PRESS INQUIRIESNews Release

Contact:Caroline Churchill303-262-3519
cchurchill@vcm.com

VICTORY CAPITAL ANNOUNCES CLOSE
OF ACQUISITION OF RS INVESTMENTS
Cleveland, OH, July 29, 2016 – Victory Capital announced today that it has completed thepreviously announced acquisition of RS Investments® (“RS”) from The Guardian Life Insurance
Company of America®. The acquisition expands Victory Capital’s multi-boutique model to include 11
distinct investment franchises with $50.7 billion in assets under management and advisement as ofJune 30, 2016.*“The addition of RS represents an important milestone for Victory Capital and our clients,” said David
Brown, Chairman and Chief Executive Officer of Victory Capital. “It further diversifies our investment
capabilities, enhances our distribution platform and brings us the size and scale to continue to invest
in our business in areas that meaningfully impact the service that we are able to provide to ourclients. We are thrilled to welcome the RS investment teams to our platform.”
The RS Growth, Value and Developed Markets equity teams, which are based in San Francisco,California, have retained the RS Investments brand and are operating as an independent franchisewithin Victory Capital’s multi-boutique model. Each of the teams within the RS franchise continues tooperate autonomously and employ its existing investment process and approach.
The RS Emerging Markets team has been rebranded Sophus CapitalSM and is operating as anautonomous franchise within Victory Capital. The team’s investment process and approach remains
unchanged. The decision to brand the RS Emerging Markets team as a distinct franchise is areflection of the team’s long history of working together as well as its distinct asset classspecialization and geographic location. Sophus Capital remains headquartered in Des Moines, Iowa,
with investment professionals in London, Hong Kong and Singapore.
Victory Capital is committed to meaningful employee ownership as a means to ensure alignment withcurrent and future clients. Employees of the firm, including members of the RS Investments andSophus Capital franchises, are material equity investors in the firm and its investment products.
ABOUT VICTORY CAPITAL
Victory Capital is a multi-boutique asset management firm, headquartered in Cleveland, Ohio.
As of June 30, 2016, the firm had approximately $50.7 billion in assets under management andadvisement.*Victory Capital is comprised of 11 autonomous investment franchises, each with an independentculture and investment approach. The franchises are supported by a robust distribution andoperational platform, allowing them to focus solely on investment management.
Victory Capital provides investment advisory services to institutional clients including
corporations, non-profits, public funds, Taft-Hartley and sub-advisory clients through separate
accounts and commingled funds. Through its intermediary channel, Victory Capital also offers
retail and retirement clients mutual funds and ETFs as well as separately managed accountsthrough wrap fee programs and access to its investment models through unified managed
accounts. For more information, please visit www.vcm.com.

*Combined AUM for Victory Capital and RS Investments as of June 30, 2016, prior to the close of the acquisition. AUM
figures are not adjusted for assets of proprietary funds in other funds or client accounts.