Northern Trust Announces Partnership With Pendo Systems for Insurance Accounting

CHICAGO, June 2 /PRNewswire-FirstCall/ -- Northern Trust announced today that it is entering into a partnership with Pendo Systems, Inc., a leading provider of financial accounting solutions. Under the terms of the agreement, the companies will work together to deploy an accounting and financial reporting outsourcing solution to Northern Trust's insurance clients, using the Pendo Systems BasisPoint(R) investment accounting software.

"As insurance investment portfolios take on more complex strategies, Northern Trust is committed to supporting those clients with the highest level of financial reporting, trade processing and full-service outsourcing," said Sheldon Woldt, head of the Insurance Client segment of Northern Trust's asset servicing business. "Our agreement with Pendo Systems will help us meet the evolving demands of our clients with an efficient, adaptable solution that can be deployed on Northern Trust's single, global technology and operations platform. Northern Trust has a long history of providing accounting services to its custody clients, and we are pleased to expand this capability to the insurance industry by offering a full statutory investment accounting solution."

Pendo Systems' core product, BasisPoint, is a global, enterprise-grade investment accounting engine that is designed to support clients with a multi-currency investment portfolio, a multiple book of record, and a multi-company structure. It incorporates a full suite of process modules to manage investment trading and operations from the front office through to the back office. The BasisPoint software is Microsoft-based and features a unique, sophisticated functionality that provides powerful processing and the flexibility to support complex investment strategies. Northern Trust plans to roll out this product to clients over the next several months.

"BasisPoint from Pendo Systems is the first investment accounting solution based on Microsoft technology to emerge as the market leader," said Bill Hartnett, head of insurance for Microsoft. "We have been working with Pendo since its inception, and BasisPoint is an important element in our overall strategy for capital markets and the next stage of our insurance offering."

"We are delighted to announce our relationship with a premier global custodian such as Northern Trust," said Pamela Pecs Cytron, chief executive officer of Pendo Systems. "Both Northern Trust and Pendo Systems place significant emphasis on customer service, so our two brands are aligned to create a superior experience for clients."

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 85 offices in 18 U.S. states and has international offices in 15 locations in North America, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2008, Northern Trust had assets under custody of US$4.0 trillion, and assets under investment management of US$778.6 billion. Northern Trust, founded in 1889, has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit http://www.northerntrust.com.

About Pendo Systems, Inc.

Pendo Systems, Inc. is a premier provider of software solutions for global financial institutions. The firm was founded in 2006 to launch a comprehensive solution for the problems that arise with aging legacy-based accounting systems in the financial services sector. Pendo Systems' core product, BasisPoint(R), is a global enterprise-grade investment accounting engine is rapidly becoming the new standard in investment accounting system delivery. BasisPoint runs on the Microsoft technology platform including Windows 2003 Server and Microsoft SQL Server 2005 systems. Pendo Systems has offices in Montclair, New Jersey and Bellevue, Washington. For more information please visit http://www.pendosystems.com.

SOURCE Northern Trust Corporation

CONTACT: John O'Connell, Vice President, +1-312-444-2388, or Alexis Geocaris, Officer, +1-312-444-3094, both of Northern Trust Corporation