EXHIBIT 4.5
                          THE NORTHERN TRUST COMPANY
     THRIFT INCENTIVE PLAN (TIP) AND EMPLOYEE STOCK OWNERSHIP PLAN (ESOP)
                             BENEFICIARY DESIGNATION

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   Participant's Name (Please Print)             Social Security Number

Marital Status: (Circle One)    Single    Married    Widowed    Divorced

To designate the same beneficiary for both the TIP and ESOP, complete Section
I. To designate  different beneficiaries for TIP & ESOP, complete Section II.
(Pursuant to Federal law, if married,  the sole primary beneficiary must be your
spouse unless waived in Section III below.)

I.   I HEREBY DESIGNATE THE FOLLOWING BENEFICIARY FOR THE TIP AND ESOP: 
     (PLEASE SIGN AND DATE BELOW)

     Primary Beneficiary's Name: _______________________________________________

     Address: __________________________________ Relationship: _________________

     If Primary Beneficiary is deceased, pay to: _______________________________

     Address: __________________________________ Relationship: _________________

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II.  I HEREBY DESIGNATE THE FOLLOWING BENEFICIARIES: 
     (PLEASE SIGN AND DATE BELOW)

                             THRIFT INCENTIVE PLAN

     Primary Beneficiary's Name: _______________________________________________

     Address: __________________________________ Relationship: _________________

     If Primary Beneficiary is deceased, pay to: _______________________________

     Address: __________________________________ Relationship: _________________

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                          EMPLOYEE STOCK OWNERSHIP PLAN

     Primary Beneficiary's Name: _______________________________________________

     Address: __________________________________ Relationship: _________________

     If Primary Beneficiary is deceased, pay to: _______________________________

     Address: __________________________________ Relationship: _________________

     PARTICIPANT'S SIGNATURE: __________________ DATE: _________________________

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III. SPOUSE'S WAIVER:

     I hereby waive my right to a survivor benefit from The Northern  Trust
     Thrift Incentive and Employee Stock Ownership Plans and agree to the above
     designation. I understand that I may revoke  this waiver at any time during
     the lifetime of the participant  (my spouse) named above by a written
     letter delivered to the  TIP/ESOP Administrator. Furthermore, if the
     participant changes  the beneficiary designated above, this waiver is
     revoked.

     Spouse's Signature: _______________________ Date: ________________________

     Notary:____________________________________ Date: ________________________

                             RETURN TO TIP/ESOP, M-8

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