Manager Changes within the Multi-Manager SWIP Funds Russell Investments continually monitors the managers employed within the funds. In addition they also continually search the world for new managers who can bring something new to the mix. Through this continuous process, managers are both removed from and added to the Funds. SWIP Absolute Return Equity Fund Manager Additions Growth in fund assets has allowed Russell to hire two new managers. In March 2009, Russell hired Institutional Capital (ICAP) to the fund, which follows the addition of Levin Capital Strategies in December 2008. The main objective of the new hires is to improve manager and style diversification. SWIP Multi-Manager UK Equity Income Fund Manager Change In February 2009 Russell terminated Rathbone and hired BlackRock Investment Management. The main objective of this change is to increase the fund’s performance potential by using a manager Russell has recently added to its buy list and in which it has a higher conviction. This follows the termination of New Star in December 2008 due to concerns about organisational stability. (March 2009) SWIP Multi-Manager UK Equity Growth Fund Manager Change In December 2008 Russell terminated Alliance Bernstein and hired Henderson Global Investors to increase the fund's performance potential by using a manager in which Russell has a higher conviction. (Dec 2008) SWIP Multi-Manager UK Equity Focus Fund Manager Change In June 2008 Russell terminated RCM and hired River & Mercantile Asset Management. (June 2008) SWIP Multi-Manager UK Equity Focus Fund Manager Change In February 2008 Russell hired Jupiter Asset Management in the Fund. (February 2008) SWIP Multi-Manager International Fund Manager Change In January 2008 Russell hired McKinley Capital Management in the Fund. (January 2008) SWIP Multi-Manager UK Equity Growth Fund Manager Change In December 2007 Russell replaced Goldman Sachs Asset Management (GSAM) with Baillie Gifford. (December 2007) SWIP Multi-Manager European Equity Fund Manager Change In December 2007 we replaced Schroders with T. Rowe Price International. (December 2007) SWIP Multi-Manager International Equity Fund Manager Change In May 2007 Russell added Arrowstreet Capital to the SWIP Multi-Manager International Equity Fund. (June 2007) SWIP Multi-Manager UK Equity Income Fund Manager Change In May 2007, we added Henderson and New Star to the Fund and increased the weight of Rensburg Aggressive. This was financed by reducing the allocation to GMO and Rensburg Income. (May 2007) SWIP Multi-Manager UK Growth Fund Manager Change In December 2006, we replaced Fidelity with State Street Global Advisors. (December 2006) SWIP UK Equity Focus Fund Manager Change We have improved the manager line-up in the SWIP UK Focus Fund by adding Morley Fund Management. (October 2006) SWIP UK Equity Growth Fund Manager Change We have improved the manager line-up in the SWIP Uk Growth Fund by adding Investec and Mirabaud. (July 2006) SWIP UK Equity Focus Fund Manager Change We have improved the manager line-up in the SWIP UK Focus Fund by replacing SVM with RCM Limited. (December 2005)

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