Mutual Fund Benchmarks as of March 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 Index-3.73.613.89.534.514.310.411.0
Barra Canadian 300 Growth-1.43.710.49.421.56.9-5.16.6
Barra Canadian 300 Value0.95.113.719.129.311.413.814.5
CPI - All Items0.0-0.10.31.41.02.12.11.9
Canada Savings Bonds Index0.10.30.71.51.71.72.53.3
Citigroup World Government Bond Index-2.9-1.61.0-2.8-0.74.44.34.6
HANG SENG Total Return Index-6.3-4.4-1.5-2.013.5-2.4-8.43.0
MSCI EAFE ($ Cdn)-4.20.410.36.622.62.2-4.44.2
MSCI Emerging Markets Free ($ Cdn)-8.12.914.37.732.48.70.83.3
MSCI Europe ($ Cdn)-4.01.511.411.324.01.8-3.18.7
MSCI Japan ($ Cdn)-3.6-1.45.6-9.517.21.1 -10.3-3.6
MSCI World ($ Cdn)-3.6-0.56.22.515.0-2.5-6.06.4
Mexico IPC (BOLSA) Price Index -10.2-1.212.810.830.61.73.213.6
NASDAQ Composite ($ Cdn)-4.3-7.60.9-7.510.8-6.3 -18.37.8
NIKKEI 225 Total Return Index-4.6-1.76.2 -10.816.1-0.2 -14.4-6.6
S&P 500 Composite ($ Cdn)-3.6-2.11.4-3.27.0-7.9-8.17.4
S&P/TSX Total Return-0.44.411.913.925.38.92.010.2
SC Universe Bond Total Return Index0.21.14.25.07.98.37.78.6
1-Year Average GIC Index0.10.40.71.31.41.52.23.1
5-Year Average GIC Index0.20.71.53.13.03.33.84.6
91 Day Treasury Bill Index0.20.61.22.22.62.63.54.2