EX-99.1 2 dex991.htm CONFERENCE SLIDES Conference Slides
©
2008 Northern Trust Corporation
Service
Expertise
Integrity
Frederick H. Waddell
President & Chief Executive Officer
NORTHERN TRUST
CORPORATION
2008 UBS Global Financial
Services Conference
May 13, 2008
EXHIBIT 99.1

Integrity
Expertise
Service
2
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 with respect to litigation,
other contingent
liabilities and obligations, 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, targets,
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 2007 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.

Integrity
Expertise
Service
3
Client-centric and Highly Focused
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

Integrity
Expertise
Service
4
Client-centric and Highly Focused
Credit Cards
Retail Banking
Consumer Finance
Venture Capital
Stock Transfer
DC Record Keeping
Investment Banking
Sub-Prime Mortgage Underwriting
Asset Backed Commercial Paper Conduits
Private Equity Bridge Financing
Discount Brokerage
American Depositary Receipts
While we do adjust our actions to align with prevailing conditions,
Northern Trust has resisted the temptation to change our business
or risk profile to capitalize on temporarily shifting cycles.
Businesses Northern Trust is NOT in:

©
2008 Northern Trust Corporation
Service
Expertise
Integrity
Personal Financial Services
Comprehensive, customized and
innovative financial solutions
for successful individuals, families, and
their businesses.

6
Integrity
Expertise
Service
Personal Financial Services
Extensive Reach in High Growth Target Market
85 PFS Offices in 18 States
Over 50% of the U.S. 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)
Projected Annual
Household Growth Rates
2007 -
2012
8.1%
9.9%
14.3%
Growth Rate by
Household Asset Size

7
Integrity
Expertise
Service
Personal Financial Services
Clients Are at the Center of Everything We Do
An holistic approach to supporting our clients’
financial goals and aspirations
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
Stock Option Planning
Asset Allocation
529 Plans
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
Multigenerational 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

8
Integrity
Expertise
Service
Private Client Revenues
(As a Percentage of Total Company Revenues, Full Year 2007)
Source: Company Fourth Quarter 2007 Earnings Release reports;  *Merrill Lynch percentage based on 2006 data
35%
30%
16%
12%
10%
10%
9%
5%
42%
Northern
Trust
Wachovia
Citigroup
Wilmington
Trust
Bank of
America
JP Morgan
Chase
Merrill
Lynch*
Goldman
Sachs
Bank of
NY
Mellon
Personal Financial Services
Our Focus on the Affluent Market is Unmatched

9
Integrity
Expertise
Service
Personal Trust Assets
($ Billions)
Source: SNL Financial; As of December 31, 2007
2.
3.
4.
5.
6.
7.
8.
9.
10.
Largest Personal
Trust Bank in U.S.
Source: SNL Financial
Northern Trust
$205.3
1.
Bank of America
127.5
JPMorgan Chase
84.5
Citigroup
69.9
Wachovia
61.9
Bank of NY Mellon                        50.7
U.S. Bancorp
42.9
Wells Fargo
42.2
PNC Financial
35.3
SunTrust
27.3
Personal Financial Services
Largest Personal Trust Provider in the U.S.

10
Integrity
Expertise
Service
$189
$195
$160
$114
$101
$38
$28
$65
$65
$61
$52
$82
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
3/31/08
Industry Leading Provider to the
Wealthiest Families:
~400 family relationships in 15 countries
Average relationship size = $470+ million
20% of Forbes 400 Richest Americans
AUC CAGR 1997-1Q08 = 21%
S&P 500 CAGR 1997-1Q08 = 3%
Wealth Management –
Assets Under Custody
($ Billions)
Personal Financial Services
Spotlight:
Outstanding Growth in Wealth Management

©
2008 Northern Trust Corporation
Service
Expertise
Integrity
Corporate & Institutional
Services
Global leader in managing the
sophisticated financial needs of
corporations, public entities, foundations,
endowments, insurance companies and
investment managers worldwide.

12
Integrity
Expertise
Service
Corporate & Institutional Services
Positioned Globally for Growth
Positioned to serve clients locally and capitalize on global opportunities.
Dublin
Limerick
17 Locations
Worldwide
Trade Settlement
in 90+ Markets
Clients in
41 Countries
Chicago
(Corporate
Headquarters)
Toronto
London
New
York
Luxembourg
Amsterdam
Guernsey
Jersey
Singapore
Beijing
Tokyo
Bangalore
Hong Kong
Melbourne
Abu Dhabi
North America
Europe, Middle East, & Africa
Asia
Pacific

13
Integrity
Expertise
Service
Corporate & Institutional Services
A Worldwide Leader in the Institutional Marketplace
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
Quantitative
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

14
Integrity
Expertise
Service
Corporate & Institutional Services
Strong Presence in Target Institutional Segments
Pension Plans
Foundations, Endowments &
Healthcare
Public Funds / Taft-Hartley
100 U.S. Corporate Plans
40%
200 U.S. Funds
40%
200 U.K. Funds
29%
Northern
Serves
Of the Top
Northern
Serves
Of the Top
25 Taft-Hartley Funds
40%
100 U.S. Public Funds
37%
U.K. Local Authority
30%
50 U.S. Foundations
30%
50 U.S. Endowments
26%
50 U.S. Healthcare Funds
36%
Northern
Serves
Of the Top
Source: Pensions and Investments 21 January 2008 (US Pensions), 24 December 2007 (Foundations & Endowments), 28
May 2007 (Asset Managers); Pension Funds and Their Advisors, 2007 (UK Funds); Money Market Directory, 2007
(Healthcare
Funds);
Lipper
Fitzrovia
Dublin
Fund
Encyclopaedia,
Administrators,
2006/2007;
Lipper
Fitzrovia
Guernsey
Fund Encyclopaedia, Administrators, 2006/2007.
Fund Administration
•
Serves 27% of the Top 200 Asset
Managers in the world
•
#1 Provider of Offshore Private
Equity Fund Administration services
in Europe
•
Fund Administrator for more funds in
Ireland and Guernsey than any other
provider

15
Integrity
Expertise
Service
9%
19%
22%
24%
21%
24%
27%
29%
35%
46%
7%
23%
16%
16%
16%
21%
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
% of Northern Trust Corporation Net Income*
resulting from International Activities
Corporate & Institutional Services
Spotlight:
Increasing Contribution from International Activities
*2007
net
income
excludes
the
impact
of
the
VISA
indemnification
charge

©
2008 Northern Trust Corporation
Service
Expertise
Integrity
Northern Trust Global
Investments
Global, multi-asset class investment
manager providing private and
institutional clients with comprehensive,
value-added investment solutions.

17
Integrity
Expertise
Service
Northern Trust Global Investments
Diversified, World Class Investment Manager
$778.6 Billion
Assets Under Management as of March 31, 2008
$457 Billion
(59%)
Active
$281 Billion
(36%)
Quantitative
$41 Billion
(5%)
Manager of Managers
A Diversified Asset Manager
Across Asset Classes
Across Client Segments
$633 Billion
Institutional
$146 Billion
Personal
Across Styles
Fixed Income
$98 Billion
(13%)
Equities
$283 Billion
(36%)
Short
Duration
$387 Billion
(50%)
Other
$11 Billion
(1%)

18
Integrity
Expertise
Service
Canadian & UK Programs
Int’l/US Equity Manager of Managers
Minority and Emerging Managers
Investment Program Solutions 
International
Equities
EAFE Index
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
Investment Options
Northern Trust Global Investments
A Continuum of Investment Solutions
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
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

19
Integrity
Expertise
Service
$197
$233
$292
$326
$320
$303
$479
$572
$618
$697
$757
$779
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
3/31/08
Assets Under Management
$ Billions
12/31/97 to 3/31/08
CAGR
Northern Trust
14%
S&P 500
3%
Northern Trust Global Investments
Strong Growth in Assets Under Management
Acquired $75 of
Index Assets

©
2008 Northern Trust Corporation
Service
Expertise
Integrity
Financial
Performance

21
Integrity
Expertise
Service
Revenue Stream
Revenue Stream
–
Dominated by Fee Income
74% of Total Revenues derived from Non-Interest Income in 2007.
Top 20 Bank average equaled 48%.
Differentiated Business Model
Top 20 Bank Source: SNL Financial

22
Integrity
Expertise
Service
Top 20 Bank Source: SNL Financial;  *As of December 31, 2007
Revenue Stream
Revenue Stream
–
Dominated by Fee Income
74% of Total Revenues derived from Non-Interest Income in 2007.
Top 20 Bank average equaled 48%.
Differentiated Business Model
Loan Portfolio
Loan Portfolio
–
High Quality
Nonperforming
assets
represented
only
0.13%
of
total
outstanding
loans
as
of
March
31,
2008.
Top 20 Bank average equaled 0.87%.*
Nonperforming assets were covered 4.6x by credit loss reserves as of March 31, 2008.
Top 20 Bank average equaled 2.3x.*

23
Integrity
Expertise
Service
Top 20 Bank Source: FR Y-9C reports and SNL Financial;  *As of December 31, 2007
Revenue Stream
Revenue Stream
–
Dominated by Fee Income
74% of Total Revenues derived from Non-Interest Income in 2007.
Top 20 Bank average equaled 48%.
Differentiated Business Model
Loan Portfolio
Loan Portfolio
–
High Quality
Nonperforming
assets
represented
only
0.13%
of
total
outstanding
loans
as
of
March
31,
2008.
Top 20 Bank average equaled 0.87%.*
Nonperforming assets were covered 4.6x by credit loss reserves as of March 31, 2008.
Top 20 Bank average equaled 2.3x.*
Securities Portfolio
Securities Portfolio
–
High Quality and Short Duration
92% of Northern Trust’s total securities portfolio was composed of triple-A rated
securities as of March 31, 2008.
75% of Earning Assets reprice or mature within one year as of December 31, 2007.
Top 20 Bank average equals 52%.*
78%
of
Interest-Bearing
Deposit
liabilities
reprice
or
mature
within
one
year
as
of
December 31, 2007.
Top 20 Bank average equals 48%.*

24
Integrity
Expertise
Service
Strong Performance in First Quarter 2008
NTRS’
First
Quarter
2008:
Tumultuous environment
Tumultuous environment
continued in First Quarter 2008
Record
Record
operating net income, up 24% vs First Quarter 2007
Record
Record
total revenues, up 19% vs First Quarter 2007
6%
growth
in
assets
under
custody
vs
First
Quarter
2007
3%
growth
in
assets
under
management
vs
First
Quarter
2007
Operating
EPS:
Completed
13
th
consecutive
consecutive
quarter
quarter
of
double-digit,
year-over-year growth
Common
Equity:
Completed
80
th
consecutive
consecutive
quarter
quarter
of
growth
Credit
quality
improved:
nonperforming
assets
decreased
and
reserve
reserve
ratios
ratios
improved
improved
vs
First
Quarter
2007
No
No
securities or leveraged loan write-downs
3/31/08 vs 3/31/07: S&P 500 -6.9%; EAFE -16.9%
Note: Operating results exclude the effects of VISA items recognized in First Quarter 2008

25
Integrity
Expertise
Service
Well Positioned for Future Success
Attractive Demographic Markets
Focused and Conservative Strategy
Client Centricity
Consistent Leadership and Philosophy
Excellence in Execution
Success Due to Enduring Principles and Strategies:

©
2008 Northern Trust Corporation
Service
Expertise
Integrity
Frederick H. Waddell
President & Chief Executive Officer
NORTHERN TRUST
CORPORATION
2008 UBS Global Financial
Services Conference
May 13, 2008