Point of View - Global Investment Solutions from Northern Trust

Voices

A review of current activity in global financial markets, with an emphasis on U.S. markets.

E-mail us at: pointofview@ntrs.com

Amsterdam
World Trade Centre, H-Toren
Zuidplein 36
1077 XV Amsterdam
Netherlands
+31.20.799.7994

Beijing
Unit 601, Level 6, Tower W2
Oriental Plaza
No. 1 East Chang An Avenue
Dong Cheng District
Beijing
China
+8610.8520.0061

Chicago
50 South LaSalle Street
Chicago, Illinois 60603
United States
+877.651.9156

Dublin
George's Quay House
43 Townsend Street
Dublin
Ireland
+353.1.434.5000

Guernsey
Trafalgar Court
Les Banques St. Peter Port
Guernsey GY1 3DA
+44.14.8174.5000

Hong Kong
Suite 703-4 One Pacific Place
88 Queensway
Hong Kong
+852.2918.9884

Isle of Man
St. James's Chambers
Athol Street
Douglas
Isle of Man IM99 1PP
+44.16.2466.1020

Jersey
2-6 Church Street
St. Helier
Jersey JE4 9ZF
+44.15.3483.2832

London
50 Bank Street
Canary Wharf
London E14 5NT
United Kingdom
+44.20.7982.2000

Luxembourg
4th floor Rose des Vents
16 rue Erasme
L-1468 Kirchberg
Luxembourg L-1468
+35.227.627.2220

Northern Trust partners in Hong Kong extend the tradition of providing high quality service and innovation to clients in the Asia-Pacific region.

New York
65 East 55th Street
24th Floor
New York, New York 10022
United States
+212.339.7474

Singapore
One George Street
#12-06
Singapore 049145
+65.6.437.6666

Stamford
300 Atlantic Street
Suite 400
Stamford, Connecticut 06901
United States
+203.351.8700

Tokyo
Izumi Garden Tower
6-1 Roppongi 1-chome
Minato-ku
Tokyo 106-6010
Japan
+81.3.5575.5780

Toronto
161 Bay Street, Suite 4540
Toronto, Ontario
Canada M5J 2S1
+416.365.7161

Past performance is not necessarily a guide to the future. Index performance returns do not reflect any management fees, transaction costs or expenses. One cannot invest directly in an index. Index performance is based upon information provided by the index providers. There are risks involved with investing, including possible loss of principal. There is no guarantee that the investment objectives of any fund or strategy will be met. Risk controls and asset allocation models do not promise any level of performance or guarantee against loss of principal.

Northern Trust Global Investments (NTGI) comprises Northern Trust Investments, N.A., Northern Trust Global Investments Limited, Northern Trust Global Investments Japan, K.K., the investment advisor division of The Northern Trust Company and Northern Trust Global Advisors, Inc., and its subsidiaries.

This material is directed to market counterparties and intermediate investors only, it should not be relied upon by private investors. This information is provided for informational purposes only and does not constitute a recommendation for investment strategy or any product described herein. Opinions expressed herein are subject to change at any time without notice. Information has been obtained from sources believed to be reliable but its accuracy and interpretation are not guaranteed.

To ensure compliance with requirements imposed by the Internal Revenue Service, we inform you that any tax information in this magazine is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.