EX-99.1 2 dex991.htm ANNUAL MEETING SLIDES Annual Meeting Slides
Annual Meeting of Stockholders
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2011 Northern Trust Corporation
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Northern Trust
Corporation
Annual Meeting of Stockholders
Frederick H. Waddell
Chairman, President
& Chief Executive Officer
EXHIBIT 99.1

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Annual Meeting of Stockholders
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 2010 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.

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Annual Meeting of Stockholders
Agenda
Northern Trust Corporation
Financial Overview
Investing in our Businesses
Personal Financial Services
Corporate & Institutional Services
Northern Trust Global Investments
Stock Price Performance
Legacy of Leadership

Annual Meeting of Stockholders
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Financial Overview

5
Annual Meeting of Stockholders
Solid performance despite challenging macroeconomic environment.
($MM, except EPS)
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
Net Income
Earnings per Share
$2,082
$382
$265
$958
$3,687
$2,498
$160
$1,029
$359
$670
$2.74
2010
n/m
-14%
+3%
-8%
-4%
+8%
-26%
-21%
-17%
-23%
-13%
2010 vs. 2009
Key Accomplishments
Strong new business results
despite difficult macroeconomic
environment
Invested approximately $518
million in technology
Maintained our dividend for the
114
th
consecutive year
Acquisition of Los Angeles-
based Waterline Partners, LLC
Announced acquisition of Bank
of Ireland Securities Services in
February 2011
2010 Financial Performance
Presented on a fully taxable equivalent basis

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Annual Meeting of Stockholders
1Q11
1Q11
vs
1Q10
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
Net Income
Earnings per Share
$515
$85
$63
$245
$908
$653
$15
$240
$89
$151
$0.61
-%
+6%
-14%
+2%
-%
+5%
-63%
-3%
-1%
-4%
-4%
First Quarter 2011 Financial Performance
($MM, except EPS)
Presented on a fully taxable equivalent basis
New Business Wins
Queensland Investment
Corporation, one of the
largest asset managers
in Australia
Lothian Pension Fund, one
of the 10 largest local
government pensions in the
United Kingdom
Stenham Asset
Management, a leading
global fund of hedge funds
manager

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Annual Meeting of Stockholders
Assets Under Custody
($ Trillion)
Assets Under Management
($ Billion)
Indicative of our successful new business efforts, we continue to gather client assets
at rates which exceed market growth.
Client Asset Accumulation
AUC CAGR
8%
S&P 500 CAGR
1%
US$EAFE CAGR
0%
AUM CAGR
1%
S&P 500 CAGR
1%
US$EAFE CAGR
0%

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Annual Meeting of Stockholders
Consistently Strong and Conservative Balance Sheet
85% of Northern Trust’s
total securities portfolio
composed of triple-A rated
securities
89% 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
High Quality, Short Duration
Securities Portfolio
NTRS data is as of March 31, 2011 but is preliminary until the 10Q is filed with the SEC.
Peer data is as of 12/31/10, as reported by SNL Financial.

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Annual Meeting of Stockholders
Consistently Strong and Conservative Balance Sheet
Relationship-based lending
practices
Consistent and conservative
underwriting standards
Loan quality is notably better
than peer averages
Diversified, High Quality
Loan Portfolio
Northern Trust
Top 20 Peer Avg.
85% of Northern Trust’s
total securities portfolio
composed of triple-A rated
securities
89% 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
High Quality, Short Duration
Securities Portfolio
NTRS data is as of March 31, 2011 but is preliminary until the 10Q is filed with the SEC.
Peer data is as of 12/31/10, as reported by SNL Financial.
1.36%
0.31%
4.13%
2.23%
NPAs
to Loans
NCOs to
Avg. Loans

10
Annual Meeting of Stockholders
Consistently Strong and Conservative Balance Sheet
Consistently Outstanding
Capital Strength
Relationship-based lending
practices
Consistent and conservative
underwriting standards
Loan quality is notably better
than peer averages
Diversified, High Quality
Loan Portfolio
Northern Trust
Top 20 Peer Avg.
85% of Northern Trust’s
total securities portfolio
composed of triple-A rated
securities
89% 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
High Quality, Short Duration
Securities Portfolio
Common Equity
($ Billions)
CAGR: +11%
Northern Trust Corporation
Tier 1 Capital Ratio
13.5%
Well Capitalized Guideline
6.0%
Total Risk-Based Ratio
15.4%
Well Capitalized Guideline
10.0%
Leverage Ratio
8.5%
Well Capitalized Guideline
5.0%
Tier 1 Common Equity
13.0%
Tangible Common Equity
7.1%
NTRS data is as of March 31, 2011 but is preliminary until the 10Q is filed with the SEC.
Peer data is as of 12/31/10, as reported by SNL Financial.

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Annual Meeting of Stockholders
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Investing in our Businesses
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Annual Meeting of Stockholders
New York (1)
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)
Connecticut (1)
Georgia
(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
S&P500 CAGR
Delaware (1)
+7%
+2%
Ohio
(1)
Wisconsin
(1)

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Annual Meeting of Stockholders
Northern Trust provides comprehensive financial advice and solutions delivered
by a dedicated team of multi-disciplinary professionals.
Asset
Servicing
Financial
Planning
Investment
Management
Bank A
Broker B
Asset
Manager C
Banking
Services
Trust
Services
Retired
East Coast
Executive
Personal Financial Services
Spotlight on: Wealth Advisory

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Annual Meeting of Stockholders
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
Bank of Ireland Securities Services
CAGR
+11%
S&P500 CAGR    +2%
US$EAFE CAGR +4%

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Annual Meeting of Stockholders
Recent success in Australia and New Zealand
exhibits Northern Trust’s ability to expand
globally into strategically important markets.
Corporate & Institutional Services
Spotlight on: Australasia

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
$44 Billion
(7%)
Assets Under Management: $662.2 Billion
A Diversified Asset Manager
$313 Billion
(47%)
Active
$289 Billion
(44%)
Index
Manager
of Managers
Across Asset
Classes
Across Client Segments
$494 Billion
Institutional
$168 Billion
Personal
Across Styles
Equities
$294 Billion
(44%)
Fixed Income
$119 Billion
(18%)
Short
Duration
$231 Billion
(35%)
Other
$18 Billion
(3%)
Other
$16 BN
(2%)
Northern Trust Global Investments
Client Focused, Diversified Investment Manager
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Annual Meeting of Stockholders
Preliminary data as of 
March 31, 2011

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Annual Meeting of Stockholders
Northern Trust Global Investments
Spotlight on: Investment Program Solutions
$4.2 Billion
3,800 Plans
39,000 Participants
Northern Trust -
Trustee
Open architecture
Broad set of
implementation options
Investment Program
Development and Oversight
Manager Selection
Fund Construction
Performance Measurement
Custody
Fund
Administration
Investment
Management
Asset servicing
Reporting
Fund accounting
Regulatory reporting
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Annual Meeting of Stockholders

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Stock Price Performance

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Annual Meeting of Stockholders
December 31, 2005 through December 31, 2010
Average (excl. NTRS):   -36%
KBW Bank Index:
-50%
S&P 500:
1%
32%
7%
7%
1%
-2%
-5%
-10%
-16%
-20%
-26%
-37%
-42%
-51%
-59%
-61%
-71%
-73%
-80%
-84%
-90%
Stock Price Performance: 5-years

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Legacy of Leadership
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2011 Northern Trust Corporation

21
Annual Meeting of Stockholders
William D. Smithburg
Director of The Northern Trust Company and
Northern Trust Corporation for 30 years
Served The Quaker Oats Company for 31 years
Quaker Oats Chief Executive Officer 1981-97
Chairman, 1983-97
President, 1979-83, 1990-93, 1995-97
Served community as member of the Civic
Committee and the Commercial Club of Chicago
and the Board of Trustees at Northwestern
University
During Bill's tenure as Director from 1981-2011,
Northern Trust’s stockholder's equity rose from
$304.4 million to $6.6 billion, revenue increased
from $223 million to $3.7 billion, and net income
grew from $35.2 million to $669.5 million.

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Annual Meeting of Stockholders
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
11%
2001
–
1Q2011
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 1.36%
Tier 1 Common Equity ratio of 13.0%
96% of total Tier 1 Capital is Tier 1 Common Equity
Invested & Experienced Management Team
Combined service at Northern Trust of 216 years
As of
March 31, 2011
Northern Trust: Strategically Positioned for Growth
th

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2011 Northern Trust Corporation