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       $400,000,000

n       Pricing Date

n       August 6, 2008

n       Settlement Date

n       August 13, 2008 (T+5)

n       Maturity Date

n       August 15, 2013

n       Coupon

n       5.50%

n       Re-offer Yield

n       5.59%

n       Re-offer Price

n       99.611%

n       Market/ Re-offer Spread

n       T + 228 bps

n       Pricing Benchmark

n       3.375% UST due 7/31/2013

n       Benchmark Yield

n       3.31%

n       Proceeds to Company

n       $397,244,000

n       Interest Payment Dates

n       Semi-annually on the 15^th of February and August

n       First Coupon Date

n       February 15, 2009

n       Call Provisions

n       Non-callable

n       Day Count Basis

n       30/360

n       Minimum Denominations

n       US$2,000 and integral multiples of US$1,000 in excess of such amount

n       Bookrunners

n       Merrill Lynch & Co.

n       UBS Securities LLC

n       Co-Managers

n       Goldman, Sachs & Co.

n       Loop Capital Markets, LLC

n       The Williams Capital Group, L.P.

n       CUSIP

n       665859AJ3

n       ISIN

n       US665859AJ35