Conference Slides

2009 Northern Trust Corporation

Service

Expertise

Integrity

Frederick H. Waddell

President & Chief Executive Officer

NORTHERN TRUST

CORPORATION

EXHIBIT 99.1

Citigroup 2009 Financial Services Conference

New York City

January 28, 2009

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 of any extraordinary events

and various other matters (including developments 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 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 2007 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.

Integrity

Expertise

Service

2008: Significant and Rapid Change in Financial Services

750

900

1050

1200

1350

1500

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sept

Oct

Nov

Dec

S&P 500 –

Full Year 2008

9/7/08:

U.S. Govt

support Fannie

Mae & Freddie Mac

9/15/08:

Lehman

Brothers declares

bankruptcy;

Bank of America

announces Merrill

Lynch acquisition

9/16/08:

U.S. Govt

to support AIG

3/16/08:

With U.S. Govt

support, Bear Stearns

acquired by JPMorgan Chase

11/24/08:

U.S. Govt

to support

Citigroup

10/14/08:

U.S. Govt

announces it will buy

preferred equity stakes in

U.S. banks under the

Troubled Asset Relief

Program

10/24/08:

PNC

announces

National City

acquisition

10/4/08:

Dutch Govt

purchases Fortis

10/13/08:

RBS (UK)

effectively

nationalized

10/19/08:

ING

receives Dutch

Govt

support

4/1/08:

UBS

CEO steps

down; $37B in

cumulative

writedowns

9/21/08:

Goldman Sachs & Morgan

Stanley to become bank holding cos.

9/26/08:

JPMorgan Chase announces

Washington Mutual acquisition

10/3/08:

Wells Fargo to acquire Wachovia

12/11/08:

Bernard

Madoff

arrested

and

charged

with

criminal

securities

fraud

•

Acceleration in

consolidation

•

Significant increase

in government and

regulatory oversight

•

Fundamental

changes in business

models

Integrity

Expertise

Service

Northern Trust’s Fundamentals Remain Sound

Strategic Positioning

Corporate and Institutional Services

Northern Trust Global Investments

Personal Financial Services

Financial Strength & Stability

Earnings Power

High Quality Balance Sheet

Capital Strength

Service

Expertise

Integrity

Service

Expertise

Integrity

2009 Northern Trust Corporation

Service

Expertise

Integrity

Strategic Positioning

Northern Trust

Corporation

Integrity

Expertise

Service

Client-centric and Highly Focused 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

Sovereign Wealth Funds

Integrity

Expertise

Service

Resisting the Temptation to Change Our Business Model

Credit Cards

Retail Banking

Consumer Lending

Venture Capital

Stock Transfer

DC Record Keeping

Investment Banking

Sub-Prime Mortgage Underwriting

Asset Backed Commercial Paper Conduits

Private Equity Bridge Financing

Discount Brokerage

American Depositary Receipts

Businesses Northern Trust is NOT in:

2009 Northern Trust Corporation

Service

Expertise

Integrity

Strategic Positioning

Personal Financial

Services

Integrity

Expertise

Service

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)

Wisconsin

(1)

Wisconsin

(1)

Ohio

(1)

Ohio

(1)

Minnesota

(1)

Minnesota

(1)

Massachusetts (1)

Personal Financial Services

Extensive Reach in Affluent Market

Integrity

Expertise

Service

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

Personal Financial Services

Integrated Approach and Comprehensive Capabilities

Integrity

Expertise

Service

Wealth Management Group –

Assets Under Custody

($ Billions)

$168

$195

$160

$114

$52

$38

$82

$65

$61

$101

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

Industry Leading Provider to the World’s

Wealthiest Families:

~410 family relationships in 15 countries

Average relationship size = $400+ million

20% of Forbes 400 Richest Americans

WMG AUC CAGR 1998-2008 = 16%

S&P 500 CAGR 1998-2008 = -3%

Personal Financial Services

Spotlight:

Wealth Management Group

S&P 500

2009 Northern Trust Corporation

Service

Expertise

Integrity

Strategic Positioning

Corporate &

Institutional Services

Integrity

Expertise

Service

North America

Europe,

Middle East & Africa

Asia Pacific

Corporate & Institutional Services

Vast World of Opportunities

Total Market: $189 Trillion

(1)

Total Assets Under Custody Worldwide: $89 Trillion

(2)

(1)

McKinsey & Company –

Mapping Global Capital Markets, Fifth Annual Report, October 2008;

Excludes $7 trillion of South American and Other Rest of World assets

(2)

The Greensted Report, Fall 2008 –

Top 9 custodians; Data as of June 2008.

$66 Trillion

$73 Trillion

$50 Trillion

$61

Trillion

U.S.

$5 Trillion

Canada

$11

Trillion

U.K.

$52 Trillion

Western

Europe

$10

Trillion

Other

$20

Trillion

Japan

$22 Trillion

Emerging Asia

$8 Trillion

Other

Integrity

Expertise

Service

Corporate & Institutional Services

Full Array of Solutions for 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

Corporate & Institutional Services

Strategically Positioned in Three Dynamic Regions

North America

Europe,

Middle East & Africa

Asia Pacific

Abu Dhabi

Dublin

Toronto

London

Limerick

Amsterdam

Luxembourg

Guernsey

Melbourne

Singapore

Hong Kong

Bangalore

Beijing

Tokyo

Jersey

Chicago

Integrity

Expertise

Service

Corporate & Institutional Services

Spotlight:

Pursuing Mandates Across Multiple Markets

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

Bermuda

France

Chile

India

Japan

Indonesia

Brunei

~50% of AUC is

Global

~46% of Net

Income is non-

U.S.

~30% of Staff

is non-U.S.

2009 Northern Trust Corporation

Service

Expertise

Integrity

Strategic Positioning

Northern Trust Global

Investments

Integrity

Expertise

Service

Northern Trust Global Investments

A Diversified, World Class Investment Manager

$575.5 Billion

Assets Under Management as of December 31, 2008

A Diversified Asset Manager

$328 Billion

(57%)

Active

$219 Billion

(38%)

Quantitative

$29 Billion

(5%)

Manager of Managers

Across Asset Classes

Across Client Segments

$443 Billion

Institutional

$132 Billion

Personal

Across Styles

Equities

$198 Billion

(34%)

Fixed Income

$120 Billion

(21%)

Short

Duration

$245 Billion

(43%)

Other

$12 Billion

(2%)

Integrity

Expertise

Service

Northern Trust Global Investments

Broad Array of Solutions for Personal and Institutional Clients

Source: Pensions & Investments

December 22, 2008 Data Book

Pensions & Investments

2007 Special Report on Asset Managers

Pensions

Investments

December 24, 2007 Data Book

Markets

Served

Rankings

Investment

Strategy

Largest Manager

Worldwide Institutional Assets

Largest Manager

U.S. Institutional Tax-Exempt Assets

Largest Manager

Defined Benefit Assets

Largest Manager

Manager

of Managers Program

Largest Manager

Indexed Domestic Equity

Largest Manager

Indexed Domestic Fixed Income

Largest Manager

Indexed International Equity

Largest Manager

Indexed International Fixed Income

Integrity

Expertise

Service

Northern Trust Global Investments

Spotlight:

Manager of Managers Expertise

Providing Advice-Based Capabilities and Solutions

Northern Trust

Global Advisors

More than

225

managers

worldwide

Assets Under

Management:

Global locations:

•

Stamford, CT

•

Chicago

•

London

•

Toronto

Pioneer of

manager-of-managers

programs (1979)

Offerings include:

•

Total Plan Outsourcing

•

Emerging and Minority Managers

•

Private Equity Fund-of-Funds Program

•

Hedge Fund-of-Funds Program

Investment

professionals and

research staff of 100

12/31/02 -

$12.4B

12/31/08 -

$28.6B

CAGR 16%

2009 Northern Trust Corporation

Service

Expertise

Integrity

Financial Strength

and Stability

Integrity

Expertise

Service

Strong Financial Performance in Last Two Fiscal Years

Trust, Inv. & Other Servicing Fees

Other Non-Interest Income

Net Interest Income

Total Revenues

Non-Interest Expenses

Net Income

Earnings Per Share

Full Year

2007

$2,135 Million

$897 Million

$1,129 Million

$4,160 Million

$2,964 Million

$641 Million

$2.79

Assets Under Custody

Global Custody Assets

Assets Under Management

$3.0 Trillion

$1.4

Trillion

$575 Billion

Full Year

2008

Note: Excludes the impact of the VISA-related items incurred in 2007 and 2008.

$2,078 Million

$586 Million

$908 Million

$3,572 Million

$2,280 Million

$821 Million

$3.66

$4.1 Trillion

$2.1 Trillion

$757 Billion

Integrity

Expertise

Service

High Quality, Short Duration Securities Portfolio

All data is as of December 31, 2008. *Preliminary; pre-tax

$15.6B SECURITIES PORTFOLIO

90% of total securities rated triple-A

Total net unrealized losses of only $348 million*

AFS Government