N O R T H E R N T R U S T © 2008 Northern Trust Corporation “Operational Excellence” 15 th October 2009 Melíosa O’Caoimh – Chief Operating Officer, Northern Trust Ireland Catherine Duffy – General Manager, Northern Trust Limerick

2 A Unique Business Focus Founded in 1889, Northern Trust is a market leader of asset servicing and asset management solutions for institutions and private clients around the globe. A highly focused business model supporting two client bases across a single operating platform Personal Financial Services (PFS) Corporate & Institutional Services (C&IS) Asset Servicing Asset Management worldwide institutional investors U.S. and European private clients Assets under custody US$3.2 trillion Assets under administration US$838.8 billion* Assets under management US$558.9 billion As of 30 June 2009 (updated quarterly) * Includes US$ billion defined contribution funds, as at 31 December 2008 (updated bi-annually) Source: Northern Trust

3 Local Expertise Supported by Global Processes New York Toronto Chicago Dublin London Guernsey Jersey Amsterdam Luxembourg Tokyo Beijing Hong Kong Bangalore Singapore Melbourne Abu Dhabi Limerick 17 global locations 12,527 staff worldwide Services in 94 markets Clients in 40 countries = As at 31 March 2009 (updated quarterly) Source: Northern Trust

4 A Single Global Operating Model Our platform never sleeps… A single global operating model providing round-the-clock service, data and processing provision Web-based portal, Northern Trust Passport®, delivers customized data and reporting 24/7 Global best practice and transparency Access to a global pool of product and service experts, at any time, anywhere Bangalore Singapore Dublin Limerick London Guernsey Chicago Bangalore Singapore

5 The Ireland Office Story – May 2000 to present day 2000 Acquired Ulster Bank Fund Administration business with 60 staff 2001 Attained first multinational pooling client & full outsourcing client in Europe 2002 Moved to new office Georges Quay House, 88 staff, 20 clients staff, 26 clients, acquired Excellence Through People award staff, successful reassessment to Gold Standard of Excellence Through People award making Northern Trust the first financial services sector company to achieve the new standard 2005 Acquired Barings Fund Services business 330 staff, 93 clients staff, 124 clients & 467 Funds staff, 126 clients & 581 Funds. Limerick Office opened in March with 17 staff. 2008Northern Trust no. 4 ranking by Lipper Fitzrovia 2009 to date staff, 568 Funds.

6 Why open a second Ireland office? Original driver for the Limerick office was the industry-wide resourcing challenge Decided at that stage to build Limerick as a true model of excellence Market changes have given a broader rationale for the Limerick office

7 The Limerick Success Story – Local View Northern Trust is a 30 minute drive from Shannon Airport which provides flights from all over the world. Colbert Train Station in Limerick provides train services from all over the country. Our staff in Limerick travel from 7 counties to work at Northern Trust, namely Tipperary, Clare, Cork, Galway, Offaly, Kerry & Limerick. Limerick was chosen for its central mid-west regional location and its excellent road, rail and air transport infrastructure that ensures the city is well-connected to other major locations within and outside of Ireland. Limerick Dublin In March 2007 following an extensive search Northern Trust setup an office in Limerick…..

8 Northern Trust Operational Excellence Pillars Managing Costs All liquidity sources are considered when developing a strategy that minimises trading and opportunity costs We strive to develop precise and measurable implementation plans to reduce execution costs, minimise market impact and avoid unnecessary risk and operational error Our role and experience ensures our interests are aligned with those of our clients Multi-Disciplinary Expertise Managing Priorities Dedicated team oversees each transition from beginning to end. We use the same stringent risk controls that are a cornerstone of Northern Trust to minimise performance slippage Managing Risk

9 Operational Excellence – Key Initiatives and Gains Giving you the freedom to focus on what really matters. Great service Centered around our clients Solution orientation Operational efficiency Evolving, scalable operating model Accuracy Levels Great people Relationship managers offer strategic support Technical expertise Training Hiring Great products Tailored service solutions Alternative capabilities Risk management focus Great results

10 Our Success Story continues Currently NT is the only Financial Services employer of its kind in the Mid-West region. Existing Limerick based high calibre managers originate from the local colleges, and came to Northern from the Dublin International Financial Services Centre and local Limerick related industries. Northern Trust has access to a pool of highly qualified business graduates from the University of Limerick and from the Limerick Institute of Technology. Of the 141 staff in the Limerick office – 44 are graduates from the University of Limerick & 23 are graduates from the Limerick Institute of Technology. The Kemmy Business School in the University of Limerick is the largest business school in Ireland with more than 2,800 students currently enrolled; annually approximately 500 business graduates enter the market place. In August 2009, 5 UL Co-Op students completed their 8 month placement with NT – yet again this co-op programme proved to be a great success for Northern Trust.

11 New Environment Limerick is recognised within Northern Trust as a success story New industry dynamics:  Market instability  Greater cost consciousness  Greater competition for servicing centres  Flight to quality Limerick is well positioned to offer a solution that meets these challenges

12 Conclusion Learning while on our journey ? Research, research, research Thinking outside the box Internal lobbying What worked well ? Limerick is now seen as a Centre of Excellence within EMEA Get it Right First Time Initiative Feedback from Clients Fund Administration Excellence Award Irish 2008 KPMG Financial Services Excellence Awards (May 2008) Fund Administrator of the Year Global Investor Awards for Investment Excellence (June 2008)

13 Awards for Asset Servicing Quality and Leadership Recognition from our clients and the industry: Pension Pooling Award of the Year European Pensions Awards (July 2008) Funds Administration Excellence Award Irish 2008 KPMG Financial Services Excellence Awards (May 2008) Global Pension Fund Custodian of the Year International Custody and Fund Administration (May 2008) Global Custodian of the Year America International Custody and Fund Administration (May 2008) Best Global Custodian – North American Institutional Fund Managers Global Investor Global Custody Survey (May 2008) Best Sole Custodian Global Investor Global Custody Survey (May 2008) Best in Asia Global Investor Global Custody Survey (May 2008) Best in North America Global Investor Global Custody Survey (May 2008) Ranked #2 Best Overall FX Service Global Investor Foreign Exchange Poll (April 2008) Ranked #1 Best FX overall service Asia-Pacific Global Investor Foreign Exchange Poll 4th consecutive year (April 2008) Best Custodian in Asia-Pacific Asia Asset Management Magazine (January 2008) Best Investor Services House Euromoney Magazine “Awards of Excellence” (July 2007) Custodian of the Year European Pensions Awards (July 2009) Pension Pooling Award of the Year European Pensions Awards (July 2009 and July 2008) Outsourcing Deal of the Year – Capital Markets FSOkx Excellence Awards (June 2009) Fund of Hedge Funds Administrator of the Year HFM Week (May 2009) Fund Administrator of the Year Americas International Custody and Fund Administration (May 2009) Global Custodian of the Year Financial Times Pension and Investment Provider Awards (May 2009, 2008) Ranked #1 Top 100 Largest Asset Managers – Best FX Service Overall Global Investor Magazine Foreign Exchange Survey (March 2009) Best Custody Specialist (APAC) The Asset 2009 Triple A Transaction Banking Awards (March 2009) European Private Equity Fund Administrator of the Year European Venture Capital Journal (January 2009) European Hedge Fund Administrator of the Year (AUM under US$100bn) International Custody and Fund Administration (December 2008) Custodian of the Year: Netherlands International Custody and Fund Administration (December 2008) Fund Administrator of the Year Global Investor Magazine (July 2008) As at 31 May 2009 (updated when appropriate) Source: Northern Trust