Russell Expands Retirement Services Business with New Regional Sales Director (Russell.com)

Russell Expands Retirement Services Business with New Regional Sales Director

TACOMA, Wash. — July 6, 2005 — Russell Investment Group today announced the appointment of Jay Slusher to its U.S. Distribution retirement services group. Slusher joins Russell as a retirement regional sales director for the 12-state Central Region. In his new role, Slusher will help develop Russell's growing retirement services business by establishing opportunities with existing and potential distribution partners, as well as with financial intermediaries in the retirement space.

"Jay brings with him the experience and skill set that will add tremendous value to Russell's retirement efforts," said Matt Smith, managing director, retirement services, Russell Investment Group. "His ability to establish key relationships and strategic partnerships will be integral in helping our retirement business reach its growth goals."

Slusher joins Russell after a 15-year tenure at JP Morgan Retirement Plan Services where he established a strong track record in institutional sales and service and most recently served as vice president, investment advisor.

Russell's retirement services group currently works with financial representatives from American United Life Insurance Company, John Hancock and Principal Financial Group to make Russell's LifePoints® multi-manager lifecycle funds available to plan sponsors of 401k plans. The group's strategy is to continue adding key distribution alliances in order to make Russell's LifePoints funds widely available on defined contribution platforms.

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 for advisory clients as of March 31, 2005, and provides other financial services to clients worldwide representing more than $2.3 trillion. The company is one of the top five companies in DALBAR's 2004 Financial Professionals "General Opinion" survey and ranked second on Forbes Magazine's 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.

Contact:
Jennifer Tice 253-439-2921

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 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.

Each of the LifePoints® Funds invests its assets in shares of a number of underlying Frank Russell Investment Company Funds. Each of the LifePoints® Funds, Target Portfolio Series, will adjust its investments within set limits based on Russell's outlook for the economy, financial markets, and relative market valuation of the asset classes represented by each underlying Fund. Each of the LifePoints® Funds, Target Date Series, will adjust its investments within set limits based on the target year of the fund. The asset allocation of each fund is based solely on time horizon. However, the LifePoints® Funds may deviate from set limits when, in Russell's opinion, it is necessary to do so to pursue each Fund's investment objective. The amounts allocated to each underlying Fund will generally vary within 10%.

Russell LifePoints® Funds are exposed to the underlying fund specific risks directly proportionate to the underlying fund allocation. Additionally, investment in the fund involves direct expenses and a proportional share of the expenses of the underlying funds – indirect expenses. Currently direct expenses are waived pursuant to a Letter Agreement. If the arrangements are discontinued Fund expenses may increase, thus the cost of this type of investment may be higher than generally experienced when investing in mutual funds that contain stocks and bonds. Please see prospectus for further details.

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

First Used July 2005. RFD 05-5188