Convergys Corporation Hires Russell (Russell.com)

Convergys Corporation Hires Russell to Manage Defined Benefit Plan

TACOMA, Wash. — August 23, 2005 — Convergys Corporation has hired Russell Investment Group to manage its $172 million defined benefit plan. The comprehensive outsourcing relationship aims to strengthen the plan's overall long-term performance.

Specifically, Convergys will employ Russell's advisory and investment management services in an integrated package that will include assignments in the plan's U.S. equity, international equity and fixed-income portfolios.

"As a global leader in providing outsourced customer care, human resources, and billing solutions, we believe in outsourcing work with world-class partners so we can focus our resources on what we do best," said Timothy Wesolowski, vice president and treasurer, Convergys Corporation, which serves the world's leading companies in many industries including communications, financial services, technology, and consumer products. "With Russell's multi-manager investment approach and deep advisory resources, we will have a provider that can make our assets work harder and help us meet our fiduciary responsibilities."

Russell's Bill Borland, director, institutional investment services, said, "New clients bring Russell on board to leverage our ability to find top quality money managers, to create well-diversified and risk-aware mixes from that talent and to provide advice, consulting and other strategic solutions across a range of institutional needs. We look forward to working with Convergys Corporation for a long time."

Convergys Corporation (NYSE: CVG) is a global leader in providing customer care, human resources, and billing services. Convergys combines specialized knowledge and expertise with solid execution to deliver outsourced solutions, consulting services, and software support. Convergys serves companies in many industries including communications, financial services, technology and consumer products.

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 $136 billion in assets as of June 30, 2005, and provides other financial services to clients worldwide representing more than $2.3 trillion. 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 253.594.1858

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.

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