Northern Trust Creates Platform for Investment Managers to Launch Tax-Transparent Cross-Border UCITS Funds

Axiom International Investors is First to Utilize Irish-Domiciled Fund

CHICAGO and DUBLIN, June 29, 2010 - Northern Trust (Nasdaq: NTRS) announced today it has established the
Northern Trust Common Contractual Fund as a platform that will allow
investment managers to offer proprietary investment strategies in a
cross-border fund vehicle designed to appeal to large institutional
investors. The Northern Trust CCF is an Irish-domiciled UCITS fund, a vehicle
established under the European Union's "Undertaking for Collective Investment
in Transferable Securities" directive.

"This platform will help investment managers gain access to the European
market through a UCITS fund that also protects the tax status of the
underlying institutional investors," said Serge Boccassini, senior vice
president, Global Asset Servicing Product and Strategy at Northern Trust.
"Our new fund platform represents another cross-border pooling innovation by
Northern Trust and provides an option for fund managers to distribute
products to the institutional market on a cross-border basis in a timely and
cost efficient manner."

Within the Northern Trust CCF, investment managers can establish
sub-funds with distinct portfolios of assets, investment guidelines, fund
features, and investors. Northern Trust will provide global custody, fund
administration, investor-level tax services and management company services
to the CCF and the underlying sub-funds.

As a vehicle that is recognized as tax-transparent in many investment
markets and investor jurisdictions, the Northern Trust CCF may allow certain
institutional investors to invest on a tax efficient basis, benefiting from
treaty arrangements in place between their home jurisdiction and the country
of investment, thereby reducing certain taxes on the sub-fund's investments
when compared to non fiscally-transparent fund structures. Northern Trust is
a proven innovator in this market and has tailored its global custody,
trustee and fund administration processes to support tax-transparent funds,
including CCFs, on an automated basis.

The first manager to utilize the platform is Axiom International
Investors, L.L.C., of Greenwich, Conn., which will launch a sub-fund under a
global equity mandate. Axiom Chief Operating Officer Bart Tesoriero said the
firm will launch the sub-fund for several U.K. domiciled investors initially
and expects to add investors from other markets as well.

"We are experiencing rising demand from institutional investors in the
U.K. and Europe for our global equities strategy but have lacked an efficient
commingled vehicle for distribution in these markets," said Mr. Tesoriero.
"Northern Trust's cross-border solution allows us to offer this strategy in a
regulated, commingled structure that is also tax-transparent. The UCITS fund
is recognized as an investment vehicle of choice in Europe and a smart fund
solution for sophisticated investors."

Northern Trust is a pioneer in cross-border pooling and was the first to
fully support tax-transparent funds created to pool the assets of
institutional investors with multiple tax rates, investing in multiple
jurisdictions. As of December 31, 2009, Northern Trust administered a total
of US$158 billion in cross-border fund assets from offices in Guernsey,
Ireland and Luxembourg.

The Northern Trust CCF and sub-funds will be supported through Northern
Trust's Global Fund Services unit, which has been servicing investment
manager and fund company clients for more than 30 years and has experience
supporting a wide range of complex investment strategies. Northern Trust
services more than 430 investment managers around the globe encompassing
approximately 4,000 funds.

About Axiom International Investors, L.L.C.

Axiom International Investors, L.L.C. is a U.S. registered investment
adviser formed on September 1, 1998. A completely employee owned firm, Axiom
advises strategies which include international, global, micro-cap and
emerging market securities. As of March 31, 2010 it advises assets of
approximately $12 billion for institutional clients, including corporate and
public pension funds, university endowments, charitable foundations and high
net worth individuals. Axiom seeks to consistently provide top-tier
investment performance by investing in high quality growth companies
throughout the world. The firm is headquartered in Greenwich, Connecticut.
For more information, visit www.axintl.com.

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of
investment management, asset and fund administration, banking solutions and
fiduciary services for corporations, institutions and affluent individuals
worldwide. Northern Trust, a financial holding company based in Chicago, has
offices in 18 U.S. states and 16 international locations in North America,
Europe, the Middle East and the Asia-Pacific region. As of March 31, 2010,
Northern Trust had assets under custody of US$3.7 trillion, and assets under
investment management of US$647.3 billion. For 120 years, Northern Trust has
earned distinction as an industry leader in combining exceptional service and
expertise with innovative products and technology. For more information,
visit www.northerntrust.com.

The Northern Trust Company, London Branch (reg. no. BR001960), Northern
Trust Global Investments Limited (reg. no. 03929218) and Northern Trust
Global Services Limited (reg. no. 04795756) are authorised and regulated by
the Financial Services Authority.

The material within and any linked material accessed via this
communication is directed to eligible counterparties and professional clients
only and should not be distributed to or relied upon by retail investors. For
Asia-Pacific markets, it is directed to institutional investors, expert
investors and professional investors only and should not be relied upon by
retail investors.

    - Northern Trust (Guernsey) Limited, Northern Trust Fiduciary Services
      (Guernsey) Limited, Northern Trust Fiduciary Company (Guernsey) Limited
      and Northern Trust International Fund Administration Services
      (Guernsey) Limited are licensed by the Guernsey Financial Services
      Commission.
    - Northern Trust International Fund Administrators (Jersey) Limited and
      Northern Trust Fiduciary Services (Jersey) Limited are regulated by the
      Jersey Financial Services Commission.
    - Northern Trust International Fund Administration Services (Ireland)
      Limited and Northern Trust Fiduciary Services (Ireland) Limited are
      regulated by the Financial Regulator.
    - Northern Trust Global Services Limited has a Netherlands Branch which
      is authorised and regulated in the Netherlands by De Nederlandsche Bank.
    - Northern Trust Global Services Limited has a Luxembourg Branch which is
      authorised and regulated by the Commission de Surveillance du Secteur
      Financier (CSSF).
    - Northern Trust Luxembourg Management Company S.A. is regulated by the
      Commission de Surveillance du Secteur Financier (CSSF).
    - Northern Trust Global Services Limited operates in Abu Dhabi as a
      Representative Office, Licence number 13/238/2008 which is authorised
      and regulated by the Central Bank of the United Arab Emirates.
    - The Northern Trust Company operates in Canada as The Northern Trust
      Company, Canada Branch which is an authorized foreign bank branch under
      the Bank Act (Canada). Trustee related services in Canada are provided
      by the wholly owned subsidiary The Northern Trust Company, Canada, an
      authorized trust company under the Trust & Loans Companies Act
      (Canada). Deposits with The Northern Trust Company and its affiliates
      and subsidiaries are not insured by the Canada Deposit Insurance
      Corporation.
    - The Northern Trust Company operates in Australia as a foreign
      authorised deposit-taking institution (foreign ADI) and is regulated by
      the Australian Prudential Regulation Authority.
    - The Northern Trust Company of Hong Kong Limited is a securities company
      regulated by the Securities and Futures Commission.
    - The Northern Trust Company has a Singapore Branch which is a foreign
      wholesale bank regulated by the Monetary Authority of Singapore.
    - The Northern Trust Company operates in China as a Representative Office
      and is regulated by the China Banking Regulatory Commission.
    - Northern Trust Global Investments Japan, K.K. is regulated by the Japan
      Financial Services Agency.
    - Northern Trust Global Services Ltd (UK) Sweden Filial is Authorised by
      the Financial Services Authority and subject to regulation by the
      Finansinspektionen.

North America & Asia-Pacific, John O'Connell, +1-312-444-2388, john_o'connell at ntrs.com, or EMEA, Camilla Greene, +44-0-207-982-2176, Camilla_Greene at ntrs.com, both of Northern Trust Corporation