Conference Slides

Integrity

Expertise

Service

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

any

extraordinary

events

and various other matters (including with respect to litigation,

other

contingent

liabilities and obligations, 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, targets,

strategies,

beliefs,

and

expectations,

and

refer

estimates

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

2007

financial

annual

report

and

periodic

reports

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.

Integrity

Expertise

Service

Today’s Agenda

Corporate Overview

Frederick H. Waddell

President & Chief Executive Officer

Financial Overview

Steven L. Fradkin

Executive Vice President

and Chief Financial Officer

Personal Financial Services

Sherry S. Barrat

Co-President, PFS

Corporate &

Institutional Services

Timothy J. Theriault

President, C&IS

Northern Trust

Global Investments

Stephen N. Potter

President, NTGI

Wrap-Up and Q&A

Frederick H. Waddell

President & Chief Executive Officer

Integrity

Expertise

Service

Relationship Driven, Client-Centric Business Model

Our Clients

Worldwide Operations & Technology

Government

Agencies

Taft-Hartley

Foundations /

Endowments /

Healthcare

Individuals

Privately

Held

Businesses

Pension Funds

Large Corporations

Investment

Management Firms

Insurance Companies

Families

Family

Foundations

Family Offices

Personal

Financial

Services

Corporate &

Institutional

Services

Northern Trust Global Investments

Integrity

Expertise

Service

Client-

Centric

Enduring Principles and Strategies for Success

Organic Growth

Acquisition Strategy Focused on Expanding Geography or Capability

Operating with a Single Global Platform

Key Principles for Long-Term Growth:

Attractive

Client Markets

Focused

Capabilities

Excellence

in Execution

Brand

Integrity

Expertise

Service

Personal Financial Services

Extensive Reach in High Growth Target Market

85 PFS Offices in 18 States

Over 50% of the U.S. millionaire market resides

within a 45-minute drive of Northern Trust offices.

Arizona

(8)

Florida

(25)

Illinois

(19)

Illinois

(19)

Colorado

(1)

Colorado

(1)

Nevada

(1)

Nevada

(1)

Missouri

(1)

Missouri

(1)

Washington

(1)

Michigan

(3)

Texas

(7)

California

(11)

New York (1)

Connecticut (1)

Delaware (1)

Georgia

(1)

Georgia

(1)

Massachusetts (1)

Wisconsin

(1)

Wisconsin

(1)

Ohio

(1)

Ohio

(1)

Minnesota

(1)

Minnesota

(1)

Attractive

Client Markets

Projected Annual

Household Growth Rates

2007 -

2012 by Household

Asset Size

7.1%

11.3%

15.5%

$1 -

$5 -

200

$200+

Source: Claritas

Integrity

Expertise

Service

Personal Financial Services

Addressing Clients’

Complex Financial Goals

Our integrated approach and comprehensive capabilities

allow us to address all of our clients’

needs.

Grow Assets

Proprietary and Third-party

Investment Managers

Active Index Strategies

Alternative Investments

Manage Risk

Asset Diversification

Single-stock Concentration

Hedging Strategies

Stock Option Planning

Tax Liability Management

Tax Sensitive Investing

Tax Loss Harvesting

Investment Vehicle Selection

Liquidity Management

Deposit Services

Custom Lending

Short Term Cash

Management Vehicles

Building and

Managing Wealth

Protecting and

Transferring Wealth

Protect and Preserve Wealth

Wealth Transfer Planning

Customized Trust Solutions

Transition Wealth

Estate Settlement Services

Guardianship Services

Plan for Special Assets

Family Business

Manage Non-Financial Assets

Creating a Legacy

Reinforce Family Values

Family Education

Family Mission Statement

Advanced Wealth Transfer

Strategies

Establish a Charitable

Giving Tradition

Implement a Tailored

Philanthropic Strategy

Balance Charitable Giving with

the Financial Needs of the Family

Ensure Tax-Efficiency of

Philanthropic Vehicles

Focused

Capabilities

Integrity

Expertise

Service

Private Client Revenues

As a Percentage of Total Company Revenues,

Full Year 2007

Source: Company Fourth Quarter 2007 Earnings Release reports; *Merrill Lynch percentage based on 2006 data

Northern

Trust

Wachovia

Citigroup

Wilmington

Trust

Bank of

America

JP Morgan

Chase

Merrill

Lynch*

Goldman

Sachs

Bank of

Mellon

Personal Financial Services

Our Focus on the Affluent Market is Unmatched

Excellence

in Execution

35%

30%

16%

12%

10%

42%

Integrity

Expertise

Service

Personal

Trust Assets

($ Billions)

Source: SNL Financial; As of December 31, 2007

10.

The Largest Personal Trust Bank in the U.S.

Northern Trust

$205.3

Bank of America

127.5

JPMorgan Chase

84.5

Citigroup

69.9

Wachovia

61.9

Bank of NY Mellon

50.7

U.S. Bancorp

42.9

Wells Fargo

42.2

PNC Financial

35.3

SunTrust

27.3

Personal Financial Services

Largest Personal Trust Provider in the U.S.

Excellence

in Execution

Integrity

Expertise

Service

Personal Financial Services

What Really Matters to Our Clients

Northern Trust’s holistic approach to wealth management

addresses the full spectrum of our clients’

unique needs.

Client-

Centric

Private Banking

Asset Management

Trust Services

Financial Planning

Philanthropic Services

Retirement Planning

Business Banking

Brokerage

CLIENT

Integrity

Expertise

Service

Personal Financial Services

Key Strategies and Opportunities

for Long-term Growth

Attractive growth rates in target markets

Expand share of wallet

Enhance referral flow

Sustain and leverage flight to quality

Selective geographic expansion

Client-

Centric

Attractive

Client Markets

Focused

Capabilities

Excellence

Execution

Brand

Integrity

Expertise

Service

North America

Europe,

Middle East & Africa

Asia Pacific

Corporate & Institutional Services

Market Opportunities Continue to Grow

Total Market: $161 Trillion

Total Assets Under Custody Worldwide: $90 Trillion

(1)

McKinsey & Company –

Mapping the Global Capital Market, Fourth Annual Report, January 2008;

Excludes $6 trillion of South American assets

(2)

YE 2007 competitor earnings releases & The Greensted Report, Fall 2007 –

Top 10 custodians

$60 Trillion

$41 Trillion

$56 Trillion

U.S.

$4 Trillion

Canada

$10 Trillion

U.K.

$43 Trillion

Western

Europe

$7 Trillion

Other

$19 Trillion

Japan

$14 Trillion

Emerging Asia

$8 Trillion

Other

Attractive

Client Markets

(2)

(1)

Integrity

Expertise

Service

Corporate & Institutional Services

Continuum of Solutions for Complex Needs

Businesses we are NOT in:

Investment Banking

Sub-Prime Mortgage Underwriting

Asset Backed Commercial

Paper Conduits

Private Equity Bridge Financing

American Depository Receipts

Venture Capital

Stock Transfer

DC Record Keeping

Focused

Capabilities

Asset

Administration

Asset Processing

Asset Reporting

Asset

Enhancement

Asset

Management

Integrity

Expertise

Service

Corporate & Institutional Services

Strong Presence in Target Institutional Segments

Source: Pensions and Investments 21 January 2008 (US Pensions), 24 December 2007 (Foundations & Endowments),

28 May 2007 (Asset Managers); Pension Funds and Their Advisors, 2007 (UK Funds); Money Market Directory, 2007

(Healthcare Funds); Lipper Fitzrovia Dublin Fund Encyclopaedia, Administrators, 2006/2007; Lipper Fitzrovia Guernsey

Fund Encyclopaedia, Administrators, 2006/2007.

Fund Administration

Serves 27% of the Top 200 Asset

Managers in the world

#1 Provider of Offshore Private

Equity Fund Administration services

in Europe

Fund Administrator for more funds

in Ireland and Guernsey than any

other provider

Pension Plans

100 U.S. Corporate Plans

40%

200 U.S. Funds

40%

200 U.K. Funds

29%

Northern

Serves

Of the Top

Public Funds / Taft-Hartley

Northern

Serves

Of the Top

25 Taft-Hartley Funds

40%

100 U.S. Public Funds

37%

U.K. Local Authority

30%

Foundations, Endowments,

and Healthcare

50 U.S. Foundations

30%

50 U.S. Endowments

26%

50 U.S. Healthcare Funds

36%

Northern

Serves

Of the Top

Excellence

in Execution

Integrity

Expertise

Service

Corporate & Institutional Services

Clients Drive Our Solutions and Product Offerings

Pension

Plans

Public

Funds

Asset

Managers

Foundations

& Endowments

Client Needs /

Industry Trends

Corporate &

Institutional

Services

Asset Administration

Asset Processing

Asset Management

Asset Enhancement

Products and Solutions:

Asset Reporting

Client-

Centric

Integrity

Expertise

Service

Corporate & Institutional Services

Key Strategies and Opportunities

for Long-term Growth

Competing and winning around the world

Complexity drives innovation

Broad array of solutions

Unique global operating model

Extending industry leading technology platform

Attractive

Client Markets

Focused

Capabilities

Excellence

Execution

Brand

Client-

Centric

Integrity

Expertise

Service

Northern Trust Global Investments

An Attractive Growth Opportunity

“In some respects, the asset management business is

the envy of the financial services sector in view of its

high margins, healthy returns, limited credit risk, generally

low capital requirements, and solid cash flow.

“Because

the

industry’s

margin

and

ROE

premiums

most other financial service businesses, as well as its limited

capital and credit risk,

the group trades at a premium

valuation,

–

UBS Investment Research, December 2005

Attractive

Client Markets

which we expect to continue.”

Integrity

Expertise

Service

$62 BN

(43%)

$36 BN

(24%)

$40 BN

(27%)

Personal Financial Services

$146.0 Billion

Equities

Fixed

Income

Short

Duration

Other

$8 BN

(6%)

By Asset Class as of March 31, 2008

Northern Trust Global Investments

Providing Investment Solutions to Target Clients

$221 BN

(35%)

$62 BN

(10%)

$267 BN

(42%)

Corporate & Institutional Services

$632.6 Billion

Other

$3 BN

(<1%)

$80 BN

(13%)

Equities

Fixed

Income

Short

Duration

Securities

Lending

Focused

Capabilities

Integrity

Expertise

Service

Northern Trust Global Investments

Top Tier Investment Manager

Source: Pensions & Investments

2007 Special Report on Asset Managers, data as of December 31, 2006.

Multi-manager Ranking Source: Cerulli Associates, 2005

Largest Manager

Worldwide Institutional Assets

Largest Manager

U.S. Institutional Tax-Exempt Assets

Largest Manager

Defined Benefit Assets

Largest Manager

Multi-Manager -

U.S. Institutional Assets

Markets

Served

Rankings

Largest Manager

Passive Domestic Indexed Equity

Largest Manager

Passive Domestic Indexed Bonds

Largest Manager

Passive International Indexed Securities

Investment

Strategy

Excellence

in Execution

Integrity

Expertise

Service

$59

$73

$92

$98

$94

$88

$104

$110

$117

$135

$148

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

$138

$160

$201

$228

$226

$215

$374

$462

$501

$563

$609

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

Northern Trust Global Investments

Significant Success in Growing Client Assets

PFS

Assets Under Management

($ Billions)

C&IS

Assets Under Management

($ Billions)

AUM 10-Year CAGR:

10%

S&P500 10-Year CAGR:

AUM 10-Year CAGR:

16%

S&P500 10-Year CAGR:

Acquired $75 BN

Index Assets

S&P500

Excellence

in Execution

Integrity

Expertise

Service

Northern Trust Global Investments

Clients Drive Our Solutions and Product Offerings

Personal Clients

Institutional Clients

Client

Needs

Industry

Trends

Northern Trust Global Investments

Client-

Centric

Active

Quantitative

Manager of Managers

Products and Solutions:

Northern Trust Global Investments

Integrity

Expertise

Service

Client-

Centric

Client-

Centric

Attractive

Client Markets

Focused

Capabilities

Excellence

Execution

Brand

Northern Trust Global Investments

Key Strategies and Opportunities

for Long-term Growth

Aligned and focused on serving

personal and institutional clients

Leveraging strengths in quantitative,

manager of managers and fixed

income investments

Building through global growth

Delivering investment excellence

Integrity

Expertise

Service

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

9/30/87

S&P 500: 321.83

2003:

Second

Persian

Gulf War

(Iraq)

2004-05:

Disastrous

hurricane

seasons

2004-07:

Oil spike

from $30

to $90 per

barrel

3/31/08

S&P 500:

1322.70

10/19/87:

Black Monday:

S&P 500

declines 20%

1989:

Commercial

Real Estate

Bubble

bursting

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

2007:

Subprime

mortgage

market

collapse &

debt market

liquidity

crunch

2008:

Bear

Stearns

bailout

Integrity

Expertise

Service

NTRS: Record 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

$2,078 Million

$600 Million

$894 Million

$3,572 Million

$2,280 Million

$821 Million

$3.66

+16%

+26%

+13%

+17%

+23%

+22%

Assets Under Custody

Global Custody Assets

Assets Under Management

$4.1 Trillion

$2.1 Trillion

$757 Billion

+17%

+23%

+9%

Fiscal Year

2007

*Excludes Visa-related items. Please see Northern Trust's 2007 Financial Annual Report and Form

10-K for reported results prepared in accordance with generally accepted accounting principles.

Integrity

Expertise

Service

Year-to-Date

3/31/08

NTRS: Excellent Financial Performance Continued in 1Q08

Trust, Inv. & Other Servicing Fees

Other Non-Interest Income*

Net Interest Income

Total Revenues*

Non-Interest Expenses*

Net Income*

Earnings Per Share*

% Growth

2007 to 2008

$527 Million

$185 Million

$266 Million

$978 Million

$611 Million

$232 Million

$1.03

+8%

+54%

+24%

+19%

+16%

+24%

+23%

Assets Under Custody

Global Custody Assets

Assets Under Management

$4.0 Trillion

$2.0 Trillion

$779 Billion

+6%

+12%

+3%

*Excludes Visa-related items. Please see Northern Trust's Form 10-Q for the first quarter of

2008 for reported results prepared in accordance with generally accepted accounting principles.

Integrity

Expertise

Service

Long-Term, Strategic Financial Targets Met in 2007

Revenue Growth

8% -

10%

Positive

Operating Leverage

EPS Growth

10% -

12%

Return on Equity

16% -

18%

Annual Target

Full Year

2004

8.6%

+3.4

26.0%

16.1%

Full Year

2005

15.5%

+2.3

16.0%

17.0%

Full Year

2006

13.9%

+1.2

13.6%

17.6%

Full Year

2007*

16.7%

+0.2

22.0%

19.7%

*Excludes Visa-related items. Please see Northern Trust's 2007 Financial Annual Report and Form

10-K for reported results prepared in accordance with generally accepted accounting principles.

Integrity

Expertise

Service

Strong Growth in Client Assets…

…in stark contrast to equity markets.

$0.0

$1.1

$2.2

$3.3

$4.4

2003

2004

2005

2006

2007

1Q08

Assets Under Custody

$4.0 Trillion

$0.0

$0.5

$1.0

$1.5

$2.0

2003

2004

2005

2006

2007

1Q08

Global Custody Assets

$2.0 Trillion

$200

$400

$600

$800

2003

2004

2005

2006

2007

1Q08

Assets

Under Management

$779 Billion

CAGR

+21%

(12/31/02 –

3/31/08)

CAGR

+32%

(12/31/02 –

3/31/08)

CAGR

+20%

(12/31/02 –

3/31/08)

5 Year

CAGR:

Dow Jones

S&P 500

NASDAQ

EAFE

+8%

+11%

+15%

Integrity

Expertise

Service

A Hallmark of Northern Trust: Positive Operating Leverage*

+1%

+6%

+4%

+1%

+0%

+1%

+2%

-5%

-3%

+2%

+1%

+0%

+5%

+2%

-2%

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

have

achieved

positive

neutral

operating

leverage

the

last

20 years.

Note: Calculations prior to 1999 based on actual reported results. 1999-2005 calculations restated for sale of NTRC business

and exclude certain nonrecurring revenue and expense items in 2003 and 2004. 2007 excludes the 4Q07 VISA charge.

*Revenue Growth less Expense Growth

Integrity

Expertise

Service

A Hallmark of Northern Trust: Positive Operating Leverage*

+1%

+6%

+4%

+1%

+0%

+1%

+2%

-5%

-3%

+2%

+1%

+0%

+5%

+2%

-2%

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

have

achieved

positive

neutral

operating

leverage

the

last

years…

through

various

market

and

interest

rate

environments.

+12% +27% -7%

+26%

+5%

+7% -2%

+34% +20% +31% +27%

+20%

-10%

-13%

-23%

+26% +9% +3% +14% +4%

S&P

500

7.6% 9.2% 8.1% 5.7% 3.5% 3.0% 4.2%

5.8%

5.3% 5.5% 5.4% 5.0% 6.2%

3.9% 1.7%

1.1%

1.4% 3.2% 5.0% 5.0%

Avg.

Fed

Funds

Note: Calculations prior to 1999 based on actual reported results. 1999-2005 calculations restated for sale of NTRC business

and exclude certain nonrecurring revenue and expense items in 2003 and 2004. 2007 excludes the 4Q07 VISA charge.

*Revenue Growth less Expense Growth

Integrity

Expertise

Service

$471

$513

$557

$622

$648

$651

$603

$621

$735

$810

$908

$150

$250

$350

$450

$550

$650

$750

$850

$950

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

12%

…through various interest rate cycles.

Average Annual

Fed Funds Rate

Focus on Net Interest Income

Strong Growth in Net Interest Income…

21.6 24.6 27.2 30.7 32.0 33.6 34.8 37.0 40.5 46.0 53.4

Avg. Earning

Assets ($BN)

Integrity

Expertise

Service

Focus on Credit Quality

Outstanding Credit Quality Relative to Peer Banks

Consistent top-tier credit quality rankings.

Notably better than peer averages in each category.

Peer*

Average

NTRS

0.13%

463%

0.04%

1.18%

168%

1.01%

Non-Performing Assets

as a % of Loans

Loan Loss Reserve as a

% of Non-Performing Assets

Net Charge-Offs to

Average Loans

As of March 31, 2008

*Peer group consists of the 20 largest U.S. Bank Holding Companies in terms

of total balance sheet assets. Source: SNL Financial

Integrity

Expertise

Service

$4.8

$3.3

$4.5

$3.9

$1.6

$2.9

$2.7

$2.3

$2.1

$3.1

$3.6

$1.8

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

1Q08

End-of-Period Common Equity

($ Billions)

10-Year Compound Annual Growth Rate: 11%

First Quarter 2008 was the 80

consecutive quarter

(or 20 years) of increasing common equity.

Focus on Capital Management

Strong and Conservative Capital Management

Integrity

Expertise

Service

11.0%

9.7%

9.8%

9.7%

11.1%

2003

2004

2005

2006

2007

Strong Capital Ratios Consistently Exceed

Regulatory “Well Capitalized”

Guidelines.

14.0%

13.3%

12.3%

11.9%

2003

2004

2005

2006

2007

6.8%

6.7%

7.1%

7.6%

2003

2004

2005

2006

2007

Tier 1 Capital Ratio

Well Capitalized Guideline = 6%

Leverage Ratio

Well Capitalized Guideline = 5%

Focus on Capital Management

Strong and Conservative Capital Management

Total Risk Based Ratio

Well Capitalized Guideline = 10%

Integrity

Expertise

Service

Focus on Business Unit Financials

PFS Income Statement

Trust, Inv. & Other Servicing Fees

Other Non-Interest Income

Net Interest Income

Total Revenues

Non-Interest Expenses

Provision for Credit Losses

Income Before Income Tax

Provision for Income Tax

Net Income

% Growth

2006 to 2007

$898 Million

$99 Million

$514 Million

$1,511 Million

$944 Million

$14 Million

$554 Million

$215 Million

$339 Million

+15%

+3%

+10%

+129%

+8%

Fiscal Year

2007

Integrity

Expertise

Service

Focus on Business Unit Financials

C&IS Income Statement

Trust, Inv. & Other Servicing Fees

Other Non-Interest Income

Net Interest Income

Total Revenues

Non-Interest Expenses

Provision for Credit Losses

Income Before Income Tax

Provision for Income Tax

Net Income

% Growth

2006 to 2007

$1,180 Million

$477 Million

$409 Million

$2,066 Million

$1,224 Million

$5 Million

$837 Million

$311 Million

$526 Million

+17%

+32%

+30%

+22%

+20%

-50%

+27%

+16%

+34%

Fiscal Year

2007

Integrity

Expertise

Service

Current Topics of Interest

Conservative Securities Portfolio

3/31/08

Securities –

Available for Sale

U.S. Government

$ 20.3

Obligations of States / Political Subdivisions

33.0

Government Sponsored Agency

7,856.0

70%

Asset-Backed

1,779.3

16%

Other

388.5

Total Securities –

Available for Sale 10,077.1

89%

Securities –

Held to Maturity

Obligations of States / Political Subdivisions

852.9

Government Sponsored Agency

12.8

Other

310.3

Total Securities –

Held to Maturity

1,176.0

11%

Other

11.4

Total Securities

$11,264.5

100%

($ Millions)

Composition

92% of Northern Trust’s total

securities portfolio was composed

of triple-A rated securities

95% of Asset Backed Securities

rated triple-A

Exposure to subprime Asset

Backed Securities relative to the

overall portfolio was minimal at

less than 4%

90% of subprime Asset Backed

Securities rated triple-A

Total gross unrealized losses on

the securities portfolio were

$159 million

High Quality Portfolio

% of

Total

All data is as of March 31, 2008

Integrity

Expertise

Service

Current Topics of Interest

Diversified and High Quality Loan Portfolio

3/31/08

U.S.

Residential Real Estate

$ 9.3

35%

Commercial

6.4

24%

Commercial Real Estate

2.4

Personal

3.8

14%

Other

1.6

Lease Financing

1.1

Total U.S.

24.7

92%

Non-U.S.

2.1

Total Loans and Leases $ 26.8

100%

($ Billions)

Relationship-based lending practices

Nonperforming assets totaled $35.7

million, down nearly 4% from the year-ago

quarter

Nonperforming assets represent only

0.13% of total outstanding loans, an

improvement from 0.17% in the year

ago quarter

Nonperforming assets are covered

4.6 times by current credit loss reserves

as compared to 3.7 times in the year

ago quarter

Northern Trust does not:

Underwrite mortgage loans to

sub-prime borrowers

Lend directly to hedge funds

Provide bridge financing to

private equity deals

Offer an off-balance sheet commercial

paper conduit for client liquidity

Top-Tier Credit Quality

% of

Total

Composition

All data is as of March 31, 2008

Integrity

Expertise

Service

Current Topics of Interest

Capital Support Agreements for Cash Funds

Executed on February 21, 2008

Though not obligated to do so, Northern Trust entered into Capital Support

Agreements (“CSA”) with an aggregate maximum contribution of $229 million,

largely for the benefit of our clients.

The CSAs expire no later than July 31, 2008

The CSAs support eight cash funds which invest in the recently downgraded

Whistlejacket and White Pine SIVs (collectively known as “Whistlejacket”).

Capital support will be provided to any affected cash fund which

disposes of

Whistlejacket at a loss and, as a result, breaches a designated minimum NAV.

The capital contribution will, up to the extent of the disposition loss, restore the

NAV to the minimum threshold level, generally 99.5%.

In the event the entire $229 million in capital support is utilized, Northern Trust

Corporation’s capital ratios would decline by approximately 20 to 30 basis points –

a marginal decrease.

As of March 31, 2008, no capital contributions have been made under the agreements.

The estimated fair value of the agreements was $8.7 million as of March 31, 2008.

Integrity

Expertise

Service

Current Topics of Interest

Securities Lending

First Quarter

$ 45.6

(6%)

Second Quarter

73.4

21%

Third Quarter

33.0

(19%)

$ 69.0

70%

Fourth Quarter

55.1

32%

101.1

142%

Total

$ 207.1

$ 289.1

51%

First Quarter

$ 31.9

(30%)

$ 124.9

174%

Actual

Y-o-Y Growth

Proforma*

Y-o-Y Growth

*Reflects securities lending fees on a proforma

basis for each period had clients chosen our

most commonly used collateral pool instead of

the marked-to-market portfolio.

Proforma*

Actual

2007

2008

Quarterly

Fees

Millions)

Integrity

Expertise

Service

Key Takeaways

Northern Trust:

Business model centered around

clients with real needs

Strong and differentiated

financial positioning

Conservatively managed, while

generating high performance results

A focused and disciplined business

model, across cycles

Financial success achieved for clients,

investors and other constituents

through principles that endure

Integrity

Expertise

Service

PFS Is the 119-Year Heritage of Northern Trust Corporation

Industry

leader

wealth

management.

Renowned

for

exceptional

client

service.

Serving high growth market

Attractively positioned

office footprint

Integrated client service

teams

Largest personal trust bank

Highest levels of client

satisfaction

85 PFS Offices in 18 States

Arizona

(8)

Florida

(25)

Illinois

(19)

Illinois

(19)

Colorado

(1)

Colorado

(1)

Nevada

(1)

Nevada

(1)

Missouri

(1)

Missouri

(1)

Washington

(1)

Michigan

(3)

Texas

(7)

California

(11)

New York (1)

Connecticut (1)

Delaware (1)

Georgia

(1)

Georgia

(1)

Massachusetts (1)

Wisconsin

(1)

Wisconsin

(1)

Ohio

(1)

Ohio

(1)

Minnesota

(1)

Minnesota

(1)

Integrity

Expertise

Service

In Recent Years, PFS Client-Centric Initiatives…

…have focused on building

comprehensive investment and advisory solutions.

The recognized

leader in providing

sophisticated

financial solutions

to the world’s

wealthiest families.

Wealth

Management

Delivering trust,

investment

management and

banking solutions to

individuals through

85 offices in 18 states.

Private Client

$1 MM

$10 MM

$75 MM

Wealth Advisory

Delivering

comprehensive,

advice-driven

financial solutions

through a multi-

manager program.

Holistic

Solutions

Integrity

Expertise

Service

Today, Delivering a Comprehensive Array…

…of solutions across the risk spectrum to

meet the investment needs of clients.

2008 PFS Portfolio Allocation

Total AUM: $146 Billion

(1Q 2008)

Active and

Structured Munis

Active Taxable

High Yield Munis

High Yield Taxable

Laddered

Portfolios

Global Fixed Income

Large-Cap Growth

Large-Cap Core

Large-Cap Value

Mid-Cap

Small-Cap

Equity

Cash

Traditional Cash

Enhanced Cash

International

ETFs

Tax-Managed Index

Enhanced Index

International Index

Fixed Income

Alternatives

Hedge Funds

Private Equity

Global Sustainability Index

Multi-Manager Funds

External Managers (SMAs)

Single Stock Risk

Management

Commodities

Real Estate

Integrity

Expertise

Service

Today, PFS Client-Centric Initiatives…

…are

focused

further

strengthening

our

client

service

culture.

The recognized

leader in providing

sophisticated

financial solutions

to the world’s

wealthiest families.

Wealth

Management

Delivering trust,

investment

management and

banking solutions to

individuals through

Private Client

Wealth Advisory

Delivering

comprehensive,

advice-driven

financial solutions

through an

integrated team of

specialists.

Integrated

Teams

Holistic

Solutions

integrated team of

specialists.

$1 MM

$5 MM

$200 MM

integrated teams.

Integrity

Expertise

Service

Deepen single-service

relationships

Utilize expanded product array to

support client objectives and

expand share of wallet

Further increase engagement with

clients through integrated teams

Private Client Services

Heritage and Foundational Client Base

Private Client

Services

Revenues

58%

Growth Initiatives

and Opportunities

Private Client Services

Wealth

Management

Revenues

Wealth

Advisory

Revenues

Integrity

Expertise

Service

Utilize team structure and expertise

to broaden client relationships

Continue to expand investment

solutions

Lead with advice by incorporating

financial planning, philanthropic and

fiduciary services, and open

architecture investment consulting

Wealth Advisory Services

Offering Sophisticated Advice to Clients with Complex Needs

Growth Initiatives

and Opportunities

Wealth Advisory Services

30%

Wealth

Management

Revenues

Wealth

Advisory

Revenues

Private Client

Services

Revenues

Integrity

Expertise

Service

Effectively introduce asset management

solutions to existing client base

Expand international clientele from

European base in London

Wealth Management Group

Further Leverage Industry Leadership in Serving the World’s

Wealthiest Families

400 family relationships in 15 countries

Average relationship size: $470+ million

Serving 20% of Forbes 400

Richest Americans

AUC: $189 billion

AUM: $30 billion

AUC CAGR: 21% (1997 –

1Q 08)

12%

Wealth

Management

Revenues

Wealth

Advisory

Revenues

Growth Initiatives

Wealth Management Group

Private Client

Services

Revenues

Integrity

Expertise

Service

$200 MM

Family Advisory Services

Introducing a new offering to families who

desire the services of a family office.

Delivering

comprehensive,

advice-driven financial

solutions through an

integrated team of

specialists.

Delivering high-touch

trust, investment

management and

banking solutions to

individuals through

integrated teams.

Private Client

$5 MM

$1 MM

Wealth Advisory

Wealth

Management

The recognized leader

in providing

sophisticated financial

solutions to the

world’s wealthiest

families.

Integrated

Teams

Holistic

Solutions

Serving as clients’

family office, providing

sophisticated

investment advisory,

asset servicing, and

family services.

Family Advisory

$50 MM

$200 MM

Integrity

Expertise

Service

Personal Financial Services

Summary and Q&A

Client-

Centric

Client-

Centric

Attractive

Client Markets

Focused

Capabilities

Excellence

Execution

Brand

Key Strategies and Opportunities

for Long-term Growth

Attractive growth rates in target markets

Broaden breadth of relationships

Enhance referral flow

Sustain and leverage flight to quality

Selective geographic expansion

Integrity

Expertise

Service

Singapore

Luxembourg

Hong Kong

Australia

Switzerland

Sweden

Qatar

Malaysia

Germany

Norway

Bahrain

Tunisia

Kuwait

UAE

South Korea

Macau

Thailand

Finland

Ireland

Cayman Islands

Saudi Arabia

United Kingdom

Guernsey

and Jersey

New

Zealand

Taiwan

U.S.A.

Canada

Netherlands

China

Puerto Rico

Philippines

Guam

Actively Pursuing Mandates Across Multiple Markets

Integrity

Expertise

Service

Delaware Public

Employees’

Retirement System

Vervoer

(Netherlands)

$9 Billion

Abu Dhabi Retirement

Pensions & Benefits Fund

China’s

National Social

Security Fund

Hospitals of Ontario

Pension Plan

New Zealand

Superannuation

Fund

$8 Billion

Insight

Investment

(UK)

Outsourcing

$190

Billion

$6.5 Billion

$ Multi-Billion

$20 Billion

East

Riding

Yorkshire

Council

(UK)

Billion

Generation

Investment

Management

(UK)

Outsourcing

SBZ

(Netherlands)

$3 Billion

Australian

Government

Future Fund

$42 Billion

Employees’

Retirement

System of Hawaii

$11 Billion

State of Tennessee

$29 Billion

Los Angeles

Employees’

Retirement

System

$12 Billion

Brevan

Howard

Macro

Limited

(UK)

Hedge

Fund

Administration

Qualified

Domestic

Institutional

Investors

(China)

Strathclyde

Pension

Fund

(UK)

$20

Billion

Success in Regions and Target Segments Around the World

Integrity

Expertise

Service

Complexity Drives Innovation

With over 50% of client assets cross-border, our expertise in the global

investment arena drives us to anticipate change and predict future trends.

Industry dynamics…

Evolving Retirement Trends

Ahead of the curve –

Global retirement solutions span all disciplines

…play to Northern Trust’s strengths

Globalization of Asset Allocations

24 / 7 processing, regional hubs, local servicing

“centers of excellence”

Outsourcing Non-Core Activities

Service solutions designed to facilitate client growth

and improve efficiency

Risk And Regulatory Influences

Tools, technology and intellect to measure,

monitor and manage risk

Product Complexity

Global insights drive industry leading solutions -

ERISA pooling

Credit Market Disruption

“Flight to quality”

as market rewards financial performance,

strength, stability

Emergence of Sovereign Wealth

Proven expertise and conservative business approach

ensures a cultural fit

Convergence of Investment Styles

End to end full service solutions across asset classes

Integrity

Expertise

Service

Asset Servicing Solutions

Full array of capabilities to meet the needs of

sophisticated institutional investors.

Fund accounting

Transfer agency

Corporate secretarial

Trustee

Investment operations

outsourcing

Safekeeping

Settlement

Derivatives processing

Income collection

Corporate actions

Tax reclamation

Active

Quantitative

Investment outsourcing

Liability driven investing

Manager of managers

Hedge funds

Private equity

Transition management

Investment accounting

Reporting and valuation

Performance analytics

Risk monitoring and reporting

Trade execution analysis

Data warehouse

Cross-border pooling

Trade execution

Cash management

Securities lending

Foreign exchange

Commission management

Asset

Administration

Asset Processing

Asset Reporting

Asset

Enhancement

Asset

Management

Integrity

Expertise

Service

A Single Global Operating Model

19:00

Bangalore

Singapore

09:00

Central Daylight Time

Chicago

03:00

Dublin

Limerick

London

Guernsey

Platform delivers all services…

from trade capture to investment operations outsourcing

Organic growth and development of technology... back, middle and front office

Unaffected by large-scale acquisitions…

no need for technology integration

Unique in the industry…

A single operating platform across ALL regions, ALL clients, ALL

constituencies.

Integrity

Expertise

Service

Outstanding Growth in Client Assets

Strong historical performance sets a high bar for the future.

$1.9

$2.3

$2.7

$3.3

$3.8

2003

2004

2005

2006

2007

C&IS Assets

Under Custody

Global Custody

Assets

C&IS Assets

Under Management

CAGR +19%

$0.7

$1.0

$1.2

$1.7

$2.0

2003

2004

2005

2006

2007

CAGR +29%

$374

$462

$501

$563

$609

2003

2004

2005

2006

2007

($ Trillions)

($ Billions)

CAGR +13%

S&P 500 CAGR: +7%

EAFE CAGR: +15%

Integrity

Expertise

Service

$1.0

$1.1

$1.4

$1.7

$2.1

2003

2004

2005

2006

2007

$176

$278

$318

$392

$526

2003

2004

2005

2006

2007

42%

39%

37%

40%

33%

2003

2004

2005

2006

2007

Excellent Top-line and Bottom-line Growth…

CAGR +20%

CAGR +31%

…and industry-leading profit margins.

*2007 Competitors’

average margin computed using the following: Bank of NY Mellon –

Asset Servicing;

Citigroup –

Markets & Banking (Transaction Services only); JPMorgan Chase –

Treasury & Security Services;

State Street –

total company. 2006 Competitors’

average margin computed using the similar relevant business

segments and included legacy Mellon.

Competitors’

Average Margin*

31%

28%

C&IS Revenues

C&IS Net Income

C&IS

Pre-Tax Margin

($ Billions)

($ Millions)

Integrity

Expertise

Service

Strategic Growth Initiatives

Thinking globally, acting locally.

Foundational Strength

for Growth

Growth Momentum

Continues

A Region of

Vast Opportunity

North America

Europe,

Middle East & Africa

Asia Pacific

Develop

onshore fund

administration service

Enhance

capabilities for

asset manager servicing

Expand

local presence

Globalize

retirement market

products and solutions

Open

in new markets and

jurisdictions

Deliver

best in class alternative

asset solutions

Build out integrated investment

and administration solutions

Integrity

Expertise

Service

Corporate & Institutional Services

Summary and Q&A

Client-

Centric

Client-

Centric

Attractive

Client Markets

Focused

Capabilities

Excellence

Execution

Brand

Key Strategies and Opportunities

for Long-term Growth

Competing and winning around the world

Complexity drives innovation

Broad array of solutions

Unique global operating model

Extending industry leading technology platform

Integrity

Expertise

Service

Key Strategic Priorities

Aligned and focused on serving

personal and institutional clients

Leveraging strengths in quantitative,

manager of managers and fixed

income investments

Building the business through

global growth

Delivering investment excellence

Northern Trust Global Investments

Integrity

Expertise

Service

Strong Growth in Assets Under Management

Demonstrated ability to grow assets under management

across target client segments.

$87.7

$104.3

$110.4

$117.2

$134.7

$146.0

$214.8

$374.3

$461.5

$500.7

$562.5

$608.9

$632.6

$148.3

$100

$200

$300

$400

$500

$600

$700

$800

2002

2003

2004

2005

2006

2007

3/31/2008

Institutional

Personal

CAGR

20%

23%

10%

$ BN

$478.6

$571.9

$617.9

$697.2

$757.2

$778.6

$302.5

Note:

Acquired

$75

index

assets

from

Deutsche

Bank

2003;

Excluding

this

$75

assets,

the

proforma

total

AUM

CAGR

17%

and

the

proforma

Institutional

AUM

CAGR

20%

Total

Institutional

Personal

Integrity

Expertise

Service

A World Class Investment Manager

Assets Under Management: $778.6 Billion

(As of March 31, 2008)

$457 Billion

Active

$281 Billion

Quantitative

$41 Billion

Manager

of Managers

…Investment Styles

…Asset Classes

Fixed Income

$98 Billion

Other

$11 Billion

$633 Billion

Personal

…Client Segments

Institutional

$146 Billion

Diversified Across…

Short

Duration

$387 Billion

Equities

$283 Billion

Integrity

Expertise

Service

Well Positioned to Serve Target Client Segments

Personal Clients

$146 BN

Institutional Clients

$633 BN

Single Strategies

Bundled Solutions

Client Intimacy

Northern

Trust’s

strong

position

the

personal

and

institutional

markets

provides

the

opportunity

build

and

deliver

investment

solutions

for

clients

both

target

markets.

Integrity

Expertise

Service

Offering a Broad Array of Solutions to Target Clients

Client Intimacy

With

strong

presence

asset

classes

across

the

investment

spectrum,

Northern

Trust

offers

clients

investment

capabilities

that

meet

their

objectives.

Personal Clients

$146 BN

Institutional Clients

$633 BN

Single Strategies

Bundled Solutions

Cash & Short

Duration

Fixed

Income

Active Equity

Quantitative

Manager of

Managers

Integrity

Expertise

Service

Proprietary and Open Architecture Offerings

Client Intimacy

Open Architecture

Northern Trust delivers products, both in-house and through open

architecture, providing access to best in class capabilities.

Personal Clients

$146 BN

Institutional Clients

$633 BN

Single Strategies

Bundled Solutions

Cash & Short

Duration

Fixed

Income

Active Equity

Quantitative

Manager of

Managers

Integrity

Expertise

Service

A Full Array of Proprietary and External Investment Solutions

Equities

Large-Cap

Mid-Cap

Small-Cap

International

Tax Advantaged

Fixed Income

Core

International

Municipals

Cash

Enhanced Cash

High Yield

Alternatives

Private Equity

Hedge Funds

Emerging Markets

Emerging / Minority

Investment Services

Securities Lending

Transition Management

Commission Recapture

Proprietary

Active

Strategies

Proprietary

Quantitative

Strategies

Manager of

Manager

Strategies

Securities Brokerage

Investment Plan Outsourcing

Northern Trust is the only asset

management firm that operates –

with scale –

across active, passive

and manager of manager disciplines.

Integrity

Expertise

Service

Growth will be led by client specific solutions harnessing

both proprietary and open architecture capabilities.

Support the PFS platform

Best in class investments through open

architecture

Increase access to alternative capabilities

Continue to build a wide array of

proprietary beta and alpha generating

capabilities

Leverage the quantitative platform

Tax advantaged investments

Exchange traded funds

Structured capabilities

Provide strong consulting and

advisory services

Building Future Growth

Personal Market Distribution

Growth Initiatives

1Q 2008

Personal Market

Distribution

$146.0

Billion

2002 –

1Q08

Personal

Market

Distribution

CAGR:

10.2%

Total Assets

Under Management:

$778.6 Billion (3/31/08)

Integrity

Expertise

Service

Alignment

with

C&IS

the

institutional

market

provides

clients

with

access

leading

asset

servicing

and

asset

management

capabilities.

Strong market segment and geographic

alignment with C&IS

Building on our strong base of cash and

short duration capabilities

Expanding our quantitative investment

distribution

Providing expertise in transition

management

Investment Program Solutions

Expanding distribution in the upper middle

market segment

Incorporating liability driven investment

capabilities

Building on multi-national pooling

Leverage our global footprint to

accelerate growth outside the U.S.

Building Future Growth

Institutional Market Distribution

1Q 2008

Institutional Market

Distribution

$632.6

Billion

2002 –

1Q08

Institutional

Market

Distribution

CAGR:

22.8%

Total Assets

Under Management:

$778.6 Billion (3/31/08)

Growth Initiatives

Integrity

Expertise

Service

Positioned for Global Growth

Netherlands

United

Kingdom

United States

(85 PFS Offices)

Japan

RBS/

Mitsubishi/

Resona

Trust

Ireland

Pensco

Hong

Kong

Nordics

Nordea

Singapore

China

France

Groupama

Northern Trust Offices

Institutional Distribution Agreements

Thailand

Bangkok

Bank

Canada

Scotia

McLeod

United States

Investment Only

(10 Distributors)

Extensive presence through our worldwide

client base and distribution relationships.

Taiwan

New York

Melbourne

Abu

Dhabi

Integrity

Expertise

Service

100

Delivering Performance In Line with Client Objectives

Three Year

Product

AUM

Relative Return

U.S.

$39 BN

+12 basis points

Non-U.S.

$13 BN

-2 basis points

Index –

Fixed Income

Three Year

Product

AUM

Relative Return

Municipal

$10 BN

+12 basis points

High Yield

$2 BN

+7 basis points

Core

$1 BN

-49 basis points

Active –

Fixed Income

Three Year

Product

AUM

Relative Return

Cash Mgt.

$124 BN

+3 basis points

Enhanced Cash

$22 BN

+31 basis points

Active –

Cash

Three Year

Product

AUM

Relative Return

U.S Equity

$138 BN

+4 basis points

Non-U.S. Equity

$45 BN

+2 basis points

Tax Advantaged

$11 BN

+14 basis points

Index –

Equity

Three Year

Product

AUM

Relative Return

Value

$4 BN

-177 basis points

Intl. Equity

$3 BN

+131 basis points

Manager of

Manager

$3 BN

+217 basis points*

*Less than 3 year track record in some cases

Active –

Equity

Performance data as of 12/31/07

Integrity

Expertise

Service

101

Northern Trust Global Investments

Summary and Q&A

Client-

Centric

Client-

Centric

Attractive

Client Markets

Focused

Capabilities

Excellence

Execution

Brand

Key Strategies and Opportunities

for Long-term Growth

Aligned and focused on serving personal

and institutional clients

Leveraging strengths in quantitative, manager

of managers and fixed income investments

Building the business through

global growth

Delivering investment excellence