Mutual Fund Benchmarks as of December 31, 2011

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 -1.7 5.0 -10.6 -14.4 8.9 27.6 2.5 9.8
CPI - All Items 0.1 0.5 0.9 2.9 2.6 2.2 2.0 2.2
Canada Savings Bonds Index 0.0 0.1 0.3 0.6 0.5 0.9 1.7 1.7
Citigroup World Government Bond Index 1.0 -2.4 7.9 9.0 4.2 -1.8 4.3 3.0
HANG SENG Total Return Index 2.7 2.6 -13.0 -17.9 -9.6 1.8 -4.1 0.4
JP Morgan Global Government Bond Index 1.2 -2.1 8.9 9.9 5.3 -1.4 4.8 3.2
MSCI EAFE ($ Cdn) -1.2 1.2 -11.6 -9.7 -3.7 1.7 -6.8 0.5
MSCI Emerging Markets Free ($ Cdn) -1.0 2.1 -14.5 -16.1 -2.7 12.9 -0.0 9.2
MSCI Europe ($ Cdn) -1.4 3.0 -13.8 -8.3 -4.7 1.8 -7.1 0.3
MSCI Japan ($ Cdn) 1.0 -6.0 -5.0 -12.1 -1.8 -4.5 -8.9 -1.4
MSCI World ($ Cdn) -0.3 5.5 -5.2 -2.9 1.8 5.0 -4.5 -0.4
NASDAQ Composite ($ Cdn) -0.8 5.6 -0.9 0.4 5.6 11.1 -1.2 -1.6
NIKKEI 225 Total Return Index ($ Cdn) 1.3 -4.9 -4.6 -10.7 -2.9 -2.5 -7.8 -1.4
Russell 2500 ($Cdn) -0.0 12.1 -4.9 -0.3 9.6 11.3 -1.5 1.9
S&P 500 Composite ($ Cdn) 0.6 8.8 0.4 2.2 4.7 5.0 -5.0 -3.5
S&P/TSX Dividend Composite -1.5 2.9 -9.1 -8.9----
S&P/TSX Equity Income Index 2.1 4.9 -4.2 -0.6----
S&P/TSX Small Cap -2.4 5.2 -13.8 -18.4 3.5 18.7 -3.3 2.9
S&P/TSX Small Cap Total Return -2.1 5.9 -12.7 -16.4 6.3 22.4 -1.7-
S&P/TSX Total Return -1.7 3.6 -8.9 -8.7 3.6 13.2 1.3 7.0
1-Year Average GIC Index 0.1 0.3 0.5 1.0 0.8 0.7 1.4 1.6
5-Year Average GIC Index 0.2 0.5 0.9 1.9 1.9 1.9 2.4 2.8
91 Day Treasury Bill Index 0.0 0.2 0.4 0.9 0.6 0.6 1.8 2.3