Conference Slides

N O R T H E R N T R U S T C O R P O R A T I O N

Steven L. Fradkin

Executive Vice President & Chief Financial Officer

2007 Northern Trust Corporation

northerntrust.com

Northern Trust

“Managing the Down Cycle”

November 8, 2007

Boston, Massachusetts

BancAnalysts

Association

Boston

Annual

Fall

Conference

EXHIBIT 99.1

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

litigation,

other

contingent

liabilities,

and

regulation

involving

Northern

Trust

and

changes

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 to estimates or use similar terms. Actual results could

differ materially from those indicated by these statements because the realization

those

results

subject

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

20 Years of History: Economic Shocks & Cycles

1998:

LTCM collapse;

Russian debt default;

Global currency crisis

2000:

Y2K financial

infrastructure scare;

Start of 2-year stock

bear market

2001:

9/11 attack;

Invasion of

Afghanistan

2002:

Accounting

scandals:

Enron,

Worldcom,

Tyco, &

Global

Crossing

2003:

Second

Persian

Gulf War

(Iraq)

9/30/87

S&P 500: 321.83

10/19/87:

Black Monday:

S&P 500

declines 20%

1989:

Commercial

Real Estate

Bubble

bursting

2004-05:

Disastrous

hurricane

seasons

2004-07:

Oil spike

from $30

to $90 per

barrel

2007:

Subprime

mortgage

market

collapse &

debt market

liquidity

crunch

9/30/07

S&P 500:

1526.75

1990-1991:

Recession

1991:

Persian

Gulf War

(Kuwait)

1993:

Orange County

bankruptcy crisis

1994:

Fed rate

squeeze

and bond

bear

market

1995:

Mexican & Latin

American debt crises

1991:

Soviet

Union

collapse

Giving Our Clients the Freedom to Focus on What Really Matters

20 Years of History: Successfully Navigated by NTRS

9/30/87

S&P 500: 321.83

1990-1991:

Recession

1991:

Persian

Gulf War

(Kuwait)

10/19/87:

Black Monday:

S&P 500

declines 20%

1989:

Commercial

Real Estate

Bubble

bursting

1993:

Orange County

bankruptcy crisis

1994:

Fed rate

squeeze

and bond

bear

market

1995:

Mexican & Latin

American debt crises

1998:

LTCM collapse;

Russian debt default;

Global currency crisis

2000:

Y2K financial

infrastructure scare;

Start of 2-year stock

bear market

2001:

9/11 attack;

Invasion of

Afghanistan

2002:

Accounting

scandals:

Enron,

Worldcom,

Tyco, &

Global

Crossing

2003:

Second

Persian

Gulf War

(Iraq)

2004-05:

Disastrous

hurricane

seasons

2004-07:

Oil spike

from $30

to $90 per

barrel

2007:

Subprime

mortgage

market

collapse &

debt market

liquidity

crunch

1991:

Soviet

Union

collapse

9/30/07

S&P 500:

1526.75

$109

$113

$115

$127

$150

$168

$182

$220

$259

$309

$354

$405

$485

$488

$447

$405

$506

$584

$665

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

NTRS Net Income ($ millions)

Giving Our Clients the Freedom to Focus on What Really Matters

Securities Write-downs

$7.9 billion on CDOs and subprime mortgages

$2.2 billion in debt and equity trading operations, including

mortgage-backed securities and structured products

$1.56 billion on loans and subprime mortgages

$450 million in CDO and MBS

$525 million on mortgage loan and CDO warehouses

$1 billion on mortgage-backed securities and non-agency loans

$3.6

billion

investments

due

subprime

crisis

Giving Our Clients the Freedom to Focus on What Really Matters

Credit costs increased nearly $3 billion due to a $740 million increase in

credit losses and a $2.2 billion charge to increase loan loss reserves

Credit Quality Challenges

Loan loss provision up 50% over last quarter to $90 million

Nonperforming assets up 50% over last quarter; $55 million loan loss

provision

Nonperforming assets up 51% over last quarter to $570 million

Net charge-offs increased to 1.01% of loans in the quarter

Nonperforming assets doubled to $3.4 billion over last year

Nonperforming assets up 23% and provision for credit losses up 17% over last quarter

Nonperforming assets jumped 41% over last quarter due to home equity and residential

construction loans

Giving Our Clients the Freedom to Focus on What Really Matters

Tumultuous Third Quarter: Successfully Navigated by NTRS

No securities or leveraged loan write-downs

Credit quality improved: nonperforming assets

decreased and reserve ratios improved

EPS: 11

consecutive quarter of double-digit, year-

over-year growth

Common Equity: 78

consecutive quarter of growth

Record quarterly net income, up 27% year-over-year

Record assets under custody, up 24% year-over-year

Record global custody assets, up 31% year-over-year

Strong 14% year-over-year growth in assets under

management

NTRS’

Third

Quarter

2007:

Giving Our Clients the Freedom to Focus on What Really Matters

Source: Claritas

Attractive Demographic Markets

PFS: Extensive Reach in High Growth Affluent Market

85 Offices in 18 States

Over 50% of millionaire market resides within

a 45-minute drive of Northern Trust offices.

Projected Annual

Household Growth Rates

2006 -

2011

8.5%

10.4%

15.0%

Growth Rate by

Household Asset Size

New York (1)

Arizona

(8)

Florida

(25)

Illinois

(19)

Colorado

(1)

Nevada

(1)

Missouri

(1)

Minnesota

(1)

Washington

(1)

Michigan

(3)

Texas

(7)

California

(11)

Georgia

(1)

Massachusetts (1)

Wisconsin

(1)

Ohio

(1)

Connecticut (1)

Delaware (1)

Giving Our Clients the Freedom to Focus on What Really Matters

(1)

McKinsey

Company

–

Mapping

the

Global

Capital

Market,

Third

Annual

Report,

January

2007

(2)

The

Greensted

Report,

Issue

Spring

2007

–

AUC

Top

custodians

December

31,

2006

Attractive Demographic Markets

C&IS: A World of Vast and Growing Opportunities

Total World

Capital Market:

$140 Trillion

Total Assets Under

Custody Worldwide:

$72 Trillion

United States

Europe

Latin

America,

Mid-East &

Other Asia

$40 Trillion

$28 Trillion

$50 Trillion

$22

Trillion

Japan,

China

& India

(1)

(2)

Giving Our Clients the Freedom to Focus on What Really Matters

15 Locations

Worldwide

Trade Settlement

in 90+ Markets

Clients in

41 Countries

Attractive Demographic Markets

C&IS: 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

Focused and Conservative

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

Focused and Conservative

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

Some of the

businesses we are

not

in:

•Sub-Prime Mortgage

Underwriting

•Credit Cards

•Asset Backed

Commercial Paper

Conduits

•Private Equity

Bridge Financing

•Investment Banking

Asset

Servicing

Asset

Management

Banking

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

Focused and Conservative

PFS: Our Focus on the Affluent Market is Unmatched

Bank of

New

York

Giving Our Clients the Freedom to Focus on What Really Matters

Focused and Conservative

C&IS: 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 Encyclopedia, Administrators, 2006/2007; Lipper Fitzrovia Guernsey

Fund Encyclopedia, 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

*As of June 30, 2007; Sources: FR Y-9C reports & SNL Financial.

Securities Portfolio –

High Quality and Short Duration

96% of Northern Trust’s total securities portfolio was composed of AAA rated securities

as of September 30, 2007.

75% of Earning Assets reprice or mature within one year.

Top 20 Bank average equals 50%.*

77% of Interest-Bearing Deposit liabilities reprice or mature within one year.

Top 20 Bank average equals 48%.*

Focused and Conservative

Prudent Balance Sheet Management

Loan Portfolio –

High Quality

Nonperforming assets represent only 0.12% of total outstanding loans as of September

30, 2007.

Top 20 Bank average equals 0.68%.

Nonperforming loans are covered 6.1x by credit loss reserves as of September 30,

2007.

Top 20 Bank average equals 2.0x.

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 deals,

and does not provide an off-balance sheet commercial paper conduit for client liquidity

Giving Our Clients the Freedom to Focus on What Really Matters

Client Centricity

The Northern Trust Difference

Innovative

product

leadership

Unparalleled

client

service

Leading-edge

technology

Client Solutions

Sharp

business

focus

Consistent

financial strength

and stability

Culture

and

heritage

Clients are at the center

of everything we do

Giving Our Clients the Freedom to Focus on What Really Matters

Client Centricity

PFS: 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

Client Centricity

C&IS: Extensive Suite of Product Solutions for 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

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

Client Centricity

NTGI: A Continuum of Proprietary & External Solutions

Investment Options

Giving Our Clients the Freedom to Focus on What Really Matters

Excellence in Execution

NTRS: Outstanding Financial Performance in 2007

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

$1,530 Million

$421 Million

$647 Million

$2,599 Million

$1,648 Million

$602 Million

$2.69

+15%

+16%

+10%

+14%

+22%

+21%

Assets Under Custody

Global Custody Assets

Assets Under Management

$4.1 Trillion

$2.0 Trillion

$761 Billion

+24%

+31%

+14%

Year-to-Date

9/30/07

Giving Our Clients the Freedom to Focus on What Really Matters

Consistent Leadership and Philosophy

Well Positioned for Growth

Rich History

118

Year

Heritage

—

Undiluted

Mergers

Acquisitions

Focused and Conservative 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

N O R T H E R N T R U S T C O R P O R A T I O N

Steven L. Fradkin

Executive Vice President & Chief Financial Officer

2007 Northern Trust Corporation

northerntrust.com

Northern Trust

“Managing the Business

Through All Cycles”

November 8, 2007

Boston, Massachusetts

BancAnalysts Association of Boston -

Annual Fall Conference