Mutual Fund Benchmarks as of December 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 Index3.09.99.714.127.617.312.410.7
Barra Canadian 300 Growth2.66.47.212.118.06.6-2.16.6
Barra Canadian 300 Value2.78.111.217.023.110.313.214.3
CPI - All Items0.00.60.52.42.22.72.42.0
Canada Savings Bonds Index0.10.30.71.61.71.72.63.4
Citigroup World Government Bond Index2.52.70.12.3-1.94.44.75.9
HANG SENG Total Return Index2.03.03.94.87.8-2.0-7.14.0
MSCI EAFE ($ Cdn)5.59.93.412.413.12.3-4.34.3
MSCI Emerging Markets Free ($ Cdn)5.611.013.416.822.211.60.71.7
MSCI Europe ($ Cdn)5.09.84.912.513.21.3-3.49.2
MSCI Japan ($ Cdn)5.97.1-6.57.59.42.1-9.8-3.7
MSCI World ($ Cdn)5.06.7-0.37.38.4-2.1-5.56.9
Mexico IPC (BOLSA) Price Index8.314.216.237.322.57.84.97.5
NASDAQ Composite ($ Cdn)4.99.2-4.61.111.4-5.5 -14.99.5
NIKKEI 225 Total Return Index6.58.1-7.84.38.51.5 -12.9-7.0
S&P 500 Composite ($ Cdn)4.43.5-4.61.52.4-7.3-7.28.5
S&P/TSX Total Return2.67.29.214.520.48.33.610.1
SC Universe Bond Total Return Index1.23.16.07.16.97.58.29.0
1-Year Average GIC Index0.10.40.61.21.51.52.43.2
5-Year Average GIC Index0.20.71.53.03.13.43.94.7
91 Day Treasury Bill Index0.20.71.12.32.62.63.64.3