Russell appoints industry veteran leader to head defined contribution business Richard Davies joins as demand for institutional-quality DC investment solutions continues to grow

Seattle, WA — March 9, 2011 — Russell Investments has appointed Richard Davies as managing director, defined contribution (DC). Davies, a 21-year veteran of the financial services industry, will be responsible for the leadership, strategic direction and growth of Russell's DC business. Davies, who will join June 1, will report to Greg Gilbert, CEO, Americas Institutional, and be based in Russell's New York office.

"There is growing momentum around the open architecture and objective, institutional-quality solutions that Russell provides for plan participants, so we are excited to welcome a leader of Dick's caliber to help us maximize growth opportunities for our DC business," said Gilbert. "Dick comes to us with a demonstrated track record of building client-focused businesses and is a perfect complement to our existing strong team of DC experts and our robust set of DC solutions."

Russell helps its institutional defined contribution clients tackle their challenges concerning objective setting, plan design, asset allocation, asset class strategies and governance. Additionally, Russell's DC team provides target date glide path design and management, manager research and monitoring, fiduciary structure guidance, implementation services, and asset management solutions including target date and target risk funds, as well as standalone asset class investment options.

"The global retirement landscape is undergoing a dramatic transformation with the continued, rapid shift from DB to DC," said Andrew Doman, president and CEO, Russell Investments. "Russell's investment value proposition is uniquely suited to the needs of DC participants, and Dick's appointment further bolsters our long-term commitment to meeting the growing needs of the DC market."

Globally, Russell's defined contribution business has more than US$67 billion in assets under advisement (as of 12/31/2010) and more than US$20 billion in assets under management (as of 12/31/2010). In the U.S. this includes Russell's advisor-sold mutual fund business, under which the firm has an ongoing strategy of partnering with advisors and record-keepers to provide Russell's LifePoints® Target Date and Target Risk mutual funds to DC plans.

The DC consulting team is led by Josh Cohen, DC practice leader, an established voice on DC issues and author of research papers of vital interest to the industry. He is a frequent visitor to Washington, D.C., where he has met with congressional staff and testified before regulators. Cohen will continue to focus his efforts on thought leadership in support of consulting clients and Russell's broader DC business and will report to Davies.

Davies joins Russell from AllianceBernstein, where he has spent 15 years in a number of leadership positions. Most recently, Davies was senior managing director, defined contribution and sub-advisory relationships. In this role, he was responsible for managing the business development efforts for major distributors and record-keeping partners and overseeing relationships with insurance sub-advisory clients.

In other roles at AllianceBernstein, his responsibilities have included the establishment, growth and global expansion of several businesses, the creation and launch of new products and services, the enhancement of client sales and service efforts and the development and maintenance of relationships with industry consultants.

A recognized DC thought leader, Davies also serves on the executive committee and chairs the investment policy committee for the Defined Contribution Institutional Investment Association and is a member of the Employee Benefit Research Institute board of trustees. About Russell

Founded in 1936, Russell Investments is a global financial services firm that serves institutional investors, financial advisors and individuals in more than 40 countries.

Through a unique combination of interlinked businesses, Russell delivers financial products, services and advice. A pioneer, Russell began its strategic pension fund consulting business in 1969 and today is trusted by many well-known worldwide institutions for investment advice. Headquartered in Seattle, Washington, USA and with offices in major financial centers worldwide, Russell has $155 billion in assets under management (as of 12/31/2010) in its mutual funds, retirement products, and institutional funds, and is well recognized for its depth of research and quality of manager selection.

Russell offers a comprehensive range of implementation services that help institutional clients maximize their assets. The Russell Indexes calculate over 50,000 benchmarks daily covering 65 countries and more than 10,000 securities.

Contacts: Kate Stouffer, 206-505-1858 Matt Burkhard, 718-875-2122

Russell Investment Group, a Washington, USA corporation, operates through subsidiaries worldwide including Russell Investments. Russell Investment Group is a subsidiary of The Northwestern Mutual Life Insurance Company.

Mutual fund objectives, risks, charges and expenses should be carefully considered before investing. For a prospectus containing this and other important information call Russell at 1-866-676-7680 or go to the prospectus and reports page to download one. Please read the prospectus carefully before investing.

Mutual fund investing, including Target Date Funds, involves risk; principal loss is possible. The principal value of the fund is not guaranteed at any time, including the target date. The target date is the approximate date when investors plan to retire and would likely stop making new investments in the fund.

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