Mutual Fund Benchmarks as of October 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 -6.0 0.0 9.8 17.8 15.2 23.0 11.1 10.9
Barra Canadian 300 Growth -8.3 0.3 12.1 16.9 15.6 17.7 -2.6 7.2
Barra Canadian 300 Value -2.5 -0.2 11.8 22.1 20.0 23.9 11.4 14.9
CPI - All Items 0.0 1.3 1.7 3.1 2.7 2.3 2.4 2.1
Canada Savings Bonds Index 0.1 0.4 0.7 1.4 1.5 1.7 2.2 3.0
Citigroup World Government Bond Index -0.2 -5.7 -11.4 -5.0 -1.3 -2.2 2.7 3.9
HANG SENG Total Return Index -5.2 -6.7 -2.2 7.0 2.9 4.9 -5.6 2.5
MSCI EAFE ($ Cdn) -1.3 0.1 2.2 14.6 12.5 10.9 -1.8 4.8
MSCI Emerging Markets Free ($ Cdn) -5.0 -0.8 11.1 29.9 19.8 21.6 8.9 4.4
MSCI Europe ($ Cdn) -1.6 -3.1 0.0 13.0 13.1 10.3 -1.6 8.2
MSCI Japan ($ Cdn) 0.4 12.2 9.6 18.3 9.2 10.2 -5.0 -1.5
MSCI World ($ Cdn) -0.8 -2.8 0.8 10.0 7.6 6.8 -4.5 6.2
Mexico IPC (BOLSA) Price Index -0.7 3.4 23.5 40.8 33.9 23.2 11.0 14.8
NASDAQ Composite ($ Cdn) 0.2 -6.6 3.6 3.8 -0.9 5.5 -13.4 6.1
NIKKEI 225 Total Return Index -0.8 5.9 4.7 11.4 4.4 7.7 -7.5 -5.1
S&P 500 Composite ($ Cdn) -0.2 -5.9 -2.0 3.2 1.4 1.0 -8.2 6.2
S&P/TSX Total Return -5.7 0.0 11.8 19.1 17.6 20.6 3.3 10.7
SC Universe Bond Total Return Index -1.0 -0.5 2.4 6.7 7.0 7.1 7.7 7.9
1-Year Average GIC Index 0.1 0.4 0.7 1.5 1.3 1.5 1.8 2.8
5-Year Average GIC Index 0.2 0.6 1.3 2.8 2.9 3.0 3.5 4.3
91 Day Treasury Bill Index 0.2 0.6 1.2 2.5 2.4 2.6 3.1 3.8