Mutual Fund Benchmarks as of October 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 Index7.6 18.1 36.4 40.2 22.18.5 12.77.8
Barra Canadian 300 Growth3.27.2 16.2 22.27.0-13.13.34.7
Barra Canadian 300 Value6.77.9 22.2 32.19.66.19.1 12.5
CPI - All Items0.00.40.71.82.52.32.41.8
Canada Savings Bonds Index0.20.51.02.01.72.63.23.9
Citigroup World Government Bond Index -2.8 -2.1 -4.3 -3.81.85.41.46.2
HANG SENG Total Return Index5.7 13.1 29.09.20.5-10.80.42.6
MSCI EAFE ($CDN)3.85.2 15.17.9 -3.9-10.2 -3.03.5
MSCI Emerging Markets Free ($CDN)6.09.2 29.0 25.2 15.82.16.81.3
MSCI Europe ($CDN)4.21.79.75.0 -5.4-10.4 -4.18.3
MSCI Japan ($CDN)2.1 14.7 31.9 12.1 -3.8-13.4 -2.1 -3.5
MSCI World ($CDN)3.52.2 10.25.2 -6.0-11.8 -2.96.6
Mexico IPC (BOLSA) Price Index0.5 -2.85.94.40.6 -2.09.11.2
NASDAQ Composite ($CDN)9.34.4 21.5 19.8 -2.5-20.9 -1.49.5
NIKKEI 225 Total Return Index2.6 13.3 34.4 14.7 -2.9-14.6 -6.8 -6.2
S&P 500 Composite ($CDN)3.1 -0.55.50.3 -9.2-14.0 -3.98.4
S&P/TSX Total Return4.87.6 19.1 26.88.2 -5.36.38.2
SC Universe Bond Total Return Index -1.11.63.67.26.08.26.47.9
1-Year Average GIC Index0.10.40.81.81.72.23.03.7
5-Year Average GIC Index0.20.71.53.33.63.94.45.2
91 Day Treasury Bill Index0.20.71.63.02.73.64.14.6