Les Marton (416) 945-4897 les_marton@scotiacapital.com Nicola Ray Smith (416) 863-7057 nicola_ray@scotiacapital.com Patrick Blessing (416) 945-5356 patrick_blessing@scotiacapital.com Esther Zurba (416) 945-5268 esther_zurba@scotiacapital.com < Hedge Fund Performance Index Monthly

Month End oct 2008 Value Return MOM Return YTD Annualized Return* Annualized Standard Deviation** SC Index Asset Weighted 1277.19 -6.92% -18.77% 6.59% 14.13% SC Index Equal Weighted 1133.15 -7.98% -20.26% 3.31% 11.93% S&P TSX Composite 9762.76 -16.93% -29.42% 1.43% 16.48% S&P 500 (quoted in USD) 968.75 -16.94% -34.03% -5.67% 13.66% S&P 500 1174.6 -5.39% -19.88% -5.38% 11.10% Scotia Capital 91 Day Treasury Bill Index 376.68 0.17% 2.77% 3.59% 0.31% Scotia Capital Universe Bond Index 665.11 -0.61% 1.21% 4.01% 3.12%

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