Mutual Fund Benchmarks as of May 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 Growth4.86.07.0-9.2-9.5-14.2-2.64.7
Barra Canadian 300 Value3.84.34.2-6.9-4.64.52.211.7
CPI - All Items0.1-0.21.02.91.92.62.31.8
Canada Savings Bonds Index0.20.51.01.82.12.93.34.0
Citigroup World Government Bond Index-0.1-2.40.211.69.07.15.87.5
HANG SENG Total Return Index4.2-4.1-17.4-24.5-20.0-16.1-0.13.3
MSCI EAFE ($CDN)1.55.5-9.3-21.0-15.9-15.3-5.23.5
MSCI Emerging Markets Free ($CDN)2.64.5-6.9-15.9-5.5-10.3-2.02.0
MSCI Europe ($CDN)2.010.1-7.0-18.2-13.4-13.7-5.69.1
MSCI Japan ($CDN)0.4-8.3-18.0-32.1-25.5-23.1-6.0-5.6
MSCI World ($CDN)1.15.9-8.7-18.7-16.0-14.7-3.86.8
Mexico IPC (BOLSA) Price Index-1.911.3-6.5-20.0-10.4-1.83.53.1
NASDAQ Composite ($CDN)4.210.0-5.5-11.4-18.1-24.6-3.39.4
NIKKEI 225 Total Return Index2.7-8.2-17.9-33.2-25.1-24.8-10.1-8.8
Nesbitt Burns Cdn Small-Cap Index5.12.94.6-12.9-3.2-0.41.36.2
S&P 500 Composite ($CDN)0.55.6-9.9-19.0-17.5-14.7-3.68.7
S&P/TSX Total Return4.35.25.5-8.6-6.6-8.0-0.47.8
SC Universe Bond Total Return Index3.14.26.211.610.09.26.98.7
1-Year Average GIC Index0.20.50.91.91.82.63.23.8
5-Year Average GIC Index0.30.91.83.83.94.24.55.4
91 Day Treasury Bill Index0.30.81.42.93.13.94.34.7