Analytical InsightsBNY Mellon Asset Servicing
Fourth Quarter 2008

IN THIS ISSUE

Market Commentary S&P/TSX Composite Sector Performance
Market Benchmarks Highlights
    Report of the Quarter

Market Benchmarks

As of December 31, 2008 - Canadian Dollars

QTR
Ending
YTD
Ending
1
Year
Ending
3
Years
Ending
5
Years
Ending
7
Years
Ending
10
Years
Ending
Cash
DEX 91day T-Bill
0.72
3.33
3.33
3.91
3.32
3.15
3.69
DEX 30day T-Bill
0.54
2.56
2.56
3.59
3.11
2.97
3.49
Bonds
DEX Bond Universe
4.50
6.41
6.41
4.71
5.54
6.16
5.99
DEX Bond Long Term
5.21
2.66
2.66
3.39
6.76
7.70
6.59
DEX Bond Mid Term
4.25
7.01
7.01
4.80
5.56
6.43
6.15
DEX Bond Short-term
4.30
8.55
8.55
5.53
4.80
5.05
5.51
DEX Conv. Res. Mort. 3
3.75
10.58
10.58
6.67
6.22
6.14
6.71
DEX Conv. Res. Mort. 5
3.55
10.55
10.55
6.40
6.44
6.70
6.91
Equity
S&P/TSX Capped Comp Index
-22.71
-33.00
-33.00
-4.80
4.16
4.50
S&P/TSX Comp Index
-22.71
-33.00
-33.00
-4.80
4.16
4.50
5.34
S&P / TSX 60
-22.68
-31.17
-31.17
-3.04
5.56
5.08
5.74
S&P/TSX Completion
-22.72
-38.78
-38.78
-9.69
1.90
3.31
S&P/TSX SmCap
-26.79
-45.49
-45.49
-15.01
-6.28
-0.93
BMO SC Blended Index (wtd)
-27.69
-46.49
-46.49
-13.97
-2.75
3.00
5.08
Foreign Bonds
Barclays Capital Aggregate Bonds C$
21.43
31.64
31.64
7.47
3.70
1.56
3.35
Foreign Equity
MSCI World
-9.03
-25.37
-25.37
-5.89
-0.91
-2.59
-2.35
MSCI EAFE Index
-6.99
-28.78
-28.78
-5.19
1.17
0.10
-1.01
MSCI World Net
-9.17
-25.84
-25.84
-6.39
-1.41
-3.07
-2.79
MSCI EAFE Net Dividend
-7.06
-29.18
-29.18
-5.63
0.73
-0.32
-1.38
S&P 500 Total Return Idx
-9.37
-21.20
-21.20
-6.66
-3.08
-5.08
-3.51