Past performance is not necessarily a guide to the future. Index performance returns do not reflect any management fees, transaction costs or expenses.
One cannot invest directly in an index. Index performance is based upon information provided by the index providers. There are risks involved with
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
asset allocation models do not promise any level of performance or guarantee against loss of principal.

Northern Trust Global Investments (NTGI) comprises Northern Trust Investments, N.A., Northern Trust Global Investments Limited, Northern Trust Global
Investments Japan, K.K., the investment advisor division of The Northern Trust Company and Northern Trust Global Advisors, Inc., and its subsidiaries.

This material is directed to market counterparties and intermediate investors only, it should not be relied upon by private investors. This information is
provided for informational purposes only and does not constitute a recommendation for investment strategy or any product described herein. Opinions
expressed herein are subject to change at any time without notice. Information has been obtained from sources believed to be reliable but its accuracy and interpretation are not guaranteed.

To ensure compliance with requirements imposed by the Internal Revenue Service, we inform you that any tax information in this magazine is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

Northern Trust banks are members FDIC. © 2006