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

November 14, 2007

New York City

©

2007 Northern Trust Corporation

northerntrust.com

Merrill Lynch 2007 Banking & Financial Services Investor Conference

Northern Trust:

Client Centric and

Highly Focused

William A. Osborn

Chairman & Chief Executive Officer

EXHIBIT 99.1

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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

to

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.

3

Giving Our Clients the Freedom to Focus on What Really Matters

Northern Trust Corporation

Today’s Agenda

NORTHERN TRUST

Personal Financial

Services

Corporate & Institutional

Services

Northern Trust Global

Investments

SUCCESS ACHIEVED

THROUGH:

Operating in Attractive

Demographic Markets

Focused and Conservative

Strategies

Client Centricity

Excellence in Execution

Consistent Leadership and

Philosophy

4

Giving Our Clients the Freedom to Focus on What Really Matters

Northern Trust Corporation

Highly Focused on Select Target Market Segments

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

5

Giving Our Clients the Freedom to Focus on What Really Matters

Northern Trust Corporation

Highly Focused on Select Target Market Segments

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

Asset

Servicing

Asset

Management

Banking

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

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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%.*

Northern Trust Corporation

Prudent and Conservative Management of Earning Assets

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.*

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

Personal Financial Services

7

Comprehensive, customized and innovative financial solutions

for successful individuals, families, and their businesses.

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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

Operating in Attractive Demographic Markets

8.5%

1.4%

15.0%

10.4%

0%

2%

4%

6%

8%

10%

12%

14%

16%

Projected Annual Growth Rate

2006 –

2011

U.S. Households

$1-$10 Million

Households

$10-$75 Million

Households

$75+ Million

Households

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Giving Our Clients the Freedom to Focus on What Really Matters

Personal Financial Services

Clients are at the Center of Everything We Do

An holistic approach to supporting our clients’

financial goals and

aspirations

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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

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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)

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Giving Our Clients the Freedom to Focus on What Really Matters

Personal Financial Services

Fully Integrated National Marketing Strategy

TV and Print

Advertising

Client Communications

Educational Events

and Seminars

Events and

Strategic

Philanthropy

Relationships with Centers of Influence

13

Giving Our Clients the Freedom to Focus on What Really Matters

35%

28%

17%

13%

11%

11%

11%

8%

5%

5%

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

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Giving Our Clients the Freedom to Focus on What Really Matters

Personal Financial Services

Spotlight:

Strong Growth in PFS Trust & Investment Fees

16.8%

16.3%

13.7%

10.1%

9.0%

8.5%

-1.5%

-1.4%

0.3%

-2%

3%

8%

13%

18%

Year-over-Year Percentage Increase

Largest Y-o-Y %

Increase Since

3Q 2000

2001          2002         2003           2004          2005   

2006         1Q07         2Q07         3Q07

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

Corporate & Institutional Services

15

Global leader in helping manage the sophisticated financial needs

of corporations, public entities, foundations, endowments, insurance

companies and investment managers worldwide.

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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 4, Spring 2007 –

AUC of Top 10 custodians as of December 31, 2006

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)

Corporate & Institutional Services

Operating in Attractive, Worldwide Markets

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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 to Serve Clients Around the World

Serving clients and capitalizing on global opportunities

Chicago

(Corporate

Headquarters)

Toronto

London

New

York

Luxembourg

Amsterdam

Dublin

Guernsey

Jersey

Singapore

Beijing

Tokyo

Bangalore

Hong Kong

Melbourne

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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

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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

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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

Excellence in Execution

21

Giving Our Clients the Freedom to Focus on What Really Matters

$149

$727

$965

$2,015

$1,691

$1,240

$108

$452

$385

$312

$200

$471

$0

$400

$800

$1,200

$1,600

$2,000

$2,400

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

3Q07

Global Custody Assets

$ Billions

12/31/96 to 9/30/07

% Change

CAGR

Global Custody Assets  +1,766%

+31%

S&P 500

+106%

+7%

EAFE

+94%

+6%

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

41%

46%     52%    53%

% of C&IS

Total AUC

Corporate & Institutional Services

Spotlight:

Outstanding International Growth

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Giving Our Clients the Freedom to Focus on What Really Matters

9%

19%

22%

24%

21%

24%

27%

29%

35%

7%

23%

16%

16%

16%

21%

0%

6%

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

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

Northern Trust Global Investments

23

Global, multi-asset class investment manager

providing private and institutional clients with

comprehensive, value-added investment solutions.

24

Giving Our Clients the Freedom to Focus on What Really Matters

Northern Trust Global Investments

The Asset Management Industry: An Attractive Business

“Extraordinarily prosperous [and] highly

profitable…”

“An industry where profit margins have

remained incredibly attractive…”

Source: McKinsey & Company, “The Asset Management Industry: Shifting Sands of Growth and Profitability.”

August 2007.

“Operations and technology have taken

on a new strategic imperative, in

particular around innovation, customer

service, and efficiency.”

25

Giving Our Clients the Freedom to Focus on What Really Matters

Northern Trust Global Investments

Diversified, World Class Investment Manager

$761.4 Billion

Assets Under Management as of September 30, 2007

$459 Billion

(60%)

Active

$264 Billion

(35%)

Quantitative

$38 Billion

(5%)

Manager of Managers

A Diversified Asset Manager

Across Asset Classes

Across Client Segments

$614 Billion

Institutional

$147 Billion

Personal

Across Styles

Fixed Income

$89 Billion

(12%)

Short

Duration

$385 Billion

(51%)

Other

$10 Billion

(1%)

Equities

$277 Billion

36%

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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 Investment Solutions for Clients

Investment Options

27

Giving Our Clients the Freedom to Focus on What Really Matters

Northern Trust Global Investments

Excellence in Execution

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)

12

th

Largest Asset Manager Worldwide

Global Investor (December/January 2007)

Rated #1 Global Securities Lender in

North America

International Securities Finance (September 2006)

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Giving Our Clients the Freedom to Focus on What Really Matters

$130

$197

$233

$292

$326

$320

$303

$479

$572

$618

$697

$761

$0

$200

$400

$600

$800

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

3Q07

Assets Under Management

$ Billions

12/31/96 to 9/30/07

CAGR

Northern Trust

18%

S&P 500

7%

Northern Trust Global Investments

Spotlight:

Strong Growth in Assets Under Management

Acquired $75 BN

Index Assets

29

Giving Our Clients the Freedom to Focus on What Really Matters

Northern Trust Corporation

Consistent Leadership and Management Philosophy

Northern Trust

Industry

Bill Osborn

-

Chairman & CEO

37 Years

37 Years

Rick Waddell

-

President & COO

32 Years

32 Years

Sherry Barrat

-

President –

PFS

17 Years

37 Years

Steve Fradkin

-

EVP & Chief Financial Officer

22 Years

22 Years

Tim Moen

-

EVP –

Human Resources & Admin.        6 Years

32 Years

Bill Morrison

-

President –

PFS

11 Years

34 Years

Steve Potter

-

EVP –

International

25 Years

25 Years

Joyce St. Clair

-

EVP –

Corp. Risk Management    15 Years

26 Years

Jana Schreuder

-

President –

WWOT

27 Years

27 Years

Tim Theriault

-

President –

C&IS

25 Years

27 Years

Kelly Welsh

-

EVP & General Counsel

7 Years

29 Years

30

Giving Our Clients the Freedom to Focus on What Really Matters

Northern Trust Corporation

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%

+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

31

Giving Our Clients the Freedom to Focus on What Really Matters

Northern Trust Corporation

Today’s Agenda

NORTHERN TRUST

Personal Financial

Services

Corporate & Institutional

Services

Northern Trust Global

Investments

SUCCESS ACHIEVED

THROUGH:

Operating in Attractive

Demographic Markets

Focused and Conservative

Strategies

Client Centricity

Excellence in Execution

Consistent Leadership and

Philosophy

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

November 14, 2007

New York City

©

2007 Northern Trust Corporation

northerntrust.com

Merrill Lynch 2007 Banking & Financial Services Investor Conference

Northern Trust:

Client Centric and

Highly Focused

William A. Osborn

Chairman & Chief Executive Officer