Mutual Fund Benchmarks as of March 31, 2004

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-0.58.025.765.416.817.214.89.0
Barra Canadian 300 Growth-3.16.215.935.05.63.43.25.6
Barra Canadian 300 Value-1.13.317.340.57.88.111.013.2
CPI - All Items0.00.30.40.32.32.12.41.9
Canada Savings Bonds Index0.10.40.81.81.82.23.03.8
Citigroup World Government Bond Index-0.63.64.41.48.26.04.06.4
HANG SENG Total Return Index-10.82.29.331.4-2.6-6.00.02.8
MSCI EAFE ($CDN)-1.65.918.741.10.1-2.4-2.04.3
MSCI Emerging Markets Free ($CDN)-0.811.625.962.89.211.67.01.6
MSCI Europe ($CDN)-5.12.718.338.1-2.6-3.0-2.68.8
MSCI Japan ($CDN)11.117.121.651.96.9-3.1-2.1-2.3
MSCI World ($CDN)-2.84.214.028.9-4.9-4.2-3.37.2
Mexico IPC (BOLSA) Price Index2.122.429.453.8-2.69.29.62.2
NASDAQ Composite ($CDN)-3.90.912.032.6-5.7-3.4-6.89.8
NIKKEI 225 Total Return Index9.115.019.951.05.6-3.2-6.1-5.4
S&P 500 Composite ($CDN)-3.82.79.718.4-10.1-6.9-5.39.1
S&P/TSX Total Return-2.14.916.737.76.56.07.19.0
SC Universe Bond Total Return Index0.53.14.110.810.08.36.98.8
1-Year Average GIC Index0.10.30.61.51.71.82.83.6
5-Year Average GIC Index0.20.61.42.93.43.64.25.1
91 Day Treasury Bill Index0.20.71.33.02.93.14.04.6