q42024presentationmateri

northerntrust.com / © 2025 Northern Trust 2 135 years of strength, stability & stewardship Disciplined, client-centric strategy Highest standards of client service Product leadership & innovative services Solutions-focused technology & integrated operating platform

northerntrust.com / © 2025 Northern Trust 2024 Strategic Progress 5 OPTIMIZE GROWTH STRENGTHEN RESILIENCY & MANAGE RISK DRIVE PRODUCTIVITY • Improved organic growth trajectory • Deepened client relationships through the delivery of holistic solutions • Structured and launched One Northern Trust unified go-to-market strategy • Significant focus and investment in enhancing risk management and controls across enterprise • Improved reliability and security of mission critical applications • Continued to fortify cyber resiliency in dynamic risk environment Solid execution on One Northern Trust pillars • Disciplined workforce management • Limited third-party spend through vendor consolidation, rationalization and negotiation • Laid the foundation to scale automation and accelerate A.I. tools • Implemented new operating model and organizational structure

Wealth Management Update Premier franchise well-positioned to accelerate organic trust fee growth 2024 ACCOMPLISHMENTS 2025 PRIORITIES • Improved organic growth trajectory, led by Global Family Office • Expanded prospect pipeline through investment in salesforce • Transitioned senior leadership team • Deliver complete set of investment, asset servicing and fiduciary solutions across the continuum of upper-tier wealth clients • Deepen penetration of targeted markets • Expand alternative investments suite 6northerntrust.com / © 2025 Northern Trust MARKET POSITION $451B Assets under Management1 $1.1T Assets under Custody / Administration1 Serves 30% of the Forbes 400 Best Private Bank in North America for Ultra-High Net Worth Clients2 Best Private Bank in the U.S. 13 Out of 16 Years2 Best Digital Innovator of the Year in the U.S.3 ¹ As of December 31, 2024. Client assets for the current quarter are considered preliminary until the Form 10-K is filed with the Securities and Exchange Commission. 2 Sources: Financial Times Group, 2024. 3 Wealth Tech Awards, Financial Times and PWM, 2024.

Asset Management Update Amplifying our strengths and capturing growth in areas where we have the “Right to Win” 2024 ACCOMPLISHMENTS 2025 PRIORITIES • Strengthened core solutions through attracting top talent within investments and product • Generated positive net flows and improved organic growth trajectory • Delivered strong investment performance • Expand in key growth areas, particularly custom Separately Managed Accounts • Boost growth within 50 S. Capital and suite of alternative investment product offerings • Enhance ETF platform MARKET POSITION $1.6T Assets under Management1 Top 20 Global Asset Manager2 $15B Alternatives Solutions Platform3 $300B Liquidity AUM (11th largest, U.S.)4 Top 3 Largest Direct Index Manager5 Top 5 Largest U.S. Bond & Equities Index Manager2 7northerntrust.com / © 2025 Northern Trust ¹ As of December 31, 2024. Client assets for the current quarter are considered preliminary until the Form 10-K is filed with the Securities and Exchange Commission. 2 Sources: "Special Report on the Largest Money Managers", Pensions & Investments 6/10/2024. Based on total worldwide AUM of $1.1T as of 12/31/2023. 3 AUM/ AUA as of September 30, 2024.4 iMoneyNet, as of December 31, 2024 for U.S. Institutional Money Market Fund. 5 The Cerulli Edge: U.S. Managed Accounts Edition, 2Q2024.

Asset Servicing Update Focusing efforts on scalable capabilities aligned with evolving client needs & industry trends 2024 ACCOMPLISHMENTS 2025 PRIORITIES • New business focus on scalable services resulting in more profitable organic growth • Grew capital markets business meaningfully • Expanded market share within global asset owners • Continue growth with alternative investment managers globally • Expand emphasis on targeted asset owners • Accelerate expansion of banking & capital markets solutions business 8northerntrust.com / © 2025 Northern Trust MARKET POSITION $1.2T Assets under Management1 $15.6T Assets under Custody / Administration1 Best Outsourced Service Provider For Outsourced Trading2 70% of Top 50 US Healthcare Plans3 80% of Top 10 Sovereign Wealth Funds in APAC3 Best Global Custodian for Asset Owners4 ¹ As of December 31, 2024. Client assets for the current quarter are considered preliminary until the Form 10-K is filed with the Securities and Exchange Commission. 2 Sources: WatersTechnology Rankings, 2024. 3 S&P Money Market Directory as of September 30, 2024. 4 AsianInvestor Asset Management Awards 2024.

northerntrust.com / © 2025 Northern Trust Financial Targets 9 Committed to delivering on our targets and driving improved shareholder value 105-110% Expenses to Trust Fees >30% Pre-Tax Margin 10-15% Return on Equity ENTERPRISE MEDIUM-TERM FINANCIAL TARGETS

¹ Revenue and profit margin (pre-tax) stated on a fully taxable equivalent (FTE) basis are non-GAAP financial measures. A reconciliation to reported revenue and reported profit margin (pre-tax) prepared in accordance with U.S. generally accepted accounting principles (GAAP) is included in the Appendix on page 19. 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 *Refer to page 15 for additional detail on notable items recognized in Noninterest expense. Financial Highlights & Key Metrics 11northerntrust.com / © 2025 Northern Trust Notable Items*: 3Q24 Pre-tax • $68.1 million gain on sale of equity investment • $12.8 million Visa escrow contribution payment 4Q23 Pre-tax • $176.4 million investment security loss on available-for-sale securities portfolio • $84.6 million FDIC special assessment RESULTS INCLUDE IMPACT OF NOTABLE ITEMS* $ in millions (except EPS and as noted) % CHANGE VS. 4Q 2024 3Q 2024 4Q 2023 Revenue (FTE¹) $ 1,970.1 — % 26 % Noninterest Expense $ 1,375.9 1 % (1) % Provision for Credit Losses (10.5) N/M N/M Net Income $ 455.4 (2) % N/M Diluted Earnings per Share $ 2.26 2 % N/M Return on Average Common Equity² 15.3 % 15.4 % 4.0 % Profit Margin (Pre-tax)¹ ,² 30.7 % 30.8 % 10.5 % Expense to Trust Fee Ratio² 113 % 114 % 127 % Assets under Custody / Administration³ (AUC/A) (in billions) $ 16,788.0 (4) % 9 % Assets under Custody³ (AUC) (in billions) $ 13,349.2 (3) % 12 % Assets under Management³ (AUM) (in billions) $ 1,610.4 (1) % 12 %

northerntrust.com / © 2025 Northern Trust 611.7 639.6 650.6 667.1 675.5 $420.4 $436.7 $445.9 $453.1 $456.9 $130.7 $140.0 $145.7 $152.6 $156.9 $22.0 $17.9 $16.5 $17.5 $20.4 $38.6 $45.0 $42.5 $43.9 $41.3 Other Securities Lending Investment Management Custody and Fund Administration 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 +1% Asset Servicing Highlights 12 Categories may not sum due to rounding. ¹ Client assets for the current quarter are considered preliminary until the Form 10-K is filed with the Securities and Exchange Commission. % CHANGE VS. Asset Servicing Client Assets¹ (in billions): 4Q 2024 3Q 2024 4Q 2023 Assets under Custody / Administration (AUC/A) $ 15,640.1 (4) % 9 % Assets under Custody (AUC) $ 12,214.0 (4) % 12 % Assets under Management (AUM) $ 1,159.7 (2) % 12 % Securities Lending Collateral $ 176.2 — % 5 % Asset Servicing Revenues ($ in millions) +10%

northerntrust.com / © 2025 Northern Trust Wealth Management Highlights 13 Categories may not sum due to rounding. ¹ Client assets for the current quarter are considered preliminary until the Form 10-K is filed with the Securities and Exchange Commission. % CHANGE VS. Wealth Management Client Assets¹ (in billions): 4Q 2024 3Q 2024 4Q 2023 Assets under Custody / Administration (AUC/A) $ 1,147.9 — % 10 % Assets under Custody (AUC) $ 1,135.2 — % 10 % Assets under Management (AUM) $ 450.7 2 % 12 % Wealth Management Revenues ($ in millions) $171.9 $178.3 $180.7 $186.6 $195.3 $121.5 $129.9 $132.7 $136.4 $140.7 $97.3 $99.9 $103.3 $105.7 $110.0 $87.6 $95.2 $98.8 $100.8 $100.7 Global Family Office (GFO) West East Central 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 +14% +3% 546.7 529.5 515.5 503.3 478.3

northerntrust.com / © 2025 Northern Trust $501.1 $535.4 $529.8 $569.4 $574.3 Net Interest Income (FTE¹) 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 125.0 133.8 135.4 134.8 133.7 $26.0 $35.9 $35.9 $36.1 $32.8 $49.2 $48.5 $50.0 $50.3 $51.6 $42.2 $41.6 $41.0 $39.9 $41.2 $7.7 $7.8 $8.5 $8.5 $8.1 Other Earning Assets² Loans Debt Securities Federal Reserve and Other Central Bank Deposits 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Net Interest Income and Balance Sheet Trends 14 Categories may not sum due to rounding. 1 Net interest income and net interest margin stated on an FTE basis are non-GAAP financial measures. A reconciliation of these measures to reported results prepared in accordance with U.S. GAAP is included in the Appendix on page 19. ² Other Earning Assets includes Interest-Bearing Due from and Deposits with Banks, Federal Funds Sold, Securities Purchased under Agreements to Resell, and Other Interest-Earning Assets. Average Earning Assets ($ in billions) Net Interest Income (FTE¹) ($ in millions) +7% 1.59% 1.61% 1.57% 1.68% 1.71% Net Interest Margin (FTE¹) (1)% +15% +1%

1,388.5 1,364.7 1,533.9 1,359.4 1,375.9 $666.0 $728.2 $765.4 $692.8 $702.5 $235.2 $229.3 $260.9 $256.3 $251.5 $252.0 $252.7 $277.5 $270.4 $274.4 $58.5 $54.1 $54.8 $53.8 $54.1 $176.8 $100.4 $175.3 $86.1 $93.4 Other Operating Expense Occupancy Equipment and Software Outside Services Compensation and Employee Benefits 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 Noninterest Expense 15northerntrust.com / © 2025 Northern TrustCategories may not sum due to rounding. Total Noninterest Expense ($ in millions) (1)% 1% Expense Highlights Noninterest expense included the following notable items: 1Q24 Pre-tax • $12.5 million FDIC special assessment 2Q24 Pre-tax • $85.2 million severance-related charge • $70.0 million Northern Trust Foundation charitable contribution • $16.4 million software acceleration and dispositions charge • $10.6 million legal settlement charge 4Q23 Pre-tax • $84.6 million FDIC special assessment

¹ Revenue and profit margin (pre-tax) stated on a fully taxable equivalent (FTE) basis are non-GAAP financial measures. A reconciliation to reported revenue and reported profit margin (pre-tax) prepared in accordance with U.S. generally accepted accounting principles (GAAP) is included in the Appendix on page 19. 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 Financial Highlights & Key Metrics: Full Year 2024 16northerntrust.com / © 2025 Northern Trust Notable Items*: 2024 Pre-tax 1Q24 • $189.4 million investment security loss • $12.5 million FDIC special assessment 2Q24 • $878.4 million Visa transaction net gain • $85.2 million severance-related charge • $70.0 million Northern Trust Foundation charitable contribution • $16.4 million software acceleration and dispositions charge • $10.6 million legal settlement charge • $7.6 million investment impairment charge • $6.5 million Supplemental Pension Plan repositioning loss 3Q24 • $68.1 million gain related to the sale of an equity investment • $12.8 million Visa escrow contribution payment 2023 Pre-tax 1Q23 • $9.8 million occupancy charge • $6.9 million investment security gain 2Q23 • $38.7 million severance-related charge • $25.6 million client capability charge 3Q23 • $4.1 million software credit • $3.0 million occupancy charge 4Q23 • $176.4 million investment security loss on available-for-sale securities portfolio • $84.6 million FDIC special assessment RESULTS INCLUDE IMPACT OF NOTABLE ITEMS* $ in millions (except EPS and as noted) % CHANGE VS. 2024 2023 Revenue (FTE¹) $ 8,322.2 22 % Noninterest Expense $ 5,633.9 7 % Provision for Credit Losses (3.0) N/M Net Income $ 2,031.1 83 % Diluted Earnings per Share $ 9.77 92 % Return on Average Common Equity² 17.4 % 10.0 % Profit Margin (Pre-tax)¹ ,² 32.3 % 22.3 % Expense to Trust Fee Ratio² 119 % 121 % Assets under Custody / Administration³ (AUC/A) (in billions) $ 16,788.0 9 % Assets under Custody³ (AUC) (in billions) $ 13,349.2 12 % Assets under Management³ (AUM) (in billions) $ 1,610.4 12 %

8.1% 7.8% 8.0% 8.1% 8.1% 4Q23 1Q24 2Q24 3Q24 4Q24 11.4% 11.4% 12.6% 12.6% 12.4% 4Q23 1Q24 2Q24 3Q24 4Q24 Capital Update 17 Standardized Tier 1 Leverage northerntrust.com / © 2025 Northern Trust Capital Highlights • Robust capital and liquidity • $11.9 billion in Tier 1 capital • 60% of deposits covered by highly liquid assets including 29% by cash and central bank deposits • Declared $149.1 million in common stock dividends and $4.7 million in preferred stock dividends in 4Q24 • Repurchased $253.7 million of common stock in 4Q24 • Net unrealized after-tax losses on available-for-sale securities of $598.1* million as of December 31, 2024 Northern Trust Corporation Capital Ratios 4Q 2024 CAPITAL RATIOS STANDARDIZED APPROACH ADVANCED APPROACH Common Equity Tier 1 Capital 12.4% 14.5% Tier 1 Capital 13.3% 15.6% Total Capital 15.1% 17.4% Tier 1 Leverage 8.1% 8.1% Supplementary Leverage N/A 8.9% Standardized Common Equity Tier 1 Capital ratios for the current quarter are considered preliminary until the Form 10-K is filed with the Securities and Exchange Commission. *Includes $564.0 million of unamortized pre-tax losses related to previous transfers of AFS securities to HTM.

northerntrust.com / © 2025 Northern Trust Reconciliation of Non-GAAP Financial Measures 19 The following table presents a reconciliation of interest income, net interest income, net interest margin, total revenue, pre-tax income, and profit margin (pre-tax) 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. The adjustment to an FTE basis has no impact on net income. QUARTERS YEARS 2024 2023 2024 2023 ($ in Millions) FOURTH THIRD SECOND FIRST FOURTH Net Interest Income Interest Income - GAAP $ 2,280.0 $ 2,530.2 $ 2,506.5 $ 2,445.6 $ 2,199.6 $ 9,762.3 $ 7,325.0 Add: FTE Adjustment 10.5 7.1 6.9 7.3 18.0 31.8 57.5 Interest Income (FTE) - Non-GAAP $ 2,290.5 $ 2,537.3 $ 2,513.4 $ 2,452.9 $ 2,217.6 $ 9,794.1 $ 7,382.5 Net Interest Income - GAAP $ 563.8 $ 562.3 $ 522.9 $ 528.1 $ 483.1 $ 2,177.1 $ 1,982.0 Add: FTE Adjustment 10.5 7.1 6.9 7.3 18.0 31.8 57.5 Net Interest Income (FTE) - Non-GAAP $ 574.3 $ 569.4 $ 529.8 $ 535.4 $ 501.1 $ 2,208.9 $ 2,039.5 Net Interest Margin - GAAP 1.68 % 1.66 % 1.55 % 1.59 % 1.53 % 1.62 % 1.52 % Net Interest Margin (FTE) - Non-GAAP 1.71 % 1.68 % 1.57 % 1.61 % 1.59 % 1.64 % 1.56 % Total Revenue Total Revenue - GAAP $ 1,959.6 $ 1,968.5 $ 2,715.5 $ 1,646.8 $ 1,545.3 $ 8,290.4 $ 6,773.5 Add: FTE Adjustment 10.5 7.1 6.9 7.3 18.0 31.8 57.5 Total Revenue (FTE) - Non-GAAP $ 1,970.1 $ 1,975.6 $ 2,722.4 $ 1,654.1 $ 1,563.3 $ 8,322.2 $ 6,831.0 Pre-Tax Income Pre-Tax Income - GAAP $ 594.2 $ 601.1 $ 1,173.6 $ 290.6 $ 145.8 $ 2,659.5 $ 1,464.8 Add: FTE Adjustment 10.5 7.1 6.9 7.3 18.0 31.8 57.5 Pre-Tax Income (FTE) - Non-GAAP $ 604.7 $ 608.2 $ 1,180.5 $ 297.9 $ 163.8 $ 2,691.3 $ 1,522.3 Profit Margin (Pre-Tax) Profit Margin (Pre-Tax) - GAAP 30.3 % 30.5 % 43.2 % 17.6 % 9.4 % 32.1 % 21.6 % Profit Margin (Pre-Tax) (FTE) - Non-GAAP 30.7 % 30.8 % 43.4 % 18.0 % 10.5 % 32.3 % 22.3 %

northerntrust.com / © 2025 Northern Trust Forward-looking Statements 20 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. 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 2024 earnings press release.