Document:

Deferred Compensation Plan

 Exhibit 10(ix) 
 NORTHERN TRUST CORPORATION 
 DEFERRED COMPENSATION PLAN 
 (As Amended and Restated Effective January 1, 2008) 
 INTRODUCTION 
 The Northern Trust Corporation Deferred Compensation Plan (the “Plan”) was established by
Northern Trust Corporation, a Delaware corporation (the “Corporation”) effective as of May 1, 1998. The primary purpose of the Plan is to provide a select group of management or highly compensated employees of the Corporation (and its
subsidiaries and affiliates) with the opportunity to voluntarily defer all or a portion of their Incentive Compensation (as defined in Article I below). The Plan is also intended to provide Participants in the Plan with the ability to save on a
tax-deferred basis. The Corporation now hereby amends and restates the Plan, generally effective January 1, 2008 (with such other effective dates as are noted herein) to comply with various changes in applicable law, including the American Jobs
Creation Act of 2004, and to make certain other changes. 
 ARTICLE I 
 DEFINITIONS 
 Wherever used herein the following terms shall have the meanings hereinafter set
forth: 
  

	1.1	“Assigned Base Salary” means the regular annual base wage rate of the Participant, excluding overtime wages or wages related to shift differential.

  

	1.2	“Beneficiary” means any person eligible to receive a death benefit under the respective Incentive Compensation Plan as designated by the Participant or otherwise provided
under such Incentive Compensation Plan, in the event of the death of the Participant. 

  

	1.3	“Board” means the Board of Directors of the Corporation. 

  

	1.4	A “Change in Control” shall be deemed to have occurred if the event set forth in any one of the following paragraphs shall have occurred: 

  

	 	(a)	Any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Corporation (not including in the securities Beneficially Owned by such Person any
securities acquired directly from the Corporation or its Affiliates) representing 20% or more of the combined voting power of the Corporation’s then outstanding securities, excluding any Person who becomes such a Beneficial Owner in connection
with a transaction described in clause (i) of paragraph (c) below; or 

  

	 	(b)	 The election to the Board of Directors of the Corporation, without the recommendation or approval of two thirds of the incumbent Board of Directors of the
Corporation, of the lesser of: (i) three directors; or (ii) directors constituting a majority of the number of directors of the 

	 	 
Corporation then in office, provided, however, that directors whose initial assumption of office is in connection with an actual or threatened election
contest, including but not limited to a consent solicitation, relating to the election of directors of the Corporation will not be considered as incumbent members of the Board of Directors of the Corporation for purposes of this section; or

  

	 	(c)	There is consummated a merger or consolidation of the Corporation or any direct or indirect subsidiary of the Corporation with any other company, other than (i) a merger or
consolidation which would result in the voting securities of the Corporation outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the
surviving entity or any parent thereof), at least 60% of the combined voting power of the securities of the Corporation or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (ii) a merger
or consolidation effected to implement a recapitalization of the Corporation (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Corporation (not including in the securities
Beneficially Owned by such Person any securities acquired directly from the Corporation or its Affiliates) representing 20% or more of the combined voting power of the Corporation’s then outstanding securities; or 

  

	 	(d)	The stockholders of the Corporation approve a plan of complete liquidation or dissolution of the Corporation or there is consummated an agreement for the sale or disposition by the
Corporation of all or substantially all of the Corporation’s assets, other than a sale or disposition by the Corporation of all or substantially all of the Corporation’s assets to an entity, at least 60% of the combined voting power of the
voting securities of which are owned by stockholders of the Corporation in substantially the same proportions as their ownership of the Corporation immediately prior to such sale. 

 Notwithstanding the foregoing, a “Change in Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or
series of integrated transactions immediately following which the record holders of the common stock of the Corporation immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership
in an entity which owns all or substantially all of the assets of the Corporation immediately following such transaction or series of transactions. 
 For purposes of this Section 1.4 the following definitions shall apply: 
 “Affiliate” shall have the meaning set
forth in Rule 12b-2 under Section 12 of the Exchange Act; “Beneficial Owner” shall have the meaning set forth in Rule 13d-3 under the Exchange Act, except that a Person shall not be deemed to be the Beneficial Owner of any securities
with respect to which 

  

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such Person has properly filed a Form 13-G; “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time; and
“Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the Corporation or any of its Affiliates,
(ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Corporation or any of its subsidiaries, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities or
(iv) a corporation owned, directly or indirectly, by the stockholders of the Corporation in substantially the same proportions as their ownership of stock of the Corporation. 
  

	1.5	“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

  

	1.6	“Committee” means the Employee Benefit Administrative Committee, which has the responsibility for administering various benefit plans of the Company, as constituted from
time to time. 

  

	1.7	“Company” means The Northern Trust Company, an Illinois banking corporation; the Corporation; and such U.S. subsidiaries and affiliates of the Corporation as shall with
the consent of the Board, adopt the Plan. 

  

	1.8	“Corporation” means Northern Trust Corporation, a Delaware corporation, and, to the extent provided in Section 8.8 below, any successor corporation or other entity
resulting from a merger or consolidation into or with the Corporation or a transfer or sale of substantially all of the assets of the Corporation. 

  

	1.09	“Deferred Compensation Account” means an individual bookkeeping account for each Participant established hereunder. Such account shall be valued no less frequently than
annually on a date or dates determined by the Committee. 

  

	1.10	“Distribution Date” means the last business day of February of any Plan Year as provided under Section 5.1 of the Plan and as irrevocably set forth in each of the
Participant’s Deferral Election forms. 

  

	1.11	“Effective Date” means January 1, 2008 for the amended and restated Plan. The original effective date of the Plan was May 1, 1998. 

  

	1.12	“409A Amount” means the portion of the Deferred Compensation Account of a Participant that is deferred in a taxable year beginning after December 31, 2004, as
determined in accordance with Code Section 409A and applicable regulations promulgated thereunder and earnings attributable thereto. An amount is considered deferred on or before December 31, 2004 if on or before that date the Participant
had a legally binding right to be paid the amount, and the right to the amount was earned and vested. 

  

	1.13	“Incentive Compensation” means cash compensation earned pursuant to the Incentive Compensation Plans. 

  

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	1.14	“Incentive Compensation Plans” means the Partners Incentive Plan, the Management Performance Plan and/or any other bonus program defined by the Company to be included.

  

	1.15	“Initial Plan Year” means the eight-consecutive-month period commencing on the original Effective Date and ending on December 31, 1998. 

  

	1.16	“Investment Committee” means the Employee Benefit Investment Committee of the Company, as constituted from time to time, which has the investment responsibilities
specifically allocated to it under the Plan. 

  

	1.17	“Key Employee” means a Participant who is a “specified employee” within the meaning of Code Section 409A(a)(2)(B)(i). The Company’s Key Employees shall
be identified annually pursuant to Section 5.7. 

  

	1.18	“Participant” means an employee of the Company (a) who resides in the United States or is a United States expatriate on temporary foreign assignment, (b) who is
eligible to participate in the Plan in accordance with Article II and (c) who has a Deferred Compensation Account under the Plan; provided, that the following shall not be considered Participants: (i) an employee employed by any office or
branch of the Company located in a foreign country who, as to the United States, is a nonresident alien, and (ii) an employee who (A) as to the United States, is a foreign national, (B) is working for the Company at a location located
in the United States, and (C) is covered by a retirement plan sponsored by a non-U.S. affiliate of the Corporation in the country in which that affiliate is located. 

  

	1.19	“Pension Plan” means The Northern Trust Company Pension Plan, as amended from time to time. 

  

	1.20	“Plan” means the Northern Trust Corporation Deferred Compensation Plan, as amended from time to time. 

  

	1.21	“Plan Year” means the calendar year. 

  

	1.22	“Related Company” means any person with whom the Company is considered to be a single employer under Section 414(b) of the Code and all persons with whom the Company
would be considered a single employer under Code Section 414(c), substituting 50% for the 80% standard that would otherwise apply. 

  

	1.23	 “Separation from Service” means that a Participant dies, retires or otherwise has a termination of employment with the Company. A termination of
employment will be deemed to occur when the Company and the Participant reasonably anticipate that the level of bona fide services the Participant will perform for the Company after a certain date will permanently decrease to less than 50 percent of
the average level of bona fide services performed by the Participant for the Company in the immediately preceding 36 months (or the full period of the Participant’s services to the Company if the Participant has been providing services to
the Company for less than 36 months). The 

  

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employment relationship will be treated as continuing intact while the Participant is on a bona fide leave of absence (determined in accordance with Treas.
Reg. Sec. 409A-1(h)) but (a) only if there is a reasonable expectation that the Participant will return to active employment status, and (b) only to the extent that such leave of absence does not exceed 6 months, or, if longer, for so long
as the Participant has a statutory or contractual right to reemployment. For purposes of this Section 1.23, references to the Company shall include the Company and all Related Companies. 

 ARTICLE II 
 ELIGIBILITY

  

	2.1	Conditions for Deferrals for 1998 and 1999 Incentive Compensation Payments. For Incentive Compensation which otherwise would be paid during the 1998 or 1999 Plan Years, an
employee of the Company who participates in an Incentive Compensation Plan and (i) whose Assigned Base Salary, determined as of April 1, 1998, is at least $100,000, or (ii) whose Assigned Base Salary determined as of April 1,
1998 plus Incentive Compensation paid under the Incentive Compensation Plans during the period commencing on April 1, 1997 and ending on March 31, 1998 is at least $150,000, shall be eligible to defer Incentive Compensation under the Plan.

  

	2.2	Conditions for Deferrals in Subsequent Plan Years. For Plan Years subsequent to the Plan Years provided in Section 2.1, an employee of the Company who participates in an
Incentive Compensation Plan and (i) whose Assigned Base Salary, determined as of November 15 immediately preceding the Participant’s deferral election made under Section 3.2 below, is at least $100,000 (or such other amount as
the Committee from time to time determines) or (ii) whose Assigned Base Salary determined as of the November 15 immediately preceding the Participant’s deferral election made under Section 3.2 below plus Incentive Compensation
paid under the Incentive Compensation Plan during the twelve-month period ending on March 31 immediately preceding such deferral election (regardless of deferral under this Plan), is at least $150,000 (or such other amount as the Committee from
time to time determines), shall be eligible to defer Incentive Compensation under the Plan. 

 ARTICLE III 
 DEFERRAL OPPORTUNITY 
  

	3.1	Amount Which May Be Deferred. Each Participant may elect to defer all or a portion of his or her annual Incentive Compensation as determined by the Committee; provided,
however, the amount of each deferral for each payment of Incentive Compensation shall be at least $2,500. Participants shall always be one hundred percent (100%) vested in the amount they defer. 

  

	3.2	 Deferral Election. Participants shall make the election to defer Incentive Compensation under the Plan on a Deferral Election Form by such dates as the
Committee from time to time establishes; provided, that any such election must be made on or before December 31 of the Participant’s taxable year preceding the taxable year in which the 

  

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Participant performs the services that give rise to the Incentive Compensation to be deferred. Participants shall make the following determinations on each
Deferral Election Form, which determinations shall become irrevocable on December 31 of the Plan Year in which the election is made (or such earlier date in that Plan Year as the Committee may determine): 

  

	 	(a)	The amount to be deferred with respect to the Participant’s Incentive Compensation paid during the Plan Year for which the election applies, pursuant to the terms of
Section 3.1 herein; 

  

	 	(b)	The deferral period after which payments of deferred amounts commence (the “Deferral Period”), pursuant to the terms of Section 5.1 herein; and

  

	 	(c)	The form of the payment of the deferred amount, pursuant to the terms of Section 5.2 herein. 

  

	3.3	Partial Year Employment and Initial Election. An employee who commences employment with the Company after the beginning of a Plan Year shall not be permitted to make an
election to defer Incentive Compensation with respect to such Plan Year. Further, an employee who commences employment with the Company after November 1 of any Plan Year (or such other date as the Company may determine in its sole discretion)
shall not be eligible to defer Incentive Compensation in that Plan Year for the subsequent Plan Year under Section 2.2. 

  

	3.4	Disability or Other Absence. If the Participant experiences a disability, all previous Deferral Elections will remain in force unless the Committee, in its sole discretion,
determines that the Participant has incurred an unforeseeable emergency pursuant to Section 5.3 of the Plan, in which case it will waive, upon the Participant’s request, such election(s). If the Participant takes a paid or unpaid leave of
absence, all previous Deferral Elections will remain in full force. 

 ARTICLE IV 
 INVESTMENT OF DEFERRED INCENTIVE COMPENSATION 
  

	4.1	Investments. The Company shall contribute amounts allocated hereunder to the Deferred Compensation Accounts of Participants to a rabbi trust (“Trust”), to be
invested in such manner as determined by the Investment Committee, consistent with the resolutions or actions of the Board or the Compensation and Benefits Committee of the Board establishing the Plan. 

  

	4.2	Participant Statements. Statements that identify the Participant’s Deferred Compensation Account balance shall be provided to Participants no less frequently than
annually. 

  

	4.3	Minimum Rate of Investment Return. Following the date of a Change in Control, notwithstanding anything to the contrary herein, each Participant’s Deferred Compensation
Account shall be credited with a minimum annual investment return with respect to any calendar year (or portion thereof) at least equal to the average yield (as determined at auction) with respect to the 52 week United States Treasury bills issued
during the previous calendar year, plus 50 basis points. 

  

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	4.4	Valuation of Deferred Compensation Accounts. Participants’ Deferred Compensation Accounts shall be valued no less frequently than monthly. 

 ARTICLE V 
 DISTRIBUTIONS AND LIMITS
ON DISTRIBUTIONS 
  

	5.1	Deferral Period. Pursuant to Section 3.2, each Participant shall irrevocably elect the Deferral Period for the Incentive Compensation payments deferred in any Plan Year;
provided that the Deferral Period elected by a Participant shall be either a Short-Term Deferral (as provided under Section 5.1(a)) or a Retirement Deferral (as provided under Section 5.1(b)). 

  

	 	(a)	If the Participant elects a Short-Term Deferral, payments under the Plan shall commence only in the form provided under Section 5.2(a) of this Plan on any Distribution Date
elected by the Participant; provided that such Distribution Date shall be no earlier than the Distribution Date that is subsequent to three (3) Plan Years following the end of the Plan Year in which the Incentive Compensation would have
otherwise been paid to the Participant. 

  

	 	(b)	Subject to Section 5.6, if the Participant elects a Retirement Deferral, payments under the Plan shall commence following the Participant’s Separation from Service after
reaching the Participant’s Normal, Early or Postponed Retirement date, as such dates are defined in the Pension Plan (“Retirement Date”), provided that payments under the Plan shall commence, as elected by the Participant, either
(i) within sixty (60) days of the Participant’s Retirement Date or (ii) on the Distribution Date immediately following the Plan Year in which the Participant’s Retirement Date occurs (provided that payments must commence
under (ii) if the Participant elects to receive the payments in the form provided under Section 5.2(b) of the Plan). 

  

	 	(c)	Notwithstanding anything in the Plan to the contrary, Incentive Compensation paid after a Participant’s Retirement Date or other Separation from Service is not eligible for
deferral and will not be deferred, regardless of the Participant’s prior Deferral Election. 

  

	 	(d)	Notwithstanding any Deferral Period(s) elected by a Participant pursuant to Section 3.2(b) and this Section 5.1, and subject to Section 5.6, if at any time before the
end of the elected Deferral Period, 

  

					
	(i)	 	a Participant incurs a Separation from Service, such Participant shall be paid out of the Plan in one (1) lump sum in cash within sixty (60) days after such Separation from
Service; or

  

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	(ii)	 	(A)	 	with respect to a Participant’s 409A Amount, the Participant has been on disability leave for a period of six (6) months, such Participant’s 409A Amount shall be paid out of the
Plan in one (1) lump sum in cash within sixty (60) days after such six (6) month disability period; and
			
		 	(B)	 	with respect to amounts in the Participant’s Deferred Compensation Account that are considered deferred on or before December 31, 2004, the Participant has been on disability leave for
a period of twelve (12) months, such amounts shall be paid out of the Plan in one (1) lump sum in cash within sixty (60) days after such twelve (12) month disability period.

  

	5.2	Payment of Deferred Amounts. Payment of a Participant’s Deferred Compensation Account under the Plan shall be made in cash in one of the following forms irrevocably
elected by the Participant pursuant to Sections 3.2(b) and 5.1: 

  

	 	(a)	Lump Sum Payment. Payments will be made in one (1) lump sum. 

  

	 	(b)	Installment Payments. Payments will be made in either five (5) or ten (10) annual installments, as irrevocably elected by the Participant. Subject to
Section 5.6, the initial payment shall be made on the Distribution Date following the Participant’s Retirement Date. The remaining installment payments shall be made in the form of cash each year thereafter (on each anniversary date of the
initial payment), until the Participant’s entire Deferred Compensation Account has been paid. The amount of each installment payment shall be equal to the cash remaining in the Participant’s Deferred Compensation Account on the last
business day of January immediately prior to each such payment, multiplied by a fraction, the numerator of which is one (1), and the denominator of which is the number of installment payments remaining. 

 All benefits hereunder shall be paid from the Trust, as further described in Article IV. 
  

	5.3	Unforeseeable Emergency. The Committee shall have the sole authority to alter the timing or manner of payment of amounts from a Participant’s Deferred Compensation
Account in the event that the Participant establishes, to the satisfaction of the Committee that the Participant has experienced an unforeseeable emergency, as defined in Treas. Reg. §1.409A-3(i)(3)(i). In such event, the Committee may, upon
the request of the Participant: 

  

	 	(a)	Provide that all or a portion of the amount previously deferred by the Participant immediately shall be paid to the Participant in a lump sum payment; or 

 

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	 	(b)	Provide that all or a portion of the installments payable over a period of time immediately shall be paid to the Participant in a lump sum payment. 

 However, the amount distributed pursuant to this Section 5.3 shall not exceed the amount that is reasonably necessary for the Participant to satisfy
the emergency need at the time of distribution, as determined by the Committee in its sole discretion. In determining the amount reasonably necessary to satisfy a Participant’s emergency need, the Committee must take into account any additional
compensation that is available to the Participant if the Committee has waived the Participant’s previous Deferral Elections upon the Participant’s request pursuant to Section 3.4. 
 The Committee shall determine whether the Participant has experienced an unforeseeable emergency based on the relevant facts and circumstances. An
unforeseeable emergency will be deemed to exist in the event of an illness or accident of the Participant or the Participant’s dependent (as defined in Section 152(a) of the Code, without regard to Sections 152(b)(1), (b)(2) and
(d)(1)(B)), loss of the Participant’s property due to casualty, or other similar unforeseeable and extraordinary circumstances arising as a result of events beyond the control of the Participant. The Committee’s decision with respect to
whether the Participant has experienced an unforeseeable emergency and the manner in which, if at all, the payment of deferred amounts shall be altered or modified, shall be final, conclusive, and not subject to appeal. 
 Notwithstanding anything in this Section 5.3 to the contrary, no amounts may be distributed on account of this Section 5.3 if such unforeseeable
emergency may be relieved: 
  

	 	(i)	Through reimbursement or compensation by insurance or otherwise; 

  

	 	(ii)	By liquidation of the Participant’s assets, to the extent the liquidation of such assets would not itself cause severe financial hardship; or 

  

	 	(iii)	By cessation of deferrals under the Plan. 

  

	 5.4
	 Maximum Deductible Amount. An amount that would otherwise be paid from the Deferred Compensation Account of a
Participant in a given Plan Year may be delayed to the extent that the Company reasonably anticipates that if the payment were made as scheduled the Company’s deduction with respect to such payment would not be permitted due to the application
of Code Section 162(m). Amounts not paid as a result of the above limitation shall be paid in the earlier of (a) the Company’s first taxable year in which the Company reasonably anticipates that if the payment is made during such year
the deduction of such payment will not be barred by application of Section 162(m), or (b) the period beginning with the date of the Participant’s Separation from Service and ending on the later of the last day of the taxable year of
the Company in which the Participant incurs a Separation from Service or the 15th day of the third month following the Participant’s Separation from
Service. 

  

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	5.5	Death of Participant. A Participant, who at the time of his death is employed by the Company and who dies before a complete distribution of his Deferred Compensation Account
has been made to him, shall have his Deferred Compensation Account distributed in cash in one (1) lump sum to his Beneficiary. Such distribution will be made within sixty (60) days following the Participant’s final wage payment
following his death. A Participant, who at the time of his death is not employed by the Company and who dies before his entire Deferred Compensation Account has been paid to him, shall have his Deferred Compensation Account distributed to his
Beneficiary in such manner as provided on his Deferral Election Form. 

  

	5.6	Limits on Distributions to Key Employees. Anything in the Plan to the contrary notwithstanding, including without limitation Section 5.3, if a Participant is a Key
Employee, any distribution of a 409A Amount to such Participant due to the Participant’s Separation from Service that would otherwise be made during the six months following such Separation from Service shall be made six months and one day
following such Separation from Service. 

  

	5.7	Annual Identification of Key Employees. The Specified Employee Identification Date, as defined in Treas. Reg. §1.409A-1(i)(3), to be used in determining Key Employees of
the Company shall be September 30 of any Plan Year. The January 1 of the Plan Year next following that Plan Year shall be the Specified Employee Effective Date, as defined in Treas. Reg. §1.409A-1(i)(4), for Participants identified as
Key Employees on the immediately preceding Specified Employee Identification Date. Participants identified as Key Employees on a Specified Employee Identification Date (September 30) shall be treated as Key Employees under the Plan for the 12-month
period beginning on the Specified Employee Effective Date (January 1) next following such Specified Employee Identification Date. 

 ARTICLE VI 
 ADMINISTRATION OF THE PLAN 
  

	6.1	Terms Include Authorized Delegates. Where appropriate, the terms “Company,” “Corporation,” “Committee” or “Investment Committee” as
used in this Plan shall also include any applicable subcommittee or any duly authorized delegate of the Company, the Corporation, the Committee or the Investment Committee, as the case may be. Such duly authorized delegate may be an individual or an
organization within the Company, the Corporation, the Committee or the Investment Committee, or may be an unrelated third party individual or organization. 

  

	6.2	Authority of the Committees. The Committee shall administer the Plan and shall have full power to select employees for participation in the Plan and to determine the terms
and conditions of each employee’s participation; to construe and interpret the Plan and any agreement or instrument entered into hereunder; and to establish, amend, or waive rules and regulations for the Plan’s administration. Further, the
Committee shall have full power to make any other determination which may be necessary or advisable for the Plan’s administration. The Investment Committee shall have those powers set forth in Section 4.1 of the Plan.

  

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	6.3	Decisions Binding. Subject to the provisions of Article VII, all determinations and decisions made by the Committee or the Investment Committee pursuant to the provisions of
the Plan, and all related orders, resolutions or actions of the Board, the Compensation and Benefits Committee of the Board, the Chief Executive Officer of the Corporation or the Executive Vice President and Human Resources Department Head of the
Corporation (or the duly authorized designee of either of the latter two individuals) shall be final, conclusive, and binding on all persons, including the Company, its stockholders, employees, Participants, and their estates and beneficiaries.

 ARTICLE VII 
 AMENDMENT OR TERMINATION 
  

	7.1	Amendment or Termination. The Corporation has set no termination date for the Plan but reserves the right to amend or terminate the Plan when, in the sole discretion of the
Corporation, such amendment or termination is advisable. 

  

	 	(a)	Any such termination shall be made by action of the Compensation and Benefits Committee of the Board (or by action of the Board if the Compensation and Benefits Committee is
unavailable or unable to act for any reason) and shall be effective as of the date set forth in such resolution. 

  

	 	(b)	Any such amendment shall be made in accordance with the following: 

  

	 	(i)	material amendments to the Plan shall be made by action of the Compensation and Benefits Committee of the Board (or by action of the Board, if the Compensation and Benefits
Committee is unavailable or unable to act for any reason); and 

  

	 	(ii)	(A) non-material or administrative amendments to the Plan or (B) any amendment to the Plan deemed required, authorized or desirable under applicable statutes, regulations or
rulings, shall be made by action of either the Chief Executive Officer of the Corporation or the Executive Vice President and Human Resources Department Head of the Corporation (or either of their duly authorized designees).

  

	7.2	 Effect of Amendment or Termination. No amendment or termination of the Plan shall directly or indirectly reduce the balance of any deferred compensation held
hereunder as of the effective date of such amendment or termination. Upon termination of the Plan, distribution of amounts in a Participant’s Deferred Compensation Account shall be made to him or his Beneficiary in the manner and at the time
described in Section 5 of the Plan. No additional credits shall be made to the Deferred Compensation Account of a 

  

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Participant after termination of the Plan, but the Company shall continue to credit gains and losses attributable to investments made pursuant to
Section 4.1 to such Deferred Compensation Account until the balance of such Account has been fully distributed to the Participant or his Beneficiary. Following a Change in Control, no amendment to the Plan shall directly or indirectly affect
the minimum rate of investment return set forth in Section 4.3 hereof. 

  

	7.3	Amendments Necessary to Satisfy Code Section 409A. Anything in the preceding Sections 7.1 or 7.2 or elsewhere in the Plan to the contrary notwithstanding:

  

	 	(a)	the Plan may be amended in any manner necessary to ensure that the Plan complies in all applicable respects with Code Section 409A; and 

  

	 	(b)	the Plan may not be amended in any manner that would cause the Plan to fail to comply in any applicable respect with Code Section 409A. 

 ARTICLE VIII 
 GENERAL PROVISIONS

  

	8.1	Participant’s Rights Unsecured. If and to the extent amounts allocated hereunder to the Deferred Compensation Accounts of Participants are contributed by the Company to
the Trust described in Section 4.1, benefits under the Plan shall be payable pursuant to the Trust Agreement. Pursuant to the Trust Agreement, all assets held thereunder shall remain subject to the claims of the general creditors of the
Company. The Plan at all times shall be entirely unfunded and no provision shall at any time be made with respect to segregating any assets of the Company for payment of any benefits hereunder. No Participant, Beneficiary or any other person shall
have any interest in any particular assets of the Company by reason of the right to receive a benefit under the Plan and Trust Agreement and any such Participant, Beneficiary or other person shall have only the rights of a general unsecured creditor
of the Company with respect to any rights under the Plan and Trust Agreement. 

  

	8.2	Tax Withholding. In connection with any deferral under the Plan, the Company shall have the right to withhold from nondeferred Incentive Compensation amounts or other
compensation available at the time of the award an amount sufficient to satisfy the FICA tax withholding requirements applicable to such deferrals, or to require the Participant to remit to the Company an amount sufficient to satisfy the tax
obligation. In connection with any distribution to the Participant of deferred Incentive Compensation, the Company shall have the right to withhold from such distribution an amount sufficient to satisfy Federal, State, and local tax withholding
requirements applicable to such distributions. 

  

	8.3	No Guaranty of Benefits. Nothing contained in the Plan shall constitute a guaranty by the Company or any other person or entity that the assets of the Company will be
sufficient to pay any benefit hereunder. 

  

	8.4	No Enlargement of Employee Rights. No Participant shall have any right to receive a distribution of contributions made under the Plan except in accordance with the terms of
the Plan. Establishment of the Plan shall not be construed to give any Participant the right to be retained in the service of the Company. 

  

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	8.5	Spendthrift Provision. No interest of any person or entity in, or right to receive a distribution under, the Plan shall be subject in any manner to sale, transfer,
assignment, pledge, attachment, garnishment, or other alienation or encumbrance of any kind; nor may such interest or right to receive a distribution be taken, either voluntarily or involuntarily, for the satisfaction of the debts of, or other
obligations or claims against, such person or entity, including claims for alimony, support, separate maintenance and claims in bankruptcy proceedings. 

  

	8.6	Applicable Law. To the extent not preempted by Federal law, the Plan shall be construed and administered under the laws of the State of Illinois. 

  

	8.7	Incapacity of Recipient. If any benefit under the Plan shall be payable to a minor or a person not adjudicated incompetent but who, by reason of illness or mental or physical
disability, is, in the opinion of the Committee, unable to properly manage his affairs, such benefit shall be paid in such of the following ways as the Committee deems best: (a) to the person directly; (b) in the case of a minor, to a
custodian under any Uniform Gift to Minors Act for the person; or (c) to the person’s spouse, adult child or blood relative. Any benefit so paid shall be a complete discharge of any liability of the Company and the Plan therefor.

  

	8.8	Successors. The Plan shall not be automatically terminated by a transfer or sale of assets of the Corporation or by the merger or consolidation of the Corporation into or
with any other corporation or other entity, but the Plan shall be continued after such sale, merger or consolidation only if and to the extent that the transferee, purchaser or successor entity agrees to continue the Plan. In the event that the Plan
is not continued by the transferee, purchaser or successor entity, then the Plan shall terminate subject to the provisions of Section 7.2. 

  

	8.9	Unclaimed Benefit. Each Participant shall keep the Committee informed of his current address and the current address of his designated Beneficiary. None of the Corporation,
the Company or the Committee shall be obligated to search for the whereabouts of any person. If the Committee is unable to locate the Participant or any Beneficiary of the Participant, then none of the Corporation, the Company or the Plan shall have
any further obligation to pay any benefit hereunder to such Participant or Beneficiary and such benefit shall be forfeited; provided, however, that if the Participant or Beneficiary makes a valid claim for any benefit that has been forfeited, the
forfeited benefit shall be reinstated. 

  

	8.10	Electronic or Telephonic Notices. Any election, notice, direction or other such action required or permitted to be made in writing under the Plan may also be made
electronically, telephonically or otherwise, to the extent then permitted by applicable law and the administrative rules prescribed by the Committee. 

  

	8.11	 Limitations on Liability. Notwithstanding any of the preceding provisions of the Plan, neither the Company, any member of the Committee or the Investment
Committee nor 

  

 - 13 - 

	 	 
any individual acting as an employee or agent of the Company, the Committee or the Investment Committee shall be liable to any Participant, former
Participant, Beneficiary or any other person for any claim, loss, liability or expense incurred in connection with the Plan. 

  

	8.12	Gender; Headings. Words in the masculine gender shall include the feminine and the singular shall include the plural, and vice versa, unless qualified by the context. Any
headings used herein are included for ease of reference only, and are not to be construed so as to alter the terms hereof. 

  

	8.13	Compliance with Code Section 409A. The Plan is intended to comply in all applicable respects with the requirements of Code Section 409A and shall be construed and
administered so as to comply with that Code section. 

 IN WITNESS WHEREOF, Northern Trust Corporation has caused this
amendment and restatement of the Plan to be executed on its behalf by its duly authorized officer this 12th day of December, 2007, effective January 1, 2008 (or as of such other dates as are noted herein). 
  

			
	NORTHERN TRUST CORPORATION
		
	By:	 	 /s/ Timothy P. Moen

	Name:	 	Timothy P. Moen
	Title:	 	 Executive Vice President and
 Human Resources
Department Head

  

 - 14 - 

 SUPPLEMENT #1 
 Special 2005 Deferral Election Cancellations 
 This Supplement #1 to the Northern Trust Corporation Deferred
Compensation Plan, as amended and restated effective January 1, 2008 (the “Plan”), is made a part of the Plan and supersedes any provisions thereof to the extent that they are not consistent with this Supplement. Unless the context
clearly implies or indicates to the contrary, a word, term or phrase used or defined in the Plan is similarly used or defined for purposes of this Supplement #1. 
  

	1.	Effective Date. January 1, 2005. 

  

	2.	Application. This Supplement #1 shall apply to: 

  

	 	(a)	Any Participant who, prior to February 28, 2005, requested the cancellation of the Participant’s previous election to defer all or a portion of the cash award payment of
Incentive Compensation scheduled to be made to the Participant on February 28, 2005; 

  

	 	(b)	Any Participant who previously elected to defer all or a portion of the cash award payment of Incentive Compensation scheduled to be made to the Participant in the Plan Year
beginning January 1, 2005 (the “2005 Plan Year”) and whose 2005 Plan Year payment schedule for such Incentive Compensation was changed from annual to quarterly after such deferral election had been made; 

 (individually, a “Special Election Cancellation Participant” and, collectively, the “Special Election Cancellation Participants”); and

  

	 	(c)	Any Participant who would be considered a “specified employee” as defined in proposed regulation section 1.409A-1(i) issued by the U.S. Treasury Department and the
Internal Revenue Service; who terminates employment for any reason on or after the Effective Date of this Supplement #1 and on or before October 31, 2005 (individually, a “2005 Specified Employee Participant” and, collectively, the
“2005 Specified Employee Participants”). 

  

	3.	Special Provision. The following special provision shall apply to the Special Election Cancellation Participants: 

 Special 2005 Deferral Election Cancellation: Pursuant to and in accordance with Notice 2005-1 and proposed regulations under Code section 409A
issued by the U.S. Treasury Department and the Internal Revenue Service, each Special Election Cancellation Participant shall have the opportunity to cancel a previous election to defer all or a portion of the cash award payment of Incentive
Compensation for the 2005 Plan Year described in Paragraph 2(a) or (b) above, by executing and delivering to the Company a cancellation of the Participant’s previous election to defer, in the form prescribed by the Company, subject to the
requirements specified in paragraphs 4 and 6 below. Any amount the deferral of which is cancelled in accordance with this Paragraph 3 shall be distributed no later than December 31, 2005, or the date such amount becomes vested, if later.

  

 - 15 - 

	4.	Special Election Deadline. To be effective, the election cancellation referred to in Paragraph 3 above must be executed and delivered to the Company by the Special Election
Cancellation Participant on or before the date specified by the Company that is after the Effective Date of this Supplement #1, but no later than December 1, 2005. 

  

	5.	Special Provision. The following special provision will apply to the 2005 Specified Employee Participants: 

 Special 2005 Termination of Participation: Pursuant to and in accordance with Notice 2005-1 and proposed regulations under Code section 409A issued
by the U.S. Treasury Department and the Internal Revenue Service, each 2005 Specified Employee Participant shall be considered to have terminated participation in the Plan with respect to any amounts that would otherwise be subject to Code section
409A, effective as of the date such 2005 Specified Employee Participant terminated employment with the Company. Anything in the Plan to the contrary notwithstanding, such amounts shall be distributed in a lump sum distribution to such 2005 Specified
Employee Participant no later than December 31, 2005, or the date such amounts become vested, if later. 
  

	6.	Limitations on Supplement. Nothing in this Supplement #1 shall be construed to provide any Special Election Cancellation Participant or 2005 Specified Employee Participant
with any rights or benefits under the Plan other than those described in Paragraphs 3 through 5, as applicable, above. 

  

 - 16 -Second Amendment to Lease

 Exhibit 10(xi)(2) 
 SECOND AMENDMENT TO LEASE 
 This SECOND AMENDMENT TO LEASE ( this
“Agreement”) is made and entered into as of the 13th day of April, 2005 between 181 WEST MADISON L.P., a Delaware limited partnership (“Landlord”), successor to Davis West Madison LLC (“Former
Landlord”), and THE NORTHERN TRUST COMPANY, an Illinois banking corporation (“Tenant”), with reference to the following: 
 R E C I T A L S: 
 A. LaSalle Bank National
Association, as successor trustee to American National Bank and Trust Company of Chicago, as Trustee under Trust Agreement dated April 5, 1990 and known as Trust No. 110513-07 (“Original Landlord”), as landlord, and
Tenant, as tenant, heretofore entered into a certain lease dated as of November 29, 2000 (the “Original Lease”), for certain premises (the “Premises”) in a building located on the real estate commonly known as
181 West Madison Street, Chicago, Illinois (the “Building”), as more particularly set forth in the Original Lease. 
 B.
Original Landlord and Tenant heretofore modified the Original Lease by entering into those certain agreements listed on Exhibit C attached to and made a part of the Original Lease (each of such agreement being herein referred to as a
“Letter Agreement” and all of such agreements collectively being referred to herein as the “Letter Agreements”). Former Landlord and Tenant heretofore entered into that certain First Amendment to Lease dated
July 11, 2002 (the “First Amendment to Lease”). The Original Lease, as modified by the Letter Agreements and the First Amendment to Lease, is herein referred to as the “Lease.” 
 C. Landlord has succeeded to all of Original Landlord’s and Former Landlord’s right, title and interest in and to the Lease. 
 D. Tenant is prepared to exercise its right to reduce the Premises in size pursuant to
Section 45 of the Lease by deleting the full 19th Floor (the “Excluded 19th Floor Premises”) in the Building from the Premises, effective July 1, 2007, and is also prepared to yield up possession of the Excluded 19th Floor Premises in advance of July 1, 2007, provided Landlord will agree to waive and release in full Tenant’s obligation to pay the second one-half
( 1/2) of the Contraction Fee, as that term is defined in the Lease, applicable to the 19th Floor (the Contraction Fee applicable to the Excluded 19th Floor Premises, being
referred to herein as the “19th Floor Contraction Fee”). A copy of Tenant’s intended
Notice of Exercise of its Right of Contraction pertaining to the Excluded 19th Floor Premises is attached to and made a part of this Agreement as
Exhibit A. 
 E.
Tenant is prepared to exercise its right to reduce the Premises in size pursuant to Section 45 of the Lease by deleting the full 18th Floor (the
“Excluded 18th Floor Premises”) in the Building from the Premises, effective July 1,
2011, and is also prepared to yield up possession of the Excluded 18th Floor Premises in advance of July 1, 2011, provided Landlord will agree to
waive and release in full Tenant’s obligation to pay the second one-half ( 1/2) of the Contraction Fee, as that term is
defined in the Lease, applicable to the Excluded 18th Floor Premises (the Contraction Fee applicable to the Excluded 18th Floor Premises being referred to herein as the “18th Floor Contraction
Fee”). A copy of Tenant’s intended Notice of Exercise of its Right of Contraction pertaining to the Excluded 18th Floor Premises is attached to and made a part of this Agreement as Exhibit B. 

 F. Landlord and Tenant have agreed to resolve certain disputes between them about the accuracy of
payments made by Tenant toward Tenant’s Proportionate Share of Operating Expenses for 2003. 
 G. All capitalized terms included in this
Agreement shall have the identical meanings ascribed to them in the Original Lease. 
 NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant agree as follows: 
 1.
Incorporation. The Recital paragraphs set forth above are hereby incorporated herein as if fully set forth herein. 
 2. Contraction of 19th Floor. 
 (a) If Tenant exercises its right to reduce the Premises in size by deleting the
Excluded 19th Floor Premises pursuant to a written notice in the form of Exhibit A (the “19th Floor Contraction Notice”) and otherwise in compliance with the requirements of Section 45 of the Lease, including without
limitation, the payment to Landlord on exercise of the Contraction Option of the first one-half of the 19th Floor Contraction Fee as defined in and in
accordance with, the provisions contained in Section 45 of the Lease, then Landlord and Tenant agree as follows: 
 (i) Tenant shall continue to pay Rent and the other charges as and when due and
payable under the Lease applicable to the Excluded 19th Floor Premises to and including June 30, 2007 notwithstanding (1) Tenant’s exercise
of its right to reduce the Premises by deleting the Excluded 19th Floor Premises, (2) Landlord’s exercise of its right to require Tenant to
deliver possession of the Excluded 19th Floor Premises to Landlord prior to June 30, 2007, as provided in (b) below, and (3) Landlord’s
entering into a lease with another party for all or any portion of the Excluded 19th Floor Premises with a term commencing prior to July 1, 2007; and

 (ii) The 19th Floor Contraction Fee is estimated, as of the date hereof, to be $997,123.55 (the “Estimated 19th Floor Contraction Fee”). (The calculation of the Estimated 19th
Floor Contraction Fee is shown on Exhibit D attached hereto.) Accordingly, if Tenant delivers the 19th floor Contraction Notice, the payment of
one-half of the 19th Floor Contraction Fee to be made by Tenant concurrently with the delivery of such Contraction Notice shall be equal to $498,561.78.
Landlord and Tenant hereby agree to recalculate the actual 19th Floor Contraction Fee in accordance with the terms of Section 45 of the Lease on or
about May 1, 2007. If one-half of the 19th Floor Contraction Fee, as so recalculated, exceeds one-half of the Estimated 19th Floor Contraction Fee, Tenant shall, within thirty (30) days after the date of such 

  

 2 

 
recalculation, pay to Landlord the amount of such excess. If one-half of the 19th Floor Contraction Fee, as so recalculated, is less than one-half of the Estimated 19th Floor Contraction Fee, Landlord
shall, within thirty (30) days after the date of such recalculation, refund to Tenant the difference. If Landlord fails to refund such difference to Tenant within such thirty (30) day period, then Tenant may send Landlord a written demand
for such refund, and if Landlord fails to pay such refund within ten (10) days after Landlord’s receipt of such written demand, Tenant shall be entitled to set off the amount of such refund against the rent next accruing under the Lease.
Unless payment of the second half of the 19th Floor Contraction Fee is waived as provided in this Section 2, the amount of the second half of the
19th Floor Contraction Fee shall be one-half of the 19th
Floor Contraction Fee, as so recalculated. 
 (b) If Landlord, in its sole and absolute discretion, and irrespective of whether or not Tenant has delivered the 19th Floor Contraction Notice,
enters into a lease for all or a portion of the Excluded 19th Floor Premises with a tenant acceptable to Landlord for a term commencing prior to
July 1, 2007 and otherwise on terms satisfactory to Landlord in its sole and absolute discretion, and Landlord gives Tenant written notice (the “19th Floor Early Possession Notice”) that such lease has been executed and delivered and that Tenant must deliver to Landlord possession of the Excluded 19th Floor Premises on a date specified by Landlord (the “19th Floor Specified Date
”) occurring on or before June 30, 2007, then (i) Tenant shall deliver possession of the Excluded 19th Floor Premises to Landlord in its “as is” condition on the 19th Floor Specified Date, and (ii) Tenant shall
continue to pay Rent and other charges as and when due and payable under the Lease applicable to the Excluded 19th Floor Premises to and including
June 30, 2007 notwithstanding (1) Landlord’s delivery of the 19th Floor Early Possession Notice, or (2) Landlord’s entry into a
Lease with another party for all or any portion of the Excluded 19th Floor Premises with a term commencing prior to July 1, 2007. The 19th Floor Specified Date shall be no sooner than two (2) business days after the date the 19th Floor Early Possession Notice is delivered to Tenant. 
 (c) If Landlord delivers the 19th
 Floor Early Possession Notice and Tenant so surrenders possession of the Excluded 19th Floor Premises to
Landlord by the 19th Floor Specified Date and otherwise performs its obligations with respect to the exercise of the Contraction Option relating to the
Excluded 19th Floor Premises (including, without limitation, the payment of Rent and other charges as and when payable under the Lease applicable to the
Excluded 19th Floor Premises to and including June 30, 2007), then Landlord agrees that Tenant’s obligation to pay the second one-half ( 1/2) of the 19th Floor Contraction
Fee shall be waived and released in full and of no further force and effect. If Landlord does not deliver the 19th Floor Early Possession Notice, or if
Tenant does not perform its obligations as set forth in the immediately preceding sentence, then Tenant shall remain obligated to pay the second one-half of the 19th Floor Contraction Fee. 
 (d) If Tenant delivers the 19th Floor Contraction Notice or Landlord delivers the 19th Floor Early Possession Notice, then, (1) effective as of the date of delivery of either such notice, the Second Expansion Option (as defined in Section 52 of the Original
Lease) shall be deemed terminated, void and without further force or effect, Tenant’s exercise of its Contraction Option 

  

 3 

 
for the Exclusion Date of July 1, 2007 shall be deemed exercised, and the 19th Floor of the Building shall no longer be deemed part of the First Offer Space (as defined in Section 51 of the Original Lease), and (2) Landlord and Tenant shall promptly enter into an amendment to the
Lease to reflect the termination of the Lease with respect to the Excluded 19th Floor Premises. 
 (e) Section 48A(iv) of the Original Lease, as amended by Section 3 of the
First Amendment to Lease, grants Tenant an allowance (the “19th Floor Put Space Allowance”)
of up to $774,655.00 (i.e., $35.00 per square foot of Rentable Area of the portion of the Premises located on the 19th Floor of the Building) to reimburse
Tenant for certain tenant improvement costs incurred by Tenant in connection with such portion of the Premises, as more particularly described in such Section 48A(iv) of the Original Lease. Landlord acknowledges that, as of the date of this
Amendment, Landlord has not disbursed any portion of the 19th Floor Put Space Allowance. Landlord hereby agrees that if the Lease with respect to the
Excluded 19th Floor Premises terminates as provided above in this Section 2 before all of the 19th
 Floor Put Space Allowance has been disbursed to Tenant, any portion of the 19th Floor Put Space Allowance not
so disbursed shall, so long as Tenant is not then in default under the Lease beyond applicable periods of notice and cure, be available to be disbursed to Tenant in accordance with the terms of Section 48A(iv) of the Original Lease for tenant
improvement work performed by Tenant in other portions of the Premises. 
 3. Contraction of 18th Floor. 
 (a) If Tenant exercises its right to reduce the
Premises in size by deleting the Excluded 18th Floor Premises pursuant to a written notice in the form of Exhibit B (the “18th Floor Contraction Notice”) and otherwise in compliance with the requirements of Section 45 of the
Lease, including without limitation, the payment to Landlord on exercise of the Contraction Option of the first one-half of the 18th Floor Contraction Fee
as defined in and in accordance with, the provisions contained in Section 45 of the Lease, then Landlord and Tenant agree as follows: 
 (i) Tenant shall continue to pay Rent and the other charges as and when due and
payable under the Lease applicable to the Excluded 18th Floor Premises to and including June 30, 2011 notwithstanding (1) Tenant’s exercise
of its right to reduce the Premises by deleting the Excluded 18th Floor Premises, (2) Landlord’s exercise of its right to require Tenant to
deliver possession of the Excluded 18th Floor Premises to Landlord prior to June 30, 2011, as provided in (b) below, and (3) Landlord’s
entering into a lease with another party for all or any portion of the Excluded 19th Floor Premises with a term commencing prior to July 1, 2011; and

 (ii) The 18th Floor Contraction Fee is estimated, as of the date hereof, to be $1,079,186.84 (the “Estimated 18th Floor Contraction Fee”). (The calculation of the Estimated 18th
Floor Contraction Fee is shown on Exhibit D attached hereto.) Accordingly, if Tenant delivers the 18th Floor Contraction Notice, the payment of
one-half of the 18th Floor 

  

 4 

 
Contraction Fee to be made by Tenant concurrently with the delivery of such 18th Floor Contraction Notice shall be equal to $539,593.42. Landlord and Tenant hereby agree to recalculate the actual 18th
Floor Contraction Fee in accordance with the terms of Section 45 of the Lease on or about May 1, 2011. If one-half of the 18th Floor Contraction
Fee, as so recalculated, exceeds one-half of the Estimated 18th Floor Contraction Fee, Tenant shall, within thirty (30) days after the date of such
recalculation, pay to Landlord the amount of such excess. If one-half of the Contraction Fee applicable to the Excluded 18th Floor Premises, as so
recalculated, is less than one-half of the Estimated 18th Floor Contraction Fee, Landlord shall, within thirty (30) days after the date of such
recalculation, refund to Tenant the difference. If Landlord fails to refund such difference to Tenant within such thirty (30) day period, then Tenant may send Landlord a written demand for such refund, and if Landlord fails to pay such refund
within ten (10) days after Landlord’s receipt of such written demand, Tenant shall be entitled to set off the amount of such refund against the rent next accruing under the Lease. Unless payment of the second half of the 18th Floor Contraction Fee is waived as provided in this Section 3, the amount of the second half of the 18th
 Floor Contraction Fee shall be one-half of the 18th Floor Contraction Fee, Floor Premises as so recalculated.

 (b)
If Landlord, in its sole and absolute discretion, enters into a lease for all or a portion of the Excluded 18th Floor Premises with a tenant acceptable to
Landlord for a term commencing prior to July 1, 2011 and otherwise on terms satisfactory to Landlord in its sole and absolute discretion, and Landlord gives Tenant written notice (the “18th Floor Early Possession Notice”) that such lease has been executed and delivered and that Tenant must deliver to Landlord
possession of the Excluded 18th Floor Premises on a date specified by Landlord (the “18th Floor Specified Date”) occurring on or before June 30, 2011, then (i) Tenant shall deliver possession of the Excluded
18th Floor Premises to Landlord in its “as is” condition on the 18th Floor Specified Date, and (ii) Tenant shall continue to pay Rent and other charges as and when due and payable under the Lease applicable to the Excluded 18th
 Floor Premises to and including June 30, 2011 notwithstanding (1) Landlord’s delivery of the 18th Floor Early Possession Notice, or (2) Landlord’s entry into a Lease with another party for all or any portion of the Excluded 18th
Floor Premises with a term commencing prior to July 1, 2011. The 18th Floor Specified Date shall be no sooner than two (2) business days after
the date the Early Possession Notice is delivered to Tenant; and 
 (c) If Landlord delivers the 18th
 Floor Early Possession Notice and Tenant so surrenders possession of the Excluded 18th Floor Premises to
Landlord by the 18th Floor Specified Date and otherwise performs its obligations with respect to the exercise of the Contraction Option relating to the
Excluded 18th Floor Premises (including, without limitation, the payment of Rent and other charges as and when payable under the Lease applicable to the
Excluded 18th Floor Premises to and including June 30, 2011), then Landlord agrees that Tenant’s obligation to pay the second one-half ( 1/2) of the 18th Floor Contraction
Fee shall be waived and released in full and of no further force and effect. If Landlord does not deliver the 18th Floor Early Possession Notice, or if
Tenant does not perform its obligations as set forth in the immediately preceding sentence, then Tenant shall remain obligated to pay the second one-half of the 18th Floor Contraction Fee. 
  

 5 

 (d) If Tenant delivers the 18th Floor Contraction Notice, or if Landlord delivers the 18th Floor
Early Possession Notice, then, (1) effective as of the date of delivery of either such notice, the Third Expansion Option (as defined in Section 52 of the Original Lease) shall be deemed terminated, void and without further force or
effect, Tenant’s exercise of its Contraction Option for the Exclusion Date of July 1, 2011 shall be deemed exercised, and the 18th Floor of the
Building shall no longer be deemed part of the First Offer Space (as defined in Section 51 of the Original Lease), and (2) Landlord and Tenant shall promptly enter into an amendment to the Lease to reflect the termination of the Lease with
respect to the Excluded 18th Floor Premises. 
 (e) Section 48A(iv) of the Original Lease, as amended by Section 3 of the
First Amendment to Lease, grants Tenant an allowance (the “18th Floor Put Space Allowance”)
of up to $746,585.00 (i.e., $35.00 per square foot of Rentable Area of the portion of the Premises located on the 18th Floor of the Building) to reimburse
Tenant for certain tenant improvement costs incurred by Tenant in connection with such portion of the Premises, as more particularly described in such Section 48A(iv) of the Original Lease. Landlord acknowledges that, as of the date of this
Amendment, Landlord has not disbursed any portion of the 18th Floor Put Space Allowance. Landlord hereby agrees that if the Lease with respect to the
Excluded 18th Floor Premises terminates as provided above in this Section 3 before all of the 18th
 Floor Put Space Allowance has been disbursed to Tenant, any portion of the 18th Floor Put Space Allowance not
so disbursed shall, so long as Tenant is not then in default under the Lease beyond applicable periods of notice and cure, be available to be disbursed to Tenant in accordance with the terms of Section 48A(iv) of the Original Lease for tenant
improvement work performed by Tenant in other portions of the Premises. 
 4. Expansion Space. The second sentence of Section 4A of the First Amendment is hereby deleted in its entirety and replaced with the following: “In lieu thereof, and notwithstanding anything to
the contrary contained in said Section 52, Landlord, within ten (10) days following its receipt of written notice from Tenant of Tenant’s exercise of the applicable Expansion Option, shall designate a floor of the Building (on any of
the 17th through 39th floors of the Building, both inclusive)
which will serve as the applicable Expansion Space and the date upon which Landlord will make such Expansion Space available to Tenant notwithstanding the Expansion Space Commencement Date set forth in the Original Lease.”

 5. Right of First Offer to Lease. Tenant hereby agrees
that, effective as of the date hereof, the 38th Floor of the Building shall no longer be included in the First Offer Space, as defined in Section 51
of the Original Lease. 
 6. Tenant’s Proportionate Share of Operating Expenses. 
 (a) Landlord hereby agrees to credit for the account of Tenant against the next payments of Rent due under the Lease, the amount of
$245,104.00 (the “Rent Credit”), as a full and complete settlement of Tenant’s claims that it overpaid Tenant’s Proportionate Share of Operating Expenses for Calendar Year 2003. Such agreement by Landlord is not intended
to be, and shall not be construed as being, an admission that Landlord overcharged Tenant for Tenant’s Proportionate Share of Operating Expenses for Calendar Year 2003 or any other Calendar Year. 
  

 6 

 (b) Tenant, for itself, and for its successors and assigns, in consideration of the Rent
Credit and Landlord’s other agreements in this Section 6, hereby waives its right to dispute the accuracy of any payments made by Tenant toward Tenant’s Proportionate Share of Operating Expenses for any period prior to January 1,
2004, including, without limitation, any claim against Landlord as a result of alleged overcharges of Tenant’s share of 2003 Operating Expenses identified in connection with the audit of Landlord’s Operating Expenses for the Calendar Year
2003 conducted by Tenant’s agent, The Robert Thomas Group, as set forth in detail in that certain letter from The Robert Thomas Group dated September 28, 2004 addressed to Andrew Bartucci, General Manager of MB Real Estate, which is
attached to and made a part of this Agreement as Exhibit E (the “Audit”). Landlord and Tenant agree that the calculation shown on Exhibit F is an accurate “gross up” of Operating Expenses for 2003.

 (c) Effective as of January 1, 2004, and continuing for the remainder of the Term of the Lease, Operating Expenses
under the Lease shall be “grossed up” in accordance with the example shown on Exhibit G attached hereto. 
 (d) Tenant shall keep the terms of this Section 6 and the Audit confidential and shall not disclose such terms or the Audit to any other party, except for Tenant’s employees and professional advisors who have a business need to
know of such terms or the Audit, and Tenant shall cause its employees and professional advisors to keep such terms and the Audit confidential and to not disclose them to others. 
 7. Integration of Lease and Controlling Language. This Agreement and the Lease shall be deemed to be, for all purposes, one instrument. In
the event of any conflict between the terms and provisions of this Agreement and the terms and provisions of the Lease, the terms and provisions of this Agreement, in all instances, shall control and prevail. 
 8. Severability. If any provision of this Agreement or the application thereof to any person or circumstance is or shall be deemed illegal,
invalid of unenforceable, the remaining provisions hereof shall remain in full force and effect and this Agreement shall be interpreted as if such illegal, invalid or unenforceable provision did not exist herein. 
 9. Entire Agreement. This Agreement and the Lease contain the entire integrated agreement between the parties respecting the subject matter
of this Agreement and the Lease and supersede all prior and contemporaneous understandings and agreements, other than the Lease, between the parties respecting the subject matter of this Agreement and the Lease. There are no representations,
agreements, arrangements or understandings, oral or in writing, between or among the parties to this Agreement relating to the subject matter of this Agreement or the Lease which are not fully expressed in this Agreement and the Lease, and no party
hereto has relied upon any other such representations, agreements, arrangements or understandings. The terms of this Agreement and the Lease are intended by the parties as the final expression of their agreement with respect to those terms and may
not be contradicted by evidence or any prior agreement or of any contemporaneous agreement. The parties further intend that no extrinsic evidence whatsoever may be introduced in any judicial proceeding involving this Agreement. 
  

 7 

 10. Successors and Assigns. Each provision of the Lease and this Agreement shall extend to
and shall bind and inure to the benefit of Landlord and Tenant, their respective legal representatives, successors and assigns. 
 11.
Time of the Essence. Time is of the essence of this Agreement and the Lease and each provision hereof. 
 12. Multiple
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original and all of which shall together constitute one and the same instrument. 
 13. Authority. Landlord and Tenant each represent and warrant that it has full authority to execute and deliver this Agreement. 

14. Ratification. Except as amended and modified hereby, the Lease shall be and shall remain unchanged and in full force and effect in
accordance with its terms, and, as the Lease is amended and modified hereby, the Lease is hereby ratified, adopted and confirmed. 
 15.
Limitation of Landlord’s Liability. The obligations of Landlord under the Lease as amended by this Amendment do not constitute personal obligations of the individual partners, members, directors, officers, shareholders, trustees
or beneficiaries of Landlord, and Tenant shall not seek recourse against the partners, members, directors, officers, shareholders, trustees or beneficiaries of Landlord, or any of their personal assets for satisfaction of any liability with respect
to the Lease as amended by this Amendment. In the event of any default by Landlord under the Lease as amended by this Amendment, Tenant’s sole and exclusive remedy shall be against Landlord’s interest in the Building and the real property
on which it is located. The provisions of this paragraph are not designed to relieve Landlord from the performance of any of its obligations hereunder, but rather to limit Landlord’s liability in the case of the recovery of a judgment against
it, as aforesaid, nor shall any of the provisions of this paragraph be deemed to limit or otherwise affect Tenant’s right to obtain injunctive relief or specific performance or availability of any other right or remedy which may be accorded
Tenant by law or the Lease. In the event of sale or other transfer of Landlord’s right, title and interest in the Building, Landlord shall be released from all liability and obligations thereafter accruing under the Lease as amended by this
Amendment; provided, that this paragraph shall inure to the benefit of any such purchaser or transferee. 
 [SIGNATURE PAGE FOLLOWS] 

  

 8 

 IN WITNESS WHEREOF, Landlord and Tenant have executed this Second Amendment to Lease as of the day
and year first above written. 
  

															
	LANDLORD:	 	TENANT:
		
	 181 WEST MADISON L.P.,
 a Delaware
limited partnership
	 	 THE NORTHERN TRUST COMPANY,
 an
Illinois banking corporation

					
	By:	 	 Provictor Property Fund VII Management, Inc.,
 a Georgia corporation, its general partner
	 		 	By:	 	/s/ E. Paul Dunn
		 		 		 		 	Print Name:	 	E. Paul Dunn
		 	By:	 	/s/ Robert T. Sorrentino	 		 		 	Title:	 	Senior Vice President
		 		 	Print Name:	 	Robert T. Sorrentino	 		 		 		 	
		 		 	Title:	 	Vice President	 		 		 		 	

  

 9 

 EXHIBIT A 
 NOTICE OF EXERCISE OF TENANT’S RIGHT 
 OF CONTRACTION PERTAINING TO 19TH FLOOR, 

AT 181 WEST MADISON STREET, CHICAGO, ILLINOIS 
                     , 200     
 VIA FEDERAL EXPRESS 
 181 West Madison L.P. 
 c/o MB Real Estate 
 181 West Madison Street 
 Chicago, Illinois 60602 
 Gentlemen: 
 The Northern Trust Company (“Tenant”) and 181 West Madison L.P. (“Landlord”) are parties to a Lease dated
November 21, 2000 as amended (“Lease”) for office space (“Premises”) in the Office Building (“Building”) located on the real estate commonly known as 181 West Madison Street, Chicago, Illinois.

 Tenant hereby gives notice to Landlord pursuant to Section 45 of the Lease
(captioned, “Contraction Option”) of Tenant’s exercise of its right to reduce the Premises in size by deleting the full 19th Floor
(“Excluded Premises”) in the Building from the Premises, effective the first listed Exclusion Date, which is July 1, 2007. 
 Pursuant to Paragraph E. of Section 45 of the Lease and Section 2 to the Second Amendment to Lease dated April         , 2005 (the “Second
Amendment”), Tenant hereby tenders to Landlord with this Notice, its check payable to Landlord in the amount of $498,561.78 which amount represents Tenant’s computation of one-half (1/2) of the Contraction Fee to be paid to
Landlord on Tenant’s exercise of its Contraction Option and is subject to adjustment as provided in Section 2 of the Second Amendment. The computation was prepared in accordance with the provisions set forth in Paragraph E. of
Section 45 of the Lease. 
 Please acknowledge receipt of this Notice of Exercise and the check referred to therein by your signature on
the duplicate copy of the Notice of Exercise enclosed. 
  

 A-1 

															
		 		 	Very truly yours,
			
		 		 	THE NORTHERN TRUST COMPANY
							
		 		 		 		 		 	By:	 	 
	ACKNOWLEDGED AS OF THIS
                            , 200        .	 		 		 	Its:	 	 
					
	181 WEST MADISON L.P., a Delaware limited partnership	 		 		 		 	
						
	By:	 	 Provictor Property Fund VII Management, Inc.,
 a Georgia corporation, its general partner
	 		 		 		 	
							
		 	By:	 	 	 		 		 		 	
		 		 	Name:	 	 	 		 		 		 	
		 		 	Title:	 	 	 		 		 		 	

  

 A-2 

 EXHIBIT B 
 NOTICE OF EXERCISE OF TENANT’S RIGHT 
 OF CONTRACTION PERTAINING TO 18TH FLOOR, 

AT 181 WEST MADISON STREET, CHICAGO, ILLINOIS 
                     , 200     
 VIA FEDERAL EXPRESS 
 181 West Madison L.P. 
 c/o MB Real Estate 
 181 West Madison Street 
 Chicago, Illinois 60602 
 Gentlemen: 
 The Northern Trust Company (“Tenant”) and 181 West Madison L.P. (“Landlord”) are parties to a Lease dated
November 21, 2000 as amended (“Lease”) for office space (“Premises”) in the Office Building (“Building”) located on the real estate commonly known as 181 West Madison Street, Chicago, Illinois.

 Tenant hereby gives notice to Landlord pursuant to Section 45 of the Lease
(captioned, “Contraction Option”) of Tenant’s exercise of its right to reduce the Premises in size by deleting the full 18th Floor
(“Excluded Premises”) in the Building from the Premises, effective the second listed Exclusion Date, which is July 1, 2011. 
 Pursuant to Paragraph E. of Section 45 of the Lease and Section 3 to the Second Amendment to Lease dated April         , 2005 (the “Second
Amendment”), Tenant hereby tenders to Landlord with this Notice, its check payable to Landlord in the amount of $539,593.42 which amount represents Tenant’s computation of one-half (1/2) of the Contraction Fee to be paid to
Landlord on Tenant’s exercise of its Contraction Option and is subject to adjustment as provided in Section 3 of the Second Amendment. The computation was prepared in accordance with the provisions set forth in Paragraph E. of
Section 45 of the Lease. 
 Please acknowledge receipt of this Notice of Exercise and the check referred to therein by your signature on
the duplicate copy of the Notice of Exercise enclosed. 
  

 B-1 

															
		 		 	Very truly yours,
			
		 		 	THE NORTHERN TRUST COMPANY
							
		 		 		 		 		 	By:	 	 
	ACKNOWLEDGED AS OF THIS
                            , 200        .	 		 		 	Its:	 	 
					
	181 WEST MADISON L.P.,
a Delaware limited partnership	 		 		 		 	
						
	By:	 	 Provictor Property Fund VII Management, Inc.,
 a Georgia corporation, its general partner
	 		 		 		 	
							
		 	By:	 	 	 		 		 		 	
		 		 	Name:	 	 	 		 		 		 	
		 		 	Title:	 	 	 		 		 		 	

  

 B-2 

 EXHIBIT C 
 THE LETTER AGREEMENTS 
  

	1.	Letter dated May 15, 2001 re: Special Tenant Fee 

  

	2.	Letter dated April 26, 2001 re: Termination of right to purchase 

  

	3.	Letter dated April 4, 2001 re: Revising Exhibit II base rent 

  

	4.	Letter dated March 30, 2001 re: Notice of Landlord intent to sell Building 

  

	5.	Letter dated April 27, 2001 re: Change in put space 

  

	6.	Letter dated March 15, 2001 re: Right of First Offer 22nd and 26th floors 

  

	7.	Letter dated December 21, 2000 re: Right of First Offer suite 2135 

  

	8.	License Agreement dated February 2, 1994 - ATM 

  

	9.	License Agreement dated March 25, 1998 - Antenna 

  

	10.	Letter dated July 2, 2001 re: Right of First Offer suite 3650 

  

	11.	Letter dated July 27, 2001 re: Right of First Offer suite 3525 

  

	12.	Letter dated August 3, 2001 re: Approval of payment for 23rd floor Tenant Improvement 

  

	13.	Letter dated October 22, 2001 re: Right of First Offer Suite 3850 

  

	14.	Letter dated October 11, 2002 re Operating Audit 2001 

  

	15.	Letter dated November 4, 2002 re Right of First Offer suite 3800 

  

	16.	Letter dated August 21, 2003 re Operating Audit 2002 

  

	17.	Letter dated February 24, 2004 Right of First Offer Suite 3610 

  

	18.	Letter dated March 24, 2004 35th floor Right of First Offer 

  

 C-1 

 EXHIBIT D 
 CALCULATION OF ESTIMATED CONTRACTION FEES 
  

																																									
	 19th floor
	 	 	 	 	Jul-07	 	Aug-07	 	Sep-07	 	Oct-07	 	Nov-07	 	Dec-07	 	Jan-08	 	Feb-08	 	Mar-08	 	Apr-08	 	May-08	 	Jun-08
	 RSF
	 	 	22,133	 	 			 			 			 			 			 			 			 			 			 			 			 		
	 Base rent
	 	 	21.75	 	 	$	40,116.06	 	$	40,116.06	 	$	40,116.06	 	$	40,116.06	 	$	40,116.06	 	$	40,116.06	 	$	40,116.06	 	$	40,116.06	 	$	40,116.06	 	$	40,116.06	 	$	40,116.06	 	$	40,116.06
	 Special Tenant fee 4/1/07 -3/31/08
	 	$	4.11	 	 	$	7,586.82	 	$	7,586.82	 	$	7,586.82	 	$	7,586.82	 	$	7,586.82	 	$	7,586.82	 	$	7,586.82	 	$	7,586.82	 	$	7,586.82	 			 			 		
	 Special Tenant fee 4/1/08 -3/31/09
	 	$	4.86	 	 			 			 			 			 			 			 			 			 			 	$	8,967.92	 	$	8,967.92	 	$	8,967.92
	 OpEx 7/1/07- 12/31/07
	 	$	14,419.31	 	 	$	14,419.31	 	$	14,419.31	 	$	14,419.31	 	$	14,419.31	 	$	14,419.31	 	$	14,419.31	 			 			 			 			 			 		
	 RE Tax 7/1/07- 12/31/07
	 	$	20,108.25	 	 	$	20,108.25	 	$	20,108.25	 	$	20,108.25	 	$	20,108.25	 	$	20,108.25	 	$	20,108.25	 			 			 			 			 			 		
	 OpEx 1/1/08- 6/30/08
	 	$	14,851.88	 	 			 			 			 			 			 			 	$	14,851.88	 	$	14,851.88	 	$	14,851.88	 	$	14,851.88	 	$	14,851.88	 	$	14,851.88
	 RE Tax 1/1/08- 6/30/08
	 	$	20,711.50	 	 			 			 			 			 			 			 	$	20,711.50	 	$	20,711.50	 	$	20,711.50	 	$	20,711.50	 	$	20,711.50	 	$	20,711.50
	 TOTAL Monthly
	 				 	$	82,230.44	 	$	82,230.44	 	$	82,230.44	 	$	82,230.44	 	$	82,230.44	 	$	82,230.44	 	$	83,266.27	 	$	83,266.27	 	$	83,266.27	 	$	84,647.37	 	$	84,647.37	 	$	84,647.37
	 TOTAL FOR 12 Months
	 				 	$	997,123.55	 			 			 			 			 			 			 			 			 			 			 		
	 one half due
	 				 	$	498,561.78	 			 			 			 			 			 			 			 			 			 			 		
	 Bldg RSF
	 	 	918,555.0	 	 			 			 			 			 			 			 			 			 			 			 			 		
	 prorata share
	 	 	2.4095	%	 			 			 			 			 			 			 			 			 			 			 			 		
														
	 18th floor
	 	 	 	 	Jul-11	 	Aug-11	 	Sep-11	 	Oct-11	 	Nov-11	 	Dec-11	 	Jan-12	 	Feb-12	 	Mar-12	 	Apr-12	 	May-12	 	Jun-12
	 RSF
	 	 	21,331	 	 			 			 			 			 			 			 			 			 			 			 			 		
	 Base rent
	 	 	21.75	 	 	$	38,662.44	 	$	38,662.44	 	$	38,662.44	 	$	38,662.44	 	$	38,662.44	 	$	38,662.44	 	$	38,662.44	 	$	38,662.44	 	$	38,662.44	 	$	38,662.44	 	$	38,662.44	 	$	38,662.44
	 Special Tenant fee 4/1/011 -3/31/11
	 	$	7.25	 	 	$	12,880.56	 	$	12,880.56	 	$	12,880.56	 	$	12,880.56	 	$	12,880.56	 	$	12,880.56	 	$	12,880.56	 	$	12,880.56	 	$	12,880.56	 			 			 		
	 Special Tenant fee 4/1/12 -3/31/12
	 	$	8.09	 	 			 			 			 			 			 			 			 			 			 	$	14,378.67	 	$	14,378.67	 	$	14,378.67
	 OpEx 7/1/0/11- 12/31/11
	 	$	15,640.99	 	 	$	15,640.99	 	$	15,640.99	 	$	15,640.99	 	$	15,640.99	 	$	15,640.99	 	$	15,640.99	 			 			 			 			 			 		
	 RE Tax 7/1/11- 12/31/11
	 	$	21,811.93	 	 	$	21,811.93	 	$	21,811.93	 	$	21,811.93	 	$	21,811.93	 	$	21,811.93	 	$	21,811.93	 			 			 			 			 			 		
	 OpEx 1/1/12- 6/30/12
	 	$	16,110.22	 	 			 			 			 			 			 			 	$	16,110.22	 	$	16,110.22	 	$	16,110.22	 	$	16,110.22	 	$	16,110.22	 	$	16,110.22
	 RE Tax 1/1/12- 6/30/12
	 	$	22,466.29	 	 			 			 			 			 			 			 	$	22,466.29	 	$	22,466.29	 	$	22,466.29	 	$	22,466.29	 	$	22,466.29	 	$	22,466.29
	 TOTAL Monthly
	 				 	$	88,995.91	 	$	88,995.91	 	$	88,995.91	 	$	88,995.91	 	$	88,995.91	 	$	88,995.91	 	$	90,119.50	 	$	90,119.50	 	$	90,119.50	 	$	91,617.62	 	$	91,617.62	 	$	91,617.62
	 TOTAL FOR 12 Months
	 				 	$	1,079,186.84	 			 			 			 			 			 			 			 			 			 			 		
	 one half due
	 				 	$	539,593.42	 			 			 			 			 			 			 			 			 			 			 		
	 Bldg RSF
	 	 	918,555.0	 	 			 			 			 			 			 			 			 			 			 			 			 		
	 prorata share
	 	 	2.3222	%	 			 			 			 			 			 			 			 			 			 			 			 		

  

 D-1 

 The Northern Trust Company 
 Special Tenant Fee 
 Real Estate and Operating Expense Assumptions 
  

																																		
	 Lease
Year
	 	Real Estate
Taxes	 	Operating
Expenses	 	Total Expenses
(Real Estate +
Operating)
(Col. A)	 	Tax and
Expense
Amount
per RSF
(Col. B)
(Col. A/Sq.
Ft.)	 	Percentage
Increase
From
Previous
Year
(Col. C)	 	 	Tax and
Expense Cap
(Col. D)
(Prior Year
X
1.03)	 	Fiscal Year	 	Rentable
Area Payable
(RSF)	 	4% of Tax &
Expense
Amount
(Col. B X
4%) (Col. E)	 	Tax and
Expense
Component
(Lesser of
Prior Year
Col. D or
Col. E)
(Col. F)	 	Annual
Special
Tenant Fee
Amount per
RSF
(Col. G)	 	Total Amount
Owed Per Year
	 2000
 base yr.
	 	$	8,407,517	 	$	6,238,883	 	$	14,646,400	 	$	15.95	 			 			 		 		 			 			 			 	
	 2001
	 	$	8,318,136	 	$	6,358,638	 	$	14,676,774	 	$	15.98	 	0.21	%	 	$	16.43	 		 		 			 			 			 	
	 2002
	 	$	9,047,927	 	$	6,525,740	 	$	15,573,668	 	$	16.95	 	6.11	%	 	$	16.92	 	4/1/2002-3/31/2003	 	43,608	 	$	0.64	 	$	0.64	 	$	0.64	 	$27,909.12
	 2003
	 	$	9,198,687	 	$	6,380,307	 	$	15,578,994	 	$	16.96	 	0.03	%	 	$	17.43	 	4/1/2003-3/31/2004	 	91,972	 	$	0.68	 	$	0.68	 	$	1.32	 	$121,119.40 Watch 16th flr. Abate

	 2004
	 	$	9,164,500	 	$	6,571,716	 	$	15,736,216	 	$	17.13	 	1.01	%	 	$	17.95	 	4/1/2004-3/31/2005	 	91,972	 	$	0.68	 	$	0.68	 	$	2.00	 	$183,514.41
	 2005
	 	$	9,439,435	 	$	6,768,868	 	$	16,208,303	 	$	17.65	 	3.00	%	 	$	18.49	 	4/1/2005-3/31/2006	 	349,708	 	$	0.69	 	$	0.69	 	$	2.68	 	$937,423.33
	 2006
	 	$	9,722,618	 	$	6,971,934	 	$	16,694,552	 	$	18.17	 	3.00	%	 	$	19.05	 	4/1/2006-3/31/2007	 	349,708	 	$	0.71	 	$	0.71	 	$	3.39	 	$1,184,253.32
	 2007
	 	$	10,014,297	 	$	7,181,092	 	$	17,195,388	 	$	18.72	 	3.00	%	 	$	19.62	 	4/1/2007-3/31/2008	 	349,708	 	$	0.73	 	$	0.73	 	$	4.11	 	$1,438,488.21
	 2008
	 	$	10,314,725	 	$	7,396,524	 	$	17,711,250	 	$	19.28	 	3.00	%	 	$	20.20	 	4/1/2008-3/31/2009	 	349,708	 	$	0.75	 	$	0.75	 	$	4.86	 	$1,700,350.15
	 2009
	 	$	10,624,167	 	$	7,618,420	 	$	18,242,587	 	$	19.86	 	3.00	%	 	$	20.81	 	4/1/2009-3/31/2010	 	349,708	 	$	0.77	 	$	0.77	 	$	5.63	 	$1,970,067.95
	 2010
	 	$	10,942,892	 	$	7,846,973	 	$	18,789,865	 	$	20.46	 	3.00	%	 	$	21.44	 	4/1/2010-3/31/2011	 	349,708	 	$	0.79	 	$	0.79	 	$	6.43	 	$2,247,877.28
	 2011
	 	$	11,271,179	 	$	8,082,382	 	$	19,353,561	 	$	21.07	 	3.00	%	 	$	22.08	 	4/1/2011-3/31/2012	 	349,708	 	$	0.82	 	$	0.82	 	$	7.25	 	$2,534,020.90
	 2012
	 	$	11,609,314	 	$	8,324,853	 	$	19,934,168	 	$	21.70	 	3.00	%	 	$	22.74	 	4/1/2012-3/31/2013	 	349,708	 	$	0.84	 	$	0.84	 	$	8.09	 	$2,828,748.82
	 2013
	 			 			 			 			 			 	$	23.42	 	4/1/2013-3/31/2014	 	349,708	 	$	0.87	 	$	0.87	 	$	8.96	 	$3,132,318.57
	 2014
	 			 			 			 			 			 	$	24.13	 	4/1/2014-3/31/2015	 	349,708	 			 			 			 	
	 2015
	 			 			 			 			 			 	$	24.85	 	4/1/2015-3/31/2016	 	349,708	 			 			 			 	
	 2016
	 			 			 			 			 			 	$	25.60	 	4/1/2016-3/31/2017	 	349,708	 			 			 			 	
	 2017
	 			 			 			 			 			 	$	26.36	 	4/1/2017-3/31/2018	 	349,708	 			 			 			 	
	 2018
	 			 			 			 			 			 	$	27.15	 	4/1/2018-3/31/2019	 	349,708	 			 			 			 	
	 2019
	 			 			 			 			 			 	$	27.97	 	4/1/2019-3/31/2020	 	349,708	 			 			 			 	
	 2020
	 			 			 			 			 			 	$	28.81	 	Expires 12/31/2020	 	349,708	 			 			 			 	
								
	 Note:
	 			 			 			 	 	The Amount shown are per RSF. These amounts must be multiplied by the RSF	 			 			 	
							
	 RSF = Rentable Square Feet
	 			 			 	 	of the Premises. The total premises of the building equals 918,555 per lease.	 			 			 	

  

 D-2 

 EXHIBIT E 
 THE AUDIT 
 

 
 September 28, 2004 
 Mr. Andrew Bartucci 
 General Manager 
 MB Real Estate 
 181 West Madison Street 
 Chicago, IL 60602 
 VIA CERTIFIED MAIL AND FACSIMILE TO: 312-558-3861 
 Subject: 2003 Northern Trust Lease Audit of Leasehold Expenses at 181 West Madison Street, Chicago, IL 
 Dear
Mr. Bartucci: 
 I) Executive Summary 
 The
ROBERT THOMAS Group, Inc. (“RTG”) has performed a review of the Lease, Amendment, and Estoppel for Northern Trust (“NT”) at 181 West Madison, Chicago, IL. We have also reviewed certain operating
expenses and real estate taxes for the subject property for the calendar year 2003. 
 The purpose of this review was to determine whether the 2003 operating
expense and real estate tax escalations actually billed by the ownership were in conformance with the provisions of the Lease. 
 RTG’s activities
included the following: 
  

	 	•	 	 reviewed Lease, 

  

	 	•	 	 reviewed statements submitted to Northern Trust from MB Real Estate (“MB”), 

  

	 	•	 	 reviewed property general ledger, 

  

	 	•	 	 reviewed selected vendor invoices and contracts, 

  

	 	•	 	 conversed with Andrew Bartucci (General Manager), 

  

	 	•	 	 analyzed data and identified and quantified areas of non-conformance in operating expenses and real estate taxes, 

  

	 	•	 	 conducted an on-site inspection, 

  

	 	•	 	 composed this report, 

 In summary, it is our opinion
that: 
  

	 	(1)	operating expenses for the subject property were overstated by $221,813.02, of which $153,657.00 is for unsubstantiated expenditures; and 

  

	 	(2)	the Landlord used an incorrect gross-up calculation, which overstated operating expenses by $588,903.36; and 

  

	 	(3)	the Landlord failed to properly apply the “tenant’s occupancy share” limitation resulting in an overcharge of $24,110.40 to Northern Trust In 2003.

 Thus, we calculate that Northern Trust is due a total refund of $327,017.55 for overcharges of Northern Trust’s share of 2003 operating
expenses (Please see the Attachment for specific amounts). Our detailed findings, conclusions, and calculations are provided in this report. 
 311 South
Wacker Drive                 Suite 4550                Chicago IL 60606
                Fax 847.607.0185                Office 312.697.4949 
  

 E-1 

					
	 Northern Trust Lease Audit at 181 West Madison in Chicago, IL
	  	Page 2	  	09/28/04

 II) Background 
 The subject property is a forty-nine-floor “class A” office building (“Building”) consisting of approximately 936,366 rentable square feet. The office portion consists of approximately 918,555 rentable square feet. The
retail portion consists of approximately 9,527 rentable square feet. Additionally, there is a garage located below grade of approximately 22,000 square feet, which amount is not included in the Landlord’s total rentable area figures. The
Building is located at the southeast corner of Madison Street and Wells Street. 
 Northern Trust occupied 354,464 rentable square feet as of
December 31, 2003. Northern Trust’s lease commenced December 1, 2000 and terminates December 31, 2020. 
 III) Operating Expense and
Real Estate Tax Adjustments 
 The following are our findings by category. (Please see the Attachment for specific dates and amounts.) 
 1) Capital Improvements 
 Pursuant to Section 4.A.(iii) of the
Lease, “... Operating Expenses shall not include, however, the following: (c) Costs of capital improvements, except that Operating Expenses shall include (1) the cost of any capital improvements completed after the Commencement Date
of the Existing Lease (other than in connection with the original construction of the Building) which are initially projected by Landlord to reduce Operating Expenses...”. 
 RTG noticed certain invoices, the cost of which, were included in Operating Expenses, but should have been classified as capital improvements, and because the items did not reduce Operating Expenses, should be
excluded from Operating Expenses. The invoices were for items that have a useful life in excess of one year. Expenditures incurred for an item that has a useful life greater than one year should be classified as a capital improvement in accordance
with generally accepted accounting principles. 
 Total adjustment is $42,200.00. 
 2) Tenant Specific Expenditures 
 Pursuant to Section 4.A.(iii) of the Lease, “...Operating Expenses shall not
include, however, the following: (p) Expenses incurred in connection with services or other benefits of a type which are not provided to Tenant but which are provided to another tenant or occupant of the Building;”. 
 RTG noticed an invoice for the removal of old furniture from floors 21, 25, and 26 floors. These costs were not incurred for the common area maintenance of the building
and similar cleaning costs requested by Northern Trust are reimbursed directly by Northern Trust, and therefore, should be excluded from operating expenses. 
 Total adjustment is $486.56. 
 3) Garage Expenses 
 Pursuant to Section 4.A.(iii) of the Lease, “...Operating Expenses shall not include, however, the following: (u) Expenses incurred by Landlord, if any, in connection with the operation, cleaning, repair, safety, management,
security, maintenance or other services of any kind provided to the mezzanine, first floor and basement or any other portions of the Building which are leased for retail purposes which are provided solely for the benefit of tenants occupying such
portions or for the parking garage;”. 
 RTG noticed an invoice for the washing and scrubbing of the garage. This expenditure should be excluded from
operating expenses as it is solely for the benefit of the garage. 
 Total adjustment is $486.56. 
  

 E-2 

					
	 Northern Trust Lease Audit at 181 West Madison Chicago, IL
	  	Page 3	  	09/28/04

 4) Ownership Expenses 
 Pursuant to Section 4.A.(iii) of the Lease, “...Operating Expenses shall not include, however, the following: (x) Costs associated with the operation of the business of the entity which constitutes Landlord as the same are
distinguished from the costs of operation of the Building including accounting and legal matters of such entity, costs of defending any lawsuits with any mortgagee (except as the actions of Tenant may be in issue), costs of selling, syndicating,
financing, mortgaging or hypothecating any of Landlord’s interest in the Building, costs of any disputes between Landlord and its employees (if any) not engaged in Building operation, and disputes of Landlord with Building management”.

 RTG noticed an invoice for legal fees for changing documents with the new ownership name for $90.00. In addition, Prudential, an additional partner as
part of the current ownership during 2003, required a change in reporting systems. They required a new module in the MRI system and a new work order system called Property Logic as part of their reporting requirements at their corporate level.
Tenants should not have to bear the burden of corporate reporting when the building’s current reporting systems were obviously adequate in prior years. These costs should be eliminated from operating expenses. 
 Total adjustment is $24,982.90. 
 5) Unsubstantiated Expenditures 

 RTG requested, but has not received, support for two invoices for real estate attorney fees and for the office of the building rent. Until the Landlord
provides sufficient support for the inclusion of these expenditures in operating expenses, these expenditures should be excluded from operating expenses. (If valid support is available, kindly provide it promptly and appropriate adjustments may be
made for this exception item.) 
 Total adjustment is $153,657.00. 
 6) Gross-Up Calculation and Limitation 
 Pursuant to Section 4.A.(iii) of the Lease, “if the Property is not fully occupied during
all or any portion of the Calculation Year (as defined below), Landlord may elect to make an appropriate adjustment of the Operating Expenses for such year, employing sound management principles, to determine the amount of “Operating
Expenses” that would have been paid or incurred by the Landlord had the Property been fully occupied and the amount so determined shall be deemed to have been the amount of Operating Expenses for such Calculation Year.”. 
 Also, pursuant to Section 4.A.(iii) of the Lease, “...Tenant shall in no event pay for any item of expense which is adjusted or increased an amount in excess
of the product of “Tenant’s Occupancy Share” (as hereinafter defined) multiplied by the total amount actually paid or incurred by Landlord for such item. For purposes hereof, the term “Tenant’s Occupancy Share” shall
mean a fraction, the numerator of which is the Rentable Area of the Premises, and the denominator of which is the total occupied area of the office space leased and provided with services in the Building.”. 
 The Lease states that variable operating expenses are to be grossed-up to 100% occupancy. According to KPMG’s Special Purpose Schedules of Operating Expenses for
the year ended December 31, 2003, the operating expenses grossed-up to 100% occupancy are $6,364,847. The amount of operating expenses billed to Northern Trust for 2003 were $6,953,750. Northern Trust’s operating expenses should never
be in excess of the 100% grossed-up figure. 
  

 E-3 

					
	 Northern Trust Lease Audit at 181 West Madison in Chicago, IL
	  	Page 4	  	09/28/04

 In addition, “25” quoted above, there is a limitation on the gross-up calculation. This limitation and
calculation thereof, was initially brought to the attention of Landlord in letter dated July 24, 2003 from Northern Trust for the 2002 operating expenses. The Landlord sent a subsequent calculation of this limitation for the 2002 operating
expenses dated August 21, 2003, which showed a credit owed to Northern Trust for the gross-up limitation of $17,354.91. This was subsequently accepted by Northern Trust as part of the settlement of the 2002 audit of operating expenses. Applying
the same concepts and calculations of the Landlord for 2003, the limitation should have resulted in a credit to Northern Trust of $24,110.40. 
 Total
adjustment is $388,903.36 for the 100% gross-up calculation and $24,110.40 (Northern Trust’s share) for the application of the gross-up limitation. 
 IV) Conclusion 
 We would like to make note that all of the individuals involved were cooperative and congenial. 
 To conclude this matter, kindly make the adjustments noted and issue a check payable to Northern Trust in the amount of $327,017.55. Please mail the check to my
attention at: 
 The ROBERT THOMAS Group 
 10 South Riverside Drive 
 Suite 1800

 Chicago, IL 60606 
 In addition, we request
that MB utilize the methodologies recommended in this report in billing Northern Trust in future periods. 
 Your response to this matter within fifteen (15)
days would be greatly appreciated. Please call me at 847-374-8200 with any questions that you may have. 
  

	
	Sincerely,
	The ROBERT THOMAS Group
	
	 /s/ Daniel V. Meadows

	Daniel V. Meadows, CPA

  

	cc:	E. Paul Dunn (Northern Trust) 

	  	Bob Wiesner (RTG) 

  

 E-4 

 Northern Trust 
 181 West
Madison  
 Chicago, IL 
 Attachment 
 III) Operating Expense and Real Estate Tax Adjustments 
  

												
	 1) Capital Improvements
	 		 		 		 			 	
	 Vendor
	 	Invoice
Number	 	Invoice
Data	 	G/L Account
Number	 	Amount	 	 	 Description

	 Schindler Elevator
	 	7100060909	 	9/30/03	 	41210	 	4,500.00	 	 	Upgrade lock in freight elevator
	 Trane
	 	00014544	 	10/23/03	 	41410	 	11,700.00	 	 	Software upgrade
	 Current Communication
	 	27049	 	12/15/03	 	60221-001	 	12,500.00	 	 	Camera Installation
	 Carrier
	 	8001122768	 	5/15/03	 	41310	 	6,500.00	 	 	Construct catwalk around cooling towers
	 Crane Revolving Doors
	 	14248	 	1/20/03	 	41835	 	7,000.00	 	 	Install two revolving doors
		 		 		 		 	 	 	 	
	 Total Capital Improvements Adjustment
	 	42,200.00	 	 	
		 		 		 		 	 	 	 	
					
	 2) Tenant Specific Expenditures
	 		 		 			 	
	 Vendor
	 	Invoice Number

	 	Invoice
Data	 	G/L Account
Number	 	Amount	 	 	 Description

	 Lakeside Bldg. Maint.
	 	169723	 	5/1/03	 	40350	 	486.56	 	 	Throw out furniture from floors 21, 25, and 28
		 		 		 		 	 	 	 	
						
	 3) Garage Expenses
	 		 		 		 			 	
	 Vendor
	 	Invoice Number

	 	Invoice
Data	 	G/L Account
Number	 	Amount	 	 	 Description

	 Lakeside Bldg. Maint.
	 	163721	 	5/01/03	 	40350	 	488.56	 	 	Scrub and wash the garage
		 		 		 		 	 	 	 	
						
	 4) Ownership Expenses
	 		 		 		 			 	
	 Vendor
	 	Invoice Number

	 	Invoice
Data	 	G/L Account
Number	 	Amount	 	 	 Description

	 Piper Rudnlock
	 	1375911	 	5/09/03	 	45410	 	90.00	 	 	Change document with new ownership name
	 MRI
	 	NT014027	 	1/14/03	 	45420	 	1,215.39	 	 	Training on the Commercial module
	 MRI
	 	NT013997	 	1/14/03	 	45420	 	2,432.54	 	 	Training on the Commercial module
	 MRI
	 	NT014048	 	1/28/03	 	45420	 	644.92	 	 	Assisted in getting database ready to go
	 Prudential Financial
	 		 	2/18/03	 	45550	 	20,600.05	 	 	First year license fee for Property Logic
		 		 		 		 	 	 	 	
	 Total Ownership Expenses Adjustment
	 	24,982,90	 	 	
		 		 		 		 	 	 	 	
					
	 5) Unsubstantiated Expenditures
	 		 		 			 	
	 Vendor
	 	Invoice Number

	 	Invoice
Data	 	G/L Account
Number	 	Amount	 	 	 Description

		 		 		 	65600-0130	 	147,408.00	 	 	Office of the building rent
		 		 	3/25/03	 	65700-4710	 	4,166.00	 	 	Real estate attorney fee
		 		 	5/27/03	 	65700-4710	 	2,083.00	 	 	Real estate attorney fee
		 		 		 		 	 	 	 	
	 Total Unsubstantiated Expenditures Adjustment
	 	153,657.00	 	 	
		 		 		 		 	 	 	 	
				
	 6) Gross-Up Calculation and Limitation
	 		 			 	
	 100% Gross up Calculation of Operating Expenses
	 		 	6,364,847.00	 	 	From 12/31/03 KPMG report
	 Operating Expenses Billed to Northern Trust
	 		 	6,353,750.36	 	 	From 2003 MB statement
		 		 		 		 	 	 	 	
	 Total Gross-Up Calculation Adjustment
	 	588.903.36	 	 	
		 		 		 		 	 	 	 	
	 Electricity
	 		 		 		 	584,586.58	 	 	From 2003 G/L and MB’s gross-up schedule
	 Cleaning Contract Night
	 		 		 	1,108,071.14	 	 	From 2003 G/L and MB’s gross-up schedule
	 Management Fee
	 		 		 		 	621,805.41	 	 	From 2003 G/L and MB’s gross-up schedule
	 Trash
	 		 		 		 	20,529.38	 	 	From 2003 G/L and MB’s gross-up schedule
	 Paper Products
	 		 		 		 	59,375.29	 	 	From 2003 G/L and MB’s gross-up schedule
		 		 		 		 	 	 	 	
		 		 		 		 			 	
		 		 		 		 	2,394,549.80	 	 	
	 “Tenant’s Occupancy Share”
	 		 		 	43.76	%	 	From MB’s gross-up schedule
		 		 		 		 	 	 	 	
	 Northern Trust Gross-Up Limitation
	 		 		 	1,047,998.75	 	 	
		 		 		 		 	 	 	 	

  

 E-5 

 Northern Trust 
 181 West
Madison  
 Chicago, IL 
 Attachment 
 III) Operating Expenses and Real Estate Tax Adjustments 
  

								
	 	  	From 2003 G/L	  	100% Gross-Up
From KPMG	  	Total	 
	 Electricity
	  	584,868.58	  	72,033.00	  	656,901.58	 
	 Cleaning Contract-Night
	  	1,108,071.14	  	293,096.00	  	1,401,167.14	 
	 Management Fee
	  	621,806.41	  	109,402.00	  	731,207.41	 
	 Trash
	  	20,529.38	  	In Cleaning	  	20,529.38	 
	 Paper Products
	  	63,375.29	  	In Cleaning	  	59,375.29	 
		  	 	  	 	  	 	 
		  	2,394.549.80	  	474,531.00	  	2,869,180.80	 
		  	 	  	 	  		
	 Northern Trust Pro-Rata Share from MB’s, 2003 Statements
	  	37.3629	%
		  		  		  	 	 
	 Northern Trust Pro-Rata Share of the 100% Grossed-Up Expenses
	  	1,072,008.15	 
	 Northern Trust Gross-Up Limitation
	  		  		  	1,047,898.75	 
		  		  		  	 	 
	 Total Gross Up Limitation Adjustment
	  		  	24,110.40	 
		  		  		  	 	 
		  		  		  		
	 Amount Due Northern Trust
	  		  		  		
	 Total Capital Improvements Adjustment
	  		  	42,200.00	 
	 Total Tenant Specific Expenditures Adjustment
	  		  	486.58	 
	 Total Garage Expenses Adjustment
	  		  		  	486.56	 
	 Total Ownership Expenses Adjustment
	  		  	24,982.90	 
	 Total Unsubstantiated Expenditures Adjustment
	  		  	153.657,00	 
	 Total Gross-Up Calculation Adjustment
	  		  	588.903.36	 
		  		  		  	 	 
	 Total
	  		  		  	810,716.38	 
	 Northern Trust Pro-Rata Share from MB’s 2003 Statements
	  	37.3629	%
		  		  		  	 	 
	 Total
	  		  		  	302,907.15	 
	 Total Gross-Up Limitation Adjustment
	  		  	24,110.40	 
		  		  		  	 	 
	 Total Amount Due Northern Trust
	  		  		  	327,017.55	 
		  		  		  	 	 

  

 E-6 

 EXHIBIT F 
 GROSS UP OF OPERATING EXPENSES FOR 2003 
 Gross-up for Northern Trust Only 
  

											
	 account that are subject to occupancy
	  	amount
Landlord paid
(from G/L)	  	Northern Trust’s
Occupancy
Share for NT	 	 	 	  	 	 
	 Electricity
	  	584,868.58	  	255,957.03	 	 	Northern Trust RSF	  	343,238	 
	 Cleaning contract-night
	  	1,108,071.14	  	484,927.06	 	 	average occupancy	  	784,308	 
	 Management Fee
	  	621,805.41	  	272,121.76	 	 	“Tenants occupancy Share”	  	0.4376	 
	 Trash
	  	20,529.38	  	8,984.31	 	 		  		
	 Paper Products
	  	59,375.29	  	25,984.51	 	 	NT prorata share	  	37.3629	%
		  		  	 	 	 		  		
	 Total gross-up
	  	2,394,649.80	  	1,047,974.66	 	 		  		
					
	 Total Operating Expenses per KPMG audit
	  		  	5,822,556.90	 	 		  		
	 reverse expenses to capital account
	  		  	(18,200.00	)	 		  		
	 less accounts subject to occupancy
	  		  	(2,394,649.80	)	 		  		
					
	 ADD IN OTHER AMORTIZED COSTS
	  		  			 		  		
	 Siemens-replacement of card key access-
	  		  			 		  		
	 Amort of Siemens purch of $65,820 in 2002 over 5 yrs, a/c 5504 on 181DAV
	  		  	13,164.00	 	 		  		
					
	 Carrier-cooling tower repair
	  		  			 		  		
	 Amortization of Carrier purchase over 5 years for 2003 payments of $102,476
	  		  	20,495.20	 	 		  		
	 Amort of Carrier purch of $65,000 in 2002 over 5 yrs, a/c 5330
	  		  	13,000.00	 	 		  		
	 Project will be done over several years.
	  		  			 		  		
					
	 50th Floor Fan Replacement
	  		  			 		  		
	 Amortization of purchase over 5 years for 2003 payments of $85,248
	  		  	17,049.60	 	 		  		
					
	 Crane-Revolving Doors
	  		  			 		  		
	 Amortization of purchase over 5 years for 2003 payments of $20,250
	  		  	4,050.00	 	 		  		

  

 F-1 

									
					
	 Amort of Crane purch of $77,300 in 2002 over 5 yrs, a/c 5814 on 181
	  		  	15,460.00	  		  	

  

 F-2 

 EXHIBIT G 
 EXAMPLE OF GROSS UP OF OPERATING EXPENSES 
 Gross-up for Northern Trust Only 
  

												
	 account that are subject to occupancy
	  	Amount
Landlord paid
(from G/L)	  	Tenant’s
Occupancy
Share	  	Northern Trust’s
Occupancy Share
of grossed up
expenses	 	 	 	  	 
	 Electricity
	  	584,868.58	  	0.4376	  	255,957.03	 	 	Northern Trust RSF leased	  	343,238
	 Cleaning contract-night
	  	1,108,071.14	  	0.4376	  	484,927.06	 	 	average occupancy of Building in yr	  	784,308
	 Management Fee
	  	621,805.41	  	0.4376	  	272,121.76	 	 	“Tenants occupancy Share”	  	0.4376
	 Trash
	  	20,529.38	  	0.4376	  	8,984.31	 	 		  	
	 Paper Products
	  	59,375.29	  	0.4376	  	25,984.51	 	 	NT prorata share	  	
		  		  		  	 	 	 		  	
	 sub-total of accounts “grossed-up”
	  	2,394,649.80	  		  	1,047,974.66	 	 	Northern Trust leased RSF	  	343,238
		  		  		  			 	Building RSF	  	918,555
						
	 Total Operating Expenses from operating statement
	  		  		  	5,822,556.90	 	 	NT prorata share	  	0.373672
	 less accounts subject to occupancy share
	  		  		  	(2,394,649.80	)	 		  	
						
	 ADD IN OTHER AMORTIZED COSTS
	  		  		  			 		  	
	Add in other projects that are amoritzed over several years	  		  		  			 		  	
	 Amort purchase of $65,820 in xxxx over x years
	  		  		  	13,164.00	 	 		  	
	 sub total operating costs for Northern Trust only less occupancy share costs
	  		  		  	3,441,071.10	 	 		  	
	 NT prorata share
	  		  		  	37.3672	%	 		  	
	 NT share of non gross up charges
	  		  		  	1,285,831.37	 	 		  	
	 NT occupancy share of accounts subject to occupancy share
	  		  		  	1,047,974.66	 	 		  	
	 TOTAL Northern Trust Operating Expenses for year XXXX
	  		  		  	2,333,806.03	 	 		  	

  

 G-1

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