BOSTON, January 7, 2004 - National Financial, a Fidelity Investments company, today announced that Chicago-based Northern Trust Securities, Inc., a wholly-owned subsidiary of Northern Trust Corporation (Nasdaq: NTRS), has selected it to provide clearing services to the company's full-service and institutional brokerage businesses.

As part of the new outsourcing relationship, National Financial will provide Northern Trust Securities with a comprehensive range of technology solutions, operational support, securities processing, risk management services, and brokerage and investment products.

Northern Trust Securities represents a significant new client for National Financial. The company currently provides clearing services to more than 300 financial institutions representing nearly 3.4 million client accounts and approximately $320 billion in assets, as of November 30, 2003.

"Northern Trust Securities is pleased to have this new alliance with National Financial," said Lloyd Wennlund, president of Northern Trust Securities, Inc. "Our relationship with National Financial will allow us to leverage a state-of-the-art technology platform for trading, client service and firm management. Consequently, we will be better able to serve our clients in personal banking, private client and institutional markets with even greater efficiency and performance. Our commitment to excellence is more important than ever as we continue to grow in all of these markets."

"In today's market environment, many financial services firms are being challenged to make the investments necessary to position their business for long-term success, while also achieving profitability objectives," said Norman Malo, president, National Financial. "With the significant ongoing investments in our clearing capabilities, we are well-positioned to help Northern Trust Securities achieve expanded processing capabilities, cost savings and a greater focus on revenue producing activities.

"We are pleased that a premier financial services firm like Northern Trust Securities has chosen to outsource its brokerage operations with National Financial and we look forward to helping them take their business to the next level and achieve long-term success," added Malo.

Northern Trust Securities will be serviced and supported through a dedicated team in the company's new Chicago office. National Financial recently created a regionalized relationship management structure as part of its continuing commitment to provide clients with the highest levels of service quality.

About National Financial

National Financial provides broker/dealers, ranging from institutional and full-service firms to independent contractors, banks and discount brokers, with leading-edge clearing and execution products and integrated productivity tools to help enhance firm profitability, drive business growth and forge deeper customer relationships. National Financial also offers a leading online brokerage platform, compliance support, middle-office outsourcing, consolidated record keeping tools, fee-based solutions, and retirement and high-net-worth products, all supported by dedicated client service professionals. For more information about National Financial, please visit www.nationalfinancial.com.

About Fidelity Investments

Fidelity Investments is one of the world's largest providers of financial services, with custodied assets of $1.7 trillion, including managed assets of $954.3 billion as of November 30, 2003. Fidelity offers investment management, retirement planning, brokerage, human resources and benefits outsourcing services to 18 million individuals and institutions as well as through 5,500 financial intermediaries. The firm is the largest mutual fund company in the United States, the No. 1 provider of workplace retirement savings plans, one of the largest mutual fund supermarkets and a leading online brokerage firm. For more information about Fidelity Investments, visit www.Fidelity.com.

About Northern Trust Securities, Inc. and Northern Trust Corporation

Northern Trust Securities, Inc. is a wholly owned subsidiary of Northern Trust Corporation (Nasdaq: NTRS), which is a leading provider of global investment management, asset and fund administration, fiduciary and banking needs for corporations, institutions and affluent individuals worldwide. Northern Trust, a multibank holding company based in Chicago, has a growing network of offices in 14 U.S. states and has international offices in six countries. As of September 30, 2003, Northern Trust had assets under administration of $1.9 trillion, assets under investment management of $435.7 billion and banking assets of nearly $41 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 www.northerntrust.com.

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Northern Trust Corporate and Northern Trust Securities, Inc. are independent organizations and are not affiliated with Fidelity or National Financial.

National Financial Services LLC, Member NYSE, SIPC.