2015 Global Outlook – Q2 Update

As we enter Q2, Strategist Andrew Pease updates Russell’s view on global markets and specific asset classes, with the 2015 Global Outlook as a backdrop. He evaluates the divergence of central bank policy, employment trends, and gradually shifting views on both European and U.S. equities. Disclosures These views are subject to change at any time based upon market or other conditions and are current as of March 2015. While all material is deemed to be reliable, accuracy and completeness cannot be guaranteed. The information, analyses and opinions set forth herein are intended to serve as general information only and should not be relied upon by any individual or entity as advice or recommendations specific to that individual entity. Anyone using this material should consult with their own attorney, accountant, financial or tax adviser or consultants on whom they rely for investment advice specific to their own circumstances. This material is proprietary and may not be reproduced, transferred, or distributed in any form without prior written permission from Russell Investments. It is delivered on an "as is" basis without warranty. This material is not an offer, solicitation or recommendation to purchase any security. Forward-looking statements included herein are made as of October 2014, and the company undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. The forward-looking statements are qualified by certain risks and uncertainties that could cause actual results and events to differ materially from what is contemplated by the forward-looking statements. Please remember that all investments carry some level of risk, including the potential loss of principal invested. Forecasting represents predictions of market prices and/or volume patterns utilizing varying analytical data. It is not representative of a projection of the stock market, or of any specific investment. Investments in non-U.S. markets can involve risks of currency fluctuation, political and economic instability, different accounting standards and foreign taxation. Diversification does not assure profit or protect against loss in declining markets. Russell Investments is a trade name and registered trademark of Frank Russell Company, a Washington USA corporation, which operates through subsidiaries worldwide and is part of London Stock Exchange Group. Copyright © 2015 Russell Investments. All rights reserved. This material is proprietary and may not be reproduced, transferred, or distributed in any form without prior written permission from Russell Investments. It is delivered on an “as is” basis without warranty. CORP: 10284 First Use: April 2015