Russell Continues Growth of U.S. Mutual Funds Business with Key New Hires (Russell.com)

Russell Continues Growth of U.S. Mutual Funds Business with Key New Hires
Director of New Business Partnerships, Director of Marketing Will Support Ongoing Expansion of Distribution Network

TACOMA, Wash. — Feb. 28, 2005 — Russell Investment Group, a global leader in multi-manager investing, announced today the appointments of Whitney Dow, director of new business partnerships, and Jim Dunnigan, director of marketing, both in the company's U.S. Individual Investor Services group. Dow will report to Tim Noonan, managing director, advisor alliances and Dunnigan will report to Craig Wainscott, managing director, knowledge capital.

Dow and Dunnigan will play key roles in the ongoing expansion of Russell's national distribution network which has more than $21 billion in assets under management as of Dec. 31, 2004. Dow's primary responsibilities will be researching and qualifying new distribution opportunities for Russell's suite of investment solutions -- including retirement platforms, managed accounts, institutional and insurance funds -- and the establishment of procedures to facilitate effective launches of new distribution relationships. Dunnigan will oversee all marketing efforts involving Russell's U.S. intermediary business, and will lead an expanding marketing effort for Russell's LifePoints® Funds and other multi-manager investment products.

"Russell is committed to growing its U.S. mutual funds business, and, as part of that expansion, we intend to make every effort to provide a high level of support, products and services for our distribution network," said Greg Stark, head of U.S. Individual Investor Services. "We are very pleased to have Whitney and Jim join our team, and I am confident they will make immediate contributions."

Dow joins Russell from Financial Research Corporation, where he served as vice president, relationship development, and led the company's business relationships in the western half of the United States. Dow also served as director of education savings research, where he spearheaded the company's 529 plan research initiative.

"Whitney's energy and creativity will help Russell focus on our best set of new distributor relationships," said Noonan. "Whitney brings a broad industry perspective to the Russell team which will deepen the number and success of new relationships across our advisory alliances group."

Dunnigan joins Russell with experience in all phases of marketing, branding, advertising, public/investor relations and corporate communications. Prior to joining Russell, Dunnigan led marketing communications for the Annuities/Mutual Funds Division of Pacific Life. There, among other accomplishments, he completed a successful suite-wide redesign of all annuities and mutual fund product packages.

"Jim will transfer his experience and expertise to help Russell broaden our efforts to communicate and connect with our distribution alliances," said Wainscott. "Russell remains deeply committed to providing distribution alliances with all the tools they need to help improve the financial security of their clients and to develop and manage their businesses, and Jim's charter is to help us do just that."

Russell currently works with more than 250 financial intermediaries in the United States, including Registered Investment Advisors (RIAs), and financial representatives from Northwestern Mutual, A.G. Edwards and Raymond James.

Russell Investment Group is a registered trade name of Frank Russell Company, a Washington, USA corporation, which operates through subsidiaries worldwide. Frank Russell Company is a subsidiary of The Northwestern Mutual Life Insurance Company.

Fund objectives, risks, charges and expenses should be carefully considered before investing. A prospectus containing this and other important information can be obtained by calling (800) 787-7354 or visiting www.russell.com. Please read the prospectus carefully before investing.

Russell Fund Distributors, Inc., is the distributor of Frank Russell Investment Company.

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