(Russell.com)

Russell hires Arrowstreet Capital for Three Emerging Markets Assignments

TACOMA, Wash. — June 6, 2003 — Russell has selected Arrowstreet Capital, Limited Partnership to manage three emerging markets assignments in its multi-manager funds complex. These assignments were completed as part of Russell's multi-manager process, which seeks to emphasize stock selection skill while providing broad diversification in each of its more than 160 funds.

The three assignments for Boston-based Arrowstreet, combined, total about $130 million in assets under management.

"Arrowstreet has both a strong team and an investment approach that works well in this asset class," said Robert E. Hall, portfolio manager for Russell's emerging markets funds. "The firm's investment professionals have significant experience of applying quantitative techniques in the emerging markets."

These new assignments are for assets in two U.S.-domiciled funds and one Irish-domiciled fund. The firm joins four other managers in each fund: Bernstein Investment Management and Research, a unit of Alliance Capital Management L.P, T. Rowe Price International, Inc., Foreign & Colonial Emerging Markets Limited, and Genesis Asset Managers Limited.

Each year, Russell continually monitors and intensely researches 3,500 outside investment manager teams globally as part of a continual research process. Of these, about 120 managers are selected for specific assignments within Russell's multiple-manager funds. Through its investment management subsidiaries, Russell blends these fund assignments to create diversified portfolios of managers, investment styles and assets designed to manage risk.

Frank Russell Company, a global leader in multi-manager investment services, provides investment products and services in more than 35 countries. Russell manages more than $76 billion in assets and advises clients worldwide representing more than US$1.6 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, Singapore, Sydney, Auckland and Tokyo.

Russell Fund Distributors, Inc., is the distributor of Frank Russell Investment Company.

For complete information about Frank Russell Investment Company, including charges and expenses, you may obtain a Prospectus by calling 1-800-832-6688. The Prospectus should be read carefully before an investment is made.

Investments in emerging or developing markets involve exposure to economic structures that are generally less diverse and mature, and to political systems which can be expected to have less stability than those of more developed countries. Securities may be less liquid and more volatile than United States and longer-established international markets. Please see the Prospectus for further detail.

Diversification does not assure a profit or guarantee against loss in declining markets.

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Frank Russell Company, a Washington, USA corporation, operates through subsidiaries worldwide.

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