Mutual Fund Benchmarks as of July 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-3.8-3.2-3.328.019.912.310.78.8
Barra Canadian 300 Growth-3.01.9-4.915.111.03.30.65.5
Barra Canadian 300 Value1.14.15.722.220.37.010.513.8
CPI - All Items0.01.01.82.42.32.22.52.1
Canada Savings Bonds Index0.10.40.81.71.81.82.83.6
Citigroup World Government Bond Index-1.4-2.9-2.42.20.95.83.86.0
HANG SENG Total Return Index-1.3-1.0-8.313.9-0.0-4.8-3.92.1
MSCI EAFE ($ Cdn)-4.0-3.70.318.56.0-1.0-3.33.5
MSCI Emerging Markets Free ($ Cdn)-2.6-6.5-6.016.512.99.71.00.0
MSCI Europe ($ Cdn)-3.6-3.0-0.716.46.3-1.1-2.58.5
MSCI Japan ($ Cdn)-6.8-7.62.324.93.0-2.6-6.9-3.9
MSCI World ($ Cdn)-4.0-3.3-1.011.64.1-4.0-4.36.6
Mexico IPC (BOLSA) Price Index-1.5-1.83.519.210.12.97.01.6
NASDAQ Composite ($ Cdn)-8.6-4.7-8.52.79.2-6.8-8.89.6
NIKKEI 225 Total Return Index-7.3-7.9-0.420.91.7-2.4-10.4-7.1
S&P 500 Composite ($ Cdn)-4.2-3.5-2.45.10.7-7.6-6.18.7
S&P/TSX Total Return-0.93.10.118.615.35.15.39.2
SC Universe Bond Total Return Index0.9-0.00.65.76.97.57.18.9
1-Year Average GIC Index0.10.30.51.31.61.62.63.4
5-Year Average GIC Index0.30.81.53.03.33.54.14.9
91 Day Treasury Bill Index0.20.51.12.52.82.83.84.4