NORTHERN TRUST CORPORATION SUBSIDIARIES AS OF FEBRUARY 28, 2008

	Percent Owned		Jurisdiction of Incorporation
The Northern Trust Company	100	%	Illinois
Norlease, Inc.	100	%	Delaware
TNT-NL Leasing I, Inc.	100	%	Delaware
TNT-NL Eurolease I, Ltd.	100	%	Bermuda
TNT-NL Eurolease II, Ltd.*	100	%	Bermuda
Clenston Ltd.*	100	%	Bermuda
BAFSC/TNT-NL CX HUL I, Ltd.*	75	%	Bermuda
BAFSC/TNT-NL CX HUO, Ltd.*	75	%	Bermuda
MFC Company, Inc.	100	%	Delaware
The Northern Trust Company, Canada	100	%	Ontario, Canada
Nortrust Nominees, Ltd.	100	%	England
The Northern Trust Company U.K. Pension Plan Limited	100	%	England
Northern Trust Guernsey Holdings Limited	99	%	Guernsey
Northern Trust (Guernsey) Limited	99	%	Guernsey
The Northern Trust International Banking Corporation	100	%	Edge Act
Northern Trust Cayman International, Ltd.	100	%	Cayman Islands, BWI
The Northern Trust Company of Hong Kong Limited	99.99	%	Hong Kong
Northern Trust Fund Managers (Ireland) Limited	100	%	Ireland
Nortrust Nominees (Ireland) Limited	100	%	Ireland
Northern Trust Property Services (Ireland) Limited	100	%	Ireland
Northern Trust Management Services Limited	100	%	England
Northern Trust Global Investments Limited	100	%	England
The Northern Trust Scottish Limited Partnership	99	%	Scotland
Northern Trust Luxembourg Capital S.A.R.L.	100	%	Luxembourg
Northern Trust (Ireland) Limited	100	%	Ireland
Northern Trust Investor Services (Ireland) Limited	100	%	Ireland
Northern Trust Custodial Services (Ireland) Limited	100	%	Ireland
Northern Trust Fund Services (Ireland) Limited	100	%	Ireland
Northern Trust Management Services (Ireland) Limited	100	%	Ireland
Northern Trust International Fund Administration Services (Ireland) Limited	100	%	Ireland
Northern Trust Fiduciary Services (Ireland) Limited	100	%	Ireland
BBI Nominees Limited	100	%	Ireland
Northern Trust GFS Holdings Limited	99	%	Guernsey
Northern Trust International Fund Administration Services (UK) Limited	100	%	England
Northern Trust Fiduciary Services (UK) Limited	100	%	England
Northern Trust Fiduciary Services (Guernsey) Limited	99	%	Guernsey
Arnold Limited	99	%	Guernsey
Control Nominees Limited	99	%	Guernsey
Truchot Limited	99	%	Guernsey
Vivian Limited	99	%	Guernsey
Doyle Administration Limited	99	%	Isle of Man
Barfield Nominees Limited	99	%	Isle of Man
Northern Trust Fiduciary Company (Guernsey) Limited	100	%	Guernsey
NT Director One Limited	100	%	Guernsey
NT Director Two Limited	100	%	Guernsey

NORTHERN TRUST CORPORATION SUBSIDIARIES AS OF FEBRUARY 28, 2008

(continued)

	Percent Owned		State of Incorporation
NT Nominee One Limited	100	%	Guernsey
NT Nominee Two Limited	100	%	Guernsey
NT Secretary Limited	100	%	Guernsey
Trafalgar Trust Company (Guernsey) Limited	100	%	Guernsey
Northern Trust International Fund Administration Services (Guernsey) Limited	99	%	Guernsey
Trafalgar Representatives Limited	50	%	Guernsey
Nelson Representatives Limited	50	%	Guernsey
Admiral Nominees Limited	50	%	Guernsey
Northern Trust International Fiduciary Services (Jersey) Limited	99	%	Jersey
Saline Nominees Limited	99	%	Guernsey
International Securisation Managers (Ireland) Limited	100	%	Ireland
Northern Trust International Fund Administrators (Jersey) Limited	100	%	Jersey
Northern Trust Partners Scotland Limited	100	%	Scotland
Northern Operating Services Private Limited	99	%	India
NTG Services LLC	100	%	Delaware LLC
NT Mortgage Holdings LLC	100	%	Delaware LLC
Northern Trust Investments, National Association	100	%	National
Northern Trust Holdings Limited	100	%	England
Northern Trust Global Services Limited	100	%	England
Northern Trust European Holdings Limited	100	%	England
Northern Trust Luxembourg Management Company S.A.	99.99	%	Luxembourg
Northern Trust, NA	100	%	National Bank
Realnor Properties, Inc.	100	%	Florida
Realnor Special Properties, Inc.	100	%	Florida
Realnor Hallandale, Inc.	100	%	Florida
Realnor 1177, Inc.	100	%	Florida
Northern Annuity Sales, Inc.	100	%	Florida
Fiduciary Services Inc.	100	%	Texas (Inactive)
Northern Trust Bank, FSB	100	%	Federal Savings Bank
Northern Trust Holdings L.L.C.	100	%	Delaware
Northern Investment Corporation	100	%	Delaware
Northern Investment Management Company	100	%	Delaware (Inactive)
Northern Trust Securities, Inc.	100	%	Delaware
Northern Trust Services, Inc.	100	%	Illinois
Nortrust Realty Management, Inc.	100	%	Illinois

Exhibit Number (21)03

NORTHERN TRUST CORPORATION SUBSIDIARIES AS OF FEBRUARY 28, 2008

(continued)

	Percent Owned		State of Incorporation
The Northern Trust Company of New York	100	%	New York
Northern Trust Global Advisors, Inc.	100	%	Delaware
NT Global Advisors, Inc.	100	%	Ontario, Canada
Northern Trust Global Advisors, Limited	100	%	England
The Northern Trust Company of Connecticut	100	%	Connecticut
Northern Trust Global Investments Japan, K.K.	100	%	Japan
NTC Capital I	100	%	Delaware
NTC Capital II	100	%	Delaware
Equilend Holdings LLC	10	%	Delaware
The Northern Trust Company of Delaware	100	%	Delaware

* Indirectly owned by Norlease Inc. through Delaware business trusts.

Exhibit Number (21)03