1. Corporate &
Service Expertise Integrity
Institutional Services
Timothy J. Theriault
President, C&IS
Principles That Endure
INVESTOR DAY 2008
© 2008 Northern Trust Corporation

2. Key Strategic Priorities
Corporate & Institutional Services
Competing and winning
around the world
Complexity drives innovation
Broad array of solutions
Unique global operating model
Extending industry leading
technology platform
Service Expertise Integrity
2

3. Strategically Positioned to Succeed in Three Dynamic Regions
Europe,
North America Asia Pacific
Middle East & Africa
Chicago
Amsterdam
London
Dublin
Limerick
Beijing
Guernsey Luxembourg Tokyo
Jersey
Toronto
Hong Kong
Bangalore
Abu Dhabi
Singapore
Melbourne
Service Expertise Integrity
3

4. Actively Pursuing Mandates Across Multiple Markets
Finland
UAE
Germany
Switzerland
Canada
Norway
Sweden Luxembourg
United Kingdom
China
Ireland
Thailand
Guernsey
U.S.A.
and Jersey
South Korea
Macau
Netherlands
Cayman Islands Taiwan
Philippines
Malaysia
Puerto Rico Guam
Tunisia
Hong Kong
Singapore
New
Zealand
Kuwait Qatar
Australia
Bahrain
Saudi Arabia
Service Expertise Integrity
4

5. Success in Regions and Target Segments Around the World
East Riding of Yorkshire Council (UK) $4 Billion
Delaware Public
Employees’
Insight Investment (UK) Outsourcing $190 Billion
Retirement System
Hospitals of Ontario
$6.5 Billion
Pension Plan Generation Investment Management (UK) Outsourcing
$20 Billion
Brevan Howard Macro Limited (UK) Hedge Fund Administration
Strathclyde Pension Fund (UK) $20 Billion
China’s
National Social
Security Fund
SBZ
State of Tennessee
(Netherlands)
$29 Billion
$3 Billion
Qualified
Vervoer Domestic
(Netherlands) Institutional
$9 Billion Investors
Employees’ Retirement (China)
System of Hawaii
$11 Billion
Los Angeles
Australian
Employees’ Retirement
Government
System
Future Fund
$12 Billion
$42 Billion
Abu Dhabi Retirement
New Zealand
Pensions & Benefits Fund
Superannuation
$ Multi-Billion
Fund
$8 Billion
Service Expertise Integrity
5

6. 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… …play to Northern Trust’s strengths
Convergence of Investment Styles End to end full service solutions across asset classes
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
Evolving Retirement Trends Ahead of the curve – Global retirement solutions span all disciplines
Service Expertise Integrity
6

7. Asset Servicing Solutions
Full array of capabilities to meet the needs of
sophisticated institutional investors.
Active Manager of managers
Asset Quantitative Hedge funds
Management Investment outsourcing Private equity
Liability driven investing Transition management
Asset Cross-border pooling Securities lending
Enhancement Trade execution Foreign exchange
Cash management Commission management
Investment accounting Risk monitoring and reporting
Asset Reporting Reporting and valuation Trade execution analysis
Performance analytics Data warehouse
Fund accounting Trustee
Asset
Administration Transfer agency Investment operations
outsourcing
Corporate secretarial
Safekeeping Income collection
Asset Processing Settlement Corporate actions
Derivatives processing Tax reclamation
Service Expertise Integrity
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8. A Single Global Operating Model
Unique in the industry…
A single operating platform across ALL regions, ALL clients, ALL constituencies.
09:00 19:00 03:00
Central Daylight Time
Dublin
Chicago Limerick London
Guernsey
Bangalore
Singapore
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
Service Expertise Integrity
8

9. Outstanding Growth in Client Assets
Strong historical performance sets a high bar for the future.
C&IS Assets Global Custody C&IS Assets
Under Custody Assets Under Management
($ Trillions) ($ Trillions) ($ Billions)
$3.8 $2.0 $609
$563
$3.3
$1.7 $501
$462
$2.7
$2.3 $374
$1.2
$1.9 $1.0
$0.7
2003 2004 2005 2006 2007 2003 2004 2005 2006 2007
2003 2004 2005 2006 2007
CAGR +19% CAGR +29% CAGR +13%
S&P 500 CAGR: +7% EAFE CAGR: +15% S&P 500 CAGR: +7%
Service Expertise Integrity
9

10. Excellent Top-line and Bottom-line Growth…
…and industry-leading profit margins.
C&IS Revenues C&IS Net Income C&IS
Pre-Tax Margin
($ Billions) ($ Millions)
$2.1
$526
42%
$1.7 40%
37% 39%
$392
$1.4 33%
31%
$318
$1.1 28%
$278
$1.0
$176
2003 2004 2005 2006 2007 2003 2004 2005 2006 2007
2003 2004 2005 2006 2007
Competitors’ Average Margin*
CAGR +20% CAGR +31%
*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.
Service Expertise Integrity
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11. Strategic Growth Initiatives
Thinking globally, acting locally.
Europe,
North America Asia Pacific
Middle East & Africa
Foundational Strength Growth Momentum A Region of
for Growth Continues Vast Opportunity
Build out integrated investment
and administration solutions
Enhance capabilities for Develop onshore fund
asset manager servicing administration service
Globalize retirement market
products and solutions
Expand
local presence
Open in new markets and
jurisdictions
Deliver best in class alternative
asset solutions
Service Expertise Integrity
11

12. Corporate & Institutional Services
Summary and Q&A Attractive
Client Markets
Client- Focused
Brand Capabilities
Centric
Key Strategies and Opportunities
for Long-term Growth Excellence
in Execution
Competing and winning around the world
Complexity drives innovation
Broad array of solutions
Unique global operating model
Extending industry leading technology platform
Service Expertise Integrity
12

13. Corporate &
Service Expertise Integrity
Institutional Services
Timothy J. Theriault
President, C&IS
Principles That Endure
INVESTOR DAY 2008
© 2008 Northern Trust Corporation