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If You Are in Any Doubt About the Contents of This Prospectus You Should Consult Your Stockbroker, Bank Manager, Solicitor, Accountant Or Other Financial Advisor

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If You Are in Any Doubt About the Contents of This Prospectus You Should Consult Your Stockbroker, Bank Manager, Solicitor, Accountant Or Other Financial Advisor If you are in any doubt about the contents of this Prospectus you should consult your stockbroker, bank manager, solicitor, accountant or other financial advisor. The Directors of the Company whose names appear in the section entitled "The Board of Directors" accept responsibility for the information contained in this document. To the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure that such is the case) the information contained in this document is in accordance with the facts and does not omit any material fact likely to affect the import of such information. RUSSELL INVESTMENT COMPANY PUBLIC LIMITED COMPANY constituted as an investment company with variable capital incorporated under the laws of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011, as amended P R O S P E C T U S F O R G E R M A N Y for an umbrella fund with segregated liability between sub-funds comprising OLD MUTUAL AFRICAN FRONTIERS FUND OLD MUTUAL PAN AFRICAN FUND* OLD MUTUAL VALUE GLOBAL EQUITY FUND OLD MUTUAL GLOBAL BOND FUND* COPPER ROCK GLOBAL ALL CAP EQUITY FUND* OLD MUTUAL GLOBAL REIT FUND* OLD MUTUAL GLOBAL AGGREGATE BOND FUND* OLD MUTUAL GLOBAL CURRENCY FUND OLD MUTUAL U.S. CORE-BOND FUND* OLD MUTUAL MSCI AFRICA EX-SOUTH AFRICA INDEX FUND* OLD MUTUAL FTSE RAFI® ALL WORLD INDEX FUND OLD MUTUAL MSCI WORLD ESG LEADERS INDEX FUND OLD MUTUAL GLOBAL BALANCED FUND OLD MUTUAL EMERGING MARKET LOCAL CURRENCY DEBT FUND* OLD MUTUAL GLOBAL DEFENSIVE FUND* OLD MUTUAL MULTI-STYLE GLOBAL EQUITY FUND OLD MUTUAL OPPORTUNITIES GLOBAL EQUITY FUND* OLD MUTUAL EMULATED OPPORTUNITIES GLOBAL EQUITY FUND* OLD MUTUAL MSCI EMERGING MARKETS ESG LEADERS INDEX FUND OLD MUTUAL BLENDED GLOBAL EQUITY FUND* OLD MUTUAL GLOBAL MACRO EQUITY FUND OLD MUTUAL GLOBAL ISLAMIC EQUITY FUND OLD MUTUAL GLOBAL MANAGED VOLATILITY FUND OLD MUTUAL QUALITY GLOBAL EQUITY FUND OLD MUTUAL GROWTH GLOBAL EQUITY FUND OLD MUTUAL GLOBAL EMERGING OPPORTUNITIES FUND* OLD MUTUAL TITAN GLOBAL EQUITY FUND* OLD MUTUAL GLOBAL MANAGED ALPHA FUND OMMM GLOBAL CONSERVATIVE FUND OMMM GLOBAL MODERATE FUND OMMM GLOBAL GROWTH FUND OMMM GLOBAL EQUITY FUND 28 February 2020 There is a separate prospectus for: There is also a separate prospectus for: Russell Investments Continental European Equity Acadian European Equity UCITS Fund Russell Investments Emerging Markets Equity Acadian Global Equity UCITS Fund Russell Investments Eurozone Aggressive Equity Acadian Emerging Markets Equity UCITS Fund Russell Investments Global Bond Fund Acadian Global Managed Volatility Equity UCITS Russell Investments Global Credit Fund Acadian Sustainable Global Equity UCITS Russell Investments Global Real Estate Securities Acadian Emerging Markets Managed Volatility Fund Equity UCITS Russell Investments Global High Yield Fund Acadian Emerging Markets Equity UCITS II DMI/674690-000016/11809550v237 Russell Investments Japan Equity Fund Acadian Emerging Markets Small-Cap Equity UCITS Russell Investments Asia Pacific ex Japan Fund Acadian Global Leveraged Market Neutral Equity UCITS Russell Investments Sterling Bond Fund Acadian Diversified Alpha UCITS Russell Investments Sterling Corporate Bond Fund Acadian Sustainable Emerging Market Equity Ex- Fossil Fuel UCITS Russell Investments U.K. Equity Fund Acadian Multi-Asset Absolute Return UCITS Russell Investments U.K. Index Linked Fund Acadian Japan Equity UCITS Russell Investments U.K. Long Dated Gilt Fund Acadian China A Equity Fund Russell Investments U.S. Bond Fund Acadian Sustainable Global Managed Volatility Equity UCITS Russell Investments U.S. Equity Fund Acadian European Managed Volatility Equity UCITS Russell Investments U.S. Small Cap Equity Fund Russell Investments World Equity Fund II Russell Investments Multi- Asset Growth Strategy Euro Fund Russell Investments Unconstrained Bond Fund Russell Investments Multi-Asset Conservative Strategy Fund Russell Investments Emerging Markets Debt Fund Distribution of this document is not authorised unless it is accompanied by a copy of the latest annual report and, if published thereafter, the latest half-yearly report. Such reports will form part of this Prospectus. * These Funds have been closed and are no longer available for investment. The Company intends to apply to the Central Bank to revoke the Funds’ approval following final disbursement of assets in the Funds. The Company shall seek approval from the Central Bank to remove references to the Funds on the previous page of the Prospectus following approval of the revocation applications. ii T H I S P R O S P E C T U S I S I M P O R T A N T If you are in any doubt about the contents of this Prospectus you should consult your stockbroker, bank manager, solicitor, accountant or other financial advisor. Certain terms used in this Prospectus are defined in the section entitled “Definitions” of this document. Authorisation by the Central Bank The Company has been authorised by the Central Bank as a UCITS within the meaning of the Regulations. The authorisation of the Company is not an endorsement nor a guarantee of the Company by the Central Bank nor is the Central Bank responsible for the contents of this Prospectus. Authorisation of the Company by the Central Bank does not constitute a warranty by the Central Bank as to the performance of the Company and the Central Bank shall not be liable for the performance or default of the Company. The Company is an investment undertaking as defined in Section 739B (1) of the Taxes Consolidation Act, 1997, as amended. MiFID II Product Governance Rules – UCITS as non-complex financial instruments Article 25 of MiFID II sets out requirements in relation to the assessment of suitability and appropriateness of financial instruments for clients. Article 25(4) contains rules relating to the selling of financial instruments by a MiFID-authorised firm to clients in an execution only manner. Provided the financial instruments are comprised from the list contained in Article 25(4)(a) (referred to broadly as non- complex financial instruments for these purposes), a MiFID-authorised firm selling the instruments will not be required to also conduct what is referred to as an "appropriateness test" on its clients. An appropriateness test would involve requesting information on the client’s knowledge and experience on the type of investment offered and, on this basis, assessing whether the investment is appropriate for the client. If the financial instruments fall outside the list contained in Article 25(4)(a) (i.e. are categorised as complex financial instruments), the MiFID-authorised firm selling the instruments will be required to also conduct an appropriateness test on its clients. UCITS (other than structured UCITS) are specifically referenced in the list in Article 25(4)(a). Accordingly, each Fund is deemed to be a non-complex financial instrument for these purposes. Investment Risks There can be no assurance that a Fund will achieve its investment objective. It should be appreciated that the value of the Shares and any income from them is not guaranteed and may go down as well as up. An investment in a Fund involves investment risks, including the possible loss of the amount invested. The capital return and income of a Fund are based on the capital appreciation and income on the investments it holds, less expenses incurred. Therefore, a Fund’s return may be expected to fluctuate in response to changes in such capital appreciation or income. Fluctuations in the rate of exchange between the currency in which the Shares are denominated and the currency of investment may also have the effect of causing the value of an investment in the Shares to diminish or increase. The right to repurchase Shares may be suspended in certain circumstances. Investors’ attention is drawn to the specific risk factors set out in the section entitled “Risk Considerations”. iii Selling Restrictions The distribution of this Prospectus and the offering or purchase of the Shares may be restricted in certain jurisdictions. No persons receiving a copy of this Prospectus or any accompanying application form in any such jurisdiction may treat this Prospectus or such application form as constituting an invitation to them to subscribe for Shares, nor should they in any event use any such application form, unless in the relevant jurisdiction such an invitation could lawfully be made to them and such application form could lawfully be used without compliance with any registration or other legal requirements. Accordingly, this Prospectus does not constitute an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not lawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation. It is the responsibility of any persons in possession of this Prospectus and all persons wishing to apply for Shares pursuant to this Prospectus to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Prospective applicants for Shares should inform themselves as to the legal requirements of so applying and as to any applicable exchange control regulations and taxes in the countries of their respective citizenship, residence or domicile, including any requisite government or other consents and the observing of any other formalities. Dubai This Prospectus relates to a collective investment fund which is not subject to any form of regulation or approval by the Dubai Financial Services Authority (“DFSA”). The offer referred to in this Prospectus is not directed at Retail Clients (as defined in the DFSA Rulebook: Conduct of Business Module) and must not, therefore, be delivered to, or relied on by, any such person. The DFSA has no responsibility for reviewing or verifying any prospectus or other documents in connection with this collective investment fund. Accordingly, the DFSA has not approved this Prospectus or any other associated documents nor taken any steps to verify the information set out in this Prospectus, and has no responsibility for it.
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