northerntrust.com

©

2011 Northern Trust Corporation

Service

Expertise

Integrity

Service

Expertise

Integrity

P R I N C I P L E S   T H A T   E N D U R E

Northern Trust

Corporation

William L. Morrison

Executive Vice President

& Chief Financial Officer

Morgan Stanley Financials Conference

The New York Palace Hotel

New York, New York

February 2, 2011

Exhibit 99.1

2

Morgan Stanley Financials Conference

Forward Looking Statement

This presentation may include forward-looking statements such as statements that relate to

Northern Trust’s financial goals, capital adequacy, dividend policy, expansion and business

development

plans,

risk

management

policies,

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 2009 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.

3

Morgan Stanley Financials Conference

Agenda

Northern Trust Corporation

Excellent Strategic Positioning

Personal Financial Services

Corporate & Institutional Services

Northern Trust Global Investments

Financial Positioning

4

Morgan Stanley Financials Conference

Founded in 1889, Northern Trust Corporation is a global leader in asset

management and asset servicing for institutional and personal clients.

Operations & Technology:

Integrated global operating platform

Serving personal and

institutional clients

$1.3 billion in technology

spending, 2007-2009

Personal Financial Services:

Leading advisor to affluent market

$154 billion AUM

$370 billion AUC

Corporate & Institutional Services: 

Leading global custodian

$3.7 trillion AUC

$489 billion AUM

Northern Trust Global Investments: 

Leading asset manager for    

personal & institutional clients

$644 billion AUM

As of December 31, 2010

Client Centric, Highly Focused Business Model

Personal

Clients

Institutional

Clients

Integrated Operations & Technology Platform

Asset

Servicing

Asset

Management

$4.1T Assets

Under Custody

$644B Assets

Under Mgmt.

5

Morgan Stanley Financials Conference

Network of PFS Offices in 18 States

Over 50% of the U.S. millionaire market resides within

a 45-minute drive of Northern Trust offices.

Arizona

(6)

Florida

(25)

Illinois

(15)

Colorado

(1)

Nevada

(1)

Missouri

(1)

Washington

(1)

Michigan

(3)

Texas

(7)

California

(10)

New York (1)

Connecticut (1)

Delaware (1)

Georgia

(1)

Wisconsin

(1)

Ohio

(1)

Minnesota

(1)

Massachusetts (1)

Personal Financial Services

Extensive Reach in the Affluent Market

Investing in the Business:

Making strategic hires around the country

Acquisition of Los Angeles-based Waterline Partners

Continuing to augment our investment capabilities

Expanding to Washington D.C. in 2011

Evaluating international expansion opportunities

PFS Assets Under Management

($ Billions)

CAGR

+5%

S&P500 CAGR  0%

6

Morgan Stanley Financials Conference

CAGR

+10%

S&P500 CAGR      0%

US$EAFE CAGR +1%

The

Americas

Europe,

Middle East,

and Africa

Asia Pacific

Corporate & Institutional Services

Positioned Globally for Growth

C&IS Assets Under Custody

($ Trillions)

Strategically Positioned

in Three Dynamic Regions

Investing in the Business:

Growing our Global Fund Services business

Building

relationships

with

sovereign

wealth

funds

and

financial

institutions

Expanding the breadth of capabilities offered to clients

Continuing to enhance our technology platform to provide innovative solutions

Converted our Beijing office to a full service licensed branch

7

Morgan Stanley Financials Conference

Investing in the Business:

Focusing on international growth through strategic hires and product development

Building exchange-traded fund products

Expanding alternative investment capabilities

Driving revenue growth through direct sales of our core capabilities

Assets Under Management: $643.6 Billion

A Diversified Asset Manager

Across Asset Classes

Across Client Segments

Across Styles

Northern Trust Global Investments

Client Focused, Diversified Investment Manager

As of

December

31, 2010

$42 Billion

(6%)

$308 Billion

(48%)

Active

$281 Billion

(44%)

Index

Manager

of Managers

$489 Billion

Institutional

$154 Billion

Personal

Equities

$291 Billion

(45%)

Fixed Income

$123 Billion

(19%)

Short

Duration

$213 Billion

(33%)

Other

$17 Billion

(3%)

Other

$13 BN

(2%)

Morgan Stanley Financials Conference

northerntrust.com

©

2011 Northern Trust Corporation

Service

Expertise

Integrity

Service

Expertise

Integrity

P R I N C I P L E S   T H A T   E N D U R E

Financial Positioning

9

Morgan Stanley Financials Conference

2010 Financial Performance

2009

Trust, Inv. & Other Servicing Fees

Foreign Exchange Trading Income

Other Non-Interest Income

Net Interest Income

Total Revenues

Non-Interest Expenses*

Provision for Credit Losses

Pre-Tax Income

Taxes

Operating* Net Income

Operating* EPS

$2,082

$382

$265

$958

$3,687

$2,531

$160

$996

$347

$649

$2.65

2010

% Change

n/m

-14%

+3%

-8%

-4%

+8%

-26%

-22%

-18%

-24%

-15%

$2,084

$446

$257

$1,040

$3,827

$2,334

$215

$1,278

$425

$853

$3.11

*Northern Trust is providing operating results, which exclude Visa related adjustments, in order

to provide a clearer indication of the results and trends in Northern Trust's core businesses.

($ in millions, except EPS)

+ Net new business

+ Equity markets

–

Securities lending

–

Fee waivers

–

Lower volatility

–

Interest rates

+/ –

Credit costs

10

Morgan Stanley Financials Conference

Consistently Strong and Conservative Balance Sheet

85% of Northern Trust’s

total securities portfolio

composed of triple-A

rated securities

88% of Asset-Backed

Securities rated triple-A

Exposure to subprime

Asset-Backed securities

relative to the overall

portfolio minimal at ~1%

The securities portfolio

is in a net unrealized

gain position

Relationship-based

lending practices

Consistent and conservative

underwriting standards

Loan quality is notably better

than peer averages

Northern Trust

Top 20 Peer Avg.

Diversified, High Quality

Loan Portfolio

High Quality, Short Duration

Securities Portfolio

NTRS data as of December 31, 2010; peer data as of September 30, 2010.  Source: SNL Financial.

11

Morgan Stanley Financials Conference

Capital Ratios

Tier 1 Capital                    13.4%

13.6%

6.0%

Total Risk-Based              15.8%

15.7%

10.0%

Tier 1 Common Equity

12.8%

13.1%

-

Outstanding Capital Strength

Tier 1 Capital

Risk-weighted Assets

$7.0bn

$51.4bn

12.5%                      8.5%

14.6%                    10.5%

12.5%                      7.0%

Pro-forma Basel III*

Proposed

12/31/10

Guideline

$6.4bn

$51.2bn

–

Credit risk

+ Operational risk

“Well

Capitalized”

12/31/09

12/31/10

Guideline

Current

period

capital

ratios

are

preliminary

until

finalized

in

the

2010

Annual

Report.

–

Trust preferred

–

OCI adjustments

Basel I

*Pro-forma Basel III ratios represent Northern Trust’s estimates calculated using the current methodologies provided by

the oversight body of the Basel Committee as Northern Trust currently understands them. The proposed guidelines

represent the minimum capital requirements, inclusive of the capital conservation buffer, currently proposed to be effective

in 2019.  The ultimate impact of the new capital  standards on Northern Trust will depend on a number of factors,

including further changes to the Basel III methodologies and the rulemaking and implementation by the U.S. banking

regulators. Therefore, these estimates  are subject to change.

Morgan Stanley Financials Conference

northerntrust.com

©

2011 Northern Trust Corporation

Service

Expertise

Integrity

Service

Expertise

Integrity

P R I N C I P L E S   T H A T   E N D U R E

Concluding Thoughts

13

Morgan Stanley Financials Conference

Market Leader in Focused Businesses

Largest Personal Trust provider in the United States

Best Private Bank in North America (Financial Times, November 2010 and 2009)

Best Global Investor Services House (Euromoney, July 2010)

One of the largest Fund Administrators in Ireland and Guernsey

11   largest manager of worldwide institutional assets (Pensions & Investments, May 2010)

Strong History of Organic Growth

Assets

Under

Custody

CAGR

of

10%

2000

-

2010

Net new business up 28% in 2010 versus prior year

Continuing to invest in the business

Distinctive Financial Strength

85% of securities portfolio rated triple A

NPAs

to loans relatively low at 1.34%

Tier 1 Common Equity ratio of 13.1%

96% of total Tier 1 Capital is Tier 1 Common Equity

Invested & Experienced Management Team

Combined service at Northern Trust of 189 years

As of

December

31, 2010

Strategically Positioned for Growth

th

Morgan Stanley Financials Conference

northerntrust.com

©

2011 Northern Trust Corporation

Service

Expertise

Integrity

Service

Expertise

Integrity

P R I N C I P L E S   T H A T   E N D U R E

Morgan Stanley Financials Conference

Questions?

Northern Trust

Corporation

William L. Morrison

Executive Vice President

& Chief Financial Officer