Mutual Fund Benchmarks as of January 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 Index3.5#12.032.347.419.413.614.08.3
Barra Canadian 300 Growth6.712.821.033.18.7-6.12.75.4
Barra Canadian 300 Value0.67.215.631.26.57.010.312.2
CPI - All Items0.00.30.51.22.82.32.41.8
Canada Savings Bonds Index0.10.40.91.91.72.43.13.8
Citigroup World Government Bond Index3.27.04.7-1.38.36.53.36.8
HANG SENG Total Return Index8.69.924.325.12.0-9.84.21.4
MSCI EAFE ($CDN)4.112.418.227.82.3-6.0-1.94.1
MSCI Emerging Markets Free ($CDN)6.613.523.941.210.95.08.90.4
MSCI Europe ($CDN)4.215.217.228.30.9-6.4-2.68.7
MSCI Japan ($CDN)4.86.522.125.56.3-7.6-2.2-3.0
MSCI World ($CDN)4.310.312.721.6-3.1-7.5-3.07.0
Mexico IPC (BOLSA) Price Index12.518.415.236.0-2.74.114.1-0.4
NASDAQ Composite ($CDN)5.87.512.235.7-5.7 -13.0-6.210.0
NIKKEI 225 Total Return Index5.37.121.327.36.8-8.8-6.4-5.8
S&P 500 Composite ($CDN)4.48.27.714.7-8.7-9.9-4.98.9
S&P/TSX Total Return3.810.118.432.27.5-1.26.58.4
SC Universe Bond Total Return Index1.33.35.09.08.38.06.67.7
1-Year Average GIC Index0.10.30.71.71.71.92.93.7
5-Year Average GIC Index0.20.71.43.13.53.74.35.1
91 Day Treasury Bill Index0.30.71.43.02.83.34.04.6