Mutual Fund Benchmarks as of July 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.
BMO Nesbitt Burns Cdn Small-Cap Index6.115.511.412.35.22.95.86.7
Barra Canadian 300 Growth3.28.410.07.1-2.1-16.8-0.54.8
Barra Canadian 300 Value4.913.213.518.40.17.06.012.4
CPI - All Items0.00.20.62.12.12.32.31.8
Canada Savings Bonds Index0.20.51.01.91.92.83.24.0
Citigroup World Government Bond Index0.6-2.2-5.7-0.57.66.44.67.1
HANG SENG Total Return Index9.714.10.7-12.3-12.9-17.13.54.7
MSCI EAFE ($CDN)6.49.48.1-5.2-9.5-12.9-4.83.9
MSCI Emerging Markets Free ($CDN)10.118.214.09.36.5-5.11.72.8
MSCI Europe ($CDN)5.87.99.5-2.8-8.9-12.0-5.89.8
MSCI Japan ($CDN)7.815.02.8-15.0-14.0-17.8-4.1-4.9
MSCI World ($CDN)6.07.87.9-2.9-10.9-12.8-3.67.3
Mexico IPC (BOLSA) Price Index7.48.918.01.6-4.5-1.56.63.1
NASDAQ Composite ($CDN)11.016.320.916.0-11.3-24.2-2.910.4
NIKKEI 225 Total Return Index8.718.64.9-14.5-12.3-19.4-8.2-7.7
S&P 500 Composite ($CDN)5.56.06.5-3.5-13.3-13.2-3.89.2
S&P/TSX Total Return4.010.711.612.1-1.0-9.82.58.2
SC Universe Bond Total Return Index-1.42.03.88.18.48.26.68.1
1-Year Average GIC Index0.10.40.91.91.72.43.13.8
5-Year Average GIC Index0.20.71.63.63.74.14.55.3
91 Day Treasury Bill Index0.30.91.53.03.03.84.34.7