Mutual Fund Benchmarks as of September 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 5.3 11.4 10.3 25.6 23.2 26.2 11.0 11.1
Barra Canadian 300 Growth 3.2 14.7 18.6 30.9 22.6 21.1 -2.9 7.9
Barra Canadian 300 Value 3.8 8.3 12.8 28.2 25.6 26.1 12.4 15.2
CPI - All Items 0.0 0.6 1.2 2.5 2.1 2.1 2.3 2.0
Canada Savings Bonds Index 0.1 0.3 0.7 1.4 1.5 1.7 2.2 3.0
Citigroup World Government Bond Index -4.2 -6.3 -6.5 -5.5 -2.6 -2.6 2.8 3.9
HANG SENG Total Return Index 1.3 3.2 10.1 8.4 8.6 7.8 -5.2 3.2
MSCI EAFE ($ Cdn) 2.0 4.6 5.2 16.0 15.4 12.8 -1.7 4.6
MSCI Emerging Markets Free ($ Cdn) 6.8 11.9 18.1 35.0 26.6 25.8 8.7 4.5
MSCI Europe ($ Cdn) 0.1 2.1 2.9 14.6 16.4 13.9 -1.2 8.3
MSCI Japan ($ Cdn) 7.8 13.0 10.3 16.5 10.2 7.0 -5.9 -2.1
MSCI World ($ Cdn) 0.2 1.4 3.4 9.8 9.9 9.1 -4.4 6.1
Mexico IPC (BOLSA) Price Index 10.9 13.2 26.5 42.7 34.7 25.0 11.4 13.1
NASDAQ Composite ($ Cdn) -2.4 -0.9 3.3 4.2 3.5 10.4 -14.7 5.9
NIKKEI 225 Total Return Index 4.7 8.6 5.3 11.8 6.1 4.4 -8.7 -5.5
S&P 500 Composite ($ Cdn) -1.7 -2.3 -0.1 1.3 3.0 3.3 -8.0 6.2
S&P/TSX Total Return 3.4 11.6 15.6 29.3 24.0 23.5 3.0 11.2
SC Universe Bond Total Return Index -0.8 0.1 4.6 9.0 6.9 7.3 7.9 8.2
1-Year Average GIC Index 0.1 0.3 0.7 1.4 1.3 1.5 1.9 2.8
5-Year Average GIC Index 0.2 0.6 1.3 2.8 2.9 3.1 3.5 4.3
91 Day Treasury Bill Index 0.2 0.6 1.2 2.5 2.4 2.6 3.1 3.9