Russell announces two appointments to support rapidly growing mutual funds business (Russell.com)

Russell announces two appointments to support rapidly growing mutual funds business

TACOMA, Wash. — October 10, 2005 — Russell Investment Group announced two new appointments to its US Individual Investor business: David Rainville joins as director of operations, and Michael Pensabene joins as director of business technology services. The new appointments represent Russell's commitment to continuously improving and streamlining operations as its mutual funds business experiences rapid and significant growth.

"Dave and Mike are key additions to the team. As our business continues to grow, their expertise in strategic planning, operations, program management, and asset and data management will help us expand without compromising our core business philosophies and operating mandates," said Melodie Zakaluk, managing director, operations, US Individual Investor Services. "With their experience and leadership skills, we will be able to execute new strategies while maintaining and strengthening the traditional values that have made Russell a trusted leader in multi-manager investing that it is today."

In his new role, Rainville oversees Russell's transfer agent for the firm's family of multi-manager mutual funds and LifePoints® Funds, and operations for Russell's Managed Account Strategies™, Russell new integrated managed account platform. He joins Russell with more than 30 years experience in mutual fund operations, including expertise that encompasses shareholder servicing, fund accounting, custody and systems conversion principles. Rainville most recently led multiple transfer agent teams at MFS Investment Management.

Pensabene joins Russell's US Individual Investor Services with responsibility for strategic planning, development and implementation of information management architecture, and the delivery and support of information and business intelligence through sales and business tools. Pensabene joins Russell after 20 years at Citigroup where he directed business technology teams supporting mutual fund and managed account businesses.

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 for advisory clients as of June 30, 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
Kerstin Parkel: 718-875-2121

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.

Managed Account Strategies is a trademark of Frank Russell Company. Frank Russell Investment Management Company is the sponsor of the Managed Account Strategies Program.

Russell Fund Distributors, Inc. member NASD

First Used: October 2005
RFD 05-5480