Mutual Fund Benchmarks as of April 30, 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 -5.5 -2.47.38.028.412.29.710.2
Barra Canadian 300 Growth-3.10.54.313.217.76.8-5.06.6
Barra Canadian 300 Value-1.64.39.218.525.511.612.714.2
CPI - All Items0.01.01.02.11.92.22.42.0
Canada Savings Bonds Index0.10.30.71.51.61.72.43.2
Citigroup World Government Bond Index5.31.47.22.12.55.55.75.3
HANG SENG Total Return Index6.82.69.46.318.2-1.1-5.44.3
MSCI EAFE ($ Cdn)1.61.012.25.819.33.1-3.44.3
MSCI Emerging Markets Free ($ Cdn)1.00.016.913.229.19.42.63.3
MSCI Europe ($ Cdn)1.31.113.08.418.53.0-2.48.8
MSCI Japan ($ Cdn)1.1-1.57.9-7.619.80.1-9.0-3.7
MSCI World ($ Cdn)1.70.69.11.712.5-0.2-5.26.5
Mexico IPC (BOLSA) Price Index1.7-3.714.016.224.03.65.912.0
NASDAQ Composite ($ Cdn)-0.1-5.40.2-8.27.3-3.0-15.87.7
NIKKEI 225 Total Return Index-0.2-3.66.4-10.218.2-2.1-11.8-7.0
S&P 500 Composite ($ Cdn)1.8-0.65.4-4.25.2-4.9-7.57.6
S&P/TSX Total Return-2.42.36.615.721.48.91.710.0
SC Universe Bond Total Return Index1.21.34.37.57.68.28.18.5
1-Year Average GIC Index0.10.40.71.31.41.52.23.0
5-Year Average GIC Index0.20.71.53.03.03.33.84.5
91 Day Treasury Bill Index0.20.61.32.32.62.63.44.1