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IMPORTANT INFORMATION

The information contained herein is intended for use with current or prospective clients of Northern Trust Asset

Management. 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. Opinions and forecasts

discussed are those of the author, do not necessarily reflect the views of Northern Trust and are subject to change

without notice.

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.

All securities investing and trading activities risk the loss of capital. 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.

If presented, hypothetical portfolio information provided does not represent results of an actual investment portfolio

but reflects representative historical performance of the strategies, funds or accounts listed herein, which were

selected with the benefit of hindsight. Hypothetical performance results do not reflect actual trading. No representation

is being made that any portfolio will achieve a performance record similar to that shown. A hypothetical investment

does not necessarily take into account the fees, risks, economic or market factors/conditions an investor might

experience in actual trading. Hypothetical results may have under- or over-compensation for the impact, if any, of

certain market factors such as lack of liquidity, economic or market factors/conditions. The investment returns of other

clients may differ materially from the portfolio portrayed. There are numerous other factors related to the markets in

general or to the implementation of any specific program that cannot be fully accounted for in the preparation of

hypothetical performance results. The information is confidential and may not be duplicated in any form or

disseminated without the prior consent of Northern Trust.

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 (available 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 and The Northern Trust Company.

© 2019 Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A.