EXHIBIT 4.12
                                                              SEPTEMBER 15, 1993
              
              
                                    (LOGO)
              
              
                                        
                           IMPORTANT INFORMATION ON
           TIP TRANSACTIONS INVOLVING THE NORTHERN TRUST STOCK FUND
 
It is the Northern Trust's policy to prohibit employees from buying or  selling
Northern Trust stock during the period from 10 business days prior  to the end
of each calendar quarter to two days after the public release of  quarterly
earnings information. This rule also applies to any TIP  transaction (transfers
of funds, loans, withdrawals) involving the Northern  Trust Common Stock Fund. 

                                                                              
                                                                              
     Therefore, the deadline for any TIP transactions involving the Northern
Trust Common Stock Fund is earlier at the end of a quarter than in other
months. 

       . For transactions that will not change your balance in the Northern
         Trust Common Stock Fund, the deadline for any month of the year is the
         5th business day before the end of the month.

       . For any months other than March, June, September, and December the
         deadline for all activity is the 5th business day before the end of
         the month. 

       . For any transaction involving the Northern Trust Common Stock Fund at
         the end of a calendar quarter, the deadline is the 10th business day
         prior to  the end of the month. In other words, any transaction that
         will change your  balance in the Northern Trust Common Stock Fund
         (transfers or funds, loans, withdrawals) that is requested after that
         date is a violation of company policy.