#1Northern Trust Corporation Fourth Quarter 2021 Quarterly Earnings Review January 20, 2022 峦 NORTHERN TRUST northerntrust.com | 2022 Northern Trust#2EXECUTIVE SUMMARY ■ Net income of $406.4 million, diluted earnings per common share of $1.91 ▪ Return on average common equity of 14.5% ■ The current quarter included: ◉ $6.1 million pre-tax severance-related charges $3.4 million pre-tax pension settlement related charge $13.0 million pre-tax gain relating to property sales Net one-time tax benefits of $13.9 million primarily relating to a lower net tax impact from international operations Key Macroeconomic Factors 4Q21 End of Period Month Lag1 Quarter Lag² YOY Seq YOY Seq YOY Seq S&P 500 26.9% 10.6% 31.5% 2.0% 28.1% 0.2% MSCI EAFE Local 16.1% 3.6% 23.2% 0.3% 24.4% 0.7% 1 month Libor (Avg) (5) bps - bps 3 month Libor (Avg) (5) bps 5 bps EUR/USD GBP/USD 7.6% 0.9% 1.9% (0.5)% 1 Month Lag YoY represents the average month-ends of Sept. 2021 - Nov. 2021 vs. Sept. 2020 - Nov. 2020. Month Lag Seq represents the average month-ends of Sept. 2021 - Nov. 2021 vs. Jun. 2021 - Aug. 2021. 2 Quarter Lag YoY represents quarter-end Sept. 2021 vs. Sept. 2020. Quarter Lag Seq represents quarter-end Sept. 2021 vs. Jun. 2021. northerntrust.com | 2022 Northern Trust 2#3SUMMARY RESULTS & KEY METRICS $ in millions (except EPS and as noted) Revenue (FTE¹) Noninterest Expense Provision for Credit Losses Net Income % Change Vs. 4Q 2021 4Q 2020 3Q 2021 $1,677.0 9% 2% 1,168.9 2% 4% (11.5) N/M N/M $406.4 69% 3% Diluted Earnings per Share $1.91 70% 6% Return on Average Common Equity² 14.5% 8.8% 13.7% Pre-Tax Margin 1,2 31.0% 25.1% 32.2% Expense to Trust Fee Ratio² 105% 112% 102% Assets under Custody / Administration³ (in billions) $16,249 +12% +3% Assets under Custody³ (in billions) $12,612 +12% +3% Global Custody Assets³ (in billions) $8,238 +11% +2% Assets under Management³ (in billions) $1,607 +14% +5% 1 Revenue and pre-tax margin stated on a fully taxable equivalent (FTE) basis are non-GAAP financial measures. A reconciliation to reported revenue and reported pre-tax margin prepared in accordance with U.S. generally accepted accounting principles (GAAP) is included in the Appendix on page 12. 2 Actual numbers for all periods, not % change. 3 Client assets for the current quarter are considered preliminary until the Form 10-K is filed with the Securities and Exchange Commission. N/M - Not meaningful northerntrust.com | 2022 Northern Trust 3#4TOTAL REVENUE $ in millions Total Revenue (FTE¹) +9% - +2% $1,645 $1,677 $1,590 $1,589 $1,533 $357 $371 $347 $344 $345 $110 $119 $101 $99 $93 $66 $77 $79 $71 $69 $1,026 $1,064 $1,075 $1,111 $1,111 4Q 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 ■ Trust, Investment and Other Servicing Fees were up 8% year- over-year and flat sequentially. ■ Foreign Exchange Trading Income was up 12% year-over-year and 16% sequentially. Other Noninterest Income was up 28% year-over-year and 8% sequentially. Net Interest Income (FTE¹) was up 7% year-over-year and 4% sequentially. Trust, Investment and Other Servicing Fees FX Trading Income Categories may not sum due to rounding. Other Noninterest Income² Net Interest Income (FTE¹) 1 Net interest income and total revenue stated on an FTE basis are non-GAAP financial measures. A reconciliation of these measures to reported results prepared in accordance with U.S. GAAP is included in the Appendix on page 12. 2 Other Noninterest Income includes Security Commissions and Trading Income, Treasury Management Fees, Other Operating Income, and Investment Security Gains (Losses), net northerntrust.com | 2022 Northern Trust 4#5TRUST, INVESTMENT & OTHER SERVICING FEES $ in millions (except as noted) % Change Vs. Trust, Investment & Other Servicing Fees 4Q 2021 4Q 2020 3Q 2021 Custody & Fund Administration Investment Management $457.7 +9% (1)% 113.3 (9)% Securities Lending 18.8 +8% (6)% Other 35.3 +5% (2)% Total Corporate & Institutional Services $625.1 +5% (1)% Central $181.4 +17% +1% East 132.9 +15% +2% West 98.6 +15% +2% Global Family Office (GFO) 73.0 (1)% (2)% Total Wealth Management $485.9 +13% +1% Client Assets 1 (in billions): C&IS AUC/A $15,183 +11% +3% C&IS AUC $11,555 +11% +2% Global Custody Assets $8,238 +11% +2% C&IS AUM $1,191 +13% +3% Securities Lending Collateral $196 +5% (6)% Wealth Management AUC/A $1,066 +21% +9% Wealth Management AUC $1,058 +21% +10% Wealth Management AUM $416 +20% +12% 1 Client assets for the current quarter are considered preliminary until the Form 10-K is filed with the Securities and Exchange Commission. C&IS Trust, Investment & Other Servicing Fees were up 5% year-over-year and down 1% sequentially. Custody & fund administration fees increased year-over- year primarily due to favorable markets and new business, partially offset by lower transaction-based fees. Sequentially, custody & fund administration fees decreased primarily due to lower transaction-based fees and currency translation, partially offset by favorable markets and new business. Investment management fees decreased year-over-year primarily due to higher money market mutual fund fee waivers, partially offset by new business and favorable markets. Wealth Management Trust, Investment & Other Servicing Fees were up 13% year-over-year and 1% sequentially. Fees in the regions (Central, East and West) increased year-over-year primarily due to favorable markets and new business, partially offset by higher money market mutual fund fee waivers. Sequentially, fees in the regions increased primarily due to new business. Fees in GFO decreased year-over-year primarily due to higher money market mutual fund fee waivers, partially offset by favorable markets and new business. Sequentially, fees in GFO decreased primarily due to higher money market mutual fund fee waivers. Money market mutual fund fee waivers totaled $50.9 million in C&IS and $30.2 million in Wealth Management in 4Q 2021. northerntrust.com | 2022 Northern Trust 5#6NET INTEREST INCOME Average Earning Assets ($ in billions) $140.6 $131.2 $142.0 $148.8 $144.0 1.05% 1.00% 0.97% 0.98% 0.99% NII (FTE¹) in millions 4Q 2020 $ 345.1 1Q 2021 $ 346.7 2Q 2021 $ 343.9 3Q 2021 $ 357.1 4Q 2021 $370.6 Loans & Leases Deposits w/ Banks Securities ■ Net Interest Income (FTE¹) was up 7% year-over- year and 4% sequentially. Net interest margin (FTE) was 0.99%. Average Earning Assets were up 13% year-over- year and 3% sequentially. ■ Average Total Deposits were up 18% year-over- year and 5% sequentially. ■ Net Interest Margin decreased 6 basis points from the prior-year quarter primarily due to lower average interest rates, partially offset by a favorable balance sheet volume and mix shift. Net Interest Margin increased 1 basis point versus the prior quarter primarily due to a favorable balance sheet volume and mix shift. NIM (FTE¹) Fed Deposits & Other 1 Net interest income and net interest margin stated on an FTE basis are non-GAAP financial measures. A reconciliation of these measures to reported results prepared in accordance with U.S. GAAP is included in the Appendix on page 12. northerntrust.com | 2022 Northern Trust 6#7NONINTEREST EXPENSE $ in millions Total Noninterest Expense +2% -+4% $1,169 $1,151 $1,118 $1,121 $1,129 $79 $72 $72 $68 $81 $52 $67 $51 $52 $54 $196 $176 $177 $178 $185 ■ $208 $196 $218 $224 $211 $627 $622 $605 $598 $618 4Q 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 Compensation & Benefits Outside Services Equipment & Software Occupancy Other Categories may not sum due to rounding. ■ Expenses totaled $1.2 billion in the fourth quarter, up 2% year-over-year and 4% sequentially. The year-over-year growth in expenses was driven by increases in equipment and software related costs, other operating expense, outside services, and employee benefits, partially offset by favorability in occupancy and compensation. The sequential expense performance was driven by increases in compensation and employee benefits, outside services, and equipment and software related costs, partially offset by decreases in occupancy and other operating expense. northerntrust.com | 2022 Northern Trust 7#8FY 2021 Revenue (FTE¹) $6,500.1 Noninterest Expense 4,535.9 Provision for Credit Losses (81.5) $1,545.3 Diluted Earnings per Share $7.14 Return on Equity² 13.9% Pre-Tax Margin 1,2 31.5% Expense to Trust Fee Ratio² 104% RESULTS & KEY METRICS: FULL YEAR 2021 $ in millions (except EPS and as noted) Net Income The current year includes the following items: Pre-tax pension settlement related charges of $27.8 million Pre-tax severance related charges of $6.1 million in connection with a reduction in force $13 million pre-tax gain relating to property sales Net one-time tax benefits of $13.9 million primarily relating to a lower net tax impact from international operations ■ The prior year included the following items: Pre-tax severance-related charges of $55.0 million in connection with a reduction in force Pre-tax charge of $43.4 million related to a corporate action processing error % Change Vs. FY 2020 +6% +4% N/M +28% +31% 11.2% 27.1% 109% Assets under Custody / Administration³ (in billions) $16,249 +12% Assets under Custody³ (in billions) $12,612 +12% Pre-tax occupancy charge of $11.9 million related to an early lease exit arising from a workplace real estate strategy Global Custody Assets³ (in billions) $8,238 Assets under Management³ (in billions) $1,607 Tax expense of $26.8 million related to the reversal of tax benefits previously recognized through earnings 1 Revenue and pre-tax margin stated on an FTE basis is a non-GAAP financial measure. A reconciliation of these measures to reported results prepared in accordance with U.S. generally accepted accounting principles (GAAP) is included in the Appendix on page 12. 2 Actual numbers for all periods, not % change. +11% +14% 3 Client assets for the current quarter are considered preliminary until the Form 10-K is filed with the Securities and Exchange Commission. northerntrust.com | 2022 Northern Trust 8#9REVENUE AND EXPENSE: ANNUAL TRENDS $ in millions Total Revenue (FTE¹) Total Noninterest Expense $6,500 +6% $4,536 +4% $4,348 +5% $6,106 $6,135 -% $4,144 $299 -14% $347 +5% $209 -9% $1,418 -4% $330 $230 +8% $1,478 -14% $213 $1,711 $736 +9% $428 +15% $674 +10% $612 $372 +27% $293 +1% $292 $251 $290 +16% $849 +11% $763 -1% $775 $3,852 $3,995 +4% $4,361 +9% $2,214 $2,335 +5% $2,442 +5% 2019 Trust, Investment and Other Servicing Fees FX Trading Income 2020 2021 Other Noninterest Income Net Interest Income (FTE¹) 2019 2020 2021 Compensation & Benefits Outside Services Equipment & Software Occupancy Other 1 Net interest income and total revenue on an FTE basis are non-GAAP financial measures. A reconciliation of these measures to reported results prepared in accordance with U.S. generally accepted accounting principles (GAAP) is included in the Appendix on page 12. northerntrust.com | 2022 Northern Trust 6#10CAPITAL Northern Trust Corporation Capital Ratios Advanced Approach Common Equity Tier 1 13.3% Tier 1 14.4% Total 15.4% Tier 1 Leverage 6.9% Supplementary Leverage 8.2% Standardized Approach Common Equity Tier 1 12.1% Tier 1 13.1% Total 14.2% Tier 1 Leverage 6.9% Capital Return Declared $146.8 million in common stock dividends and $4.7 million in preferred stock dividends in 4Q 2021. Repurchased $1.8 million of common stock in 4Q 2021. Stress Capital Buffer requirement of 2.5%; resulting in minimum Common Equity Tier 1 requirement of 7%. As of December 31, 2021. Capital ratios for the current quarter are considered preliminary until the Form 10-K is filed with the Securities and Exchange Commission. northerntrust.com | 2022 Northern Trust 10 10#11Appendix 峦 NORTHERN TRUST northerntrust.com | 2022 Northern Trust#12RECONCILIATION OF NON-GAAP FINANCIAL MEASURES The following table presents a reconciliation of total revenue, net interest income, net interest margin and pre-tax margin prepared in accordance with GAAP to such measures on a fully taxable equivalent (FTE) basis, which are non-GAAP financial measures. Management believes this presentation provides a clearer indication of these financial measures for comparative purposes. Reported FTE Adj. FTE $ 1,677.0 $ 1,644.5 4Q21 $ 1,667.0 3Q21 $ 1,633.8 2Q21 $ 1,580.3 $ 10.0 $ 10.7 Revenue 1Q21 $1,583.4 $ 8.3 $ 6.6 4Q20 $ 1,521.9 $ 10.7 $ FY 2021 $ 6,464.5 35.6 FY 2020 $6,100.8 $ 34.4 $1,588.6 $ 1,590.0 $1,532.6 $ 6,500.1 $ 6,135.2 Net Interest Income 4Q21 3Q21 2Q21 1Q21 4Q20 FY 2021 Reported FTE Adj. FTE $ SSS $ 360.6 $ 346.4 $ 335.6 $ 340.1 334.4 $ 1,382.7 $ 10.0 $ 10.7 $ 8.3 $ 6.6 $ 10.7 $ 35.6 370.6 $ 357.1 $ 343.9 $ 346.7 $ 345.1 $ 1,418.3 NIM - Reported 0.96% 0.95% 0.95% 0.98% 1.01% NIM - FTE 0.99% 0.98% 0.97% 1.00% 1.05% Pre-Tax Margin 4Q21 3Q21 4Q20 FY 2021 FY 2020 SSS $ Revenue Reported - Pre-Tax Income - Reported FTE Adj.* Revenue FTE - Pre-Tax Income - FTE $ 1,667.0 $1,633.8 $1,521.9 $ 6,464.5 509.6 $ 518.1 $ 373.4 $ 2,010.1 $ 10.0 $ 10.7 $ $6,100.8 SS $ 1,627.6 10.7 $ 35.6 $ 34.4 $ 1,677.0 $ 1,644.5 $1,532.6 $ 6,500.1 $ 519.6 $ 528.8 $ $ 6,135.2 384.1 $2,045.7 $1,662.0 Pre-Tax Margin - Reported Pre-Tax Margin - FTE 30.6% 31.0% 31.7% 32.2% 24.5% 31.1% 26.7% 25.1% 31.5% 27.1% * FTE Adjustment applies to both revenue and pre-tax income FY 2020 $ 1,443.2 $ 34.4 $1,477.6 northerntrust.com | 2022 Northern Trust 12#13FORWARD-LOOKING STATEMENTS This presentation may include statements which constitute "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward- looking statements are identified typically by words or phrases such as "believe," "expect," "anticipate," "intend," "estimate," "project," "likely," "plan," "goal," "target," "strategy," and similar expressions or future or conditional verbs such as "may," "will," "should," "would," and "could." Forward-looking statements include statements, other than those related to historical facts, that relate to Northern Trust's financial results and outlook, capital adequacy, dividend policy and share repurchase program, accounting estimates and assumptions, credit quality including allowance levels, future pension plan contributions, effective tax rate, anticipated expense levels, contingent liabilities, acquisitions, strategies, market and industry trends, and expectations regarding the impact of accounting pronouncements and legislation. Forward-looking statements also include statements, other than those related to historical facts, that relate to the ongoing COVID-19 pandemic and its impact on global economic and market conditions and Northern Trust's business, financial condition, and results of operations. These statements are based on Northern Trust's current beliefs and expectations of future events or future results, and involve risks and uncertainties that are difficult to predict and subject to change. These statements are also based on assumptions about many important factors, including the factors discussed in Northern Trust's most recent annual report on Form 10-K and other filings with the U.S. Securities and Exchange Commission, all of which are available on Northern Trust's website. We caution you not to place undue reliance on any forward-looking statement as actual results may differ materially from those expressed or implied by forward-looking statements. Northern Trust assumes no obligation to update its forward- looking statements. This presentation should be reviewed together with Northern Trust Corporation's Fourth Quarter 2021 earnings press release, which is available at: www.northerntrust.com/about-us/investor-relations northerntrust.com | 2022 Northern Trust 13