Mutual Fund Benchmarks as of January 31, 2003

Index Total Return Average Annual Compound Return
1 mo. 3 mo. 6 mo. 1 yr. 2 yrs. 3 yrs. 5 yrs. 10 yrs.
Note: All Benchmarks are expressed in Canadian Dollars.
Source: Datastream, ScotiaMcLeod, Frank Russell Canada, Morgan Stanley Capital Int'l.
CPI - All Items0.10.00.83.72.52.72.21.8
Canada Savings Bonds Index0.20.50.91.62.63.23.34.2
HANG SENG Total Return Index -3.7 -4.1-12.8-16.9-23.4-14.30.86.8
MSCI EAFE ($CDN) -7.2 -5.1-12.2-18.0-19.4-14.9 -3.25.8
MSCI Emerging Markets Free ($CDN) -3.50.7 -4.1-12.8 -9.5-12.7 -2.23.1
MSCI Europe ($CDN) -7.6 -5.7-11.3-20.7-20.1-13.1 -2.89.8
MSCI Japan ($CDN) -7.0 -4.8-17.2 -9.9-20.7-21.4 -6.4 -1.0
MSCI World ($CDN) -6.1 -4.7-10.0-22.7-19.3-14.1 -1.78.3
Mexico IPC (BOLSA) Price Index -9.5 -9.0-13.9-30.4 -8.9 -5.51.22.2
NASDAQ Composite ($CDN) -4.3 -5.1 -4.0-34.4-30.3-29.3 -2.78.6
NIKKEI 225 Total Return Index -6.8 -3.6-18.5-10.4-22.8-26.2-11.1 -4.7
Nesbitt Burns Cdn Small-Cap Index0.36.50.8 -3.3 -0.32.32.08.6
S&P 500 Composite ($CDN) -5.9 -5.3 -9.4-27.3-20.1-13.5 -1.58.9
S&P/TSX Total Return -0.55.70.4-12.5-14.6 -6.71.29.2
SC Universe Bond Total Return Index -0.81.74.27.67.68.96.48.8
Salomon World Gov't Bond# -1.74.35.6 18.9 10.79.66.98.6
1-Year Average GIC Index0.20.50.91.72.12.93.34.0
5-Year Average GIC Index0.30.91.94.04.04.54.65.5
91 Day Treasury Bill Index0.20.71.52.63.44.24.44.8