© 2009 Northern Trust Corporationnortherntrust.com FALL FOCUS 2009 INVESTMENT CONFERENCE Alec Harrell, CFA Senior Equity Analyst Non-Bank Financials Initiating Coverage

Fall FOCUS Investment Conference Regulatory Initiatives Should be a Net Positive  OTC migration to the exchanges  Interest rate swaps, credit default swaps  Effort to reduce systemic risk and create greater transparency  Position limits within the energy complex  Regulatory response to perception of investor manipulation  Likely to have limited impact on total volumes  If overly restrictive, could see migration of trading to overseas markets CME  The leading global derivatives exchange  Interest rate platform could see strong recovery in 2010 ICE  The early leader in credit default swap clearing  Reflation fears could result in increased commodity volatility and volumes Launching Coverage on the Futures Exchanges CME and ICE

Fall FOCUS Investment Conference Asset Managers  AUM recovery (market recovery and reallocation toward risk), product mix, operating leverage gains, consolidation (ability to offer spectrum of products) Insurers  Capital recovery, opportunistic market share gains, normalized ROEs, multiple recovery, pricing discipline Forthcoming Coverage Asset Managers and Insurers

© 2009 Northern Trust Corporationnortherntrust.com FALL FOCUS 2009 INVESTMENT CONFERENCE Alec Harrell, CFA Senior Equity Analyst Thank you.