Russell's Transition Management Services Earns Top Rankings in Industry Surveys Named Transition Manager of the Year Tacoma, WA — June 1, 2006 — Russell Investment Group has attained several industry-leading rankings in the 2006 transition management surveys sponsored by Plan Sponsor magazine and Global Investor magazine. Russell was also honored by Plan Sponsor magazine as Transition Manager of the Year at its annual "Best in Class" dinner celebration on May 31. In 12 possible categories in the Plan Sponsor magazine results, Russell received top ranking in nine "Best in Class" awards for Transition Services including: hedging options; review of alternative strategies; quality of pre-trade reporting; communication of process; flexibility with changing conditions; quality of post-trade reporting; actual costs vs. projected costs; experience of personnel; and quality of operational support. "We continue to build our transition services on innovation and accountability while always representing the client's best interest," said David Rothenberg, director, Russell Implementation Services. "We're honored that respondents to these surveys over the years have consistently rated Russell as a leader across the full spectrum of transition services. Our clients all over the world have come to expect industry-leading transparency, professionalism and performance from Russell's transition management services, and we will continue to do so." Russell also recently received superior rankings in an earlier transition management survey sponsored by Global Investor magazine. Respondents who used multiple transition providers gave Russell top ratings in several categories including best overall transition manager, best reporting capability, best relationship management, best operational efficiencies and best risk control. In total, Russell's transition management services has received 25 industry awards over the past two years. An increasing number of clients are engaging Russell for transition services, and the group has experienced a record volume of business during the first quarter of 2006. Russell continues to set the mark for delivering on T Standard-compliant investment performance of assets in transition. For more than two decades, Russell has been at the forefront of improving transition management practices and technique, encouraging the development of the T Standard as an objective performance measurement to aid clients in assessing a transition manager's performance. The transition management services team operates within Russell Implementation Services, a division at Russell dedicated to helping clients improve their net investment returns by providing efficient implementation tools to multi-manager portfolios. Overlay services, commission management and agency currency execution are a few of the other growing implementation services offered. About Russell Russell Investment Group, a global leader in multi-manager investing, provides strategic advice and investment products and services in more than 44 countries. Russell manages more than $167 billion in assets as of March 31, 2006, and advises clients worldwide representing more than $2.4 trillion (as of 9/30/05). Founded in 1936, Russell is headquartered in Tacoma, Wash., with additional offices in New York, Toronto, London, Paris, Sydney, Singapore, Auckland and Tokyo. Contact: Jennifer Tice, 253-439-2921 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. www.russell.com/tm RC#4422

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