Peter Cherecwich has joined Northern Trust in the newly created position head of institutional strategy and product development. Cherecwich was previously employed at State Street, where he held a number of senior roles, most recently serving as head of the global investment operations outsourcing business.

Northern Trust announced today that Peter Cherecwich has joined as head of institutional strategy and product development. Cherecwich joins Northern Trust from State Street Corporation, where he held a number of senior roles, most recently as head of the global investment operations outsourcing business.

Cherecwich is based in Chicago and reports directly to Timothy Theriault, president of Corporate and Institutional Services at Northern Trust.

�We are pleased to bring in someone with Peter�s strong industry background to help direct our continued expansion in services to institutional investors and investment managers worldwide,� Theriault said. �As we plan for sustained growth, it is critical that we maintain our commitment to leading the market with the most sophisticated products combined with exceptional client servicing, and Peter will play a vital role in this new leadership position.�

Cherecwich has 20 years of experience in custody, operations and investment services at State Street Corp., including four years as head of its Japan operations. Early in his career, he was a manager in the U.S. Mutual Funds Division and he also led the firm�s Product & Technology Solutions Division, in addition to his tenure as division head of Investment Operations Outsourcing, a global business line.

�This is a tremendous opportunity to contribute as Northern Trust builds on its success in entering new markets and bringing innovative solutions to institutional clients,� Cherecwich said. �As investment managers and institutions struggle with the demands of a global economy and rapid change in financial markets, Northern Trust has the culture, the people and the technological strength to be the provider of choice in asset servicing. I look forward to working with a first-class organization to help clients solve complex problems and meet their goals.�

About Northern Trust Northern Trust Corporation (NASDAQ: NTRS) is a leading provider of investment management, asset and fund administration, fiduciary and banking solutions for corporations, institutions and affluent individuals worldwide. Northern Trust, a multibank holding company based in Chicago, has a growing network of 84 offices in 18 U.S. states and has international offices in 13 locations in North America, Europe and the Asia-Pacific region. As of March 31, 2007, Northern Trust had assets under custody of US$3.8 trillion, and assets under investment management of US$756 billion. Northern Trust, founded in 1889, has earned distinction as an industry leader in combining high-touch service and expertise with innovative products and technology. For more information, visit http://www.northerntrust.com.

Edited by: Erin Kello

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