Northern Trust Wins US$1 Billion Investment Operations Outsourcing Mandate for Independent Franchise Partners

LONDON, February 16, 2010 - Northern Trust (Nasdaq: NTRS) has been selected to provide investment
operations outsourcing services for over US$1 billion in assets for London
based investment management start-up, Independent Franchise Partners (IFP).

As part of the mandate, Northern Trust will provide custody, trade
services, fund accounting, transfer agency, performance measurement and
client reporting.

"We were impressed by Northern Trust's ability to build and rapidly
implement a flexible, yet robust platform which not only enabled us to meet
an aggressive launch date, but also supported the diversity of our client
base and accommodated our rapid growth," said John Kelly-Jones, Chief
Operating Officer at IFP.

Northern Trust provides full and component outsourcing services to some
of the world's most sophisticated and successful asset managers on its
strategic global platform. Other publicly announced clients include Insight
Investment, Hermes Investment Managers (which manages the British
Telecommunication pension scheme - the largest in the U.K.), Augustus, and
Generation Investment Management.

"At Northern Trust we pride ourselves on being a business enabler for our
outsource clients," said Toby Glaysher, head of Northern Trust's U.K. Global
Fund Services business. "Independent Franchise Partners was looking at one of
the shortest launch periods we have seen in the industry - from appointment
to migration in 72 days. Our ability to get our clients and their products to
market quickly is a key differentiator for us."

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 December 31, 2009,
Northern Trust had assets under custody of US$3.7 trillion, and assets under
investment management of US$627.2 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.

About Independent Franchise Partners

Independent Franchise Partners is an employee-owned investment management
firm, focused on a single, long-established investment discipline. The
Franchise investment approach focuses on a very select universe of high
quality, publicly-listed companies and is available as a global or a US
equity strategy. Portfolios are constructed with a strong absolute value
orientation. The founding partners of the firm are Hassan Elmasry, CFA,
Michael Allison, CFA, Paras Dodhia, John Kelly-Jones and Jayson Vowles, CFA.

Northern Trust operates in Australia as a foreign authorised
deposit-taking institution (foreign ADI) and is regulated by the Australian
Prudential Regulation Authority.

Northern Trust in Hong Kong is a securities company regulated by the
Securities and Futures Commission.

Northern Trust in Singapore is a foreign wholesale bank regulated by the
Monetary Authority of Singapore.

Northern Trust operates in China as a Representative Office and is
regulated by the China Banking Regulatory Commission.

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 Global Services is authorised and regulated in the
Netherlands by De Nederlandsche Bank

Northern Trust Global Services Limited Luxembourg Branch is authorised
and regulated by the Financial Services Authority and in Luxembourg by the
Commission de Surveillance du Secteur Financier (CSSF) and Northern Trust
Luxembourg Management Company S.A. is regulated by the CSSF

Northern Trust Global Services Limited - Abu Dhabi. Representative
Office, Licence number 13/238/2008

Where Northern Trust's UK entities undertake regulated business, they are
authorised and regulated in the United Kingdom by the Financial Services
Authority

Northern Trust International Fund Administration Services (Ireland)
Limited and Northern Trust Fiduciary Services (Ireland) Limited are regulated
by the Financial Regulator.

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.

Northern Trust Global Services Ltd (UK) Sweden Filial is a BCD Passported
branch of Northern Trust Global Services Ltd a firm authorised and regulated
in the UK by the Financial Services Authority ('FSA').

EMEA, Camilla Greene, +44-(0)-20-7982-2176, cg81 at ntrs.com, or US, Canada & APAC, John O'Connell, +1-312-444-2388, jo45 at ntrs.com, both of Northern Trust Corporation