Manager Changes within the Solutions Funds Russell Investments continually monitors the managers employed within the Russell and SWIP Multi Manager Equity 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. Since the launch of the solutions funds, the following changes have been made: Pacific Basin Equity Fund Manager Change In December 2008 we replaced Fortis with Ignis Asset Management (formerly Resolution Asset Management). Continental European Equity Fund Manager Change In August 2008 we hired Sourcecap International to the fund’s Incubator Portfolio. ( August 08) Pacific Basin Equity Fund Manager Change In June 2008 we replaced Schroders with Fortis Investment Management and changed the benchmark of Legg Mason.( June 08) SWIP US Equity Solutions Fund Manager Addition In May 2008 Russell hired Palisades Investment Partners into the SWIP US Equity Fund. (May 2008) US Equity Fund Manager Change In April 2008 we terminated Systematic Financial Management and hired JS Asset Management. (April 08) Japan Equity Fund Manager Change In March 2008 we terminated Barclays Global Investors (BGI) and hired JPMorgan Asset Management and Bayview Asset Management. (March 08) SWIP Multi-Manager UK Equity Focus Fund Manager Change In February 2008 Russell hired Jupiter Asset Management in the Fund.(February 08) SWIP Multi-Manager International Fund Manager Change In January 2008 Russell hired McKinley Capital Management in the Fund.(January 08) SWIP Multi-Manager UK Equity Growth Fund Manager Change In December 2007 Russell replaced Goldman Sachs Asset Management (GSAM) with Baillie Gifford. (December 07) US Equity Fund Manager Addition In October 2007, we added Arnhold & S. Bleichroeder (ASB) to the manager structure of these Funds. (October 07) SWIP Multi-Manager UK Equity Focus Fund Manager Change In August 2007 Russell added Cartesian Capital to the SWIP UK Equity Focus Fund and removed Mirabaud. The change continues the process of introducing new managers in whom we have high conviction. (August 07) Continental European Equity Fund Manager Change We have replaced AXA Rosenberg with a new 'Incubator Portfolio' comprising two newly established products at Nicholas-Applegate and T. Rowe Price. The Incubator Portfolio will have a target allocation of 10%. (June 07) US Equity Fund Manager Addition In June 2007 we added Cornerstone Capital Management to the Funds and terminated Ark.(June 07) 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 07) SWIP Multi-Manager International Equity Fund Manager Change In May 2007 Russell added Arrowstreet Capital to the SWIP Multi-Manager International Equity Fund. (May 07) Continental European Equity Fund Manager Change In February 2007 we replaced Capital with Taube Hodson Stonex Partners Limited (THS). (February 07) Continental European Equity Fund Manager Change We have replaced Nordea with AQR Capital Management and Schroder Investment Management recently. (January 07) Continental European Equity Fund Manager Addition Recently we replaced Thames River with Invesco Perpetual. The manager change was made to increase the fund’s exposure to managers in which we have higher conviction and to those with more aggressive portfolios. (December 06) SWIP Multi-Manager UK Equity Growth Fund Manager Change In December 2006, we replaced Fidelity with State Street Global Advisors. (December 06) US Equity Fund - Manager Change We have improved the manager line-up by hiring Columbus Circle Investors. At the same time we consolidated the two Turner mandates into one product benchmarked against the Russell 1000 Growth Index. (December 2006) SWIP Multi-Manager UK Equity Focus Fund Manager Change In September 2006 we improved the manager line-up with the addition of Morley Fund Management. (October 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. (Sept 06) SWIP UK Equity Growth Fund Manager Change In July 2006, we improved the manager line-up by adding Investec (target weight 25%) and Mirabaud (target weight 15%) to the Fund, reducing the weight of the three existing managers. (July 2006) US Equity Fund Manager Change In June 2006, we improved the Funds' structure by replacing BKF and Jacobs Levy Value with Institutional Capital Corporation (ICap) and Sound Shore Management. In addition, we trimmed the Turner mid-cap holding. (July 2006) Japan Equity Fund Manager Change In June 2006, we improved the manager line-up in the RIC Japan Equity Fund by replacing Martin Currie (market-oriented) with Alliance Bernstein (value) and Invest-Asia (growth) and adjusted the manager weights in the fund. (June 06) US Quant Fund Manager Change We have enhanced the manager mix of the FRIC II US Quant Fund by replacing core quantitative (quant) manager, BGI, with another core quant manager, Goldman Sachs Asset Management (GSAM). (February 06) 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) Pacific Basin Equity Fund Manager Change We have improved the manager line-up in the FRIC Pacific Basin Equity Fund (the Fund) by replacing APS with Rexiter Capital Management Limited and Legg Mason Asset Management (Asia). (December 2005) Pacific Basin Equity Fund Manager Change We have improved the manager line-up in the FRIC and MSMM Pacific Basin Equity Funds (the Funds) by adding Aberdeen Asset Management. (October 2005) Pacific Basin Equity Fund Benchmark Change The benchmark for the FRIC and MSMM Pacific Basin Equity Funds (the Funds) has been changed from the MSCI AC Pacific ex-Japan to the MSCI AC Asia Pacific ex-Japan, effective October 2005. (October 2005)

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