Board of Frank Russell Company Announces Election of Craig Ueland as President and CEO-Elect; Mike Phillips, Current CEO and Chairman, Will Continue as Chairman.

Business Editors

TACOMA, Wash.--(BUSINESS WIRE)--June 13, 2003

The Board of Directors of Frank Russell Company today announced that Craig Ueland, currently Chief Operating Officer, will become President of the company on July 1, 2003, and Chief Executive Officer on January 1, 2004.

Mike Phillips, currently Chairman and CEO, will continue in both roles through December 31, 2003, and thereafter will remain Chairman. Ueland will become a member of Russell's Board of Directors on July 1, 2003.

"Throughout its history, Russell has been blessed with extraordinary leadership," said Edward J. Zore, CEO of Northwestern Mutual, parent company of Russell. "Beginning decades ago, George and Jane Russell built this enterprise with unique values and vision, pioneering a new approach to managing money. As CEO since 1993, Mike Phillips has led the company to become the global leader in multi-manager investment services and, at the same time, one of the nation's best places to work. Craig Ueland continues the line of exceptional executives at the helm of this great company," said Zore.

Previously, the company's Chief Financial Officer, Ueland, 44, has been Chief Operating Officer since 1999. In his current position, Ueland oversees Russell's day-to-day business operations and has responsibility for the company's institutional businesses. He joined Russell in 1983 after completing his A.B. (with honors and distinction) in Economics from Stanford and his M.B.A. (with honors) in Finance from University of Washington. He began with Russell as a research analyst and served in leadership positions in Russell's international operations from 1986 to 1998. He opened Russell's office in Sydney, Australia (1986) and later headed the company's international operations from London and Tacoma.

"Russell is a world-class company that has achieved long-term success," said Phillips. "We are fortunate to have, in Craig Ueland, a proven leader and company veteran capable of leading Russell to even greater achievements. As COO and as a member of our Executive and Operating Committees, he has for years been at the heart of our operations and strategies. Every associate and every customer can have full confidence in the continuity of our growth strategies and excellence of our management team."

"One of this company's strengths is our great depth of talented and dedicated associates, sharing a common purpose and vision," said Phillips. "I know that Craig will benefit from their commitment and full support, as I have throughout these many years."

Phillips, 55, president of Russell since 1990 and CEO since 1993, has led the firm through the greatest growth in its history. "Russell today represents more than $1.6 trillion in client assets globally and manages more than $70 billion for investment accounts of all types and sizes," said Zore. "Mike's real legacy, however, rests not only in the numbers, but in the people and the values of Russell and in the superb management team he has put in place."

Phillips joined Russell's London office in 1981, became managing director, helped build Russell's European presence and then, after promotion to company headquarters in Tacoma, played a key role in the establishment of Russell operations in Toronto, Sydney and Tokyo. He graduated with honors in law from University College, London. He is president of the Tacoma Youth Chorus and a board member of the Harold Le May automobile museum in Tacoma.

In 1999, Northwestern Mutual acquired Russell, which now operates as a subsidiary of the Milwaukee-based financial services firm. At year-end 2002, Northwestern Mutual had assets of $103 billion and revenues of $16.0 billion.

"We enjoy a close working relationship with Mike and the whole Russell leadership team," said Zore. "Through our involvement on the Russell board of directors since 1999, we have learned more about the great strengths of the Russell organization. In Craig, the company has a strong leader who will help move Russell to even greater levels of accomplishment and success."

About Russell

Russell, a global leader in multi-manager investment services, provides investment products and services in more than 35 countries. Russell manages more than $70 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. Further information about Russell can be found at www.russell.com.

About Northwestern Mutual

Northwestern Mutual, the nation's largest direct provider of individual life insurance according to A. M. Best, has always received the highest possible ratings for financial strength from Standard & Poor's, Moody's, Fitch, and A. M. Best. Fortune magazine has voted Northwestern Mutual "Most Admired" in its industry for 20 years, and ranked it one of the "100 Best Companies to Work For." The company, its subsidiaries and affiliates are providers of annuities, mutual funds, long-term care insurance and disability income insurance. These products and services are distributed through the Northwestern Mutual Financial Network and its 7,900 financial representatives. Among its affiliated companies are the Frank Russell Company, the investment management and advisory firm; Northwestern Mutual Investment Services, LLC (NMIS), the securities brokerage firm; and Northwestern Mutual Trust Company, a special purpose federal savings bank. Further information on Northwestern Mutual can be found at: www.nmfn.com.

Frank Russell Company, a Washington, USA corporation, operates through subsidiaries worldwide.