Russell Announces Appointment of New Managing Director of National Accounts for its U.S. Distribution Business (Russell.com)

Russell Announces Appointment of New Managing Director of National Accounts for its U.S. Distribution Business

TACOMA, Wash. — May 9, 2005 — Russell Investment Group, a global leader in multi-manager investing, announced the promotion of Jamie Axford to Managing Director of National Accounts for its U.S. Distribution business. In his new role, Axford will lead Russell's U.S. Distribution client executive group, which is responsible for the stewardship of Russell's key strategic relationships, including Northwestern Mutual Financial Network, A.G. Edwards & Sons, and Raymond James Financial Services. He will report directly to Greg Stark, head of the U.S. Distribution group.

"Jamie has already shown tremendous skill and insight in helping drive the development and execution of Russell's strategy to enhance national distribution opportunities," said Stark. "He is well respected throughout the industry and his talent and depth of expertise make him a huge asset to us in his new role."

Russell's U.S. Distribution business continues to report strong growth; as of March 31, 2005, assets under management reached nearly $22 billion, representing a 26% increase since this time last year. The company currently has U.S. distribution relationships with nearly 250 independent Registered Investment Advisors, as well as with Northwestern Mutual Financial Network, A.G. Edwards, Raymond James Financial Services, Principal Financial Group and American United Life.

Axford joined Russell as a client executive in October 2004 after 15 years at MFS Investment Management, where he most recently served as vice president, senior national account manager.

About Russell
Russell Investment Group, a global leader in multi-manager investment services, provides investment products and services in more than 39 countries. Russell manages more than $133 billion in assets as of March 31, 2005, and advises clients worldwide representing more than $2.3 trillion. The company is ranked for the first time in the top five of DALBAR's 2004 Financial Professionals "General Opinion" survey and is ranked second on the Great Place To Work Institute's 2004 list of Best Small & Medium Companies to Work for in America.

Founded in 1936, Russell is a subsidiary of Northwestern Mutual and is headquartered in Tacoma, Wash., with additional offices in New York, Toronto, London, Paris, Singapore, Sydney, Auckland and Tokyo.

Contacts:
Jennifer Tice (253) 439-2921
Kerstin Parkel (718) 875-2121

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 by visiting www.russell.com. Please read the prospectus carefully before investing.

Russell Fund Distributors Inc.: Member NASD

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.

RFD# 05-5028

First Used: May 2005