NORTHERN TRUST PARTNERS WITH YOUDEVISE TO PROVIDE FUNDS OF HEDGE FUNDS WITH DAILY PORTFOLIO MANAGEMENT DATA

London – 28 January 2008 – Northern Trust announced that through an exclusive, worldwide partnership with financial applications company youDevise, it will offer funds of hedge funds daily portfolio management data. Typically, funds of hedge funds (“FoHF”) can only get this type of information from their administrators on a monthly basis and without nearly as much detail.

The partnership will see Northern Trust become the first global asset servicer to adopt youDevise’s Hedge Information Provider 2.0 (the HIP) – an online portfolio management system developed specifically for FoHFs – as part of its offering for this sector, which includes fund administration, custody and trade execution, fiduciary / trustee, foreign exchange and banking services.

“The combined Northern Trust-HIP solution represents a tremendous step forward in management information systems for the US$1.5 trillion global fund of hedge funds industry,” said Wilson Leech, head of Northern Trust’s Global Fund Services group. He noted this development comes at a particularly crucial time for the industry as it faces increasing demand from institutional investors for more transparency, governance, and detailed reporting.

The HIP will be fully integrated onto Northern Trust’s single, global technology platform so that FoHF clients can obtain daily information about their hedge fund holdings, current value, performance, liquidity, hedging, and a detailed breakdown of assets and transactions. The information will be accessible through Passport, Northern Trust’s interactive web portal, which provides clients with secure access to account information and portfolio reports. “As a result of this integration, funds of hedge funds will no longer have to run shadow accounting and will have online access to data which will have been fully reconciled against, and integrated with, the official month-end NAV*,” said Peter Cherecwich, head of Global Product and Strategy for Northern Trust’s asset servicing business. “This supports Northern Trust’s drive to offer comprehensive asset servicing capabilities to the global fund of hedge funds industry.”

Richard Koppel, Managing Director of youDevise, added that, “The HIP will enable Northern Trust clients to make decisions faster and more effectively, take better advantage of market opportunities, and demonstrate to their institutional investors the level of control, reporting and transparency that they demand. It will also benefit funds of hedge funds by reducing the risks and inefficiencies associated with multiple data entry.” In addition, the combined Northern Trust-HIP solution will benefit FoHFs by providing:

portfolio management: tracking and evaluating investments in underlying funds

accounting: monitoring, reconciling and forecasting portfolio cash, payables/receivables, and FX balances

liquidity: determining how much cash is redeemable from hedge funds over time and carrying out sensitivity analysis on current and projected cash balances

FX hedging: calculating FX exposure and hedging needs and determining gains/losses on existing hedges

front office decision support: providing up to date cash, portfolio exposure and performance information to the portfolio manager, to facilitate the decision making process

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youDevise Contacts:

youDevise
Rich Koppel, youDevise Limited, London
+ 44-20-7826-4301
rich.koppel@youdevise.com

Anreder
Michael Shallo, Anreder & Company, New York City
+1-212-532-3232
michael.shallo@anreder.com

About youDevise Limited

youDevise Limited (www.youDevise.com), provides on-demand applications for financial markets. The company’s leading applications provide portfolio management for liquid and illiquid assets. They include the Trade Idea Monitor (the TIM), for the high-speed communication of equity trade ideas and portfolio ideas between institutional brokers and their money manager and hedge fund clients, and the Hedge Fund Information Provider (the HIP), the first commercially available portfolio management system for funds of hedge funds. All youDevise’ applications leverage its proprietary Information Distribution Server (IDS), which facilitates the exchange of data between different market participants.

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, fiduciary and banking solutions for corporations, institutions and affluent individuals worldwide. Northern Trust, a multibank holding company based in Chicago, has a growing network of 85 offices in 18 U.S. states and has international offices in 13 locations in North America, Europe and the Asia-Pacific region. As of December 31, 2007, Northern Trust had assets under custody of US$4.1 trillion, and assets under investment management of US$757.2 billion. Northern Trust, founded in 1889, has earned distinction as an industry leader in combining high-touch service and expertise with innovative products and technology. For more information, visit www.northerntrust.com