From: Amy E Luckett [AB71@ntrs.com]

Sent: Monday, November 03, 2008 1:45 PM

To: Cynthia K. Friauf

Subject: Securities Lending--tax

Attachments: Accounting Tax Def and Support 103008.pdf

Cynthia,

Attached below is a statement regarding the tax implications of each of the entries associated with the recent securities lending declarations and activity.  Please review the document and let me know if you have additional questions we can pass along.

Thanks!
Amy

_______________________________________________________________________________
Amy E. Luckett | Second Vice President | Corporate & Institutional Services, Not for Profit Division
50 South LaSalle Street, Chicago, IL 60603 | phone 312.557.0193 | fax 312.557.2673 | ab71@ntrs.com
Please visit northerntrust.com

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