Mutual Fund Benchmarks as of December 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 Index5.316.435.642.718.913.513.68.3
Barra Canadian 300 Growth4.29.117.124.33.9-5.32.75.2
Barra Canadian 300 Value5.613.620.629.57.06.410.312.8
CPI - All Items0.00.00.51.92.92.22.51.8
Canada Savings Bonds Index0.10.40.91.91.72.53.13.8
Citigroup World Government Bond Index3.40.72.0-6.05.45.42.26.5
HANG SENG Total Return Index1.57.025.410.9-5.3-10.41.00.3
MSCI EAFE ($CDN)7.412.120.813.9-2.4-7.3-3.14.5
MSCI Emerging Markets Free ($CDN)6.612.828.027.89.17.36.9-0.1
MSCI Europe ($CDN)7.615.319.013.8-3.9-7.6-3.88.8
MSCI Japan ($CDN)6.33.825.611.4-0.5-9.4-3.3-2.0
MSCI World ($CDN)5.99.514.49.4-6.5-8.2-3.77.3
Mexico IPC (BOLSA) Price Index3.85.710.09.3-4.54.610.5-0.9
NASDAQ Composite ($CDN)1.811.017.722.7-8.7-11.3-5.19.7
NIKKEI 225 Total Return Index7.44.325.312.70.1-10.8-7.3-4.6
S&P 500 Composite ($CDN)4.76.88.83.4-11.3-10.1-5.28.8
S&P/TSX Total Return4.811.318.726.75.3-1.06.58.6
SC Universe Bond Total Return Index1.60.92.26.77.77.86.47.8
1-Year Average GIC Index0.10.40.81.71.72.02.93.7
5-Year Average GIC Index0.20.71.53.23.63.84.35.2
91 Day Treasury Bill Index0.20.61.52.92.73.44.14.6