 N O R T H E R N T R U S T C O R P O R A T I O N November 14, 2007 New York City © 2007 Northern Trust Corporation northerntrust.com Merrill Lynch 2007 Banking & Financial Services Investor Conference Northern Trust: Client Centric and Highly Focused William A. Osborn Chairman & Chief Executive Officer EXHIBIT 99.1 |
 2 Giving Our Clients the Freedom to Focus on What Really Matters 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 in litigation 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, 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 2006 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. |
 3 Giving Our Clients the Freedom to Focus on What Really Matters Northern Trust Corporation Today’s Agenda NORTHERN TRUST Personal Financial Services Corporate & Institutional Services Northern Trust Global Investments SUCCESS ACHIEVED THROUGH: Operating in Attractive Demographic Markets Focused and Conservative Strategies Client Centricity Excellence in Execution Consistent Leadership and Philosophy |
 4 Giving Our Clients the Freedom to Focus on What Really Matters Northern Trust Corporation Highly Focused on Select Target Market Segments Northern Trust Clients Pension Funds Large Corporations Investment Management Firms Foundations / Endowments / Healthcare Insurance Companies Government Agencies Taft-Hartley Individuals Families Asset Servicing Highly Focused Business Personal Clients Institutional Clients Two Client Channels Integrated Operations & Technology Platform Asset Management One Operating Platform Banking |
 5 Giving Our Clients the Freedom to Focus on What Really Matters Northern Trust Corporation Highly Focused on Select Target Market Segments Northern Trust Clients Pension Funds Large Corporations Investment Management Firms Foundations / Endowments / Healthcare Insurance Companies Government Agencies Taft-Hartley Individuals Families Highly Focused Business Personal Clients Institutional Clients Two Client Channels Integrated Operations & Technology Platform One Operating Platform Asset Servicing Asset Management Banking Some of the businesses we are not in: •Sub-Prime Mortgage Underwriting •Credit Cards •Asset Backed Commercial Paper Conduits •Private Equity Bridge Financing •Investment Banking |
 6 Giving Our Clients the Freedom to Focus on What Really Matters *As of June 30, 2007; Sources: FR Y-9C reports & SNL Financial. . Securities Portfolio – High Quality and Short Duration 96% of Northern Trust’s total securities portfolio was composed of AAA rated securities as of September 30, 2007. 75% of Earning Assets reprice or mature within one year. Top 20 Bank average equals 50%.* 77% of Interest-Bearing Deposit liabilities reprice or mature within one year. Top 20 Bank average equals 48%.* Northern Trust Corporation Prudent and Conservative Management of Earning Assets Loan Portfolio – High Quality Nonperforming assets represent only 0.12% of total outstanding loans as of September 30, 2007. Top 20 Bank average equals 0.68%.* Nonperforming loans are covered 6.1x by credit loss reserves as of September 30, 2007. Top 20 Bank average equals 2.0x.* |
 N O R T H E R N T R U S T C O R P O R A T I O N Personal Financial Services 7 Comprehensive, customized and innovative financial solutions for successful individuals, families, and their businesses. |
 8 Giving Our Clients the Freedom to Focus on What Really Matters Favorable Growth Projections in the Affluent Market Source: U.S. Census Bureau, Claritas, Survey of Consumer Finances, Company Research. Personal Financial Services Operating in Attractive Demographic Markets 8.5% 1.4% 15.0% 10.4% 0% 2% 4% 6% 8% 10% 12% 14% 16% Projected Annual Growth Rate 2006 – 2011 U.S. Households $1-$10 Million Households $10-$75 Million Households $75+ Million Households |
 9 Giving Our Clients the Freedom to Focus on What Really Matters Personal Financial Services Clients are at the Center of Everything We Do An holistic approach to supporting our clients’ financial goals and aspirations |
 10 Giving Our Clients the Freedom to Focus on What Really Matters Personal Financial Services Comprehensive Array of Solutions for Clients Retirement Services Qualified Plan Services Defined Benefit Plans Defined Contribution Plans Recordkeeping Investment Management Benefit Payment Services Trust Services Fiduciary Administration and Oversight Family Business Services Philanthropic Services Estate Settlement Services Real Estate and Farm Management Asset Custody Minerals Management Brokerage Full-Service Brokerage Money Market Instruments Safekeeping Online Access Access to Your Banking, Trust, Investment Management, Mutual Funds and Brokerage Information, via Northern Trust Private Passport ® and Wealth Passport ® Financial Planning Retirement Planning Estate Planning Tax Planning Asset Allocation Stock Option Planning Corporate Banking Working Capital and General Corporate Loans Secured and Cash Flow Lending Acquisition Financing Industrial Development Bonds Equipment Finance and Leasing Asset Management Structured Investment Services Asset Allocation Equity Investing Fixed Income Investing Short-Term Asset Management Indexing Alternative Investments Single Stock Strategies Private Banking Personal Credit Lines and Swing Loans Real Estate Development Loans Margin Loans Stock Option Lending Home Mortgages Equity Credit Lines Wealth Management Group Family Office Support Multi-generational Wealth Management Global Asset Servicing for Multi-Manager Investment Programs Data Aggregation and Customized Reporting Tax Lot and Partnership Accounting Investment Consulting and Performance Measurement |
 11 Giving Our Clients the Freedom to Focus on What Really Matters Source: Claritas Personal Financial Services Extensive Reach in High Growth Target Market 85 Offices in 18 States Over 50% of millionaire market resides within a 45-minute drive of Northern Trust offices. Arizona (8) Florida (25) Illinois (19) Colorado (1) Nevada (1) Missouri (1) Minnesota (1) Washington (1) Michigan (3) Texas (7) California (11) New York (1) Connecticut (1) Delaware (1) Georgia (1) Massachusetts (1) Wisconsin (1) Ohio (1) |
 12 Giving Our Clients the Freedom to Focus on What Really Matters Personal Financial Services Fully Integrated National Marketing Strategy TV and Print Advertising Client Communications Educational Events and Seminars Events and Strategic Philanthropy Relationships with Centers of Influence |
 13 Giving Our Clients the Freedom to Focus on What Really Matters 35% 28% 17% 13% 11% 11% 11% 8% 5% 5% 45% Private Client Revenues (As a Percentage of Total Company Revenues, 2006) Northern Trust Wachovia Citigroup Wilmington Trust Bank of America Mellon JP Morgan Chase Charles Schwab Merrill Lynch Goldman Sachs Source: Company reports Personal Financial Services Spotlight: Our Focus on the Affluent Market is Unmatched Bank of New York |
 14 Giving Our Clients the Freedom to Focus on What Really Matters Personal Financial Services Spotlight: Strong Growth in PFS Trust & Investment Fees 16.8% 16.3% 13.7% 10.1% 9.0% 8.5% -1.5% -1.4% 0.3% -2% 3% 8% 13% 18% Year-over-Year Percentage Increase Largest Y-o-Y % Increase Since 3Q 2000 2001 2002 2003 2004 2005 2006 1Q07 2Q07 3Q07 |
 N O R T H E R N T R U S T C O R P O R A T I O N Corporate & Institutional Services 15 Global leader in helping manage the sophisticated financial needs of corporations, public entities, foundations, endowments, insurance companies and investment managers worldwide. |
 16 Giving Our Clients the Freedom to Focus on What Really Matters (1) McKinsey & Company – Mapping the Global Capital Market, Third Annual Report, January 2007 (2) The Greensted Report, Issue 4, Spring 2007 – AUC of Top 10 custodians as of December 31, 2006 Total World Capital Market: $140 Trillion Total Assets Under Custody Worldwide: $72 Trillion United States Europe Latin America, Mid-East & Other Asia $40 Trillion $28 Trillion $50 Trillion $22 Trillion Japan, China & India (1) (2) Corporate & Institutional Services Operating in Attractive, Worldwide Markets |
 17 Giving Our Clients the Freedom to Focus on What Really Matters 15 Locations Worldwide Trade Settlement in 90+ Markets Clients in 41 Countries Corporate & Institutional Services Positioned to Serve Clients Around the World Serving clients and capitalizing on global opportunities Chicago (Corporate Headquarters) Toronto London New York Luxembourg Amsterdam Dublin Guernsey Jersey Singapore Beijing Tokyo Bangalore Hong Kong Melbourne |
 18 Giving Our Clients the Freedom to Focus on What Really Matters Corporate & Institutional Services Extensive Suite of Product Solutions for Institutional Clients Fund Services Fund Accounting Investment Operations Outsourcing Active Collateral Management Hedge Fund Administration Private Equity Administration Property Administration Asset Servicing Safekeeping Settlement Income Collection Corporate Actions Information Services Risk Management Services Cash Active Passive Securities Lending Manager of Managers Foreign Exchange Transition Management Commission Management Accounting Reporting Valuation Attribution Analysis Value at Risk Cross-Border Pooling patent pending Rates of Return Multinational HQ Reporting Regulatory Reporting Compliance Monitoring Market Event Analytics Socially Responsible Investing Asset Management Asset Servicing Asset Management |
 19 Giving Our Clients the Freedom to Focus on What Really Matters Corporate & Institutional Services Significant Presence in Our Target Segments Pension Plans Foundations, Endowments & Healthcare Public Funds / Taft-Hartley 100 U.S. Corporate Plans 40% 200 U.S. Funds 37% 200 U.K. Funds 27% Northern Serves Of the Top Northern Serves Of the Top 25 Taft-Hartley Funds 32% 100 U.S. Public Funds 35% U.K. Local Authority 31% 50 U.S. Foundations 30% 50 U.S. Endowments 28% 50 U.S. Healthcare Funds 32% Northern Serves Of the Top Source: Pensions and Investments 22 January 2007 (US Pensions), 25 December 2006 (Foundations & Endowments), 29 May 2006 (Asset Managers); Pension Funds and Their Advisors, 2006 (UK Funds); Money Market Directory, 2006 (Healthcare Funds); Lipper Fitzrovia Dublin Fund Encyclopaedia, Administrators, 2006/2007; Lipper Fitzrovia Guernsey Fund Encyclopaedia, Administrators, 2006/2007. Fund Administration • Serves 28% of the Top 200 Asset Managers in the world • Is the #1 Provider of Offshore Private Equity Fund Administration service in Europe • Serves as Fund Administrator for more funds in Ireland and Guernsey than any other provider |
 20 Giving Our Clients the Freedom to Focus on What Really Matters Best Investor Services House Euromoney Magazine “Awards of Excellence” (July 2007) Fund Administrator of the Year Global Investor Awards for Investment Excellence (June 2007) Best Global Custodian – North American Institutional Fund Managers Global Investor Global Custody Survey (May 2007) Best Sole Custodian – North America Global Investor Global Custody Survey (May 2007) Best Global Custodian – Asia Global Investor Global Custody Survey (May 2007) European Pension Fund Custodian of the Year International Custody and Fund Administration 4th Consecutive Year (February 2007) Client Relationship Manager of the Year International Custody and Fund Administration (February 2007) Best Operations Innovation – Multinational Pooling Operations Management (October 2006) Corporate & Institutional Services Excellence in Execution |
 21 Giving Our Clients the Freedom to Focus on What Really Matters $149 $727 $965 $2,015 $1,691 $1,240 $108 $452 $385 $312 $200 $471 $0 $400 $800 $1,200 $1,600 $2,000 $2,400 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 3Q07 Global Custody Assets $ Billions 12/31/96 to 9/30/07 % Change CAGR Global Custody Assets +1,766% +31% S&P 500 +106% +7% EAFE +94% +6% 15% 15% 18% 23% 26% 30% 35% 38% 41% 46% 52% 53% % of C&IS Total AUC Corporate & Institutional Services Spotlight: Outstanding International Growth |
 22 Giving Our Clients the Freedom to Focus on What Really Matters 9% 19% 22% 24% 21% 24% 27% 29% 35% 7% 23% 16% 16% 16% 21% 0% 6% 12% 18% 24% 30% 36% 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 % of Northern Trust Corporation Net Income resulting from International Activities Corporate & Institutional Services Spotlight: Growing International Contribution to Net Income |
 N O R T H E R N T R U S T C O R P O R A T I O N Northern Trust Global Investments 23 Global, multi-asset class investment manager providing private and institutional clients with comprehensive, value-added investment solutions. |
 24 Giving Our Clients the Freedom to Focus on What Really Matters Northern Trust Global Investments The Asset Management Industry: An Attractive Business “Extraordinarily prosperous [and] highly profitable…” “An industry where profit margins have remained incredibly attractive…” Source: McKinsey & Company, “The Asset Management Industry: Shifting Sands of Growth and Profitability.” August 2007. “Operations and technology have taken on a new strategic imperative, in particular around innovation, customer service, and efficiency.” |
 25 Giving Our Clients the Freedom to Focus on What Really Matters Northern Trust Global Investments Diversified, World Class Investment Manager $761.4 Billion Assets Under Management as of September 30, 2007 $459 Billion (60%) Active $264 Billion (35%) Quantitative $38 Billion (5%) Manager of Managers A Diversified Asset Manager Across Asset Classes Across Client Segments $614 Billion Institutional $147 Billion Personal Across Styles Fixed Income $89 Billion (12%) Short Duration $385 Billion (51%) Other $10 Billion (1%) Equities $277 Billion 36% |
 26 Giving Our Clients the Freedom to Focus on What Really Matters Multi-Advisor Funds Hedge Funds Private Equity Small Cap Growth Mid Cap Growth Large Cap Value Exchange Fund Enhanced Index Funds International Fixed Income High Yield Stable Value Canadian & UK Programs Int’l/US Equity Manager of Managers Minority and Emerging Managers Investment Program Solutions International Equities EAFE Index 130/30 Long-Short Strategies Technology Large Cap Growth Socially Responsible Tax Advantaged Fixed Income and Equity Index Funds Core Fixed Income Municipals Government Short/Intermediate Duration Fixed Income Cash Management Active Investment Management Growth & Value Equity Short & Long Duration Fixed Income Quantitative Management Index & Enhanced Capabilities Manager of Managers Investment Program Solutions Emerging & Minority Programs Alternative Investments PRODUCT BREADTH Methods of Delivery Separate Accounts Collective Funds Common Funds Mutual Funds Methods of Delivery Separate Accounts Collective Funds Common Funds Mutual Funds Northern Trust Global Investments A Continuum of Investment Solutions for Clients Investment Options |
 27 Giving Our Clients the Freedom to Focus on What Really Matters Northern Trust Global Investments Excellence in Execution Winner: 27 ‘Best in Class’ Rankings for Transition Management PLANSPONSOR Magazine Survey (May 2007) Winner: Manager of Managers Award 2007 FT Business Pension & Investment Provider Awards (May 2007) 5th Largest U.S. Institutional Tax-Exempt Asset Manager Pensions & Investments (May 2007) Winner: Multi-Manager of the Year Professional Pensions Magazine - UK Pension Awards (April 2007) 12 th Largest Asset Manager Worldwide Global Investor (December/January 2007) Rated #1 Global Securities Lender in North America International Securities Finance (September 2006) |
 28 Giving Our Clients the Freedom to Focus on What Really Matters $130 $197 $233 $292 $326 $320 $303 $479 $572 $618 $697 $761 $0 $200 $400 $600 $800 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 3Q07 Assets Under Management $ Billions 12/31/96 to 9/30/07 CAGR Northern Trust 18% S&P 500 7% Northern Trust Global Investments Spotlight: Strong Growth in Assets Under Management Acquired $75 BN Index Assets |
 29 Giving Our Clients the Freedom to Focus on What Really Matters Northern Trust Corporation Consistent Leadership and Management Philosophy Northern Trust Industry Bill Osborn - Chairman & CEO 37 Years 37 Years Rick Waddell - President & COO 32 Years 32 Years Sherry Barrat - President – PFS 17 Years 37 Years Steve Fradkin - EVP & Chief Financial Officer 22 Years 22 Years Tim Moen - EVP – Human Resources & Admin. 6 Years 32 Years Bill Morrison - President – PFS 11 Years 34 Years Steve Potter - EVP – International 25 Years 25 Years Joyce St. Clair - EVP – Corp. Risk Management 15 Years 26 Years Jana Schreuder - President – WWOT 27 Years 27 Years Tim Theriault - President – C&IS 25 Years 27 Years Kelly Welsh - EVP & General Counsel 7 Years 29 Years |
 30 Giving Our Clients the Freedom to Focus on What Really Matters Northern Trust Corporation Outstanding 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 % Growth 2006 to 2007 $1,530 Million $421 Million $647 Million $2,599 Million $1,648 Million $602 Million $2.69 +15% +16% +10% +14% +14% +22% +21% Assets Under Custody Global Custody Assets Assets Under Management $4.1 Trillion $2.0 Trillion $761 Billion +24% +31% +14% Year-to-Date 9/30/07 |
 31 Giving Our Clients the Freedom to Focus on What Really Matters Northern Trust Corporation Today’s Agenda NORTHERN TRUST Personal Financial Services Corporate & Institutional Services Northern Trust Global Investments SUCCESS ACHIEVED THROUGH: Operating in Attractive Demographic Markets Focused and Conservative Strategies Client Centricity Excellence in Execution Consistent Leadership and Philosophy |
 N O R T H E R N T R U S T C O R P O R A T I O N November 14, 2007 New York City © 2007 Northern Trust Corporation northerntrust.com Merrill Lynch 2007 Banking & Financial Services Investor Conference Northern Trust: Client Centric and Highly Focused William A. Osborn Chairman & Chief Executive Officer |