Mutual Fund Benchmarks as of April 30, 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-4.3-0.111.952.714.412.712.08.7
Barra Canadian 300 Growth-6.3-6.75.322.43.7-1.40.95.2
Barra Canadian 300 Value-1.11.58.832.98.37.09.113.1
CPI - All Items0.00.61.01.42.22.02.32.0
Canada Savings Bonds Index0.10.40.81.81.82.13.03.7
Citigroup World Government Bond Index0.20.57.62.97.37.14.86.5
HANG SENG Total Return Index-1.6-7.41.831.3-4.6-7.2-3.42.8
MSCI EAFE ($CDN)2.34.116.934.61.7-3.0-1.64.1
MSCI Emerging Markets Free ($CDN)-3.90.614.147.27.59.34.51.4
MSCI Europe ($CDN)3.92.418.029.50.4-3.2-1.78.8
MSCI Japan ($CDN)-1.010.617.855.34.2-4.8-2.4-2.8
MSCI World ($CDN)2.52.412.924.4-1.2-4.8-2.97.2
Mexico IPC (BOLSA) Price Index-3.15.424.932.2-2.16.47.02.2
NASDAQ Composite ($CDN)0.7-4.03.225.4-0.3-6.8-6.610.0
NIKKEI 225 Total Return Index-1.08.115.855.62.1-5.4-6.4-5.9
S&P 500 Composite ($CDN)2.81.29.515.5-5.2-7.5-4.99.3
S&P/TSX Total Return-3.9-2.97.027.45.73.14.98.7
SC Universe Bond Total Return Index-1.10.64.07.88.58.26.78.7
1-Year Average GIC Index0.10.30.61.41.71.72.83.6
5-Year Average GIC Index0.20.71.42.93.43.64.25.0
91 Day Treasury Bill Index0.20.61.32.92.83.13.94.5