Mutual Fund Benchmarks as of July 31, 2002

Index Total Return Average Annual Compound Return
1 mo. 3 mo. 6 mo. 1 yr. 2 yrs. 3 yrs. 5 yrs. 10 yrs.
CPI - All Items0.20.72.61.82.22.52.01.8
Canada Savings Bonds Index0.10.30.51.62.83.03.04.2
HANG SENG Total Return Index0.9-9.9-4.6-13.6-19.4-6.5-6.58.8
MSCI EAFE ($CDN)-6.0-11.3-6.6-13.7-16.5-9.0-0.97.9
MSCI Emerging Markets Free ($CDN)-3.8-15.1-9.13.7-11.7-6.2-7.64.6
MSCI Europe ($CDN)-7.4-13.5-10.6-14.5-16.3-7.92.211.2
MSCI Japan ($CDN)-3.1-5.48.9-13.1-19.2-13.0-6.32.6
MSCI World ($CDN)-4.5-12.8-14.1-18.2-17.3-9.51.010.4
Mexico IPC (BOLSA) Price Index-1.6-22.4-19.2-10.2-3.05.01.74.6
NASDAQ Composite ($CDN)-5.3-20.5-31.7-32.2-38.7-19.1-0.911.8
NIKKEI 225 Total Return Index-3.0-7.09.9-10.0-21.7-17.6-11.3-1.3
Nesbitt Burns Cdn Small-Cap Index-9.3-11.9-4.1-1.4-1.55.00.88.9
Russell 100 Growth Index-8.6-19.1-25.4-28.1-48.1-17.9-9.71.8
Russell 100 Value Index-6.7-10.6-6.7-4.86.37.05.111.9
Russell 300 Growth Index-8.5-18.9-29.7-32.4-46.9-18.3-9.91.9
Russell 300 Value Index-6.9-10.2-3.3-0.77.97.95.312.1
S&P 500 Composite ($CDN)-3.9-14.5-19.7-22.1-17.6-10.31.811.1
S&P/TSX Total Return-7.5-13.4-12.9-12.6-19.1-0.90.78.8
SCM Universe Bond Total Return Index1.53.13.38.78.37.36.48.4
Salomon World Gov't Bond5.29.912.616.410.05.87.69.0
1-Year Average GIC Index0.20.40.81.52.73.33.44.2
5-Year Average GIC Index0.31.02.03.94.34.74.65.7
91 Day Treasury Bill Index0.20.61.12.94.24.54.55.0
Note: All Benchmarks are expressed in Canadian Dollars.
Source: Datastream, ScotiaMcLeod, Frank Russell Canada, Morgan Stanley Capital Int'l.