#1NORTHERN TRUST Northern Trust Wealth Management THE POWER OF PURPOSE Capturing the Opportunity with Excellence in Execution PRESENTED BY: Steve Fradkin President, Wealth Management northerntrust.com | 2019 Northern Trust#2FORWARD-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, industry trends, and expectations regarding the impact of accounting pronouncements and legislation. 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. northerntrust.com | 2019 Northern Trust 1#3NORTHERN TRUST CORPORATION SERVICE Relentless drive to provide exceptional service. EXPERTISE Resolving complex challenges with world class capabilities. INTEGRITY Consistently acting with the highest ethics, utmost honesty and unfailing reliability. Wealth Management CLIENTS Asset Management Asset Servicing 2#4NORTHERN TRUST BENEFITS FROM TWO COMPLEMENTARY SEGMENTS 1 WEALTH MANAGEMENT $1,581 Total Fees $2,504 Total Revenue (FTE) 2 CORPORATE & INSTITUTIONAL SERVICES $2,173 Total Fees $3,582 Total Revenue (FTE) 41% Total Revenue as a % of Company 59% Total Revenue as a % of Company $1,060 Pre-Tax Income (FTE) 48% Pre Tax Income as a % of Company $1,158 Pre-Tax Income (FTE) 52% Pre Tax Income as a % of Company NOTE: Data is for the 12 months ended December 31, 2018, as presented in the 2018 Annual Report on Form 10-K. Revenue and Pre Tax Income as a % of Company excludes "Treasury & Other" segment results. $ millions. northerntrust.com | 2019 Northern Trust 3#5NORTHERN TRUST IS WINNING IN WEALTH MANAGEMENT * Northern Trust's brand reinforces consistent service, excellence, expertise and integrity 22 Northern Trust offers its clients a unique combination of intellectual capital, technology, experience and capabilities (+ These integrated offerings position Northern Trust well to capture the significant opportunity that exists in the Wealth Management business northerntrust.com | 2019 Northern Trust 4#6OUR DIFFERENTIATION IS REFLECTED IN STRONG SEGMENT PERFORMANCE NORTHERN TRUST WEALTH MANAGEMENT VS. INDUSTRY PEERS 2008 2018 2018 2018 2018 2018 2018 2018 Competitor Competitor Competitor Competitor Competitor Competitor A B C D E F ROE Total Company 16.0% 16.2% 11.1% 12.6% 17.9% 10.6% 8.6% 11.1% Pre-Tax Margin 25.7% 42.3% 26.2 26.1% 27.6% 19.4% 21.0% n/a YoY Revenue Growth 3.4% 9.2% 2.4% 1.7% 4.6% 4.1% (4.1%) 2.1% Fee Growth 1.5% 9.0% 8.7% 3.2% 4.9% 6.8% 0.6% 5.8% In many aspects, Northern Trust's financial performance in 2008 rivaled our peers' performance a decade later in 2018 Metrics for Wealth Management, unless otherwise stated, and sourced from company annual reports on Form 10-K. Peer set data sourced from company reports filed with the U.S. Securities and Exchange Commission and includes Morgan Stanley, JPMorgan, Bank of America, UBS, Wells Fargo and BNY Mellon. northerntrust.com | 2019 Northern Trust 5#7THE MARKET OPPORTUNITY IS BIG AND GROWING North America Wealth market is large (>$90 trillion) and growing with a projected compound annual growth rate of 5% through 2023 The United States remains an attractive region with more than 33% of worldwide millionaires and 28% of worldwide billionaires northerntrust.com | 2019 Northern Trust Industry Projected CAGR 2018-2023 INDUSTRY SNAPSHOT OF NORTH AMERICA WEALTH MANAGEMENT BY SEGMENT UPPER HIGH NET WORTH Wealth Advisory ULTRA HIGH $20MM $100MM MASS AFFLUENT Personal Client Services HIGH NET WORTH Private Client Advisory $1MM - $20MM NET WORTH Wealth Advisory, GFO >$100MM 9.6% CAGR $250K - $1MM 6.9% CAGR 5.7% CAGR 3.6% CAGR Northern Trust focuses upmarket on the fastest growing wealth segments AUM per Client Source: 2019 BCG Global Wealth Report. 2018-2023 CAGR for $0-$1M is 4.8% 6#8NORTHERN TRUST'S SUCCESS UPMARKET IS EVIDENT IN GLOBAL FAMILY OFFICE GROWTH Northern Trust Global Family Office serves over 30% of Forbes 400 families - in addition to other comparable families GFO ASSETS UNDER MANAGEMENT & ASSETS UNDER CUSTODY ($ billions) 5-Year CAGR 10% and 5%* IAUM AUC 3-Year CAGR 10% and 8%* *For AUM and AUC, respectively $54 2013 $315 5-Year CAGR 11% 3-Year CAGR 14% $423 $406 $452 $324 $321 $348 $57 $62 $69 $87 $84 $87 2014 2015 2016 2017 2018 YTD 2019 GFO GLOBAL TRUST FEES ($ millions) $226 $251 $193 $151 $152 $169 $129 2013 2014 northerntrust.com | 2019 Northern Trust 2015 2016 2017 2018 YTD 2019 NOTE: CAGR calculated through 2018. YTD 2019 not included. Data is sourced from company annual reports on Form 10-K. 7#9OUR CHOICES, CAPABILITIES AND EXECUTION HAVE ENABLED US TO WIN 35% increase in Goals Driven Wealth Management AUM over the past year Best Private Bank for Technology in N. America Financial Times Group, 2018 130+ 27 years experience, adapting offerings to client needs Our depth of experience and data gives us a significant competitive advantage, enabling us to choose when, where and how to compete. America's Best Banks Forbes, 2017 +2 new offices expected to open in the US in the next year northerntrust.com | 2019 Northern Trust +37% average revenue/FTE increase from 2014-2019 +11% increase in overall client satisfaction from 2015-2019 Best Private Bank for Family Offices Financial Times Group, 2017 and 2018 US offices closed from 2008-2018 Best Private Bank in the US Financial Times Group, 2018 43,000+ total Goals Driven Wealth Management training hours completed 8#10THE SUM OF THESE FACTORS SETS NORTHERN TRUST APART FROM PEERS DEPTH & BREADTH OF CAPABILITIES northerntrust.com | 2019 Northern Trust 130+ YEARS OF EXPERIENCE "WE FIRM" CULTURE USE OF DATA & ANALYTICS 6#11NORTHERN TRUST CONTINUES TO BE DRIVEN BY THE POWER OF PURPOSE + Our holistic financial solutions architect, integrate and optimize the major factors that affect familial wealth. ~ We embrace collaboration with clients and their advisors. The sum of these parts, coordinated in a thoughtful, deliberate and strategic manner enables our clients to Achieve Greater. Relationships for Northern Trust are sacrosanct and integral to optimizing results for our clients, communities, shareholders and partners. northerntrust.com | 2019 Northern Trust 10#12NORTHERN TRUST CORPORATION: PROFITABILITY AND RETURNS Return on Equity 12.6% 11.9% 11.5% 10.0% 9.5% 26.3% 115% 2013 2014 Pre-tax Margin 2015 2016 Noninterest Expense as a % of Trust & Investment Fees northerntrust.com | 2019 Northern Trust 16.2% 15.9% 14.0% 2017 2018 1Q19 2Q19 33.6% 105% 11#13LONG-TERM SUCCESS THROUGH A FOCUSED STRATEGY ACHIEVE GREATER ■ Relationship-focused strategy ■ Leader in attractive markets ■ History of organic growth ■ Proven record of investing for long-term growth and profitability 12#14NORTHERN TRUST ©2019 Northern Trust Corporation. Headquarters: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A. Incorporated with limited liability in the United States. This information, including any information regarding specific investment products or strategies, does not take into account the reader's individual needs and circumstances and should not be construed as an offer, solicitation or recommendation to enter into any transaction or to utilize a specific investment product or strategy. Certain affiliates of Northern Trust may be utilized in providing investment management services, including Northern Trust Investments, Inc. and 50 South Capital Advisors, LLC, which are registered under the Investment Advisers Act of 1940. Securities products and services are offered by Northern Trust Securities, Inc., member FINRA, SIPC, and a wholly owned subsidiary of Northern Trust Corporation.