NORTHERN TRUST CORPORATION
The Role of the CFO
What They Don’t Tell You in Business School
or in the Recruitment Process
J.L. Kellogg School of Management, Northwestern University
Finance Conference 2006
November 18, 2006
Steven L. Fradkin
Executive Vice President &
Chief Financial Officer
Agenda


2
About Northern Trust

Overview

Our Businesses
The Role of the Chief Financial Officer

A personal journey to the Chief Financial Officer role

The textbook definition of the CFO’s responsibilities and
how the role is changing

Myth versus Reality: What they don’t tell you in business
school or in the recruitment process
J. L. Kellogg School of Management 2006 Finance Conference
NORTHERN TRUST CORPORATION
About Northern Trust
Overview
3
The Northern Trust Difference
4

Unique in our culture, history, share ownership, and organic growth

Unique in our financial strength and stability

Unique in our business focus – one business serving two channels

Unique in our product leadership

Unique in our service model and consistent record of delivery
J. L. Kellogg School of Management 2006 Finance Conference
Northern Trust Corporation
Client-centric and Highly Focused
Asset Servicing
Personal
Financial
Services
Serving affluent
private clients in
U.S. and Europe
Northern Trust
Global Investments
Corporate &
Institutional
Services
Banking
Serving institutional
investors worldwide
Integrated Operations & Technology Platform
Assets Under
Custody
Assets Under
Management
Bank
Assets
$3.3 Trillion
$667 Billion
$55 Billion
As of September 30, 2006
5
J. L. Kellogg School of Management 2006 Finance Conference
Northern Trust Corporation
Client-centric and Highly Focused
Asset Servicing
Personal
Financial
Services
Serving affluent
private clients in
U.S. and Europe
Northern Trust
Global Investments
Corporate &
Institutional
Services
Banking
Serving institutional
investors worldwide
Integrated Operations & Technology Platform
Some businesses Northern Trust is NOT IN:
 Consumer Finance  Investment Banking
 Retail Banking
 Insurance
 ADRs
 Venture Capital
6
Some businesses Northern Trust has EXITED:
 Corporate Trustee  DC Record Keeping
 Primary Dealer
 Stock Transfer
 Discount Brokerage
 Corporate Finance
 Credit Cards
 Merchant Card Processing  Futures
J. L. Kellogg School of Management 2006 Finance Conference
Strategic Evolution
From…
7
To…
 Broad-based Orientation
 Tightly Focused on Core Businesses
 Product Orientation –
Banking & Trust
 Client Orientation – Asset Administration
 PFS Chicago Presence
 PFS National Footprint
 C&IS Domestic Business
 C&IS Global Enterprise
 NTGI Traditional
Asset Management
 NTGI Fully Diversified, Global,
and Asset Management
Multi-Product Asset Manager
J. L. Kellogg School of Management 2006 Finance Conference
Who Are Our Clients?
Providing Solutions for Many of the World’s Leading Organizations
One Constant: Our Focus on Our Clients
8
J. L. Kellogg School of Management 2006 Finance Conference
2006 Results Reflect Excellent Performance
Year-to-Date
9/30/06
% Growth
2005 to 2006
$1,333 Million
+15%
Other Non-Interest Income
$363 Million
+20%
Net Interest Income
$588 Million
+10%
$2.28 Billion
+15%
$1,442 Million
+13%
$495 Million
+13%
Earnings Per Share
$2.23
+13%
Assets Under Custody
$3.3 Trillion
+16%
$1.54 Trillion
+30%
$667 Billion
+10%
Trust, Inv. & Other Servicing Fees
Total Revenues
Non-Interest Expenses
Net Income
Global Custody Assets
Assets Under Management
9
J. L. Kellogg School of Management 2006 Finance Conference
Outstanding, Long-Term Growth in Client Assets
Assets Under Custody
Assets Under Management
($ Trillions)
($ Billions)
12/31/95 - 9/30/06 CAGR: 17%
S&P 500 CAGR:
7%
12/31/95 - 9/30/06 CAGR: 19%
S&P 500 CAGR:
7%
$3.3
$667
$618
$2.9
$572
$2.6
$479
Acquired $75 BN
Index Assets
$2.1
$1.6 $1.7
$1.5
$326 $320
$1.5
$292
$1.3
$303
$233
$1.1
$197
$0.8
$130
$0.6
$106
S&P 500
S&P 500
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 3Q06
10
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 3Q06
J. L. Kellogg School of Management 2006 Finance Conference
Differentiated Financial Strength
Evidenced by Strong Credit Ratings


Northern Trust Corporation is one of only seven U.S. Bank
Holding Companies to carry Standard & Poor’s Long-Term
Debt Rating of ‘AA- or better.’

S&P rates approximately 200 bank holding companies

Other bank holding companies with a rating of ‘AA- or better’:
Bank of America, Citigroup, HSBC USA, State Street, U.S.
Bancorp, and Wells Fargo.
Northern Trust is one of only sixteen U.S. Banks to carry
Fitch Rating’s ‘A/B’ individual rating or better.

11
Fitch assigns their individual rating to over 100 banks
J. L. Kellogg School of Management 2006 Finance Conference
A Differentiated Price/Earnings Multiple
As of September 30, 2006 using 2006 “Street” projected earnings
1. Northern Trust
19.0
8. BB&T
13.7
15. Comerica
12.0
2. State Street
18.5
9. Huntington
13.3
16. Wachovia
11.8
3. Mellon
18.4
10. SunTrust
13.2
17. Citigroup
11.7
4. Bank of New York
15.8
11. JPMorgan Chase
13.1
18. Bank of America
11.6
5. PNC Bank
14.5
12. KeyCorp
13.0
6. Wells Fargo
14.5
13. US Bancorp
12.7
Full Peer Group
13.8
7. Fifth Third
14.4
14. National City
12.0
Trust/Custody Peers
17.6
NTRS Premium to Trust Peers:
8%
NTRS Premium to Full Peer Group: 38%
12
J. L. Kellogg School of Management 2006 Finance Conference
NTRS: A High Performance Company
GE STOCK PRICE
$40
NTRS STOCK PRICE
$60
$58.43
$35.30
CAGR =
16.7%
$0
$0.69
3/31/81
CAGR =
17.6%
$0
9/30/06
GE EPS
$0.94
3/31/81
9/30/06
NTRS EPS
$3
$3
$2.65
CAGR =
10.7%
CAGR =
11.4%
$1.72
$0.20
$0.15
$0
12/31/81
12/31/05
$0
12/31/81
12/31/05
Note: Closing stock prices adjusted for splits and dividends. Annual EPS is as reported and adjusted for splits.
13
J. L. Kellogg School of Management 2006 Finance Conference
NTRS versus Fortune’s Most Admired Companies of 2005
Stock Price Performance
FY 2005
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
14
YTD
9/30/06
Northern Trust
+6.7%
+12.8%
Procter & Gamble
FedEx
Southwest Airlines
Berkshire Hathaway
Microsoft
Starbucks
General Electric
Johnson & Johnson
Wal-Mart
Dell
S&P 500
+5.1%
+5.0%
+0.9%
+0.8%
-2.1%
-3.8%
-4.0%
-5.2%
-11.4%
-28.9%
+3.0%
+8.8%
+5.4%
+1.5%
+8.1%
+5.7%
+13.5%
+3.0%
+10.0%
+6.5%
-23.7%
+7.0%
J. L. Kellogg School of Management 2006 Finance Conference
Unique in Our Financial Strength and Stability
Delivering High Performance Results
For Investors, Employees, The Community and Other
Constituents…Consistently Over Time
2000%
1600%
CAGR since 12/31/90:
NTRS 17%
KBW 50 14%
S&P 500 9%
As of 9/30/06:
NTRS
+1,088%
1200%
$58.43
800%
KBW50
+694%
400%
S&P
500
+305%
$4.92
0%
15
1990
2000
J. L. Kellogg School of Management 2006 Finance Conference
2006
... And Commitment to Community & Philanthropy
High Performance Results can be Consistent with Companies
Contributing to their Communities

Northern Trust consistently contributes
approximately 1.5% of pre-tax profits to
charities every year

Ranked as the 9th most generous cash
contributor by Business Week in 2005

Employees donated more than 230,000
volunteer hours in 2005

Awarded more than $13 million in cash
contributions in 2005 to organizations,
supporting causes ranging from literacy to
affordable housing
Northern Trust named
one of the "100 Best
Companies for Working
Mothers" for the 15th
consecutive year!
Northern Trust Named
one of “100 Best
Corporate Citizens”
Named one of Global Finance
magazine’s “World’s Most
Socially Responsible
Companies”
16
J. L. Kellogg School of Management 2006 Finance Conference
NORTHERN TRUST CORPORATION
About Northern Trust
Our Businesses
17
Personal Financial Services
Industry Leader in Serving the Affluent Market
Wealth
Management
Wealth
Advisory
Private
Client
The recognized leader in providing sophisticated
financial solutions to high net worth families.
Target market: Individuals or families with
$75+ million in investable assets
Delivering comprehensive, investment solutions
through a multi-manager investment program.
Target market: Individuals or families with
$10 to $75 million in investable assets
Delivering high-touch trust, investment management and
banking solutions to individuals through 84 offices in 18 states.
Target market: Affluent individuals with
at least $1 million in investable assets
$1 Million
$10 Million $75 Million
Client Investable Assets
18
J. L. Kellogg School of Management 2006 Finance Conference
Personal Financial Services
Industry Leading Personal Trust Provider
Largest Personal
Trust Bank in U.S.
Source: SNL Financial
Personal Trust Assets
(Billions)
1. Northern Trust
$135.4
2. Bank of America
100.8
3. J.P. Morgan Chase
80.5
4. Wachovia
59.8
5. Citigroup
54.6
6. Mellon
53.8
7. Wells Fargo
40.0
8. U.S. Bancorp
39.4
9. National City
35.0
10. PNC Financial
28.9
Source: SNL Financial as of 12/31/05
19
J. L. Kellogg School of Management 2006 Finance Conference
Personal Financial Services
Comprehensive Advice-Based Solutions
Brokerage
 Full Service Brokerage
 Managed Account
 10b5-1 Plans
 Money Market Instruments
 Safekeeping
Private Passport
Online access to banking, trust,
investment management, mutual
funds, and brokerage information

Retirement Services
 Qualified Plan Services
 Defined Benefit Plans
 Defined Contribution Plans
 IRA Rollovers
 Investment Management
 Individual 401(k) Plans
Comprehensive Trust Services
 Family Business Services
 Real Estate and Farm Management
 Minerals Management
 Charitable Services
 Trust and Estate Settlement Services
 Guardianship Services
Client
Financial Consulting
 Retirement Planning
 Estate Planning
 Tax Planning
 Asset Allocation
 Stock Option Planning
Investment Management




20
Structured Investment
Services
Asset Allocation
Equity Investing
Fixed-Income Investing
Corporate Banking
 Working Capital and General
Corporate Loans
 Secured and Cash Flow Lending
 Acquisition Financing
 Industrial Development Bonds
 Equipment Finance and Leasing
Private Banking




Short-Term
Asset Management
Indexing
Alternative Investments
Single Stock Strategies




J. L. Kellogg School of Management 2006 Finance Conference
Checking & Deposit Services
Personal Loans
Real Estate
Development Loans
Margin Loans



Stock Option Lending
Home Mortgages
Equity Credit Lines
Personal Financial Services
Extensive Reach in High Growth, Target Market
84 Offices in 18 States
Projected Millionaire
Household Growth
Over 50% of millionaire market resides within
a 45-minute drive of Northern Trust offices.
(Within PFS Footprint, Millions)
Washington
(1)
2.2
Minnesota
Michigan
(1)
(3)
Wisconsin
(1)
Connecticut (1)
Illinois
(18)
Colorado
(1)
Ohio
(1)
Delaware (1)
Missouri
(1)
Georgia
(1)
Arizona
(8)
Texas
(7)
Florida
(25)
Source: IXI, Claritas.
21
1.5
New York (1)
Nevada
(1)
California
(11)
Massachusetts (1)
J. L. Kellogg School of Management 2006 Finance Conference
2005
2010
47%
Increase
8%
CAGR
Personal Financial Services
Spotlight: Outstanding Growth in Wealth Management
Wealth Management – Assets Under Custody
$ Billions
$124
$125

Target Market: Families with $75+
million in investable assets

Industry leading technology

AUC: $124.2 billion

AUM: $24.6 billion

22% of Forbes 400

350 families
$100
$75
$114
$101
$82
$61
$65
$65
$52
$50
$38
$28
12/31/95 to 9/30/06
% Change
CAGR
Wealth Mgmt. AUC
+675%
+21%
S&P 500
+117%
+7%
$23
$25
$16
$0
1995
1996
1997
1998
1999
2000
2001
As of September 30, 2006
22
J. L. Kellogg School of Management 2006 Finance Conference
2002
2003
2004
2005
3Q06
Personal Financial Services
Growth and Industry Positioning
Reputation:
Outstanding Private Bank
PFS Assets Under
Management ($ Billions)
PFS Assets Under
Custody ($ Billions)
$128
– Private Banking International
Serving 22% of Forbes 400 Wealthiest Families
– Forbes
$243
Fiduciary Culture:
Largest Personal Trust Bank in the U.S.
– SNL Financial
Superb Ratings for Trustworthiness
and Objectivity
– Spectrem Research
Institutional Scale:
World’s 10th Largest Asset Manager
– Pensions & Investments Magazine
$38
$63
Top 500 Innovative Technology Users
– Information Week
Exceptional Client Service:
Dec 1995
Sept 2006
Dec 1995
Sept 2006
Client Satisfaction Rating of 86%
– 2005 PFS Client Satisfaction Survey
23
J. L. Kellogg School of Management 2006 Finance Conference
Corporate & Institutional Services
A Worldwide Leader in the Institutional Marketplace
Asset
Management
 Cash
 Active
 Passive
 Securities Lending
 Manager of Managers
 Foreign Exchange
 Transition Management
 Commission Recapture
Risk
Management
 Attribution Analysis
 Value at Risk
 Cross-Border Pension Pooling
 Compliance Monitoring
 Market Event Analytics
 Accounting
 Reporting
 Valuation
 Rates of Return
 Multinational
 Fund Accounting
 Investment Operations
 Hedge Fund Administration
 Private Equity Administration
 Property Administration
Information Services
Fund Services
Asset Servicing
24
Outsourcing
 Active Collateral Management
 Safekeeping
 Settlement
J. L. Kellogg School of Management 2006 Finance Conference
HQ Reporting
 Income Collection
 Corporate Actions
Corporate & Institutional Services
Positioned Globally for Growth
Positioned to serve clients locally and capitalize on global opportunities
Chicago
(Corporate
Headquarters)
Toronto
New
York
Dublin
Guernsey
Jersey
Isle of
Man
London Amsterdam Luxembourg
Tokyo
Beijing
Hong Kong
Bangalore*
Singapore
15 Locations
Worldwide
Clients in
40 Countries
*Name change announced and to be implemented at a later date
25
J. L. Kellogg School of Management 2006 Finance Conference
Trade Settlement
in 90 Markets
Corporate & Institutional Services
Strong Position in Target Institutional Segments
Percent Served by Northern Trust
Top 200 US Pension Plans
34%
Top 100 US Corporate Plans
37%
Top 100 US Public Funds
31%
Top 50 US Endowments
28%
Top 50 US Foundations
30%
Top 50 US Healthcare Funds
32%
36%
Top 25 Taft Hartley Plans
UK Local Authority Plans
30%
Top 200 UK Pension Plans
28%
0%
25%
50%
Source: Pensions and Investments 23 January 2006, 26 December 2005, and 30 May 2005; IPE
Top 1000 Supplement, September 2005; and S&P Directory of Tax-Exempt Organizations, 2005.
26
J. L. Kellogg School of Management 2006 Finance Conference
75%
100%
Corporate & Institutional Services
Spotlight: Outstanding International Growth
Global Custody Assets
$ Billions
$1,539
$1,600
12/31/95 to 9/30/06
$1,400
$1,200
% Change CAGR
Global Custody Assets +1,710%
+31%
S&P 500
+117%
+7%
+66%
+5%
EAFE
$1,240
$965
$1,000
$800
$727
$600
$471
$385
$400
$200
$452
$312
$149
$200
$85
$108
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
3Q06
15%
15%
15%
18%
23%
26%
30%
35%
38%
41%
46%
50%
$0
% of C&IS
Total AUC
27
J. L. Kellogg School of Management 2006 Finance Conference
Corporate & Institutional Services
International: Growing Contribution to the Bottom Line
% of Northern Trust Corporation Net Income
resulting from International Activities
29%
30%
27%
25%
24%
23%
22%
21%
24%
21%
19%
20%
16%
16%
16%
1994
1995
1996
15%
9%
10%
7%
5%
0%
1992
28
1993
1997
1998
1999
J. L. Kellogg School of Management 2006 Finance Conference
2000
2001
2002
2003
2004
2005
Corporate & Institutional Services
Strong Growth in Client Assets
C&IS Assets Under
Custody ($ Trillions)
C&IS Assets Under
Management ($ Billions)
Industry has rewarded our efforts
 European Pension Fund Custodian of
the Year
$3.07
$539
International Custody And Fund Administration
3rd Consecutive Year (February 2006)
 One of Two Custodians to Qualify In
Each Region
R&M Survey (March 2006)
 Custodian of the Year
Global Pensions 2006 Awards (January 2006)
 Best Global Custodian – Billionaires
Global Investor Global Custody Survey (May 2006)
 Best Sole Custodian
Global Investor Global Custody Survey (May 2006)
$0.55
 Best Global Custodian in Asia
$67
Global Investor Global Custody Survey (May 2006)
Dec 1995
29
Sep 2006
Dec 1995
Sep 2006
J. L. Kellogg School of Management 2006 Finance Conference
Northern Trust Global Investments
World Class Investment Manager
$667 Billion
Assets Under Management as of September 30, 2006
A Diversified Asset Manager
Across Asset Classes
Across Client Segments
Equities
$245 Billion
(37%)
Short
Duration
$301 Billion
(45%)
Fixed
Income
$113 Bn
(17%)
Personal
$128 Billion
Institutional
$539 Billion
Other
$8 Billion
(1%)
30
J. L. Kellogg School of Management 2006 Finance Conference
Across Styles
Active
$416 Billion
(62%)
Quantitative
$218 Billion
(33%)
Manager of Managers
$33 Billion
(5%)
Northern Trust Global Investments
A Continuum of Investment Products
PRODUCT BREADTH
Multi-Advisor Funds
Hedge Funds
Private Equity
Canadian & UK Programs
Int’l/US Equity Manager of Managers
Minority and Emerging Managers
Growth & Value Equity
Investment Program Solutions
Short & Long Duration Fixed Income
International Equities
EAFE Index
Technology
Small Cap Growth
Index & Enhanced Capabilities
Mid Cap Growth
Large Cap Growth
Large Cap Value
Exchange Fund
Methods of Delivery
Investment Program Solutions
Socially Responsible
Separate Accounts
Emerging & Minority Programs
Tax Advantaged
Collective Funds
Enhanced Index Funds
Alternative Investments
Fixed Income and Equity Index Funds
Common Funds
International Fixed Income
Mutual Funds
High Yield
Core Fixed Income
Municipals
Government
Short/Intermediate Duration Fixed Income
Stable Value
Cash Management
Active Investment
Management


Quantitative Management

Manager of Managers



Investment Options
31
J. L. Kellogg School of Management 2006 Finance Conference
Northern Trust Global Investments
Strong Growth in Assets Under Management
Assets Under Management
Industry Has Rewarded Our Efforts
Dec 1995 to Sept 2006 CAGR
Northern Trust
S&P 500
 10th Largest Asset Manager Worldwide
Pensions & Investments (May 2006)
19%
 3rd Largest U.S. Institutional
7%
Index Manager
P&I (May 2006)
$ Billions
 4th Largest Manager
$800
U.S. Institutional Tax-exempt Assets
$667.2
$700
P&I (May 2006)
 Winner: U.S. Equity (Passive)
$600
Global Investor Magazine Awards for Investment Excellence
(April 2006)
$500
$400
 Winner: Multi-Manager
Global Investor Magazine Awards for Investment Excellence
(April 2006)
$300
$200
$105.5
 Rated #1 Global Securities Lender
$100
International Securities Finance
(September 2006)
$0
Dec 1995
32
Sept 2006
J. L. Kellogg School of Management 2006 Finance Conference
Northern Trust Corporation
Well Positioned for Growth

Rich History


Focused Strategy on Growth Businesses


Exclusively Focused on the Management and Administration of Client Assets
Conservative Culture


117 Year Heritage — Undiluted by Mergers & Acquisitions
One of only 7 independent U.S. Bank Holding Companies Rated ‘AA- or better’ by S&P
Seasoned Management Team
Bill Osborn - Chairman & CEO
Rick Waddell - President & COO
Sherry Barrat - President – PFS
Steve Fradkin - EVP & Chief Financial Officer
Tim Moen - EVP – Human Resources
Bill Morrison - President – PFS
Steve Potter – EVP – C&IS International
Jana Schreuder - President – WWOT
Tim Theriault - President – C&IS
Terry Toth - President – NTGI
Kelly Welsh - EVP & General Counsel
33
J. L. Kellogg School of Management 2006 Finance Conference
Northern Trust
36 Years
31 Years
16 Years
21 Years
5 Years
10 Years
24 Years
26 Years
24 Years
19 Years
6 Years
Industry
36 Years
31 Years
36 Years
21 Years
31 Years
33 Years
24 Years
26 Years
28 Years
24 Years
28 Years
NORTHERN TRUST CORPORATION
The Role of the Chief Financial Officer
34
A Personal Journey to the Chief Financial Officer Role
CFO
International
Sales
Expatriate
Assignment
in London
Global
Sales
Head
General
Manager for
International
Business
Financial
Management
Compliance
Group
1985
NTRS
Stock $2.35
Price
EOP
1990
1995
2000
2005
2006
$4.92
$14.00
$81.56
$51.82
$58.43*
*As of September 30, 2006
35
J. L. Kellogg School of Management 2006 Finance Conference
The Role of the CFO
Textbook Definition
Job Description:
 Responsible
for all financial aspects of company operations
 Provide
leadership and coordination in the administrative, business planning,
accounting and budgeting efforts of the company
Primary Responsibilities:
 Coordinate
the preparation of financial statements, financial reports and special
analyses
 Develop
and implement finance, accounting, billing and auditing procedures
 Establish
 Ensure
and maintain appropriate internal controls
compliance with local, state and federal reporting requirements
 Develop
and direct implementation of strategic and operational plans
 Analyze
cash flow, cost controls and expenses to guide management
 Serve
 And
on planning and policy making committees
much, much more …
Source: hrvillage.com
36
J. L. Kellogg School of Management 2006 Finance Conference
The Role of the CFO
The Changing Role of Corporate Finance: From Steward to Strategist
Strategist
Stakeholder
Management
Analysis &
Interpretation
Capital
Optimization
Planning
Record
& Report
Finance
Management
Policy
Enforcement
Source: Deloitte CFO Center
37
Risk
Management
J. L. Kellogg School of Management 2006 Finance Conference
Steward
The Role of the CFO – Myth versus Reality
Myth
Reality
 The executive suite or “C Suite”…
 … is not always sweet.
 The CFO role is a financial job.
 It is a management job with oversight
responsibility for financial functions
 People generally fall in line with
 Driving company performance drives
and work together to achieve
financial goals.
 All corporate functions share in
people crazy. Not the right job if the goal
is to win a popularity contest.
 When things are not going well, they are
called “financial problems.”
the blame when things are not
going well.
 Public company quarterly
 “Fencing on a tightrope, 500 feet in the
air, with no safety net below.”
earnings conference calls are
effortlessly executed.
 Rising to the CFO spot means
 Counterintuitive career findings: Rising to
you figured it all, or most of it, out.
 The CFO works with a select
the CFO spot enhances job insecurity.
 The CFO works with directors, investors,
group of senior managers.
management, regulators, auditors,
employees, vendors, communities and
interest groups, to name a few.
Communication and management is key.
Experience, judgment, ethics, low ego, adaptability and fortitude are all
important ingredients of an effective CFO.
38
J. L. Kellogg School of Management 2006 Finance Conference
Conclusion
“It is not the strongest of the species that
survives, nor the most intelligent that
survives.
It is the one that is the most adaptable to
change.”
-Charles Darwin
39
J. L. Kellogg School of Management 2006 Finance Conference
NORTHERN TRUST CORPORATION
The Role of the CFO
What They Don’t Tell You in Business School
or in the Recruitment Process
J.L. Kellogg School of Management, Northwestern University
Finance Conference 2006
November 18, 2006
Steven L. Fradkin
Executive Vice President &
Chief Financial Officer