Russell Investments Capital LLC

Item 5 – Fees and Compensation
FEE SCHEDULES

Fee arrangements vary by investment strategy, product type, account type and size, customization requirements, and the
range of additional services provided to each client. All fees are negotiated in advance and are specified in the written
IMA between us and each client.

The following describes our advisory and management fee arrangements. The timing of payment for such fees is mutually
agreed upon with each client or intermediary and set forth in the IMA. In addition to the advisory fees described below,
clients may incur additional fees and expenses in connection with their investments, as described under “Other Fees and
Expenses.”

Russell Investments Capital, LLC / Form ADV Part 2A                                                                         /9

INVESTMENT MANAGEMENT FEES

Our investment management services, including delegated investment management and OCIO mandates, are typically
compensated through asset-based fees and, in certain cases, performance-based fees.

Asset-Based Fees

OCIO and investment management fees are typically expressed as a percentage of assets under management. These fees
are negotiated with each client and set forth in the applicable IMA.

Fee schedules may include tiered break points, and in certain cases a minimum annual fee may apply. These fees are
generally billed quarterly in arrears, calculated on the average daily value of assets in the account during each calendar
quarter, and invoiced to the client for payment, or, at the client’s request and direction, may be deducted from the client’s
account. In instances where RICAP or an affiliate directly manages all or a portion of a portfolio’s assets, Russell
Investments may retain a greater portion of the overall advisory fee because it pays less to third-party money managers.
A performance-based fee may be charged for certain investment mandates managed by RICAP and/or its affiliates in
accordance with Rule 205-3 of the Advisers Act. Additional information is provided in Item 6 – Performance-Based Fees
and Side-by-Side Management.

Private Funds

Where clients invest in Private Funds advised by RICAP or its affiliates, applicable management fees and expenses are set
forth in each Private Fund’s governing and/or offering documents, the client’s IMA, and/or the Private Fund’s subscription
agreement. In some cases, the client may have a negotiated fee that is different than the standard in-fund share class fee.
In certain cases, we may manage a separate account with a similar investment mandate to a Private Fund, in which case
the fees charged to such account (including any performance-based fees) are not necessarily identical to those of the
similar Private Fund.

In addition to advisory fees or management fees charged by us, clients invested in Private Funds may also pay
performance-based fees and organizational, offering, and operating expenses related to such Private Fund, in addition to
paying the management fees, performance-based fees, organizational, offering, and/or operating expenses related to any
underlying Third-Party Funds. As a result, investors may pay higher expenses than they would if they invested directly in
such Third-Party Funds and, accordingly, their rate of return on investment may be lower.

Management fees for Private Funds are generally billed quarterly in arrears and are paid either directly by the Private
Fund or by the client. Certain Private Funds pay quarterly management fees in advance.

Institutional Separate Accounts

Our fees for managing an institutional separate account are determined through negotiation with each client and are set
forth in the IMA with the client. Our fee may not cover the client’s pro rata share of the fees, expenses, and/or transaction
charges incurred by any mutual fund, ETF, or other pooled investment vehicle (including Private Funds or other vehicles
managed by us) in which the account invests. Fees for separate accounts are billed quarterly and invoiced to the client for
payment, or, at the client’s request and direction, may be deducted from the client’s account.

INVESTMENT CONSULTING FEES

Due to the differences in the size and complexity of each client and the various services provided to each client, our
consulting fees are separately negotiated with each client. Consulting fees are primarily on a retainer fee basis but may
also be paid on a one-time basis for specific projects. Retainer fees are typically billed quarterly in arrears or in installments
negotiated with the client for the duration of an engagement.

Russell Investments Capital, LLC / Form ADV Part 2A                                                                         / 10

OTHER FEES AND EXPENSES

In addition to the fees described above, clients may incur other fees and expenses in connection with their investment
programs including, but not limited to:

    •    brokerage commissions and transaction costs;
    •    custodial fees;
    •    fees charged by third-party money managers;
    •    expenses of Private Funds or other pooled investment vehicles (including management fees, performance fees,
         administrative expenses, and other fund-level expenses);
    •    clearing and settlement charges;
    •    legal and audit expenses;
    •    third-party index licensing and performance reporting expenses;
    •    fees associated with derivatives transactions; and
    •    other investment-related expenses.

Private Funds may also incur costs and expenses in connection with operations, including, without limitation:

    •    costs associated with sourcing, negotiating, acquiring, financing, holding, monitoring, reporting or disposing of
         underlying investments;
    •    fees and expenses of depositaries, brokers, dealers, pricing agents, proxy research and voting services, outside
         legal counsel, valuation service providers, and auditing services;
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Item 7 – Types of Clients
We provide investment management and consulting services to a variety of institutional clients including:

    •    employee benefit plans such as public pension funds, corporate pension funds, defined contribution and profit-
         sharing plans, and Taft-Hartley plans;
    •    not-for-profit organizations including universities, healthcare organizations, charitable organizations,
         foundations, and endowments;
    •    corporations;
    •    insurance companies;
    •    tribal organizations; and
    •    government entities.

The types of services provided to a client depend on the nature of the engagement and the terms of the applicable
agreement. Clients may engage RICAP for investment management services, including delegated investment management
arrangements, or for investment consulting services. See Item 4 — Advisory Business and Item 16 — Investment Discretion
for additional information.

Minimum account sizes or asset thresholds may apply depending on the type of engagement, investment strategy, or
investment vehicle. Any such minimum requirements are negotiated and set forth in the applicable agreement or offering
documents.

We also serve as the investment manager to certain affiliated Private Funds. Interests in the Private Funds are offered
pursuant to applicable exemptions from registration under the Securities Act of 1933, as amended (“Securities Act”), and
the Investment Company Act. Included in the Private Funds we advise are:

    •    separate series Private Funds under Russell Investments Institutional Funds, LLC (“RIIFL”), an affiliated multi-series
         limited liability company organized under the laws of the state of Delaware;
    •    separate series Private Funds under multi-series limited liability companies organized under the laws of the state
         of Delaware formed for specific qualified and non-qualified employee benefit plans and which are single member
         limited liability companies; and
    •    Private Funds structured as limited liability companies and limited partnerships organized under the laws of US
         and non-US jurisdictions to pursue alternative asset strategies.

Investors in the Private Funds must be “accredited investors” under Regulation D of the Securities Act, “qualified
purchasers” under the Investment Company Act, and “qualified eligible persons” under CFTC Rule 4.7. Investors should
review the offering documents for each Private Fund for further information with respect to the minimum requirements
for investment. Minimum account sizes for all other accounts or products vary based on the types of services provided
and regulatory requirements.