8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15 (d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) November 5, 2008

NORTHERN TRUST CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation)

0-5965	36-2723087
(Commission File Number)	(IRS Employer Identification No.)

50 South LaSalle Street, Chicago, Illinois	60603
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code (312) 630-6000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01. Regulation FD Disclosure.

On November 6, 2008, at approximately 9:15 a.m. (ET), Steven L. Fradkin, Executive Vice President and Chief Financial Officer of Northern Trust Corporation (the “Company”), will speak at the BancAnalysts Association of Boston’s 27^th Annual Bank Conference (the “Conference”) in Boston. The audio webcast of the presentation will be available live and for replay for 30 days from the presentation date and can be accessed from the “Investor Relations” section of the Company’s website at www.northerntrust.com/presentations. Attached as Exhibit 99.1 are the slides that Mr. Fradkin will present at the Conference.

The information in this Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise stated in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1  Conference Slides.

-2-

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	NORTHERN TRUST CORPORATION                         (Registrant)
Date: November 5, 2008	By:	/s/ Beverly J. Fleming
		Beverly J. Fleming
		Senior Vice President and Director of Investor Relations

-3-

EXHIBIT INDEX

Exhibit Number	Description of Exhibit
99.1	Conference Slides.

-4-

EX-99.1

©

2008 Northern Trust Corporation

Service

Expertise

Integrity

Steven L. Fradkin

Executive Vice President &

Chief Financial Officer

BancAnalysts Association of Boston

27

th

Annual Fall Conference

“Building A New American Banking Paradigm”

November 6, 2008

NORTHERN TRUST

CORPORATION

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 developments 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

Today’s Agenda:

“Building a New American Banking Paradigm”

The Changing Landscape

Commercial banks

Investment banks

The Business Model of Northern Trust

Attractive demographic markets

Focused strategy

Significant expertise

Organic growth

Conservative heritage

©

2008 Northern Trust Corporation

Service

Expertise

Integrity

The Changing

Landscape

Integrity

Expertise

Service

5

The Changing Landscape in U.S. Financial Services…

Commercial Banks

Consolidation has accelerated

Business models are evolving

Investment Banks

Bear Stearns and Lehman Brothers failed

Merrill Lynch acquired by Bank of America

Goldman Sachs and Morgan Stanley change status to

bank holding companies

Significant

Increase

in

Government

/

Regulatory

Involvement

Integrity

Expertise

Service

6

…Much of Which Occurred over a Four Week Period

950

1100

1250

1400

Jan              Feb             Mar              Apr          

May             Jun             Jul               Aug        

Sept      Oct

S&P 500

9/7/08:

U.S. Govt

to

support Fannie Mae &

Freddie Mac

9/15/08:

Lehman

Brothers declares

bankruptcy;         

Bank of America

announces Merrill

Lynch acquisition

9/16/08:

U.S. Govt

to support AIG

9/21/08:

Goldman Sachs &

Morgan Stanley to become

bank holding companies

9/26/08:

JPMorgan Chase

announces Washington

Mutual acquisition

10/3/08:

Wells Fargo to

acquire Wachovia

©

2008 Northern Trust Corporation

Service

Expertise

Integrity

The Business Model

of Northern Trust

Integrity

Expertise

Service

8

Client-centric and Highly Focused

Business Model

Our Clients

Worldwide Operations & Technology

Government

Agencies

Taft-Hartley

Foundations /

Endowments /

Healthcare

Individuals

Privately

Held

Businesses

Pension Funds

Large Corporations

Investment

Management Firms

Insurance Companies

Families

Family

Foundations

Family Offices

Personal

Financial

Services

Corporate &

Institutional

Services

Northern Trust Global Investments

Integrity

Expertise

Service

9

Resisting the Temptation to Change Our Business Model

Credit Cards

Retail Banking

Consumer Lending

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

Businesses Northern Trust is NOT in:

Integrity

Expertise

Service

10

Personal Financial Services

Extensive Reach in High Growth

Affluent 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)

Illinois

(19)

Colorado

(1)

Colorado

(1)

Nevada

(1)

Nevada

(1)

Missouri

(1)

Missouri

(1)

Washington

(1)

Michigan

(3)

Texas

(7)

California

(11)

New York (1)

Connecticut (1)

Delaware (1)

Georgia

(1)

Georgia

(1)

Wisconsin

(1)

Wisconsin

(1)

Ohio

(1)

Ohio

(1)

Minnesota

(1)

Minnesota

(1)

Projected Annual

Household Growth Rates

2007 -

2012 by Household

Asset Size

7.1%

11.3%

15.5%

$1 -

5

MM

$5 -

200

MM

$200+

MM

Source: Claritas

Massachusetts (1)

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11

Personal Financial Services

Significant Expertise

Allows Us to Address Clients’

Needs

Integrated approach and comprehensive capabilities.

Grow Assets

Proprietary and Third-party

Investment Managers

Active Index Strategies

Alternative Investments

Manage Risk

Asset Diversification

Single-stock Concentration

Hedging Strategies

Stock Option Planning

Tax Liability Management

Tax Sensitive Investing

Tax Loss Harvesting

Investment Vehicle Selection

Liquidity Management

Deposit Services

Custom Lending

Short Term Cash

Management Vehicles

Building and

Managing Wealth

Protecting and

Transferring Wealth

Protect and Preserve Wealth

Wealth Transfer Planning

Customized Trust Solutions

Transition Wealth

Estate Settlement Services

Guardianship Services

Plan for Special Assets

Family Business

Manage Non-Financial Assets

Creating a Legacy

Reinforce Family Values

Family Education

Family Mission Statement

Advanced Wealth Transfer

Strategies

Establish a Charitable

Giving Tradition

Implement a Tailored 

Philanthropic Strategy

Balance Charitable Giving with

the Financial Needs of the Family

Ensure Tax-Efficiency of

Philanthropic Vehicles

Integrity

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Service

12

North America

Europe,

Middle East & Africa

Asia Pacific

Corporate & Institutional Services

Market Opportunities Continue to Grow

Total Market: $161 Trillion

(1)

Total Assets Under Custody Worldwide: $90 Trillion

(2)

(1)

McKinsey

&

Company

–

Mapping

the

Global

Capital

Market,

Fourth

Annual

Report,

January

2008;

Excludes

$6

trillion

of

South

American

assets

(2)

YE

2007

competitor

earnings

releases

&

The

Greensted

Report,

Fall

2007

–

Top

10

custodians

$60 Trillion

$60 Trillion

$41 Trillion

$56 Trillion

U.S.

$4 Trillion

Canada

$10 Trillion

U.K.

$43 Trillion

Western

Europe

$7 Trillion

Other

$19 Trillion

Japan

$14 Trillion

Emerging Asia

$8 Trillion

Other

Integrity

Expertise

Service

13

Corporate & Institutional Services

Full Array

of Capabilities…

…

to meet the needs of sophisticated institutional investors.

Fund accounting

Transfer agency

Corporate secretarial

Trustee

Investment operations

outsourcing

Safekeeping

Settlement

Derivatives processing

Income collection

Corporate actions

Tax reclamation

Active

Quantitative

Investment outsourcing

Liability driven investing

Manager of managers

Hedge funds

Private equity

Transition management

Investment accounting

Reporting and valuation

Performance analytics

Risk monitoring and reporting

Trade execution analysis

Data warehouse

Cross-border pooling

Trade execution

Cash management

Securities lending

Foreign exchange

Commission management

Asset

Administration

Asset Processing

Asset Reporting

Asset

Enhancement

Asset

Management

Integrity

Expertise

Service

14

Corporate & Institutional Services

Strategically Positioned

in Three Dynamic Regions

North America

Europe,

Middle East & Africa

Asia Pacific

Abu Dhabi

Dublin

Toronto

London

Limerick

Amsterdam

Luxembourg

Guernsey

Melbourne

Singapore

Hong Kong

Bangalore

Beijing

Tokyo

Jersey

Chicago

Integrity

Expertise

Service

15

Northern Trust Global Investments

A Diversified, World Class

Investment Manager

$652.4 Billion

Assets Under Management as of September 30, 2008

A Diversified Asset Manager

$369 Billion

(57%)

Active

$249 Billion

(38%)

Quantitative

$34 Billion

(5%)

Manager of Managers

Across Asset Classes

Across Client Segments

$511 Billion

Institutional

$141 Billion

Personal

Across Styles

Fixed Income

$95 Billion

(14%)

Other

$12 Billion

(2%)

Equities

$247 Billion

(38%)

Short

Duration

$298 Billion

(46%)

Integrity

Expertise

Service

16

Northern Trust Global Investments

Broad Array of Solutions

for Personal and Institutional Clients

Source:

Pensions

&

Investments

2008

Special

Report

on

Asset

Managers,

data

as

of

December

31,

2007.

*Multi-manager

Ranking

Source:

Cerulli

Associates,

2005

10

th

Largest Manager

Worldwide Institutional Assets

5

th

Largest Manager

U.S. Institutional Tax-Exempt Assets

3

rd

Largest Manager

Defined Benefit Assets

3

rd

Largest Manager

Multi-Manager -

U.S. Institutional Assets*

Markets

Served

Rankings

4

th

Largest Manager

Passive Domestic Indexed Equity

3

rd

Largest Manager

Passive Domestic Indexed Bonds

3

rd

Largest Manager

Passive International Indexed Securities

Investment

Strategy

Integrity

Expertise

Service

17

Conservative Heritage

High Quality Balance Sheet Securities Portfolio

9/30/08

Securities –

Available for Sale

U.S. Government

$    20

nm

Obligations of States / Political Subdivisions

32

nm

Government Sponsored Agency

9,869

74%

Asset-Backed

1,800

13%

Other

475

4%

Total Securities –

Available for Sale                          

12,195

91%

Securities –

Held to Maturity

Obligations of States / Political Subdivisions

805

6%

Government Sponsored Agency

37

nm

Other

300

2%

Total Securities –

Held to Maturity

1,143

9%

Trading Account

9

nm

Total Securities

$13,347

100%

($ Millions)

Composition

90% of Northern Trust’s total

securities portfolio composed of

triple-A rated securities

86% of Asset-Backed Securities

rated triple-A

Exposure to subprime Asset-

Backed securities relative to the

overall portfolio minimal at less

than 3%

62% of subprime Asset-Backed

Securities rated triple-A

Total gross unrealized losses on

Available for Sale securities

portfolio of only $200 million

% of

Total

All data is as of September 30, 2008.  Items may not total due to rounding.

High

Quality,

Short

Duration

Securities

Portfolio

Integrity

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18

Conservative Heritage

Diversified and High Quality Loan Portfolio

9/30/08

U.S.

Residential Real Estate

$ 10.0

33%

Commercial

7.7

26%

Commercial Real Estate

2.9

10%

Personal

4.6

15%

Other

1.7

6%

Lease Financing

1.1

4%

Total U.S.

28.1

94%

Non-U.S.

1.7

6%

Total Loans and Leases             $ 29.9

100%

($ Billions)

Relationship-based lending practices

Nonperforming assets totaled $61.5 million

–

the increase from the prior quarter

largely reflects the addition of only two

loans

Nonperforming assets represent only

0.21% of total outstanding loans

Nonperforming loans are covered

3.3 times by current credit loss reserves

Northern Trust does not:

Underwrite mortgage loans to

sub-prime borrowers

Lend directly to hedge funds

Provide bridge financing to

private equity deals

Offer an off-balance sheet commercial

paper conduit for client liquidity

% of

Total

Composition

All data is as of September 30, 2008.  Items may not total due to rounding.

Consistently

Outstanding

Credit

Quality

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19

Credit Quality is notably better than peer averages in each category.

*

Peer

group

consists

of

the

20

largest

U.S.

Bank

Holding

Companies

in

terms

of

total

balance

sheet

assets. 

September

30th

data

includes

17

banks

for

which

the

data

is

currently

available.

Source:

SNL

Financial

Peer*

Average

NTRS

0.21%

317%

0.01%

1.97%

113%

1.52%

Non-Performing Assets

as a % of Loans

Loan Loss Reserve as a

% of Non-Performing Assets

Net Charge-Offs to

Average Loans

As of September 30, 2008

Outstanding Credit Quality is a Differentiator

Integrity

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20

Outstanding Capital Strength

$3.9

$4.9

$2.1

$3.3

$3.1

$2.9

$2.7

$3.6

$4.5

$2.3

1999

2000

2001

2002

2003

2004

2005

2006

2007

3Q08

COMMON EQUITY

($ Billions)

CAGR: +10%

Northern Trust Corporation

Tier 1 Capital Ratio

9.2%

6.0%

Total Risk-Based Ratio

11.4%

10.0%

Leverage Ratio

6.6%

5.0%

“Well

Capitalized”

CAPITAL RATIOS

9/30/08

Guideline

U.S. CAPITAL PURCHASE PROGRAM PARTICIPATION

As announced on October 27, the Treasury

intends to invest $1.5 billion in senior preferred

stock and related warrants in Northern Trust

In combination with our already strong capital

position, the additional capital will allow us to

maximize growth opportunities

©

2008 Northern Trust Corporation

Service

Expertise

Integrity

The Business Model

of Northern Trust:

Another Perspective

Integrity

Expertise

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22

How Important is Asset Allocation to Performance?

Sources:

Standards

&

Poor's,

Morgan

Stanley

Capital

International,

NAREIT,

Hedge

Fund

Research,

Venture

Economics,

Frank

Russell,

Lehman

Brothers,

JP

Morgan,

Federal

Reserve

Indices:

S&P

500:

S&P

500;

Int'l

Equity:

MS

EAFE;

Real

Estate:

NAREIT

Equity

REIT;

Hedge:

HFRI

Fund

of

Funds;

Private

Equity:

Venture

Economics

All

PE;

Midcap:

Russell

2500;

Small

Cap:

Russell

2000;

High

Yield:

LB

High

Yield;

Government

Bonds:

LB

US

Government;

Corporate

Bonds:

LB

Aggregate;

Int’l

Bond:

JP

Morgan

Global

ex

US;

Cash:

90

Day

T-bill

Returns

shown

are

those

of

leading

indexes

and

assume

the

reinvestment

of

dividends

or

earnings.

Returns

do

not

reflect

the

deduction

of

any

fees

or

expenses,

except

for

the

HFR

Fund

of

Funds

Composite

Index

and

Venture

Economics

Private

Equity

Index,

which

are

shown

net

of

fees

and

expenses.

It

is

not

possible

to

invest

directly

in

an

index.

Performance

for

PE

is

reported

on

a

lag

basis.

2005

S&P 500

4.9%

Int'l Equity

14.0%

Govt. Bonds

2.8%

Real Estate

12.2%

Hedge

7.5%

Midcap

8.1%

High Yield

2.7%

Private Equity

22.6%

Small Cap

4.6%

Cash

3.3%

Corp Bond

2.4%

Int’l Bond

-9.2%

2003

Small Cap

47.3%

Cash

1.0%

S&P 500

28.7%

Int'l Equity

39.2%

Govt. Bonds

2.4%

Real Estate

37.2%

Midcap

45.5%

High Yield

29.0%

Hedge

11.5%

Private Equity

19.4%

Int’l Bond

18.6%

Corp Bond

4.1%

2004

Int'l Equity

20.7%

Cash

1.4%

Govt. Bonds

3.5%

Real Estate

31.6%

Small Cap

18.3%

High Yield

11.1%

S&P 500

10.9%

Hedge

6.4%

Midcap

18.3%

Private Equity

6.3%

Corp Bond

4.3%

Int’l Bond

12.0%

Govt. Bonds

11.5%

2002

S&P 500

-22.1%

Int'l Equity

-15.6%

Real Estate

3.8%

High Yield

-1.4%

Hedge

1.0%

Private Equity

-13.2%

Midcap

-17.8%

Small Cap

-20.5%

Cash

1.7%

Corp Bond

10.3%

Int’l Bond

22.1%

2001

Int'l Equity

-21.2%

Corp Bond

8.4%

S&P 500

-11.9%

Govt. Bonds

7.2%

Real Estate

13.9%

Small Cap

2.5%

High Yield

5.3%

Hedge

2.8%

Midcap

1.2%

Private Equity

-18.5%

Cash

3.4%

Int’l Bond

-3.6%

Govt. Bonds

13.2%

2000

Int'l Equity

-14.0%

S&P 500

-9.1%

Real Estate

26.4%

Private Equity

10.2%

Midcap

4.3%

Small Cap

-3.0%

Hedge

4.1%

High Yield

-5.9%

Int’l Bond

-2.5%

Cash

6.2%

Corp Bond

11.6%

1999

Govt. Bonds

-2.2%

Private Equity

70.8%

S&P 500

21.0%

Int'l Equity

27.3%

Hedge

26.5%

Midcap

24.2%

Small Cap

21.3%

High Yield

2.4%

Real Estate

-4.6%

Corp Bond

-0.8%

Cash

5.0%

Int’l Bond

-6.2%

1998

S&P 500

28.6%

Hedge

-5.1%

Int'l Equity

20.3%

Govt. Bonds

9.9%

Real Estate

-17.5%

Small Cap

-2.6%

High Yield

1.9%

Midcap

0.4%

Private Equity

16.4%

Int’l Bond

18.3%

Cash

5.0%

Corp Bond

8.7%

2006

Midcap

16.2%

Real Estate

35.0%

Int'l Equity

26.9%

Small Cap

18.4%

S&P 500

15.8%

High Yield

11.9%

Hedge

10.3%

Private Equity

7.2%

Int’l Bond

6.8%

Cash

5.0%

Corp Bond

4.3%

Govt. Bonds

3.5%

2007

Midcap

1.4%

Real Estate

-15.7%

Int'l Equity

11.6%

Small Cap

-1.6%

S&P 500

5.5%

High Yield

1.9%

Hedge

8.1%

Private Equity

8.0%

Int’l Bond

11.3%

Cash

4.7%

Corp Bond

7.0%

Govt. Bonds

8.7%

Integrity

Expertise

Service

23

“The Determinants of Portfolio Performance”

Brinson, Hood and Beebower, 1986.

Study

Examined how asset allocation choices affected 91 large

pension plan returns.

Conclusion

Most of the variation (94%) in returns is explained by

policies of asset mix, rather than individual stock picks.

Asset Allocation versus Stock Selection: The Origins

Implications

How does the notion of “Asset Allocation”

reflect on the

“New American Banking Paradigm”

and the business model

and strategic decisions of Northern Trust?

Integrity

Expertise

Service

24

Financial Services Industry: Asset Allocation Choices

Segments within the Financial Services Industry

Asset Management Firms

Banks and Thrifts

Capital Markets Firms

Commercial Finance

Consumer Lending

Insurance Brokers

Life & Health Insurance

Money Center Banks

Online Brokerages

P&C –

Multi Line

P&C –

Personal Lines

Private Banks

Processors

Reinsurance

Trust Banks

Integrity

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25

Which financial services industry segments have the

best long-term performance and valuation

best long-term performance and valuation?

Financial Services Industry: Asset Allocation Choices

10 Yr

Average

Forward

PE

Score

10 Yr Average Performance Score

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

Integrity

Expertise

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26

38.5%

24.2%

23.1%

21.2%

16.5%

14.6%

13.6%

13.2%

11.2%

8.0%

7.8%

10.2%

9.6%

9.6%

9.0%

Performance Metrics in Financial Services: Revenue Growth

10-Year Historical Average Annual Revenue Growth

Sources: Factset

& SNL Financial

Integrity

Expertise

Service

27

40.0%

34.7%

34.7%

33.5%

33.5%

30.2%

27.4%

24.8%

17.5%

12.0%

10.8%

14.5%

14.2%

12.5%

12.5%

Performance Metrics in Financial Services: Pre-Tax Margin

10-Year Historical Average Annual Pre-Tax Margin

Sources: Factset

& SNL Financial

Integrity

Expertise

Service

28

25.1%

20.7%

18.5%

17.2%

16.8%

16.8%

16.5%

16.5%

15.1%

9.7%

8.8%

14.7%

10.5%

9.9%

9.8%

Performance Metrics in Financial Services: Return on Equity

10-Year Historical Average Annual Return on Equity

Sources: Factset

& SNL Financial

Integrity

Expertise

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29

Financial Services: Ranking Based on Performance Measures

Assigning a score to each of the three “Performance Measures”

and then

averaging the scores results in the following ranking by segment:

1.

Consumer Lending

2.

Asset Management Firms

3.

Private Banks

4.

Trust Banks

5.

Processors

6.

Insurance Brokers

7.

Money Center Banks

8.

Online Brokerages

9.

Capital Markets Firms

10.

Banks and Thrifts

11.

Reinsurance

12.

P&C –

Multi Line

13.

P&C –

Personal Lines

14.

Commercial Finance

15.

Life & Health Insurance

Integrity

Expertise

Service

30

22.6

22.5

19.3

17.3

15.9

15.8

13.5

12.5

12.1

11.1

8.5

11.8

11.6

11.5

11.4

Valuation Metric: Price to Earnings Ratio

10-Year

Historical

Average

Forward

Price

to

Earnings

Ratio

Sources: Factset

& SNL Financial

Integrity

Expertise

Service

31

Average Performance Score

(1)

vs. Average Price to Earnings Ratio

(2)

Top Right Quadrant: Best Performing Financial Services Segments

____________________

Note: Higher scores imply stronger attributes in these categories.

(1)

Average Performance Score is comprised of the average score of segment's 10 Year Historical Average Annual

Revenue Growth, 10 Year Historical Average Pre-Tax Margin and 10 Year Historical Average Annual ROE.

(2)

Based on the segment's 10 Year Historical Average Forward P/E multiples.

10 Yr

Average

Forward

PE

Score

10 Yr Average Performance Score

Life & Health Insurance

Commercial Finance

P&C -

Personal Lines

P&C -

Multi Line

Reinsurance

Banks and Thrifts

Capital Markets Firms

Online Brokerages

Money Center Banks

Insurance Brokers

Processors

Trust Banks

Private Banks

Asset Management Firms

Consumer Lending

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

Integrity

Expertise

Service

32

Average Performance Score

(1)

vs. Average Price to Earnings Ratio

(2)

Northern Trust: Long-term, Strategic Asset Allocation

____________________

Note: Higher scores imply stronger attributes in these categories.

(1)

Average Performance Score is comprised of the average score of segment's 10 Year Historical Average Annual

Revenue Growth, 10 Year Historical Average Pre-Tax Margin and 10 Year Historical Average Annual ROE.

(2)

Based on the segment's 10 Year Historical Average Forward P/E multiples.

10 Yr

Average

Forward

PE

Score

10 Yr Average Performance Score

Life & Health Insurance

Commercial Finance

P&C -

Personal Lines

P&C -

Multi Line

Reinsurance

Banks and Thrifts

Capital Markets Firms

Online Brokerages

Money Center Banks

Insurance Brokers

Processors

Trust Banks

Private Banks

Asset Management Firms

Consumer Lending

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

Integrity

Expertise

Service

33

Concluding Thoughts

Attractive Demographic Markets

Focused and Conservative Strategy

Significant Expertise

Organic Growth

Consistent Leadership and Philosophy

Northern

Trust’s

Business

Model

-

Choices

Matter

©

2008 Northern Trust Corporation

Service

Expertise

Integrity

Steven L. Fradkin

Executive Vice President &

Chief Financial Officer

BancAnalysts Association of Boston

27

th

Annual Fall Conference

“Building A New American Banking Paradigm”

November 6, 2008

NORTHERN TRUST

CORPORATION