International Family Forum Managing Change April 19, 2017 Moderator: Drake Jackman, CFA, TEP Managing Director - International Wealth Management

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1 Where Are We Now? Fast Summary of Recent and Likely Reform International Family Forum Managing Change April 19, 2017 Moderator: Drake Jackman, CFA, TEP Managing Director - International Wealth Management 1

2 PANEL DISCUSSION Moderator Drake Jackman Northern Trust (305) Panelist Simon Beck Baker & McKenzie LLP (305) Panelist Mary Bennett Baker & McKenzie LLP (202) Panelist Bill Morrison Northern Trust (312) Panelist Jim McDonald Northern Trust (312)

3 MEMBERS OF THE PANEL Bill Morrison is currently Vice Chairman of The Northern Trust Corporation. During his time at Northern, Bill led the Wealth Management business, served as our CFO, and was President and Chief Operating Officer of the Company. Jim McDonald is an Executive Vice President and the Chief Investment Strategist for Northern Trust. In addition, he chairs our Tactical Asset Allocation Committee and is a member of our Investment Policy Committee. Simon Beck is a partner in the Miami office at Baker & McKenzie and chair of the Firm s North American Wealth Management Group. He has vast experience with International Trusts and Tax and, is one of the best in the business in my opinion. Mary Bennett is a tax partner in Baker & McKenzie s Washington, DC office, where she advises both U.S. and foreign-based companies on tax policy issues and assists them with international tax planning and controversy matters. She is the Chair of the Firm s Global Tax Policy Group. 3

4 FAST SUMMARY OF RECENT EVENTS AND LIKELY REFORM: US/Trump Reform Is Trump a game changer for US politics? Will his impact on the US economy be positive? Regulatory Reform: will this help U.S. companies, banks? Tax Reform: estate, corporate and individual tax? Will the U.S. continue to be a fiscal paradise for international clients? Common Reporting Standard ( CRS ) Is CRS here to stay? Will public registries for Trusts and Companies become the norm? What other OECD initiatives are being considered? Treaty reforms, TIEAS, BEPs? Latin American Amnesties Why are some amnesties more successful than others? Mexico vs. Argentina Personal Security Do Latin Americans need to repatriate their assets to participate? 4

5 FAST SUMMARY OF RECENT EVENTS AND LIKELY REFORM: Families on the Move Why is changing your country of tax residency a growing part of proper planning? What are the issues for multi-jurisdictional families? Brexit and the EU Should we be more worried about the UK or the EU? Will the UK become the new Switzerland? Bank Regulation and Reform Are there any expected regulatory changes with the new administration? Trends in AML/KYC and transaction monitoring for International clients? Why have so many banks exited International Private Banking? Why is Northern Trust committed to International Private Banking? 5

6 DISCLOSURES LEGAL, INVESTMENT AND TAX NOTICE: This information is not intended to be and should not be treated as legal advice, investment advice or tax advice. Readers, including professionals, should under no circumstances rely upon this information as a substitute for their own research or for obtaining specific legal or tax advice from their own counsel. OTHER IMPORTANT INFORMATION: Opinions expressed and information contained herein are current only as of the date appearing in this material and are subject to change without notice. 6

7 About Baker & Mckenzie Baker & McKenzie LLP is a member firm of Baker & McKenzie International, a Swiss Verein with member law firms around the world. In accordance with the common terminology used in professional service organizations, reference to a "partner" means a person who is a partner, or equivalent, in such a law firm. Similarly, reference to an "office" means an office of any such law firm. This may qualify as "Attorney Advertising" requiring notice in some jurisdictions. Prior results do not guarantee a similar outcome. About Northern Trust Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has offices in the United States in 19 states and Washington, D.C., and 22 international locations in Canada, Europe, the Middle East and the Asia- Pacific region. As of December 31, 2016, Northern Trust had assets under custody of US$6.7 trillion, and assets under management of US$942 billion. For more than 125 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit northerntrust.com or follow us on Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at 7

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