©

2010 Northern Trust Corporation

2010 Annual Meeting of Stockholders

Frederick H. Waddell

Chairman, President and Chief Executive Officer

EXHIBIT 99.1

2

Forward Looking Statement

This

presentation

may

include

forward-looking

statements

such

as

statements

that

relate

to

Northern

Trust’s

financial

goals,

capital

adequacy,

dividend

policy,

expansion

and

business

development

plans,

risk

management

policies,

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

2009

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

Agenda

Strategic Overview

Financial Overview

Stock Price Performance

A Legacy of Leadership

Concluding Thoughts

Q&A

Strategic Overview

2010 Annual Meeting of Stockholders

4

5

Corporate Overview

Founded in 1889, Northern Trust Corporation is a global leader in asset management

and asset servicing for institutional and personal clients.

A Unique Business Focus

As of March 31, 2010

6

Personal Financial Services

Best-in-Class Performance

–

BusinessWeek

Best Private Bank in North America…

For Family Office Services

For Trust Services

For Inheritance and

Succession Planning

–

Euromoney Magazine

Industry leading provider of integrated wealth management solutions to address the

full spectrum of our clients’

unique needs.

Best Private Bank in North America

–

Publications of the Financial Times Group

Ranked among the Top 10

Wealth Managers 

–

Barron’s

Serving More than 20% of Forbes 400

Most Affluent Americans

–

Forbes

7

•

Global Custodian of the Year 

–

Financial Times Pension

& Investment Provider Awards

•

Fund Administrator –

Americas

•

European Client Relationship Manager of the Year

–

International Custody & Fund Administration

Corporate & Institutional Services

New Business Wins

Chapman University

Driehaus Capital Management

Shay Asset Management

New Zealand Debt

Management Office

Royal Borough of Kensington

and Chelsea

Nestlé

A worldwide leader in providing sophisticated solutions to the institutional marketplace.

North America

Chicago

Toronto

Europe, Middle East & Africa

Abu Dhabi

Amsterdam

Dublin

Guernsey

Jersey

Limerick

London

Luxembourg

Stockholm

Asia Pacific

Bangalore

Beijing

Hong Kong

Melbourne

Singapore

Tokyo

Best Bank for Pension Solutions

–

Treasury Management International

Best Overall Hedge Fund Administrator

–

HFMWeek

#1 Foreign Exchange Provider, Asia Pacific

–

Global Investor Foreign Exchange Poll

8

Northern Trust Global Investments

Client-specific solutions delivered through an extensive range of products and services.

13th Largest Asset Manager Worldwide

–

Pensions & Investments

Products

Equities

Fixed Income

Alternatives

Services

Securities

Lending

Transition

Management

Commission

Recapture

Securities

Brokerage

Cash

Overlay

Investment Management Firm of the Year

–

ACQ Finance Magazine

Best Money Market Fund –

North America

–

Treasury Management International

10th Largest Manager of Worldwide 

Institutional Assets

Manager of

Managers

Global Index

Management

Active

9

Operations & Technology

Integrated operations and technology platform serving personal and institutional

client needs.

GLOBAL OPERATIONAL

CENTERS

North America

Europe, Middle East, Africa

Asia Pacific

PEOPLE

Knowledge & Expertise

PROCESS

Discipline & Control

PLATFORM

Transaction &

Information Exchange

REGIONAL SERVICE

DELIVERY

Securities Operations

Client  Accounting

Data Management

Infrastructure and

Application Development

Multiple Ends of Day

Available 24 x 7 x 365

Common Tools

One of the Most Innovative

Technology Companies

–

#89 on the InformationWeek

500

Ranking of the most innovative

technology companies

One of the “100 Best

Places to Work in IT”

–

Computerworld

TECHNOLOGY

10

Community and Social Responsibility

Strives to annually contribute

approximately 1.5% of pre-tax profits

to charities globally

Awarded nearly $13 million in cash

contributions in 2009 with the majority

of funds directed to human services

initiatives that provide critical services

to low and moderate income families

One of the “100 Best Companies

for Working Mothers”

(18

consecutive

year)

–

Working Mother Magazine

Top 40 Diverse Companies

–

Black Enterprise Magazine

Since its founding in 1889, Northern Trust has been committed to

a culture of caring.

Northern Trust partners donated

more than 200,000 volunteer hours

in 2009

Three facilities have been awarded

U.S. Leadership in Energy and

Environmental Design (LEED) Gold

Certification

A “Best in Class”

Company

–

BusinessWeek

50,

representing the Editors’

choice

America’s Most Admired Companies

–

Fortune Magazine

(Super-regional Bank Category)

th

Financial Overview

2010 Annual Meeting of Stockholders

11

12

Solid performance despite challenging macroeconomic environment.

Operating Basis e.g. excluding VISA related items ($MM, except EPS)

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

Operating Net Income

Operating EPS

$2,084

$446

$257

$1,040

$3,827

$2,334

$215

$1,278

$425

$853

$3.11

FY09

-2%

-28%

-8%

-8%

-8%

-21%

+87%

+18%

-4%

+33%

+11%

FY09 vs FY08

Key Accomplishments

One of the first banks to

successfully raise common

equity and debt in April 2009

In the first group of large

banks to repay TARP funds

in June 2009

Record level of operating net

income in 2009

Strong new business results

continued in a difficult

macroeconomic environment

2009 Financial Performance

Note: Northern Trust is providing operating results, which exclude Visa related adjustments, in

order to provide a clearer indication of the results and trends in Northern Trust's core businesses.

13

($MM, except EPS)

1Q10

1Q10 vs 1Q09

New Business Wins

West Sussex County Council  

(One of the largest public

pension funds in the UK)

Taylor Wimpey

(International housing and

development group)

The Navigators Group      

(International specialist

insurance company)

Sprint Nextel

Sanders Capital

FF&P Asset Management

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

EPS

$515

$80

$73

$240

$908

$620

$40

$248

$91

$157

$0.64

25%

-39%

-3%

-17%

N/M

4%

-27%

-3%

-3%

-3%

5%

First Quarter 2010 Performance

14

Client Asset Accumulation

Assets Under Custody

($ Trillion)

Assets Under Management

($ Billion)

AUC CAGR

7%

S&P 500 CAGR

-1%

EAFE CAGR

1%

AUM CAGR

2%

S&P 500 CAGR

-1%

Indicative of our successful new business efforts, we continue to gather client assets at

rates which exceed market growth.

15

Consistently Strong Capital

Tier 1 Capital

13.0%

13.4%

Total Risk-Based

15.2%

15.5%

Leverage

8.9%

8.9%

Tier 1 Common Equity

9.6%

12.8%

Tangible Common Equity

5.9%

7.9%

Capital Ratios

3/31/09

3/31/10

A long standing hallmark of Northern Trust is our strong capital

base and consistent

growth in shareholders’

equity.

Shareholders’

Equity

($ Billion)

Note: March 31, 2010  capital ratios are preliminary.

Stock Price Performance

2010 Annual Meeting of Stockholders

16

17

Bank Peer Group: 2009 Stock Price Performance

January 1, 2009 through December 31, 2009

-1%

-8%

-8%

-10%

-31%

-34%

-35%

-51%

-60%

Average

(excl.

NTRS)

+6%

S&P

500

+24%

18

June 30, 2007 through March 31, 2010

Average (excl. NTRS)

-54%

S&P 500

-22%

Bank Peer Group: Stock Price Performance Recent History

A Legacy of Leadership

2010 Annual Meeting of Stockholders

19

20

Barry G. Hastings –

In Memoriam

Northern Trust President and

Chief Operating Officer, 1995-2002

Vice Chairman, 1993-1995

29 years of service to Northern Trust

Shared his talents and resources with numerous

civic organizations including The Field Museum

and Children’s Memorial Hospital

During Barry’s tenure as President and COO,

the Corporation's market capitalization increased

by 148%

Passed away in 2009 at the age of 62

21

William A. Osborn

Northern Trust Chief Executive Officer, 1995-2007

Chairman, 1995-2009

Served Northern Trust for 39 years

Named by Harvard Business Review as one

of the “Best Performing CEOs in the World”

and was top-ranked among U.S. based

financial services CEOs

Continues his long tradition of community

leadership as Chairman of the Board of

Northwestern University

During Bill’s tenure as Chairman of the Board,

Northern Trust’s custody assets and assets under

management each grew more than 400% and the

Corporation’s market capitalization increased more

than 350%

Concluding Thoughts

2010 Annual Meeting of Stockholders

22

Q&A

2010 Annual Meeting of Stockholders

23