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1 GOAL ENGINEER SERIES The Goal Engineer Series combines Northern Trust s asset allocation, portfolio construction and risk management expertise with Engineered Equity TM and active fixed income strategies to provide globally diversified, risk-efficient target date solutions for a range of time horizons. Goal Engineer includes investments from multiple asset classes (e.g., equity, fixed income, alternatives and cash) in a single separately managed account. Cost-efficient FlexShares ETFs and Northern Funds managed by Northern Trust serve as the investment vehicles, helping to position the portfolios to realize the potential benefits of active management, as well as the lower costs associated with passive indexing. Northern Trust s multi-asset class solutions offer advisors a turnkey framework for delivering fee-based, institutional-caliber investment portfolios that align with fundamental investor goals. BOB BROWNE, CFA Chief Investment Officer The Goal Engineer Series encompasses seven target date portfolios in five year increments. The investment mix for each portfolio changes over time as its target date approaches, moving investors across the risk and return spectrum and becoming more conservative prior to, and through, the target date. PORTFOLIO HIGHLIGHTS: INSTITUTIONAL-CALIBER INVESTMENT MANAGEMENT Northern Trust is a leading global investment manager with a fiduciary heritage and a history of strength and stability that spans more than 125 years. A TIME-TESTED ASSET ALLOCATION APPROACH Our asset management practice is grounded by a forward-looking, historically aware asset allocation discipline and informed by extensive empirical and capital markets analysis. The Goal Engineer Series leverages our asset allocation expertise to deliver a glidepath that seeks to improve the long-term outlook for investors at the beginning of the investment journey, and mitigate the risk of significant losses at or near the target date. THROUGH GLIDEPATH Goal Engineer utilizes a through glidepath that continues to evolve beyond the target date. When paired with our factor-based portfolio fulfillment, this approach seeks to provide for the enhanced return potential of equities for a longer period of time, while enabling the portfolio to continue to de-risk during the beginning of the distribution phase. Approximately ten years after a portfolio reaches its goal date, the final asset allocation should resemble that of the Goal Engineer Stable Income Portfolio. DISCIPLINED RISK MANAGEMENT The Northern Trust glidepath is designed to provide the right risk at the right time, seeking to manage market, inflation and longevity risk to help increase certainty and confidence in successful outcomes. (continued) Asset Management at Northern Trust For Institutional/Professional Use Only.

2 THE NORTHERN TRUST GLIDEPATH ALLOCATION 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% INCOME INFLATION SENSITIVE GROWTH Longer Cycle Factors Shorter Cycle Factors Goal YEARS TO GOAL DATE INSIGHTFUL PORTFOLIO CONSTRUCTION Our in-depth analysis at both the asset class and fulfillment levels facilitates the construction of optimized portfolios that reflect client objectives and meet expectations in a variety of market environments. While growth and income allocations are fundamental to target date strategies, Goal Engineer goes a key step beyond typical target date solutions by including assets that focus on managing inflation risk, such as global natural resources, global real estate, global infrastructure and Treasury Inflation-Protected Securities (TIPS). These asset classes have historically exhibited diversified risk exposures and can help to minimize the effects of inflation on the portfolios. 1 ENGINEERED EQUITY FULFILLMENT Goal Engineer utilizes Northern Trust s proven Engineered Equity approach to achieve targeted exposure to investment factors (e.g., quality, value, low volatility, size and dividend yield) that have historically demonstrated attractive risk-adjusted returns. 1 By strategically transitioning factors throughout the glidepath, we seek to increase portfolio efficacy. The factors employed will vary according to the portfolio s position on the glidepath. By aiming to capture exposure to the right factors at the right time, the Goal Engineer Series seeks to provide greater consistency, manage risk and enhance returns. A FOCUS ON QUALITY As a pioneer in quality investing with a 20-year history, we developed the Northern Trust Quality Score (NTQS) to identify companies that exhibit what we believe to be fundamental characteristics of quality. The NTQS has outperformed competing quality-scoring methods over long time periods and demonstrates the value of holding high- versus low-quality stocks. This aligns with our research 2 which shows that quality companies have outperformed the market over time, tend to be less volatile and can provide some protection in down markets. Goal Engineer incorporates quality into the portfolio construction process while seeking to eliminate unintended exposures and deliver improved investment outcomes with less risk. ACTIVE FIXED INCOME EXPERTISE Our active, research-driven approach to fixed income facilitates the identification and implementation of investment strategies that help provide reliable returns and add value for the risks taken. Goal Engineer includes actively managed, diversified bond mutual funds from Northern Trust to provide the potential for income and capital preservation in line with each portfolio s time horizon. VALUE AT A REASONABLE COST FlexShares ETFs are employed for equity and real asset/ inflation-sensitive fulfillment, positioning the portfolios to realize the potential benefits of active management, as well as the lower costs associated with passive indexing. SEPARATELY MANAGED ACCOUNT STRUCTURE Goal Engineer is offered as separately managed account (SMA). This structure provides transparency and flexibility in the event investment objectives change, allowing for small adjustments to portfolio holdings instead of 100% turnover. For further information, visit northerntrust.com/goal-engineer Chart source: Northern Trust Asset Management 1 Northern Trust Asset Management Quantitative Research 2 What is Quality?, Northern Trust April 2014 IMPORTANT INFORMATION. This material is provided for informational purposes only. Information is not intended to be and should not be construed as an offer solicitation or recommendation with respect to any transaction and should not be treated as legal advice, investment advice, fiduciary advice or tax advice. Information is confidential and may not be duplicated in any form or disseminated without the prior consent of Northern Trust. There are risks involved in investing including possible loss of principal. There is no guarantee that the investment objectives of any fund or strategy will be met. Risk controls and models do not promise any level of performance or guarantee against loss of principal. The opinions expressed herein are those of the author and do not necessarily represent the views of Northern Trust. Northern Trust does not warrant the accuracy or completeness of information contained herein. All material has been obtained from sources believed to be reliable, but the accuracy, completeness and interpretation cannot be guaranteed. Information contained herein is current as of the date appearing in this material only and is subject to change without notice. Northern Trust Asset Management comprises Northern Trust Investments, Inc., Northern Trust Global Investments Limited, 50 South Capital Advisors, LLC, Northern Trust Global Investments Japan, K.K., NT Global Advisors, Inc. and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company Northern Trust. MAS-GE For Institutional/Professional Use Only.

3 Goal Engineer Stable Income STABLE INCOME GLIDEPATH (subject to change) 100% INCOME 90% Allocation 80% 70% 60% 50% 40% 30% 20% 10% 0% INFLATION SENSITIVE GROWTH Longer Cycle Factors Shorter Cycle Factors Years to Goal Date Goal *For illustrative purposes only, actual allocation will differ. STABLE INCOME PORTFOLIO OBJECTIVE: Designed for current income and moderate long-term capital appreciation. Bond allocations are at their maximum to add stability and generate income during the withdrawal period. A stock allocation is maintained to offset inflation and provide some long-term return potential. Volatility management is emphasized in the income phase, allowing for stock exposure without deviating from risk objectives to improve outcomes. Factors with shorter cycles such as dividend yield and low volatility are employed as the goal date nears. Replacing traditional equities with factor-based strategies can reduce risk with greater returns, resulting in a more efficient equity portfolio. ESTIMATED YIELD 2 : 2.86% WEIGHTED AVERAGE EXPENSE RATIO 3 : 0.42% COMPOSITE PERFORMANCE COMPARISON: (For period ending 12/31/17) QTD 1 YR Since 11/30/16 Composite Gross 2.08% 8.31% 8.48% Composite Net (2%) 1.57% 6.18% 6.35% Composite Net (1%) 1.82% 7.24% 7.41% Reference Stable Income 10% 8% 6% 4% 2% 0% Morningstar Retirement Income Category Avg 1.99% 9.12% 9.24% 2.00% 8.71% 8.77% Source: Northern Trust Asset Management Periods greater than one year are annualized. PLEASE REFER TO PAGES 3 AND 4 FOR COMPOSITE AND BENCHMARK DISCLOSURES. Actual client asset allocation weights may be different than those shown. Allocation weights and choice of ETFs and mutual funds are subject to change at the discretion of Northern Trust. The portfolio holdings, characteristics and sector allocations are for illustrative purposes only and can vary for individual accounts. Allocations may not equal 100% due to rounding Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, Illinois U.S.A. ASSET ALLOCATION FULFILLMENT 1 (as of 12/31/17) 27.0% GROWTH US Equity 7.9% ETF - FlexShares Quality Dividend Index Fund (QDF) 4.4% ETF - FlexShares US Quality Large Cap Index Fund (QLC) 1.5% ETF - FlexShares Morningstar U.S. Market Factor Tilt Index Fund (TILT) Developed ex-us Equity 4.0% ETF - FlexShares Morningstar Developed Markets ex-us Factor Tilt Index Fund (TLTD) 7.6% ETF - FlexShares International Quality Dividend Index Fund (IQDF) Emerging Market Equity 1.8% ETF - FlexShares Morningstar Emerging Markets Factor Tilt Index Fund (TLTE) 18.2% INFLATION SENSITIVE Global Natural Resources 3.3% ETF FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) Global Real Estate 1.0% ETF FlexShares Global Quality Real Estate Index Fund (GQRE) Global Infrastructure 1.0% ETF FlexShares STOXX Global Infrastructure Index Fund (NFRA) Treasury Inflation Protected Securities 12.9% ETF - FlexShares iboxx 3-Year Target Duration TIPS Index Fund (TDTT) 54.3% INCOME US Investment Grade Fixed Income 51.6% Fund - Northern Fixed Income Fund (NOFIX) US High Yield Fixed Income 2.7% Fund - Northern High Yield Fixed Income Fund (NHFIX) 0.5% CASH Cash 0.5% Money Market Investment Professional Use Only Not for Distribution to the Public 1

4 Goal Engineer Stable Income This report is provided for informational purposes only and is not intended to be, and should not be construed as, an offer, solicitation or recommendation with respect to any transaction and should not be treated as legal advice, investment advice or tax advice. Recipients should not rely upon this information as a substitute for obtaining specific legal or tax advice from their own professional legal or tax advisors. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities. Indices and trademarks are the property of their respective owners. Information is subject to change based on market or other conditions. All securities investing and trading activities risk the loss of capital. There is no assurance that any of the securities discussed herein will remain in a portfolio at the time you receive this report or that securities sold have not been repurchased. Each portfolio is subject to substantial risks including market risks, strategy risks, adviser risk and risks with respect to its investment in other structures. There can be no assurance that any portfolio investment objectives will be achieved, or that any investment will achieve profits or avoid incurring substantial losses. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. Risk controls and models do not promise any level of performance or guarantee against loss of principal. Any discussion of risk management is intended to describe Northern Trust s efforts to monitor and manage risk but does not imply low risk. Past performance is no guarantee of future results. Performance returns and the principal value of an investment will fluctuate. Performance returns contained herein are subject to revision by Northern Trust. Comparative indices shown are provided as an indication of the performance of a particular segment of the capital markets and/or alternative strategies in general. Index performance returns do not reflect any management fees, transaction costs or expenses. It is not possible to invest directly in any index. Net performance returns are reduced by investment management fees and other expenses relating to the management of the account. Gross performance returns contained herein include reinvestment of dividends and other earnings, transaction costs, and all fees and expenses other than investment management fees, unless indicated otherwise. For additional information on fees, please refer to Part 2A of the Form ADV or consult a Northern Trust representative. Forward-looking statements and assumptions are Northern Trust s current estimates or expectations of future events or future results based upon proprietary research and should not be construed as an estimate or promise of results that a portfolio may achieve. Actual results could differ materially from the results indicated by this information. There are risks involved in investing including possible loss of principal. There is no guarantee that the investment objectives of any fund or strategy will be met. Risk controls and models do not promise any level of performance or guarantee against loss of principal. FlexShares ETFs and Northern Funds are sub-advised by Northern Trust Investments, Inc. For more information on the investment objectives, principle risks, and fees associated with these Funds, please see each Fund's prospectus and statement of additional information ( SAI ), which are available on the Advisors websites at northernfunds.com and flexshares.com. Northern Trust generally utilizes its own funds within this strategy. Northern Trust receives various fees from the funds via the fund expense ratios. Clients will incur these fees. Clients who access these portfolios through a financial intermediary firm will typically pay additional fees to that firm. Clients should speak to their Financial Advisor for more information. Financial intermediaries that employ Northern Trust for model management or overlay services may compensate Northern Trust for those services a fee of up to 0.25%. 1 The portfolio holdings, weights and statistics shown are based on a Northern Trust model portfolio as of close of business at the end of the calendar quarter. They are not calculated or derived from any Managed Account or Model Delivery Platform (MDP). Under Model Delivery Platform (MDP) arrangements, Northern Trust only provides a model to the Sponsor Firm for Unified Managed Accounts (UMAs) and/or Separately Managed Accounts (SMAs), and does not have trading discretion over these accounts. As a result, MDP accounts may contain different investments based on parameters that govern the use of multiple managers and other restrictions. Current and future data may differ at the discretion of the portfolio manager. Actual client portfolios may vary. There may also be performance dispersion between accounts as a result of Northern Trust s lack of trading discretion over the MDP models. 2 Estimated Yield for the strategy is calculated using a weighted average of the trailing 12-month yield of each position in the model portfolio. The trailing 12-month yield is calculated by assuming any income distributions over the past twelve months and dividing them by the sum of the end-of-period value and any capital gain distributions made over the past twelve months. Yields are calculated gross of any additional fees not already netted within the funds. Dividends are not guaranteed and are subject to change or elimination. Due to the unique process of redemption and creation of ETFs, an irregular (high or low) payment could occur during a given period causing an overstatement or understatement of estimated income. Northern Trust uses data provided by external sources to calculate yields. While Northern Trust believes these sources to be reliable, we cannot guarantee the accuracy of the yield calculations of the underlying securities provided. Actual client portfolio yields will vary. Note: Yield is only one component of total return. Investment returns can differ significantly from total portfolio yield. Past performance is not a guarantee of future results. 3 Asset-weighted expense ratios are calculated by multiplying each fund s expense ratio by its portfolio weight and then summing the results. Each fund s expense ratio is sourced from the fund provider s website using the current expense ratios as stated in the most recent prospectuses as of the date of this report. Expense ratios calculate the cost to an investment company to operate a fund. The ratio is calculated annually by dividing a fund s operating expenses by the average dollar value of its assets under management. Operating expenses are taken out of a fund s asset and lower the return to a fund s investors. Actual portfolio fees will vary. Fund expense ratios do not reflect additional transaction, advisory, or management fees and other charges that may be paid for in a separately managed account (SMA), UMA, or MDP. Net investment returns would be reduced by those applicable fees. Clients should refer to their Financial Advisor for more information on such fees. Money Market expense ratio assumes the use of Northern Trust s money market funds. The client s fee may vary based on the specific money market fund in which the client is invested. Northern Trust Investments, Inc. (NTI) is an investment adviser registered with the Securities Exchange Commission under the Investment Advisers Act of The company manages a variety of portfolios utilizing stocks, bonds, and exchange-traded funds (ETFs). The information is not intended for distribution or use by any person in any jurisdiction where such distribution would be contrary to local law or regulation. Northern Trust and its affiliates may have positions in and may effect transactions in the markets, contracts and related investments different than described in this information. This information is obtained from sources believed to be reliable, and its accuracy and completeness are not guaranteed. Information does not constitute a recommendation of any investment strategy, is not intended as investment advice and does not take into account all the circumstances of each investor. Northern Trust Asset Management is composed of Northern Trust Investments, Inc. Northern Trust Global Investments Limited, Northern Trust Global Investments Japan, K.K, NT Global Advisors Inc., 50 South Capital Advisors, LLC and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company. Investment Professional Use Only Not for Distribution to the Public 2

5 Goal Engineer Stable Income STABLE INCOME COMPOSITE RETURNS Composite Gross Composite Net 2% Fee *Since inception 11/30/2016. RETURNS Composite Net 1% Fee Supplemental Reference Category Average 1 Composite TRAILING 3-YEAR RISK Reference Internal Dispersion COMPOSITE COMPOSITION COMPOSITE AND BENCHMARK DISCLOSURES: Northern Trust Asset Management comprises Northern Trust Investments, Inc., Northern Trust Global Investments Limited, 50 South Capital Advisors LLC, Northern Trust Global Investments Japan, K.K., NT Global Advisors, Inc. and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company. As of 09/30/17, Northern Trust had assets under management totaling $1,125.1 billion. For purpose of compliance with the Global Investment Performance Standards (GIPS ) the firm is defined as Northern Trust Asset Management Services, a subset of Northern Trust Asset Management, and includes separate accounts and those investment products managed by NTI, NTGIL, NTGIJ, and TNTC that are distributed through global channels. As of September 2011, the Northern Trust Global Securities Lending Program Division, a division of Northern Trust Asset Management, has been included in the GIPS firm. As of 09/30/17, Northern Trust Asset Management Services had assets under management totaling $884.8 billion. Description: The composite consists of all fee-paying, fully discretionary Goal Engineer Stable Income portfolios managed by Northern Trust Asset Management Managed Accounts. The composite was created on 11/30/2016. Financial leverage is not employed as a part of the overall investment strategy. Financial derivatives, in the form of futures contracts and options, may be utilized for the purposes of liquidity, market exposure or investment opportunity. The internal dispersion of annual returns is measured by the standard deviation across asset-weighted portfolio returns represented in the composite for the full year. If fewer than 5 portfolios are in the composite for a full year, internal dispersion is deemed not applicable. The three year annualized standard deviation is calculated using monthly returns. If the composite has been open for less than three years, the three year annualized standard deviation is deemed not applicable. Performance results are expressed in U.S. dollars and reflect the reinvestment of dividends and other earnings. Composite net returns are presented net of underlying fund fees, transaction costs (for non-wrap accounts), and assumed advisory/wrap fee as noted in column heading. A 2% fee is assumed as the highest advisory/wrap fee for GIPS purposes, a 1% fee is shown as supplemental information. Composite gross returns are presented as supplemental to net returns for comparison purposes only. They are net of underlying fund fees and transaction fees (for nonwrap portion), and gross of advisory fees. The portion of the gross composite attributable to wrap accounts is net of underlying fund fees, and gross of the wrap fee. Northern Trust generally utilizes its own funds within this strategy. Northern Trust receives various fees from the funds via the fund expense ratios. Clients will incur these fees. Clients who access these portfolios through a financial intermediary firm will typically pay additional fees to that firm. A wrap fee includes all charges for trading costs, portfolio management, custody, and other administrative fees. Actual client fees may differ. Clients should speak to their Financial Advisor for more information regarding fees. Financial intermediaries that employ Northern Trust for model management or overlay services may compensate Northern Trust for those services, a fee of up to 0.25%. From inception of the composite 1 account does not pay an advisory fee. Trailing 3 year risk is defined as the standard deviation of the trailing 36 monthly returns annualized. Model delivery assets are managed by third parties to whom NTAM delivers a model portfolio. NTAM does not have discretion over those assets. The figures are provided as supplemental information. Although the figures are obtained from sources believed to be reliable, their accuracy and completeness are not guaranteed. Northern Trust Asset Management Services has been verified by an independent verifier for the period from January 1, 1993 through December 31, Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Past performance is no guarantee of future results. A copy of the verification report is available upon request. Northern Trust Asset Management Services has prepared and presented this report in compliance with GIPS. Prior to 01/01/93, all discretionary accounts may not have been included in a composite. Additional information regarding policies for calculating and reporting returns is available upon request. All information is assumed to be accurate and complete but is not guaranteed. # of Accts % Wrap Accounts Comp Assets ($MIL) Comp Assets as % of Firm Assets Q N/A 3.48 N/A Q N/A 3.55 N/A Q N/A 3.83 N/A Q N/A 3.88 N/A * N/A 3.90 N/A Model Delivery Assets ($MIL) Investment Professional Use Only Not for Distribution to the Public 3

6 Goal Engineer Stable Income COMPOSITE AND BENCHMARK DISCLOSURES (continued): Reference : As of October 1, 2017, the benchmark is comprised of a blend of the constituent indices listed below. The component weights are rebalanced monthly, and are adjusted annually as the strategy moves along the glidepath, and in accordance with Northern Trust s annual Capital Market Assumptions (CMA) process. Historical weights and constituent indices for periods prior to this are available upon request. rates of return should not be considered as exact replications of any particular asset class, security or strategy returns, but rather as an approximation for illustrative purposes. Direct investment in an index is not possible and does not reflect an actual portfolio's investment results. 13.0% MSCI USA IMI 1.0% FTSE EPRA/NAREIT Global Real Estate (net) 11.4% MSCI World ex USA IMI (net) 0.5% Bloomberg Barclays 1-3 Month U.S. Treasury Bills 1.7% MSCI Emerging Markets IMI (net) 52.4% Bloomberg Barclays U.S. Aggregate Bond 3.1% S&P Global Natural Resources (net) 2.7% Bloomberg Barclays U.S. High Yield 2% Issuer Cap 1.0% S&P Global Infrastructure (net) 13.2% Bloomberg Barclays U.S. Treasury TIPS 1-5 Year 1 Morningstar Category Average: Morningstar Retirement Income Category Average is a proprietary Morningstar datapoint. For any given datapoint, the category average is the simple average of all the values for that datapoint for all the funds within a particular Morningstar Category Average. Target-date portfolios provide a diversified exposure to stocks, bonds, and cash for those investors who have a specific date for retirement or another goal. These portfolios aim to provide investors with an optimal level of return and risk, based solely on the target date. Over time, management adjusts the allocation among asset classes to more conservative mixes as the target date approaches. Morningstar divides target-date funds into the following categories: Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date 2050+; Retirement Income. Investment Professional Use Only Not for Distribution to the Public 4

7 Goal Engineer Stable Income MODEL PERFORMANCE COMPARISON: (For period ending 12/31/17) Model Stable Income (Gross of Fees)* Reference Stable Income 10% 8% 6% 4% 2% 0% Morningstar Retirement Income Category Avg Periods greater than one year are annualized. QTD 1 YR 3 YR 5 YR Since 12/31/ % 8.51% 4.55% 4.98% 6.05% 1.99% 9.12% 4.67% 4.54% 5.73% 2.00% 8.71% 3.95% 4.65% 5.28% STABLE INCOME MODEL RETURNS (Gross of Fees)* SUPPLEMENTAL TO COMPOSITE RETURNS QUARTERLY RETURNS Model Stable Income (Gross)* AS OF YEAR-END Reference Stable Income Morningstar Income Category Average 1Q 2Q 3Q 4Q *Performance does not include the effect of back tested transaction costs, is gross of advisory fees, and net of underlying fund fees. Refer to complete disclosure below for more details. SUPPLEMENTAL MODEL PERFORMANCE AND BENCHMARK DISCLOSURES: Northern Trust Asset Management comprises Northern Trust Investments, Inc., Northern Trust Global Investments Limited, 50 South Capital Advisors LLC, Northern Trust Global Investments Japan, K.K., NT Global Advisors, Inc. and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company. As of 09/30/2017, Northern Trust Corporation had assets under management totaling $1,125.1 billion. As of 09/30/2017, Northern Trust Asset Management Services had assets under management totaling $884.8 billion. Model Performance: Returns are calculated using Zephyr StyleAdvisor with index returns supplied from Northern Trust and Bloomberg, and mutual fund returns supplied by Morningstar. Prior to 10/31/2016, the Model portfolio assumed the historical asset class weights within the Glidepath (Income, Inflation Sensitive, Growth) assigned to the Northern Trust target date solution (inception 10/16/2009) for defined contribution (DC) plans. Performance was calculated by retroactively applying the historical Glidepath asset allocation weights to the respective mutual funds and ETFs (or index proxies) that were used in the Goal Engineer series upon the strategy inception date on 10/31/2016. Specific sub-asset class weights (e.g. U.S. equity, international equity, etc) used in the historical model may vary from those that were used in the Northern Trust target Date solution for DC plans due to the replication and optimization process. Allocations were assumed to be made on December 31 of each year, rebalanced annually. Starting 10/31/2016, the Model portfolio assumes the asset class (Glidepath) weights developed for the Goal Engineer portfolios applied at the end of the month in which the allocation change was made. A minimum 0.5% allocation to cash is assumed. No cash flow is included in the calculation. Performance does not include the effect of back tested transaction costs, is gross of advisory fees, and net of underlying fund fees. Northern Trust generally utilizes its own funds within this strategy. Northern Trust receives various fees from the funds via the fund expense ratios. Clients will incur these fees. Clients who access these portfolios through a financial intermediary firm will typically pay additional fees to that firm. Clients should speak to their Financial Advisor for more information. (continued on next page) Investment Professional Use Only Not for Distribution to the Public 5

8 Goal Engineer Stable Income SUPPLEMENTAL MODEL PERFORMANCE AND BENCHMARK DISCLOSURES: (continued) In cases where an underlying fund within Goal Engineer (GE) has live historical performance available for the entire time-series, the fund s actual performance was used in the construction of the overall GE model performance results for the entire time-series (12/31/2009 present). This methodology was used for all the Northern Trust fixed income funds, QDF and NFRA. Performance results for mutual funds reflect the reinvestment of dividends and other earnings and are net of fund fees. Where an underlying ETF did not have live historical performance available, simulated results were used in the construction of the overall GE model performance results for the entire time-series (12/31/2009 present). This methodology was used for the QLC, QDEF, IQDF, TILT, TLTD, TLTE, GUNR, GQRE and TDTT. Total return indices were used as proxies for their corresponding ETFs. The performance history of the underlying index was reduced by the corresponding ETF fund management fees to estimate a net return. The performance for the indices used in the model portfolios include periods prior to their creation dates, which are hypothetical and back tested. Index returns used do not reflect transactions costs. Index returns should not be considered exact replications of an actual ETF return, but rather as an approximation for illustrative purposes. Direct investment in an index is not possible and the representative index returns may not fully reflect actual investment risk. Actual results achieved might have been materially less favorable than the index returns. Additional information regarding policies for calculating and reporting returns is available upon request. All information is assumed to be accurate and complete but is not guaranteed. Important Information Regarding Back Tested Returns: Model performance presented in this material is back tested and does not reflect the results of an actual investment portfolio, or actual management or trading of client accounts. Simulated results, assumptions and projections are estimates and should not be considered exact replications or an indication of an actual portfolio s returns, but rather an approximation for illustrative purposes and as a guideline. Back tested performance is not an indicator of future actual results. If the model portfolio would have been actively managed, it would have been subject to market conditions that could have materially impacted performance and possibly resulted in a significant decline in portfolio value. Back tested data contained herein reflects the performance of the mutual funds or indices described which were selected with the benefit of hindsight. Detailed information regarding hypothetical model and index performance is available upon request or by visiting the index sponsors websites. Reference is comprised of a blend of the constituent indices listed below. The component weights are rebalanced monthly and are adjusted annually as the strategy moves along the glidepath, and in accordance with Northern Trust s annual Capital Market Assumptions (CMA) process. Historical weights and definitions for constituent indices are available upon request. Domestic Equity: 10/16/2009 to 02/21/2014: Blend of S&P 500, S&P MidCap 400, Russell /22/2014 to present: MSCI USA IMI International Equity:10/16/2009 to 02/29/2012: Blend of MSCI EAFE and MSCI Emerging Markets 03/01/2012 to 10/31/2016: MSCI ACWI ex-usa IMI 11/01/2016 to present: Blend of MSCI World ex USA IMI and MSCI Emerging Markets IMI Inflation Sensitive: 10/16/2009 to 02/18/2014: Barclays U.S. TIPS Index, 02/19/2014 to 10/31/2016: Barclays 1-10 Year U.S. TIPS, 11/01/2016 to present: Bloomberg Barclays U.S. Treasury TIPS 1-5 Year 10/16/2009 to present: FTSE EPRA/NAREIT Global Real Estate 10/16/2009 to 10/31/2016: Bloomberg Commodity, 11/01/2016 to 06/30/2017: Morningstar Global Upstream Natural Resources Index, 07/01/2017 to present: S&P Global Natural Resources 11/01/2016 to present: S&P Global Infrastructure Fixed Income: 10/16/2009 to present: Bloomberg Barclays U.S. Aggregate Bond 10/16/2009 to present: Bloomberg Barclays U.S. High-Yield 2% Issuer Cap Cash: 10/16/2009 to 02/28/2014: B of A Merrill Lynch 3-month U.S. Treasury Bill 11/01/2016 to present: Bloomberg Barclays 1-3 Month U.S. Treasury Bills The benchmark rates of return should not be considered as exact replications of any particular asset class, security or strategy returns, but rather as an approximation for illustrative purposes. Direct investment in an index is not possible and does not reflect an actual portfolio's investment results. Definitions for constituent reference benchmark indices are available upon request. Morningstar Category Average: Morningstar Category Average is a proprietary Morningstar datapoint. For any given datapoint, the category average is the simple average of all the values for that datapoint for all the funds within a particular Morningstar Category Average. Target-date portfolios provide a diversified exposure to stocks, bonds, and cash for those investors who have a specific date for retirement or another goal. These portfolios aim to provide investors with an optimal level of return and risk, based solely on the target date. Over time, management adjusts the allocation among asset classes to more conservative mixes as the target date approaches. Morningstar divides target-date funds into the following categories: Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date 2050+; Retirement Income. Investment Professional Use Only Not for Distribution to the Public 6

9 Goal Engineer 2015 GOAL ENGINEER 2015 GLIDEPATH (subject to change) 100% INCOME 90% Allocation 80% 70% 60% 50% 40% 30% 20% 10% 0% INFLATION SENSITIVE GROWTH Longer Cycle Factors Shorter Cycle Factors Years to Goal Date *For illustrative purposes only, actual allocation will differ PORTFOLIO CURRENT POSITION* OBJECTIVE: Designed for withdrawals to begin around the year The stock allocation is characterized by a greater focus on capital accumulation further away from the end of the glidepath, while volatility management is emphasized as the portfolio moves closer to the goal date. Bond allocations increase over time to add stability and generate income in retirement years. Portfolios with longer time horizons have greater exposure to those factors that have been shown to increase performance over time, such as value and small size. Portfolios with shorter time horizons have greater exposure to those factors that tend to reduce risk or increase income, such as quality or dividend yield. ESTIMATED YIELD 2 : 2.86% WEIGHTED AVERAGE EXPENSE RATIO 3 : 0.42% COMPOSITE PERFORMANCE COMPARISON: (For period ending 12/31/17) 12% 10% 8% 6% 4% 2% 0% QTD 1 YR Since 11/30/ (Gross of Fees)* 2.19% 8.91% 9.12% Composite Net (2%) 1.69% 6.76% 6.97% Composite Net (1%) 1.94% 7.83% 8.04% Reference % 9.87% 10.02% Morningstar Category Average 2.63% 11.29% 11.37% Source: Northern Trust Asset Management Periods greater than one year are annualized. PLEASE REFER TO PAGES 3 AND 4 FOR COMPOSITE AND BENCHMARK DISCLOSURES. Actual client asset allocation weights may be different than those shown. Allocation weights and choice of ETFs and mutual funds are subject to change at the discretion of Northern Trust. The portfolio holdings, characteristics and sector allocations are for illustrative purposes only and can vary for individual accounts. Allocations may not equal 100% due to rounding Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, Illinois U.S.A. ASSET ALLOCATION FULFILLMENT 1 (as of 12/31/17) 29.8% GROWTH US Equity 8.7% ETF - FlexShares Quality Dividend Index Fund (QDF) 4.8% ETF - FlexShares US Quality Large Cap Index Fund (QLC) 1.7% ETF - FlexShares Morningstar U.S. Market Factor Tilt Index Fund (TILT) Developed ex-us Equity 4.4% ETF - FlexShares Morningstar Developed Markets ex-us Factor Tilt Index Fund (TLTD) 8.4% ETF - FlexShares International Quality Dividend Index Fund (IQDF) Emerging Market Equity 1.9% ETF - FlexShares Morningstar Emerging Markets Factor Tilt Index Fund (TLTE) 18.0% INFLATION SENSITIVE Global Natural Resources 3.6% ETF FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) Global Real Estate 1.1% ETF FlexShares Global Quality Real Estate Index Fund (GQRE) Global Infrastructure 1.1% ETF FlexShares STOXX Global Infrastructure Index Fund (NFRA) Treasury Inflation Protected Securities 12.2% ETF - FlexShares iboxx 3-Year Target Duration TIPS Index Fund (TDTT) 51.7% INCOME US Investment Grade Fixed Income 48.8% Fund - Northern Fixed Income Fund (NOFIX) US High Yield Fixed Income 2.9% Fund - Northern High Yield Fixed Income Fund (NHFIX) 0.5% CASH Cash 0.5% Money Market Investment Professional Use Only Not for Distribution to the Public 1

10 Goal Engineer 2015 This report is provided for informational purposes only and is not intended to be, and should not be construed as, an offer, solicitation or recommendation with respect to any transaction and should not be treated as legal advice, investment advice or tax advice. Recipients should not rely upon this information as a substitute for obtaining specific legal or tax advice from their own professional legal or tax advisors. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities. Indices and trademarks are the property of their respective owners. Information is subject to change based on market or other conditions. All securities investing and trading activities risk the loss of capital. There is no assurance that any of the securities discussed herein will remain in a portfolio at the time you receive this report or that securities sold have not been repurchased. Each portfolio is subject to substantial risks including market risks, strategy risks, adviser risk and risks with respect to its investment in other structures. There can be no assurance that any portfolio investment objectives will be achieved, or that any investment will achieve profits or avoid incurring substantial losses. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. Risk controls and models do not promise any level of performance or guarantee against loss of principal. Any discussion of risk management is intended to describe Northern Trust s efforts to monitor and manage risk but does not imply low risk. Past performance is no guarantee of future results. Performance returns and the principal value of an investment will fluctuate. Performance returns contained herein are subject to revision by Northern Trust. Comparative indices shown are provided as an indication of the performance of a particular segment of the capital markets and/or alternative strategies in general. Index performance returns do not reflect any management fees, transaction costs or expenses. It is not possible to invest directly in any index. Net performance returns are reduced by investment management fees and other expenses relating to the management of the account. Gross performance returns contained herein include reinvestment of dividends and other earnings, transaction costs, and all fees and expenses other than investment management fees, unless indicated otherwise. For additional information on fees, please refer to Part 2A of the Form ADV or consult a Northern Trust representative. Forward-looking statements and assumptions are Northern Trust s current estimates or expectations of future events or future results based upon proprietary research and should not be construed as an estimate or promise of results that a portfolio may achieve. Actual results could differ materially from the results indicated by this information. There are risks involved in investing including possible loss of principal. There is no guarantee that the investment objectives of any fund or strategy will be met. Risk controls and models do not promise any level of performance or guarantee against loss of principal. FlexShares ETFs and Northern Funds are sub-advised by Northern Trust Investments, Inc. For more information on the investment objectives, principle risks, and fees associated with these Funds, please see each Fund's prospectus and statement of additional information ( SAI ), which are available on the Advisors websites at northernfunds.com and flexshares.com. Northern Trust generally utilizes its own funds within this strategy. Northern Trust receives various fees from the funds via the fund expense ratios. Clients will incur these fees. Clients who access these portfolios through a financial intermediary firm will typically pay additional fees to that firm. Clients should speak to their Financial Advisor for more information. Financial intermediaries that employ Northern Trust for model management or overlay services may compensate Northern Trust for those services a fee of up to 0.25%. 1 The portfolio holdings, weights and statistics shown are based on a Northern Trust model portfolio as of close of business at the end of the calendar quarter. They are not calculated or derived from any Managed Account or Model Delivery Platform (MDP). Under Model Delivery Platform (MDP) arrangements, Northern Trust only provides a model to the Sponsor Firm for Unified Managed Accounts (UMAs) and/or Separately Managed Accounts (SMAs), and does not have trading discretion over these accounts. As a result, MDP accounts may contain different investments based on parameters that govern the use of multiple managers and other restrictions. Current and future data may differ at the discretion of the portfolio manager. Actual client portfolios may vary. There may also be performance dispersion between accounts as a result of Northern Trust s lack of trading discretion over the MDP models. 2 Estimated Yield for the strategy is calculated using a weighted average of the trailing 12-month yield of each position in the model portfolio. The trailing 12-month yield is calculated by assuming any income distributions over the past twelve months and dividing them by the sum of the end-of-period value and any capital gain distributions made over the past twelve months. Yields are calculated gross of any additional fees not already netted within the funds. Dividends are not guaranteed and are subject to change or elimination. Due to the unique process of redemption and creation of ETFs, an irregular (high or low) payment could occur during a given period causing an overstatement or understatement of estimated income. Northern Trust uses data provided by external sources to calculate yields. While Northern Trust believes these sources to be reliable, we cannot guarantee the accuracy of the yield calculations of the underlying securities provided. Actual client portfolio yields will vary. Note: Yield is only one component of total return. Investment returns can differ significantly from total portfolio yield. Past performance is not a guarantee of future results. 3 Asset-weighted expense ratios are calculated by multiplying each fund s expense ratio by its portfolio weight and then summing the results. Each fund s expense ratio is sourced from the fund provider s website using the current expense ratios as stated in the most recent prospectuses as of the date of this report. Expense ratios calculate the cost to an investment company to operate a fund. The ratio is calculated annually by dividing a fund s operating expenses by the average dollar value of its assets under management. Operating expenses are taken out of a fund s asset and lower the return to a fund s investors. Actual portfolio fees will vary. Fund expense ratios do not reflect additional transaction, advisory, or management fees and other charges that may be paid for in a separately managed account (SMA), UMA, or MDP. Net investment returns would be reduced by those applicable fees. Clients should refer to their Financial Advisor for more information on such fees. Money Market expense ratio assumes the use of Northern Trust s money market funds. The client s fee may vary based on the specific money market fund in which the client is invested. Northern Trust Investments, Inc. (NTI) is an investment adviser registered with the Securities Exchange Commission under the Investment Advisers Act of The company manages a variety of portfolios utilizing stocks, bonds, and exchange-traded funds (ETFs). The information is not intended for distribution or use by any person in any jurisdiction where such distribution would be contrary to local law or regulation. Northern Trust and its affiliates may have positions in and may effect transactions in the markets, contracts and related investments different than described in this information. This information is obtained from sources believed to be reliable, and its accuracy and completeness are not guaranteed. Information does not constitute a recommendation of any investment strategy, is not intended as investment advice and does not take into account all the circumstances of each investor. Northern Trust Asset Management is composed of Northern Trust Investments, Inc. Northern Trust Global Investments Limited, Northern Trust Global Investments Japan, K.K, NT Global Advisors Inc., 50 South Capital Advisors, LLC and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company. Investment Professional Use Only Not for Distribution to the Public 2

11 Goal Engineer COMPOSITE RETURNS Composite Gross Composite Net 2% Fee *Since inception 11/30/2016. RETURNS Composite Net 1% Fee Supplemental Reference Category Average 1 Composite TRAILING 3-YEAR RISK Reference Internal Dispersion COMPOSITE COMPOSITION COMPOSITE AND BENCHMARK DISCLOSURES: Northern Trust Asset Management comprises Northern Trust Investments, Inc., Northern Trust Global Investments Limited, 50 South Capital Advisors LLC, Northern Trust Global Investments Japan, K.K., NT Global Advisors, Inc. and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company. As of 09/30/17, Northern Trust had assets under management totaling $1,125.1 billion. For purpose of compliance with the Global Investment Performance Standards (GIPS ) the firm is defined as Northern Trust Asset Management Services, a subset of Northern Trust Asset Management, and includes separate accounts and those investment products managed by NTI, NTGIL, NTGIJ, and TNTC that are distributed through global channels. As of September 2011, the Northern Trust Global Securities Lending Program Division, a division of Northern Trust Asset Management, has been included in the GIPS firm. As of 09/30/17, Northern Trust Asset Management Services had assets under management totaling $884.8 billion. Description: The composite consists of all fee-paying, fully discretionary Goal Engineer 2015 portfolios managed by Northern Trust Asset Management Managed Accounts. The composite was created on 11/30/2016. Financial leverage is not employed as a part of the overall investment strategy. Financial derivatives, in the form of futures contracts and options, may be utilized for the purposes of liquidity, market exposure or investment opportunity. The internal dispersion of annual returns is measured by the standard deviation across asset-weighted portfolio returns represented in the composite for the full year. If fewer than 5 portfolios are in the composite for a full year, internal dispersion is deemed not applicable. The three year annualized standard deviation is calculated using monthly returns. If the composite has been open for less than three years, the three year annualized standard deviation is deemed not applicable. Performance results are expressed in U.S. dollars and reflect the reinvestment of dividends and other earnings. Composite net returns are presented net of underlying fund fees, transaction costs (for non-wrap accounts), and assumed advisory/wrap fee as noted in column heading. A 2% fee is assumed as the highest advisory/wrap fee for GIPS purposes, a 1% fee is shown as supplemental information. Composite gross returns are presented as supplemental to net returns for comparison purposes only. They are net of underlying fund fees and transaction fees (for non-wrap portion), and gross of advisory fees. The portion of the gross composite attributable to wrap accounts is net of underlying fund fees, and gross of the wrap fee. Northern Trust generally utilizes its own funds within this strategy. Northern Trust receives various fees from the funds via the fund expense ratios. Clients will incur these fees. Clients who access these portfolios through a financial intermediary firm will typically pay additional fees to that firm. A wrap fee includes all charges for trading costs, portfolio management, custody, and other administrative fees. Actual client fees may differ. Clients should speak to their Financial Advisor for more information regarding fees. Financial intermediaries that employ Northern Trust for model management or overlay services may compensate Northern Trust for those services, a fee of up to 0.25%. From inception of the composite 1 account does not pay an advisory fee. Trailing 3 year risk is defined as the standard deviation of the trailing 36 monthly returns annualized. Model delivery assets are managed by third parties to whom NTAM delivers a model portfolio. NTAM does not have discretion over those assets. The figures are provided as supplemental information. Although the figures are obtained from sources believed to be reliable, their accuracy and completeness are not guaranteed. Northern Trust Asset Management Services has been verified by an independent verifier for the period from January 1, 1993 through December 31, Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Past performance is no guarantee of future results. A copy of the verification report is available upon request. Northern Trust Asset Management Services has prepared and presented this report in compliance with GIPS. Prior to 01/01/93, all discretionary accounts may not have been included in a composite. Additional information regarding policies for calculating and reporting returns is available upon request. All information is assumed to be accurate and complete but is not guaranteed. # of Accts % Wrap Accounts Comp Assets ($MIL) Comp Assets as % of Firm Assets Q N/A 4.60 N/A Q N/A 4.67 N/A Q N/A 5.03 N/A Q N/A 5.08 N/A * N/A 5.21 N/A Model Delivery Assets ($MIL) Investment Professional Use Only Not for Distribution to the Public 3

12 Goal Engineer 2015 COMPOSITE AND BENCHMARK DISCLOSURES (continued): Reference : As of October 1, 2017, the benchmark is comprised of a blend of the constituent indices listed below. The component weights are rebalanced monthly, and are adjusted annually as the strategy moves along the glidepath, and in accordance with Northern Trust s annual Capital Market Assumptions (CMA) process. Historical weights and constituent indices for periods prior to this are available upon request. rates of return should not be considered as exact replications of any particular asset class, security or strategy returns, but rather as an approximation for illustrative purposes. Direct investment in an index is not possible and does not reflect an actual portfolio's investment results. 14.4% MSCI USA IMI 1.1% FTSE EPRA/NAREIT Global Real Estate (net) 12.6% MSCI World ex USA IMI (net) 0.5% Bloomberg Barclays 1-3 Month U.S. Treasury Bills 1.8% MSCI Emerging Markets IMI (net) 49.6% Bloomberg Barclays U.S. Aggregate Bond 3.4% S&P Global Natural Resources (net) 3.0% Bloomberg Barclays U.S. High Yield 2% Issuer Cap 1.1% S&P Global Infrastructure (net) 12.5% Bloomberg Barclays U.S. Treasury TIPS 1-5 Year 1 Morningstar Category Average: Morningstar Category Average is a proprietary Morningstar datapoint. For any given datapoint, the category average is the simple average of all the values for that datapoint for all the funds within a particular Morningstar Category Average. Target-date portfolios provide a diversified exposure to stocks, bonds, and cash for those investors who have a specific date for retirement or another goal. These portfolios aim to provide investors with an optimal level of return and risk, based solely on the target date. Over time, management adjusts the allocation among asset classes to more conservative mixes as the target date approaches. Morningstar divides target-date funds into the following categories: Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date 2050+; Retirement Income. Investment Professional Use Only Not for Distribution to the Public 4

13 Goal Engineer 2015 MODEL PERFORMANCE COMPARISON: (For period ending 12/31/17) 0% QTD 1 YR 3 YR 5 YR Since 12/31/09 Model 2015 (Net of Fees) 2.35% 9.11% 4.81% 6.21% 7.14% Reference % 10% 8% 6% 4% 2% Morningstar Category Average Periods greater than one year are annualized. 2.16% 9.87% 4.79% 5.46% 6.49% 2.63% 11.29% 5.21% 5.93% 6.44% 2015 MODEL RETURNS (Gross of Fees)* SUPPLEMENTAL TO COMPOSITE RETURNS QUARTERLY RETURNS Model 2015 (Gross)* AS OF YEAR-END Reference 2015 Morningstar Category Average 1Q 2Q 3Q 4Q *Performance does not include the effect of back tested transaction costs, is gross of advisory fees, and net of underlying fund fees. Refer to complete disclosure below for more details. SUPPLEMENTAL MODEL PERFORMANCE AND BENCHMARK DISCLOSURES: Northern Trust Asset Management comprises Northern Trust Investments, Inc., Northern Trust Global Investments Limited, 50 South Capital Advisors LLC, Northern Trust Global Investments Japan, K.K., NT Global Advisors, Inc. and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company. As of 09/30/2017, Northern Trust Corporation had assets under management totaling $1,125.1 billion. As of 09/30/2017, Northern Trust Asset Management Services had assets under management totaling $884.8 billion. Model Performance: Returns are calculated using Zephyr StyleAdvisor with index returns supplied from Northern Trust and Bloomberg, and mutual fund returns supplied by Morningstar. Prior to 10/31/2016, the Model portfolio assumed the historical asset class weights within the Glidepath (Income, Inflation Sensitive, Growth) assigned to the Northern Trust target date solution (inception 10/16/2009) for defined contribution (DC) plans. Performance was calculated by retroactively applying the historical Glidepath asset allocation weights to the respective mutual funds and ETFs (or index proxies) that were used in the Goal Engineer series upon the strategy inception date on 10/31/2016. Specific sub-asset class weights (e.g. U.S. equity, international equity, etc) used in the historical model may vary from those that were used in the Northern Trust target Date solution for DC plans due to the replication and optimization process. Allocations were assumed to be made on December 31 of each year, rebalanced annually. Starting 10/31/2016, the Model portfolio assumes the asset class (Glidepath) weights developed for the Goal Engineer portfolios applied at the end of the month in which the allocation change was made. A minimum 0.5% allocation to cash is assumed. No cash flow is included in the calculation. Performance does not include the effect of back tested transaction costs, is gross of advisory fees, and net of underlying fund fees. Northern Trust generally utilizes its own funds within this strategy. Northern Trust receives various fees from the funds via the fund expense ratios. Clients will incur these fees. Clients who access these portfolios through a financial intermediary firm will typically pay additional fees to that firm. Clients should speak to their Financial Advisor for more information. (continued on next page) Investment Professional Use Only Not for Distribution to the Public 5

14 Goal Engineer 2015 SUPPLEMENTAL MODEL PERFORMANCE AND BENCHMARK DISCLOSURES: (continued) In cases where an underlying fund within Goal Engineer (GE) has live historical performance available for the entire time-series, the fund s actual performance was used in the construction of the overall GE model performance results for the entire time-series (12/31/2009 present). This methodology was used for all the Northern Trust fixed income funds, QDF and NFRA. Performance results for mutual funds reflect the reinvestment of dividends and other earnings and are net of fund fees. Where an underlying ETF did not have live historical performance available, simulated results were used in the construction of the overall GE model performance results for the entire time-series (12/31/2009 present). This methodology was used for the QLC, QDEF, IQDF, TILT, TLTD, TLTE, GUNR, GQRE and TDTT. Total return indices were used as proxies for their corresponding ETFs. The performance history of the underlying index was reduced by the corresponding ETF fund management fees to estimate a net return. The performance for the indices used in the model portfolios include periods prior to their creation dates, which are hypothetical and back tested. Index returns used do not reflect transactions costs. Index returns should not be considered exact replications of an actual ETF return, but rather as an approximation for illustrative purposes. Direct investment in an index is not possible and the representative index returns may not fully reflect actual investment risk. Actual results achieved might have been materially less favorable than the index returns. Important Information Regarding Back Tested Returns: Model performance presented in this material is back tested and does not reflect the results of an actual investment portfolio, or actual management or trading of client accounts. Simulated results, assumptions and projections are estimates and should not be considered exact replications or an indication of an actual portfolio s returns, but rather an approximation for illustrative purposes and as a guideline. Back tested performance is not an indicator of future actual results. If the model portfolio would have been actively managed, it would have been subject to market conditions that could have materially impacted performance and possibly resulted in a significant decline in portfolio value. Back tested data contained herein reflects the performance of the mutual funds or indices described which were selected with the benefit of hindsight. Detailed information regarding hypothetical model and index performance is available upon request or by visiting the index sponsors websites. Additional information regarding policies for calculating and reporting returns is available upon request. All information is assumed to be accurate and complete but is not guaranteed. Reference is comprised of a blend of the constituents indices listed below. The component weights are rebalanced monthly and are adjusted annually as the strategy moves along the glidepath, and in accordance with Northern Trust s annual Capital Market Assumptions (CMA) process. Historical weights and definitions for constituent indices are available upon request. Domestic Equity: 10/16/2009 to 02/21/2014: Blend of S&P 500, S&P MidCap 400, Russell /22/2014 to present: MSCI USA IMI International Equity:10/16/2009 to 02/29/2012: Blend of MSCI EAFE and MSCI Emerging Markets 03/01/2012 to 10/31/2016: MSCI ACWI ex-usa IMI 11/01/2016 to present: Blend of MSCI World ex USA IMI and MSCI Emerging Markets IMI Inflation Sensitive: 10/16/2009 to 02/18/2014: Barclays U.S. TIPS Index, 02/19/2014 to 10/31/2016: Barclays 1-10 Year U.S. TIPS, 11/01/2016 to present: Bloomberg Barclays U.S. Treasury TIPS 1-5 Year 10/16/2009 to present: FTSE EPRA/NAREIT Global Real Estate 10/16/2009 to 10/31/2016: Bloomberg Commodity, 11/01/2016 to 06/30/2017: Morningstar Global Upstream Natural Resources Index, 07/01/2017 to present: S&P Global Natural Resources 11/01/2016 to present: S&P Global Infrastructure Fixed Income: 10/16/2009 to present: Bloomberg Barclays U.S. Aggregate Bond 10/16/2009 to present: Bloomberg Barclays U.S. High-Yield 2% Issuer Cap Cash: 10/16/2009 to 02/28/2014: B of A Merrill Lynch 3-month U.S. Treasury Bill 11/01/2016 to present: Bloomberg Barclays 1-3 Month U.S. Treasury Bills These benchmark rates of return should not be considered as exact replications of any particular asset class, security or strategy returns, but rather as an approximation for illustrative purposes. Direct investment in an index is not possible and does not reflect an actual portfolio's investment results. Definitions for constituent reference benchmark indices are available upon request. Morningstar Category Average: Morningstar Category Average is a proprietary Morningstar datapoint. For any given datapoint, the category average is the simple average of all the values for that datapoint for all the funds within a particular Morningstar Category Average. Target-date portfolios provide a diversified exposure to stocks, bonds, and cash for those investors who have a specific date for retirement or another goal. These portfolios aim to provide investors with an optimal level of return and risk, based solely on the target date. Over time, management adjusts the allocation among asset classes to more conservative mixes as the target date approaches. Morningstar divides target-date funds into the following categories: Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date 2050+; Retirement Income. Investment Professional Use Only Not for Distribution to the Public 6

15 Goal Engineer 2020 GOAL ENGINEER 2020 GLIDEPATH (subject to change) 100% INCOME 90% Allocation 80% 70% 60% 50% 40% 30% 20% 10% 0% INFLATION SENSITIVE GROWTH Longer Cycle Factors Shorter Cycle Factors Years to Goal Date Goal *For illustrative purposes only, actual allocation will differ PORTFOLIO CURRENT POSITION* OBJECTIVE: Designed for withdrawals to begin around the year The stock allocation is characterized by a greater focus on capital accumulation further away from the end of the glidepath, while volatility management is emphasized as the portfolio moves closer to the goal date. Bond allocations increase over time to add stability and generate income in retirement years. Portfolios with longer time horizons have greater exposure to those factors that have been shown to increase performance over time, such as value and small size. Portfolios with shorter time horizons have greater exposure to those factors that tend to reduce risk or increase income, such as quality or dividend yield. ESTIMATED YIELD 2 : 2.89% WEIGHTED AVERAGE EXPENSE RATIO 3 : 0.43% COMPOSITE PERFORMANCE COMPARISON: (For period ending 12/31/17) 16% 12% 8% 4% 0% Since QTD 1 YR 11/30/ (Gross of Fees)* 2.47% 9.67% 9.92% Composite Net (2%) 1.96% 7.51% 7.75% Composite Net (1%) 2.21% 8.59% 8.83% Reference % 10.84% 11.03% Morningstar Category Average 2.93% 12.19% 12.25% Source: Northern Trust Asset Management Periods greater than one year are annualized. PLEASE REFER TO PAGES 3 AND 4 FOR COMPOSITE AND BENCHMARK DISCLOSURES. Actual client asset allocation weights may be different than those shown. Allocation weights and choice of ETFs and mutual funds are subject to change at the discretion of Northern Trust. The portfolio holdings, characteristics and sector allocations are for illustrative purposes only and can vary for individual accounts. Allocations may not equal 100% due to rounding Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, Illinois U.S.A. ASSET ALLOCATION FULFILLMENT 1 (as of 12/31/17) 33.6% GROWTH US Equity 10.5% ETF - FlexShares Quality Dividend Index Fund (QDF) 4.9% ETF - FlexShares US Quality Large Cap Index Fund (QLC) 1.7% ETF - FlexShares Morningstar U.S. Market Factor Tilt Index Fund (TILT) Developed ex-us Equity 4.4% ETF - FlexShares Morningstar Developed Markets ex-us Factor Tilt Index Fund (TLTD) 10.2% ETF - FlexShares International Quality Dividend Index Fund (IQDF) Emerging Market Equity 2.0% ETF - FlexShares Morningstar Emerging Markets Factor Tilt Index Fund (TLTE) 17.8% INFLATION SENSITIVE Global Natural Resources 4.0% ETF FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) Global Real Estate 1.3% ETF FlexShares Global Quality Real Estate Index Fund (GQRE) Global Infrastructure 1.3% ETF FlexShares STOXX Global Infrastructure Index Fund (NFRA) Treasury Inflation Protected Securities 11.2% ETF - FlexShares iboxx 3-Year Target Duration TIPS Index Fund (TDTT) 48.1% INCOME US Investment Grade Fixed Income 44.8% Fund - Northern Fixed Income Fund (NOFIX) US High Yield Fixed Income 3.3% Fund - Northern High Yield Fixed Income Fund (NHFIX) 0.5% CASH Cash 0.5% Money Market Investment Professional Use Only Not for Distribution to the Public 1

16 Goal Engineer 2020 This report is provided for informational purposes only and is not intended to be, and should not be construed as, an offer, solicitation or recommendation with respect to any transaction and should not be treated as legal advice, investment advice or tax advice. Recipients should not rely upon this information as a substitute for obtaining specific legal or tax advice from their own professional legal or tax advisors. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities. Indices and trademarks are the property of their respective owners. Information is subject to change based on market or other conditions. All securities investing and trading activities risk the loss of capital. There is no assurance that any of the securities discussed herein will remain in a portfolio at the time you receive this report or that securities sold have not been repurchased. Each portfolio is subject to substantial risks including market risks, strategy risks, adviser risk and risks with respect to its investment in other structures. There can be no assurance that any portfolio investment objectives will be achieved, or that any investment will achieve profits or avoid incurring substantial losses. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. Risk controls and models do not promise any level of performance or guarantee against loss of principal. Any discussion of risk management is intended to describe Northern Trust s efforts to monitor and manage risk but does not imply low risk. Past performance is no guarantee of future results. Performance returns and the principal value of an investment will fluctuate. Performance returns contained herein are subject to revision by Northern Trust. Comparative indices shown are provided as an indication of the performance of a particular segment of the capital markets and/or alternative strategies in general. Index performance returns do not reflect any management fees, transaction costs or expenses. It is not possible to invest directly in any index. Net performance returns are reduced by investment management fees and other expenses relating to the management of the account. Gross performance returns contained herein include reinvestment of dividends and other earnings, transaction costs, and all fees and expenses other than investment management fees, unless indicated otherwise. For additional information on fees, please refer to Part 2A of the Form ADV or consult a Northern Trust representative. Forward-looking statements and assumptions are Northern Trust s current estimates or expectations of future events or future results based upon proprietary research and should not be construed as an estimate or promise of results that a portfolio may achieve. Actual results could differ materially from the results indicated by this information. There are risks involved in investing including possible loss of principal. There is no guarantee that the investment objectives of any fund or strategy will be met. Risk controls and models do not promise any level of performance or guarantee against loss of principal. FlexShares ETFs and Northern Funds are sub-advised by Northern Trust Investments, Inc. For more information on the investment objectives, principle risks, and fees associated with these Funds, please see each Fund's prospectus and statement of additional information ( SAI ), which are available on the Advisors websites at northernfunds.com and flexshares.com. Northern Trust generally utilizes its own funds within this strategy. Northern Trust receives various fees from the funds via the fund expense ratios. Clients will incur these fees. Clients who access these portfolios through a financial intermediary firm will typically pay additional fees to that firm. Clients should speak to their Financial Advisor for more information. Financial intermediaries that employ Northern Trust for model management or overlay services may compensate Northern Trust for those services a fee of up to 0.25%. 1 The portfolio holdings, weights and statistics shown are based on a Northern Trust model portfolio as of close of business at the end of the calendar quarter. They are not calculated or derived from any Managed Account or Model Delivery Platform (MDP). Under Model Delivery Platform (MDP) arrangements, Northern Trust only provides a model to the Sponsor Firm for Unified Managed Accounts (UMAs) and/or Separately Managed Accounts (SMAs), and does not have trading discretion over these accounts. As a result, MDP accounts may contain different investments based on parameters that govern the use of multiple managers and other restrictions. Current and future data may differ at the discretion of the portfolio manager. Actual client portfolios may vary. There may also be performance dispersion between accounts as a result of Northern Trust s lack of trading discretion over the MDP models. 2 Estimated Yield for the strategy is calculated using a weighted average of the trailing 12-month yield of each position in the model portfolio. The trailing 12-month yield is calculated by assuming any income distributions over the past twelve months and dividing them by the sum of the end-of-period value and any capital gain distributions made over the past twelve months. Yields are calculated gross of any additional fees not already netted within the funds. Dividends are not guaranteed and are subject to change or elimination. Due to the unique process of redemption and creation of ETFs, an irregular (high or low) payment could occur during a given period causing an overstatement or understatement of estimated income. Northern Trust uses data provided by external sources to calculate yields. While Northern Trust believes these sources to be reliable, we cannot guarantee the accuracy of the yield calculations of the underlying securities provided. Actual client portfolio yields will vary. Note: Yield is only one component of total return. Investment returns can differ significantly from total portfolio yield. Past performance is not a guarantee of future results. 3 Asset-weighted expense ratios are calculated by multiplying each fund s expense ratio by its portfolio weight and then summing the results. Each fund s expense ratio is sourced from the fund provider s website using the current expense ratios as stated in the most recent prospectuses as of the date of this report. Expense ratios calculate the cost to an investment company to operate a fund. The ratio is calculated annually by dividing a fund s operating expenses by the average dollar value of its assets under management. Operating expenses are taken out of a fund s asset and lower the return to a fund s investors. Actual portfolio fees will vary. Fund expense ratios do not reflect additional transaction, advisory, or management fees and other charges that may be paid for in a separately managed account (SMA), UMA, or MDP. Net investment returns would be reduced by those applicable fees. Clients should refer to their Financial Advisor for more information on such fees. Money Market expense ratio assumes the use of Northern Trust s money market funds. The client s fee may vary based on the specific money market fund in which the client is invested. Northern Trust Investments, Inc. (NTI) is an investment adviser registered with the Securities Exchange Commission under the Investment Advisers Act of The company manages a variety of portfolios utilizing stocks, bonds, and exchange-traded funds (ETFs). The information is not intended for distribution or use by any person in any jurisdiction where such distribution would be contrary to local law or regulation. Northern Trust and its affiliates may have positions in and may effect transactions in the markets, contracts and related investments different than described in this information. This information is obtained from sources believed to be reliable, and its accuracy and completeness are not guaranteed. Information does not constitute a recommendation of any investment strategy, is not intended as investment advice and does not take into account all the circumstances of each investor. Northern Trust Asset Management is composed of Northern Trust Investments, Inc. Northern Trust Global Investments Limited, Northern Trust Global Investments Japan, K.K, NT Global Advisors Inc., 50 South Capital Advisors, LLC and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company. Investment Professional Use Only Not for Distribution to the Public 2

17 Goal Engineer COMPOSITE RETURNS Composite Gross Composite Net 2% Fee *Since inception 11/30/2016. RETURNS Composite Net 1% Fee Supplemental Reference Category Average 1 Composite TRAILING 3-YEAR RISK Reference Internal Dispersion COMPOSITE COMPOSITION COMPOSITE AND BENCHMARK DISCLOSURES: Northern Trust Asset Management comprises Northern Trust Investments, Inc., Northern Trust Global Investments Limited, 50 South Capital Advisors LLC, Northern Trust Global Investments Japan, K.K., NT Global Advisors, Inc. and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company. As of 09/30/17, Northern Trust had assets under management totaling $1,125.1 billion. For purpose of compliance with the Global Investment Performance Standards (GIPS ) the firm is defined as Northern Trust Asset Management Services, a subset of Northern Trust Asset Management, and includes separate accounts and those investment products managed by NTI, NTGIL, NTGIJ, and TNTC that are distributed through global channels. As of September 2011, the Northern Trust Global Securities Lending Program Division, a division of Northern Trust Asset Management, has been included in the GIPS firm. As of 09/30/17, Northern Trust Asset Management Services had assets under management totaling $884.8 billion. Description: The composite consists of all fee-paying, fully discretionary Goal Engineer 2020 portfolios managed by Northern Trust Asset Management Managed Accounts. The composite was created on 11/30/2016. Financial leverage is not employed as a part of the overall investment strategy. Financial derivatives, in the form of futures contracts and options, may be utilized for the purposes of liquidity, market exposure or investment opportunity. The internal dispersion of annual returns is measured by the standard deviation across asset-weighted portfolio returns represented in the composite for the full year. If fewer than 5 portfolios are in the composite for a full year, internal dispersion is deemed not applicable. The three year annualized standard deviation is calculated using monthly returns. If the composite has been open for less than three years, the three year annualized standard deviation is deemed not applicable. Performance results are expressed in U.S. dollars and reflect the reinvestment of dividends and other earnings. Composite net returns are presented net of underlying fund fees, transaction costs (for non-wrap accounts), and assumed advisory/wrap fee as noted in column heading. A 2% fee is assumed as the highest advisory/wrap fee for GIPS purposes, a 1% fee is shown as supplemental information. Composite gross returns are presented as supplemental to net returns for comparison purposes only. They are net of underlying fund fees and transaction fees (for non-wrap portion), and gross of advisory fees. The portion of the gross composite attributable to wrap accounts is net of underlying fund fees, and gross of the wrap fee. Northern Trust generally utilizes its own funds within this strategy. Northern Trust receives various fees from the funds via the fund expense ratios. Clients will incur these fees. Clients who access these portfolios through a financial intermediary firm will typically pay additional fees to that firm. A wrap fee includes all charges for trading costs, portfolio management, custody, and other administrative fees. Actual client fees may differ. Clients should speak to their Financial Advisor for more information regarding fees. Financial intermediaries that employ Northern Trust for model management or overlay services may compensate Northern Trust for those services, a fee of up to 0.25%. From inception of the composite 1 account does not pay an advisory fee. Trailing 3 year risk is defined as the standard deviation of the trailing 36 monthly returns annualized. Model delivery assets are managed by third parties to whom NTAM delivers a model portfolio. NTAM does not have discretion over those assets. The figures are provided as supplemental information. Although the figures are obtained from sources believed to be reliable, their accuracy and completeness are not guaranteed. Northern Trust Asset Management Services has been verified by an independent verifier for the period from January 1, 1993 through December 31, Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Past performance is no guarantee of future results. A copy of the verification report is available upon request. Northern Trust Asset Management Services has prepared and presented this report in compliance with GIPS. Prior to 01/01/93, all discretionary accounts may not have been included in a composite. Additional information regarding policies for calculating and reporting returns is available upon request. All information is assumed to be accurate and complete but is not guaranteed. # of Accts % Wrap Accounts Comp Assets ($MIL) Comp Assets as % of Firm Assets Q N/A 5.28 N/A Q N/A 5.36 N/A Q N/A 5.74 N/A Q N/A 5.79 N/A * N/A 5.96 N/A Model Delivery Assets ($MIL) Investment Professional Use Only Not for Distribution to the Public 3

18 Goal Engineer 2020 COMPOSITE AND BENCHMARK DISCLOSURES (continued): Reference : As of October 1, 2017, the benchmark is comprised of a blend of the constituent indices listed below. The component weights are rebalanced monthly, and are adjusted annually as the strategy moves along the glidepath, and in accordance with Northern Trust s annual Capital Market Assumptions (CMA) process. Historical weights and constituent indices for periods prior to this are available upon request. rates of return should not be considered as exact replications of any particular asset class, security or strategy returns, but rather as an approximation for illustrative purposes. Direct investment in an index is not possible and does not reflect an actual portfolio's investment results. 16.3% MSCI USA IMI 1.3% FTSE EPRA/NAREIT Global Real Estate (net) 14.4% MSCI World ex USA IMI (net) 0.5% Bloomberg Barclays 1-3 Month U.S. Treasury Bills 1.9% MSCI Emerging Markets IMI (net) 45.6% Bloomberg Barclays U.S. Aggregate Bond 3.8% S&P Global Natural Resources (net) 3.4% Bloomberg Barclays U.S. High Yield 2% Issuer Cap 1.3% S&P Global Infrastructure (net) 11.5% Bloomberg Barclays U.S. Treasury TIPS 1-5 Year 1 Morningstar Category Average: Morningstar Category Average is a proprietary Morningstar datapoint. For any given datapoint, the category average is the simple average of all the values for that datapoint for all the funds within a particular Morningstar Category Average. Target-date portfolios provide a diversified exposure to stocks, bonds, and cash for those investors who have a specific date for retirement or another goal. These portfolios aim to provide investors with an optimal level of return and risk, based solely on the target date. Over time, management adjusts the allocation among asset classes to more conservative mixes as the target date approaches. Morningstar divides target-date funds into the following categories: Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date 2050+; Retirement Income. Investment Professional Use Only Not for Distribution to the Public 4

19 Goal Engineer 2020 MODEL PERFORMANCE COMPARISON: (For period ending 12/31/17) QTD 1 YR 3 YR 5 YR Since 12/31/09 Model 2020 (Net of Fees) 2.57% 9.83% 5.17% 6.89% 7.69% Reference % 12% 10% 8% 6% 4% 2% 0% Morningstar Category Average Periods greater than one year are annualized. 2.40% 10.84% 5.07% 5.99% 6.86% 2.93% 12.19% 5.46% 6.51% 6.97% 2020 MODEL RETURNS (Gross of Fees)* SUPPLEMENTAL TO COMPOSITE RETURNS QUARTERLY RETURNS Model 2020 (Gross)* AS OF YEAR-END Reference 2020 Morningstar Category Average 1Q 2Q 3Q 4Q *Performance does not include the effect of back tested transaction costs, is gross of advisory fees, and net of underlying fund fees. Refer to complete disclosure below for more details. SUPPLEMENTAL MODEL PERFORMANCE AND BENCHMARK DISCLOSURES: Northern Trust Asset Management comprises Northern Trust Investments, Inc., Northern Trust Global Investments Limited, 50 South Capital Advisors LLC, Northern Trust Global Investments Japan, K.K., NT Global Advisors, Inc. and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company. As of 09/30/2017, Northern Trust Corporation had assets under management totaling $1,125.1 billion. As of 09/30/2017, Northern Trust Asset Management Services had assets under management totaling $884.8 billion. Model Performance: Returns are calculated using Zephyr StyleAdvisor with index returns supplied from Northern Trust and Bloomberg, and mutual fund returns supplied by Morningstar. Prior to 10/31/2016, the Model portfolio assumed the historical asset class weights within the Glidepath (Income, Inflation Sensitive, Growth) assigned to the Northern Trust target date solution (inception 10/16/2009) for defined contribution (DC) plans. Performance was calculated by retroactively applying the historical Glidepath asset allocation weights to the respective mutual funds and ETFs (or index proxies) that were used in the Goal Engineer series upon the strategy inception date on 10/31/2016. Specific sub-asset class weights (e.g. U.S. equity, international equity, etc) used in the historical model may vary from those that were used in the Northern Trust target Date solution for DC plans due to the replication and optimization process. Allocations were assumed to be made on December 31 of each year, rebalanced annually. Starting 10/31/2016, the Model portfolio assumes the asset class (Glidepath) weights developed for the Goal Engineer portfolios applied at the end of the month in which the allocation change was made. A minimum 0.5% allocation to cash is assumed. No cash flow is included in the calculation. Performance does not include the effect of back tested transaction costs, is gross of advisory fees, and net of underlying fund fees. Northern Trust generally utilizes its own funds within this strategy. Northern Trust receives various fees from the funds via the fund expense ratios. Clients will incur these fees. Clients who access these portfolios through a financial intermediary firm will typically pay additional fees to that firm. Clients should speak to their Financial Advisor for more information. (continued on next page) Investment Professional Use Only Not for Distribution to the Public 5

20 Goal Engineer 2020 SUPPLEMENTAL MODEL PERFORMANCE AND BENCHMARK DISCLOSURES: (continued) In cases where an underlying fund within Goal Engineer (GE) has live historical performance available for the entire time-series, the fund s actual performance was used in the construction of the overall GE model performance results for the entire time-series (12/31/2009 present). This methodology was used for all the Northern Trust fixed income funds, QDF and NFRA. Performance results for mutual funds reflect the reinvestment of dividends and other earnings and are net of fund fees. Where an underlying ETF did not have live historical performance available, simulated results were used in the construction of the overall GE model performance results for the entire time-series (12/31/2009 present). This methodology was used for the QLC, QDEF, IQDF, TILT, TLTD, TLTE, GUNR, GQRE and TDTT. Total return indices were used as proxies for their corresponding ETFs. The performance history of the underlying index was reduced by the corresponding ETF fund management fees to estimate a net return. The performance for the indices used in the model portfolios include periods prior to their creation dates, which are hypothetical and back tested. Index returns used do not reflect transactions costs. Index returns should not be considered exact replications of an actual ETF return, but rather as an approximation for illustrative purposes. Direct investment in an index is not possible and the representative index returns may not fully reflect actual investment risk. Actual results achieved might have been materially less favorable than the index returns. Additional information regarding policies for calculating and reporting returns is available upon request. All information is assumed to be accurate and complete but is not guaranteed. Important Information Regarding Back Tested Returns: Model performance presented in this material is back tested and does not reflect the results of an actual investment portfolio, or actual management or trading of client accounts. Simulated results, assumptions and projections are estimates and should not be considered exact replications or an indication of an actual portfolio s returns, but rather an approximation for illustrative purposes and as a guideline. Back tested performance is not an indicator of future actual results. If the model portfolio would have been actively managed, it would have been subject to market conditions that could have materially impacted performance and possibly resulted in a significant decline in portfolio value. Back tested data contained herein reflects the performance of the mutual funds or indices described which were selected with the benefit of hindsight. Detailed information regarding hypothetical model and index performance is available upon request or by visiting the index sponsors websites. Reference is comprised of a blend of the constituent indices listed below. The component weights are rebalanced monthly and are adjusted annually as the strategy moves along the glidepath, and in accordance with Northern Trust s annual Capital Market Assumptions (CMA) process. Historical weights and definitions for constituent indices are available upon request. Domestic Equity: 10/16/2009 to 02/21/2014: Blend of S&P 500, S&P MidCap 400, Russell /22/2014 to present: MSCI USA IMI International Equity:10/16/2009 to 02/29/2012: Blend of MSCI EAFE and MSCI Emerging Markets 03/01/2012 to 10/31/2016: MSCI ACWI ex-usa IMI 11/01/2016 to present: Blend of MSCI World ex USA IMI and MSCI Emerging Markets IMI Inflation Sensitive: 10/16/2009 to 02/18/2014: Barclays U.S. TIPS Index, 02/19/2014 to 10/31/2016: Barclays 1-10 Year U.S. TIPS, 11/01/2016 to present: Bloomberg Barclays U.S. Treasury TIPS 1-5 Year 10/16/2009 to present: FTSE EPRA/NAREIT Global Real Estate 10/16/2009 to 10/31/2016: Bloomberg Commodity, 11/01/2016 to 06/30/2017: Morningstar Global Upstream Natural Resources Index, 07/01/2017 to present: S&P Global Natural Resources 11/01/2016 to present: S&P Global Infrastructure Fixed Income: 10/16/2009 to present: Bloomberg Barclays U.S. Aggregate Bond 10/16/2009 to present: Bloomberg Barclays U.S. High-Yield 2% Issuer Cap Cash: 10/16/2009 to 02/28/2014: B of A Merrill Lynch 3-month U.S. Treasury Bill 11/01/2016 to present: Bloomberg Barclays 1-3 Month U.S. Treasury Bills The benchmark rates of return should not be considered as exact replications of any particular asset class, security or strategy returns, but rather as an approximation for illustrative purposes. Direct investment in an index is not possible and does not reflect an actual portfolio's investment results. Definitions for constituent reference benchmark indices are available upon request. Morningstar Category Average: Morningstar Category Average is a proprietary Morningstar datapoint. For any given datapoint, the category average is the simple average of all the values for that datapoint for all the funds within a particular Morningstar Category Average. Target-date portfolios provide a diversified exposure to stocks, bonds, and cash for those investors who have a specific date for retirement or another goal. These portfolios aim to provide investors with an optimal level of return and risk, based solely on the target date. Over time, management adjusts the allocation among asset classes to more conservative mixes as the target date approaches. Morningstar divides target-date funds into the following categories: Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date 2050+; Retirement Income. Investment Professional Use Only Not for Distribution to the Public 6

21 Goal Engineer 2025 GOAL ENGINEER 2025 GLIDEPATH (subject to change) 100% INCOME 90% Allocation 80% 70% 60% 50% 40% 30% 20% 10% 0% INFLATION SENSITIVE GROWTH Longer Cycle Factors Shorter Cycle Factors 2025 PORTFOLIO CURRENT POSITION* Years to Goal Date Goal *For illustrative purposes only, actual allocation will differ. OBJECTIVE: Designed for withdrawals to begin around the year The stock allocation is characterized by a greater focus on capital accumulation further away from the end of the glidepath, while volatility management is emphasized as the portfolio moves closer to the goal date. Bond allocations increase over time to add stability and generate income in retirement years. Portfolios with longer time horizons have greater exposure to those factors that have been shown to increase performance over time, such as value and small size. Portfolios with shorter time horizons have greater exposure to those factors that tend to reduce risk or increase income, such as quality or dividend yield. ESTIMATED YIELD 2 : 2.92% WEIGHTED AVERAGE EXPENSE RATIO 3 : 0.43% COMPOSITE PERFORMANCE COMPARISON: (For period ending 12/31/17) 16% 12% 8% 4% 0% Since QTD 1 YR 11/30/ (Gross of Fees)* 2.86% 11.09% 11.40% Composite Net (2%) 2.35% 8.91% 9.21% Composite Net (1%) 2.60% 9.99% 10.30% Reference % 12.58% 12.83% Morningstar % 14.59% 14.62% Category Average Source: Northern Trust Asset Management Periods greater than one year are annualized. PLEASE REFER TO PAGES 3 AND 4 FOR COMPOSITE AND BENCHMARK DISCLOSURES. Actual client asset allocation weights may be different than those shown. Allocation weights and choice of ETFs and mutual funds are subject to change at the discretion of Northern Trust. The portfolio holdings, characteristics and sector allocations are for illustrative purposes only and can vary for individual accounts. Allocations may not equal 100% due to rounding Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, Illinois U.S.A. ASSET ALLOCATION FULFILLMENT 1 (as of 12/31/17) 40.3% GROWTH US Equity 13.5% ETF - FlexShares Quality Dividend Index Fund (QDF) 5.2% ETF - FlexShares US Quality Large Cap Index Fund (QLC) 1.8% ETF - FlexShares Morningstar U.S. Market Factor Tilt Index Fund (TILT) Developed ex-us Equity 4.7% ETF - FlexShares Morningstar Developed Markets ex-us Factor Tilt Index Fund (TLTD) 13.0% ETF - FlexShares International Quality Dividend Index Fund (IQDF) Emerging Market Equity 2.1% ETF - FlexShares Morningstar Emerging Markets Factor Tilt Index Fund (TLTE) 17.3% INFLATION SENSITIVE Global Natural Resources 4.8% ETF FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) Global Real Estate 1.5% ETF FlexShares Global Quality Real Estate Index Fund (GQRE) Global Infrastructure 1.5% ETF FlexShares STOXX Global Infrastructure Index Fund (NFRA) Treasury Inflation Protected Securities 9.5% ETF - FlexShares iboxx 3-Year Target Duration TIPS Index Fund (TDTT) 41.9% INCOME US Investment Grade Fixed Income 37.9% Fund - Northern Fixed Income Fund (NOFIX) US High Yield Fixed Income 4.0% Fund - Northern High Yield Fixed Income Fund (NHFIX) 0.5% CASH Cash 0.5% Money Market Investment Professional Use Only Not for Distribution to the Public 1

22 Goal Engineer 2025 This report is provided for informational purposes only and is not intended to be, and should not be construed as, an offer, solicitation or recommendation with respect to any transaction and should not be treated as legal advice, investment advice or tax advice. Recipients should not rely upon this information as a substitute for obtaining specific legal or tax advice from their own professional legal or tax advisors. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities. Indices and trademarks are the property of their respective owners. Information is subject to change based on market or other conditions. All securities investing and trading activities risk the loss of capital. There is no assurance that any of the securities discussed herein will remain in a portfolio at the time you receive this report or that securities sold have not been repurchased. Each portfolio is subject to substantial risks including market risks, strategy risks, adviser risk and risks with respect to its investment in other structures. There can be no assurance that any portfolio investment objectives will be achieved, or that any investment will achieve profits or avoid incurring substantial losses. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. Risk controls and models do not promise any level of performance or guarantee against loss of principal. Any discussion of risk management is intended to describe Northern Trust s efforts to monitor and manage risk but does not imply low risk. Past performance is no guarantee of future results. Performance returns and the principal value of an investment will fluctuate. Performance returns contained herein are subject to revision by Northern Trust. Comparative indices shown are provided as an indication of the performance of a particular segment of the capital markets and/or alternative strategies in general. Index performance returns do not reflect any management fees, transaction costs or expenses. It is not possible to invest directly in any index. Net performance returns are reduced by investment management fees and other expenses relating to the management of the account. Gross performance returns contained herein include reinvestment of dividends and other earnings, transaction costs, and all fees and expenses other than investment management fees, unless indicated otherwise. For additional information on fees, please refer to Part 2A of the Form ADV or consult a Northern Trust representative. Forward-looking statements and assumptions are Northern Trust s current estimates or expectations of future events or future results based upon proprietary research and should not be construed as an estimate or promise of results that a portfolio may achieve. Actual results could differ materially from the results indicated by this information. There are risks involved in investing including possible loss of principal. There is no guarantee that the investment objectives of any fund or strategy will be met. Risk controls and models do not promise any level of performance or guarantee against loss of principal. FlexShares ETFs and Northern Funds are sub-advised by Northern Trust Investments, Inc. For more information on the investment objectives, principle risks, and fees associated with these Funds, please see each Fund's prospectus and statement of additional information ( SAI ), which are available on the Advisors websites at northernfunds.com and flexshares.com. Northern Trust generally utilizes its own funds within this strategy. Northern Trust receives various fees from the funds via the fund expense ratios. Clients will incur these fees. Clients who access these portfolios through a financial intermediary firm will typically pay additional fees to that firm. Clients should speak to their Financial Advisor for more information. Financial intermediaries that employ Northern Trust for model management or overlay services may compensate Northern Trust for those services a fee of up to 0.25%. 1 The portfolio holdings, weights and statistics shown are based on a Northern Trust model portfolio as of close of business at the end of the calendar quarter. They are not calculated or derived from any Managed Account or Model Delivery Platform (MDP). Under Model Delivery Platform (MDP) arrangements, Northern Trust only provides a model to the Sponsor Firm for Unified Managed Accounts (UMAs) and/or Separately Managed Accounts (SMAs), and does not have trading discretion over these accounts. As a result, MDP accounts may contain different investments based on parameters that govern the use of multiple managers and other restrictions. Current and future data may differ at the discretion of the portfolio manager. Actual client portfolios may vary. There may also be performance dispersion between accounts as a result of Northern Trust s lack of trading discretion over the MDP models. 2 Estimated Yield for the strategy is calculated using a weighted average of the trailing 12-month yield of each position in the model portfolio. The trailing 12-month yield is calculated by assuming any income distributions over the past twelve months and dividing them by the sum of the end-of-period value and any capital gain distributions made over the past twelve months. Yields are calculated gross of any additional fees not already netted within the funds. Dividends are not guaranteed and are subject to change or elimination. Due to the unique process of redemption and creation of ETFs, an irregular (high or low) payment could occur during a given period causing an overstatement or understatement of estimated income. Northern Trust uses data provided by external sources to calculate yields. While Northern Trust believes these sources to be reliable, we cannot guarantee the accuracy of the yield calculations of the underlying securities provided. Actual client portfolio yields will vary. Note: Yield is only one component of total return. Investment returns can differ significantly from total portfolio yield. Past performance is not a guarantee of future results. 3 Asset-weighted expense ratios are calculated by multiplying each fund s expense ratio by its portfolio weight and then summing the results. Each fund s expense ratio is sourced from the fund provider s website using the current expense ratios as stated in the most recent prospectuses as of the date of this report. Expense ratios calculate the cost to an investment company to operate a fund. The ratio is calculated annually by dividing a fund s operating expenses by the average dollar value of its assets under management. Operating expenses are taken out of a fund s asset and lower the return to a fund s investors. Actual portfolio fees will vary. Fund expense ratios do not reflect additional transaction, advisory, or management fees and other charges that may be paid for in a separately managed account (SMA), UMA, or MDP. Net investment returns would be reduced by those applicable fees. Clients should refer to their Financial Advisor for more information on such fees. Money Market expense ratio assumes the use of Northern Trust s money market funds. The client s fee may vary based on the specific money market fund in which the client is invested. Northern Trust Investments, Inc. (NTI) is an investment adviser registered with the Securities Exchange Commission under the Investment Advisers Act of The company manages a variety of portfolios utilizing stocks, bonds, and exchange-traded funds (ETFs). The information is not intended for distribution or use by any person in any jurisdiction where such distribution would be contrary to local law or regulation. Northern Trust and its affiliates may have positions in and may effect transactions in the markets, contracts and related investments different than described in this information. This information is obtained from sources believed to be reliable, and its accuracy and completeness are not guaranteed. Information does not constitute a recommendation of any investment strategy, is not intended as investment advice and does not take into account all the circumstances of each investor. Northern Trust Asset Management is composed of Northern Trust Investments, Inc. Northern Trust Global Investments Limited, Northern Trust Global Investments Japan, K.K, NT Global Advisors Inc., 50 South Capital Advisors, LLC and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company. Investment Professional Use Only Not for Distribution to the Public 2

23 Goal Engineer COMPOSITE RETURNS Composite Gross Composite Net 2% Fee *Since inception 11/30/2016. RETURNS Composite Net 1% Fee Supplemental Reference Category Average 1 Composite TRAILING 3-YEAR RISK Reference Internal Dispersion COMPOSITE COMPOSITION COMPOSITE AND BENCHMARK DISCLOSURES: Northern Trust Asset Management comprises Northern Trust Investments, Inc., Northern Trust Global Investments Limited, 50 South Capital Advisors LLC, Northern Trust Global Investments Japan, K.K., NT Global Advisors, Inc. and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company. As of 09/30/17, Northern Trust had assets under management totaling $1,125.1 billion. For purpose of compliance with the Global Investment Performance Standards (GIPS ) the firm is defined as Northern Trust Asset Management Services, a subset of Northern Trust Asset Management, and includes separate accounts and those investment products managed by NTI, NTGIL, NTGIJ, and TNTC that are distributed through global channels. As of September 2011, the Northern Trust Global Securities Lending Program Division, a division of Northern Trust Asset Management, has been included in the GIPS firm. As of 09/30/17, Northern Trust Asset Management Services had assets under management totaling $884.8 billion. Description: The composite consists of all fee-paying, fully discretionary Goal Engineer 2025 portfolios managed by Northern Trust Asset Management Managed Accounts. The composite was created on 11/30/2016. Financial leverage is not employed as a part of the overall investment strategy. Financial derivatives, in the form of futures contracts and options, may be utilized for the purposes of liquidity, market exposure or investment opportunity. The internal dispersion of annual returns is measured by the standard deviation across asset-weighted portfolio returns represented in the composite for the full year. If fewer than 5 portfolios are in the composite for a full year, internal dispersion is deemed not applicable. The three year annualized standard deviation is calculated using monthly returns. If the composite has been open for less than three years, the three year annualized standard deviation is deemed not applicable. Performance results are expressed in U.S. dollars and reflect the reinvestment of dividends and other earnings. Composite net returns are presented net of underlying fund fees, transaction costs (for non-wrap accounts), and assumed advisory/wrap fee as noted in column heading. A 2% fee is assumed as the highest advisory/wrap fee for GIPS purposes, a 1% fee is shown as supplemental information. Composite gross returns are presented as supplemental to net returns for comparison purposes only. They are net of underlying fund fees and transaction fees (for non-wrap portion), and gross of advisory fees. The portion of the gross composite attributable to wrap accounts is net of underlying fund fees, and gross of the wrap fee. Northern Trust generally utilizes its own funds within this strategy. Northern Trust receives various fees from the funds via the fund expense ratios. Clients will incur these fees. Clients who access these portfolios through a financial intermediary firm will typically pay additional fees to that firm. A wrap fee includes all charges for trading costs, portfolio management, custody, and other administrative fees. Actual client fees may differ. Clients should speak to their Financial Advisor for more information regarding fees. Financial intermediaries that employ Northern Trust for model management or overlay services may compensate Northern Trust for those services, a fee of up to 0.25%. From inception of the composite 1 account does not pay an advisory fee. Trailing 3 year risk is defined as the standard deviation of the trailing 36 monthly returns annualized. Model delivery assets are managed by third parties to whom NTAM delivers a model portfolio. NTAM does not have discretion over those assets. The figures are provided as supplemental information. Although the figures are obtained from sources believed to be reliable, their accuracy and completeness are not guaranteed. Northern Trust Asset Management Services has been verified by an independent verifier for the period from January 1, 1993 through December 31, Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Past performance is no guarantee of future results. A copy of the verification report is available upon request. Northern Trust Asset Management Services has prepared and presented this report in compliance with GIPS. Prior to 01/01/93, all discretionary accounts may not have been included in a composite. Additional information regarding policies for calculating and reporting returns is available upon request. All information is assumed to be accurate and complete but is not guaranteed. # of Accts % Wrap Accounts Comp Assets ($MIL) Comp Assets as % of Firm Assets Q N/A 6.02 N/A Q N/A 6.10 N/A Q N/A 6.50 N/A Q N/A 6.54 N/A * N/A 6.75 N/A Model Delivery Assets ($MIL) Investment Professional Use Only Not for Distribution to the Public 3

24 Goal Engineer 2025 COMPOSITE AND BENCHMARK DISCLOSURES (continued): Reference : As of October 1, 2017, the benchmark is comprised of a blend of the constituent indices listed below. The component weights are rebalanced monthly, and are adjusted annually as the strategy moves along the glidepath, and in accordance with Northern Trust s annual Capital Market Assumptions (CMA) process. Historical weights and constituent indices for periods prior to this are available upon request. rates of return should not be considered as exact replications of any particular asset class, security or strategy returns, but rather as an approximation for illustrative purposes. Direct investment in an index is not possible and does not reflect an actual portfolio's investment results. 19.6% MSCI USA IMI 1.5% FTSE EPRA/NAREIT Global Real Estate (net) 17.6% MSCI World ex USA IMI (net) 0.5% Bloomberg Barclays 1-3 Month U.S. Treasury Bills 2.0% MSCI Emerging Markets IMI (net) 38.8% Bloomberg Barclays U.S. Aggregate Bond 4.6% S&P Global Natural Resources (net) 4.1% Bloomberg Barclays U.S. High Yield 2% Issuer Cap 1.5% S&P Global Infrastructure (net) 9.8% Bloomberg Barclays U.S. Treasury TIPS 1-5 Year 1 Morningstar Category Average: Morningstar Category Average is a proprietary Morningstar datapoint. For any given datapoint, the category average is the simple average of all the values for that datapoint for all the funds within a particular Morningstar Category Average. Target-date portfolios provide a diversified exposure to stocks, bonds, and cash for those investors who have a specific date for retirement or another goal. These portfolios aim to provide investors with an optimal level of return and risk, based solely on the target date. Over time, management adjusts the allocation among asset classes to more conservative mixes as the target date approaches. Morningstar divides target-date funds into the following categories: Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date 2050+; Retirement Income. Investment Professional Use Only Not for Distribution to the Public 4

25 Goal Engineer 2025 MODEL PERFORMANCE COMPARISON: (For period ending 12/31/17) QTD 1 YR 3 YR 5 YR Since 12/31/09 Model 2025 (Net of Fees) 2.96% 11.27% 5.77% 7.64% 8.24% Reference % 14% 12% 10% 8% 6% 4% 2% 0% Morningstar Category Average Periods greater than one year are annualized. 2.81% 12.58% 5.65% 6.69% 7.35% 3.47% 14.59% 6.38% 7.83% 7.88% 2025 MODEL RETURNS (Gross of Fees)* SUPPLEMENTAL TO COMPOSITE RETURNS QUARTERLY RETURNS Model 2025 (Gross)* AS OF YEAR-END Reference 2025 Morningstar Category Average 1Q 2Q 3Q 4Q *Performance does not include the effect of back tested transaction costs, is gross of advisory fees, and net of underlying fund fees. Refer to complete disclosure below for more details. SUPPLEMENTAL MODEL PERFORMANCE AND BENCHMARK DISCLOSURES: Northern Trust Asset Management comprises Northern Trust Investments, Inc., Northern Trust Global Investments Limited, 50 South Capital Advisors LLC, Northern Trust Global Investments Japan, K.K., NT Global Advisors, Inc. and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company. As of 09/30/2017, Northern Trust Corporation had assets under management totaling $1,125.1 billion. As of 06/30/2017, Northern Trust Asset Management Services had assets under management totaling $884.8 billion. Model Performance: Returns are calculated using Zephyr StyleAdvisor with index returns supplied from Northern Trust and Bloomberg, and mutual fund returns supplied by Morningstar. Prior to 10/31/2016, the Model portfolio assumed the historical asset class weights within the Glidepath (Income, Inflation Sensitive, Growth) assigned to the Northern Trust target date solution (inception 10/16/2009) for defined contribution (DC) plans. Performance was calculated by retroactively applying the historical Glidepath asset allocation weights to the respective mutual funds and ETFs (or index proxies) that were used in the Goal Engineer series upon the strategy inception date on 10/31/2016. Specific sub-asset class weights (e.g. U.S. equity, international equity, etc) used in the historical model may vary from those that were used in the Northern Trust target Date solution for DC plans due to the replication and optimization process. Allocations were assumed to be made on December 31 of each year, rebalanced annually. Starting 10/31/2016, the Model portfolio assumes the asset class (Glidepath) weights developed for the Goal Engineer portfolios applied at the end of the month in which the allocation change was made. A minimum 0.5% allocation to cash is assumed. No cash flow is included in the calculation. Performance does not include the effect of back tested transaction costs, is gross of advisory fees, and net of underlying fund fees. Northern Trust generally utilizes its own funds within this strategy. Northern Trust receives various fees from the funds via the fund expense ratios. Clients will incur these fees. Clients who access these portfolios through a financial intermediary firm will typically pay additional fees to that firm. Clients should speak to their Financial Advisor for more information. (continued on next page) Investment Professional Use Only Not for Distribution to the Public 5

26 Goal Engineer 2025 SUPPLEMENTAL MODEL PERFORMANCE AND BENCHMARK DISCLOSURES: (continued) In cases where an underlying fund within Goal Engineer (GE) has live historical performance available for the entire time-series, the fund s actual performance was used in the construction of the overall GE model performance results for the entire time-series (12/31/2009 present). This methodology was used for all the Northern Trust fixed income funds, QDF and NFRA. Performance results for mutual funds reflect the reinvestment of dividends and other earnings and are net of fund fees. Where an underlying ETF did not have live historical performance available, simulated results were used in the construction of the overall GE model performance results for the entire time-series (12/31/2009 present). This methodology was used for the QLC, QDEF, IQDF, TILT, TLTD, TLTE, GUNR, GQRE and TDTT. Total return indices were used as proxies for their corresponding ETFs. The performance history of the underlying index was reduced by the corresponding ETF fund management fees to estimate a net return. The performance for the indices used in the model portfolios include periods prior to their creation dates, which are hypothetical and back tested. Index returns used do not reflect transactions costs. Index returns should not be considered exact replications of an actual ETF return, but rather as an approximation for illustrative purposes. Direct investment in an index is not possible and the representative index returns may not fully reflect actual investment risk. Actual results achieved might have been materially less favorable than the index returns. Additional information regarding policies for calculating and reporting returns is available upon request. All information is assumed to be accurate and complete but is not guaranteed. Important Information Regarding Back Tested Returns: Model performance presented in this material is back tested and does not reflect the results of an actual investment portfolio, or actual management or trading of client accounts. Simulated results, assumptions and projections are estimates and should not be considered exact replications or an indication of an actual portfolio s returns, but rather an approximation for illustrative purposes and as a guideline. Back tested performance is not an indicator of future actual results. If the model portfolio would have been actively managed, it would have been subject to market conditions that could have materially impacted performance and possibly resulted in a significant decline in portfolio value. Back tested data contained herein reflects the performance of the mutual funds or indices described which were selected with the benefit of hindsight. Detailed information regarding hypothetical model and index performance is available upon request or by visiting the index sponsors websites. Reference is comprised of a blend of the constituent indices listed below. The component weights are rebalanced monthly and are adjusted annually as the strategy moves along the glidepath, and in accordance with Northern Trust s annual Capital Market Assumptions (CMA) process. Historical weights and definitions for constituent indices are available upon request. Domestic Equity: 10/16/2009 to 02/21/2014: Blend of S&P 500, S&P MidCap 400, Russell /22/2014 to present: MSCI USA IMI International Equity:10/16/2009 to 02/29/2012: Blend of MSCI EAFE and MSCI Emerging Markets 03/01/2012 to 10/31/2016: MSCI ACWI ex-usa IMI 11/01/2016 to present: Blend of MSCI World ex USA IMI and MSCI Emerging Markets IMI Inflation Sensitive: 10/16/2009 to 02/18/2014: Barclays U.S. TIPS Index, 02/19/2014 to 10/31/2016: Barclays 1-10 Year U.S. TIPS, 11/01/2016 to present: Bloomberg Barclays U.S. Treasury TIPS 1-5 Year 10/16/2009 to present: FTSE EPRA/NAREIT Global Real Estate 10/16/2009 to 10/31/2016: Bloomberg Commodity, 11/01/2016 to 06/30/2017: Morningstar Global Upstream Natural Resources Index, 07/01/2017 to present: S&P Global Natural Resources 11/01/2016 to present: S&P Global Infrastructure Fixed Income: 10/16/2009 to present: Bloomberg Barclays U.S. Aggregate Bond 10/16/2009 to present: Bloomberg Barclays U.S. High-Yield 2% Issuer Cap Cash: 10/16/2009 to 02/28/2014: B of A Merrill Lynch 3-month U.S. Treasury Bill 11/01/2016 to present: Bloomberg Barclays 1-3 Month U.S. Treasury Bills The benchmark rates of return should not be considered as exact replications of any particular asset class, security or strategy returns, but rather as an approximation for illustrative purposes. Direct investment in an index is not possible and does not reflect an actual portfolio's investment results. Definitions for constituent reference benchmark indices are available upon request. Morningstar Category Average: Morningstar Category Average is a proprietary Morningstar datapoint. For any given datapoint, the category average is the simple average of all the values for that datapoint for all the funds within a particular Morningstar Category Average. Target-date portfolios provide a diversified exposure to stocks, bonds, and cash for those investors who have a specific date for retirement or another goal. These portfolios aim to provide investors with an optimal level of return and risk, based solely on the target date. Over time, management adjusts the allocation among asset classes to more conservative mixes as the target date approaches. Morningstar divides target-date funds into the following categories: Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date 2050+; Retirement Income. Investment Professional Use Only Not for Distribution to the Public 6

27 Goal Engineer 2030 GOAL ENGINEER 2030 GLIDEPATH (subject to change) 100% Allocation 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% INCOME INFLATION SENSITIVE GROWTH Longer Cycle Factors 2030 PORTFOLIO CURRENT POSITION* Shorter Cycle Factors Years to Goal Date Goal *For illustrative purposes only, actual allocation will differ. OBJECTIVE: Designed for withdrawals to begin around the year The stock allocation is characterized by a greater focus on capital accumulation further away from the end of the glidepath, while volatility management is emphasized as the portfolio moves closer to the goal date. Bond allocations increase over time to add stability and generate income in retirement years. Portfolios with longer time horizons have greater exposure to those factors that have been shown to increase performance over time, such as value and small size. Portfolios with shorter time horizons have greater exposure to those factors that tend to reduce risk or increase income, such as quality or dividend yield. ESTIMATED YIELD 2 : 2.86% WEIGHTED AVERAGE EXPENSE RATIO 3 : 0.43% COMPOSITE PERFORMANCE COMPARISON: (For period ending 12/31/17) 12% 8% 4% 0% QTD Since 03/31/ (Gross of Fees)* 3.73% 9.85% Composite Net (2%) 3.22% 8.23% Composite Net (1%) 3.47% 9.04% Reference % 10.87% Morningstar Category Average 3.99% 11.09% Source: Northern Trust Asset Management Periods greater than one year are annualized. PLEASE REFER TO PAGES 3 AND 4 FOR COMPOSITE AND BENCHMARK DISCLOSURES. Actual client asset allocation weights may be different than those shown. Allocation weights and choice of ETFs and mutual funds are subject to change at the discretion of Northern Trust. The portfolio holdings, characteristics and sector allocations are for illustrative purposes only and can vary for individual accounts. Allocations may not equal 100% due to rounding Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, Illinois U.S.A. ASSET ALLOCATION FULFILLMENT 1 (as of 12/31/17) 52.3% GROWTH US Equity 14.5% ETF - FlexShares Quality Dividend Index Fund (QDF) 8.9% ETF - FlexShares US Quality Large Cap Index Fund (QLC) 3.1% ETF - FlexShares Morningstar U.S. Market Factor Tilt Index Fund (TILT) Developed ex-us Equity 8.2% ETF - FlexShares Morningstar Developed Markets ex-us Factor Tilt Index Fund (TLTD) 14.0% ETF - FlexShares International Quality Dividend Index Fund (IQDF) Emerging Market Equity 3.6% ETF - FlexShares Morningstar Emerging Markets Factor Tilt Index Fund (TLTE) 16.6% INFLATION SENSITIVE Global Natural Resources 6.2% ETF FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) Global Real Estate 2.0% ETF FlexShares Global Quality Real Estate Index Fund (GQRE) Global Infrastructure 2.0% ETF FlexShares STOXX Global Infrastructure Index Fund (NFRA) Treasury Inflation Protected Securities 6.5% ETF - FlexShares iboxx 3-Year Target Duration TIPS Index Fund (TDTT) 30.5% INCOME US Investment Grade Fixed Income 25.4% Fund - Northern Fixed Income Fund (NOFIX) US High Yield Fixed Income 5.1% Fund - Northern High Yield Fixed Income Fund (NHFIX) 0.5% CASH Cash 0.5% Money Market Investment Professional Use Only Not for Distribution to the Public 1

28 Goal Engineer 2030 This report is provided for informational purposes only and is not intended to be, and should not be construed as, an offer, solicitation or recommendation with respect to any transaction and should not be treated as legal advice, investment advice or tax advice. Recipients should not rely upon this information as a substitute for obtaining specific legal or tax advice from their own professional legal or tax advisors. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities. Indices and trademarks are the property of their respective owners. Information is subject to change based on market or other conditions. All securities investing and trading activities risk the loss of capital. There is no assurance that any of the securities discussed herein will remain in a portfolio at the time you receive this report or that securities sold have not been repurchased. Each portfolio is subject to substantial risks including market risks, strategy risks, adviser risk and risks with respect to its investment in other structures. There can be no assurance that any portfolio investment objectives will be achieved, or that any investment will achieve profits or avoid incurring substantial losses. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. Risk controls and models do not promise any level of performance or guarantee against loss of principal. Any discussion of risk management is intended to describe Northern Trust s efforts to monitor and manage risk but does not imply low risk. Past performance is no guarantee of future results. Performance returns and the principal value of an investment will fluctuate. Performance returns contained herein are subject to revision by Northern Trust. Comparative indices shown are provided as an indication of the performance of a particular segment of the capital markets and/or alternative strategies in general. Index performance returns do not reflect any management fees, transaction costs or expenses. It is not possible to invest directly in any index. Net performance returns are reduced by investment management fees and other expenses relating to the management of the account. Gross performance returns contained herein include reinvestment of dividends and other earnings, transaction costs, and all fees and expenses other than investment management fees, unless indicated otherwise. For additional information on fees, please refer to Part 2A of the Form ADV or consult a Northern Trust representative. Forward-looking statements and assumptions are Northern Trust s current estimates or expectations of future events or future results based upon proprietary research and should not be construed as an estimate or promise of results that a portfolio may achieve. Actual results could differ materially from the results indicated by this information. There are risks involved in investing including possible loss of principal. There is no guarantee that the investment objectives of any fund or strategy will be met. Risk controls and models do not promise any level of performance or guarantee against loss of principal. FlexShares ETFs and Northern Funds are sub-advised by Northern Trust Investments, Inc. For more information on the investment objectives, principle risks, and fees associated with these Funds, please see each Fund's prospectus and statement of additional information ( SAI ), which are available on the Advisors websites at northernfunds.com and flexshares.com. Northern Trust generally utilizes its own funds within this strategy. Northern Trust receives various fees from the funds via the fund expense ratios. Clients will incur these fees. Clients who access these portfolios through a financial intermediary firm will typically pay additional fees to that firm. Clients should speak to their Financial Advisor for more information. Financial intermediaries that employ Northern Trust for model management or overlay services may compensate Northern Trust for those services a fee of up to 0.25%. 1 The portfolio holdings, weights and statistics shown are based on a Northern Trust model portfolio as of close of business at the end of the calendar quarter. They are not calculated or derived from any Managed Account or Model Delivery Platform (MDP). Under Model Delivery Platform (MDP) arrangements, Northern Trust only provides a model to the Sponsor Firm for Unified Managed Accounts (UMAs) and/or Separately Managed Accounts (SMAs), and does not have trading discretion over these accounts. As a result, MDP accounts may contain different investments based on parameters that govern the use of multiple managers and other restrictions. Current and future data may differ at the discretion of the portfolio manager. Actual client portfolios may vary. There may also be performance dispersion between accounts as a result of Northern Trust s lack of trading discretion over the MDP models. 2 Estimated Yield for the strategy is calculated using a weighted average of the trailing 12-month yield of each position in the model portfolio. The trailing 12-month yield is calculated by assuming any income distributions over the past twelve months and dividing them by the sum of the end-of-period value and any capital gain distributions made over the past twelve months. Yields are calculated gross of any additional fees not already netted within the funds. Dividends are not guaranteed and are subject to change or elimination. Due to the unique process of redemption and creation of ETFs, an irregular (high or low) payment could occur during a given period causing an overstatement or understatement of estimated income. Northern Trust uses data provided by external sources to calculate yields. While Northern Trust believes these sources to be reliable, we cannot guarantee the accuracy of the yield calculations of the underlying securities provided. Actual client portfolio yields will vary. Note: Yield is only one component of total return. Investment returns can differ significantly from total portfolio yield. Past performance is not a guarantee of future results. 3 Asset-weighted expense ratios are calculated by multiplying each fund s expense ratio by its portfolio weight and then summing the results. Each fund s expense ratio is sourced from the fund provider s website using the current expense ratios as stated in the most recent prospectuses as of the date of this report. Expense ratios calculate the cost to an investment company to operate a fund. The ratio is calculated annually by dividing a fund s operating expenses by the average dollar value of its assets under management. Operating expenses are taken out of a fund s asset and lower the return to a fund s investors. Actual portfolio fees will vary. Fund expense ratios do not reflect additional transaction, advisory, or management fees and other charges that may be paid for in a separately managed account (SMA), UMA, or MDP. Net investment returns would be reduced by those applicable fees. Clients should refer to their Financial Advisor for more information on such fees. Money Market expense ratio assumes the use of Northern Trust s money market funds. The client s fee may vary based on the specific money market fund in which the client is invested. Northern Trust Investments, Inc. (NTI) is an investment adviser registered with the Securities Exchange Commission under the Investment Advisers Act of The company manages a variety of portfolios utilizing stocks, bonds, and exchange-traded funds (ETFs). The information is not intended for distribution or use by any person in any jurisdiction where such distribution would be contrary to local law or regulation. Northern Trust and its affiliates may have positions in and may effect transactions in the markets, contracts and related investments different than described in this information. This information is obtained from sources believed to be reliable, and its accuracy and completeness are not guaranteed. Information does not constitute a recommendation of any investment strategy, is not intended as investment advice and does not take into account all the circumstances of each investor. Northern Trust Asset Management is composed of Northern Trust Investments, Inc. Northern Trust Global Investments Limited, Northern Trust Global Investments Japan, K.K, NT Global Advisors Inc., 50 South Capital Advisors, LLC and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company. Investment Professional Use Only Not for Distribution to the Public 2

29 Goal Engineer COMPOSITE RETURNS Composite Gross Composite Net 2% Fee RETURNS Composite Net 1% Fee Supplemental Reference Category Average 1 Composite TRAILING 3-YEAR RISK Reference Internal Dispersion COMPOSITE COMPOSITION COMPOSITE AND BENCHMARK DISCLOSURES: Northern Trust Asset Management comprises Northern Trust Investments, Inc., Northern Trust Global Investments Limited, 50 South Capital Advisors LLC, Northern Trust Global Investments Japan, K.K., NT Global Advisors, Inc. and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company. As of 09/30/17, Northern Trust had assets under management totaling $1,125.1 billion. For purpose of compliance with the Global Investment Performance Standards (GIPS ) the firm is defined as Northern Trust Asset Management Services, a subset of Northern Trust Asset Management, and includes separate accounts and those investment products managed by NTI, NTGIL, NTGIJ, and TNTC that are distributed through global channels. As of September 2011, the Northern Trust Global Securities Lending Program Division, a division of Northern Trust Asset Management, has been included in the GIPS firm. As of 09/30/17, Northern Trust Asset Management Services had assets under management totaling $884.8 billion. Description: The composite consists of all fee-paying, fully discretionary Goal Engineer 2030 portfolios managed by Northern Trust Asset Management Managed Accounts. The composite was created on 03/31/2017. Financial leverage is not employed as a part of the overall investment strategy. Financial derivatives, in the form of futures contracts and options, may be utilized for the purposes of liquidity, market exposure or investment opportunity. The internal dispersion of annual returns is measured by the standard deviation across asset-weighted portfolio returns represented in the composite for the full year. If fewer than 5 portfolios are in the composite for a full year, internal dispersion is deemed not applicable. The three year annualized standard deviation is calculated using monthly returns. If the composite has been open for less than three years, the three year annualized standard deviation is deemed not applicable. Performance results are expressed in U.S. dollars and reflect the reinvestment of dividends and other earnings. Composite net returns are presented net of underlying fund fees, transaction costs (for non-wrap accounts), and assumed advisory/wrap fee as noted in column heading. A 2% fee is assumed as the highest advisory/wrap fee for GIPS purposes, a 1% fee is shown as supplemental information. Composite gross returns are presented as supplemental to net returns for comparison purposes only. They are net of underlying fund fees and transaction fees (for non-wrap portion), and gross of advisory fees. The portion of the gross composite attributable to wrap accounts is net of underlying fund fees, and gross of the wrap fee. Northern Trust generally utilizes its own funds within this strategy. Northern Trust receives various fees from the funds via the fund expense ratios. Clients will incur these fees. Clients who access these portfolios through a financial intermediary firm will typically pay additional fees to that firm. A wrap fee includes all charges for trading costs, portfolio management, custody, and other administrative fees. Actual client fees may differ. Clients should speak to their Financial Advisor for more information regarding fees. Financial intermediaries that employ Northern Trust for model management or overlay services may compensate Northern Trust for those services, a fee of up to 0.25%. From inception of the composite 1 account does not pay an advisory fee. Trailing 3 year risk is defined as the standard deviation of the trailing 36 monthly returns annualized. Model delivery assets are managed by third parties to whom NTAM delivers a model portfolio. NTAM does not have discretion over those assets. The figures are provided as supplemental information. Although the figures are obtained from sources believed to be reliable, their accuracy and completeness are not guaranteed. Northern Trust Asset Management Services has been verified by an independent verifier for the period from January 1, 1993 through December 31, Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Past performance is no guarantee of future results. A copy of the verification report is available upon request. Northern Trust Asset Management Services has prepared and presented this report in compliance with GIPS. Prior to 01/01/93, all discretionary accounts may not have been included in a composite. Additional information regarding policies for calculating and reporting returns is available upon request. All information is assumed to be accurate and complete but is not guaranteed. # of Accts % Wrap Accounts Comp Assets ($MIL) Comp Assets as % of Firm Assets Q N/A 6.85 N/A Q N/A 6.93 N/A Q* N/A 7.32 N/A *Since inception 03/31/2017. Model Delivery Assets ($MIL) Investment Professional Use Only Not for Distribution to the Public 3

30 Goal Engineer 2030 COMPOSITE AND BENCHMARK DISCLOSURES (continued): Reference : As of October 1, 2017, the benchmark is comprised of a blend of the constituent indices listed below. The component weights are rebalanced monthly, and are adjusted annually as the strategy moves along the glidepath, and in accordance with Northern Trust s annual Capital Market Assumptions (CMA) process. Historical weights and constituent indices for periods prior to this are available upon request. rates of return should not be considered as exact replications of any particular asset class, security or strategy returns, but rather as an approximation for illustrative purposes. Direct investment in an index is not possible and does not reflect an actual portfolio's investment results. 25.6% MSCI USA IMI 2.0% FTSE EPRA/NAREIT Global Real Estate (net) 22.2% MSCI World ex USA IMI (net) 0.5% Bloomberg Barclays 1-3 Month U.S. Treasury Bills 3.5% MSCI Emerging Markets IMI (net) 26.2% Bloomberg Barclays U.S. Aggregate Bond 6.0% S&P Global Natural Resources (net) 5.3% Bloomberg Barclays U.S. High Yield 2% Issuer Cap 2.0% S&P Global Infrastructure (net) 6.7% Bloomberg Barclays U.S. Treasury TIPS 1-5 Year 1 Morningstar Category Average: Morningstar Category Average is a proprietary Morningstar datapoint. For any given datapoint, the category average is the simple average of all the values for that datapoint for all the funds within a particular Morningstar Category Average. Target-date portfolios provide a diversified exposure to stocks, bonds, and cash for those investors who have a specific date for retirement or another goal. These portfolios aim to provide investors with an optimal level of return and risk, based solely on the target date. Over time, management adjusts the allocation among asset classes to more conservative mixes as the target date approaches. Morningstar divides target-date funds into the following categories: Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date 2050+; Retirement Income. Investment Professional Use Only Not for Distribution to the Public 4

31 Goal Engineer 2030 MODEL PERFORMANCE COMPARISON: (For period ending 12/31/17) QTD 1 YR 3 YR 5 YR Since 12/31/09 Model 2030 (Gross of Fees)* 3.79% 14.38% 6.86% 8.54% 8.75% Reference 2030 Morningstar Category Average 20% 16% 12% 8% 4% 0% Periods greater than one year are annualized. 3.61% 15.95% 6.85% 7.77% 8.05% 3.99% 16.38% 7.04% 8.49% 8.27% 2030 MODEL RETURNS (Gross of Fees)* SUPPLEMENTAL TO COMPOSITE RETURNS QUARTERLY RETURNS Model 2030 (Gross)* AS OF YEAR-END Reference 2030 Morningstar Category Average 1Q 2Q 3Q 4Q *Performance does not include the effect of back tested transaction costs, is gross of advisory fees, and net of underlying fund fees. Refer to complete disclosure below for more details. SUPPLEMENTAL MODEL PERFORMANCE AND BENCHMARK DISCLOSURES: Northern Trust Asset Management comprises Northern Trust Investments, Inc., Northern Trust Global Investments Limited, 50 South Capital Advisors LLC, Northern Trust Global Investments Japan, K.K., NT Global Advisors, Inc. and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company. As of 09/30/2017, Northern Trust Corporation had assets under management totaling $1,125.1 billion. As of 09/30/2017, Northern Trust Asset Management Services had assets under management totaling $884.8 billion. Model Performance: Returns are calculated using Zephyr StyleAdvisor with index returns supplied from Northern Trust and Bloomberg, and mutual fund returns supplied by Morningstar. Prior to 10/31/2016, the Model portfolio assumed the historical asset class weights within the Glidepath (Income, Inflation Sensitive, Growth) assigned to the Northern Trust target date solution (inception 10/16/2009) for defined contribution (DC) plans. Performance was calculated by retroactively applying the historical Glidepath asset allocation weights to the respective mutual funds and ETFs (or index proxies) that were used in the Goal Engineer series upon the strategy inception date on 10/31/2016. Specific sub-asset class weights (e.g. U.S. equity, international equity, etc) used in the historical model may vary from those that were used in the Northern Trust target Date solution for DC plans due to the replication and optimization process. Allocations were assumed to be made on December 31 of each year, rebalanced annually. Starting 10/31/2016, the Model portfolio assumes the asset class (Glidepath) weights developed for the Goal Engineer portfolios applied at the end of the month in which the allocation change was made. A minimum 0.5% allocation to cash is assumed. No cash flow is included in the calculation. Performance does not include the effect of back tested transaction costs, is gross of advisory fees, and net of underlying fund fees. Northern Trust generally utilizes its own funds within this strategy. Northern Trust receives various fees from the funds via the fund expense ratios. Clients will incur these fees. Clients who access these portfolios through a financial intermediary firm will typically pay additional fees to that firm. Clients should speak to their Financial Advisor for more information. (continued on next page) Investment Professional Use Only Not for Distribution to the Public 5

32 Goal Engineer 2030 SUPPLEMENTAL MODEL PERFORMANCE AND BENCHMARK DISCLOSURES: (continued) In cases where an underlying fund within Goal Engineer (GE) has live historical performance available for the entire time-series, the fund s actual performance was used in the construction of the overall GE model performance results for the entire time-series (12/31/2009 present). This methodology was used for all the Northern Trust fixed income funds, QDF and NFRA. Performance results for mutual funds reflect the reinvestment of dividends and other earnings and are net of fund fees. Where an underlying ETF did not have live historical performance available, simulated results were used in the construction of the overall GE model performance results for the entire time-series (12/31/2009 present). This methodology was used for the QLC, QDEF, IQDF, TILT, TLTD, TLTE, GUNR, GQRE and TDTT. Total return indices were used as proxies for their corresponding ETFs. The performance history of the underlying index was reduced by the corresponding ETF fund management fees to estimate a net return. The performance for the indices used in the model portfolios include periods prior to their creation dates, which are hypothetical and back tested. Index returns used do not reflect transactions costs. Index returns should not be considered exact replications of an actual ETF return, but rather as an approximation for illustrative purposes. Direct investment in an index is not possible and the representative index returns may not fully reflect actual investment risk. Actual results achieved might have been materially less favorable than the index returns. Additional information regarding policies for calculating and reporting returns is available upon request. All information is assumed to be accurate and complete but is not guaranteed. Important Information Regarding Back Tested Returns: Model performance presented in this material is back tested and does not reflect the results of an actual investment portfolio, or actual management or trading of client accounts. Simulated results, assumptions and projections are estimates and should not be considered exact replications or an indication of an actual portfolio s returns, but rather an approximation for illustrative purposes and as a guideline. Back tested performance is not an indicator of future actual results. If the model portfolio would have been actively managed, it would have been subject to market conditions that could have materially impacted performance and possibly resulted in a significant decline in portfolio value. Back tested data contained herein reflects the performance of the mutual funds or indices described which were selected with the benefit of hindsight. Detailed information regarding hypothetical model and index performance is available upon request or by visiting the index sponsors websites. Reference is comprised of a blend of the constituent indices listed below. The component weights are rebalanced monthly and are adjusted annually as the strategy moves along the glidepath, and in accordance with Northern Trust s annual Capital Market Assumptions (CMA) process. Historical weights and definitions for constituent indices are available upon request. Domestic Equity: 10/16/2009 to 02/21/2014: Blend of S&P 500, S&P MidCap 400, Russell /22/2014 to present: MSCI USA IMI International Equity:10/16/2009 to 02/29/2012: Blend of MSCI EAFE and MSCI Emerging Markets 03/01/2012 to 10/31/2016: MSCI ACWI ex-usa IMI 11/01/2016 to present: Blend of MSCI World ex USA IMI and MSCI Emerging Markets IMI Inflation Sensitive: 10/16/2009 to 02/18/2014: Barclays U.S. TIPS Index, 02/19/2014 to 10/31/2016: Barclays 1-10 Year U.S. TIPS, 11/01/2016 to present: Bloomberg Barclays U.S. Treasury TIPS 1-5 Year 10/16/2009 to present: FTSE EPRA/NAREIT Global Real Estate 10/16/2009 to 10/31/2016: Bloomberg Commodity, 11/01/2016 to 06/30/2017: Morningstar Global Upstream Natural Resources Index, 07/01/2017 to present: S&P Global Natural Resources 11/01/2016 to present: S&P Global Infrastructure Fixed Income: 10/16/2009 to present: Bloomberg Barclays U.S. Aggregate Bond 10/16/2009 to present: Bloomberg Barclays U.S. High-Yield 2% Issuer Cap Cash: 10/16/2009 to 02/28/2014: B of A Merrill Lynch 3-month U.S. Treasury Bill 11/01/2016 to present: Bloomberg Barclays 1-3 Month U.S. Treasury Bills The benchmark rates of return should not be considered as exact replications of any particular asset class, security or strategy returns, but rather as an approximation for illustrative purposes. Direct investment in an index is not possible and does not reflect an actual portfolio's investment results. Definitions for constituent reference benchmark indices are available upon request. Morningstar Category Average: Morningstar Category Average is a proprietary Morningstar datapoint. For any given datapoint, the category average is the simple average of all the values for that datapoint for all the funds within a particular Morningstar Category Average. Target-date portfolios provide a diversified exposure to stocks, bonds, and cash for those investors who have a specific date for retirement or another goal. These portfolios aim to provide investors with an optimal level of return and risk, based solely on the target date. Over time, management adjusts the allocation among asset classes to more conservative mixes as the target date approaches. Morningstar divides target-date funds into the following categories: Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date 2050+; Retirement Income. Investment Professional Use Only Not for Distribution to the Public 6

33 Goal Engineer 2035 GOAL ENGINEER 2035 GLIDEPATH (subject to change) 100% Allocation 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% INCOME INFLATION SENSITIVE GROWTH Longer Cycle Factors 2035 PORTFOLIO CURRENT POSITION* Shorter Cycle Factors Years to Goal Date Goal *For illustrative purposes only, actual allocation will differ. OBJECTIVE: Designed for withdrawals to begin around the year The stock allocation is characterized by a greater focus on capital accumulation further away from the end of the glidepath, while volatility management is emphasized as the portfolio moves closer to the goal date. Bond allocations increase over time to add stability and generate income in retirement years. Portfolios with longer time horizons have greater exposure to those factors that have been shown to increase performance over time, such as value and small size. Portfolios with shorter time horizons have greater exposure to those factors that tend to reduce risk or increase income, such as quality or dividend yield. ESTIMATED YIELD 2 : 2.71% WEIGHTED AVERAGE EXPENSE RATIO 3 : 0.43% COMPOSITE PERFORMANCE COMPARISON: (For period ending 12/31/17) 16% 12% 8% 4% 0% QTD Since 03/31/ (Gross of Fees)* 4.76% 12.23% Composite Net (2%) 4.25% 10.58% Composite Net (1%) 4.50% 11.41% Reference % 13.29% Morningstar Category Average 4.40% 12.44% Source: Northern Trust Asset Management Periods greater than one year are annualized. PLEASE REFER TO PAGES 3 AND 4 FOR COMPOSITE AND BENCHMARK DISCLOSURES. Actual client asset allocation weights may be different than those shown. Allocation weights and choice of ETFs and mutual funds are subject to change at the discretion of Northern Trust. The portfolio holdings, characteristics and sector allocations are for illustrative purposes only and can vary for individual accounts. Allocations may not equal 100% due to rounding Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, Illinois U.S.A. ASSET ALLOCATION FULFILLMENT 1 (as of 12/31/17) 66.6% GROWTH US Equity 12.7% ETF - FlexShares Quality Dividend Index Fund (QDF) 15.7% ETF - FlexShares US Quality Large Cap Index Fund (QLC) 5.4% ETF - FlexShares Morningstar U.S. Market Factor Tilt Index Fund (TILT) Developed ex-us Equity 14.3% ETF - FlexShares Morningstar Developed Markets ex-us Factor Tilt Index Fund (TLTD) 12.3% ETF - FlexShares International Quality Dividend Index Fund (IQDF) Emerging Market Equity 6.3% ETF - FlexShares Morningstar Emerging Markets Factor Tilt Index Fund (TLTE) 15.8% INFLATION SENSITIVE Global Natural Resources 7.9% ETF FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) Global Real Estate 2.5% ETF FlexShares Global Quality Real Estate Index Fund (GQRE) Global Infrastructure 2.5% ETF FlexShares STOXX Global Infrastructure Index Fund (NFRA) Treasury Inflation Protected Securities 2.8% ETF - FlexShares iboxx 3-Year Target Duration TIPS Index Fund (TDTT) 17.2% INCOME US Investment Grade Fixed Income 10.6% Fund - Northern Fixed Income Fund (NOFIX) US High Yield Fixed Income 6.6% Fund - Northern High Yield Fixed Income Fund (NHFIX) 0.5% CASH Cash 0.5% Money Market Investment Professional Use Only Not for Distribution to the Public 1

34 Goal Engineer 2035 This report is provided for informational purposes only and is not intended to be, and should not be construed as, an offer, solicitation or recommendation with respect to any transaction and should not be treated as legal advice, investment advice or tax advice. Recipients should not rely upon this information as a substitute for obtaining specific legal or tax advice from their own professional legal or tax advisors. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities. Indices and trademarks are the property of their respective owners. Information is subject to change based on market or other conditions. All securities investing and trading activities risk the loss of capital. There is no assurance that any of the securities discussed herein will remain in a portfolio at the time you receive this report or that securities sold have not been repurchased. Each portfolio is subject to substantial risks including market risks, strategy risks, adviser risk and risks with respect to its investment in other structures. There can be no assurance that any portfolio investment objectives will be achieved, or that any investment will achieve profits or avoid incurring substantial losses. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. Risk controls and models do not promise any level of performance or guarantee against loss of principal. Any discussion of risk management is intended to describe Northern Trust s efforts to monitor and manage risk but does not imply low risk. Past performance is no guarantee of future results. Performance returns and the principal value of an investment will fluctuate. Performance returns contained herein are subject to revision by Northern Trust. Comparative indices shown are provided as an indication of the performance of a particular segment of the capital markets and/or alternative strategies in general. Index performance returns do not reflect any management fees, transaction costs or expenses. It is not possible to invest directly in any index. Net performance returns are reduced by investment management fees and other expenses relating to the management of the account. Gross performance returns contained herein include reinvestment of dividends and other earnings, transaction costs, and all fees and expenses other than investment management fees, unless indicated otherwise. For additional information on fees, please refer to Part 2A of the Form ADV or consult a Northern Trust representative. Forward-looking statements and assumptions are Northern Trust s current estimates or expectations of future events or future results based upon proprietary research and should not be construed as an estimate or promise of results that a portfolio may achieve. Actual results could differ materially from the results indicated by this information. There are risks involved in investing including possible loss of principal. There is no guarantee that the investment objectives of any fund or strategy will be met. Risk controls and models do not promise any level of performance or guarantee against loss of principal. FlexShares ETFs and Northern Funds are sub-advised by Northern Trust Investments, Inc. For more information on the investment objectives, principle risks, and fees associated with these Funds, please see each Fund's prospectus and statement of additional information ( SAI ), which are available on the Advisors websites at northernfunds.com and flexshares.com. Northern Trust generally utilizes its own funds within this strategy. Northern Trust receives various fees from the funds via the fund expense ratios. Clients will incur these fees. Clients who access these portfolios through a financial intermediary firm will typically pay additional fees to that firm. Clients should speak to their Financial Advisor for more information. Financial intermediaries that employ Northern Trust for model management or overlay services may compensate Northern Trust for those services a fee of up to 0.25%. 1 The portfolio holdings, weights and statistics shown are based on a Northern Trust model portfolio as of close of business at the end of the calendar quarter. They are not calculated or derived from any Managed Account or Model Delivery Platform (MDP). Under Model Delivery Platform (MDP) arrangements, Northern Trust only provides a model to the Sponsor Firm for Unified Managed Accounts (UMAs) and/or Separately Managed Accounts (SMAs), and does not have trading discretion over these accounts. As a result, MDP accounts may contain different investments based on parameters that govern the use of multiple managers and other restrictions. Current and future data may differ at the discretion of the portfolio manager. Actual client portfolios may vary. There may also be performance dispersion between accounts as a result of Northern Trust s lack of trading discretion over the MDP models. 2 Estimated Yield for the strategy is calculated using a weighted average of the trailing 12-month yield of each position in the model portfolio. The trailing 12-month yield is calculated by assuming any income distributions over the past twelve months and dividing them by the sum of the end-of-period value and any capital gain distributions made over the past twelve months. Yields are calculated gross of any additional fees not already netted within the funds. Dividends are not guaranteed and are subject to change or elimination. Due to the unique process of redemption and creation of ETFs, an irregular (high or low) payment could occur during a given period causing an overstatement or understatement of estimated income. Northern Trust uses data provided by external sources to calculate yields. While Northern Trust believes these sources to be reliable, we cannot guarantee the accuracy of the yield calculations of the underlying securities provided. Actual client portfolio yields will vary. Note: Yield is only one component of total return. Investment returns can differ significantly from total portfolio yield. Past performance is not a guarantee of future results. 3 Asset-weighted expense ratios are calculated by multiplying each fund s expense ratio by its portfolio weight and then summing the results. Each fund s expense ratio is sourced from the fund provider s website using the current expense ratios as stated in the most recent prospectuses as of the date of this report. Expense ratios calculate the cost to an investment company to operate a fund. The ratio is calculated annually by dividing a fund s operating expenses by the average dollar value of its assets under management. Operating expenses are taken out of a fund s asset and lower the return to a fund s investors. Actual portfolio fees will vary. Fund expense ratios do not reflect additional transaction, advisory, or management fees and other charges that may be paid for in a separately managed account (SMA), UMA, or MDP. Net investment returns would be reduced by those applicable fees. Clients should refer to their Financial Advisor for more information on such fees. Money Market expense ratio assumes the use of Northern Trust s money market funds. The client s fee may vary based on the specific money market fund in which the client is invested. Northern Trust Investments, Inc. (NTI) is an investment adviser registered with the Securities Exchange Commission under the Investment Advisers Act of The company manages a variety of portfolios utilizing stocks, bonds, and exchange-traded funds (ETFs). The information is not intended for distribution or use by any person in any jurisdiction where such distribution would be contrary to local law or regulation. Northern Trust and its affiliates may have positions in and may effect transactions in the markets, contracts and related investments different than described in this information. This information is obtained from sources believed to be reliable, and its accuracy and completeness are not guaranteed. Information does not constitute a recommendation of any investment strategy, is not intended as investment advice and does not take into account all the circumstances of each investor. Northern Trust Asset Management is composed of Northern Trust Investments, Inc. Northern Trust Global Investments Limited, Northern Trust Global Investments Japan, K.K, NT Global Advisors Inc., 50 South Capital Advisors, LLC and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company. Investment Professional Use Only Not for Distribution to the Public 2

35 Goal Engineer COMPOSITE RETURNS Composite Gross Composite Net 2% Fee RETURNS Composite Net 1% Fee Supplemental Reference Category Average 1 Composite TRAILING 3-YEAR RISK Reference Internal Dispersion COMPOSITE COMPOSITION COMPOSITE AND BENCHMARK DISCLOSURES: Northern Trust Asset Management comprises Northern Trust Investments, Inc., Northern Trust Global Investments Limited, 50 South Capital Advisors LLC, Northern Trust Global Investments Japan, K.K., NT Global Advisors, Inc. and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company. As of 09/30/17, Northern Trust had assets under management totaling $1,125.1 billion. For purpose of compliance with the Global Investment Performance Standards (GIPS ) the firm is defined as Northern Trust Asset Management Services, a subset of Northern Trust Asset Management, and includes separate accounts and those investment products managed by NTI, NTGIL, NTGIJ, and TNTC that are distributed through global channels. As of September 2011, the Northern Trust Global Securities Lending Program Division, a division of Northern Trust Asset Management, has been included in the GIPS firm. As of 09/30/17, Northern Trust Asset Management Services had assets under management totaling $884.8 billion. Description: The composite consists of all fee-paying, fully discretionary Goal Engineer 2035 portfolios managed by Northern Trust Asset Management Managed Accounts. The composite was created on 03/31/2017. Financial leverage is not employed as a part of the overall investment strategy. Financial derivatives, in the form of futures contracts and options, may be utilized for the purposes of liquidity, market exposure or investment opportunity. The internal dispersion of annual returns is measured by the standard deviation across asset-weighted portfolio returns represented in the composite for the full year. If fewer than 5 portfolios are in the composite for a full year, internal dispersion is deemed not applicable. The three year annualized standard deviation is calculated using monthly returns. If the composite has been open for less than three years, the three year annualized standard deviation is deemed not applicable. Performance results are expressed in U.S. dollars and reflect the reinvestment of dividends and other earnings. Composite net returns are presented net of underlying fund fees, transaction costs (for non-wrap accounts), and assumed advisory/wrap fee as noted in column heading. A 2% fee is assumed as the highest advisory/wrap fee for GIPS purposes, a 1% fee is shown as supplemental information. Composite gross returns are presented as supplemental to net returns for comparison purposes only. They are net of underlying fund fees and transaction fees (for non-wrap portion), and gross of advisory fees. The portion of the gross composite attributable to wrap accounts is net of underlying fund fees, and gross of the wrap fee. Northern Trust generally utilizes its own funds within this strategy. Northern Trust receives various fees from the funds via the fund expense ratios. Clients will incur these fees. Clients who access these portfolios through a financial intermediary firm will typically pay additional fees to that firm. A wrap fee includes all charges for trading costs, portfolio management, custody, and other administrative fees. Actual client fees may differ. Clients should speak to their Financial Advisor for more information regarding fees. Financial intermediaries that employ Northern Trust for model management or overlay services may compensate Northern Trust for those services, a fee of up to 0.25%. From inception of the composite 1 account does not pay an advisory fee. Trailing 3 year risk is defined as the standard deviation of the trailing 36 monthly returns annualized. Model delivery assets are managed by third parties to whom NTAM delivers a model portfolio. NTAM does not have discretion over those assets. The figures are provided as supplemental information. Although the figures are obtained from sources believed to be reliable, their accuracy and completeness are not guaranteed. Northern Trust Asset Management Services has been verified by an independent verifier for the period from January 1, 1993 through December 31, Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Past performance is no guarantee of future results. A copy of the verification report is available upon request. Northern Trust Asset Management Services has prepared and presented this report in compliance with GIPS. Prior to 01/01/93, all discretionary accounts may not have been included in a composite. Additional information regarding policies for calculating and reporting returns is available upon request. All information is assumed to be accurate and complete but is not guaranteed. # of Accts % Wrap Accounts Comp Assets ($MIL) Comp Assets as % of Firm Assets Q N/A 7.72 N/A Q N/A 7.79 N/A Q* N/A 8.18 N/A *Since inception 03/31/2017. Model Delivery Assets ($MIL) Investment Professional Use Only Not for Distribution to the Public 3

36 Goal Engineer 2035 COMPOSITE AND BENCHMARK DISCLOSURES (continued): Reference : As of October 1, 2017, the benchmark is comprised of a blend of the constituent indices listed below. The component weights are rebalanced monthly, and are adjusted annually as the strategy moves along the glidepath, and in accordance with Northern Trust s annual Capital Market Assumptions (CMA) process. Historical weights and constituent indices for periods prior to this are available upon request. rates of return should not be considered as exact replications of any particular asset class, security or strategy returns, but rather as an approximation for illustrative purposes. Direct investment in an index is not possible and does not reflect an actual portfolio's investment results. 32.9% MSCI USA IMI 2.6% FTSE EPRA/NAREIT Global Real Estate (net) 26.8% MSCI World ex USA IMI (net) 0.5% Bloomberg Barclays 1-3 Month U.S. Treasury Bills 6.1% MSCI Emerging Markets IMI (net) 11.0% Bloomberg Barclays U.S. Aggregate Bond 7.7% S&P Global Natural Resources (net) 6.9% Bloomberg Barclays U.S. High Yield 2% Issuer Cap 2.6% S&P Global Infrastructure (net) 2.9% Bloomberg Barclays U.S. Treasury TIPS 1-5 Year 1 Morningstar Category Average: Morningstar Category Average is a proprietary Morningstar datapoint. For any given datapoint, the category average is the simple average of all the values for that datapoint for all the funds within a particular Morningstar Category Average. Target-date portfolios provide a diversified exposure to stocks, bonds, and cash for those investors who have a specific date for retirement or another goal. These portfolios aim to provide investors with an optimal level of return and risk, based solely on the target date. Over time, management adjusts the allocation among asset classes to more conservative mixes as the target date approaches. Morningstar divides target-date funds into the following categories: Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date 2050+; Retirement Income. Investment Professional Use Only Not for Distribution to the Public 4

37 Goal Engineer 2035 MODEL PERFORMANCE COMPARISON: (For period ending 12/31/17) 0% QTD 1 YR 3 YR 5 YR Since 12/31/09 Model 2035 (Net of Fees) 4.87% 17.85% 8.02% 9.46% 9.27% Reference % 16% 12% 8% 4% Morningstar Category Average Periods greater than one year are annualized. 4.60% 19.55% 8.09% 8.87% 8.77% 4.40% 18.45% 7.78% 9.58% 9.09% 2035 MODEL RETURNS (Gross of Fees)* SUPPLEMENTAL TO COMPOSITE RETURNS QUARTERLY RETURNS Model 2035 (Gross)* AS OF YEAR-END Reference 2035 Morningstar Category Average 1Q 2Q 3Q 4Q *Performance does not include the effect of back tested transaction costs, is gross of advisory fees, and net of underlying fund fees. Refer to complete disclosure below for more details. SUPPLEMENTAL MODEL PERFORMANCE AND BENCHMARK DISCLOSURES: Northern Trust Asset Management comprises Northern Trust Investments, Inc., Northern Trust Global Investments Limited, 50 South Capital Advisors LLC, Northern Trust Global Investments Japan, K.K., NT Global Advisors, Inc. and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company. As of 09/30/2017, Northern Trust Corporation had assets under management totaling $1,125.1 billion. As of 09/30/2017, Northern Trust Asset Management Services had assets under management totaling $884.8 billion. Model Performance: Returns are calculated using Zephyr StyleAdvisor with index returns supplied from Northern Trust and Bloomberg, and mutual fund returns supplied by Morningstar. Prior to 10/31/2016, the Model portfolio assumed the historical asset class weights within the Glidepath (Income, Inflation Sensitive, Growth) assigned to the Northern Trust target date solution (inception 10/16/2009) for defined contribution (DC) plans. Performance was calculated by retroactively applying the historical Glidepath asset allocation weights to the respective mutual funds and ETFs (or index proxies) that were used in the Goal Engineer series upon the strategy inception date on 10/31/2016. Specific sub-asset class weights (e.g. U.S. equity, international equity, etc) used in the historical model may vary from those that were used in the Northern Trust target Date solution for DC plans due to the replication and optimization process. Allocations were assumed to be made on December 31 of each year, rebalanced annually. Starting 10/31/2016, the Model portfolio assumes the asset class (Glidepath) weights developed for the Goal Engineer portfolios applied at the end of the month in which the allocation change was made. A minimum 0.5% allocation to cash is assumed. No cash flow is included in the calculation. Performance does not include the effect of back tested transaction costs, is gross of advisory fees, and net of underlying fund fees. Northern Trust generally utilizes its own funds within this strategy. Northern Trust receives various fees from the funds via the fund expense ratios. Clients will incur these fees. Clients who access these portfolios through a financial intermediary firm will typically pay additional fees to that firm. Clients should speak to their Financial Advisor for more information. (continued on next page) Investment Professional Use Only Not for Distribution to the Public 5

38 Goal Engineer 2035 SUPPLEMENTAL MODEL PERFORMANCE AND BENCHMARK DISCLOSURES: (continued) In cases where an underlying fund within Goal Engineer (GE) has live historical performance available for the entire time-series, the fund s actual performance was used in the construction of the overall GE model performance results for the entire time-series (12/31/2009 present). This methodology was used for all the Northern Trust fixed income funds, QDF and NFRA. Performance results for mutual funds reflect the reinvestment of dividends and other earnings and are net of fund fees. Where an underlying ETF did not have live historical performance available, simulated results were used in the construction of the overall GE model performance results for the entire time-series (12/31/2009 present). This methodology was used for the QLC, QDEF, IQDF, TILT, TLTD, TLTE, GUNR, GQRE and TDTT. Total return indices were used as proxies for their corresponding ETFs. The performance history of the underlying index was reduced by the corresponding ETF fund management fees to estimate a net return. The performance for the indices used in the model portfolios include periods prior to their creation dates, which are hypothetical and back tested. Index returns used do not reflect transactions costs. Index returns should not be considered exact replications of an actual ETF return, but rather as an approximation for illustrative purposes. Direct investment in an index is not possible and the representative index returns may not fully reflect actual investment risk. Actual results achieved might have been materially less favorable than the index returns. Additional information regarding policies for calculating and reporting returns is available upon request. All information is assumed to be accurate and complete but is not guaranteed. Important Information Regarding Back Tested Returns: Model performance presented in this material is back tested and does not reflect the results of an actual investment portfolio, or actual management or trading of client accounts. Simulated results, assumptions and projections are estimates and should not be considered exact replications or an indication of an actual portfolio s returns, but rather an approximation for illustrative purposes and as a guideline. Back tested performance is not an indicator of future actual results. If the model portfolio would have been actively managed, it would have been subject to market conditions that could have materially impacted performance and possibly resulted in a significant decline in portfolio value. Back tested data contained herein reflects the performance of the mutual funds or indices described which were selected with the benefit of hindsight. Detailed information regarding hypothetical model and index performance is available upon request or by visiting the index sponsors websites. Reference is comprised of a blend of the constituent indices listed below. The component weights are rebalanced monthly and are adjusted annually as the strategy moves along the glidepath, and in accordance with Northern Trust s annual Capital Market Assumptions (CMA) process. Historical weights and definitions for constituent indices are available upon request. Domestic Equity: 10/16/2009 to 02/21/2014: Blend of S&P 500, S&P MidCap 400, Russell /22/2014 to present: MSCI USA IMI International Equity:10/16/2009 to 02/29/2012: Blend of MSCI EAFE and MSCI Emerging Markets 03/01/2012 to 10/31/2016: MSCI ACWI ex-usa IMI 11/01/2016 to present: Blend of MSCI World ex USA IMI and MSCI Emerging Markets IMI Inflation Sensitive: 10/16/2009 to 02/18/2014: Barclays U.S. TIPS Index, 02/19/2014 to 10/31/2016: Barclays 1-10 Year U.S. TIPS, 11/01/2016 to present: Bloomberg Barclays U.S. Treasury TIPS 1-5 Year 10/16/2009 to present: FTSE EPRA/NAREIT Global Real Estate 10/16/2009 to 10/31/2016: Bloomberg Commodity, 11/01/2016 to 06/30/2017: Morningstar Global Upstream Natural Resources Index, 07/01/2017 to present: S&P Global Natural Resources 11/01/2016 to present: S&P Global Infrastructure Fixed Income: 10/16/2009 to present: Bloomberg Barclays U.S. Aggregate Bond 10/16/2009 to present: Bloomberg Barclays U.S. High-Yield 2% Issuer Cap Cash: 10/16/2009 to 02/28/2014: B of A Merrill Lynch 3-month U.S. Treasury Bill 11/01/2016 to present: Bloomberg Barclays 1-3 Month U.S. Treasury Bills The benchmark rates of return should not be considered as exact replications of any particular asset class, security or strategy returns, but rather as an approximation for illustrative purposes. Direct investment in an index is not possible and does not reflect an actual portfolio's investment results. Definitions for constituent reference benchmark indices are available upon request. Morningstar Category Average: Morningstar Category Average is a proprietary Morningstar datapoint. For any given datapoint, the category average is the simple average of all the values for that datapoint for all the funds within a particular Morningstar Category Average. Target-date portfolios provide a diversified exposure to stocks, bonds, and cash for those investors who have a specific date for retirement or another goal. These portfolios aim to provide investors with an optimal level of return and risk, based solely on the target date. Over time, management adjusts the allocation among asset classes to more conservative mixes as the target date approaches. Morningstar divides target-date funds into the following categories: Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date ; Target Date 2050+; Retirement Income. Investment Professional Use Only Not for Distribution to the Public 6

39 Goal Engineer 2040 GOAL ENGINEER 2040 GLIDEPATH (subject to change) 100% Allocation 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2040 PORTFOLIO CURRENT POSITION* INCOME INFLATION SENSITIVE GROWTH Longer Cycle Factors Shorter Cycle Factors Years to Goal Date Goal *For illustrative purposes only, actual allocation will differ. OBJECTIVE: Designed for withdrawals to begin around the year The stock allocation is characterized by a greater focus on capital accumulation further away from the end of the glidepath, while volatility management is emphasized as the portfolio moves closer to the goal date. Bond allocations increase over time to add stability and generate income in retirement years. Portfolios with longer time horizons have greater exposure to those factors that have been shown to increase performance over time, such as value and small size. Portfolios with shorter time horizons have greater exposure to those factors that tend to reduce risk or increase income, such as quality or dividend yield. ESTIMATED YIELD 2 : 2.56% WEIGHTED AVERAGE EXPENSE RATIO 3 : 0.43% COMPOSITE PERFORMANCE COMPARISON: (For period ending 12/31/17) 16% 12% 8% 4% 0% QTD Since 04/30/ (Gross of Fees)* 5.07% 12.17% Composite Net (2%) 4.56% 10.70% Composite Net (1%) 4.81% 11.43% Reference % 12.68% Morningstar Category Average 4.71% 11.45% Source: Northern Trust Asset Management Periods greater than one year are annualized. PLEASE REFER TO PAGES 3 AND 4 FOR COMPOSITE AND BENCHMARK DISCLOSURES. Actual client asset allocation weights may be different than those shown. Allocation weights and choice of ETFs and mutual funds are subject to change at the discretion of Northern Trust. The portfolio holdings, characteristics and sector allocations are for illustrative purposes only and can vary for individual accounts. Allocations may not equal 100% due to rounding Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, Illinois U.S.A. ASSET ALLOCATION FULFILLMENT 1 (as of 12/31/17) 72.9% GROWTH US Equity 9.0% ETF - FlexShares Quality Dividend Index Fund (QDF) 20.7% ETF - FlexShares US Quality Large Cap Index Fund (QLC) 7.2% ETF - FlexShares Morningstar U.S. Market Factor Tilt Index Fund (TILT) Developed ex-us Equity 19.0% ETF - FlexShares Morningstar Developed Markets ex-us Factor Tilt Index Fund (TLTD) 8.7% ETF - FlexShares International Quality Dividend Index Fund (IQDF) Emerging Market Equity 8.4% ETF - FlexShares Morningstar Emerging Markets Factor Tilt Index Fund (TLTE) 15.3% INFLATION SENSITIVE Global Natural Resources 8.7% ETF FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) Global Real Estate 2.7% ETF FlexShares Global Quality Real Estate Index Fund (GQRE) Global Infrastructure 2.7% ETF FlexShares STOXX Global Infrastructure Index Fund (NFRA) Treasury Inflation Protected Securities 1.1% ETF - FlexShares iboxx 3-Year Target Duration TIPS Index Fund (TDTT) 11.3% INCOME US Investment Grade Fixed Income 4.2% Fund - Northern Fixed Income Fund (NOFIX) US High Yield Fixed Income 7.1% Fund - Northern High Yield Fixed Income Fund (NHFIX) 0.5% CASH Cash 0.5% Money Market Investment Professional Use Only Not for Distribution to the Public 1

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