Mutual Fund Benchmarks as of September 30, 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 Items 0.2 1.1 2.2 2.5 2.5 2.6 2.2 1.8
Canada Savings Bonds Index 0.1 0.3 0.5 1.1 2.6 2.9 3.0 4.1
HANG SENG Total Return Index-8.2-10.7-18.2-8.5-21.8-8.5-7.3 7.5
MSCI EAFE ($CDN)-9.2-16.1-21.6-14.9-20.0-12.1-2.7 5.8
MSCI Emerging Markets Free ($CDN)-9.3-12.7-23.8 8.6-12.7-7.8-7.4 3.5
MSCI Europe ($CDN)-11.7-19.5-26.5-18.4-20.1-11.6-1.3 9.3
MSCI Japan ($CDN)-2.8-8.2-6.7-10.0-22.4-15.4-5.3 0.1
MSCI World ($CDN)-9.4-14.7-26.1-18.5-21.5-11.9-1.0 8.5
Mexico IPC (BOLSA) Price Index-9.3-10.1-31.8-1.0-6.2 3.8-1.3 4.8
NASDAQ Composite ($CDN)-9.3-16.4-36.8-21.5-42.1-22.8-4.4 9.8
NIKKEI 225 Total Return Index-3.4-9.3-7.9-5.7-25.3-20.5-9.8-3.8
Nesbitt Burns Cdn Small-Cap Index-6.2-15.5-18.1 8.0-8.4 2.4-2.5 8.1
Russell 100 Growth Index-9.5-18.7-32.1-22.9-48.9-21.0-12.1 1.0
Russell 100 Value Index-10.8-15.5-19.7-8.4-3.0 4.5 2.911.4
Russell 300 Growth Index-9.2-18.1-31.3-26.5-47.9-21.1-12.5 1.1
Russell 300 Value Index-4.9-10.5-14.1 1.9 1.8 7.3 4.212.2
S&P 500 Composite ($CDN)-9.5-14.0-29.3-21.3-22.7-11.8-0.2 9.5
S&P/TSX Total Return-6.3-13.1-20.6-8.1-21.6-2.5-1.1 8.5
SCM Universe Bond Total Return Index 1.3 4.2 7.4 8.5 8.7 7.9 6.8 8.9
Salomon World Gov't Bond 2.8 8.315.310.911.5 6.9 7.8 8.3
1-Year Average GIC Index 0.2 0.5 0.9 1.5 2.5 3.2 3.4 4.1
5-Year Average GIC Index 0.3 1.0 2.0 3.9 4.2 4.7 4.6 5.6
91 Day Treasury Bill Index 0.3 0.8 1.3 2.7 4.0 4.4 4.4 5.0
Note: All Benchmarks are expressed in Canadian Dollars.
Source: Datastream, ScotiaMcLeod, Frank Russell Canada, Morgan Stanley Capital Int'l.