NORTHERN TRUST CORPORATION

Service Expertise Integrity NORTHERN TRUST CORPORATION 2008 Annual Meeting of Stockholders William A. Osborn Chairman April 15, 2008 2008 Northern Trust Corporation

Service Expertise Integrity NORTHERN TRUST CORPORATION 2008 Annual Meeting of Stockholders Frederick H. Waddell President & Chief Executive Officer April 15, 2008 2008 Northern Trust Corporation

Today s Agenda Current Environment Outstanding Financial Performance Northern Trust: Client Centric and Highly Focused Conclusion Q & A 3 Service Expertise Integrity

Service Expertise Integrity Current Environment 2008 Northern Trust Corporation

Current Environment The environment beginning in the summer of 2007 and continuing today has been characterized by uncertainty, complexity and volatility. UNCERTAINTY Housing Market Correction is Incomplete Northern Trust Global Economic Research, Week in Review, March 28, 2008 Bernanke Warns U.S. Economy Could Shrink FinancialTimes.com, April 2, 2008 Jobs Data Fuel Recession Fears WSJ.com, April 4, 2008 COMPLEXITY Counterparty concerns are causing severe strains in interbank and other lending markets. Financial Stability Forum, March 29, 2008 The latest losses in markets outside the U.S. signal that investors remain deeply worried about the global repercussions of the financial crisis in the U.S. WSJ.com, March 31, 2008 VOLATILITY The U.S. dollar recently hit record lows against the euro and Swiss franc and its lowest level in 12 years against the yen. FinancialTimes.com, March 26, 2008 S&P 500: 27 notable daily moves from July 2007 through March 2008 Securities writedowns and senior management shakeups at major global banks and brokerage firms continue 5 Service Expertise Integrity

Strong Performance in 2007, Despite Tumultuous Environment Northern Trust: No securities or leveraged loan write-downs Credit quality improved: nonperforming assets decreased and reserve ratios improved Operating EPS: Completed 12 th consecutive quarter of double-digit, year-over-year growth Common Equity: Completed 79 th consecutive quarter of growth Record operating net income, up 23% vs 2006 Record total revenues, up 17% vs 2006 Strong 16% growth in assets under custody vs 2006 Strong 9% growth in assets under management vs 2006 6 Service Expertise Integrity

Service Expertise Integrity Outstanding Financial Performance 2008 Northern Trust Corporation

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* Fiscal Year 2007 $2,078 Million $600 Million $894 Million $3,572 Million $2,280 Million $821 Million $3.66 % Growth 2006 to 2007 +16% +26% +13% +17% +17% +23% +22% Assets Under Custody Global Custody Assets Assets Under Management $4.1 Trillion $2.1 Trillion $757 Billion +17% +23% +9% *Excludes the impact of the Fourth Quarter 2007 $150 million VISA indemnification charge due to its non-operating nature 8 Service Expertise Integrity

Record Revenues and Net Income in 2007 Revenues ($ Billions) Net Income ($ Millions) 10-YEAR CAGR: 10% 10-YEAR CAGR: 10% $3.6 $821 $3.1 $2.7 $665 $1.4 $1.6 $1.8 $2.1 $2.2 $2.1 $2.1 $2.3 R E C O R D $506 $485 $488 $447 $405 $405 $354 $584 R E C O R D $309 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 9 Note: 2007 net income excludes the $150 million VISA charge due to its non-operating nature Service Expertise Integrity

Client Assets Also Reached Record Levels in 2007 Assets Under Custody ($ Trillions) Assets Under Management ($ Billions) AUC 10-YEAR CAGR: 14% S&P500 10-YEAR CAGR: 4% $4.1 AUM 10-YEAR CAGR: 14% S&P500 10-YEAR CAGR: 4% $757 $3.5 $697 $2.9 $572 $618 $1.5 $1.6 $1.7 $1.5 $2.1 $2.6 R E C O R D Acquired $75 BN Index Assets $326 $320 $292 $303 $479 R E C O R D $1.1 $1.3 S&P500 $233 $197 S&P500 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 10 Service Expertise Integrity

Increasing Contribution from International Activities Global Custody Assets ($ Trillions) International Contribution to Corporate Net Income GCA 10-YEAR CAGR: 30% EAFE 10-YEAR CAGR: 7% $2.1 46% $1.7 35% $1.2 $1.0 27% 29% $0.1 $0.2 $0.3 $0.4 $0.5 $0.5 $0.7 23% 21% 19% 22% 24% 21% 24% 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Note: 2007 international contribution to corporate net income excludes the effect of the VISA charge due to its non-operating nature 11 Service Expertise Integrity

Differentiated Business Model Revenue Stream Dominated by Fee Income 74% of Total Revenues derived from Non-Interest Income in 2007. Top 20 Bank average equaled 48%. Loan Portfolio High Quality Nonperforming assets represented only 0.12% of total outstanding loans as of December 31, 2007. Top 20 Bank average equaled 0.87%. Nonperforming assets were covered 5.1x by credit loss reserves as of December 31, 2007. Top 20 Bank average equaled 2.3x. Securities Portfolio High Quality and Short Duration 93% of Northern Trust s total securities portfolio was composed of triple-a rated securities as of December 31, 2007. 78% of Earning Assets reprice or mature within one year as of December 31, 2007. Top 20 Bank average equals 52%. 79% of Interest-Bearing Deposit liabilities reprice or mature within one year as of December 31, 2007. Top 20 Bank average equals 48%. Top 20 Bank Source: FR Y-9C reports and SNL Financial 12 Service Expertise Integrity

Leading Stock Price Performance Full Year 2007 % % % 1. Northern Trust +26.2 8. Bank of America -22.7 15. KeyCorp -38.3 2. State Street +20.4 9. Comerica -25.8 16. Capital One -38.5 3. Bank of NY Mellon +10.2* 10. SunTrust -26.0 17. Fifth Third -38.6 4. JPMorgan Chase -9.6 11. BB&T -30.2 18. M&I Bank -45.0 5. PNC Bank -11.3 12. Wachovia -33.2 19. Citigroup -47.1 6. US Bancorp -12.3 13. M&T Bank -33.2 20. National City -55.0 7. Wells Fargo -15.1 14. Regions -36.8 Average (excl. NTRS): -25.7 S&P 500: +3.5 *Reflects the change from the newly merged Bank of NY Mellon s initial trading date of 7/2/07. 13 Service Expertise Integrity

Strong Performance Continued in First Quarter 2008 Tumultuous environment continued in First Quarter 2008 3/31/08 vs 3/31/07: S&P 500-6.9%; EAFE -16.9% Northern Trust: Record operating net income, up 24% vs First Quarter 2007 Record total revenues, up 19% vs First Quarter 2007 6% growth in assets under custody vs First Quarter 2007 3% growth in assets under management vs First Quarter 2007 13 th Operating EPS: Completed 13 th consecutive quarter of double-digit, year-over-year growth Common Equity: Completed 80 th consecutive quarter of growth Credit quality improved: nonperforming assets decreased and reserve ratios improved vs First Quarter 2007 No securities or leveraged loan write-downs 14 Service Expertise Integrity

Service Expertise Integrity Northern Trust: Client Centric and Highly Focused 2008 Northern Trust Corporation

Client-centric and Highly Focused Northern Trust Clients Institutional Clients Personal Clients Two Client Channels Pension Funds Large Corporations Investment Management Firms Foundations / Endowments / Healthcare Insurance Companies Government Agencies Taft-Hartley Individuals Families Asset Servicing Asset Management Banking Highly Focused Business Integrated Operations & Technology Platform One Operating Platform 16 Service Expertise Integrity

Client-centric and Highly Focused While we do adjust our actions to align with prevailing conditions, Northern Trust has resisted the temptation to change our business or risk profile to capitalize on temporarily shifting cycles. Businesses Northern Trust is NOT in: Investment Banking Sub-Prime Mortgage Underwriting Asset Backed Commercial Paper Conduits Private Equity Bridge Financing Discount Brokerage American Depositary Receipts Credit Cards Retail Banking Consumer Finance Venture Capital Stock Transfer DC Record Keeping 17 Service Expertise Integrity

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. Projected Annual Household Growth Rates 2007-2012 14.3% Washington (1) California (11) Nevada (1) Arizona (8) Colorado (1) Minnesota (1) Wisconsin (1) Illinois (19) Missouri (1) Michigan (3) Ohio (1) Georgia (1) Massachusetts (1) Connecticut (1) New York (1) Delaware (1) 8.1% $1-$10 Million 9.9% $10-$75 Million $75+ Million Texas (7) Florida (25) Growth Rate by Household Asset Size 18 Service Expertise Integrity

Corporate & Institutional Services Positioned Globally for Growth Positioned to serve clients locally and capitalize on global opportunities. North America Europe, Middle East, & Africa Chicago (Corporate Headquarters) Toronto New York Dublin Limerick Guernsey Jersey London Amsterdam Luxembourg Abu Dhabi Asia Pacific Tokyo Beijing Hong Kong Bangalore Singapore Melbourne 17 Locations Worldwide Clients in 41 Countries Trade Settlement in 90+ Markets 19 Service Expertise Integrity

Northern Trust Global Investments Diversified, World Class Investment Manager $778.6 Billion Assets Under Management as of March 31, 2008 A Diversified Asset Manager Across Asset Classes Across Client Segments Across Styles Equities Short $274 Billion Duration (36%) $387 Billion Short Equities (50%) Duration $283 Fixed Billion $400 Billion (36%) Income (52%) $84 Bn (11%) Institutional $633 Billion Personal $146 Billion Active $457 Billion (59%) Quantitative $281 Billion (36%) Other $11 Billion (1%) Fixed Income $98 Billion (13%) Manager of Managers $41 Billion (5%) 20 Service Expertise Integrity

Northern Trust Open Increased Global Brand Awareness Enhanced understanding of Northern Trust capabilities and services Strengthened corporate brand perceptions Deepened Relationships Premium on- and off-course hospitality for personal and institutional clients from around the world Strengthened Our Presence In California Increased local charitable component of the Tournament Created a platform to build and grow client relationships and strategic partnerships 21 Service Expertise Integrity

Service Expertise Integrity Conclusion 2008 Northern Trust Corporation

Well Positioned for Continued Success Success Due to Enduring Principles and Strategies: Attractive Demographic Markets Focused and Conservative Strategy Client Centricity Excellence in Execution Consistent Leadership and Philosophy 23 Service Expertise Integrity

Delivering High Performance Results Over the Long-Run December 31, 2002 through March 31, 2008 150% CAGR since 12/31/02: NTRS 13% S&P 500 8% KBW50 1% 120% 90% As of 3/31/08: NTRS +90% $66.47 60% 30% 0% S&P 500 +50% KBW50 +6% -30% 2002 2003 2004 2005 2006 2007 2008 24 Service Expertise Integrity

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 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. 25 Service Expertise Integrity

Service Expertise Integrity NORTHERN TRUST CORPORATION 2008 Annual Meeting of Stockholders Rick Waddell President & Chief Executive Officer Bill Osborn Chairman 2008 Northern Trust Corporation