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FIVE-YEAR CMA FORECAST:

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              FIXED INCOME EQUITIES REAL ASSETS ALTERNATIVES
        FIVE-YEAR CMA FORECAST UNITED STATES EUROPE JAPAN UK CANADA AUSTRALIA GLOBAL DEVELOPED MARKETS EMERGING MARKETS GLOBAL
ASSET CLASS    
Benchmark		 Geometric Return Arithmetic Return Risk Cash                                                                              
FIXED INCOME UNITED STATES Cash FTSE Treasury Bill 3 Mon 0.1 0.1 0.4 1.00 Inflation
Linked		                                                                            
Inflation Linked BBgBarc Gbl Infl Linked US TIPS 2.4 2.6 5.8 0.02 1.00 Investment
Grade		                                                                          
Investment Grade BBgBarc US Agg Bond 2.3 2.4 3.4 0.04 0.79 1.00 High Yield                                                                        
High Yield BBgBarc US Corporate High Yield 5.5 5.9 9.2 -0.10 0.35 0.22 1.00 Municipal                                                                      
Municipal BBgBarc Municipal 1-10Y Blend 1-12Y 2.6 2.6 2.9 0.01 0.60 0.74 0.26 1.00 Cash                                                                    
EUROPE Cash JPM GBI Germany 3 Mon -0.5 0.0 9.7 0.10 0.36 0.23 0.37 0.11 1.00 Inflation
Linked		                                                                  
Inflation Linked BBgBarc Euro Govt Infl Lkd 1.5 2.2 11.9 0.05 0.54 0.42 0.48 0.29 0.90 1.00 Investment
Grade		                                                                
Investment Grade BBgBarc Euro Agg Bond 1.0 1.5 10.2 0.04 0.49 0.43 0.40 0.29 0.94 0.97 1.00 Cash                                                              
JAPAN Cash JPM GBI Japan 3 Mon -0.1 0.3 9.2 0.04 0.36 0.42 -0.07 0.38 0.22 0.23 0.27 1.00 Inflation
Linked		                                                            
Inflation Linked BBgBarc JPN Govt Infl Lkd 0.5 1.0 10.0 -0.01 0.55 0.53 0.17 0.45 0.32 0.38 0.39 0.90 1.00 Investment
Grade		                                                          
Investment Grade BBgBarc Japanese Aggregate 0.2 0.7 9.9 0.03 0.40 0.48 -0.06 0.42 0.22 0.25 0.29 0.98 0.91 1.00 Cash                                                        
UK Cash JPM GBI UK 3 Mon 0.1 0.5 8.9 0.09 0.20 0.00 0.42 -0.01 0.61 0.55 0.56 0.01 0.10 -0.01 1.00 Inflation
Linked		                                                      
Inflation Linked BBgBarc Gbl Infl Linked UK 1.3 1.9 10.8 0.01 0.58 0.43 0.52 0.31 0.53 0.62 0.60 0.15 0.32 0.18 0.64 1.00 Investment
Grade		                                                    
Investment Grade BBgBarc Sterling Agg 1.3 1.7 9.3 0.01 0.48 0.40 0.43 0.26 0.57 0.63 0.64 0.15 0.26 0.16 0.82 0.86 1.00 Cash                                                  
CANADA Cash FTSE TMX Canada 91 Day TBill 0.2 0.6 9.4 0.11 0.27 0.10 0.59 0.08 0.56 0.57 0.53 0.05 0.16 0.03 0.53 0.41 0.44 1.00 Inflation
Linked		                                                
Inflation Linked FTSE TMX Canada Real Return Bond 2.2 3.0 12.4 0.02 0.63 0.42 0.65 0.30 0.52 0.64 0.58 0.15 0.35 0.17 0.41 0.59 0.54 0.78 1.00 Investment
Grade		                                              
Investment Grade FTSE TMX Canada Universe Bond 1.9 2.4 9.5 0.07 0.50 0.40 0.63 0.30 0.57 0.65 0.62 0.17 0.31 0.18 0.48 0.53 0.55 0.93 0.89 1.00 High Yield                                            
High Yield ICE bofAML CA HY CA Isurs 5.2 6.0 12.6 0.02 0.29 0.19 0.65 0.08 0.55 0.60 0.57 0.02 0.15 0.02 0.52 0.47 0.52 0.88 0.76 0.87 1.00 Cash                                          
AUSTRALIA Cash JPM GBI Australia 3 Mon 0.2 1.0 12.6 0.04 0.42 0.24 0.58 0.12 0.71 0.70 0.69 0.12 0.27 0.12 0.56 0.53 0.55 0.73 0.73 0.74 0.74 1.00 Investment
Grade		                                        
Investment Grade BBgBarc Global Australia 1.2 1.9 11.9 0.02 0.57 0.44 0.55 0.29 0.71 0.74 0.74 0.26 0.41 0.27 0.50 0.59 0.60 0.68 0.75 0.77 0.69 0.95 1.00 Global
Aggregate		                                      
GLOBAL Global Aggregate BBgBarc Global Aggregate 1.6 1.8 5.6 0.05 0.70 0.73 0.36 0.53 0.76 0.84 0.87 0.61 0.71 0.64 0.43 0.64 0.66 0.44 0.61 0.64 0.49 0.61 0.75 1.00 Global
High Yield		                                    
Global High Yield BBgBarc Global High Yield 5.6 6.1 9.9 -0.08 0.41 0.26 0.97 0.29 0.52 0.62 0.55 -0.03 0.21 -0.03 0.51 0.58 0.52 0.66 0.70 0.71 0.72 0.67 0.64 0.48 1.00 Emerging
Market Debt		                                  
Emerging Markets Debt JPM GBI-EM Global Diversified 4.5 5.2 11.9 0.07 0.44 0.36 0.64 0.30 0.66 0.73 0.71 0.16 0.33 0.17 0.47 0.54 0.54 0.66 0.69 0.72 0.70 0.80 0.81 0.67 0.74 1.00 United
States		                                
EQUITIES DEVELOPED MARKETS United States MSCI USA IMI 4.7 5.7 14.4 -0.06 0.12 -0.03 0.72 0.00 0.39 0.43 0.38 -0.21 -0.02 -0.22 0.40 0.34 0.35 0.59 0.55 0.57 0.64 0.57 0.51 0.23 0.73 0.58 1.00 Europe                              
Europe EUROPE ex UK IMI 5.4 7.3 19.4 0.03 0.17 0.05 0.72 0.04 0.62 0.63 0.60 -0.12 0.06 -0.13 0.53 0.46 0.49 0.62 0.58 0.62 0.67 0.67 0.60 0.41 0.78 0.70 0.87 1.00 Japan                            
Japan MSCI Japan IMI 3.8 4.9 15.0 -0.05 0.18 0.06 0.53 0.01 0.33 0.40 0.34 0.00 0.12 -0.05 0.38 0.34 0.34 0.47 0.47 0.49 0.50 0.50 0.46 0.27 0.56 0.53 0.65 0.66 1.00 United
Kingdom		                          
United Kingdom MSCI UK IMI 5.6 7.1 17.1 0.00 0.17 0.02 0.73 0.06 0.53 0.55 0.52 -0.14 0.02 -0.16 0.64 0.50 0.57 0.66 0.59 0.64 0.70 0.67 0.59 0.36 0.78 0.66 0.85 0.92 0.65 1.00 Canada                        
Canada MSCI Canada IMI 4.5 6.5 19.9 0.05 0.27 0.07 0.73 0.10 0.48 0.53 0.47 -0.06 0.09 -0.08 0.51 0.44 0.44 0.84 0.75 0.81 0.83 0.71 0.64 0.37 0.77 0.67 0.80 0.78 0.60 0.83 1.00 Australia                      
Australia MSCI Australia IMI 5.8 8.2 22.0 0.04 0.30 0.14 0.72 0.09 0.55 0.60 0.56 -0.06 0.12 -0.06 0.49 0.46 0.48 0.67 0.70 0.69 0.74 0.82 0.77 0.45 0.78 0.76 0.80 0.83 0.63 0.83 0.83 1.00 Developed
Markets		                    
Developed Markets MSCI World IMI 4.8 5.9 15.0 -0.02 0.17 0.02 0.76 0.03 0.50 0.54 0.49 -0.16 0.03 -0.17 0.50 0.42 0.45 0.65 0.61 0.65 0.70 0.67 0.60 0.33 0.79 0.67 0.97 0.94 0.73 0.93 0.85 0.87 1.00 Asia                  
EMERGING MARKETS Asia EM ASIA IMI 4.9 7.1 21.0 0.05 0.23 0.09 0.68 0.03 0.47 0.51 0.47 -0.07 0.09 -0.09 0.43 0.39 0.41 0.63 0.63 0.64 0.67 0.72 0.66 0.36 0.72 0.70 0.75 0.80 0.64 0.76 0.78 0.81 0.82 1.00 Latin
America		                
Latin America EM LATIN AMERICA IMI 8.2 11.9 27.3 0.10 0.25 0.09 0.69 0.13 0.51 0.54 0.49 0.02 0.15 0.00 0.46 0.43 0.40 0.71 0.64 0.69 0.73 0.75 0.68 0.40 0.77 0.81 0.67 0.73 0.55 0.75 0.82 0.82 0.75 0.77 1.00 EMEA              
EMEA EM EMEA IMI 7.1 9.8 23.4 0.05 0.30 0.11 0.68 0.07 0.57 0.60 0.55 -0.01 0.14 -0.03 0.51 0.48 0.48 0.70 0.69 0.70 0.75 0.77 0.71 0.44 0.76 0.82 0.74 0.83 0.67 0.82 0.84 0.85 0.83 0.83 0.88 1.00 Emerging
Markets		            
Emerging Markets MSCI EM IMI 5.4 7.6 21.2 0.06 0.27 0.11 0.72 0.06 0.53 0.57 0.52 -0.05 0.12 -0.07 0.49 0.44 0.45 0.70 0.68 0.70 0.73 0.78 0.71 0.41 0.78 0.79 0.78 0.84 0.67 0.82 0.85 0.87 0.86 0.97 0.88 0.93 1.00 Global
Equities		          
GLOBAL Global Equities MSCI ACWI IMI 4.9 6.1 15.4 -0.01 0.19 0.03 0.77 0.03 0.52 0.55 0.50 -0.15 0.04 -0.16 0.50 0.43 0.45 0.67 0.64 0.67 0.72 0.69 0.62 0.35 0.80 0.70 0.96 0.95 0.73 0.93 0.87 0.88 1.00 0.86 0.78 0.86 0.89 1.00 Natural
Resources		        
REAL ASSETS Natural Resources S&P Global Natural Resources 3.6 5.7 20.5 0.09 0.21 -0.01 0.61 -0.01 0.54 0.53 0.49 -0.03 0.08 -0.06 0.52 0.39 0.42 0.71 0.63 0.67 0.71 0.72 0.64 0.36 0.67 0.67 0.73 0.77 0.61 0.83 0.88 0.82 0.81 0.76 0.82 0.83 0.84 0.82 1.00 Listed
Real Estate		      
Listed Real Estate MSCI ACWI IMI Core RE 6.3 8.1 18.8 -0.01 0.36 0.27 0.78 0.22 0.47 0.58 0.53 0.01 0.21 0.02 0.43 0.52 0.51 0.59 0.66 0.65 0.66 0.66 0.66 0.48 0.81 0.73 0.81 0.80 0.66 0.78 0.75 0.82 0.85 0.75 0.71 0.77 0.79 0.86 0.64 1.00 Listed
Infrastructure		    
Listed Infrastructure S&P Global Infrastructure 5.8 7.0 15.4 0.07 0.36 0.25 0.75 0.22 0.58 0.67 0.63 0.02 0.22 0.03 0.52 0.57 0.57 0.66 0.70 0.73 0.73 0.71 0.69 0.55 0.81 0.77 0.80 0.87 0.65 0.86 0.82 0.85 0.87 0.76 0.79 0.82 0.82 0.88 0.77 0.86 1.00 Hedge
Funds		  
ALTERNATIVES Hedge Funds HFRI Fund Weighted 2.6 2.8 5.9 0.04 0.22 0.02 0.76 0.05 0.44 0.49 0.43 -0.14 0.02 -0.16 0.50 0.44 0.45 0.67 0.64 0.66 0.72 0.67 0.59 0.30 0.79 0.64 0.85 0.85 0.69 0.87 0.89 0.84 0.90 0.84 0.79 0.84 0.88 0.92 0.84 0.76 0.82 1.00 Private
Equity
Private Equity Cambridge Associate Global Private Equity 7.9 9.3 16.9 0.06 0.00 -0.35 0.64 -0.25 0.45 0.46 0.35 -0.25 -0.12 -0.28 0.60 0.57 0.53 0.67 0.54 0.56 0.62 0.63 0.50 0.08 0.65 0.57 0.80 0.76 0.55 0.74 0.75 0.75 0.79 0.77 0.67 0.71 0.75 0.80 0.69 0.65 0.68 0.71 1.00

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.

Capital Market Assumption (CMA) model expected returns do not show actual performance and are for illustrative purposes only. They do not reflect actual trading, liquidity constraints, fees, expenses, taxes and other factors that could impact the future returns. Stated return expectations may differ from an investor’s actual result. The assumptions, views, techniques and forecasts noted are subject to change without notice.

This material is directed to professional clients only and is not intended for retail clients. For Asia-Pacific markets, it is directed to institutional investors, expert investors and professional investors only and should not be relied upon by retail investors. For legal and regulatory information about our offices and legal entities, visit northerntrust.com/disclosures. The following information is provided to comply with local disclosure requirements: The Northern Trust Company, London Branch; Northern Trust Global Services Limited; Northern Trust Global Investments Limited; Northern Trust Securities LLP. The following information is provided to comply with Article 9(a) of The Central Bank of the UAE’s Board of Directors Resolution No 57/3/1996 Regarding the Regulation for Representative Offices: Northern Trust Global Services Limited, Abu Dhabi Representative Office. The Northern Trust Company of Saudi Arabia — a Saudi closed joint stock company — Capital SAR 52 million. Licensed by the Capital Market Authority — License No. 12163-26 — C.R.: 1010366439. Northern Trust Global Services Limited Luxembourg Branch, 6 rue Lou Hemmer, L-1748 Senningerberg, Grand-Duché de Luxembourg, Succursale d’une société de droit étranger RCS B129936. Northern Trust Luxembourg Management Company S.A., 6 rue Lou Hemmer, L-1748 Senningerberg, Grand-Duché de Luxembourg, Société anonyme RCS B99167. Northern Trust (Guernsey) Limited (2651)/Northern Trust Fiduciary Services (Guernsey) Limited (29806)/Northern Trust International Fund Administration Services (Guernsey) Limited (15532) Registered Office: Trafalgar Court Les Banques, St Peter Port, Guernsey GY1 3DA. Issued in the United Kingdom by Northern Trust Global Investments Limited.

© 2020 Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A. Incorporated with limited liability in the U.S. Products and services provided by subsidiaries of Northern Trust Corporation may vary in different markets and are offered in accordance with local regulation. For more information, read our legal and regulatory information about individual market offices at northerntrust.com/disclosures. Northern Trust Asset Management is composed of Northern Trust Investments, Inc. Northern Trust Global Investments Limited, Northern Trust Fund Managers (Ireland) 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, Belvedere Advisors LLC and The Northern Trust Company.

Investment Products and Services are:

Not FDIC insured | May lose value | No bank guarantee

You could lose money by investing in the Money Market Funds. Although each of the Money Market Funds seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.

The Money Market Fund and the Municipal Money Market Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors.

An investment in Northern Funds involves risks, including possible loss of principal. Asset Allocation Risk: An asset allocation strategy does not guarantee any specific result or profit nor protect against a loss. Bond Risk: Bond funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term issues and in environments of rising interest rates. Equity Risk: Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed-income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes. Small-Cap Risk: Small-capitalization funds typically carry additional risks since smaller companies generally have a higher risk of failure. Their stocks are subject to a greater degree of volatility, trade in lower volume and may be less liquid. International Risk: International investing involves increased risk and volatility. Bond Risk: Bond funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term issues and in environments of rising interest rates. Interest Rate Risk: Increases in prevailing interest rates will cause fixed income securities, including convertible securities, held by the Fund to decline in value. Interest Rate Risk: Increases in prevailing interest rates will cause fixed-income securities, including convertible securities, held by the Fund to decline in value. Value Risk: Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value. For more important risk information, please visit individual fund pages information.

An investment in FlexShares® is subject to numerous risks, including possible loss of principal. Fund returns may not match the return of the respective indexes. The Funds are subject to the following principal risks: asset class; commodity; concentration; counterparty; currency; derivatives; dividend; emerging markets; equity securities; fluctuation of yield; foreign securities; geographic; income; industry concentration; inflation-protected securities; infrastructure-related companies; interest rate / maturity risk; issuer; large cap; management; market; market trading; mid cap stock; MLP; momentum; natural resources; new funds; non-diversification; passive investment; privatization; small cap stock; tracking error; value investing; and volatility risk. A full description of risks is in the prospectus.

Please carefully read the summary prospectus or prospectus and consider the investment objectives, risks, charges and expenses of Northern Funds or FlexShares before investing. Call 800-595-9111 to obtain a summary prospectus or prospectus for Northern Funds or visit www.flexshares.com. for FlexShares. The summary prospectus and prospectus contain this and other information about the Funds.

Shares of the Northern Funds and FlexShares are offered only by a current Prospectus and are intended solely for persons to whom shares of US registered funds may be sold. This site shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of shares of the Northern Funds in any jurisdiction in which such offer, solicitation or sale would be unlawful. ©2018 Northern Funds | Northern Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust. The FlexShares Funds, registered with the United States Securities and Exchange Commission under the Investment Company Act of 1940 (“Funds”) are distributed by Foreside Fund Services, LLC , not affiliated with Northern Trust.

Investment involves risk, the value of an investment in a Fund may fall as well as rise. Funds shown may not available to investors in all jurisdictions. For legal and regulatory information about our offices and legal entities visit northerntrust.com/disclosures.

The Funds shown are sub-funds of Northern Trust Global Funds plc, Northern Trust Investment Funds plc or Northern Trust UCITS Common Contractual Fund, which are regulated collective investment schemes in Ireland under Central Bank of Ireland UCITS regulations. Past performance does not guarantee future results. Information contained herein has been obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. Information is only current as of the date stated and is subject to change without notice. This information does not constitute a recommendation for any investment strategy or product described herein. This information is not intended as investment advice and does not take into account an investor’s individual circumstances. The prospectus in available in English and the key investor information document is available at www.northerntrust.com/pooledfunds.

For Asia-Pacific markets, this material is directed to expert, institutional, professional and wholesale investors only and should not be relied upon by retail clients or invest.

For Asia-Pacific markets, this material is directed to expert, institutional, professional and wholesale investors only and should not be relied upon by retail clients or investors. In Australia, The Northern Trust Company of Hong Kong Limited (TNTCHK) is exempt from the requirement to hold an Australian Financial Services Licence under the Corporations Act. TNTCHK is authorized and regulated by the SFC under Hong Kong laws, which differ from Australian laws.