Exhibit 99.3

Financial Trends

First Quarter 2024

April 16, 2024

Please direct inquiries to:

Jennifer Childe

Senior Vice President, Director of Investor Relations

(312) 444-3290 or jennifer.childe@ntrs.com

Grace Higgins

Second Vice President, Investor Relations

(847) 946-9113 or grace.higgins@ntrs.com

The historical financial results and trends reflected in this report are not indicative of future financial results and trends for Northern Trust Corporation. This report should be read in conjunction with the Corporation's First Quarter 2024 earnings press release, 2023 Annual Report to Shareholders, and periodic reports to the Securities and Exchange Commission, all of which contain additional information about factors that could affect the Corporation's future financial results and trends. The Corporation assumes no obligation to update this report.

TABLE OF CONTENTS
	1	7
	Financial Summary	Balance Sheet Mix Trends
	2	8
	Income Statement	Interest Rate Trends
	3	9
	Net Income Trends	Asset Quality
	4	10
	Fee Detail	Trust Assets
	5	11
	Balance Sheet (EOP)	Reconciliation to FTE
	6	12
	Balance Sheet Trends	Reconciliation to FTE (Ratios)

Northern Trust Corporation
FINANCIAL SUMMARY
($ in Millions except per share information)
																				2023												2024
		2019			2020			2021			2022			2023						1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr	3rd Qtr	4th Qtr
																	Profitability:
		$	1,492.2		$	1,209.3		$	1,545.3		$	1,336.0		$	1,107.3		Net Income			$	334.6		$	331.8		$	327.8		$	113.1		$	214.7
		1,428.9			1,141.0			1,490.6			1,282.4			1,053.9			Earnings Allocated to Common and Potential			315.2			323.7			308.5			106.5			196.1
																		Common Shares
		$	6.66		$	5.48		$	7.16		$	6.16		$	5.09		Basic Earnings Per Share			$	1.51		$	1.56		$	1.49		$	0.52		$	0.96
		6.63			5.46			7.14			6.14			5.08			Diluted Earnings Per Share			1.51			1.56			1.49			0.52			0.96
		—		%	(18		%)	31		%	(14		%)	(17		%)	Diluted EPS Growth over Previous Year			(15		%)	(16		%)	(17		%)	(27		%)	(37		%)
		14.9		%	11.2		%	13.9		%	12.7		%	10.0		%	Return on Average Common Equity			12.4		%	12.4		%	11.6		%	4.0		%	7.3		%
		1.27		%	0.88		%	0.99		%	0.88		%	0.78		%	Return on Average Assets			0.92		%	0.91		%	0.93		%	0.33		%	0.60		%
		32.4		%	27.1		%	31.5		%	26.6		%	22.3		%	Profit Margin (pre-tax) (FTE)(1)			26.0		%	25.6		%	25.7		%	10.5		%	18.0		%
		24.4		%	19.7		%	23.8		%	19.6		%	16.2		%	Profit Margin (after-tax) (FTE)(1)			19.0		%	18.7		%	18.8		%	7.2		%	13.0		%
		72.0		%	75.9		%	78.2		%	71.6		%	70.1		%	Noninterest Income to Total Revenue (FTE)(1)			69.0		%	70.4		%	73.0		%	67.9		%	67.6		%
		63.1		%	65.1		%	67.1		%	65.1		%	63.9		%	Trust Fees to Total Revenue (FTE)(1)			60.5		%	61.9		%	63.9		%	69.7		%	69.1		%
		23.2		%	25.7		%	23.1		%	24.4		%	24.4		%	Effective Tax Rate (US GAAP)			24.6		%	24.7		%	24.5		%	22.4		%	26.1		%
		24.5		%	27.2		%	24.5		%	26.3		%	27.3		%	Effective Tax Rate (FTE)(1)			26.8		%	26.9		%	26.8		%	30.9		%	27.9		%
																	Capital Ratios:(2)
																		Standardized Approach
		12.7		%	12.8		%	11.9		%	10.8		%	11.4		%			Common Equity Tier 1 Capital	11.3		%	11.3		%	11.4		%	11.4		%	11.4		%
		14.5		%	13.9		%	12.9		%	11.8		%	12.3		%			Tier 1 Capital	12.3		%	12.3		%	12.4		%	12.3		%	12.4		%
		16.3		%	15.6		%	14.1		%	13.9		%	14.2		%			Total Capital	14.4		%	14.4		%	14.5		%	14.2		%	14.2		%
		8.7		%	7.6		%	6.9		%	7.1		%	8.1		%			Tier 1 Leverage	7.3		%	7.4		%	7.9		%	8.1		%	7.8		%
																		Advanced Approach
		13.2		%	13.4		%	13.2		%	11.5		%	13.4		%			Common Equity Tier 1 Capital	11.7		%	13.0		%	13.2		%	13.4		%	13.5		%
		15.0		%	14.5		%	14.3		%	12.5		%	14.5		%			Tier 1 Capital	12.7		%	14.1		%	14.3		%	14.5		%	14.6		%
		16.8		%	15.9		%	15.3		%	14.5		%	16.5		%			Total Capital	14.7		%	16.3		%	16.5		%	16.5		%	16.5		%
		8.7		%	7.6		%	6.9		%	7.1		%	8.1		%			Tier 1 Leverage	7.3		%	7.4		%	7.9		%	8.1		%	7.8		%
		7.6		%	8.6		%	8.2		%	7.9		%	8.6		%			Supplementary Leverage (3)	8.3		%	8.3		%	8.4		%	8.6		%	8.8		%
																	Per Share Information / Ratios:
		$	2.60		$	2.80		$	2.80		$	2.90		$	3.00		Cash Dividends Declared Per Common Share			$	0.75		$	0.75		$	0.75		$	0.75		$	0.75
		39		%	51		%	39		%	47		%	59		%	Dividend Payout Ratio			50		%	48		%	50		%	144		%	78		%
		$	106.24		$	93.14		$	119.61		$	88.49		$	84.38		Market Value Per Share (End of Period)			$	88.13		$	74.14		$	69.48		$	84.38		$	88.92
		16.0			17.1			16.8			14.4			16.6			Stock Price Multiple of Earnings			15.0			13.3			13.2			16.6			19.6
																	(based on trailing 4 quarters of diluted EPS)
		$	46.82		$	51.87		$	53.58		$	49.78		$	53.69		Book Value Per Common Share (End of Period)			$	51.37		$	51.94		$	52.95		$	53.69		$	54.83
	(1)	Fully taxable equivalent (FTE). Presentation on an FTE basis is a non-generally accepted accounting principle financial measure. Please refer to the Reconciliation to Fully Taxable Equivalent - Ratios on page 12 for further detail.
	(2)	Capital ratios for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission.
	(3)	From April 1, 2020, through April 1, 2021, the Federal Reserve issued temporary Supplementary Leverage Ratio (SLR) relief that required Northern Trust to exclude U.S. Treasury balances from the SLR. Please see the Northern Trust Corporation Pillar 3 disclosures for further SLR discussion.

1

Northern Trust Corporation
INCOME STATEMENT
($ in Millions except per share information)
	FIRST QUARTER				CHANGE (2)
	2024		2023		$		%
Asset Servicing Trust, Investment and Other Servicing Fees	$	639.6	$	603.0	$	36.6	6	%
WM Trust, Investment and Other Servicing Fees	503.3		460.6		42.7		9	%
Total Fees	1,142.9		1,063.6		79.3		7	%
Foreign Exchange Trading Income	57.0		53.0		4.0		8	%
Treasury Management Fees	9.3		8.4		0.9		11	%
Security Commissions and Trading Income	37.9		34.7		3.2		9	%
Other Operating Income	61.0		46.8		14.2		30	%
Investment Security Gains (Losses), net	(189.4)		6.9		(196.3)		N/M
Total Noninterest Income	1,118.7		1,213.4		(94.7)		(8)	%
Interest Income (FTE)(1)	2,452.9		1,468.6		984.3		67	%
Interest Expense	1,917.5		924.2		993.3		107	%
Net Interest Income (FTE)(1)	535.4		544.4		(9.0)		(2)	%
Total Revenue (FTE)(1)	1,654.1		1,757.8		(103.7)		(6)	%
Provision for Credit Losses	(8.5)		15.0		(23.5)		N/M
Compensation	627.1		595.2		31.9		5	%
Employee Benefits	101.1		101.0		0.1		—	%
Outside Services	229.3		210.8		18.5		9	%
Equipment and Software	252.7		231.7		21.0		9	%
Occupancy	54.1		61.3		(7.2)		(12)	%
Other Operating Expense	100.4		85.6		14.8		17	%
Total Noninterest Expense	1,364.7		1,285.6		79.1		6	%
Income before Income Taxes (FTE)(1)	297.9		457.2		(159.3)		(35)	%
Provision for Income Taxes	75.9		109.4		(33.5)		(31)	%
Taxable Equivalent Adjustment	7.3		13.2		(5.9)		(45)	%
Total Taxes (FTE)(1)	83.2		122.6		(39.4)		(32)	%
Net Income	$	214.7	$	334.6	$	(119.9)	(36)	%
Dividends on Preferred Stock	$	16.2	$	16.2	$	—	—	%
Earnings Allocated to Participating Securities	2.4		3.2		(0.8)		(26)	%
Earnings Allocated to Common and Potential Common Shares	196.1		315.2		(119.1)		(38)	%
Earnings Per Share - Basic	$	0.96	$	1.51	$	(0.55)	(37)	%
Earnings Per Share - Diluted	$	0.96	$	1.51	$	(0.55)	(37)	%
Average Basic Shares (000s)	204,629		208,187		(3,558)		(2)	%
Average Diluted Shares (000s)	205,135		208,730		(3,595)		(2)	%
End of Period Shares Outstanding (000s)	204,592		208,342		(3,750)		(2)	%
N/M - Not meaningful
(1) Fully taxable equivalent (FTE). Presentation on an FTE basis is a non-generally accepted accounting principle financial measure. Please refer to the Reconciliation to Fully Taxable Equivalent on page 11 for further detail.
(2) Percentage calculations are based on actual balances rather than the rounded amounts presented in the Supplemental Consolidated Financial Information.

2

Northern Trust Corporation
NET INCOME TRENDS
($ in Millions except per share information)
													2023								2024
	2019		2020		2021		2022		2023				1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr
	$	2,211.5	$	2,321.6	$	2,487.3	$	2,496.3	$	2,461.9	Asset Servicing Trust, Investment and Other Servicing Fees		$	603.0	$	621.2	$	626.0	$	611.7	$	639.6
	1,640.6		1,673.4		1,873.8		1,936.3		1,899.9		WM Trust, Investment and Other Servicing Fees		460.6		475.1		485.9		478.3		503.3
	3,852.1		3,995.0		4,361.1		4,432.6		4,361.8			Total Fees	1,063.6		1,096.3		1,111.9		1,090.0		1,142.9
	250.9		290.4		292.6		288.6		203.9		Foreign Exchange Trading Income		53.0		50.1		51.8		49.0		57.0
	44.5		45.4		44.3		39.3		31.6		Treasury Management Fees		8.4		7.9		7.5		7.8		9.3
	103.6		133.2		140.2		136.2		135.0		Security Commissions and Trading Income		34.7		36.1		30.9		33.3		37.9
	145.5		194.0		243.9		191.3		228.7		Other Operating Income		46.8		55.2		68.2		58.5		61.0
	(1.4)		(0.4)		(0.3)		(214.0)		(169.5)		Investment Security Gains (Losses), net		6.9		—		—		(176.4)		(189.4)
	4,395.2		4,657.6		5,081.8		4,874.0		4,791.5			Total Noninterest Income	1,213.4		1,245.6		1,270.3		1,062.2		1,118.7
	1,710.7		1,477.6		1,418.3		1,932.8		2,039.5		Net Interest Income (FTE)(1)		544.4		524.6		469.4		501.1		535.4
	6,105.9		6,135.2		6,500.1		6,806.8		6,831.0			Total Revenue (FTE)(1)	1,757.8		1,770.2		1,739.7		1,563.3		1,654.1
	(14.5)		125.0		(81.5)		12.0		24.5		Provision for (Release of) Credit Losses		15.0		(15.5)		14.0		11.0		(8.5)
	1,859.0		1,947.1		2,011.0		2,248.0		2,321.8		Compensation		595.2		604.5		558.1		564.0		627.1
	355.2		387.7		431.4		437.4		405.2		Employee Benefits		101.0		101.4		100.8		102.0		101.1
	774.5		763.1		849.4		880.3		906.5		Outside Services		210.8		230.9		229.6		235.2		229.3
	612.1		673.5		736.3		838.8		945.5		Equipment and Software		231.7		229.3		232.5		252.0		252.7
	212.9		230.1		208.7		219.1		232.3		Occupancy		61.3		53.8		58.7		58.5		54.1
	329.8		346.7		299.1		359.3		472.9		Other Operating Expense		85.6		112.0		98.5		176.8		100.4
	4,143.5		4,348.2		4,535.9		4,982.9		5,284.2			Total Noninterest Expense	1,285.6		1,331.9		1,278.2		1,388.5		1,364.7
	1,976.9		1,662.0		2,045.7		1,811.9		1,522.3			Income before Income Taxes (FTE)(1)	457.2		453.8		447.5		163.8		297.9
	451.9		418.3		464.8		430.3		357.5		Provision for Income Taxes		109.4		108.9		106.5		32.7		75.9
	32.8		34.4		35.6		45.6		57.5		Taxable Equivalent Adjustment		13.2		13.1		13.2		18.0		7.3
	484.7		452.7		500.4		475.9		415.0			Total Taxes (FTE)(1)	122.6		122.0		119.7		50.7		83.2
	$	1,492.2	$	1,209.3	$	1,545.3	$	1,336.0	$	1,107.3		Net Income	$	334.6	$	331.8	$	327.8	$	113.1	$	214.7
	$	6.66	$	5.48	$	7.16	$	6.16	$	5.09	Earnings Per Share - Basic		$	1.51	$	1.56	$	1.49	$	0.52	$	0.96
	6.63		5.46		7.14		6.14		5.08		Earnings Per Share - Diluted		1.51		1.56		1.49		0.52		0.96
	215,601		209,008		208,899		208,867		207,564		Average Diluted Shares (000s)		208,730		207,816		207,253		206,484		205,135
	$	46.4	$	56.2	$	41.8	$	41.8	$	41.8	Preferred Dividends(2)		$	16.2	$	4.7	$	16.2	$	4.7	$	16.2
	(1) Fully taxable equivalent (FTE). Presentation on an FTE basis is a non-generally accepted accounting principle financial measure. Please refer to the Reconciliation to Fully Taxable Equivalent on page 11 for further detail.
	(2) Dividends on Preferred Stock in 2020 includes $11.5 million related to the difference between the redemption amount of the Corporation's Series C Non-Cumulative Perpetual Preferred Stock, which was redeemed in the first quarter of 2020, and its carrying value.

3

Northern Trust Corporation
TRUST, INVESTMENT AND OTHER SERVICING FEES DETAIL
($ in Millions)
													2023								2024
	2019		2020		2021		2022		2023		Asset Servicing		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr
	$	1,549.3	$	1,586.1	$	1,818.8	$	1,700.1	$	1,689.5	Custody & Fund Administration		$	413.6	$	427.4	$	428.1	$	420.4	$	436.7
	445.7		511.1		443.5		555.1		528.1		Investment Management		126.2		134.1		137.1		130.7		140.0
	87.2		88.0		76.7		81.4		83.0		Securities Lending		19.1		21.5		20.4		22.0		17.9
	129.3		136.4		148.3		159.7		161.3		Other		44.1		38.2		40.4		38.6		45.0
	$	2,211.5	$	2,321.6	$	2,487.3	$	2,496.3	$	2,461.9		Total Asset Servicing Trust, Investment and Other Servicing Fees	$	603.0	$	621.2	$	626.0	$	611.7	$	639.6
											Wealth Management
	$	619.3	$	607.3	$	698.7	$	692.6	$	673.8	Central		$	163.6	$	166.0	$	172.3	$	171.9	$	178.3
	422.2		442.1		509.3		504.0		491.5		East		119.8		124.1		126.1		121.5		129.9
	330.9		337.7		380.2		382.1		378.0		West		91.2		93.7		95.8		97.3		99.9
	268.2		286.3		285.6		357.6		356.6		Global Family Office		86.0		91.3		91.7		87.6		95.2
	$	1,640.6	$	1,673.4	$	1,873.8	$	1,936.3	$	1,899.9		Total WM Trust, Investment and Other Servicing Fees	$	460.6	$	475.1	$	485.9	$	478.3	$	503.3

4

Northern Trust Corporation
BALANCE SHEET
END OF PERIOD
($ in Millions)
								CHANGE (5)
	Assets			3/31/2024		3/31/2023		$		%
		Federal Reserve and Other Central Bank Deposits		$	40,269.5	$	39,220.0	$	1,049.5	3	%
		Interest-Bearing Due from and Deposits with Banks(1)		4,646.1		5,053.3		(407.2)		(8)	%
		Federal Funds Sold		—		—		—		—	%
		Securities Purchased under Agreements to Resell		500.1		1,057.4		(557.3)		(53)	%
		Debt Securities:
			Available For Sale	25,638.9		24,627.5		1,011.4		4	%
			Held To Maturity	23,497.9		24,716.2		(1,218.3)		(5)	%
			Trading Account	—		0.1		(0.1)		(99)	%
			Total Debt Securities	49,136.8		49,343.8		(207.0)		—	%
		Loans		47,342.6		42,369.5		4,973.1		12	%
		Other Interest-Earning Assets(2)		2,600.8		2,233.5		367.3		16	%
			Total Earning Assets	144,495.9		139,277.5		5,218.4		4	%
		Allowance for Credit Losses		(175.8)		(176.9)		1.1		(1)	%
		Cash and Due From Banks and Other Central Bank Deposits(3)		2,035.1		1,429.4		605.7		42	%
		Buildings and Equipment		488.0		481.5		6.5		1	%
		Client Security Settlement Receivables		116.4		1,300.5		(1,184.1)		(91)	%
		Goodwill		697.5		695.1		2.4		—	%
		Other Assets		8,453.9		8,100.9		353.0		4	%
			Total Assets	$	156,111.0	$	151,108.0	$	5,003.0	3	%
	Liabilities and Stockholders' Equity
		Savings, Money Market and Other		$	25,893.5	$	23,183.4	$	2,710.1	12	%
		Savings Certificates and Other Time		5,636.6		2,840.1		2,796.5		98	%
		Non- U.S. Offices - Interest-Bearing		67,084.7		64,290.0		2,794.7		4	%
			Total Interest-Bearing Deposits	98,614.8		90,313.5		8,301.3		9	%
		Federal Funds Purchased		2,600.5		4,487.3		(1,886.8)		(42)	%
		Securities Sold under Agreements to Repurchase		511.4		362.9		148.5		41	%
		Other Borrowings(4)		6,526.2		11,365.1		(4,838.9)		(43)	%
		Senior Notes		2,743.5		2,769.2		(25.7)		(1)	%
		Long-Term Debt		4,069.0		2,070.9		1,998.1		96	%
			Total Interest-Bearing Liabilities	115,065.4		111,368.9		3,696.5		3	%
		Demand and Other Noninterest-Bearing Deposits		25,326.9		23,413.9		1,913.0		8	%
		Other Liabilities		3,616.9		4,737.4		(1,120.5)		(24)	%
			Total Liabilities	144,009.2		139,520.2		4,489.0		3	%
		Common Equity		11,216.9		10,702.9		514.0		5	%
		Preferred Equity		884.9		884.9		—		—	%
			Total Stockholders' Equity	12,101.8		11,587.8		514.0		4	%
			Total Liabilities and Stockholders' Equity	$	156,111.0	$	151,108.0	$	5,003.0	3	%
	(1)	Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
	(2)	Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
	(3)	Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.
	(4)	Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
	(5)	Percentage calculations are based on actual balances rather than the rounded amounts presented in the Supplemental Consolidated Financial Information.

5

Northern Trust Corporation
BALANCE SHEET TRENDS
PERIOD AVERAGES(1)
($ in Millions)
														2023								2024
	2019		2020		2021		2022		2023		Assets			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr
	$	18,511.0	$	27,904.2	$	39,028.2	$	36,248.8	$	31,205.4		Federal Reserve and Other Central Bank Deposits		$	36,641.8	$	34,380.4	$	28,000.8	$	25,951.3	$	35,897.3
	5,996.7		5,400.8		5,779.7		4,192.5		4,333.9			Interest-Bearing Due from and Deposits with Banks(2)		4,198.7		4,573.4		4,301.4		4,261.6		4,418.0
	12.8		2.3		0.1		5.5		6.1			Federal Funds Sold		19.7		2.9		1.2		1.0		0.5
	835.0		1,253.1		1,067.4		1,071.2		950.9			Securities Purchased under Agreements to Resell		1,046.1		1,238.6		950.8		573.1		517.9
												Debt Securities:
	38,016.2		40,642.7		38,986.9		32,060.2		24,356.6				Available For Sale	25,030.4		24,511.8		24,430.7		23,469.9		24,049.6
	11,650.0		14,353.3		20,617.0		22,970.0		25,511.9				Held To Maturity	25,382.2		25,053.3		25,919.2		25,685.2		24,498.9
	1.2		1.1		0.6		12.1		0.5				Trading Account	1.3		0.2		0.4		0.2		—
	49,667.4		54,997.1		59,604.5		55,042.3		49,869.0				Total Debt Securities	50,413.9		49,565.3		50,350.3		49,155.3		48,548.5
	31,052.8		33,498.8		37,207.5		41,030.6		42,177.0			Loans and Leases		41,959.4		42,365.4		42,210.4		42,170.0		41,586.9
	1,033.7		1,076.6		1,185.6		1,248.1		2,259.0			Other Interest-Earning Assets(3)		1,677.8		1,990.4		2,439.5		2,912.8		2,847.7
	107,109.4		124,132.9		143,873.0		138,839.0		130,801.3				Total Earning Assets	135,957.4		134,116.4		128,254.4		125,025.1		133,816.8
	(111.4)		(178.0)		(173.0)		(154.1)		(172.8)			Allowance for Credit Losses		(161.5)		(176.6)		(170.4)		(182.5)		(191.8)
	2,393.6		2,603.0		2,285.9		2,069.5		1,771.6			Cash and Due From Banks and Other Central Bank Deposits(4)		1,795.9		1,842.5		1,694.6		1,754.6		1,799.5
	425.6		509.3		502.7		488.7		484.8			Buildings and Equipment		497.3		481.8		474.1		486.4		498.2
	1,070.4		1,357.5		1,530.1		1,722.3		558.8			Client Security Settlement Receivables		1,098.5		592.7		350.3		205.9		238.6
	682.5		695.4		707.3		692.2		696.2			Goodwill		692.3		697.0		698.9		696.4		699.4
	5,981.3		7,691.0		7,637.2		8,894.3		8,509.3			Other Assets		8,180.0		8,345.8		8,899.7		8,602.8		8,257.6
	$	117,551.4	$	136,811.1	$	156,363.2	$	152,551.9	$	142,649.2			Total Assets	$	148,059.9	$	145,899.6	$	140,201.6	$	136,588.7	$	145,118.3
											Liabilities and Stockholders' Equity
	$	16,577.8	$	23,396.4	$	28,339.0	$	30,205.0	$	24,172.4		Savings, Money Market and Other		$	27,268.8	$	22,961.2	$	22,624.9	$	23,888.7	$	27,349.0
	867.5		1,266.4		887.2		1,059.7		3,341.2			Savings Certificates and Other Time		2,360.1		3,036.1		3,665.2		4,279.0		4,554.3
	54,885.2		60,486.3		69,713.4		65,031.3		60,008.6			Non- U.S. Offices - Interest-Bearing		62,411.1		62,046.3		58,680.5		56,970.9		63,752.8
	72,330.5		85,149.1		98,939.6		96,296.0		87,522.2				Total Interest-Bearing Deposits	92,040.0		88,043.6		84,970.6		85,138.6		95,656.1
	1,267.0		980.9		190.6		1,407.8		5,144.3			Federal Funds Purchased		3,653.9		7,070.0		5,935.9		3,906.0		2,650.1
	339.0		218.3		232.0		433.6		401.5			Securities Sold under Agreements to Repurchase		347.1		467.8		426.0		364.5		490.1
	7,753.0		6,401.1		5,049.8		5,463.5		10,339.5			Other Borrowings(5)		11,324.0		12,132.6		10,981.7		6,960.8		6,852.1
	2,389.1		3,233.8		2,856.4		2,756.0		2,734.0			Senior Notes		2,748.1		2,761.1		2,713.2		2,714.2		2,748.7
	1,139.0		1,189.2		1,166.1		1,258.9		2,586.0			Long-Term Debt		2,066.3		2,069.7		2,126.9		4,064.1		4,067.0
	277.6		277.7		218.4		—		—			Floating Rate Capital Debt		—		—		—		—		—
	85,495.1		97,450.1		108,652.9		107,615.8		108,727.5				Total Interest-Bearing Liabilities	112,179.4		112,544.8		107,154.3		103,148.2		112,464.1
	17,455.5		23,362.0		31,143.5		29,296.4		17,723.3			Demand and Other Noninterest-Bearing Deposits		20,145.6		17,555.1		16,792.5		16,450.4		16,706.5
	3,952.4		4,806.4		4,869.8		4,558.3		4,701.6			Other Liabilities		4,453.4		4,351.0		4,718.2		5,274.6		4,164.0
	106,903.0		125,618.0		144,666.2		141,471.0		131,152.4				Total Liabilities	136,778.4		134,450.9		128,665.0		124,873.2		133,334.6
	9,705.2		10,306.7		10,812.1		10,196.5		10,611.9			Common Equity		10,396.6		10,563.8		10,651.7		10,830.6		10,898.8
	943.1		885.9		884.9		884.9		884.9			Preferred Equity		884.9		884.9		884.9		884.9		884.9
	10,648.0		11,193.0		11,697.0		11,081.4		11,496.8				Total Stockholders' Equity	11,281.5		11,448.7		11,536.6		11,715.5		11,783.7
	$	117,551.0	$	136,811.0	$	156,363.2	$	152,551.9	$	142,649.2			Total Liabilities and Stockholders' Equity	$	148,059.9	$	145,899.6	$	140,201.6	$	136,588.7	$	145,118.3
(1)	Summations may not equal due to rounding.
(2)	Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
(3)	Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
(4)	Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.
(5)	Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.

6

Northern Trust Corporation
BALANCE SHEET MIX TRENDS
PERIOD AVERAGES(1)
														2023								2024
	2019		2020		2021		2022		2023		Assets			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr
	15.7	%	20.4	%	25.0	%	23.8	%	21.9	%		Federal Reserve and Other Central Bank Deposits		24.7	%	23.6	%	20.0	%	19.0	%	24.7	%
	5.1		3.9		3.7		2.7		3.0			Interest-Bearing Due from and Deposits with Banks(2)		2.8		3.1		3.1		3.1		3.0
	—		—		—		—		—			Federal Funds Sold		—		—		—		—		—
	0.7		0.9		0.7		0.7		0.7			Securities Purchased under Agreements to Resell		0.7		0.8		0.7		0.4		0.4
												Debt Securities:
	32.3		29.7		24.9		21.0		17.1				Available For Sale	16.9		16.8		17.4		17.2		16.6
	9.9		10.5		13.2		15.1		17.9				Held To Maturity	17.1		17.2		18.5		18.8		16.9
	—		—		—		—		—				Trading Account	—		—		—		—		—
	42.3		40.2		38.1		36.1		35.0				Total Debt Securities	34.0		34.0		35.9		36.0		33.5
	26.4		24.5		23.8		26.9		29.6			Loans and Leases		28.3		29.0		30.1		30.9		28.7
	0.9		0.8		0.8		0.8		1.6			Other Interest-Earning Assets(3)		1.1		1.4		1.7		2.1		2.0
	91.1		90.7		92.0		91.0		91.7				Total Earning Assets	91.8		91.9		91.5		91.5		92.2
	(0.1)		(0.1)		(0.1)		(0.1)		(0.1)			Allowance for Credit Losses		(0.1)		(0.1)		(0.1)		(0.1)		(0.1)
	2.0		1.9		1.5		1.4		1.2			Cash and Due From Banks and Other Central Bank Deposits(4)		1.2		1.3		1.2		1.3		1.2
	0.4		0.4		0.3		0.3		0.3			Buildings and Equipment		0.3		0.3		0.3		0.4		0.3
	0.9		1.0		1.0		1.1		0.4			Client Security Settlement Receivables		0.7		0.4		0.2		0.2		0.2
	0.6		0.5		0.5		0.5		0.5			Goodwill		0.5		0.5		0.5		0.5		0.5
	5.1		5.6		4.9		5.8		6.0			Other Assets		5.5		5.7		6.3		6.3		5.7
	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%			Total Assets	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
											Liabilities and Stockholders' Equity
	14.1	%	17.1	%	18.1	%	19.8	%	16.9	%		Savings, Money Market and Other		18.4	%	15.7	%	16.1	%	17.5	%	18.8	%
	0.7		0.9		0.6		0.7		2.3			Savings Certificates and Other Time		1.6		2.1		2.6		3.1		3.1
	46.7		44.2		44.6		42.6		42.1			Non- U.S. Offices - Interest-Bearing		42.2		42.5		41.9		41.7		43.9
	61.5		62.2		63.3		63.1		61.4				Total Interest-Bearing Deposits	62.2		60.3		60.6		62.3		65.9
	1.1		0.7		0.1		0.9		3.6			Federal Funds Purchased		2.5		4.8		4.2		2.9		1.8
	0.3		0.2		0.1		0.3		0.3			Securities Sold under Agreements to Repurchase		0.2		0.3		0.3		0.3		0.3
	6.6		4.7		3.2		3.6		7.2			Other Borrowings(5)		7.6		8.3		7.8		5.1		4.7
	2.0		2.4		1.8		1.8		1.9			Senior Notes		1.9		1.9		1.9		2.0		1.9
	1.0		0.9		0.7		0.8		1.8			Long-Term Debt		1.4		1.4		1.5		3.0		2.8
	0.2		0.2		0.1		—		—			Floating Rate Capital Debt		—		—		—		—		—
	72.7		71.2		69.5		70.5		76.2				Total Interest-Bearing Liabilities	75.8		77.1		76.4		75.5		77.5
	14.8		17.1		19.9		19.2		12.4			Demand and Other Noninterest-Bearing Deposits		13.6		12.0		12.0		12.0		11.5
	3.4		3.5		3.1		3.0		3.3			Other Liabilities		3.0		3.0		3.4		3.9		2.9
	90.9		91.8		92.5		92.7		91.9				Total Liabilities	92.4		92.2		91.8		91.4		91.9
	8.3		7.5		6.9		6.7		7.4			Common Equity		7.0		7.2		7.6		7.9		7.5
	0.8		0.6		0.6		0.6		0.6			Preferred Equity		0.6		0.6		0.6		0.6		0.6
	9.1		8.2		7.5		7.3		8.1				Total Stockholders' Equity	7.6		7.8		8.2		8.6		8.1
	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%			Total Liabilities and Stockholders' Equity	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
(1)	Summations may not equal due to rounding.
(2)	Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
(3)	Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
(4)	Cash and Due from Banks and Other Central Bank Deposits includes the noninterest-bearing component of Federal Reserve and Other Central Bank Deposits as presented on the consolidated balance sheets in our periodic filings with the SEC.
(5)	Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.

7

Northern Trust Corporation
INTEREST RATE TRENDS (FTE(1) Basis)
PERIOD AVERAGES
		Net Interest Income (FTE Adjusted), a non-GAAP financial measure, includes adjustments to a fully taxable equivalent basis for loans and securities. A reconciliation of net interest income, net interest margin, and net interest spread on a GAAP basis to net interest income, net interest margin, and net interest spread on an FTE basis, respectively, (each of which is a non-GAAP financial measure) is provided on pages 11 and 12. Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets. Net interest spread is calculated as the difference between the interest rate earned (annualized interest income divided by average interest-earning assets) and the interest rate incurred (annualized interest expense divided by average interest-related funds).
															2023								2024
		2019		2020		2021		2022		2023		Earnings Assets			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr
		0.98	%	0.10	%	0.03	%	1.30	%	4.69	%		Federal Reserve and Other Central Bank Deposits		4.17	%	4.65	%	4.99	%	5.11	%	5.15	%
		1.21	%	0.41	%	0.16	%	1.11	%	3.00	%		Interest-Bearing Due from and Deposits with Banks(2)		2.72	%	2.82	%	3.22	%	3.25	%	3.15	%
		2.73	%	1.37	%	0.41	%	3.22	%	4.92	%		Federal Funds Sold		4.79	%	5.25	%	5.62	%	5.63	%	5.64	%
		2.10	%	0.31	%	0.33	%	9.68	%	166.71	%		Securities Purchased under Agreements to Resell(5)		48.80	%	92.09	%	193.58	%	492.23	%	639.92	%
													Debt Securities:
		2.51	%	1.77	%	1.28	%	1.91	%	4.35	%			Available for Sale	3.80	%	4.17	%	4.51	%	4.94	%	5.41	%
		0.94	%	0.59	%	0.80	%	1.26	%	1.87	%			Held to Maturity	1.64	%	1.80	%	1.93	%	2.13	%	2.02	%
		3.29	%	3.27	%	1.59	%	3.84	%	13.50	%			Trading Account	7.63	%	42.53	%	21.15	%	5.19	%	—	%
		2.14	%	1.46	%	1.11	%	1.64	%	3.08	%			Total Debt Securities	2.72	%	2.97	%	3.18	%	3.46	%	3.70	%
		3.74	%	2.32	%	1.92	%	3.28	%	6.06	%		Loans and Leases		5.60	%	6.06	%	6.26	%	6.32	%	6.34	%
		3.56	%	3.63	%	3.43	%	4.03	%	4.87	%		Other Interest-Earning Assets(3)		4.67	%	5.04	%	4.65	%	5.05	%	4.51	%
		2.36	%	1.35	%	1.00	%	2.11	%	5.64	%			Total Earning Assets	4.38	%	5.23	%	6.03	%	7.04	%	7.37	%
												Interest-Bearing Funds
		0.97	%	0.20	%	0.05	%	0.74	%	2.85	%		Savings, Money Market and Other		2.35	%	2.67	%	3.05	%	3.40	%	3.72	%
		1.86	%	1.30	%	0.55	%	1.68	%	4.54	%		Savings Certificates and Other Time		3.70	%	4.23	%	4.69	%	5.10	%	5.19	%
		0.57	%	(0.03)	%	(0.11)	%	0.56	%	3.07	%		Non- U.S. Offices - Interest-Bearing		2.50	%	2.90	%	3.38	%	3.56	%	3.59	%
		0.68	%	0.06	%	(0.06)	%	0.63	%	3.07	%			Total Interest-Bearing Deposits	2.49	%	2.89	%	3.35	%	3.59	%	3.71	%
		2.05	%	0.22	%	(0.19)	%	2.43	%	4.99	%		Federal Funds Purchased		4.45	%	4.97	%	5.18	%	5.25	%	5.11	%
		1.89	%	0.47	%	0.07	%	20.94	%	383.84	%		Securities Sold under Agreements to Repurchase(5)		135.62	%	234.39	%	422.85	%	759.25	%	667.86	%
		2.34	%	0.71	%	0.28	%	2.31	%	5.25	%		Other Borrowings(4)		4.83	%	5.17	%	5.59	%	5.49	%	5.20	%
		3.04	%	2.24	%	1.69	%	3.36	%	6.22	%		Senior Notes		5.79	%	6.14	%	6.44	%	6.50	%	6.45	%
		3.36	%	2.24	%	1.81	%	3.49	%	5.69	%		Long-Term Debt		5.73	%	5.89	%	5.94	%	5.45	%	5.50	%
		2.98	%	1.52	%	0.78	%	—	%	—	%		Floating Rate Capital Debt		—	%	—	%	—	%	—	%	—	%
		0.96	%	0.21	%	0.02	%	0.92	%	4.91	%			Total Interest-Bearing Liabilities	3.34	%	4.36	%	5.48	%	6.60	%	6.86	%
		1.40	%	1.14	%	0.98	%	1.19	%	0.73	%		Net Interest Spread		1.04	%	0.87	%	0.55	%	0.44	%	0.51	%
		1.60	%	1.19	%	0.99	%	1.39	%	1.56	%		Net Interest Margin		1.62	%	1.57	%	1.45	%	1.59	%	1.61	%
	(1)	Fully taxable equivalent. FTE adjustments are based on a federal income tax rate of 21%, where the rate is adjusted for applicable state income taxes, net of related federal tax benefit.
	(2)	Interest-Bearing Due from and Deposits with Banks includes the interest-bearing component of Cash and Due from Banks and Interest-Bearing Deposits with Banks as presented on the consolidated balance sheets in our periodic filings with the SEC.
	(3)	Other Interest-Earning Assets include certain community development investments, collateral deposits with certain securities depositories and clearing houses, Federal Home Loan Bank and Federal Reserve stock, and money market investments which are classified in Other Assets on the consolidated balance sheets in our periodic filings with the SEC.
	(4)	Other Borrowings primarily includes advances from the Federal Home Loan Bank of Chicago.
	(5)	Includes the impact of balance sheet netting under master netting arrangements of approximately $60.2 billion for the three months ended March 31, 2024. Excluding the impact of netting, the average interest rate on Securities Purchased under Agreements to Resell would be approximately 5.46% for the three months ended March 31, 2024. Excluding the impact of netting, the average interest rate on Securities Sold under Agreements to Repurchase would be approximately 5.39% for the three months ended March 31, 2024. See previous filings for impact of netting on prior periods.

8

Northern Trust Corporation
ASSET QUALITY
END OF PERIOD
($ in Millions)
																					2023												2024
		2019			2020			2021			2022			2023							1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			1st Qtr			2nd Qtr	3rd Qtr	4th Qtr
		$	138.2		$	124.4		$	259.9		$	184.7		$	200.9		Beginning Allowance for Credit Losses				$	200.9		$	213.0		$	197.5		$	211.8		$	220.4
		—			13.7			—			—			—			Cumulative Effect Adjustment(1)				—			—			—			—
		(14.5)			125.0			(81.5)			12.0			24.5			Provision for (Release of) Credit Losses				15.0			(15.5)			14.0			11.0			(8.5)
																	(Charge-offs) Recoveries
		(6.5)			(9.7)			(0.7)			(6.0)			(8.7)				Charge-offs			(4.0)			(0.8)			(0.8)			(3.1)			(11.1)
		7.2			6.5			7.0			10.2			3.7				Recoveries			1.1			0.8			1.1			0.7			0.7
		0.7			(3.2)			6.3			4.2			(5.0)					Net (Charge-offs) Recoveries		(2.9)			—			0.3			(2.4)			(10.4)
		$	124.4		$	259.9		$	184.7		$	200.9		$	220.4					Ending Allowance for Credit Losses	$	213.0		$	197.5		$	211.8		$	220.4		$	201.5
																	Allowance for Credit Losses Assigned to:
		$	104.5		$	190.7		$	138.4		$	144.3		$	178.7			Loans and Leases			$	159.9		$	152.5		$	166.8		$	178.7		$	162.5
		19.9			61.1			34.1			38.5			26.9				Undrawn Loan Commitments and Standby Letters of Credit			34.3			26.0			28.3			26.9			25.1
		—			8.1			12.2			18.1			14.8				Debt Securities and Other Financial Assets			18.8			19.0			16.7			14.8			13.9
		$	124.4		$	259.9		$	184.7		$	200.9		$	220.4				Total Allowance for Credit Losses		$	213.0		$	197.5		$	211.8		$	220.4		$	201.5
		$	31,053		$	33,499		$	37,208		$	41,031		$	42,177		Average Loans and Leases Outstanding				$	41,959		$	42,365		$	42,210		$	42,170		$	41,587
		—		%	(0.01)		%	0.02		%	0.01		%	(0.01)		%	Annualized Loan-Related Net (Charge-offs) Recoveries to				(0.03)		%	—		%	—		%	(0.02)		%	(0.10)		%
																		Average Loans and Leases
		$	31,410		$	33,760		$	40,481		$	42,893		$	47,617		End of Period Loans and Leases Outstanding				$	42,370		$	43,547		$	43,577		$	47,617		$	47,343
		0.33		%	0.56		%	0.34		%	0.34		%	0.38		%	Allowance for Credit Losses Assigned to Loans				0.38		%	0.35		%	0.38		%	0.38		%	0.34		%
																		and Leases to Total Loans and Leases
																	Nonaccrual Assets
		$	83.6		$	131.7		$	122.3		$	45.9		$	63.6			Nonaccrual Loans and Leases			$	48.9		$	47.1		$	68.8		$	63.6		$	37.0
		3.2			0.7			3.0			—			1.5				Other Real Estate Owned (OREO)			—			0.3			0.3			1.5			—
		$	86.8		$	132.4		$	125.3		$	45.9		$	65.1				Total Nonaccrual Assets		$	48.9		$	47.4		$	69.1		$	65.1		$	37.0
		0.28		%	0.39		%	0.31		%	0.11		%	0.14		%	Nonaccrual Assets to Loans and Leases and OREO				0.12		%	0.11		%	0.16		%	0.14		%	0.08		%
																	Loans and Leases Allowance to Nonaccrual
		1.3x			1.4x			1.1x			3.1x			2.8x				Loans and Leases			3.3x			3.2x			2.4x			2.8x			4.4x
	(1)	Upon the January 1, 2020 adoption of ASU 2016-13, Northern Trust increased the allowance for credit losses by $13.7 million, with a corresponding cumulative effect adjustment to decrease retained earnings $10.1 million, net of tax.

9

Northern Trust Corporation
ASSETS UNDER MANAGEMENT AND CUSTODY
END OF PERIOD
($ in Billions)
														2023								2024
	2019		2020		2021		2022		2023		Assets Under Management			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr
	$	917.5	$	1,057.5	$	1,191.0	$	898.1	$	1,032.0	Asset Servicing			$	962.1	$	989.8	$	963.4	$	1,032.0	$	1,080.1
												Asset allocation:
	483.8		551.7		626.6		485.0		563.9				Equities	515.1		535.4		508.7		563.9		602.5
	114.6		120.1		132.6		107.1		116.2				Fixed Income Securities	107.3		108.8		109.7		116.2		116.3
	156.1		198.8		236.2		157.7		184.5				Cash and Other Assets	171.8		176.8		183.0		184.5		198.2
	163.0		186.9		195.6		148.3		167.4				Securities Lending Collateral	167.9		168.8		162.0		167.4		163.1
	$	313.8	$	347.8	$	416.1	$	351.4	$	402.5	Wealth Management			$	368.3	$	376.0	$	369.9	$	402.5	$	420.6
												Asset allocation:
	167.0		182.0		229.9		186.3		221.6				Equities	197.0		205.1		197.8		221.6		238.6
	79.2		84.7		83.5		79.4		87.2				Fixed Income Securities	80.3		79.9		80.5		87.2		87.2
	67.5		81.1		102.7		85.7		93.7				Cash and Other Assets	91.0		91.0		91.6		93.7		94.7
	0.1		—		—		—		—				Securities Lending Collateral	—		—		—		—		0.1
	$	1,231.3	$	1,405.3	$	1,607.1	$	1,249.5	$	1,434.5	Total Assets Under Management			$	1,330.4	$	1,365.8	$	1,333.3	$	1,434.5	$	1,500.7
												Asset allocation:
	$	650.8	$	733.7	$	856.5	$	671.3	$	785.5			Equities	$	712.1	$	740.5	$	706.5	$	785.5	841.1
	193.8		204.8		216.1		186.5		203.4				Fixed Income Securities	187.6		188.7		190.2		203.4		203.5
	223.6		279.9		338.9		243.4		278.2				Cash and Other Assets	262.8		267.8		274.6		278.2		292.9
	163.1		186.9		195.6		148.3		167.4				Securities Lending Collateral	167.9		168.8		162.0		167.4		163.2
											Assets Under Custody / Administration
	$	11,311.6	$	13,653.1	$	15,183.2	$	12,705.5	$	14,362.6		Asset Servicing		$	13,221.5	$	13,483.5	$	13,206.2	$	14,362.6	$	15,385.4
	738.8		879.4		1,065.6		898.5		1,042.3			Wealth Management		953.3		995.4		958.5		1,042.3		1,087.1
	$	12,050.4	$	14,532.5	$	16,248.8	$	13,604.0	$	15,404.9	Total Assets Under Custody / Administration			$	14,174.8	$	14,478.9	$	14,164.7	$	15,404.9	$	16,472.5
											Assets Under Custody
	$	8,497.8	$	10,387.7	$	11,554.8	$	9,712.3	$	10,882.0	Asset Servicing			$	10,065.6	$	10,295.7	$	10,064.4	$	10,882.0	$	11,723.1
												Asset allocation:
	3,866.6		4,751.0		5,404.3		4,312.8		5,028.9				Equities	4,546.1		4,739.3		4,590.7		5,028.9		5,511.4
	3,102.3		3,742.6		3,997.5		3,252.1		3,600.4				Fixed Income Securities	3,366.8		3,394.2		3,316.7		3,600.4		3,665.8
	1,365.9		1,707.2		1,957.4		1,999.1		2,085.3				Cash and Other Assets	1,984.8		1,993.4		1,995.0		2,085.3		2,382.8
	163.0		186.9		195.6		148.3		167.4				Securities Lending Collateral	167.9		168.8		162.0		167.4		163.1
	$	735.7	$	875.1	$	1,057.5	$	892.3	$	1,034.5	Wealth Management			$	947.6	$	989.1	$	951.0	$	1,034.5	$	1,081.0
												Asset allocation:
	432.0		542.9		644.8		497.9		623.6				Equities	545.0		589.4		550.7		623.6		661.1
	134.3		128.3		142.1		134.0		136.7				Fixed Income Securities	134.6		130.5		128.3		136.7		138.4
	169.3		203.9		270.6		260.4		274.2				Cash and Other Assets	268.0		269.2		272.0		274.2		281.4
	0.1		—		—		—		—				Securities Lending Collateral	—		—		—		—		0.1
	$	9,233.5	$	11,262.8	$	12,612.3	$	10,604.6	$	11,916.5	Total Assets Under Custody			$	11,013.2	$	11,284.8	$	11,015.4	$	11,916.5	$	12,804.1
												Asset allocation:
	$	4,298.6	$	5,293.9	$	6,049.1	$	4,810.7	$	5,652.5			Equities	$	5,091.1	$	5,328.7	$	5,141.4	$	5,652.5	$	6,172.5
	3,236.6		3,870.9		4,139.6		3,386.1		3,737.1				Fixed Income Securities	3,501.4		3,524.7		3,445.0		3,737.1		3,804.2
	1,535.2		1,911.1		2,228.0		2,259.5		2,359.5				Cash and Other Assets	2,252.8		2,262.6		2,267.0		2,359.5		2,664.2
	163.1		186.9		195.6		148.3		167.4				Securities Lending Collateral	167.9		168.8		162.0		167.4		163.2
											Memo
	$	94.2	$	114.0	$	144.9	$	119.9	$	144.3		WM Global Family Office AUM		$	126.2	$	128.5	$	128.9	$	144.3	$	152.4
	474.1		600.7		742.6		614.9		728.0			WM Global Family Office AUC		660.0		694.0		663.5		728.0		762.1

10

Northern Trust Corporation
RECONCILIATION TO FULLY TAXABLE EQUIVALENT
($ in Millions)
	Northern Trust presents certain financial measures on a fully taxable equivalent (FTE) basis, which is a non-generally accepted accounting principle (GAAP). Management believes an FTE presentation provides a clearer indication of these financial measures for comparative purposes. Net interest income (FTE) – Non-GAAP and net interest margin (FTE) – Non-GAAP and other FTE measures include the tax equivalent adjustments on tax-exempt income, consistent with industry practice. The adjustments are based on the federal income tax rate, where the rate is adjusted for applicable state income taxes, net of related federal tax benefit. When adjusted to an FTE basis, yields on taxable, nontaxable, and partially taxable assets are comparable; however, the adjustment to an FTE basis has no impact on net income. Below is a reconciliation of the financial measures presented on an FTE basis.
													2023								2024
	2019		2020		2021		2022		2023				1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr
	$	2,499.9	$	1,643.5	$	1,406.5	$	2,877.7	$	7,325.0	Interest Income - GAAP		$	1,455.4	$	1,735.0	$	1,935.0	$	2,199.6	$	2,445.6
	32.8		34.4		35.6		45.6		57.5		Add: FTE Adjustment		13.2		13.1		13.2		18.0		7.3
	2,532.7		1,677.9		1,442.1		2,923.3		7,382.5			Interest Income (FTE) - Non-GAAP	1,468.6		1,748.1		1,948.2		2,217.6		2,452.9
	1,677.9		1,443.2		1,382.7		1,887.2		1,982.0		Net Interest Income - GAAP		531.2		511.5		456.2		483.1		528.1
	32.8		34.4		35.6		45.6		57.5		Add: FTE Adjustment		13.2		13.1		13.2		18.0		7.3
	1,710.7		1,477.6		1,418.3		1,932.8		2,039.5			Net Interest Income (FTE) - Non-GAAP	544.4		524.6		469.4		501.1		535.4
	6,073.1		6,100.8		6,464.5		6,761.2		6,773.5		Total Revenue - GAAP		1,744.6		1,757.1		1,726.5		1,545.3		1,646.8
	32.8		34.4		35.6		45.6		57.5		Add: FTE Adjustment		13.2		13.1		13.2		18.0		7.3
	6,105.9		6,135.2		6,500.1		6,806.8		6,831.0			Total Revenue (FTE) - Non-GAAP	1,757.8		1,770.2		1,739.7		1,563.3		1,654.1
	1,944.1		1,627.6		2,010.1		1,766.3		1,464.8		Income before Income Taxes - GAAP		444.0		440.7		434.3		145.8		290.6
	32.8		34.4		35.6		45.6		57.5		Add: FTE Adjustment		13.2		13.1		13.2		18.0		7.3
	1,976.9		1,662.0		2,045.7		1,811.9		1,522.3			Income before Income Taxes (FTE) - Non-GAAP	457.2		453.8		447.5		163.8		297.9
	451.9		418.3		464.8		430.3		357.5		Provision for Income Taxes - GAAP		109.4		108.9		106.5		32.7		75.9
	32.8		34.4		35.6		45.6		57.5		Add: FTE Adjustment		13.2		13.1		13.2		18.0		7.3
	484.7		452.7		500.4		475.9		415.0			Provision for Income Taxes (FTE) - Non-GAAP	122.6		122.0		119.7		50.7		83.2

11

Northern Trust Corporation
RECONCILIATION TO FULLY TAXABLE EQUIVALENT
RATIOS
		Northern Trust presents certain financial measures on a fully taxable equivalent (FTE) basis, which is a non-generally accepted accounting principle (GAAP). Management believes an FTE presentation provides a clearer indication of these financial measures for comparative purposes. Net interest income (FTE) – Non-GAAP and net interest margin (FTE) – Non-GAAP and other FTE measures include the tax equivalent adjustments on tax-exempt income, consistent with industry practice. The adjustments are based on the federal income tax rate, where the rate is adjusted for applicable state income taxes, net of related federal tax benefit. When adjusted to an FTE basis, yields on taxable, nontaxable, and partially taxable assets are comparable; however, the adjustment to an FTE basis has no impact on net income. Below is a reconciliation of the financial ratios presented on an FTE basis.
													2023								2024
		2019		2020		2021		2022		2023			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr	3rd Qtr	4th Qtr
		32.0	%	26.7	%	31.1	%	26.1	%	21.6	%	Profit Margin (pre-tax) - GAAP (1)	25.4	%	25.1	%	25.2	%	9.4	%	17.6	%
		32.4	%	27.1	%	31.5	%	26.6	%	22.3	%	Profit Margin (pre-tax) (FTE) - Non-GAAP (1)	26.0	%	25.6	%	25.7	%	10.5	%	18.0	%
		24.6	%	19.8	%	23.9	%	19.8	%	16.3	%	Profit Margin (after-tax) - GAAP (2)	19.2	%	18.9	%	19.0	%	7.3	%	13.0	%
		24.4	%	19.7	%	23.8	%	19.6	%	16.2	%	Profit Margin (after-tax) (FTE) - Non-GAAP (2)	19.0	%	18.7	%	18.8	%	7.2	%	13.0	%
		23.2	%	25.7	%	23.1	%	24.4	%	24.4	%	Effective Tax Rate - GAAP (3)	24.6	%	24.7	%	24.5	%	22.4	%	26.1	%
		24.5	%	27.2	%	24.5	%	26.3	%	27.3	%	Effective Tax Rate (FTE) - Non-GAAP (3)	26.8	%	26.9	%	26.8	%	30.9	%	27.9	%
		72.4	%	76.3	%	78.6	%	72.1	%	70.7	%	Noninterest Income to Total Revenue - GAAP (4)	69.5	%	70.9	%	73.6	%	68.7	%	67.9	%
		72.0	%	75.9	%	78.2	%	71.6	%	70.1	%	Noninterest Income to Total Revenue (FTE) - Non-GAAP (4)	69.0	%	70.4	%	73.0	%	67.9	%	67.6	%
		63.4	%	65.5	%	67.5	%	65.6	%	64.4	%	Trust Fees to Total Revenue - GAAP (5)	61.0	%	62.4	%	64.4	%	70.5	%	69.4	%
		63.1	%	65.1	%	67.1	%	65.1	%	63.9	%	Trust Fees to Total Revenue (FTE) - Non-GAAP (5)	60.5	%	61.9	%	63.9	%	69.7	%	69.1	%
		1.37	%	1.11	%	0.96	%	1.15	%	0.69	%	Net Interest Spread - GAAP (6)	1.00	%	0.83	%	0.51	%	0.38	%	0.49	%
		1.40	%	1.14	%	0.98	%	1.19	%	0.73	%	Net Interest Spread (FTE) - Non-GAAP (6)	1.04	%	0.87	%	0.55	%	0.44	%	0.51	%
		1.57	%	1.16	%	0.96	%	1.36	%	1.52	%	Net Interest Margin - GAAP (7)	1.58	%	1.53	%	1.41	%	1.53	%	1.59	%
		1.60	%	1.19	%	0.99	%	1.39	%	1.56	%	Net Interest Margin (FTE) - Non-GAAP (7)	1.62	%	1.57	%	1.45	%	1.59	%	1.61	%
	(1)	Profit margin (pre-tax) is calculated by dividing income before income taxes by total revenue. Profit margin (pre-tax) on an FTE basis is calculated by dividing income before income taxes on an FTE basis by total revenue on an FTE basis.
	(2)	Profit margin (after-tax) is calculated by dividing net income by total revenue. Profit margin (after-tax) on an FTE basis is calculated by dividing net income by total revenue on an FTE basis.
	(3)	Effective tax rate is calculated by dividing the provision for income taxes by income before income taxes. Effective tax rate on an FTE basis is calculated by dividing the provision for income taxes on an FTE basis by income before income taxes on an FTE basis.
	(4)	Noninterest income to total revenue is calculated by dividing noninterest income by total revenue. Noninterest income to total revenue on an FTE basis is calculated by dividing noninterest income by total revenue on an FTE basis.
	(5)	Trust fees to total revenue is calculated by dividing total trust, investment and other servicing fees by total revenue. Trust fees to total revenue on an FTE basis is calculated by dividing total trust, investment and other servicing fees by total revenue on an FTE basis.
	(6)	Net interest spread is calculated as the difference between the interest rate earned (annualized interest income divided by average interest-earning assets) and the interest rate incurred (annualized interest expense divided by average interest-related funds). Net interest spread on an FTE basis is calculated as the difference between the interest rate earned (annualized interest income on an FTE basis divided by average interest-earning assets) and the interest rate incurred (annualized interest expense divided by average interest-related funds).
	(7)	Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets. Net interest margin on an FTE basis is calculated by dividing annualized net interest income on an FTE basis by average interest-earning assets.

12