Mutual Fund Benchmarks as of November 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 4.2 3.2 12.5 15.4 16.0 23.3 14.3 10.9
Barra Canadian 300 Growth 3.1 -2.4 11.4 19.2 16.5 17.8 1.7 6.9
Barra Canadian 300 Value 5.9 7.1 16.4 25.8 23.0 23.2 13.2 15.1
CPI - All Items 0.0 0.4 1.2 2.2 2.3 2.1 2.2 2.1
Canada Savings Bonds Index 0.1 0.4 0.7 1.4 1.5 1.6 2.1 3.0
Citigroup World Government Bond Index -2.1 -6.4 -11.4 -7.9 -2.5 -2.9 1.7 3.4
HANG SENG Total Return Index 2.8 -1.2 0.7 4.7 4.5 3.6 -4.0 2.7
MSCI EAFE ($ Cdn) 1.4 2.1 3.9 11.5 12.9 9.7 -0.9 4.5
MSCI Emerging Markets Free ($ Cdn) 7.3 8.8 15.2 30.8 24.2 21.7 12.3 5.2
MSCI Europe ($ Cdn) 0.8 -0.7 0.3 8.8 12.0 8.8 -0.8 8.1
MSCI Japan ($ Cdn) 3.3 11.8 14.3 19.5 13.6 9.9 -3.7 -1.8
MSCI World ($ Cdn) 2.3 1.7 1.7 9.6 8.9 5.6 -3.0 5.9
Mexico IPC (BOLSA) Price Index 7.9 18.7 24.8 45.0 38.1 25.0 15.0 14.4
NASDAQ Composite ($ Cdn) 4.2 1.9 0.7 4.4 1.2 4.0 -8.2 6.1
NIKKEI 225 Total Return Index 5.3 9.4 10.7 15.2 10.1 7.2 -6.5 -5.3
S&P 500 Composite ($ Cdn) 2.4 0.5 -2.1 4.4 3.1 -0.2 -6.3 5.9
S&P/TSX Total Return 4.4 1.9 13.6 22.0 19.4 20.3 6.0 10.7
SC Universe Bond Total Return Index 0.9 -0.9 1.5 6.9 7.2 7.2 7.5 7.7
1-Year Average GIC Index 0.2 0.4 0.7 1.5 1.3 1.5 1.8 2.8
5-Year Average GIC Index 0.2 0.7 1.3 2.7 2.9 3.0 3.4 4.3
91 Day Treasury Bill Index 0.2 0.7 1.3 2.5 2.4 2.6 3.0 3.8