(Russell.com)

Russell Hires Deprince, Race & Zollo For A Value Assignment In Funds Complex

TACOMA, Wash. — July 29, 2003 — Russell has selected DePrince, Race & Zollo, Inc. to manage a value assignment in the Frank Russell Investment Company Select Value Fund. The assignment was 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 investment funds.

"DePrince focuses on undervalued, yield-oriented stocks which provide a meaningful amount of diversification to the other managers in the fund," said Ron Dugan, portfolio manager. "We believe the Fund will benefit from additional exposure to dividend paying, undervalued stocks through DePrince."

The Orlando, Fla. — based firm joins three other managers in the Fund: MFS Institutional Advisors, Inc., Systematic Financial Management, L.P., and Iridian Asset Management LLC.

As part of its multi-manager investment process, Russell monitors and intensely researches 3,500 outside investment manager teams globally. Of these, about 120 managers are selected for specific assignments within Russell's multiple-manager funds. 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. For more information, go to www.russell.com.

Note: Fund objectives, risks, charges and expenses should be carefully considered before investing. A prospectus containing this and other important information can be obtained by calling 800-787-7354 or by visiting www.russell.com. Please read the prospectus carefully before investing.

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

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

Value investments focus on stocks of income-producing companies whose price is low relative to one or more valuation factors, such as earnings or book value. Such investments are subject to risks that their intrinsic values may never be realized by the market, or, such stock may turn out not to have been undervalued. Investors should carefully consider the additional risks involved in value investments.

The Russell logo is a trademark and service mark of Frank Russell Company.

Frank Russell Company, a Washington, USA corporation, operates through subsidiaries worldwide and is a subsidiary of The Northwestern Mutual Life Insurance Company.

RC Code 3136