Northern Trust Asset Management Announces Renaming of Fund Share Class Utilized in Diversity Efforts

CHICAGO - Northern Trust Asset Management (NTAM) announced the re-naming of a share class which provides institutional investors with a money market solution offered as part of NTAM's well-established partnership with a leading minority- and women-owned business. The change became effective April 1 and reflects the merger of Siebert Cisneros Shank & Co., L.L.C. and The Williams Capital Group, L.P.; the combined company operates under the name Siebert Williams Shank & Co., LLC (SWS).

The Siebert Williams Shank Shares class (WCGXX) (formerly The Williams Capital Shares class) of the Northern Institutional Funds (NIF) U.S. Government Select (Money Market) Portfolio (Fund) was first offered more than six years ago and represents a longstanding collaboration between Northern Trust Asset Management (NTAM), a leading global asset manager with $1.1 trillion in assets under management, and Siebert Williams Shank & Co., LLC (SWS), a leading minority- and women-owned independent, non-bank financial services firm in the United States.*

'We greatly value our long-time relationship with Siebert Williams Shank and are pleased to continue partnering with them,' said Sheri Hawkins, global head of product at NTAM. 'We believe that partnering with diverse organizations can meet the shared goal of delivering better outcomes for investors and the communities we serve.'

Since the inception of the Fund share class on September 15, 2014, it has grown to $5.0 billion, representing more than twelve percent (12%) of the NIF U.S. Government Select Portfolio's overall $41.4 billion net assets, as of March 31, 2021.

'For institutional investors seeking solutions that support minority- and women-owned firms, while also looking to meet their financial objectives, the Siebert Williams Shank Shares class is an effective way to do so within the money market space,' said Jen Hoffenkamp, who oversees NTAM's liquidity products. 'The share class is highly accessible through its availability on an expanding number of platforms where NTAM money market funds are offered.'

Partnering with minority-owned firms is just one way that NTAM has been putting its values into action over the years. For decades, NTAM has been driving change by developing innovative investment programs and investing in the communities it serves.

In 2007, NTAM established its Minority Brokerage Program and has been engaging with diverse managers through its Multi-Manager Program since 1979. NTAM recently raised its Minority Brokerage Program's execution target to 15 percent for equity security trading commissions in certain other NTAM commingled funds, while continuing to meet our best execution standards. SWS is a participant firm in the Minority Brokerage Program, which is another way that NTAM and SWS have collaborated.

'Investors naturally gravitate toward asset management firms that lead by actions and not merely words,' Hawkins said. 'We are deeply gratified to be a leader advancing diversity, equity and inclusion in our industry.'

Northern Trust Asset Management was named a Diversity Champion in 2018 and 2020 by InvestmentNews, a leading financial trade publication.

IMPORTANT INFORMATION
You could lose money by investing in the Portfolio. Although the U.S. Government Select Portfolio seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Portfolio is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, Siebert Williams Shank & Co., LLC or its affiliates, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. The Portfolio's sponsor has no legal obligation to provide financial support to the Portfolio, and you should not expect that the sponsor will provide financial support to the Portfolio at any time.

Please carefully read the prospectus and consider the investment objectives, risks, charges and expenses of Northern Institutional Funds before investing. Call 800-637-1380 to obtain a prospectus, which contains this and other information about the funds.

Northern Institutional Funds are distributed by Northern Funds Distributors, LLC, not affiliated with Northern Trust.

* Northern Trust Investments, Inc. has entered into an agreement with SWS whereby it will compensate SWS for distribution services. The additional compensation and payments will be paid by Northern Trust Investments, Inc. or its affiliates and will not represent an additional expense to the U.S. Government Select Portfolio or its shareholders. Such payments may provide incentives for SWS to make more shares of the Portfolio available than would be the case if no payments were paid.

About Northern Trust Asset Management
Northern Trust Asset Management is a global investment manager that helps investors navigate changing market environments, so they can confidently realize their long-term objectives. Entrusted with US $1.1 trillion of investor assets as of December 31, 2020, we understand that investing ultimately serves a greater purpose and believe investors should be compensated for the risks they take - in all market environments and any investment strategy. That's why we combine robust capital markets research, expert portfolio construction and comprehensive risk management to craft innovative and efficient solutions that deliver targeted investment outcomes. As engaged contributors to our communities, we consider it a great privilege to serve our investors and our communities with integrity, respect, and transparency.

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, Belvedere Advisors LLC and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company.

About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 22 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2020, Northern Trust had assets under custody/administration of US$14.5 trillion, and assets under management of US$1.4 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Please visit our website or follow us on Twitter.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Please read our global and regulatory information.

About Siebert Williams Shank
Siebert Williams Shank & Co., LLC is a leading non-bank financial services firm serving clients across industries and asset classes. It is the only U.S. investment bank certified as both a minority-owned and women-owned enterprise.

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