The new identifier — Russell Investment Group — is aimed at helping the company build brand awareness across the wide range of companywide products and services available to Russell clients. The name will be used in all Russell communications, sponsorships, conference events, press materials and other visible business activities. The company logo, which simply reads "Russell," will remain unchanged. The legal name of the company and some of the legal names of individual Russell subsidiaries are not being changed and will continue to be used as required for legal and regulatory purposes.

"This effort is part of our company's evolution toward focusing on a widening range of client needs," said Mike Phillips, chairman and CEO of Russell. "Frank Russell is the name of our company founder, he was grandfather to George Russell, our chairman emeritus, and he was the origin of a company culture that still thrives. But Russell Investment Group more clearly communicates what we are today — global leaders in multi-manager investing, operating a single company with a shared culture and values but diversified capabilities to meet the needs of thousands of clients around the world."

Beginning in 2000, Russell introduced the name when the company's U.S. investment management sales force began using Russell Investment Group within their business unit. In 2001 the company extended the name to cover the company's consulting, manager research, operations and investment management businesses in the United States. Earlier this year it was adopted by additional Russell business units and subsidiaries, and today's announcement applies the name to the remainder of Russell's operating units and the company as a whole.

"This is really about creating a single, clear Russell brand to represent all of our capabilities globally," said Craig Ueland, president and CEO-elect of Russell. "We have laid the groundwork internally so that under the new umbrella name, all Russell associates from all the company's different operating units can approach a client or prospect under a single identity and acting as one company. This change will allow each business unit to focus on the services and benefits it brings to clients and will reduce any potential for confusion by presenting a single, coherent face to the marketplace."

During the remainder of 2003 and early 2004, Russell will complete a process to insert Russell Investment Group on letterhead, business papers, marketing materials and other forms representing the company's business.

About Russell
Russell Investment Group, global leader in multi-manager investing, 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 $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.

Note to Editors: For future reference, please use "Russell Investment Group" on first reference to our company, and use "Russell" in any subsequent references.

Contact: Steve Claiborne 253.594.1858