Mutual Fund Benchmarks as of March 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.
Barra Canadian 300 Growth-2.1-2.21.5-17.4-9.5-19.6-4.24.7
Barra Canadian 300 Value-3.9-4.8-18.7-16.418.711.413.710.9
CPI - All Items0.21.72.04.12.92.82.51.9
Canada Savings Bonds Index0.20.51.01.72.43.13.34.1
HANG SENG Total Return Index-6.6-13.8-11.7-27.8-20.5-20.5-5.14.6
MSCI EAFE ($CDN)-3.1-14.5-9.4-28.9-18.8-19.0-6.23.9
MSCI Emerging Markets Free ($CDN)-4.1-12.4-3.9-26.8-7.6-16.0-6.21.8
MSCI Europe ($CDN)-2.7-15.4-6.6-31.4-18.7-17.8-6.78.3
MSCI Japan ($CDN)-5.6-14.1-19.3-24.7-22.6-24.9-6.2-3.4
MSCI World ($CDN)-1.5-11.6-5.1-29.9-17.4-17.8-4.66.9
Mexico IPC (BOLSA) Price Index0.6-13.0-9.4-38.2-8.0-11.7-0.81.1
NASDAQ Composite ($CDN)-0.9-6.66.0-33.0-17.6-33.3-5.48.5
NIKKEI 225 Total Return Index-7.0-14.2-19.8-26.2-22.5-30.2-11.1-7.0
Nesbitt Burns Cdn Small-Cap Index-5.7-6.80.7-17.5-1.3-3.2-1.06.3
S&P 500 Composite ($CDN)-0.4-10.3-3.6-31.8-17.5-17.0-4.48.2
S&P/TSX Total Return-3.0-3.53.7-17.6-7.0-11.1-1.97.8
SC Universe Bond Total Return Index-0.5-0.71.69.17.17.66.28.4
Salomon World Gov't Bond Index-1.0-4.00.115.58.47.87.08.1
1-Year Average GIC Index0.20.50.91.81.92.83.23.9
5-Year Average GIC Index0.30.91.93.93.94.34.55.4
91 Day Treasury Bill Index0.20.61.42.73.24.04.34.7