Northern Trust Investments Incorporated

Item 5: Fees and Compensation
1B

     Fee Schedule

     NTI is compensated for investment advisory services provided to clients. Generally, all fees may
     be negotiable and are: 1) based on assets under management or assets under advisement; 2)
     fixed; or 3) performance based. The following table shows the fee ranges categorized by asset or
     service type:

         Investment Advisory Services                                Fee Range per Annum
         Separately Managed Accounts:
            Third-Party Strategies                                  Up to 1.00%
            Quantitative Equity                                     Up to 0.65%
            Passive Equity                                          Up to 0.30%
            Fixed Income                                            Up to 0.45%
            Tax Advantaged Long/Short Equity                        Up to 1.50%

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      Cash Management                                           Up to 0.30%
      Multi-Asset Class                                         Up to 0.50%

  Model Portfolios Services:
    Model Delivery                                              Up to 0.30%
    Model Implementation of Third-Party Strategies              Up to 0.70%

  Investment Pools:
     Quantitative Equity                                        Up to 0.53%
     Passive Equity                                             Up to 0.57%
     Fixed Income                                               Up to 0.99%
     Cash Management                                            Up to 0.33%
     Multi-Asset Class                                          Up to 0.60%
     Active Equity                                              Up to 1.25%
     Real Assets                                                Up to 0.90%

  Multi-Manager Services                                        Negotiated

  OCIO Services                                                 Negotiated

  Wrap Fee Program Services                                     Negotiated

  Transition Management Services                                Negotiated

  Investment Research and Advisory Services                     Negotiated

  Index Services                                                Negotiated

  Overlay Services                                              Negotiated

Notwithstanding the fee ranges set forth above, NTI reserves the right to negotiate client
investment advisory agreements with varying fees and minimums and maximums that may differ
from the fees described herein. In addition to or as part of negotiations, fees may vary as a result
of the particular circumstances of the client, the size and scope of the overall client relationship,

                                                                               FORM ADV PART 2A

client customization of the investment guidelines, additional or differing levels of servicing, or as
may be otherwise agreed with specific clients. Clients that negotiate fees with differing
breakpoints may pay higher fees than the fees set forth herein as a result of fluctuations in the
amount of the client’s assets under management and account performance.

Fees are invoiced quarterly, monthly, or as otherwise stated in the client’s legal agreement with
proration applied for any partial billing cycles. Values used to calculate fees will vary based on
the client’s legal agreement, including but not limited to: prior period market values, period end
market values, average daily market values, average month-end market values for the period.
Institutional separately managed accounts (“SMAs”) utilizing a fund or Active Collateral Cash
Management/Manager (“ACM”) with an embedded fee/rate to sweep cash daily, the market value
of that fund or ACM will be excluded. Global institutional SMAs will include non-USD cash market
values, barring any exceptions as noted in the client’s legal agreement. Cash flows occurring
within a billing cycle will incur prorated fees in accordance with the client’s legal agreement. Any
exceptions or custom fee billing calculations will be actioned in accordance with the client’s legal
agreement.

Upon termination of a client account, NTI promptly refunds unearned fees to the client, and any
earned but unpaid fees are due and payable.

Fees for wrap fee program clients are typically paid by the program’s sponsor based on the
assets invested in NTI’s strategies.

Investment advisory services may include holdings in proprietary and non-proprietary investment
pools, which have their own fees and expenses in addition to NTI’s investment advisory fee. In
certain instances where not prohibited, NTI would receive both an investment advisory fee and a
proprietary pooled investment management fee. Clients should review the investment advisory
agreement and fund governing documents for further information regarding fees.

The prospectus, offering or governing document, or fee agreement of the NTI investment pools
sets forth the applicable fees and expenses. In addition to NTI’s advisory fee, clients generally
will incur other fees and expenses, including, but not limited to, custodian, brokerage and other
transaction costs. When aggregating trading orders, aggregate trading fees and expenses will be
incurred by multiple client accounts and funds. NTI allocates aggregate costs among applicable
client accounts (and, in certain cases, among NTI and applicable client accounts and funds) in
accordance with allocation policies and procedures, which are designed to allocate expenses in
a reasonable and consistent manner over time among such advisory clients. Under its current
allocation policies, NTI generally allocates the expense among the client accounts and funds on
a pro rata basis and will allocate a minimum expense amount to each client account. Under certain
...

Item 7: Types of Clients
 3B

NTI provides investment advisory services to institutions and individuals, including high net worth
individuals, pension and employee benefit plans, trusts, corporate and public retirement funds,
foundations, endowments, insurance companies, sovereign wealth funds, pooled investment
vehicles, investment companies, corporations, financial intermediaries (including but not limited
to registered investment advisers, trust bank companies, and wrap fee programs), state and
municipal government entities, and bank common and collective funds. NTI also provides
investment advisory services to affiliates.

Minimum account size requirements vary based on the type of client, asset class, and investment
strategy. Minimum account requirements may be waived at the discretion of NTI.