Russell Investments Global Infrastructure Pool

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1 THREE REASONS TO CONSIDER Russell Investments Global Infrastructure Pool 1 Portfolio diversification 2 3 Access to a global growth opportunity Enhanced yield potential To help generate long-term wealth, we believe investors should diversify their portfolios by including specialty asset classes such as infrastructure that may lower long-term volatility and offer the potential for attractive returns. Infrastructure can be formally defined as assets that provide sustainable services essential for a functioning economy, such as toll roads, airports, utilities, and pipelines. One way individuals can invest in infrastructure is through mutual funds and more specifically, the Russell Investments Global Infrastructure Pool. The Pool invests in infrastructure assets from growing markets around the world and brings together multiple experienced infrastructure third-party money managers. We believe our Pool is an appealing choice to increase diversification in investors portfolios.

2 1 Portfolio diversification With forecasted low correlation to stocks, bonds and real estate, the Russell Investments Global Infrastructure Pool seeks to provide improved diversification benefits to an investment portfolio. In addition, infrastructure assets have historically held their value more than the broader equity markets during periods in which markets declined. Adding them as a small part of a portfolio could lower the portfolio s overall long-term volatility. Infrastructure can be defensive Outperformance of S&P Global Infrastructure Index vs Russell Global Index During Quarters of Negative Equity Market Performance 2002 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Russell Investments forecast 10-year correlations vs Global Listed Infrastructure 10 Years as of December 31, 2016 Canadian equity 0.47 Canadian bonds 0.07 Global Listed Real Estate 0.68 U.S. equity 0.61 Global equity 0.63 Source: Russell Investments, Barrie & Hibbert, Barclays Capital, Bloomberg, and Consensus Economics, Inc. BNY Mellon, Russell Investments. Data as of March 31, 2017 In USD. Please note forecasted correlation is based on assumptions. Expected returns employ proprietary projections of the returns of each asset class. We estimate the performance of an asset class or strategy by analyzing current economic and market conditions and historical market trends. It is likely that actual returns will vary considerably from these assumptions, even for a number of years. Asset classes are broad general categories which may or may not correspond well to specific products. Correlations measure how two different securities move in relation to each other. Correlation ranges from to A perfect correlation of 1.00 between two asset classes means they will move in the same direction, whereas a perfect negative correlation of means the asset classes will move in opposite directions. Generally, a number above 0.7 indicates a high degree of positive correlation. Global Listed Infrastructure is represented by the S&P Global Infrastructure Index, Canadian equities are represented by the S&P/TSX Composite Index, Global equities are represented by the Russell Developed NNA Large Cap Index, U.S. equities are represented by the Russell 3000 Index. Canadian bonds are represented by the FTSE TMX Canada Universe Bond Index, and Global Listed Real Estate is represented by the FTSE EPRA/NAREIT Developed Real Estate Index Index. Indexes are unmanaged and cannot be invested in directly. Past performance is not indicative of future results. Periods greater than one year are annualized.

3 2 Access to a global growth opportunity With developed and developing countries around the world in need of modernized and expanded infrastructure to support their growing economies and populations, upgrading the world s infrastructure will likely be a dominant global investment theme over the next 15 to 20 years. It has been estimated that $49 trillion will be spent on global infrastructure by 2030.¹ The Russell Investments Global Infrastructure Pool can provide investors with access to investment opportunities within growing markets. A $49 Trillion investment opportunity Based on projections of demand equaling 3.5 percent of global GDP 2, U.S. $ Trillions, Constant 2015 Dollars Roads Rail Ports Airports Power Water Telecom TOTAL 1 Source: McKinsey Global Institute June 2016 Bridging global infrastructure gaps. The estimate of total demand is lower than the $57 trillion projection in previous research. It has been adjusted based on a shorter projection period of 15 years (versus 18 years), water numbers have been reduced by 40%, base year prices have been revised from 2010 to 2015 and GDP growth forecasts have been revised downwards. 2 Gross Domestic Product

4 3 Enhanced yield potential In addition to diversification and an attractive total return, infrastructure companies have provided a relatively high dividend yield, and because tolls and user fees for many of their assets are often tied to inflation a degree of long-run inflation protection over the long term. Because infrastructure assets often hold a monopoly on the provision of essential services, cash flows can be more predictable. This has allowed infrastructure assets to typically offer higher dividend yields than those usually available with broad market equities. Income enhancement opportunities Asset class yield (%) FTSE TMX Universe Bond Index S&P/TSX Composite Index FTSE/EPRA NAREIT Dev. Index Source: Bloomberg, BNY Mellon, Russell Investments. As of May 31, S&P Global Infrastructure Index Index performance is not indicative of the performance of any specific investment. Indexes are not managed and may not be invested in directly.

5 Performance of Russell Investments Global Infrastructure Pool As of July 31, 2017 Annualized returns YTD 1 year 3 years Since inception Series F 9.3% 6.1% 10.4% 14.5% Inception date: January 31, 2013 Past performance is no guarantee of future results. Series F is a fee-based series available only to certain investors. As such, the performance shown does not include the fee paid by the investor to the dealer that would have reduced returns. Money managers in the Russell Investments Global Infrastructure Pool The percentages below represent the target allocation of the portion of fund assets allocated to sub-advisers and do not include assets managed directly by Russell Investments. These include liquidity reserves and assets that Russell Investments may manage to modify the fund s overall portfolio characteristics to seek to achieve the desired risk/return profile for the fund. Russell Investments managed 5% or more of fund assets as of July 31, SUB-ADVISER ALLOCATION 19% 38% 38% Sub-advisers are current as of July 31, Russell Investments has the right to engage or terminate a sub-adviser at any time and without notice. INDEX DEFINITIONS The S&P/TSX Composite Index measures the stock prices of the largest companies on the Toronto Stock Exchange as measured by market capitalization. The Russell 3000 Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell Developed NNA Large Cap Index measures the performance of the investable securities in developed countries globally, excluding companies assigned to the US and Canada. The FTSE EPRA/NAREIT Developed Real Estate Index is designed to measure the stock performance of companies engaged in specific real estate activities in the North American, European, and Asian real estate markets. Relevant real estate activities are defined as the ownership, disposure, and development of incomeproducing real estate. The S&P Global Infrastructure Index provides liquid and tradable exposure to 75 companies from around the world that represent the listed infrastructure universe. The index has balanced weights across three distinct infrastructure clusters: utilities, transportation and energy. FTSE TMX Canada Universe Bond Index is the broadest and most widely used measure of performance of marketable government and corporate bonds outstanding in the Canadian market.

6 For more information about how to strategically use the Russell Investments Global Infrastructure Pool to help you achieve your financial goals, talk to your financial advisor. Together you can chart the right course of action for you and your portfolio. russellinvestments.com/ca IMPORTANT INFORMATION Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of returns are the historical annual compounded total returns including changes in unit/share value and reinvestment of all dividends or distributions, and does not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Nothing in this publication is intended to constitute legal, tax, securities or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type. This information is made available on an as is basis. Russell Investments Canada Limited does not make any warranty or representation regarding the information. As with all mutual funds, investment in this mutual fund contains risks that may make it unsuitable for you, depending on your investment objectives and risk tolerance. If the fund does not perform as intended, you may experience a loss of part or all of your principal invested. Please read the prospectus of this fund for a detailed description of the risks involved in this investment. Investments in infrastructure-related companies have greater exposure to the potential adverse economic, regulatory, political and other changes affecting such entities. Investment in infrastructure-related companies are subject to various risks including governmental regulations, high interest costs associated with capital construction programs, costs associated with compliance and changes in environmental regulation, economic slowdown and surplus capacity, competition from other providers of services and other factors. Investment in non-domestic securities is subject to the risk of currency fluctuations and to economic and political risks associated with such foreign countries. Diversification and strategic asset allocation do not assure profit or protect against loss in declining markets. Russell Investments is the operating name of a group of companies under common management, including Russell Investments Canada Limited. Russell Investments ownership is composed of a majority stake held by TA Associates with minority stakes held by Reverence Capital Partners and Russell Investments management. Frank Russell Company is the owner of the Russell trademarks contained in this material and all trademark rights related to the Russell trademarks, which the members of the Russell Investments group of companies are permitted to use under license from Frank Russell Company. The members of the Russell Investments group of companies are not affiliated in any manner with Frank Russell Company or any entity operating under the FTSE RUSSELL brand. Copyright Russell Investments Canada Limited All rights reserved. Date of first publication: May 2015 Revised: June 2017 RETAIL [EXP ]