Russell Investment Management Ltd.

This licence authorises the licensee to carry on a financial services business to:

provide financial product advice for the following classes of financial products:

deposit and payment products limited to:

basic deposit products;

derivatives;

foreign exchange contracts;

debentures, stocks or bonds issued or proposed to be issued by a government;

interests in managed investment schemes including:

investor directed portfolio services;

retirement savings accounts ("RSA") products (within the meaning of the Retirement Savings Account Act 1997);

securities; and

superannuation;

deal in a financial product by:

issuing, applying for, acquiring, varying or disposing of a financial product in respect of the following classes of financial products:

derivatives;

foreign exchange contracts;

debentures, stocks or bonds issued or proposed to be issued by a government;

interests in managed investment schemes limited to:

own managed investment scheme only;

securities; and

superannuation; and

applying for, acquiring, varying or disposing of a financial product on behalf of another person in respect of the following classes of products:

deposit and payment products limited to:

basic deposit products;

deposit products other than basic deposit products;

derivatives;

foreign exchange contracts;

debentures, stocks or bonds issued or proposed to be issued by a government;

interests in managed investment schemes including:

investor directed portfolio services;

securities; and

superannuation; and

operate the following kinds of registered managed investment schemes (including the holding of any incidental property) in its capacity as responsible entity:

schemes which only hold the following types of property:

derivatives; and

financial assets;

to retail and wholesale clients.