Terms and Conditions – 5 Year Fixed Rate Notes due 2012
		n		Issuer		n		Northern Trust Corporation
		n		Note Type		n		Senior
		n		Ratings (Moody’s/S&P/Fitch)		n		A1/AA-/AA- (Pos/Stable/Stable)
		n		Principal Amount		n		$200,000,000
		n		Pricing Date		n		November 6, 2007
		n		Settlement Date		n		November 9, 2007 [T + 3]
		n		Maturity Date		n		November 9, 2012
		n		Coupon		n		5.200%
		n		Re-offer Yield		n		5.244%
		n		Re-offer Price		n		99.809
		n		Market/ Re-offer Spread		n		T + 125 bps
		n		Pricing Benchmark		n		3.875% UST due 10/12
		n		Benchmark Yield		n		3.994%
		n		Proceeds to Company		n		$199,018,000
		n		Interest Payment Dates		n		Semi-annually on the 9th of May and November
		n		First Coupon Date		n		May 9, 2008
		n		Call Provisions		n		Non-callable
		n		Day Count Basis		n		30/360
		n		Minimum Denominations		n		US$1,000 and integral multiples of US$1,000 in
								excess of such amount
		n		Bookrunner(s)		n		Goldman, Sachs & Co.
						n		Merrill Lynch & Co.
		n		Co-Manager(s)		n		UBS Investment Bank
						n		Loop Capital Markets, LLC
						n		The Williams Capital Group, L.P.
		n		CUSIP		n		665859 AH7
		n		ISIN		n		US665859AH78

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