Mutual Fund Benchmarks as of May 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 Index0.1-4.69.145.412.510.912.38.7
Barra Canadian 300 Growth3.6-5.97.421.04.8-0.32.05.3
Barra Canadian 300 Value1.0-1.28.929.39.75.610.013.1
CPI - All Items0.00.61.01.62.21.82.32.0
Canada Savings Bonds Index0.10.40.81.81.82.02.93.7
Citigroup World Government Bond Index0.0-0.57.33.17.27.04.96.5
HANG SENG Total Return Index1.4# -10.93.627.8-1.8-6.5-1.62.2
MSCI EAFE ($CDN)-0.10.616.232.52.3-2.1-0.94.1
MSCI Emerging Markets Free ($CDN)-2.7-7.311.239.68.47.63.80.7
MSCI Europe ($CDN)1.0-0.415.928.12.4-1.3-0.89.3
MSCI Japan ($CDN)-4.35.318.048.20.3-6.3-2.4-3.5
MSCI World ($CDN)0.40.113.623.50.2-4.5-2.47.2
Mexico IPC (BOLSA) Price Index0.0-0.923.134.93.92.77.51.5
NASDAQ Composite ($CDN)2.9-0.46.523.84.8-6.0-5.810.3
NIKKEI 225 Total Return Index-5.42.315.743.4-2.1-7.0-6.6-6.7
S&P 500 Composite ($CDN)0.7-0.411.315.7-3.2-7.7-4.59.2
S&P/TSX Total Return2.3-3.88.024.96.82.95.98.8
SC Universe Bond Total Return Index-0.8-1.52.73.77.67.86.78.8
1-Year Average GIC Index0.10.20.61.41.61.72.73.5
5-Year Average GIC Index0.30.71.42.93.33.54.25.0
91 Day Treasury Bill Index0.20.51.32.82.83.03.94.5