Mutual Fund Benchmarks as of November 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 Index2.713.133.339.420.413.113.18.1
Barra Canadian 300 Growth1.65.112.720.64.2-7.12.85.2
Barra Canadian 300 Value0.95.218.723.75.47.09.112.6
CPI - All Items0.0-0.10.31.32.82.12.31.8
Canada Savings Bonds Index0.10.40.91.91.72.53.23.8
Citigroup World Government Bond Index0.30.2-3.9-3.73.24.62.06.2
HANG SENG Total Return Index-0.46.323.41.9-4.8-9.20.12.7
MSCI EAFE ($CDN)0.54.914.03.4-4.9-9.1-3.64.4
MSCI Emerging Markets Free ($CDN)-0.23.725.516.910.65.05.30.7
MSCI Europe ($CDN)2.86.410.62.8-5.5-8.5-4.38.7
MSCI Japan ($CDN)-4.40.625.62.9-6.0 -13.7-3.6-2.3
MSCI World ($CDN)-0.21.48.7-0.7-8.3 -10.1-3.87.1
Mexico IPC (BOLSA) Price Index1.42.19.52.4-0.71.811.10.2
NASDAQ Composite ($CDN)-0.31.416.29.9-8.5 -13.9-3.19.7
NIKKEI 225 Total Return Index-5.3-2.523.91.7-6.3 -16.1-8.3-5.0
S&P 500 Composite ($CDN)-1.0-1.73.9-6.3 -12.5 -12.1-5.08.3
S&P/TSX Total Return1.25.115.622.04.8-2.16.18.5
SC Universe Bond Total Return Index0.41.50.97.26.77.66.37.9
1-Year Average GIC Index0.10.40.81.81.72.13.03.7
5-Year Average GIC Index0.20.71.53.33.63.84.35.2
91 Day Treasury Bill Index0.20.71.52.92.73.54.14.6