Outlook 2008 webcast July 22 Analyzing factors that could affect the current and future market climate In December, Chief Investment Strategist Ernie Ankrim wrote an investment outlook piece titled, "2008 and the Rip Van Winkle Strategy: Eight Reasons for Second-Half Growth and How to Stay Calm Until Then" In this piece, he gave his forward-looking perspective on the market outlook for 2008. Ernie discussed his mid-year market outlook, updating his eight original forecasts in a webcast held live on Tuesday, July 22. Updating forecasts and adding others In his analysis from earlier in the year, some of the topics Ankrim discussed included subprime mortgage write-offs, housing prices, large cap stock performance, the U.S. dollar value, and inflation. Ankrim compared and contrasted these and other forecasts for the year in this informative webcast. He provided his perspective on which of his forecasts are "coming true," "happening but in a modified form," or "not likely to come to pass." In addition, he examined the implications of the presidential election on the market and his views on the "oil bubble." Perspectives on fixed income and U.S. equity Ankrim was joined by Russell investment professionals Mike Ruff and Matt Dmytryszyn, who provided perspectives on the fixed income and U.S. equity markets. Their observations reflect not only their own insights, but also those of the many investment managers Russell monitors around the globe. Nothing contained in this material is intended to constitute legal, tax, securities, or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type. The general information contained in this publication should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional. 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 any specific investment. Please remember that all investments carry some level of risk. They do not typically grow at an even rate of return and may experience negative growth. USI-1097