(Russell.com)

Best Places to Work in America:
Russell Ranks #2 Among Medium-Sized Firms

TACOMA, Wash. — July 7, 2004 — Russell Investment Group is the second best medium-sized company to work for in America, according to a new study by the Society for Human Resource Management. The top companies were selected and ranked by the Great Place to Work® Institute, a research and management consultancy which produces several "Best Companies to Work for" lists including Fortune magazine's annual list of the "100 Best Companies to Work for in America."

In this inaugural small and medium companies list, more than 400 companies nationwide and 18,000 employees were surveyed. A "medium" company is defined as one with 251 to 999 U.S.-based employees. Russell employs 920 in the United States and more than 1,300 worldwide. The study includes an extensive attitude survey which is distributed to 250 randomly selected employees at each nominated firm.

"This number-two nationwide ranking is a tribute to our ongoing commitment to Russell associates," said CEO Craig Ueland. "We believe that by hiring talented associates, providing them with a supportive work environment and truly empowering them, they will take care of our clients and the bottom line."

Russell, a Tacoma-based global investment services firm, is the only Northwest-based company to make the list.

In addition to providing a supportive work environment, Russell offers its associates a tuition reimbursement program, flexible work hours for many positions, a two-month paid sabbatical after 10 years, a 3,400 square-foot exercise facility across from its Tacoma headquarters and several recognition programs. Russell also provides a full array of strong benefits, including six weeks of paid maternity leave, not deducted from sick leave or vacation time; four weeks of paid leave for the adoption of a child, plus up to $5,000 to defray adoption costs; three weeks of paid vacation as a starting point for all employees; and early retirement for employees whose age and years of service add up to 70.

Complete rankings and accompanying stories are available at www.greatplacetowork.com.

Russell previously qualified for Fortune's annual list of the "100 Best Companies to Work for in America," until the minimum number of employees necessary for consideration was increased to 1,000. When the minimum was 500 employees, Russell ranked as high as11th in the nation and for four consecutive years as the top-ranked employer among companies in the Pacific Northwest.

About Russell
Russell Investment Group, a global leader in multi-manager investment services, provides investment products and services in more than 35 countries. Russell manages more than $107 billion in assets and advises clients worldwide representing more than $1.8 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.

Contact: Steve Claiborne 253.594.1858

Russell Investment Group is a registered trade name of Frank Russell Company, a Washington, USA corporation, which operates through subsidiaries worldwide. Frank Russell Company is a subsidiary of The Northwestern Mutual Life Insurance Company.