Mutual Fund Benchmarks as of August 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 Index 7.317.821.221.412.1 2.612.3 7.1
Barra Canadian 300 Growth 3.7 7.313.712.1 2.7 -18.6 5.2 4.6
Barra Canadian 300 Value 3.512.917.720.6 2.5 6.111.312.4
CPI - All Items 0.0 0.2-0.1 1.7 2.2 2.4 2.4 1.8
Canada Savings Bonds Index 0.2 0.5 1.0 1.9 1.8 2.8 3.2 3.9
Citigroup World Government Bond Index-2.0-4.1-6.4-2.7 3.8 6.2 2.8 6.3
HANG SENG Total Return Index 6.016.111.3-3.4-6.2 -15.6 5.7 4.2
MSCI EAFE ($CDN) 0.8 8.714.6-2.6-8.5 -12.6-2.9 3.2
MSCI Emerging Markets Free ($CDN) 5.121.126.615.0 8.9-3.5 9.2 2.2
MSCI Europe ($CDN)-1.7 4.014.4-3.0-9.3 -12.0-4.2 8.4
MSCI Japan ($CDN) 8.924.814.4-4.9-9.8 -17.0-0.8-4.5
MSCI World ($CDN) 0.6 7.213.6-0.9-8.9 -13.2-1.5 6.6
Mexico IPC (BOLSA) Price Index-3.4 7.319.3-2.6-5.2-3.715.2 1.7
NASDAQ Composite ($CDN) 2.714.626.122.3-5.3 -26.0 1.2 9.8
NIKKEI 225 Total Return Index10.127.116.7-2.8-6.1 -19.2-4.7-7.4
S&P 500 Composite ($CDN) 0.2 5.711.6-2.2 -10.8 -14.5-1.5 8.6
S&P/TSX Total Return 3.610.015.715.9 2.6 -11.1 8.0 8.1
SC Universe Bond Total Return Index 0.5-0.5 3.6 7.2 7.5 7.8 7.0 7.9
1-Year Average GIC Index 0.1 0.4 0.9 1.9 1.7 2.4 3.1 3.8
5-Year Average GIC Index 0.2 0.7 1.6 3.5 3.7 4.0 4.4 5.3
91 Day Treasury Bill Index 0.2 0.8 1.6 3.0 2.9 3.7 4.3 4.7