The Northern Trust Focus Funds Glidepath Exhibit

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1 N O R T H E R N T R U S T G L O B A L I N V E S T M E N T S The Northern Trust Focus Funds Glidepath Exhibit northerntrust.com

2 Asset Allocation Framework Our asset allocation framework considers asset classes that are globally diversified and incorporates inflationary hedge asset classes in addition to the core allocation to stocks and bonds. Category Inflation Hedge Fixed Income Cash Asset Class US Large US Mid US Small International Developed International Emerging Market Global Real Estate Commodities TIPS Intermediate High Yield Short Duration Market Proxy S&P 500 S&P 400 Russell 2000 MSCI EAFE MSCI Emerging Markets FTSE EPRA/NAREIT Global Dow Jones AIG BC TIPS BC Aggregate BC High Yield Corporate 3 Month TBILL 1 Target Date Investment Solutions: 2009 Glidepath Exhibit

3 The Northern Trust Glidepath Responsive to the Needs of Participants and Plan Fiduciaries A more aggressive allocation is held initially as the glidepath targets growth in participants early years when compounding is critical to wealth accumulation The roll down occurs linearly over a 35year period to the income allocation, 10 years into retirement at age 75 We include fixed income at every stage of our glidepath, which fully embraces QDIA guidelines for diversification Inflation and Inflation Hedge Hedge total 86% to maximize wealth accumulation in early saving years Fixed Income and Short Duration allocations increase over time to add stability and generate income necessary in retirement years 100% 90% Cash Portfolio Percentage 80% 70% 60% 50% 40% 30% 20% Inflation Hedge Equities are globally diversified, including developed and emerging market segments Fixed Income A linear glidepath enhances lower volatility for the overall portfolio and simplifies participant understanding Expanded asset classes result in more optimal portfolios 10% 0% Target Date Investment Solutions: 2009 Glidepath Exhibit

4 The Northern Trust Glidepath Custom Benchmark Asset Allocation Effective 2009 Custom Benchmark Income US S&P US S&P US Russell International MSCI EAFE International MSCI Emerging Markets Global Real Estate Commodities TIPS US Bonds High Yield US Bonds BC Agg Short Duration < >75 Years to Retirement > Target Date Investment Solutions: 2009 Glidepath Exhibit

5 Component Funds As of December 31, 2009 Category/ Asset Class Benchmark Underlying Fund ( fund tier specific to Focus Funds) US Large US Mid US Small : International Developed : International Emerging Inflation Hedge: Global REIT Inflation Hedge: Commodities Inflation Hedge: TIPS Fixed Income: Intermediate US Bonds Fixed Income: High Yield US Bonds Cash: Short Duration Index Exposure Active Exposure S&P 500 S&P 400 Russell 2000 MSCI EAFE MSCI Emerging Markets FTSE EPRA/NAREIT Global ipath Dow JonesUBS Commodity BC U.S. Treasury: U.S. TIPS BC U.S. Aggregate BC U.S. Corporate HighYield imoneynet Govt & Agencies Institutional (Net) NTGIQM Collective Daily S&P 500 Index Non NTGIQM Collective Daily S&P MidCap 400 Index Non NTGIQM Collective Daily Russell 2000 Index Non NTGIQM Collective Daily EAFE Index Non NTGIQM Collective Daily Emerging Markets Index Non NTGIQM Collective Daily Global Real Estate Index Non ipath Dow JonesUBS Commodity Index Return SM ETN NTGIQM Collective Daily TIPS Non NTGIQM Collective Daily Aggregate Bond Index Non NTGI Collective High Yield Fixed Income NTGI Collective Government ShortTerm Investment Fund 4 Target Date Investment Solutions: 2009 Glidepath Exhibit