Good day, everyone. Welcome to the Northern Trust Corp's second quarter 2008 Earnings Call. At this time, I would like to turn the call over to the Director of Investor Relations, Bev Fleming for opening remarks and introductions. Please go ahead, Bev.

Thank you, Sean. Welcome to everyone listening to Northern Trust Corporation's second quarter 2008 earnings conference call. Joining me on our call this morning are Steve Fradkin, Northern Trust's Chief Financial Officer, and Preeti Sullivan from our Investor Relations team. For those of you who did not receive our second quarter earnings press release or financial trend report via e-mail this morning, they are both available on our website at northerntrust.com. In addition, this July 16th call is being webcast live on northerntrust.com. The only authorized rebroadcast of this call is the replay that will be available through July 23rd. Northern Trust disclaims any continuing accuracy of the information provided in this call after today. Now for our Safe Harbor statement. What we say during today's conference call may include forward-looking statements, which are Northern Trust's current estimates or expectations of future events or future results. Actual results of course could differ materially from those indicated by these statements because the realization of those results is subject to many risks and uncertainties. I urge you to read our 2007 financial Annual Report and our periodic reports to the Securities and Exchange Commission for detailed information about factors that could affect actual results. Again, thank you for your time today. Let me now turn the call over to Steve Fradkin.

Good morning, everyone. Let me join Bev in welcoming all of you listening to Northern Trust's second quarter 2008 earnings conference call. We are very pleased with the financial results that we reported to you via press release earlier this morning. For the second quarter, operating revenues were at record levels and exceeded $1 billion for the first time in our history. Trust investment and other servicing fees, foreign exchange trading income, and net interest income, which together equaled 93% of total revenues, all exhibited very strong double-digit growth in the second quarter. We are also very pleased to report excellent balance in the quarter between revenue growth and expense growth. We achieved over 800 basis points of positive operating leverage during a challenging time for our industry. This success was due in no small part to our continued adherence to a very focused strategy built around some extraordinarily attractive businesses, coupled with very strong operating execution in the quarter. It was in summary, an excellent quarter for Northern Trust. As with prior calls, we've organized today's remarks to address four basic areas. Let me begin by highlighting one item you should consider as you assess our performance. As discussed in our earnings press release issued earlier this morning, our second quarter net income was reduced by $87 million or $0.39 per share due to adjustments made within our structured leasing portfolio. These adjustments relate to structured leasing transactions that we've discussed with you in the past, and have previously disclosed in our filings with the SEC. The $87 million, after-tax amount, impacted two line items on our income statement. First, net interest income was reduced by $29 million. This represents a reallocation of lease income under revised assumptions, regarding the timing of income tax cash flows related to certain…

(Operator Instruction). We will go first to Glenn Schorr of UBS.

Hi. How are you? Can you hear me, okay?

We can.

Okay. Sorry about that. I like the streamline version. So, just to talk about the sec lending fund for a second, I just want to make sure; first on collateral, you mentioned that obviously the balances are down 11% sequentially, but just 2% on an average daily balance. I am not asking to comment necessarily on July, but obviously, we should see a little follow through, plus the typical seasonality on sec lending collateral in third quarter?

Yes, Glenn, I think remember, you have to look at that in my view in the context of the market decline, which brings the value down in totality. When you talk about the seasonality, remember that on average over the last five years our securities lending revenues have declined by 19%. So, yes, there is a seasonal effect that will impact fees. But I think in terms of collateral levels, there is a big market value dimension.

Understood. Then, this is definitely not the typical Northern thing to do but I will ask it anyway. Obviously you have a lot of confidence in the underlying collateral and that these are temporary impairments, nothing permanent in terms of the unrealized marks. He has such killer capital ratios, any thoughts of adding similar assets on balance sheet in the securities portfolio?

Well, I think its funny Glenn over the years we've had dialogue about the securities portfolio and what we should do, and how we should manage the securities portfolio. If you go back a couple of years there were moments where we were fatigued for being too short duration, too conservative and so forth. We always said at that time that the securities portfolio is not our primary business, our primary business is serving large global institutional investors, and high-net worth clients, and we want to keep that securities portfolio safe, warm and dry. I think that has been proven to be a very good strategy for us. So we always consider all the alternatives in optimizing things but I would say that in all probability, we are going to stick to the same thing that has served us well, particularly in this environment.

Fair enough Steve, I told you I take back the 100 times that I accuse you of being too conservative, I take it all back.

Fair enough. Thank you.

Last question is reasonable decline in what you have had on deposits, just curious with your outlook, how much flexibility you might think from here forward?

It is really hard to offer any real insight into it, Glenn. I do not think I could add any color at this point.

Okay. No worries.

Thank you.

Thanks.

Our next question comes from Mike Mayo with Deutsche Bank.

Good afternoon or good morning for you.

Hi, Mike.

This might not be so easy or maybe it is. Can you disaggregate the core growth in C&IS if you back out the market value adjustment?

Well, I think I will let you do the math. I think the one thing that I would say about the back up, this is a terrific and we've got terrific results year-to-date, and we feel very good as I outlined in my remarks. I think the one thing that I would say about C&IS, which we did highlight for you, is that on the C&IS trust fee side you have got $25 million of positive marks that are impacting us this quarter. So to the extent that you view that as non-core, and I think you absolutely could. I would bear that in mind as you evaluate our results.

Or may be just assets under custody, it is only flat and you mentioned EAFE index down 2%. So, just core growth is 2%?

I think, Mike, I am just going off the top of my head, because I do not have all the statistics in front of me. However, I think, what we've seen is that degradation in the S&P 500 pulled our overall assets down considerably. However, you are continuing to see on the global side of our business, even not withstanding a substantial decline in EAFE, year-over-year growth. So, you will have to cut your numbers the way you want to cut them, but we feel very good about the growth both on the fee side and on the assets under custody juxtaposed against the environment.

Mike, one thing that I might add to help you out there, if you look at our total assets under custody on a sequential quarter basis they dropped by about $20 billion, but keep in mind that the securities lending collateral dropped by about $29 billion. So more than the total amount of the decline was the result of securities lending. If you take that out of your equation you can see that that clearly we would have had net new business that came in and flowed in through custody assets that more than offsets the market impact.

I just thought it might be a little bit more than to meet your own expectations?

No, I think we are satisfied.

Okay, going on the positive side, where are you winning the PFS business from? Where is that coming from, best quarters since 2000?

Well, I think, our PFS business is really being on a roll. If you look at it in context, not just for the quarter but look where we've come from in the 2001, 2002 and 2003, when the markets were all down, and our year-over-year growth in PFS fees was essentially flat. You look at it in '04 its up 8.5% year-over-year, '05, 9%, '06, 10% and '07, 15%. We are seeing wins across the board. I think it is some combination of the normal things we've got, which is a great set of capabilities and service, and also the environment. There is no question that the, what I will call the normal way we think about disruption, from a client perspective, which is mergers, acquisitions, change of their relationship manager, that stuff, there is some of that. However, we are also seeing a new disruption, which is what I will call financial disruption, and safety and security, flight to quality, that sort of thing. So the wins are across the board. They are in all regions. They are in our Wealth Management Group. As I alluded to in my call, when typically we see in more difficult environments a slowdown of decision making. So, I think, the new business success in the second quarter is really reflective of some very differentiated performance.

Then lastly, the flight to quality, who would that be from in particular, I mean is it from other trust banks or wealth mangers or banks or who?

Well, I think, again the wins are across the board, small institutions and larger institutions. I would rather not pick out any names in particular, but you can form your own judgments about the environment and who is struggling the most.

All right. Thank you.

You are welcome.

Our next question comes from Nancy Bush with NAB Research.

Good afternoon.

Hi, Nancy.

Hi, Nancy.

Couple of questions; number one, Steve did you say that the $25 million that was regained on the collateralized fund, or whatever it was, was 14% of what you have given out there, is that correct?

Yes. Let me restate that so everyone is on the same page. Over the prior three quarters we had accumulated total negative marks of approximately a $184 million. This quarter we've the reverse phenomenon of a positive mark of $25 million. I am giving you round numbers. However, approximately then what we've clawed back of those negative marks accumulated over three quarters is 14%.

Okay. In your statements there about you anticipate coming out without impairments on par et cetera, et cetera means that there is still 86% to be regained at some point, down the road.

That is correct. Subject to all the caveats that nothing gets impaired, so forth and so on. However, yes, that is correct.

Okay. Bigger question, given that it looks like the Fed has stopped lowering rates, and may indeed start raising rates at some point in the future, although we do not know when that will be, could you just take us through the geography of the P&L, about how the Feds view posture of doing nothing is going to impact you in the coming quarters.

Well, I think Nancy, the way we typically benefit both in our net interest income and securities lending business is when Fed cuts rates, and particularly when the Fed cuts rates in an unexpected manner. However, that phenomenon for us is relatively short term, because we are very short in our portfolio. So there is no question. Put another way, there is no question that we've benefited along with others from those rate cuts, more so than if you will, the normalized environment. So holding all those constant, I would expect some diminution of those kinds of growth rates. However, in a normalized environment, we still have seen, at least over time, this phenomenon of the growing size of the balance sheet. So even when our net interest margin can be relatively flat, we tend to grow net interest income, if the phenomenon of our growth in global custody assets in the foreign office time deposits and the redeployment works in our favor. So, that is a long way of saying the Fed rate cuts have helped us. However, I think we still feel very good about our ability to grow our businesses, and hopefully grow net interest income along with that.

Now, should they raise rates which would be insane, but they keep making those noises in an 'unexpected manner' do you therefore get hit?

Yes. An unexpected increase in rates would diminish us, but again, the same phenomenon varies typically within a quarter, that phenomenon is through because we just are very short.

Okay. Just one final question, you filed an 8-K today on the capital support, was that just for the extension of the capital support?

That is correct. All we did same terms, same everything, we just extended the period. It was going to expire at the end of July and we extended to the end of February next year.

All right. Thank you very much.

Your next question comes from Brian Bedell of Merrill Lynch.

Hi, Good afternoon, folks.

Hi, Brian.

Hi. Just to start out with the breakout of the equity fixed income and cash in the C&IS and PFS asset management businesses, do you have them?

Sure. In the C&IS Institutional assets under management, equities were 38%, fixed income was 10%, and short duration was 52%. The personal business, PFS assets under management the breakdown was 43% equity, 25% fixed, and 32% short duration.

Great, thank you. Then, just on the securities lending portfolio, is the size of that the same at around $13 billion or is that smaller at this stage?

You mean the mark-to-market fund?

Yes the mark-to-market, right.

I think it is $11 billion should I recall.

Okay. So for the driver of the recruitment of the $25 million, was that due more to reversal of unrealized losses or was it due more to pay downs from those securities, or even securities sales from the funds?

Brian, I do not think it had anything to do with securities sales for the funds. I think it was some reversal, and there may have been some pay down, I am not sure.

However, the majority would have been the market environment, and so it is pricing on existing securities in the portfolio.

Okay. So you saw on those particular securities, you really saw credit spreads tighten on those securities?

Right. However, again, remember this can move around a lot. We've seen it move around in the prior three quarters and so we are pleased that it worked our way. However, it is still pretty volatile lot there.

Right. However, going forward, tell me if I am wrong on this thesis. Essentially, as you are moving closer to the 1.5 year of average maturity, the pay downs in those securities should become a larger force and potentially overwhelm any negative marks that you would see. I know it is going to be lumpy quarter-to-quarter, but directionally we should see that.

Well that is correct on average, but remember the duration is an average. However, yes in theory, that is right. As you get closer to maturity, you would expect holding all constant that they would be positive.

Okay, great. Then on the new business trends, this is for both businesses really and maybe to start with the PFS business? The flight to quality aspect, whether do you think there is a lag in those assets moving over, so clearly the environment's been a little tough for two or three quarters here. Have you seen all of those assets already move, are you in conversations with potential clients where you think that will actually accelerate over the next couple of quarters or so?

Well, I would say in terms of projecting the future, it is extremely difficult. As you know, one day you look at the screen and its all red and everyone is dour, and the next day its green and people are hoping we are in a different world. So, we always have difficulty forecasting this. I think the overarching view on PFS would be really rounded; it is a very strong quarter, the strongest since the fourth quarter of 2000. PFS net new business was up 20% year-over-year and 6% sequentially. We really saw very good new business in the Midwest, and in the Southeast. The increases there were strong double-digit increases. I think, some of the drivers behind that are really around this notion of safety and security of assets. We've got more sales activity going on. I think, we've gotten better at penetrating clients at the $25 million and above level. We've had lower loss business. So, there are varieties of factors that are contributing to this success. I do not think I could anchor to anyone in particular, but summarizing those in aggregate, I think we've just got good momentum, and we are pretty well positioned in that space.

Right. It sounds like it is more of your own doing rather than the environment. The environment is gravy on top of that.

Yes. I think that is a fair characterization.

Right, okay. Can you make a broad statement on the C&IS business in terms of the new business there? I mean, imagine most of that is from outside the US. Can you characterize whether you are seeing RFPs increase, the momentum in RFP is increased?

Yes, the C&IS business was softer in the quarter, but again as we always say with our net new business, it is pretty lumpy in terms of what we say and year-to-date through the second quarter, we are pretty consistent with where we were last year. International is a huge driver cross selling to existing clients, be they domestic or international, continues to be very important. The pipeline is active. You all have seen that we announced a number of wins with the, out of fund-of-funds, hedge fund administration, Puerto Rico Electric Power, Hermes that I referred to, Hermes lands down for fund administration. So, I think the story there is much the same. We continue to be well positioned. We are winning extremely attractive mandates and again Hermes, we've long had market share in the UK of the top 200 pension funds of over 20% and even a higher percentage of the top local authorities. However, Hermes is a really terrific win. That is a brand name as good as you can get in the UK. So we are excited about the momentum we've got and the pipeline still strike us as attractive.

It is pretty good, okay. Then, speaking of the foreign business, what do you think your flexibility to continue to reduce the rates on the foreign deposits is at this stage?

Well, I think Brian, we are competing for those deposits, and while we've a stronger credit rating than many and we do get a flight to quality dimension, these are large sophisticated institutional investors and we've got to be competitive to earn their confidence. So, I do not think we've disproportionate pricing power if you would put it that way.

Okay. Then can I ask one more question

Sure.

You would, okay. Just on the commercial loan growth that has been accelerating in the last couple of quarters or I should say loans overall. We are growing at about twice the pace still following the first half as we've seen in the last couple of years. Is that due you to bringing over some folks from LaSalle or is there a different philosophy about how aggressive you going to be at lending going forward?

No I think it is not any, for the rest of the group vis-à-vis acquisition of LaSalle here in the Chicago area resulted I think in a flight, a number of their bankers going to many competitors. We were fortunate enough to pick up many people from LaSalle though not that many in the lending space. So our experience there is a not a function of picking up new bankers. I think, it is more function of our capital strength and capacity and relationships being disrupted elsewhere. So, we are in a position of strength. I think if you would have looked back couple of years ago, we were consciously managing down that the growths in our loan portfolio because we did not like the terms and we did not like the way terms were extending and covenants were weakening, and we managed lower loan growth. However, we've always said if the environment turns and it is more attractive, we will jump in and capitalize. I think that is what we've been doing. So, it is really been function of our interest in opportunities under these conditions and our capacity to take it up.

Okay, great. Thank you very much.

You are welcome Brian.

Your next question comes from Mark Fitzgibbon with Sandler O'Neill.

Good morning, Steve.

Hi Mark.

First, I wondered if you could size force the amount of new business wins you had in the second quarter in C&IS?

Because net new business in the way its calculated is a non-GAAP number we've stopped releasing those numbers. However, I would say Mark, the best I can give you is very consistent with where we were in the net new business for the first half of 2008, it is very consistent with where we've been for the first half of 2007. However, unfortunate we do not disclose numbers any more.

Okay. Then Steve your credit quality has been great, are there any areas that your loan portfolio that you are concerned about are ordering or trying to peer back?

Well I think our credit quality has been really outstanding and we feel good about that. That said it is a very difficult environment and we are not immune to that environment. I think you heard some others talk about Florida and Arizona and we are seeing stress in the real estate markets generally. We are seeing a disproportionate amount of stress in the West Coast of Florida. However, again I want you to keep that in perspective, our asset quality metrics despite that continue to be far superior overall. So, it is tough out there but we are still feeling okay and if I had to pick a place, I would pick the West Coast of Florida is the one we got to keep the closest eye on.

Okay and then related to the CSA given that you have recorded to-date only a continued liability of only about nine, just under $10 million. Did you contemplate downsizing that CSA when you decide to extend it? Do you think it is likely that it will end up being a lot smaller than the $229 million?

You know I think we did contemplate it, but Mark, it is just, it would probably cause more disruption and noise than is appropriate. I do not know what a final number will be. However, had we decided, even if we had thought we could downsize it, had we downsized it, there would have been a lot, you know, how did you get to that number and so forth and so on. So I think our view is we've got to just let this thing play its way out and in the end, the number will be what it will be.

Okay. Thank you.

You are welcome.

Our next question comes from Robert Lee of KBW. Robert Lee - Keefe, Bruyette & Woods: Thanks. Good afternoon at this point.

Hi Rob. Robert Lee - Keefe, Bruyette & Woods: Just a quick question. Most of mine have been asked, but I am just curious. The announcement yesterday from the SEC, on the changes to short-selling rules, I mean, if that was to be applied more broadly, do you in any way expect that that would have any impact on your sec lending business in terms of reduced rebates or just volumes?

Rob, I think it is too early. There are dimensions of it that actually could be positive, but I think, given that that was just announced and we haven't had a chance to fully validate, I would probably refrain from giving an answer at this stage. Robert Lee - Keefe, Bruyette & Woods: Okay. Fair enough. Another question I apologize if you went through this before because I had to step off for a moment. Could you maybe give us some color on what you are seeing in the domestic C&IS business? You talk obviously, the global business continues to go well with some large win as you mentioned, but can you talk a little bit maybe about the competitive landscape in the US, particularly in the pension business?

Yes. We continue to see opportunities. The domestic pension business is certainly more mature as a business and at a different point in the cycle than opportunities outside the US. However, we continue to see some terrific opportunities, whether it is the result of public fund rebids or other factors, we continue to see terrific opportunities, particularly on the cross sell side. There are different ways to grow, one way is to win new clients and we are doing that. Another way is to bring more products to existing clients and we've seen some great examples particularly on the asset management side of bringing to our custody clients asset management capabilities. So, we are very positive about it, we are also, although your question Rob, was focused on the pension funds, we are also seeing very good growth in what we call global fund services, which is the fund manager piece of both the domestic market and the markets outside the United States. So, we are still quite positive about the C&IS business both in and outside the United States. Robert Lee - Keefe, Bruyette & Woods: Alright, great, that was it. Thanks a lot.

Thank you.

Our next question comes from Kenn Usdin of Banc of America Securities.

Hi, thanks. Steve, just one quick question for you. The results in investment management on the C&IS side were a little lighter this quarter even with equity market comps on average a little bit higher, just any moving parts in that business line and some color on how that business is acting?

Well, I think remember when you look at the assets under management, you want to take a look at how the securities lending collateral influence that, because our actual, not actual, but our assets under management excluding the down draft in securities lending collateral were actually up very nicely. So, I think that is one thing to take a look at there, Kenn. Anecdotally, we feel good about the asset management business. We've got Steve Potter firmly entrenched in his new role as President of NTGI. Again the pipelines there look good. I think one of the challenges is people are trying to figure out what to do in this market environment and that can slow down decision making, but no, we feel good.

So, why revenues? What were the drivers? Revenue has been down sequentially then, if you have a core underlying asset growth and positive equity comps, understanding that equities are not the entirety of the asset under management?

I think, you got to remember also the timing, assets can go up, but if they come in late in the quarter you will not have any fees associated with that. So, again I can not lend on the head of a pin for you, but that is typically the phenomenon we've seen in the past, when you will see, if you will, core underlying asset growth but not as much fee growth, it is usually lagging when the assets are out.

Okay. Then one more follow-up on the new business that you are seeing in the PFS, any noted areas of the country where you are seeing either some incremental benefits from other weakened financial institutions or where you are seeing a flight to quality benefit?

It is really national. Ken, I could give you 10 anecdotal stories, but they would be from every regions of the country. So I think that phenomenon is national.

Okay, great. Thanks a lot, Steve.

You are welcome.

We will go next to Tom McCrohan of Janney Montgomery Scott.

Hi, Steve. Hi, Bev. How are you?

Hi, Tom.

Hi Tom.

Are you seeing any market opportunities, given the weakness, so very apparent, the obvious weaknesses out there to possibly acquire or enter any new markets on the PFS side?

Well, I think we did not enter a new market, because we've been in Cleveland for sometime, but we did take advantage of some opportunities in that market with an acquisition this quarter of Lakepoint. I think the environment is disruptive. We are always looking at M&A opportunities, as you know we are not a big acquirer in general, but we look at a lot of things. We will consider all opportunities. There are certainly plenty around there. However, we've done this transaction in Cleveland. We want to get that one firmly in and running well. We will continue to look at opportunities. So, I would say, we are steady on that front, but there is no shortage of opportunities to at least look.

So, it sounds like the opportunities have not increased just, to say its steady?

I would say the opportunities have probably increased. The number that we've availed ourselves is pretty steady.

Okay, fair enough. Can you quantify the SIV exposure? Some of the news agencies have taken out a story that there was another that was also in default. Looks like they are going to have a replacement agent, looks like it is going to be Goldman Sachs. They are valuing those securities, at least the early indications, like $1.60 or $1.62. Can you give us an update like on how Whistlejacket, is that getting close to resolution, where they are going to have a new replacement agent, and are there any indications on what they are going to value those securities out? That will be helpful.

Well I would say, one, our SIV exposure overall has come down dramatically, as some of these have matured, but we still have some. I cannot comment on the Chainian and Whistlejacket, Deloitte is the receiver; they are working through that. We are on the creditor committee and actively involved with them. However, I really cannot give you any information beyond that at this time.

Okay. Lastly on the credit side, it is just been phenomenal story for you, holding line on credit cards. Can you remind us on the residential mortgage portfolio, since you did bring up western Florida and Arizona, how much of your residential mortgages is concentrated in those two areas and any metric like loan-to-value that you can share with us will be really helpful.

I do not know if I have that, Tom. I think our residential mortgage portfolio in aggregate is typically in the high 30% of our total loan portfolio. I do not think we've any thing on what piece is Florida, and then you have got a big chunk in the Midwest and Illinois and then Florida, it is significant for us, but again I want to make sure our comments are in the right context. The question that I was answering was, where do you see the most stress today in the loan portfolio and that I think it is accurate to say that west coast of Florida, but our credit metrics are very, very strong and so that is a relative response.

Tom, I do not think it would surprise you to hear that we've very conservative loan-to-value policies and ratios and that our business as with all of our businesses is relationship-oriented, targeting traditional PFS clients. So, even in the mortgage portfolio, you would expect the mortgage portfolio would profile along the lines that what a traditional PFS high net worth client would look like.

Great. Thanks for taking my questions.

Alright. We've another question from Brian Bedell of Merrill Lynch.

Just wanted to have a quick follow up. Just on expenses, a couple of things just on the outside services, whether we should be thinking of that as an inflated trend for second quarter or a more normalized run-rate at this stage. In conjunction with that, just what you are seeing in terms of your ability to hire staff to service the new business particularly in PFS, is there any constraints there?

Well I think one; our staffing overall Brian we've been building, were up in the order of magnitude 15% year-over-year in staff across the company. So at least from my advantage point we are building, and I would say in that regard we are getting access to tremendous talents. We always try and bring talent into the company, but the environment is such that I think we are feeling particularly good about the profile of the kinds of the people that we are able to bring into this enterprise. In terms of consulting expense, it really does vary so I do not know that I could give, I know that I could not give you a run-rate on that. It seems as though when we finish one project we are on to the next, so difficult to forecast what is the embedded run-rate. However, you know I think overall, again expenses year-over-year up 16%, but when you look at those relative to our revenue growth they are very well managed and we are mindful of the environment and trying to do the best we can there. However, I think we are doing a pretty good job of managing the discretionary expenses well within the context of revenues, of building the staff to enable to deliver on the commitments that we are making to clients, but each quarter will brings its next new challenge. So we feel good for now but on to the next one.

Right, just sounds like at least on the asset services you can look at the true revenue environment and trouble that to some degree unless you embark on some gigantic project.

To some degree, but its very difficult, the ship is sailing through the water and it is very difficult to make a hard right hand turn. You just got to remember, many of the initiatives where we've consultants and so forth, they are not initiatives that you start in the quarter and end in the quarter; they tend to be significant projects that roll off over time. So can we trouble our expenses? Absolutely to some degree, but we can turn them on the dime.

Right, okay. Great thanks so much

You are welcome.

We've no further questions on the phone at this time. I would like to turn the conference over to Steve Fradkin for closing remarks.

So, let me again thank you for joining Northern Trust for the second quarter 2008 conference call, and we will look forward to updating you on our third quarter financial results on October 22. Have a great day. Thank you.

Ladies and gentlemen, that concludes today's presentation. Thank you for your participation. You may disconnect at this time.