ServiceExpertiseIntegrity The Northern Trust Difference Greg C. Reynolds, CFA Vice President – Investment Management 954/

2 The Northern Trust Difference Our History, Ownership, Organic Growth and Culture Financial Strength and Stability Sharp Business Focus Integrated Wealth Management Solutions Client Centric Focus Asset Allocation Guidelines Investment Profiles

Our History, Ownership, Organic Growth and Culture

4 The Northern Trust Difference  A 120-year heritage undiluted by large mergers or acquisitions with a focus on organic growth  Employees have a keen interest in the success of our business with 64% of employees owning Northern Trust stock  Our culture is built on service and integrity. Awarded more than $13 million in cash contributions in 2009 to organizations globally, supporting causes ranging from literacy to affordable housing  We show our support not only through donations, but by giving back to the community through employee volunteering - partners donated nearly 200,000 volunteer hours in 2009 Our History, Ownership, Organic Growth and Culture Our Financial Strength and Stability  Northern Trust Corporation consistently ranks as one of the strongest financial institutions in the U.S. in terms of financial strength and stability:  Strong Credit Ratings - One of only six U.S. bank holding companies to carry Standard & Poor ’ s long-term debt rating of ‘ AA-' or better  Strong Capital Position - We continue to be significantly above the ratios that are a requirement for the regulatory classification of "well capitalized"  Strong Liquid Balance Sheet - high-quality, low-risk securities portfolio, high liquidity and low loan-to-asset ratio and exceptionally high quality loan portfolio

5 The Northern Trust Difference  Two highly targeted distribution channels: personal and institutional  Focus on asset servicing, asset management and banking solutions  We have resisted the temptation to change our business or risk profile to capitalize on temporarily shifting cycles  Differentiated, conservative business model Our Sharp Business Focus Integrated Wealth Management Solutions  A full spectrum of wealth management capabilities few firms can match  Provide fresh thinking and innovative solutions tailored to you  Draw on an integrated team of wealth specialists  Work closely with your other advisors to develop and implement a coordinated strategy  Global reach and power resources delivered locally  Providing access, expertise and service where you live, work and travel  Overall client satisfaction levels with Northern Trust are very high and we continue to improve year-over-year Our Client Centric Focus

6 Commitment to Community & Philanthropy A culture built on service and integrity. Awarded more than $13 million in cash contributions in The majority of funds were directed to human services initiatives that provide critical services to low and moderate income families, such as housing, food, child care and health care. Northern Trust partners donated nearly 200,000 volunteer hours in In the last decade, Northern Trust has contributed more than $120 million in support of non-profit organizations worldwide. Named one of the "Greenest Companies in the Banking Industry" by Newsweek magazine Named one of the “ World ’ s Most Socially Responsible Companies ” by Global Finance magazine Named one of the “ 100 Best Places to Work in IT ” by Computerworld magazine Named one of the “ 100 Best Corporate Citizens ” by CRO magazine Named one of the "100 Best Companies for Working Mothers" for the 17th consecutive year Named one of the top 50 Companies for Executive Women by National Association for Female Executives Named one of the "Best Companies for Diverse Graduates" by Diversity Edge magazine Named one of the "40 Best Companies for Diversity" by Black Enterprise magazine

Financial Strength and Stability

8 Stable Credit Rating History “A bank for all business cycles” Northern Trust Corporation: AA- Rating for 20+ Years Northern Trust Corporation is one of only six U.S. Bank Holding Companies to carry a Long-Term Unsecured Debt Rating of “AA-” or better from Standard & Poor’s. On May 30, 2008, S&P raised the long-term debt rating of The Northern Trust Company, the primary subsidiary of Northern Trust Corporation, to AA from AA-. AA AA- A S&P 500 Avg Fed Funds

Sharp Business Focus

10 Client Centric and Highly Focused Our Clients Operations & Technology Pension Funds Foundations / Endowments / Healthcare Individuals Families Family Offices Government Agencies Large Corporations Taft-Hartley Family Foundations Privately Held Businesses Personal Financial Services Corporate & Institutional Services Northern Trust Global Investments Foundation & Institutional Advisory Services

11 Disciplined Business Focus  Merchant Card Processing  Retail Banking  Consumer Finance  Venture Capital  Stock Transfer  Investment Banking  Sub-Prime Mortgage Underwriting  Asset Backed Commercial Paper Conduits  Discount Brokerage  American Depositary Receipts Businesses Northern Trust is NOT in: 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.

Integrated Wealth Management Solutions

13 Solutions for a Lifetime of Wealth Management Needs  Cash flow  Debt management  Tax planning  Retirement planning Financial Planning  Deposit services  Custom lending  Residential mortgage loans  Margin and stock option lending  Wealth transfer planning  Trust and estate services  Guardianship  Securities custody  Special asset management Trust and Estate Services  Charitable giving strategies  Administrative, investment and tax services Philanthropic Services Comprehensive array of solutions for clients Private Banking 1  Comprehensive investment capabilities  Custom asset allocation  Portfolio management  Brokerage Services 2 2 Investment Management  Working Capital and General Corporate Loans  Secured and Cash Flow Lending  Acquisition Financing  Equipment Finance and Leasing Business Banking 1  Private Passport™, Northern Trust’s online financial management suite  Investment performance reports  Northern Phone Banking – available 24 hours Built across a technology platform that provides convenient access to your financial picture 1 Northern Trust banks are Member FDIC – Equal Housing Lenders 2 Securities products and brokerage services are sold by registered representatives of Northern Trust Securities, Inc. (member FINRA, SIPC), a registered investment adviser and wholly owned subsidiary of Northern Trust Corporation. Investments, securities products and brokerage services are: NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

14 Goals and Solutions We provide quality solutions, whether you need basic financial planning or help addressing a complex financial situation.  Create a Philanthropic Strategy  Balance Giving With the Needs of the Family  Ensure Tax-efficiency of Philanthropic Vehicles Charitable Giving  Cash Flow/Net-worth Projection  Compensation and Benefit Review  Monte Carlo Simulation  Insurance and Risk Management  Concentrated Stock/Stock Option Analysis Retirement  Asset Allocation Analysis  Investment Vehicle Selection  Income Tax Planning Education and Major Goal Funding  Business Succession Planning  Operational Business Services  Managing Liquidity Events Business Sale Northern Trust SolutionsGoals

15 Goals and Solutions Our broad investment capabilities, combined with a wide suite of banking services, allow us to support you in growing and managing your wealth.  Global Securities Custody  Flexible Trading Options  Sophisticated Reporting Capabilities Safekeeping of Assets  Manager Selection and Evaluation  Active Index Strategies  Alternative Investments Grow Assets  Tax Sensitive Investing  Tax Loss Harvesting  Investment Vehicle Selection Tax Liability Management  Asset Diversification  Single-stock Concentration  Hedging Strategies  Stock Option Planning Manage Risk Northern Trust SolutionsGoals 1 Member FDIC – Equal Housing Lender Investments and securities products and services are: Not FDIC Insured | No Bank Guarantee | May Lose Value  Deposit Services 1  Custom Lending  Short Term Cash Management Vehicles Strategic Liquidity Management

16 Goals and Solutions Our sophisticated wealth transfer strategies focus on protecting your financial security now and in the future. Creating a lasting legacy allows you to have an enduring impact on future generations and on the community.  Wealth Transfer Planning  Customized Trust Solutions Protect and Preserve Your Wealth  Estate Settlement Services  Guardianship Services Transition Your Wealth  Family Education  Family Mission Statement  Advanced Wealth Transfer Strategies Reinforce Family Values  Family Business  Manage Non-Financial Assets Plan for Special Assets  Tailored Philanthropic Strategy  Balance Charitable Giving with the Financial Needs of the Family  Tax-Efficient Philanthropic Vehicles Establish a Charitable Giving Tradition Northern Trust SolutionsGoals Detailed reporting allows you to actively monitor your trusts and special assets while having the information integrated into your overall financial picture. Private Passport: Track your assets in a more meaningful way

Our Client Centric Focus

18 Assets Under Custody $3.6 Trillion Assets Under Management $603 Billion Bank Assets $80 Billion An Integrated Operations and Technology Platform Trust Professionals 450+ Comprehensive Trust and Estate Services Investment Professionals 325+ Customized Investment Management Solutions Banking Professionals 450+ Complete Array of Private and Business Banking Services Full Service in Local Markets Providing access, expertise and service where you live, work and travel. Locations in 18 States … Guernsey Hong Kong Jersey Limerick London Luxembourg Melbourne Singapore Stockholm Tokyo Toronto Abu Dhabi Amsterdam Bangalore Beijing Dublin Grand Cayman … and Worldwide* *Not all services available in all locations. Global Reach and Powerful Resources As of June 30, 2010

19 Your Success Is Our Success Tops in Category: The World's Most Admired Companies List – Fortune Magazine Best Private Bank in North America – Financial Times Group Ranked among the Top 10 Wealth Managers – Barron’s Serving More than 20% of Forbes 400 Most Affluent Americans – Forbes Best-in-Class Performance – BusinessWeek Best Private Bank in North America for Trust and Family Office Services – Euromoney Magazine Ranked 34 in Barron's America's Best Companies – Barron’s