Tacoma, WA — July 31, 2006 — Russell Chairman Michael Phillips has been named by the U.S. government to serve as a new member of the Asian Pacific Economic Cooperation (APEC) Business Advisory Council. In addition, Russell's Chief Legal Officer Karl Ege was selected as Phillips' alternate for what initially is a two-year term.

Phillips will join two other U.S. business executives—FedEx Express' Executive Vice President, International, Michael Ducker and CBOL Corporation Chairman Spencer Kim—as this country's representatives on the APEC Business Advisory Council (ABAC), which brings together three business representatives from each of the 21 members of APEC.

"ABAC provides critical private sector input into the government APEC process, and is working on a range of issues from energy security to corporate governance. Having such experienced and capable businessmen on the Council means that U.S. business interests will be well represented in APEC," said U.S. APEC Ambassador Michael Michalak.

ABAC, created in 1995, meets quarterly to discuss policy recommendations and undertake activities to promote trade and investment. The council offers private-sector input on a range of issues from trade facilitation to capital market reform.

Phillips, who has served on Russell's management team for 25 years, initially joined the firm's London office, where he became the managing director and helped build a European presence for Russell. He later moved to the company's headquarters in Tacoma to serve as director of international consulting. In that capacity, he led Russell's effort to establish offices in Toronto, Sydney and Tokyo. He became president of Russell in 1990, CEO in 1993 and Chairman in 2003. His involvement in the community includes serving on the advisory board of the University of Washington-Tacoma, as chairman of the Harold Le May Museum and on the board for the Tacoma Youth Chorus.

Ege, as the managing director for Russell's law and government affairs, is responsible for managing Russell's world-wide legal operations, advising on new business ventures, international operations and capital markets activities as well as supervising compliance by all Russell business units with governmental and self-regulatory organizations' requirements. He joined Russell in 1992. In addition to a number of leadership positions in both the Washington State and American Bar Associations throughout his career, Ege is chairman of the ABA's Standing Committee on Technology and Information Systems as well as a member of the Advisory Council of Cornell Law School. He also served as a member of the Board of Trustees and the Executive Committee of The Fred Hutchinson Cancer Research Center.

About Russell
Russell Investment Group, a global leader in multi-manager investing, provides investment products and services in 44 countries. Russell manages more than $171 billion in assets as of June 30, 2006 and advises clients worldwide representing more than $2.4 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, Sydney, Singapore, Auckland and Tokyo.

Contact:
Steve Claiborne, 253-439-1858