Mutual Fund Benchmarks as of April 30, 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 Growth3.41.55.1-12.1-11.5-17.7-3.74.5
Barra Canadian 300 Value4.50.2-13.0-11.619.212.814.511.8
CPI - All Items0.21.32.13.92.83.02.61.9
Canada Savings Bonds Index0.20.51.01.72.23.03.34.1
HANG SENG Total Return Index-1.5-11.8-15.4-30.7-22.0-18.4-3.53.6
MSCI EAFE ($CDN)7.2-1.2-6.3-23.1-17.7-16.1-5.23.5
MSCI Emerging Markets Free ($CDN)6.2-3.6-2.9-21.5-5.9-12.0-5.02.0
MSCI Europe ($CDN)10.81.5-4.3-22.1-16.2-14.2-5.29.0
MSCI Japan ($CDN)-3.2-10.6-15.0-30.1-25.4-24.3-6.8-5.4
MSCI World ($CDN)6.30.1-4.6-21.5-16.8-15.4-3.97.0
Mexico IPC (BOLSA) Price Index12.88.4-1.4-27.6-4.5-4.61.13.0
NASDAQ Composite ($CDN)6.53.9-1.4-20.7-19.6-28.4-4.79.6
NIKKEI 225 Total Return Index-3.9-11.5-14.7-32.9-26.3-27.4-11.1-8.9
Nesbitt Burns Cdn Small-Cap Index3.7-3.52.8-14.3-3.1-1.2-0.96.3
S&P 500 Composite ($CDN)5.50.5-4.9-22.2-17.2-15.1-3.78.9
S&P/TSX Total Return3.90.86.5-12.3-7.3-9.6-1.47.7
SC Universe Bond Total Return Index1.61.83.59.28.58.56.48.5
Salomon World Gov't Bond Index-1.3-3.60.611.89.27.86.37.6
1-Year Average GIC Index0.20.50.91.91.92.73.23.9
5-Year Average GIC Index0.30.91.83.93.94.34.55.4
91 Day Treasury Bill Index0.30.71.42.83.14.04.34.7