Russell Hires Delaware Capital Management (Russell.com)

Russell Hires Delaware Capital Management for Small-Cap and Large-Cap Growth in Multi-Manager Separate Accounts

TACOMA, Wash. — June 7, 2005 — Russell Investment Group ("Russell") selected Delaware Capital Management to manage large-cap and small-cap growth equity assignments for Russell Managed Portfolios ("RMP"). RMP, a multi-manager, multi-style™ separately managed account program, offers high-net-worth clients all the traditional benefits of separately managed account programs — professional money management and tax aware investing — combined with Russell's institutional, multi-manager investment approach and its in-depth knowledge of investment managers and their capabilities.

Russell's selected Delaware based on its multi-manager process which seeks to emphasize stock selection skill while providing broad diversification in 12 distinct separate equity account manager mixes.

"As part of our rigorous research process, we have followed Delaware's key managers for many years and Russell continues to believe that this particular team is the right fit for RMP's clients and for the diversity of these portfolios," said Steve Skatrud, portfolio manager, Russell Investment Group. "Delaware seeks attractive growth opportunities by buying a focused group of companies with unique business franchises where management's strategies may increase the intrinsic business value of those franchises. Delaware's long-term sustainable growth oriented investment process is consistent with RMP's tax aware return focus." more

Delaware was selected for RMP's Large Cap Diversified Plus Mix, Large Cap Growth Diversified Plus Mix, Small Cap Diversified Mix and Small Cap Diversified Plus Mixes. Delaware joins 14 other managers in the overall separate account program, which is available through registered investment advisors.

Russell provides ongoing research and evaluation of a broad universe of managers and currently assigns three to five managers to each portfolio. This assists investment advisors to RMP clients in the demanding process of manager selection and assessment.

About Delaware Capital Management
Delaware Capital Management, a series of Delaware Management Trust (DMBT), was formed in 1994 to provide institutional services to the high net worth and small institutional investors. DMBT is a subsidiary of Delaware Investments (Delaware), which was founded in 1929 and headquartered in Philadelphia, PA. The firm is a multi-product asset management company. In April 1995, Delaware became a wholly-owned subsidiary of Lincoln National Corporation.

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.

Contacts:
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.

Russell Managed Portfolios is a trademark of Frank Russell Company. Frank Russell Investment Management Company is the sponsor of the Russell Managed Portfolios program.

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