December 4 2001 Press Release

Russell Dominates Implemented Consulting Market
$30 Million Mandate from Sun Microsystems Super Fund

SYDNEY, 4 December 2001 — Global investment services firm Frank Russell announced today that the trustees of the Sun Microsystems Superannuation Fund have awarded a $30 million superannuation mandate to Russell's Implemented Consulting service, consolidating Russell's position as the dominant player in the implemented consulting arena.

This is one of a number of 'wins' in the last month for Russell's Implemented Consulting service. Russell recently announced mandate wins from Clemenger Super Plan and Victorian Independent Schools Super Fund.

Mr Paul Hepher, Managing Director Support Services, Sun Microsystems Australia and a trustee for the Sun Microsystems Superannuation Fund said, " Outsourcing to Russell will allow us to focus on the strategic issues concerning the Fund rather than its day-to-day management".

Mr Hepher continued, "Members of our Fund understand the importance of accessing both Australian and overseas investment options and we believe Russell will help us meet our objectives in this regard. We also recognise that, through Russell, our members are able to access world-class investment managers and research. Russell will also facilitate a smooth introduction of Member Investment Choice for our members".

The trustees of the Sun Microsystems Super Fund were advised by Graham Bird Investment Consulting.

Mr Roberts, Director of Russell's Institutional Investment Services said "We're delighted that the Sun Microsystems Superannuation Fund trustees have chosen Russell Implemented Consulting. Our Implemented Consulting service provides all the advantages of hiring multiple specialist managers for Sun Microsystems without the burden of manager monitoring, rebalancing and the administrative complexity."

"Our range of MULTI ASSET MULTI STYLE MULTI MANAGER funds also give Sun Microsystems access to some of the world's leading investment managers, whilst minimising the risk of over-reliance on any single investment approach. Our funds harness multiple specialist skills with the aim of delivering competitive returns consistently for the Sun Microsystems Superannuation Fund members", said Mr Roberts.

Mr Roberts continued, "Our performance in the Implemented Consulting arena has been nothing short of remarkable for 2001. The Sun Microsystems 'win' brings the number of clients within Russell Implemented Consulting to seventeen. We expect to end the year with nearly A$4.5 billion of assets under management. This represents a 320% growth rate for our business in 2001."Frank Russell Company, a global investment services firm, provides multi-manager investment products and services in more than 35 countries, and has been researching money managers for more than 30 years. Russell manages over A$118 billion in assets, and advises clients representing approximately A$2.0 trillion worldwide. Founded in 1936, Russell is a subsidiary of Northwestern Mutual and is headquartered in Tacoma, Washington, USA with additional offices in New York, Toronto, London, Paris, Singapore, Sydney, Auckland, Tokyo and Johannesburg.

Frank Russell Company, a Washington, USA Corporation, operates through subsidiaries worldwide. This news release is issued by Russell Investment Management Ltd ABN 53 068 338 974.