Mutual Fund Benchmarks as of June 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 3.1 -1.0 2.6 12.5 26.0 15.1 9.4 10.1
Barra Canadian 300 Growth 2.8 3.4 7.2 14.9 18.6 11.1 -4.4 6.5
Barra Canadian 300 Value 4.1 4.1 9.5 21.7 24.3 16.8 12.5 14.3
CPI - All Items 0.0 0.4 1.3 1.5 2.0 2.2 2.2 2.0
Canada Savings Bonds Index 0.1 0.3 0.7 1.4 1.6 1.7 2.4 3.1
Citigroup World Government Bond Index -3.2 -0.2 -1.8 -1.7 1.2 2.2 3.9 4.3
HANG SENG Total Return Index 0.1 6.7 2.0 6.0 15.8 2.7 -6.1 3.2
MSCI EAFE ($ Cdn) -0.7 0.6 1.0 4.4 17.1 4.8 -3.9 4.4
MSCI Emerging Markets Free ($ Cdn) 1.0 5.5 8.6 23.2 27.4 15.8 3.7 3.1
MSCI Europe ($ Cdn) -1.0 0.7 2.2 7.3 17.0 5.2 -2.7 8.3
MSCI Japan ($ Cdn) -2.4 -2.4 -3.7 -9.9 14.0 -0.2 -9.9 -3.0
MSCI World ($ Cdn) -1.1 1.9 1.4 1.1 11.6 2.9 -5.3 6.3
Mexico IPC (BOLSA) Price Index 2.9 11.7 10.3 28.2 29.1 15.7 7.9 12.2
NASDAQ Composite ($ Cdn) -2.6 4.2 -3.7 -8.2 7.1 4.3-15.5 7.0
NIKKEI 225 Total Return Index -2.4 -3.0 -4.7-12.1 11.6 -1.7-12.1 -5.9
S&P 500 Composite ($ Cdn) -2.0 2.2 0.1 -4.5 5.1 -1.0 -7.5 6.9
S&P/TSX Total Return 3.3 3.6 8.1 18.0 21.2 13.6 1.1 10.0
SC Universe Bond Total Return Index 1.4 4.5 5.6 12.0 7.5 8.8 8.3 8.5
1-Year Average GIC Index 0.1 0.4 0.7 1.4 1.4 1.5 2.1 2.9
5-Year Average GIC Index 0.2 0.7 1.4 2.9 2.9 3.2 3.7 4.5
91 Day Treasury Bill Index 0.2 0.6 1.2 2.4 2.5 2.7 3.3 4.0