Mutual Fund Benchmarks as of November 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 Index6.413.26.916.627.519.113.710.7
Barra Canadian 300 Growth1.28.26.013.817.27.30.06.8
Barra Canadian 300 Value2.88.410.420.222.010.213.114.2
CPI - All Items0.00.30.22.01.82.62.42.0
Canada Savings Bonds Index0.10.40.81.61.81.72.73.5
Citigroup World Government Bond Index1.0-2.4-3.83.2-0.33.23.85.9
HANG SENG Total Return Index5.1-1.00.74.33.1-1.8-5.93.6
MSCI EAFE ($ Cdn)4.22.5-1.614.48.71.1-4.14.0
MSCI Emerging Markets Free ($ Cdn)6.56.86.017.917.413.01.70.5
MSCI Europe ($ Cdn)4.74.4-0.515.38.91.0-2.78.9
MSCI Japan ($ Cdn)2.2-5.2-8.67.95.4-1.6-10.1-4.0
MSCI World ($ Cdn)2.7-0.6-4.78.23.7-3.1-5.46.7
Mexico IPC (BOLSA) Price Index4.87.96.831.516.19.06.02.1
NASDAQ Composite ($ Cdn)3.53.1-7.9-1.83.8-6.3-12.79.2
NIKKEI 225 Total Return Index1.9-5.2-9.15.23.4-2.6-14.0-7.2
S&P 500 Composite ($ Cdn)1.3-3.9-8.51.8-2.4-7.9-7.38.4
S&P/TSX Total Return1.98.38.216.919.48.75.410.2
SC Universe Bond Total Return Index0.72.24.77.57.47.07.98.9
1-Year Average GIC Index0.10.30.61.21.51.52.43.3
5-Year Average GIC Index0.30.71.63.03.13.44.04.7
91 Day Treasury Bill Index0.20.61.02.32.62.63.64.3