Mutual Fund Benchmarks as of June 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.
BMO Nesbitt Burns Cdn Small-Cap Index3.512.95.3-4.00.7-0.43.26.0
Barra Canadian 300 Growth0.38.66.2-2.6-4.9-17.2-1.94.4
Barra Canadian 300 Value4.012.87.43.2-1.85.33.412.0
CPI - All Items0.0-0.71.32.51.92.42.31.8
Canada Savings Bonds Index0.20.51.01.82.02.93.24.0
Citigroup World Government Bond Index-2.7-4.0-7.94.19.05.75.07.1
HANG SENG Total Return Index-0.12.5-11.6-19.3-18.9-18.40.63.7
MSCI EAFE ($CDN)1.310.3-5.8-16.2-12.7-15.7-5.33.7
MSCI Emerging Markets Free ($CDN)4.614.0-0.1-4.4-1.4-9.70.92.1
MSCI Europe ($CDN)-0.013.1-4.4-15.0-10.9-14.0-6.09.2
MSCI Japan ($CDN)6.23.2-11.4-23.6-20.0-23.0-5.3-5.0
MSCI World ($CDN)0.68.1-4.4-12.4-13.6-15.1-4.36.9
Mexico IPC (BOLSA) Price Index3.314.3-0.6-6.9-9.1-4.25.63.1
NASDAQ Composite ($CDN)0.511.64.3-1.0-18.1-27.9-4.69.3
NIKKEI 225 Total Return Index6.34.9-10.0-23.7-19.3-25.0-9.3-8.0
S&P 500 Composite ($CDN)-0.06.0-5.0-12.1-15.7-15.0-4.68.6
S&P/TSX Total Return2.110.66.7-0.3-3.2-10.40.57.8
SC Universe Bond Total Return Index0.35.14.411.310.28.86.98.5
1-Year Average GIC Index0.20.50.91.91.82.53.13.8
5-Year Average GIC Index0.20.81.73.73.84.14.55.3
91 Day Treasury Bill Index0.30.81.43.03.03.94.34.7