Canadian Mutual Fund Performance

• Mutual Fund Performance - 02/28/02

65% of funds existing more than 15 years underperform their benchmark & 77% of funds existing more than 10 years underperform their benchmark

• Mutual Fund Performance - 12/31/03

  64% of funds existing more than 15 years underperform their benchmark & 75% of funds existing more than 10 years underperform their benchmark

• Mutual Fund Performance - 12/31/04

  65% of funds existing more than 15 years underperform their benchmark & 69% of funds existing more than 10 years underperform their benchmark

  None of these figures are adjusted for survivorship bias. For example, the 2004 results show 39 Cdn Equity Small Cap funds with 5 year histories. S&P's SPIVA Scorecard shows 72 five years ago.