N O R T H E R N T R U S T

© 2008 Northern Trust Corporation

“Operational Excellence”

15th October 2009

Melíosa O’Caoimh – Chief Operating Officer, Northern Trust IrelandCatherine Duffy – General Manager, Northern Trust Limerick

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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$ 114.9 billion defined contribution funds, as at 31 December 2008 (updated bi-annually)

Source: Northern Trust

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Local Expertise Supported by Global Processes

New York

Toronto

Chicago

DublinLondon

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

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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

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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

2003 91staff, 26 clients, acquired Excellence Through People award

2004 113 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

2006 485 staff, 124 clients & 467 Funds

2007 550 staff, 126 clients & 581 Funds. Limerick Office opened in March with 17 staff.

2008 Northern Trust no. 4 ranking by Lipper Fitzrovia

2009 to date - 584 staff, 568 Funds.

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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

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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…..

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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

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Operational Excellence – Key Initiatives and Gains

Giving you the freedom to focus on what really matters.

Great serviceCentered around our

clientsSolution orientationOperational efficiencyEvolving, scalable

operating modelAccuracy Levels

Great peopleRelationship

managers offer strategic support

Technical expertiseTraining Hiring

Great productsTailored service

solutionsAlternative

capabilitiesRisk management

focus

Greatresults

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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.

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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

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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 AwardIrish 2008 KPMG

Financial Services Excellence Awards

(May 2008)

Fund Administrator of the Year

Global Investor Awards for Investment Excellence

(June 2008)

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Awards for Asset Servicing Quality and Leadership

Recognition from our clients and the industry:

Pension Pooling Award of the YearEuropean Pensions Awards (July 2008)

Funds Administration Excellence AwardIrish 2008 KPMG Financial Services Excellence Awards (May 2008)

Global Pension Fund Custodian of the YearInternational Custody and Fund Administration (May 2008)

Global Custodian of the Year AmericaInternational Custody and Fund Administration (May 2008)

Best Global Custodian – North American Institutional Fund ManagersGlobal 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 AmericaGlobal 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-PacificGlobal Investor Foreign Exchange Poll 4th consecutive year (April 2008)

Best Custodian in Asia-PacificAsia Asset Management Magazine (January 2008)

Best Investor Services HouseEuromoney Magazine “Awards of Excellence” (July 2007)

Custodian of the YearEuropean Pensions Awards (July 2009)

Pension Pooling Award of the YearEuropean Pensions Awards (July 2009 and July 2008)

Outsourcing Deal of the Year – Capital MarketsFSOkx Excellence Awards (June 2009)

Fund of Hedge Funds Administrator of the Year HFM Week (May 2009)

Fund Administrator of the Year AmericasInternational Custody and Fund Administration (May 2009)

Global Custodian of the YearFinancial Times Pension and Investment Provider Awards (May 2009, 2008)

Ranked #1 Top 100 Largest Asset Managers – Best FX Service OverallGlobal 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: NetherlandsInternational Custody and Fund Administration (December 2008)

Fund Administrator of the YearGlobal Investor Magazine (July 2008)

As at 31 May 2009 (updated when appropriate) Source: Northern Trust