Each Russell Sovereign® Portfolio is Unique JUMP AHEAD TO Portfolio Performance - Calendar Year Pool Performance Summary Because each Russell Sovereign Portfolio is customized to reflect individual investor needs and goals, there is an infinite number of portfolios. The samples that follow reflect possible allocations for Conservative, Moderate and Aggressive portfolios. The performance is based on the returns of the underlying pools (see below) and take into consideration periodic rebalancing. It is not representative of a unitholder's historical performance. Model Portfolios (Annualized to June 30, 2008, Net of all fees, Class A units*)     3 Months   YTD   1 Year   3 Years   5 Years   10 Years   Inception Conservative   -0.7   -1.21   -0.2   3.78   5.89   4.39   6.57 Moderate   -0.5   -3.29   -4.24   4.76   7.45   4.17   7.14 Aggressive   -0.31   -4.93   -7.47   5.41   8.54   3.84   7.51 Note: Your portfolio may differ from that of the sample portfolios. As a result, actual investor portfolio returns often vary. This difference is compounded by variables such as date of purchase and frequency of rebalancing to the original asset allocation. The sample portfolios are rebalanced on a quarterly basis. For a list of the historical allocations, please contact your investment professional. Portfolio Performance - Calendar Year (Calendar Years ending December 31, Net of all fees, Class A units*)     2007   2006   2005   2004   2003   2002   2001   2000   1999   1998 Conservative   0.88   8.1   8.58   6.7   9.63   -0.95   1.43   5.28   5.3   7.04 Moderate   -0.06   11.9   11.3   7.73   12.18   -7.41   -2.3   2.91   12.13   6.48 Aggressive   -0.98   14.88   13.33   8.41   13.93   -12.49   -5.55   1.25   17.74   6.31 Pool Performance Summary Annualized Returns (As of June 30, 2008, Net of fees, Class A units*) SOVEREIGN POOL   3 Months   YTD   1 Year   3 Years   5 Years   10 Years   Inception Canadian Equity   7.16   1.26   -0.18   12.94   15.03   8.06   11.13 Fixed Income   -1.37   1.83   6.16   2.74   4.17   4.78   5.68 US Equity   -2.81   -10.86   -18.11   -3.52   0.19   -4.12   3.94 Overseas Equity   -4.75   -10.95   -17.12   3.3   6.84   0.66   4.98 Emerging Markets   -2.5   -9.31   -4.89   15.69   20.81   7.03   3.55 Global Equity   -4.76   -10.74   -17.75   -0.83   2.9   -1.92   -1.69 Money Market**   0.72   1.58   3.53   3.12   2.57   3.07   3.1 **Current Yield: 2.63%, Effective Yield: 2.67%, Average Term: --Days Annual Returns (Calendar Years ending December 31, Net of all fees, Class A units*) SOVEREIGN POOL       2007   2006   2005   2004   2003   2002   2001   2000   1999   1998 Canadian Equity       6.91   16.36   22.25   12.07   19.86   -15.05   -7.5   18.41   26.99   -4.3 Fixed Income       2.86   3.09   5.35   5.72   6.91   8.81   7.35   7.46   -3.54   5.41 US Equity       -10.06   10.83   2.42   0.48   7.09   -25.3   -8.35   -12.82   4.5   28.39 Overseas Equity       -6.81   23.68   8.2   7.5   8.31   -16.43   -17.34   -13.94   34.85   22.21 Emerging Mkts       12.75   27.14   27   18.74   29.68   -10.21   -3.04   -31.21   39.98   -20.21 Global Equity       -10.31   16   5.37   3.91   8.81   -22.34   -13.7   -11.14   14.37   N/A Money Market       3.66   3.11   1.89   1.55   2.12   1.68   3.85   4.82   4.17   N/A Each Pool in the Sovereign Investment Program® (other than Sovereign Diversified Monthly Income Portfolio) offers Class A, B, F and O units. The above performance shown is for class A units only. The returns of each class of units may differ as a result of varying fees and expenses. Class A and B units have the same management fee. Your adviser is paid a trailer fee out of these fees as compensation for providing services to you. Class F units are sold only to investors enrolled in a fee-for-service or wrap program and these units have a reduced management fee and do not pay trailer fees to the adviser. Instead each investor negotiates a separate, ongoing fee that is paid directly to their adviser and is based on the market value of the investors' assets. Class O units are only available from Russell Investments Canada Limited. They are intended to be used in fund of fund arrangements and other wrap programs sponsored by us. They are also available to large institutional investors or other accounts as we may determine from time to time on a case-by-case basis. No management fees are charged to the Pools with respect to the Class O units. Instead, each investor in Class O units negotiates a separate fee that is paid directly by the investor. Date of first publish: April 2, 2008. **The Current Yield is calculated by subtracting the management fees from the gross yield. The Effective Yield based on the seven-day period ended on March 31, 2008 annualized by compounding the seven-day return and does not represent an actual one-year return. The Average Term is as of February 29, 2008. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments and the use of an asset allocation service. Please read the prospectus of the mutual funds in which investment may be made under the asset allocation service before investing. The performance data provided assumes reinvestment of distributions only and does not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Past performance may not be repeated. Money Market Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There can be no assurances that the money market fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment will be returned to you.

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