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N O R T H E R N T R U S T C O R P O R A T I O N

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  • PLEASE ADD A CLICK THAT SHOWS THE BUSINESSES WE ARE NOT IN OR HAVE EXITED FROM THE BOARD DECK. – DONE – ADDED NEXT SLIDE
  • CREDIT CARDS: Sold in 1988 to Marine Bank in Milwaukee. Our credit card offering since that time has been a private label arrangement, currently with ELAN. MERCHANT CARD PROCESSING: Sold in 1996 to First Data Merchant Services in Dallas, Texas. DISCOUNT BROKERAGE: In the 1980s, Northern Trust purchased Jerome Hickey Brokerage and renamed it Northern Trust Discount Brokerage. The business was dissolved as a discount brokerage operation in 1990 and was transformed into Northern Trust Securities, Inc. (NTSI), a full-service, high touch Broker Dealer.
  • [ANIMATED SLIDE – each line builds on click]
  • [ANIMATED SLIDE – One Constant box at bottom appears automatically 3 seconds later] PLEASE CHANGE THIS TO HAVE BOTTOM BOX COME UP AUTOMATICALLY A FEW SECONDS AFTER THE NAMES ARE UP. DONE
  • STEVE – Please note the credit rating info has changed. Wells Fargo was upgraded to AA. HSBC USA and US Bancorp were upgraded to AA-
  • [ANIMATED SLIDE – each graph builds on click] FYI STEVE – Jack Welch became CEO in April 1981 and retired in Sept 2001.
  • [ANIMATED SLIDE – NTRS in each column builds on clicks, 9/30/06 builds on click]
  • [ANIMATED SLIDE - CLICK TO BUILD S&P LINE AND IN BOX CLICK TO BUILD KBW LINE AND IN BOX CLICK TO BUILD NTRS LINE AND IN BOX
  • [ANIMATED SLIDE – 3 logos appear automatically at 5 second intervals] STEVE – clicking is not required on this slide . View in presentation mode and let me know if 5 second interval needs to be adjusted.
  • [ANIMATED SLIDE - ONE CLICK TO BUILD NTRS, 1-10 RANKING, AND GRAPHIC IN TOP LEFT CORNER]
  • [ANIMATED SLIDE – 2010 graph and arrow builds automatically - NO CLICKS REQUIRED]
  • STEVE – I ADDED THE BANGALORE NOTE
  • [ANIMATED SLIDE – CLICK TO BUILD PRODUCT BREADTH, METHODS OF DELIVERY, AND PRODUCTS ADDED WITHIN THE LAST 10 YEARS]
  • Add Stephen Potter – EVP – Head of International Business - DONE
  • [ANIMATED – bubbles build with one click, stock price builds with second click] Take “Project Excellence” out of the slide and just say “Financial Management”. Make CFO bubble equal size if possible. - DONE
  • [ANIMATED – one click builds each line – rolls in left to right]
  • Transcript

    • 1. N O R T H E R N T R U S T C O R P O R A T I O N Steven L. Fradkin Executive Vice President & Chief Financial Officer J.L. Kellogg School of Management, Northwestern University Finance Conference 2006 November 18, 2006 The Role of the CFO What They Don’t Tell You in Business School or in the Recruitment Process
    • 2. Agenda
      • About Northern Trust
        • Overview
        • Our Businesses
      • The Role of the Chief Financial Officer
        • A personal journey to the Chief Financial Officer role
        • The textbook definition of the CFO’s responsibilities and how the role is changing
        • Myth versus Reality: What they don’t tell you in business school or in the recruitment process
    • 3. N O R T H E R N T R U S T C O R P O R A T I O N About Northern Trust Overview
    • 4. The Northern Trust Difference
      • Unique in our culture, history, share ownership, and organic growth
      • Unique in our financial strength and stability
      • Unique in our business focus – one business serving two channels
      • Unique in our product leadership
      • Unique in our service model and consistent record of delivery
    • 5. Northern Trust Corporation Client-centric and Highly Focused Northern Trust Global Investments Asset Servicing Banking Corporate & Institutional Services Serving institutional investors worldwide Personal Financial Services Serving affluent private clients in U.S. and Europe Integrated Operations & Technology Platform Assets Under Custody $3.3 Trillion Assets Under Management $667 Billion Bank Assets $55 Billion As of September 30, 2006
    • 6. Northern Trust Corporation Client-centric and Highly Focused Northern Trust Global Investments Asset Servicing Banking Corporate & Institutional Services Serving institutional investors worldwide Personal Financial Services Serving affluent private clients in U.S. and Europe Integrated Operations & Technology Platform
      • Consumer Finance
      • Retail Banking
      • ADRs
      • Investment Banking
      • Insurance
      • Venture Capital
      Some businesses Northern Trust is NOT IN :
      • Corporate Trustee
      • Stock Transfer
      • Credit Cards
      • DC Record Keeping
      • Discount Brokerage
      • Merchant Card Processing
      Some businesses Northern Trust has EXITED :
      • Primary Dealer
      • Corporate Finance
      • Futures
    • 7. Strategic Evolution
      • NTGI Traditional Asset Management
      • NTGI Fully Diversified, Global, Multi-Product Asset Manager
      • Broad-based Orientation
      From…
      • Tightly Focused on Core Businesses
      To…
      • Product Orientation – Banking & Trust
      • Client Orientation – Asset Administration and Asset Management
      • PFS Chicago Presence
      • PFS National Footprint
      • C&IS Domestic Business
      • C&IS Global Enterprise
    • 8. Who Are Our Clients? Providing Solutions for Many of the World’s Leading Organizations One Constant: Our Focus on Our Clients
    • 9. 2006 Results Reflect Excellent Performance Trust, Inv. & Other Servicing Fees Other Non-Interest Income Net Interest Income Total Revenues Non-Interest Expenses Net Income Earnings Per Share Assets Under Custody Global Custody Assets Assets Under Management Year-to-Date 9/30/06 % Growth 2005 to 2006 $1,333 Million $363 Million $588 Million $2.28 Billion $1,442 Million $495 Million $2.23 $3.3 Trillion $1.54 Trillion $667 Billion +15% +20% +10% +15% +13% +13% +13% +16% +30% +10%
    • 10. Outstanding, Long-Term Growth in Client Assets Assets Under Custody ($ Trillions) Assets Under Management ($ Billions) 12/31/95 - 9/30/06 CAGR: 17% S&P 500 CAGR: 7% 12/31/95 - 9/30/06 CAGR: 19% S&P 500 CAGR: 7% Acquired $75 BN Index Assets S&P 500 S&P 500
    • 11. Differentiated Financial Strength Evidenced by Strong Credit Ratings
      • Northern Trust Corporation is one of only seven U.S. Bank Holding Companies to carry Standard & Poor’s Long-Term Debt Rating of ‘ AA- or better .’
        • S&P rates approximately 200 bank holding companies
        • Other bank holding companies with a rating of ‘AA- or better’: Bank of America, Citigroup, HSBC USA, State Street, U.S. Bancorp, and Wells Fargo.
      • Northern Trust is one of only sixteen U.S. Banks to carry Fitch Rating’s ‘A/B’ individual rating or better .
        • Fitch assigns their individual rating to over 100 banks
    • 12. A Differentiated Price/Earnings Multiple 19.0 18.5 18.4 15.8 14.5 14.5 14.4 1. 2. 3. 4. 5. 6. 7. Northern Trust State Street Mellon Bank of New York PNC Bank Wells Fargo Fifth Third 13.7 13.3 13.2 13.1 13.0 12.7 12.0 8. 9. 10. 11. 12. 13. 14. BB&T Huntington SunTrust JPMorgan Chase KeyCorp US Bancorp National City 12.0 11.8 11.7 11.6 13.8 17.6 15. 16. 17. 18. Comerica Wachovia Citigroup Bank of America As of September 30, 2006 using 2006 “Street” projected earnings Full Peer Group Trust/Custody Peers NTRS Premium to Trust Peers: 8% NTRS Premium to Full Peer Group: 38%
    • 13. NTRS: A High Performance Company Note: Closing stock prices adjusted for splits and dividends. Annual EPS is as reported and adjusted for splits. NTRS STOCK PRICE GE EPS NTRS EPS GE STOCK PRICE $0.69 $35.30 3/31/81 9/30/06 CAGR = 16.7% $0.94 $58.43 3/31/81 9/30/06 CAGR = 17.6% $1.72 $0.15 CAGR = 10.7% 12/31/81 12/31/05 $2.65 $0.20 CAGR = 11.4% 12/31/81 12/31/05
    • 14. Stock Price Performance 1. Procter & Gamble +5.1% 2. FedEx +5.0% 3. Southwest Airlines +0.9% 4. Berkshire Hathaway +0.8% 5. Microsoft -2.1% 6. Starbucks -3.8% 7. General Electric -4.0% 8. Johnson & Johnson -5.2% 9. Wal-Mart -11.4% 10. Dell -28.9% S&P 500 +3.0% NTRS versus Fortune’s Most Admired Companies of 2005 FY 2005 Northern Trust +6.7% + 12.8% YTD 9/30/06 +8.8% +5.4% +1.5% +8.1% +5.7% +13.5% +3.0% +10.0% +6.5% -23.7% +7.0%
    • 15. For Investors, Employees, The Community and Other Constituents…Consistently Over Time Unique in Our Financial Strength and Stability Delivering High Performance Results CAGR since 12/31/90: NTRS +1,088% $58.43 NTRS 17% $4.92
        • 1990 2000 2006
      S&P 500 +305% As of 9/30/06: S&P 500 9 % KBW50 +694% KBW 50 14 %
    • 16. ... And Commitment to Community & Philanthropy
      • Northern Trust consistently contributes approximately 1.5% of pre-tax profits to charities every year
      • Ranked as the 9th most generous cash contributor by Business Week in 2005
      • Employees donated more than 230,000 volunteer hours in 2005
      • Awarded more than $13 million in cash contributions in 2005 to organizations, supporting causes ranging from literacy to affordable housing
      High Performance Results can be Consistent with Companies Contributing to their Communities Named one of Global Finance magazine’s “World’s Most Socially Responsible Companies” Northern Trust Named one of “100 Best Corporate Citizens” Northern Trust named one of the "100 Best Companies for Working Mothers" for the 15 th consecutive year!
    • 17. N O R T H E R N T R U S T C O R P O R A T I O N About Northern Trust Our Businesses
    • 18. The recognized leader in providing sophisticated financial solutions to high net worth families. Target market: Individuals or families with $75+ million in investable assets $1 Million $10 Million $75 Million Delivering high-touch trust, investment management and banking solutions to individuals through 84 offices in 18 states. Target market: Affluent individuals with at least $1 million in investable assets Delivering comprehensive, investment solutions through a multi-manager investment program. Target market: Individuals or families with $10 to $75 million in investable assets Wealth Management Wealth Advisory Private Client Client Investable Assets Personal Financial Services Industry Leader in Serving the Affluent Market
    • 19. Personal Trust Assets (Billions) Source: SNL Financial as of 12/31/05 Personal Financial Services Industry Leading Personal Trust Provider Bank of America 100.8 J.P. Morgan Chase 80.5 Wachovia 59.8 Citigroup 54.6 Mellon 53.8 Wells Fargo 40.0 U.S. Bancorp 39.4 National City 35.0 PNC Financial 28.9 Northern Trust $135.4 Largest Personal Trust Bank in U.S. Source: SNL Financial 2. 3. 4. 5. 6. 7. 8. 9. 10. 1.
    • 20. Personal Financial Services Comprehensive Advice-Based Solutions
      • Retirement Services
      • Qualified Plan Services
      • Defined Benefit Plans
      • Defined Contribution Plans
      • IRA Rollovers
      • Investment Management
      • Individual 401(k) Plans
      • Private Passport
      • Online access to banking, trust, investment management, mutual funds, and brokerage information
      • Corporate Banking
      • Working Capital and General Corporate Loans
      • Secured and Cash Flow Lending
      • Acquisition Financing
      • Industrial Development Bonds
      • Equipment Finance and Leasing
      • Comprehensive Trust Services
      • Family Business Services
      • Real Estate and Farm Management
      • Minerals Management
      • Charitable Services
      • Trust and Estate Settlement Services
      • Guardianship Services
      • Brokerage
      • Full Service Brokerage
      • Managed Account
      • 10b5-1 Plans
      • Money Market Instruments
      • Safekeeping
      • Financial Consulting
      • Retirement Planning
      • Estate Planning
      • Tax Planning
      • Asset Allocation
      • Stock Option Planning
      Client
      • Checking & Deposit Services
      • Personal Loans
      • Real Estate Development Loans
      • Margin Loans
      • Stock Option Lending
      • Home Mortgages
      • Equity Credit Lines
      Private Banking
      • Structured Investment Services
      • Asset Allocation
      • Equity Investing
      • Fixed-Income Investing
      • Short-Term Asset Management
      • Indexing
      • Alternative Investments
      • Single Stock Strategies
      Investment Management
    • 21. Personal Financial Services Extensive Reach in High Growth, Target Market Source: IXI, Claritas. 84 Offices in 18 States Over 50% of millionaire market resides within a 45-minute drive of Northern Trust offices. Illinois (18) Projected Millionaire Household Growth (Within PFS Footprint, Millions) 1.5 2.2 2005 2010 Arizona (8) Florida (25) Colorado (1) Nevada (1) Missouri (1) Minnesota (1) Washington (1) Michigan (3) Texas (7) California (11) New York (1) Connecticut (1) Delaware (1) Ohio (1) Georgia (1) Massachusetts (1) Wisconsin (1) 47% Increase 8% CAGR
    • 22. Personal Financial Services Spotlight: Outstanding Growth in Wealth Management
      • Target Market: Families with $75+ million in investable assets
      • Industry leading technology
      • AUC: $124.2 billion
      • AUM: $24.6 billion
      • 22% of Forbes 400
      • 350 families
      Wealth Management – Assets Under Custody $ Billions 12/31/95 to 9/30/06 % Change CAGR Wealth Mgmt. AUC +675% +21% S&P 500 +117% +7% As of September 30, 2006
    • 23. Personal Financial Services Growth and Industry Positioning PFS Assets Under Management ($ Billions) Dec 1995 Sept 2006 PFS Assets Under Custody ($ Billions) Dec 1995 Sept 2006 Reputation: Outstanding Private Bank – Private Banking International Serving 22% of Forbes 400 Wealthiest Families – Forbes Fiduciary Culture: Largest Personal Trust Bank in the U.S. – SNL Financial Superb Ratings for Trustworthiness and Objectivity – Spectrem Research Institutional Scale: World’s 10 th Largest Asset Manager – Pensions & Investments Magazine Top 500 Innovative Technology Users – Information Week Exceptional Client Service: Client Satisfaction Rating of 86% – 2005 PFS Client Satisfaction Survey
    • 24. Corporate & Institutional Services A Worldwide Leader in the Institutional Marketplace Fund Services
      • Fund Accounting
      • Investment Operations Outsourcing
      • Active Collateral Management
      • Hedge Fund Administration
      • Private Equity Administration
      • Property Administration
      Asset Servicing
      • Safekeeping
      • Settlement
      • Income Collection
      • Corporate Actions
      Information Services Risk Management Asset Management
      • Cash
      • Active
      • Passive
      • Securities Lending
      • Manager of Managers
      • Foreign Exchange
      • Transition Management
      • Commission Recapture
      • Accounting
      • Reporting
      • Valuation
      • Attribution Analysis
      • Value at Risk
      • Cross-Border Pension Pooling
      • Rates of Return
      • Multinational HQ Reporting
      • Compliance Monitoring
      • Market Event Analytics
    • 25. Corporate & Institutional Services Positioned Globally for Growth Chicago (Corporate Headquarters) Toronto London New York Positioned to serve clients locally and capitalize on global opportunities Luxembourg Amsterdam Isle of Man Dublin Guernsey Jersey Singapore Beijing Tokyo Bangalore* Hong Kong *Name change announced and to be implemented at a later date Trade Settlement in 90 Markets 15 Locations Worldwide Clients in 40 Countries
    • 26. Top 200 US Pension Plans Top 100 US Corporate Plans Top 100 US Public Funds Top 50 US Endowments Top 50 US Foundations Top 50 US Healthcare Funds Top 25 Taft Hartley Plans UK Local Authority Plans Top 200 UK Pension Plans Source: Pensions and Investments 23 January 2006, 26 December 2005, and 30 May 2005; IPE Top 1000 Supplement, September 2005; and S&P Directory of Tax-Exempt Organizations, 2005. Percent Served by Northern Trust Corporate & Institutional Services Strong Position in Target Institutional Segments
    • 27. Corporate & Institutional Services Spotlight: Outstanding International Growth Global Custody Assets $ Billions 12/31/95 to 9/30/06 % Change CAGR Global Custody Assets +1,710% +31% S&P 500 +117% +7% EAFE +66% +5% 15% 15% 15% 18% 23% 26% 30% 35% 38% 41% 46% 50% % of C&IS Total AUC
    • 28. % of Northern Trust Corporation Net Income resulting from International Activities Corporate & Institutional Services International: Growing Contribution to the Bottom Line
    • 29. C&IS Assets Under Management ($ Billions) C&IS Assets Under Custody ($ Trillions) Industry has rewarded our efforts Corporate & Institutional Services Strong Growth in Client Assets
      • European Pension Fund Custodian of the Year International Custody And Fund Administration 3rd Consecutive Year (February 2006)
      • One of Two Custodians to Qualify In Each Region R&M Survey (March 2006)
      • Custodian of the Year Global Pensions 2006 Awards (January 2006)
      • Best Global Custodian – Billionaires
      • G lobal Investor Global Custody Survey (May 2006)
      • Best Sole Custodian
      • G lobal Investor Global Custody Survey (May 2006)
      • Best Global Custodian in Asia G lobal Investor Global Custody Survey (May 2006)
    • 30. Northern Trust Global Investments World Class Investment Manager $667 Billion Assets Under Management as of September 30, 2006 $245 Billion (37%) $113 Bn (17%) $301 Billion (45%) $416 Billion (62%) Active $218 Billion (33%) Quantitative $33 Billion (5%) Manager of Managers A Diversified Asset Manager Across Asset Classes Across Client Segments Equities Fixed Income Short Duration $539 Billion Institutional $128 Billion Personal Across Styles Other $8 Billion (1%)
    • 31. Canadian & UK Programs Int’l/US Equity Manager of Managers Minority and Emerging Managers Investment Program Solutions International Equities EAFE Index Technology Large Cap Growth Socially Responsible Tax Advantaged Fixed Income and Equity Index Funds Core Fixed Income Municipals Government Short/Intermediate Duration Fixed Income Cash Management Investment Options Northern Trust Global Investments A Continuum of Investment Products Multi-Advisor Funds Hedge Funds Private Equity Small Cap Growth Mid Cap Growth Large Cap Value Exchange Fund Enhanced Index Funds International Fixed Income High Yield Stable Value
      • Active Investment Management
        • Growth & Value Equity
        • Short & Long Duration Fixed Income
      • Quantitative Management
        • Index & Enhanced Capabilities
      • Manager of Managers
        • Investment Program Solutions
        • Emerging & Minority Programs
        • Alternative Investments
      PRODUCT BREADTH
      • Methods of Delivery
        • Separate Accounts
        • Collective Funds
        • Common Funds
        • Mutual Funds
      • Methods of Delivery
        • Separate Accounts
        • Collective Funds
        • Common Funds
        • Mutual Funds
    • 32. Industry Has Rewarded Our Efforts Dec 1995 to Sept 2006 CAGR Northern Trust 19% S&P 500 7% $ Billions Assets Under Management Dec 1995 Sept 2006 Northern Trust Global Investments Strong Growth in Assets Under Management
      • 10 th Largest Asset Manager Worldwide Pensions & Investments (May 2006)
      • 3rd Largest U.S. Institutional Index Manager P&I (May 2006)
      • 4th Largest Manager U.S. Institutional Tax-exempt Assets P&I (May 2006)
      • Winner: U.S. Equity (Passive) Global Investor Magazine - Awards for Investment Excellence (April 2006)
      • Winner: Multi-Manager Global Investor Magazine - Awards for Investment Excellence (April 2006)
      • Rated #1 Global Securities Lender International Securities Finance (September 2006)
    • 33. Northern Trust Corporation Well Positioned for Growth
      • Rich History
        • 117 Year Heritage — Undiluted by Mergers & Acquisitions
      • Focused Strategy on Growth Businesses
        • Exclusively Focused on the Management and Administration of Client Assets
      • Conservative Culture
        • One of only 7 independent U.S. Bank Holding Companies Rated ‘AA- or better’ by S&P
      • Seasoned Management Team Northern Trust Industry
        • Bill Osborn - Chairman & CEO 36 Years 36 Years
        • Rick Waddell - President & COO 31 Years 31 Years
        • Sherry Barrat - President – PFS 16 Years 36 Years
        • Steve Fradkin - EVP & Chief Financial Officer 21 Years 21 Years
        • Tim Moen - EVP – Human Resources 5 Years 31 Years
        • Bill Morrison - President – PFS 10 Years 33 Years
        • Steve Potter – EVP – C&IS International 24 Years 24 Years
        • Jana Schreuder - President – WWOT 26 Years 26 Years
        • Tim Theriault - President – C&IS 24 Years 28 Years
        • Terry Toth - President – NTGI 19 Years 24 Years
        • Kelly Welsh - EVP & General Counsel 6 Years 28 Years
    • 34. N O R T H E R N T R U S T C O R P O R A T I O N The Role of the Chief Financial Officer
    • 35. A Personal Journey to the Chief Financial Officer Role CFO 1985 1990 1995 2000 2005 2006 Compliance Group International Sales Expatriate Assignment in London Global Sales Head General Manager for International Business Financial Management NTRS Stock Price EOP $2.35 $4.92 $14.00 $81.56 $51.82 $58.43* *As of September 30, 2006
    • 36. The Role of the CFO
      • Job Description:
        • Responsible for all financial aspects of company operations
        • Provide leadership and coordination in the administrative, business planning, accounting and budgeting efforts of the company
      • Primary Responsibilities :
        • Coordinate the preparation of financial statements, financial reports and special analyses
        • Develop and implement finance, accounting, billing and auditing procedures
        • Establish and maintain appropriate internal controls
        • Ensure compliance with local, state and federal reporting requirements
        • Develop and direct implementation of strategic and operational plans
        • Analyze cash flow, cost controls and expenses to guide management
        • Serve on planning and policy making committees
        • And much, much more …
      Source: hrvillage.com Textbook Definition
    • 37. The Role of the CFO Source: Deloitte CFO Center The Changing Role of Corporate Finance: From Steward to Strategist Steward Strategist Finance Management Stakeholder Management Record & Report Analysis & Interpretation Risk Management Capital Optimization Policy Enforcement Planning
    • 38. The Role of the CFO – Myth versus Reality Experience, judgment, ethics, low ego, adaptability and fortitude are all important ingredients of an effective CFO. Myth Reality
      • The executive suite or “C Suite”…
      • … is not always sweet.
      • The CFO role is a financial job.
      • It is a management job with oversight responsibility for financial functions
      • People generally fall in line with and work together to achieve financial goals.
      • Driving company performance drives people crazy. Not the right job if the goal is to win a popularity contest.
      • All corporate functions share in the blame when things are not going well.
      • When things are not going well, they are called “financial problems.”
      • Public company quarterly earnings conference calls are effortlessly executed.
      • “ Fencing on a tightrope, 500 feet in the air, with no safety net below.”
      • Rising to the CFO spot means you figured it all, or most of it, out.
      • Counterintuitive career findings: Rising to the CFO spot enhances job in security.
      • The CFO works with a select group of senior managers.
      • The CFO works with directors, investors, management, regulators, auditors, employees, vendors, communities and interest groups, to name a few. Communication and management is key.
    • 39. Conclusion
      • “ It is not the strongest of the species that survives, nor the most intelligent that survives.
      • It is the one that is the most adaptable to change.”
      -Charles Darwin
    • 40. N O R T H E R N T R U S T C O R P O R A T I O N Steven L. Fradkin Executive Vice President & Chief Financial Officer J.L. Kellogg School of Management, Northwestern University Finance Conference 2006 November 18, 2006 The Role of the CFO What They Don’t Tell You in Business School or in the Recruitment Process

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