Mutual Fund Benchmarks as of May 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 1.7 -7.5 2.5 9.6 26.3 11.6 9.5 10.0
Barra Canadian 300 Growth 3.8 -0.8 7.0 13.4 17.1 7.6 -2.8 6.5
Barra Canadian 300 Value 1.7 0.9 8.1 19.3 24.2 12.8 12.0 14.0
CPI - All Items 0.0 0.9 1.0 1.5 2.0 2.3 2.3 2.0
Canada Savings Bonds Index 0.1 0.3 0.7 1.4 1.6 1.7 2.4 3.2
Citigroup World Government Bond Index -2.1 0.1 3.9 -0.0 1.5 4.8 4.8 4.7
HANG SENG Total Return Index -0.2 -0.1 4.0 4.7 15.7 0.3 -4.6 3.0
MSCI EAFE ($ Cdn) -0.3 -3.0 7.3 5.6 18.3 3.4 -3.2 4.3
MSCI Emerging Markets Free ($ Cdn) 3.5 -4.0 13.6 20.4 29.6 12.2 3.9 3.0
MSCI Europe ($ Cdn) 0.4 -2.4 8.4 7.9 17.6 4.2 -2.4 8.6
MSCI Japan ($ Cdn) -1.0 -3.5 4.6 -4.4 19.0 -1.3 -8.4 -3.2
MSCI World ($ Cdn) 1.4 -0.6 7.7 2.7 12.6 1.0 -4.7 6.4
Mexico IPC (BOLSA) Price Index 6.8 -2.5 16.2 24.1 29.4 10.2 9.7 13.2
NASDAQ Composite ($ Cdn) 7.1 2.4 3.7 -4.5 8.7 1.6 -12.7 8.1
NIKKEI 225 Total Return Index -0.4 -5.2 4.1 -5.4 16.5 -3.2 -10.4 -6.2
S&P 500 Composite ($ Cdn) 2.5 0.6 6.7 -2.4 6.2 -2.9 -6.9 7.4
S&P/TSX Total Return 2.7 -0.1 7.4 16.2 20.5 9.9 2.5 9.9
SC Universe Bond Total Return Index 1.8 3.2 5.4 10.3 6.9 8.5 8.3 8.4
1-Year Average GIC Index 0.1 0.4 0.7 1.4 1.4 1.5 2.1 3.0
5-Year Average GIC Index 0.2 0.7 1.4 3.0 2.9 3.2 3.7 4.5
91 Day Treasury Bill Index 0.2 0.6 1.3 2.3 2.5 2.7 3.4 4.1