claritas, Survey of Consumer Finances, Company Research.

Personal Financial Services

Focused on Attractive Demographic Markets

8.5%

1.4%

15.0%

10.4%

10%

12%

14%

16%

Projected Annual Growth Rate

2006 –

2011

U.S. Households

$1-$10 Million

Households

$10-$75 Million

Households

$75+ Million

Households

Giving Our Clients the Freedom to Focus on What Really Matters

35%

28%

17%

13%

11%

45%

Private Client Revenues

(As a Percentage of Total Company Revenues, 2006)

Northern

Trust

Wachovia

Citigroup

Wilmington

Trust

Bank of

America

Mellon

JP Morgan

Chase

Charles

Schwab

Merrill

Lynch

Goldman

Sachs

Source: Company reports

Personal Financial Services

Spotlight:

Our Focus on the Affluent Market is Unmatched

Bank of

New

York

Giving Our Clients the Freedom to Focus on What Really Matters

$185

$160

$114

$101

$82

$28

$23

$65

$61

$52

$38

$65

$25

$50

$75

$100

$125

$150

$175

$200

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2Q07

Industry Leading Provider to the

Wealthiest Families:

~380 family relationships in 15 countries

Average relationship size = $450+ million

22% of Forbes 400 Richest Americans

AUC CAGR 1996-2Q2007 = 22%

S&P 500 CAGR 1996-2Q2007 = 7%

Personal Financial Services

Spotlight:

Outstanding Growth in Wealth Management

Wealth Management –

Assets Under Custody

$ Billions

Giving Our Clients the Freedom to Focus on What Really Matters

Corporate & Institutional Services

Extensive Suite of Product Solutions for Institutional Clients

Fund

Services

Fund Accounting

Investment Operations

Outsourcing

Active Collateral Management

Hedge Fund Administration

Private Equity Administration

Property Administration

Asset

Servicing

Safekeeping

Settlement

Income Collection

Corporate Actions

Information

Services

Risk

Management

Services

Cash

Active

Passive

Securities Lending

Manager of Managers

Foreign Exchange

Transition Management

Commission Management

Accounting

Reporting

Valuation

Attribution Analysis

Value at Risk

Cross-Border Pooling

patent pending

Rates of Return

Multinational HQ Reporting

Regulatory Reporting

Compliance Monitoring

Market Event Analytics

Socially Responsible Investing

Asset

Management

Asset

Servicing

Asset

Management

Giving Our Clients the Freedom to Focus on What Really Matters

15 Locations

Worldwide

Trade Settlement

in 90+ Markets

Clients in

41 Countries

Corporate & Institutional Services

Positioned Globally for Growth

Positioned to serve clients locally and capitalize on global opportunities.

Chicago

(Corporate

Headquarters)

Toronto

London

New

York

Luxembourg

Amsterdam

Dublin

Guernsey

Jersey

Singapore

Beijing

Tokyo

Bangalore

Hong Kong

Melbourne

Giving Our Clients the Freedom to Focus on What Really Matters

Corporate & Institutional Services

Significant Presence in Our Target Segments

Pension Plans

Foundations, Endowments &

Healthcare

Public Funds / Taft-Hartley

100 U.S. Corporate Plans

40%

200 U.S. Funds

37%

200 U.K. Funds

27%

Northern

Serves

Of the Top

Northern

Serves

Of the Top

25 Taft-Hartley Funds

32%

100 U.S. Public Funds

35%

U.K. Local Authority

31%

50 U.S. Foundations

30%

50 U.S. Endowments

28%

50 U.S. Healthcare Funds

32%

Northern

Serves

Of the Top

Source: Pensions and Investments 22 January 2007 (US Pensions), 25 December 2006 (Foundations & Endowments), 29

May 2006 (Asset Managers); Pension Funds and Their Advisors, 2006 (UK Funds); Money Market Directory, 2006

(Healthcare Funds); Lipper

Fitzrovia

Dublin Fund Encyclopaedia, Administrators, 2006/2007; Lipper

Fitzrovia

Guernsey

Fund Encyclopaedia, Administrators, 2006/2007.

Fund Administration

•

Serves 28% of the Top 200 Asset

Managers in the world

•

Is the #1 Provider of Offshore Private

Equity Fund Administration service in

Europe

•

Serves as Fund Administrator for

more funds in Ireland and Guernsey

than any other provider

Giving Our Clients the Freedom to Focus on What Really Matters

Best Investor Services House

Euromoney

Magazine “Awards of Excellence”

(July 2007)

Fund Administrator of the Year

Global Investor Awards for Investment Excellence (June 2007)

Best Global Custodian –

North American Institutional

Fund Managers

Global Investor Global Custody Survey (May 2007)

Best Sole Custodian –

North America

Global Investor Global Custody Survey (May 2007)

Best Global Custodian –

Asia

Global Investor Global Custody Survey (May 2007)

European Pension Fund Custodian of the Year

International Custody and Fund Administration

4th Consecutive Year (February 2007)

Client Relationship Manager of the Year

International Custody and Fund Administration

(February 2007)

Best Operations Innovation

–

Multinational Pooling

Operations Management (October 2006)

Corporate & Institutional Services

Awards and Recognition

Giving Our Clients the Freedom to Focus on What Really Matters

Corporate & Institutional Services

Spotlight

Outstanding International Growth

$149

$727

$965

$1,924

$1,691

$1,240

$108

$452

$385

$312

$200

$471

$400

$800

$1,200

$1,600

$2,000

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2Q07

Global Custody Assets

$ Billions

12/31/96 to 6/30/07

% Change

CAGR

Global Custody Assets +1,675%

+32%

S&P 500

+103%

+7%

EAFE

+91%

+6%

15% 15% 18% 23% 26% 30% 35% 38%

41%

46% 52% 52%

% of C&IS

Total AUC

Giving Our Clients the Freedom to Focus on What Really Matters

19%

22%

24%

21%

24%

27%

29%

35%

23%

16%

21%

12%

18%

24%

30%

36%

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

% of Northern Trust Corporation Net Income resulting from

International Activities

Corporate & Institutional Services

Spotlight:

Growing International Contribution to Net Income

Giving Our Clients the Freedom to Focus on What Really Matters

Northern Trust Global Investments

Diversified, World Class Investment Manager

$766.5 Billion

Assets Under Management as of June 30, 2007

$473 Billion

(62%)

Active

$255 Billion

(33%)

Quantitative

$38 Billion

(5%)

Manager of Managers

A Diversified Asset Manager

Across Asset Classes

Across Client Segments

$622 Billion

Institutional

$144 Billion

Personal

Across Styles

Equities

$274 Billion

36%

Fixed Income

$84 Billion

(11%)

Short

Duration

$400 Billion

(52%)

Other

$9 Billion

(1%)

Giving Our Clients the Freedom to Focus on What Really Matters

Multi-Advisor Funds

Hedge Funds

Private Equity

Small Cap Growth

Mid Cap Growth

Large Cap Value

Exchange Fund

Enhanced Index Funds

International Fixed Income

High Yield

Stable Value

Canadian & UK Programs

Int’l/US Equity Manager of Managers

Minority and Emerging Managers

Investment Program Solutions

International Equities

EAFE Index

130/30 Long-Short Strategies

Technology

Large Cap Growth

Socially Responsible

Tax Advantaged

Fixed Income and Equity Index Funds

Core Fixed Income

Municipals

Government

Short/Intermediate Duration Fixed Income

Cash Management

Active Investment Management

Growth & Value Equity

Short & Long Duration Fixed Income

Quantitative Management

Index & Enhanced Capabilities

Manager of Managers

Investment Program Solutions

Emerging & Minority Programs

Alternative Investments

PRODUCT BREADTH

Methods of Delivery

Separate Accounts

Collective Funds

Common Funds

Mutual Funds

Methods of Delivery

Separate Accounts

Collective Funds

Common Funds

Mutual Funds

Northern Trust Global Investments

A Continuum of Proprietary & External Investment Solutions

Investment Options

Giving Our Clients the Freedom to Focus on What Really Matters

Northern Trust Global Investments

Awards and Recognition

Winner: 27 ‘Best in Class’

Rankings for

Transition Management

PLANSPONSOR Magazine Survey (May 2007)

Winner: Manager of Managers Award

2007 FT Business Pension &

Investment Provider

Awards (May 2007)

5th Largest U.S. Institutional

Tax-Exempt Asset Manager

Pensions & Investments (May 2007)

Winner: Multi-Manager

of the Year

Professional Pensions Magazine -

UK Pension Awards

(April 2007)

Largest Asset Manager Worldwide

Global Investor (December/January 2007)

Rated #1 Global Securities Lender in

North America

International Securities Finance (September 2006)

Giving Our Clients the Freedom to Focus on What Really Matters

$130

$197

$233

$292

$326

$320

$303

$479

$572

$618

$697

$767

$200

$400

$600

$800

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2Q07

Assets Under Management

$ Billions

12/31/96 to 6/30/07

CAGR

Northern Trust

18%

S&P 500

Northern Trust Global Investments

Spotlight:

Strong Growth in Assets Under Management

Acquired $75 BN

Index Assets

Giving Our Clients the Freedom to Focus on What Really Matters

Northern Trust Corporation

Well Positioned for Growth

Rich History

118 Year Heritage —

Undiluted by Mergers & Acquisitions

Consistent, Focused Strategy

Exclusively Focused on the Management and Administration of Client Assets

Attractive Demographic Markets

Serving highly attractive demographic markets in the U.S. and globally

Seasoned Management Team

Northern Trust

Industry

Bill Osborn -

Chairman & CEO

37 Years

Rick Waddell -

President & COO

32 Years

Sherry Barrat -

President –

PFS

17 Years

37 Years

Steve Fradkin -

EVP & Chief Financial Officer

22 Years

Tim Moen -

EVP –

Human Resources & Administration 6 Years

32 Years

Bill Morrison -

President –

PFS

11 Years

34 Years

Steve Potter -

EVP –

International

25 Years

Joyce St. Clair -

EVP –

Corporate Risk Management 15 Years

26 Years

Jana Schreuder -

President –

WWOT

27 Years

Tim Theriault -

President –

C&IS

25 Years

27 Years

Kelly Welsh -

EVP & General Counsel

7 Years

29 Years