Investing with a purpose Russell At-A-Glance

1936 Russell Investments is a leader in helping institutional investors link their Russell Investments founded investment strategy to their organizations’ goals and objectives. Our experience 20+ and depth of resources in consulting, investment management, research and Offices worldwide, with principal offices in: implementation make possible a wide range of innovative solutions. (headquarters), New York, Chicago, , , Paris, Russell investment solutions Singapore, Sydney, Auckland, Toronto Russell offers comprehensive investment services to defined benefit plans, defined contribution plans, public retirement plans, multi-employer plans, and non-profit organizations worldwide. † $256.7 billion We are uniquely positioned to help institutional investors understand their challenges and provide Global assets under strategic advice and solutions that help them achieve their investment goals, while managing risks. management PROVEN LEADERS $2.6 trillion Largest institutional investment outsourcer — For the third year in a row, Global assets under advisement Russell was named as an aiCIO Industry Innovation Award winner.1 In 2013, $1.4 trillion Russell was named the winner in the Investment Outsourcing category for asset managers and servicers. Notably, Russell was recognized for its in-house Traded through implementation services business implementation capabilities and robust investment and sales teams.

$4.0 trillion Voted tops in manager due diligence — For a fifth year in a row, Russell was Assets benchmarked to Russell voted among the top for having the best manager due diligence practices by 2 Indexes participants in a 2013 FundFire survey of consultant relations professionals.

$705 billion Top tier broker in Tradewatch report — Russell Implementation Services was Transitioned assets ranked as a top-tier broker in Pensions & Investments’ November 2013 Tradewatch report, based on the quality of its trade execution. Notably, Russell 350+ placed among the top ten brokers in 11 out of 13 categories.3 Russell funds and multi-asset investment solutions globally Top marks in transition management — For the ninth consecutive year, Russell received “Top Marks” in every category4 of Global Investor magazine’s 2013 2,500+ transition management survey of transition managers across the EMEA, Clients worldwide Americas and Asia Pacific regions. 35+ A leading consultant in worldwide assets — For the fourth year in a row, Client countries Russell was ranked as one of the top-four largest consultants. Ranking is based on worldwide assets under advisement (AUA) by the 2013 Pensions & All data as of 12/31/2012, unless otherwise noted. Investments Consultant Directory. † AUM as of 12/31/2013, includes $74.8 billion of derivative overlay not included prior to June 30, 2013

Russell Investments // Russell At-A-Glance

INNOVATIVE SOLUTIONS liquidity management, clients can minimize implementation slippage and improve risk-adjusted returns. Consulting  Active exposure management — Russell offers informed In 1969, we helped pioneer investment consulting. rebalancing and synthetic mispricings designed to help Today, our global network of consultants and research clients profit from misvaluations in the markets. analysts help institutional investors maintain efficient and effective investment programs. We offer:  Currency implementation — Russell acts as a currency trade agent, negotiating competitive foreign exchange rates  In-depth recommendations, for clients. In addition, we oversee more than $85 billion in  Policies, planning and asset class strategies, passive currency hedging on behalf of Russell funds and third-party clients.  Research and information on markets and managers, and Transition management — Russell’s proprietary  Efficient implementation of investment strategy. tools and research can help optimize investment performance Investment management and manage risk exposure. Russell developed the “T Standard,” the industry’s most transparent transition Since 1980, we’ve been hiring some of the best managers measurement tool. More than $705 billion transitioned in 2012. identified through our research and packaging them in our investment funds. We closely monitor their ongoing Commission management —The Russell commission performance, making changes when necessary. recapture program has so far saved clients over $1.2 billion through effective commission cost management. In addition to traditional equity and fixed income options, Russell offers a range of alternative investments, including OUR RESEARCH ADVANTAGE real estate and hedge funds. Our fund manager research, asset allocation technology, Russell also handles all aspects of performance reporting and portfolio design and capital markets research are at the administration, including retiree services and fiduciary support. forefront of the investment industry, including: Trust and custodial services are also available for Russell fund  550+ Russell investment professionals are directly involved investors. in our investment process. Implementation services  60+ Russell analysts research investment managers worldwide. Russell provides a range of investment services to help investors manage funds efficiently and cost effectively,  ~80 managers and analysts actively manage portfolios including: worldwide.  6,000+ traditional and alternative investment products are Overlay services — scrutinized each year.  Passive exposure management —Through techniques including smart cash equitization, rebalancing and

1 Russell was named the winner of the Foreign Exchange (FX) category of the 2011 aiCIO industry Innovation Awards. No award was given in this category in 2012. In 2012, Russell was recognized in the Tactical Risk Management – Passive Strategies category for its work with clients on trading execution tied to tactical asset allocation programs. 2 Fifty-five consultant relations professionals from 30 institutional investment consulting firms participated in the survey 3 Russell placed among the top ten brokers in 11 out of 13 categories, including: all trading by global brokers & U.S. brokers; trade orders with 50,000+, 10,000-50,000, and 10,000 shares; trades representing 0-20%, 20-50%, and 50%+ of daily volume; and trades in giant cap, midcap, and small cap markets. Rankings are based on best-performing brokers as measured by the difference in cost/savings against the universe of Elkins/McSherry, a State Street company. The Elkins/McSherry universe is based on the top 50 brokers in each category by U.S. dollar volume. This is a quarterly ranking based on the previous four-quarters as of September 30, 2013. 4 Global Investor “Top Marks” categories include: accuracy of pre trade estimate, operational efficiency, pre-trade analysis, post-trade analysis, project management, relationship management, reporting during transition, risk management, trading / execution, transparency of fees and costs.

For more information: Call Russell at 800-426-8506 or visit www.russell.com/institutional Important Information Nothing contained in this material is intended to constitute legal, tax, securities, or investment advice, or 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. Please remember that all investments carry some level of risk, including the potential loss of principal invested. They do not typically grow at an even rate of return and may experience negative growth. As with any type of portfolio structuring, attempting to reduce risk and increase return could, at certain times, unintentionally reduce returns. Russell Investments is the owner of the trademarks, service marks, and copyrights related to its respective indexes. Copyright © Russell Investments 2006-2014. 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. Russell Investment Group is a , USA corporation, which operates through subsidiaries worldwide, including Russell Investments, and is a subsidiary of The Northwestern Mutual Life Insurance Company. The Russell logo is a trademark and service mark of Russell Investments. All data current as of 12/31/2012 unless otherwise noted. First used: April 2006, revised January 2014 USI-18703-04-14

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