Mutual Fund Benchmarks as of June 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 Index0.4-3.74.141.116.412.712.19.4
Barra Canadian 300 Growth1.4-1.64.622.49.23.51.46.3
Barra Canadian 300 Value2.01.95.226.914.47.010.414.0
CPI - All Items0.01.11.82.42.52.12.52.1
Canada Savings Bonds Index0.10.40.81.71.81.92.93.7
Citigroup World Government Bond Index-1.5-1.42.24.24.27.44.96.2
HANG SENG Total Return Index-1.1-1.30.926.61.1-5.9-3.93.0
MSCI EAFE ($CDN)0.52.78.831.45.00.0-1.54.1
MSCI Emerging Markets Free ($CDN)-1.3-7.72.931.712.28.61.30.9
MSCI Europe ($CDN)-0.44.57.327.74.20.4-1.39.4
MSCI Japan ($CDN)3.5-1.914.944.45.1-2.6-3.5-3.6
MSCI World ($CDN)0.43.37.623.23.9-2.8-3.17.2
Mexico IPC (BOLSA) Price Index-0.4-3.418.230.010.02.45.52.6
NASDAQ Composite ($CDN)1.35.06.024.811.1-5.7-7.010.9
NIKKEI 225 Total Return Index5.0-1.513.241.84.0-2.6-7.4-6.6
S&P 500 Composite ($CDN)0.13.66.415.80.9-6.3-5.49.6
S&P/TSX Total Return1.7-0.04.824.511.45.25.79.7
SC Universe Bond Total Return Index-0.1-2.01.13.37.27.86.79.0
1-Year Average GIC Index0.10.30.51.31.61.62.73.5
5-Year Average GIC Index0.30.81.42.93.33.54.25.0
91 Day Treasury Bill Index0.20.51.22.72.82.93.84.5