Mutual Fund Benchmarks as of January 31, 2005

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 Index0.310.014.310.627.716.411.811.3
Barra Canadian 300 Growth0.03.810.55.118.37.5-2.67.2
Barra Canadian 300 Value-0.84.79.115.323.09.313.214.6
CPI - All Items0.00.20.32.01.62.62.42.0
Canada Savings Bonds Index0.10.30.71.51.71.72.63.4
Citigroup World Government Bond Index2.15.73.71.2-0.05.95.65.8
HANG SENG Total Return Index-0.56.74.7-4.09.6-0.1-5.55.0
MSCI EAFE ($ Cdn)1.011.18.89.018.04.5-3.04.8
MSCI Emerging Markets Free ($ Cdn)3.916.921.013.826.811.91.43.2
MSCI Europe ($ Cdn)1.611.710.69.818.73.8-1.69.4
MSCI Japan ($ Cdn)1.29.51.53.714.15.5-8.8-3.1
MSCI World ($ Cdn)0.68.44.53.512.2-0.9-4.47.1
Mexico IPC (BOLSA) Price Index4.318.423.027.331.66.47.912.0
NASDAQ Composite ($ Cdn)-2.55.91.8-6.812.4-6.1-14.99.2
NIKKEI 225 Total Return Index1.710.41.10.813.24.7-12.4-6.5
S&P 500 Composite ($ Cdn)0.36.0-0.1-2.55.7-6.7-6.38.2
S&P/TSX Total Return-0.44.29.89.920.58.33.310.6
SC Universe Bond Total Return Index1.02.96.16.87.97.88.59.1
1-Year Average GIC Index0.10.40.71.21.41.52.33.2
5-Year Average GIC Index0.20.71.53.03.03.43.94.6
91 Day Treasury Bill Index0.20.71.22.22.62.63.64.3