Mutual Fund Benchmarks as of July 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 Index4.79.77.122.425.220.711.310.3
Barra Canadian 300 Growth4.811.812.324.119.515.2-3.86.7
Barra Canadian 300 Value5.812.016.827.424.822.613.814.8
CPI - All Items0.00.21.51.82.02.12.22.0
Canada Savings Bonds Index0.10.30.71.41.61.72.33.1
Citigroup World Government Bond Index-0.9-6.0-4.7-1.20.50.24.04.2
HANG SENG Total Return Index4.94.87.512.513.24.0-6.13.4
MSCI EAFE ($ Cdn)3.12.13.112.115.38.0-2.54.1
MSCI Emerging Markets Free ($ Cdn)7.212.012.135.625.720.06.23.6
MSCI Europe ($ Cdn)3.73.24.415.415.99.3-1.88.2
MSCI Japan ($ Cdn)1.1-2.3-3.8-2.410.41.2-7.5-3.7
MSCI World ($ Cdn)3.53.84.49.110.35.7-4.26.2
Mexico IPC (BOLSA) Price Index8.719.414.941.329.819.610.012.1
NASDAQ Composite ($ Cdn)6.210.94.96.84.78.4-13.76.9
NIKKEI 225 Total Return Index1.6-1.2-4.7-3.67.9-0.1-9.4-6.7
S&P 500 Composite ($ Cdn)3.64.13.53.34.21.6-6.67.0
S&P/TSX Total Return5.311.714.325.522.018.61.810.4
SC Universe Bond Total Return Index-0.42.94.210.68.18.18.28.6
1-Year Average GIC Index0.10.30.71.41.31.52.02.9
5-Year Average GIC Index0.20.61.42.92.93.13.64.4
91 Day Treasury Bill Index0.20.61.22.42.42.63.34.0