Special message from Northwestern Mutual President and
Chief Executive Officer, Edward J. Zore

September 23, 2008

To our valued clients,

In this time of unprecedented difficulty in the financial markets, I am proud to be able to assure you that Northwestern Mutual remains a very strong company.

Your company continues to hold top ratings for insurance financial strength from all four major ratings agencies – Standard & Poor’s, Moody’s, Fitch Ratings and A.M Best. On September 17, in fact, Standard & Poor's affirmed our top rating, saying that “Northwestern maintains capital that comfortably meets Standard and Poor’s requirements for a ‘AAA’ rating."

You should also know that we continue to pursue the same long-term approach to investing that has helped us weather financial market turbulence for over 150 years. This allows us to support a strong surplus position, currently standing at $15.3 billion,* which serves as a cushion during downturns.

Delivering on this goal helps us keep our promises to you.

As a major investor in the capital markets, of course, we are not immune to every movement in the market. Because we are a mutual company, however, we can focus on long-term outcomes without feeling the pressure to achieve short-term objectives, such as maximizing earnings over a single quarter.

We can maintain our focus on your best long-term interests.

In short, you can remain confident that Northwestern Mutual is following the same path we have followed to deliver strength and value to you during more than 150 years of all market cycles. Through good times and bad, we have remained a pillar of financial security. We intend to continue following that path for your benefit, and for the benefit of all of our clients.

Sincerely,


Edward J. Zore
President and Chief Executive Officer
Northwestern Mutual

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* As of June 30, 2008