©

2009 Northern Trust Corporation

Service

Expertise

Integrity

Frederick H. Waddell

Chairman &

Chief Executive Officer

Goldman Sachs U.S. Financial Services Conference

New York City

December 8, 2009

NORTHERN TRUST

CORPORATION

EXHIBIT 99.1

Integrity

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Service

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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 2008 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.

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Agenda

Northern Trust Corporation

Strategic Positioning

Financial Strength

Current Topics of Interest

©

2009 Northern Trust Corporation

Service

Expertise

Integrity

Strategic Positioning

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A Client-centric and Highly Focused Business Model

Our Clients

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

Assets Under Custody 

$3.6 Trillion

Assets Under Management              

$610.5 Billion

As of 9/30/09

Balance Sheet Assets

$78.0 Billion

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Personal Financial Services

Extensive Reach in High Growth Target Market

Network of 81 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

(15)

Illinois

(15)

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)

Northern Trust Named

‘Best Private Bank in

‘Best Private Bank in

North America’

North America’

By publications of the Financial

Times Group, November 2009

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Corporate & Institutional Services

Positioned Globally for Growth

Serving clients locally and capitalizing on global opportunities

Dublin

Limerick

18 Locations

Worldwide

Trade Settlement

in 90+ Markets

Clients in

41 Countries

Chicago

(Corporate

Headquarters)

Toronto

London

New

York

Luxembourg

Amsterdam

Guernsey

Jersey

Singapore

Beijing

Tokyo

Bangalore

Hong Kong

Melbourne

Abu Dhabi

North America

Europe, Middle East, & Africa

Asia

Pacific

59% of C&IS

AUC is Global

~30% of Staff is

Outside U.S.

Stockholm

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$48B / 34%

$46B / 32%

$38B / 27%

Personal Financial Services

$141.5 Billion

Equities

Fixed

Income

Short

Duration

Other

$10B

7%

$258B / 55%

$65 / 14%

$111B / 24%

Corporate & Institutional Services

$469.0 Billion

Passive

Short Duration

Sec

Lending

Collateral

Other

$1B / <1%

Assets Under Management -

$610.5 Billion

September 30, 2009

Manager of Managers 

$27B / 6%

Northern Trust Global Investments

Providing Investment Solutions to Target Clients

$65B / 14%

Short

Duration

Active Fixed

Income / $7B / 1%

©

2009 Northern Trust Corporation

Service

Expertise

Integrity

Financial Strength

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Consistently Strong and Conservative Balance Sheet

90% of Northern Trust’s

total securities portfolio

composed of triple-A rated

securities

81% of Asset-Backed

Securities rated triple-A

Exposure to subprime

Asset-Backed securities

relative to the overall

portfolio minimal at ~1%

Total net, pre-tax unrealized

losses of only $52 million

High Quality, Short Duration

Securities Portfolio

Relationship-based lending

practices

Consistent and

conservative underwriting

standards

Loan quality is notably

better than peer averages*

Diversified, High Quality

Loan Portfolio

All data is as of September 30, 2009.       *Top 20 U.S. banks in terms of balance sheet assets.

Consistently Outstanding

Capital Strength

Northern Trust Corporation

Tier 1 Capital Ratio

13.3%

Well Capitalized Guideline

6.0%

Total Risk-Based Ratio

15.7%

Well Capitalized Guideline

10.0%

Leverage Ratio

9.0%

Well Capitalized Guideline

5.0%

Tier 1 Common Equity

12.7%

Tangible Common Equity

7.5%

$4.9

$2.7

$3.9

$3.6

$3.3

$3.1

$4.5

$6.2

$2.9

2001

2002

2003

2004

2005

2006

2007

2008

3Q09

COMMON EQUITY ($ Billions)

CAGR: +12%

3.86%

2.78%

1.07%

0.65%

EOP NPAs

to Loans

NCOs to Avg

Loans

NTRS

Top 20 Peers' Average

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Strong Year-to-Date 2009 Financial Performance Despite Market Headwinds

Operating Basis e.g. excluding VISA related items

*Includes $561.5 million in voluntary client support related charges or ($1.59) of earnings per share.

Year-to-Date

9/30/08

Trust, Inv. & Other Servicing Fees

Foreign Exchange Trading Income

Other Non-Interest Income

Net Interest Income

Total Revenues

Non-Interest Expenses

Provision for Credit Losses

Pre-Tax Income

Taxes

Net Income

Operating EPS

$1,535

$358

$188

$796

$2,877

$1,713

$175

$989

$336

$653

$2.29

Year-to-Date

9/30/09

($ in millions, except EPS)

$1,647

$382

$201

$781

$3,011

$2,379*

$55

$577

$259

$318

$1.40

©

2009 Northern Trust Corporation

Service

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Current Topics of

Interest

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$513

$557

$622

$648

$651

$601

$621

$735

$810

$908

$1,129

$796

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

YTD

2009

$66

$64

$53

$46

$41

$37

$35

$34

$32

$31

$27

$25

Average Earning Assets ($Billions)

Spotlight:

Net Interest Income

2.08%

2.05%

2.02%

2.02%

1.93%

1.73%

1.68%

1.82%

1.76%

1.70%

1.76%

1.60%

Net Interest Income is driven by balance sheet composition,

trends in earnings assets and interest rate dynamics.

Net Interest Margin

Net Interest Income ($Millions)

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$104

$108

$153

$140

$106

$110

$158

$180

$247

$351

$616

$358

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

YTD

2009

$200

$312

$385

$452

$471

$727

$965

$1,240

$1,691

$2,087

$1,422

$1,898

Global Custody Assets ($Billions)

Spotlight:

Foreign Exchange Trading Income

Foreign Exchange Trading Income is an outgrowth of our successful

global custody business, and is primarily driven by currency volatility

and client volumes.

Foreign Exchange Trading Income ($Millions)

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$85

$98

$117

$136

$100

$99

$120

$149

$192

$293

$434

$113

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

YTD

2009

$65

$81

$95

$92

$89

$133

$188

$217

$248

$270

$110

$111

Securities Lending Collateral ($Billions)

Spotlight:

Securities Lending Fees

Securities Lending is a client-directed asset management service driven

by capital markets supply and demand dynamics, and the interest rate

and credit spread environment.

Securities Lending Fees ($Millions)

*Securities lending mark-to-market collateral fund marks have been excluded in 2007, 2008 and YTD 2009.

©

2009 Northern Trust Corporation

Service

Expertise

Integrity

Concluding Thoughts

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1889

2009

120-Year Heritage of Service, Expertise and Integrity

Leadership positions in client-focused business segments

Attractive market and geographic growth opportunities

Comprehensive product capabilities

Distinctive balance sheet and capital strength

Invested, experienced and stable management team

Proven record of managing the business for long-term growth and profitability

Long-Term Success Due to Enduring Strategies:

©

2009 Northern Trust Corporation

Service

Expertise

Integrity

Frederick H. Waddell

Chairman &

Chief Executive Officer

Goldman Sachs U.S. Financial Services Conference

New York City

December 8, 2009

NORTHERN TRUST

CORPORATION