Legal wording and disclaimers

Northern Trust, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A Incorporated with limited liability in the U.S. The Northern Trust Company, London Branch (reg. no. BR001960); Northern Trust Global Investments Limited (reg. no. 03929218); Northern Trust Global Services Limited (reg. no. 4795756). Each of the above entities is authorised and regulated in the UK by the Financial Services Authority.

The material within and any linked material accessed via this communication is directed to eligible counterparties and professional clients only and should not be distributed to or relied upon by retail investors. 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.

  • Northern Trust (Guernsey) Limited, Northern Trust Fiduciary Services (Guernsey) Limited and Northern Trust International Fund Administration Services (Guernsey) Limited are licensed by the Guernsey Financial Services Commission.
  • Northern Trust International Fund Administrators (Jersey) Limited and Northern Trust Fiduciary Services (Jersey) Limited are regulated by the Jersey Financial Services Commission.
  • Northern Trust International Fund Administration Services (Ireland) Limited and Northern Trust Fiduciary Services (Ireland) Limited are each authorised by the Central Bank of Ireland pursuant to section 10 of the Investment Intermediaries Act, 1995 (as amended).
  • Northern Trust Global Services is authorised and regulated in the Netherlands by De Nederlandsche Bank.
  • Northern Trust Global Investments Limited has a Netherlands branch which is authorised by the Financial Services Authority and subject to regulation in The Netherlands by the Autoriteit Financiële Markten.
  • Northern Trust Global Services Limited Luxembourg Branch is authorised and regulated by the Financial Services Authority and in Luxembourg by the Commission de Surveillance du Secteur Financier (CSSF) and Northern Trust Luxembourg Management Company S.A. is regulated by the CSSF.
  • Northern Trust Global Services Limited operates in Abu Dhabi as a Representative Office. Our registered office is authorised and regulated by the Central Bank of the United Arab Emirates
  • Northern Trust operates in Canada as an authorised foreign bank branch under the Bank Act (Canada) and as The Northern Trust Company, Canada an authorized trust company under the Trust & Loans Companies Act (Canada), both entities are regulated by the Office of the Superintendent of Financial Institutions.
  • Northern Trust Global Services Ltd (UK) Sweden Filial is Authorised by the Financial Services Authority and subject to regulation by the Finansinspektionen.
  • Northern Trust Global Investments Limited has a Sweden branch which is authorised by the Financial Services Authority and subject to regulation in Sweden by the Finansinspektionen.

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

  • Northern Trust Global Investments Japan, K.K. is regulated by the Japan Financial Services Agency.
  • The Northern Trust Company has a branch in China regulated by the China Banking Regulatory Commission.
  • Northern Trust in Hong Kong is a securities dealing company regulated by the Securities and Futures Commission.
  • In Singapore, Northern Trust Global Investments Limited (NTGIL), Northern Trust Investments, Inc. and Northern Trust Global Advisor, Inc. are exempt from the requirement to hold a Financial Adviser's Licence under the Financial Advisers Act and a Capital Markets Services Licence under the Securities and Futures Act with respect to the provision of financial services.
  • In Australia, NTGIL is exempt from the requirement to hold an Australian Financial Services Licence under the Corporations Act 2001 in respect to the provision of financial services. NTGIL is regulated by the FSA under UK laws, which differ from Australian Laws.

IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. For more information about this notice, see http://www.northerntrust.com/circular230.