Mutual Fund Benchmarks as of August 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-2.3-5.6-9.916.619.013.510.3 8.6
Barra Canadian 300 Growth-0.5-2.1-7.810.511.3 5.2 1.0 5.2
Barra Canadian 300 Value-1.2 1.9 0.716.718.6 7.010.212.9
CPI - All Items 0.0 0.0 1.5 2.0 2.0 2.2 2.4 2.0
Canada Savings Bonds Index 0.1 0.4 0.8 1.7 1.8 1.8 2.8 3.6
Citigroup World Government Bond Index 1.5-1.5-1.9 5.9 1.5 4.5 4.2 6.3
HANG SENG Total Return Index 4.1 1.6-9.411.9 4.0-0.5-3.5 2.1
MSCI EAFE ($ Cdn)-0.5-4.0-3.517.0 6.7-0.7-3.3 3.3
MSCI Emerging Markets Free ($ Cdn) 3.3-0.7-8.014.514.710.7 1.6-0.7
MSCI Europe ($ Cdn)-0.8-4.7-5.117.4 6.7-1.1-2.7 8.1
MSCI Japan ($ Cdn)-0.1-3.6 1.514.5 4.3-2.3-6.7-3.9
MSCI World ($ Cdn)-0.5-4.1-4.110.4 4.6-2.9-4.2 6.3
Mexico IPC (BOLSA) Price Index 0.8-1.0-2.024.510.1 3.8 8.0 0.8
NASDAQ Composite ($ Cdn)-3.5 -10.7 -11.0-3.5 8.7-4.7 -10.4 8.7
NIKKEI 225 Total Return Index-1.5-4.1-1.9 8.2 2.5-1.6 -10.9-7.3
S&P 500 Composite ($ Cdn)-0.7-4.8-5.2 4.1 0.9-6.1-5.9 8.4
S&P/TSX Total Return-0.8-0.0-3.813.514.7 6.1 5.4 8.7
SC Universe Bond Total Return Index 1.6 2.4 0.9 6.8 7.0 7.3 7.4 8.7
1-Year Average GIC Index 0.1 0.3 0.5 1.2 1.5 1.5 2.6 3.4
5-Year Average GIC Index 0.3 0.8 1.5 3.0 3.2 3.4 4.1 4.9
91 Day Treasury Bill Index 0.2 0.5 1.0 2.4 2.7 2.7 3.7 4.4