Russell hires Netols for a small-cap, value assignment in its funds complex (Russell.com)

Russell Hires Netols for a Small-cap, Value Assignment in its Funds Complex

TACOMA, Wash. — July 15, 2004 — Russell has selected Netols Asset Management, Inc. to manage a small-cap, 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 180 funds.

"We believe the fund will benefit from Netols' flexibility in valuing companies and its catalyst-oriented investment process," said Dennis Jensen, portfolio manager. "Netols looks for undervalued securities which exhibit certain factors that are expected to result in improved cash flow or balance sheet numbers."

The Milwaukee-based firm joins four other managers in the fund: MFS Institutional Advisors, Inc., Systematic Financial Management, L.P., DePrince, Race & Zollo, Inc., and Iridian Asset Management LLC. The firm now has two assignments in Russell's funds complex.

As part of its multi-manager investment process, Russell monitors and intensely researches 2,300 outside investment manager teams globally. Of these, about 120 managers are selected for specific assignments within Russell's multi-manager funds. Russell blends these fund assignments to create diversified portfolios of managers, investment styles and assets designed to manage risk.

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. For more information, go to www.russell.com.

Contact: Steve Claiborne 253.594.1858

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