Report on Canadian Economic Statistics 1927-2008

TABLES 1A, 1B, 1C, 1DBASIC VARIABLES - SINGLE YEAR CHANGES: YEAR-END TO YEAR-END

TABLE 1A: NOMINAL ANNUAL PERCENTAGE RATES OF CHANGE/RETURN

CONSUMER COMMON CANADA CONVENTIONAL REAL U.S. COMMON WAGE ANDPRICE STOCK LONG MORTGAGE 91 DAY RETURN STOCKS IN GDP PER SALARY

YEAR INDEX INDEX BONDS INDEX T-BILLS BONDS CANADIAN $ EMPLOYED INDEX1923 0.00 . . . . . . . . 1924 -1.09 11.25 7.84 . . . . 1.86 0.111925 2.20 28.74 5.17 . . . . 4.36 -0.221926 -1.08 24.42 5.39 . . . . 3.81 1.411927 -1.09 44.92 10.18 . . . . 4.86 1.721928 1.10 32.92 0.56 . . . . 2.89 1.481929 2.17 -11.60 2.34 . . . . -1.37 1.151930 -6.38 -30.90 9.26 . . . . -10.47 -1.351931 -10.23 -32.96 -4.97 . . . . -15.81 -5.261932 -7.59 -12.92 12.37 . . . . -11.02 -6.121933 -2.74 51.63 7.37 . . . . -1.30 -2.081934 1.41 20.26 19.66 . 0.64 . . 6.05 1.901935 2.78 30.63 0.83 . 1.17 . . 5.41 2.351936 1.35 25.35 11.12 . 0.89 . . 5.76 4.641937 4.00 -15.83 -0.58 . 0.71 . . 4.40 5.211938 -2.56 9.13 5.63 . 0.62 . 34.42 3.50 1.681939 2.63 0.19 -2.98 . 0.70 . 8.46 11.24 2.131940 5.13 -19.13 8.69 . 0.73 . -9.98 19.22 6.631941 6.10 1.93 3.80 . 0.59 . -11.70 20.12 7.121942 3.45 13.99 3.08 . 0.54 . 21.08 12.66 7.491943 2.22 19.67 3.88 . 0.49 . 25.59 6.82 5.491944 -2.17 13.47 3.16 . 0.39 . 19.60 4.11 2.011945 2.22 36.05 5.18 . 0.37 . 36.09 -2.55 0.981946 5.43 -1.50 6.02 . 0.39 . -16.45 1.92 6.281947 14.43 0.34 3.17 . 0.41 . 5.27 11.72 11.061948 9.01 12.13 -2.38 . 0.41 . 5.08 13.47 8.951949 0.83 22.61 4.85 . 0.48 . 29.78 4.25 6.081950 5.74 48.43 -0.12 . 0.54 . 24.63 13.32 7.931951 10.85 24.04 -3.13 . 0.77 . 21.35 8.78 9.861952 -1.40 -0.42 1.99 5.18 1.05 . 11.96 12.84 7.221953 0.00 2.15 3.64 2.08 1.66 . -0.75 5.18 4.171954 0.00 39.05 9.99 7.48 1.53 . 51.37 0.34 3.011955 0.71 27.80 -0.34 6.73 1.46 . 35.64 7.60 4.47

1956 2.82 13.22 -3.63 -2.42 2.91 . 2.43 8.65 5.481957 2.05 -20.58 5.89 3.23 3.86 . -9.20 0.49 4.511958 2.68 31.25 -5.69 8.86 2.16 . 41.33 5.53 3.971959 1.31 4.59 -4.43 1.75 4.78 . 10.36 2.74 3.771960 1.29 1.78 7.10 10.32 3.52 . 3.76 1.50 3.241961 0.00 32.75 9.78 7.12 2.89 . 34.58 3.19 3.111962 1.91 -7.09 3.05 7.12 4.05 . -5.81 6.92 1.531963 1.88 15.60 4.26 7.12 3.66 . 23.05 4.16 4.081964 1.84 25.43 6.97 7.12 3.80 . 15.82 4.51 4.771965 3.01 6.68 0.96 2.59 4.03 . 12.50 7.42 6.481966 3.51 -7.07 1.55 1.58 5.14 . -9.43 6.78 5.471967 3.95 18.09 -2.20 2.21 4.62 . 23.56 5.04 6.781968 4.35 22.45 -0.80 2.97 6.47 . 10.26 7.55 7.291969 4.69 -0.81 -2.01 -3.15 7.43 . -8.33 7.63 6.321970 1.00 -3.57 21.98 11.87 6.57 . -1.55 5.01 8.901971 4.93 8.01 11.55 13.90 3.79 . 12.22 7.83 10.671972 5.16 27.38 1.11 8.92 3.59 . 18.62 9.20 7.741973 9.38 0.27 1.71 6.87 5.46 . -14.53 13.80 6.881974 12.65 -25.93 -1.69 4.50 8.23 . -27.20 13.25 13.361975 9.42 18.48 2.82 12.20 7.56 . 40.76 11.04 14.421976 5.63 11.02 19.02 14.21 9.44 . 24.18 10.29 11.201977 9.40 10.71 5.97 14.62 7.86 . -0.25 9.37 8.041978 8.60 29.72 1.29 6.84 8.93 . 14.41 7.06 6.411979 9.76 44.77 -2.62 5.66 12.54 . 17.25 10.07 8.601980 11.06 30.13 2.06 8.10 13.71 . 35.39 9.77 11.451981 12.12 -10.25 -3.02 9.98 20.38 . -5.91 10.68 11.411982 9.27 5.54 42.98 29.15 15.25 . 26.93 8.88 9.541983 4.59 35.49 9.60 20.46 9.86 . 23.26 6.75 7.691984 3.72 -2.39 15.09 12.36 11.95 . 12.37 5.94 3.101985 4.40 25.07 25.26 16.72 9.77 . 38.65 4.82 3.931986 4.21 8.95 17.54 13.34 9.47 . 17.63 1.85 2.731987 4.19 5.88 0.45 10.26 8.46 . -0.40 6.95 4.601988 3.88 11.08 10.45 10.12 9.77 . 6.67 6.48 4.191989 5.26 21.37 16.29 13.06 12.91 . 27.86 3.99 5.001990 4.99 -14.80 3.34 10.63 13.98 . -3.20 2.91 4.681991 3.75 12.02 24.43 21.56 9.57 . 28.86 2.50 4.341992 2.17 -1.43 13.07 11.25 6.49 3.46 19.55 3.27 3.321993 1.65 32.55 22.88 15.66 5.27 19.33 15.10 3.40 0.841994 0.23 -0.18 -10.46 -0.15 5.33 -13.24 5.71 3.72 1.831995 1.74 14.53 26.28 16.47 7.43 13.21 35.71 2.77 1.401996 2.16 28.35 14.29 13.80 4.48 10.07 22.27 3.53 2.651997 0.78 14.98 17.45 7.19 3.30 3.36 39.72 1.95 0.871998 1.00 -1.58 14.13 7.73 4.81 4.73 38.99 1.00 1.701999 2.63 31.71 -7.15 2.10 4.83 5.94 15.63 6.15 1.62

2000 3.20 7.41 13.64 9.36 5.63 14.90 -6.07 6.54 2.172001 0.72 -12.57 3.92 11.94 4.13 -2.38 -8.70 -0.73 1.602002 3.80 -12.44 10.09 7.60 2.55 11.85 -23.00 3.68 1.902003 2.08 26.72 8.06 7.82 2.93 13.85 8.34 2.09 2.302004 2.13 14.48 8.46 7.15 2.25 17.24 2.97 5.87 1.572005 2.09 24.13 15.05 6.08 2.67 17.58 -0.09 5.76 3.552006 1.67 17.26 3.22 4.70 4.05 -4.86 15.00 1.23 3.062007 2.38 9.83 3.30 3.11 4.33 -1.40 -8.22 4.15 2.972008 1.16 -33.00 13.65 8.84 2.74 2.32 -22.47 x x

Source: Statistics Canada CANSIM Series © Copyright 2009. All Rights Reserved.Source: TSX © Copyright 2009 TSX Inc. All Rights Reserved.Source: Standard & Poor's, a division of The McGraw-Hill Companies, Inc. © Copyright 2009. All Rights Reserved.

This table gives rates of change/return on Canadian stocks, bonds, mortgages and Treasury bills and on U.S. stocks on amarket basis assuming purchase on Dec. 31 of the previous year and sale on Dec. 31 of the current year, including reinvesteddividends, coupons or payments. Also given are the CPI, a productivity index (GDP/employed) and rates of wage and salaryincreases. Details are given in Appendix C. U.S. stock returns are derived in Table 5. Values in bold are revised estimates.

FIGURE 1A : NOMINAL RATES

CPI, Canadian and U.S. Stocks

Source: Statistics Canada CANSIM Series © Copyright 2009. All Rights Reserved.Source: TSX © Copyright 2009 The TSX Inc. All Rights Reserved.Source: Standard & Poor's, a division of The McGraw-Hill Companies, Inc. © Copyright 2009. All Rights Reserved.

Bonds, Mortgages and T-Bills

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60

192319281933193819431948195319581963196819731978198319881993199820032008

CPI Canadian Stocks U.S. Stocks

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192319281933193819431948195319581963196819731978198319881993199820032008Canadian Long Bonds Mortgages91 Day T-Bills Real Return Bonds

Source: Statistics Canada CANSIM Series © Copyright 2009. All Rights Reserved.

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192319281933193819431948195319581963196819731978198319881993199820032008Canadian Long Bonds Mortgages91 Day T-Bills Real Return Bonds

TABLE 1B: REAL ANNUAL PERCENTAGE RATES OF CHANGE/RETURN

REAL VALUES NET OF CPI INCREASESCONSUMER COMMON CANADA CONVENTIONAL REAL U.S. COMMON WAGE AND

PRICE STOCK LONG MORTGAGE 91 DAY RETURN STOCKS IN GDP PER SALARYYEAR INDEX INDEX BONDS INDEX T-BILLS BONDS CANADIAN $ EMPLOYED INDEX1923 0.00 . . . . . . . . 1924 -1.09 12.47 9.03 . . . . 2.98 1.211925 2.20 25.97 2.91 . . . . 2.12 -2.361926 -1.08 25.77 6.53 . . . . 4.93 2.511927 -1.09 46.52 11.39 . . . . 6.01 2.841928 1.10 31.47 -0.54 . . . . 1.77 0.371929 2.17 -13.48 0.16 . . . . -3.46 -1.011930 -6.38 -26.19 16.71 . . . . -4.37 5.381931 -10.23 -25.32 5.86 . . . . -6.21 5.531932 -7.59 -5.77 21.61 . . . . -3.71 1.601933 -2.74 55.90 10.40 . . . . 1.48 0.681934 1.41 18.59 17.99 . -0.75 . . 4.58 0.491935 2.78 27.10 -1.90 . -1.56 . . 2.56 -0.411936 1.35 23.68 9.64 . -0.45 . . 4.35 3.241937 4.00 -19.07 -4.40 . -3.16 . . 0.38 1.161938 -2.56 12.01 8.41 . 3.27 . 37.95 6.22 4.351939 2.63 -2.38 -5.46 . -1.88 . 5.68 8.39 -0.491940 5.13 -23.08 3.39 . -4.19 . -14.37 13.40 1.431941 6.10 -3.93 -2.17 . -5.19 . -16.78 13.22 0.971942 3.45 10.19 -0.35 . -2.81 . 17.04 8.90 3.901943 2.22 17.07 1.63 . -1.70 . 22.86 4.50 3.201944 -2.17 15.99 5.45 . 2.62 . 22.26 6.42 4.281945 2.22 33.09 2.89 . -1.82 . 33.13 -4.67 -1.211946 5.43 -6.58 0.55 . -4.79 . -20.76 -3.33 0.801947 14.43 -12.31 -9.84 . -12.26 . -8.01 -2.38 -2.951948 9.01 2.86 -10.45 . -7.89 . -3.60 4.10 -0.051949 0.83 21.61 3.99 . -0.34 . 28.71 3.39 5.211950 5.74 40.38 -5.54 . -4.92 . 17.87 7.17 2.071951 10.85 11.90 -12.61 . -9.09 . 9.47 -1.87 -0.891952 -1.40 0.99 3.44 6.67 2.48 . 13.55 14.44 8.741953 0.00 2.15 3.64 2.08 1.66 . -0.75 5.18 4.171954 0.00 39.05 9.99 7.48 1.53 . 51.37 0.34 3.011955 0.71 26.90 -1.04 5.98 0.74 . 34.69 6.84 3.741956 2.82 10.12 -6.27 -5.09 0.09 . -0.38 5.68 2.591957 2.05 -22.18 3.76 1.15 1.76 . -11.03 -1.53 2.401958 2.68 27.82 -8.16 6.02 -0.51 . 37.64 2.77 1.251959 1.31 3.24 -5.67 0.44 3.43 . 8.94 1.41 2.43



PRICE STOCK LONG MORTGAGE 91 DAY RETURN STOCKS IN GDP PER SALARYYEAR INDEX INDEX BONDS INDEX T-BILLS BONDS CANADIAN $ EMPLOYED INDEX1960 1.29 0.48 5.74 8.91 2.20 . 2.44 0.20 1.931961 0.00 32.75 9.78 7.12 2.89 . 34.58 3.19 3.111962 1.91 -8.84 1.12 5.11 2.10 . -7.57 4.91 -0.371963 1.88 13.47 2.34 5.15 1.76 . 20.78 2.24 2.171964 1.84 23.17 5.04 5.19 1.92 . 13.73 2.62 2.881965 3.01 3.56 -1.99 -0.41 0.99 . 9.21 4.28 3.371966 3.51 -10.22 -1.89 -1.86 1.58 . -12.50 3.16 1.901967 3.95 13.60 -5.92 -1.68 0.64 . 18.86 1.04 2.721968 4.35 17.34 -4.94 -1.32 2.03 . 5.67 3.07 2.821969 4.69 -5.25 -6.39 -7.48 2.62 . -12.43 2.81 1.561970 1.00 -4.52 20.78 10.77 5.52 . -2.52 3.98 7.821971 4.93 2.94 6.32 8.55 -1.08 . 6.95 2.76 5.481972 5.16 21.13 -3.85 3.57 -1.50 . 12.79 3.83 2.451973 9.38 -8.32 -7.01 -2.29 -3.58 . -21.86 4.04 -2.281974 12.65 -34.25 -12.73 -7.24 -3.93 . -35.38 0.53 0.621975 9.42 8.28 -6.03 2.54 -1.70 . 28.64 1.48 4.571976 5.63 5.11 12.68 8.12 3.60 . 17.57 4.41 5.271977 9.40 1.19 -3.14 4.76 -1.41 . -8.83 -0.03 -1.241978 8.60 19.45 -6.73 -1.62 0.31 . 5.36 -1.41 -2.011979 9.76 31.89 -11.29 -3.74 2.53 . 6.82 0.28 -1.061980 11.06 17.18 -8.10 -2.66 2.39 . 21.91 -1.16 0.351981 12.12 -19.95 -13.50 -1.91 7.37 . -16.08 -1.28 -0.631982 9.27 -3.41 30.85 18.20 5.47 . 16.17 -0.35 0.251983 4.59 29.54 4.79 15.17 5.04 . 17.85 2.06 2.961984 3.72 -5.89 10.97 8.33 7.94 . 8.35 2.14 -0.591985 4.40 19.80 19.99 11.81 5.14 . 32.81 0.41 -0.441986 4.21 4.55 12.78 8.76 5.05 . 12.87 -2.26 -1.421987 4.19 1.62 -3.59 5.82 4.09 . -4.41 2.65 0.391988 3.88 6.93 6.32 6.01 5.67 . 2.69 2.51 0.301989 5.26 15.31 10.49 7.42 7.27 . 21.47 -1.21 -0.241990 4.99 -18.85 -1.57 5.37 8.56 . -7.80 -1.98 -0.301991 3.75 7.96 19.92 17.16 5.60 . 24.20 -1.21 0.561992 2.17 -3.53 10.67 8.89 4.23 1.26 17.01 1.07 1.121993 1.65 30.39 20.88 13.78 3.56 17.39 13.23 1.72 -0.801994 0.23 -0.41 -10.67 -0.38 5.09 -13.44 5.47 3.48 1.601995 1.74 12.57 24.12 14.48 5.60 11.28 33.39 1.02 -0.331996 2.16 25.63 11.87 11.39 2.27 7.74 19.68 1.34 0.48



PRICE STOCK LONG MORTGAGE 91 DAY RETURN STOCKS IN GDP PER SALARYYEAR INDEX INDEX BONDS INDEX T-BILLS BONDS CANADIAN $ EMPLOYED INDEX1997 0.78 14.09 16.54 6.36 2.50 2.56 38.63 1.16 0.091998 1.00 -2.55 13.01 6.66 3.78 3.69 37.62 0.01 0.701999 2.63 28.34 -9.53 -0.52 2.14 3.23 12.67 3.43 -0.982000 3.20 4.08 10.11 5.97 2.36 11.34 -8.98 3.24 -1.002001 0.72 -13.20 3.18 11.13 3.38 -3.08 -9.36 -1.45 0.872002 3.80 -15.64 6.06 3.66 -1.20 7.75 -25.82 -0.12 -1.832003 2.08 24.15 5.86 5.63 0.84 11.54 6.14 0.01 0.222004 2.13 12.09 6.20 4.91 0.12 14.79 0.82 3.66 -0.552005 2.09 21.59 12.70 3.91 0.57 15.18 -2.13 3.60 1.432006 1.67 15.33 1.52 2.97 2.34 -6.43 13.10 -0.43 1.362007 2.38 7.28 0.90 0.71 1.91 -3.69 -10.36 1.73 0.582008 1.16 -33.77 12.35 7.59 1.56 1.15 -23.36 x x


This table contains the values of Table 1A after the CPI is removed geometrically. Values in bold are revised estimates.

FIGURE 1B: REAL RATES

Canadian and U.S. Stocks


Bonds, Mortgages and T-Bills

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192319281933193819431948195319581963196819731978198319881993199820032008

Canadian Stocks U.S. Stocks

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192319281933193819431948195319581963196819731978198319881993199820032008Canadian Long Bonds Mortgages

91 Day T-Bills Real Return Bonds


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192319281933193819431948195319581963196819731978198319881993199820032008Canadian Long Bonds Mortgages

91 Day T-Bills Real Return Bonds

TABLE 1C: ACCUMULATION FACTORSCONSUMER COMMON CANADA CONVENTIONAL REAL U.S. COMMON WAGE AND

PRICE STOCK LONG MORTGAGE 91 DAY RETURN STOCKS IN GDP PER SALARYDEC. 31 INDEX INDEX BONDS INDEX T-BILLS BONDS CANADIAN $ EMPLOYED INDEX1923 81.20 0.40 5.94 . . . . x x1924 80.32 0.44 6.40 . . . . x x1925 82.08 0.57 6.74 . . . . x x1926 81.20 0.71 7.10 . . . . x x1927 80.32 1.03 7.82 . . . . x x1928 81.20 1.37 7.86 . . . . x x1929 82.97 1.21 8.05 . . . . x x1930 77.67 0.84 8.79 . . . . x x1931 69.73 0.56 8.36 . . . . x x1932 64.43 0.49 9.39 . . . . x x1933 62.67 0.74 10.08 . 29.16 . . x x1934 63.55 0.89 12.06 . 29.35 . . x x1935 65.31 1.16 12.16 . 29.69 . . x x1936 66.20 1.46 13.52 . 29.96 . . x x1937 68.84 1.23 13.44 . 30.17 . 0.63 x x1938 67.08 1.34 14.20 . 30.36 . 0.85 x x1939 68.84 1.34 13.77 . 30.57 . 0.92 x x1940 72.37 1.08 14.97 . 30.80 . 0.83 x x1941 76.79 1.10 15.54 . 30.98 . 0.73 x x1942 79.44 1.26 16.02 . 31.15 . 0.89 x x1943 81.20 1.51 16.64 . 31.30 . 1.11 x x1944 79.44 1.71 17.17 . 31.42 . 1.33 x x1945 81.20 2.32 18.05 . 31.53 . 1.81 x x1946 85.61 2.29 19.14 . 31.66 . 1.51 x x1947 97.97 2.30 19.75 . 31.78 . 1.59 x x1948 106.80 2.58 19.28 . 31.92 . 1.68 x x1949 107.68 3.16 20.21 . 32.07 . 2.17 x x1950 113.86 4.69 20.19 . 32.24 . 2.71 x x1951 126.21 5.82 19.56 9.50 32.49 . 3.29 x x1952 124.45 5.79 19.95 9.99 32.83 . 3.68 x x1953 124.45 5.92 20.67 10.20 33.38 . 3.65 x x1954 124.45 8.23 22.74 10.96 33.89 . 5.53 x x1955 125.33 10.51 22.66 11.70 34.38 . 7.50 x x1956 128.86 11.90 21.84 11.41 35.38 . 7.68 x x1957 131.51 9.45 23.13 11.78 36.74 . 6.98 x x1958 135.04 12.41 21.81 12.83 37.53 . 9.86 x x1959 136.80 12.98 20.84 13.05 39.33 . 10.88 x x

1960 138.57 13.21 22.32 14.40 40.71 . 11.29 x x1961 138.57 17.53 24.50 15.42 41.89 . 15.19 x x1962 141.22 16.29 25.25 16.52 43.59 . 14.31 x x1963 143.87 18.83 26.33 17.70 45.18 . 17.61 x x1964 146.51 23.62 28.16 18.96 46.90 . 20.40 x x1965 150.93 25.20 28.43 19.45 48.79 . 22.95 x x1966 156.22 23.42 28.87 19.76 51.30 . 20.78 x x1967 162.40 27.65 28.24 20.19 53.67 . 25.68 x x1968 169.46 33.86 28.01 20.79 57.14 . 28.31 x x1969 177.41 33.59 27.45 20.14 61.38 . 25.96 x x1970 179.17 32.39 33.48 22.53 65.41 . 25.55 x x1971 188.00 34.98 37.35 25.66 67.89 . 28.68 x x1972 197.71 44.56 37.77 27.95 70.33 . 34.02 x x1973 216.24 44.68 38.41 29.87 74.17 . 29.07 x x1974 243.60 33.10 37.76 31.21 80.27 . 21.17 x x1975 266.55 39.22 38.83 35.02 86.33 . 29.79 x x1976 281.55 43.54 46.21 40.00 94.48 . 37.00 x x1977 308.03 48.20 48.97 45.84 101.91 . 36.90 x x1978 334.51 62.53 49.60 48.98 111.01 . 42.22 x x1979 367.17 90.52 48.30 51.75 124.93 . 49.50 x x1980 407.77 117.79 49.30 55.94 142.06 . 67.02 x x1981 457.19 105.73 47.81 61.52 171.02 . 63.06 x x1982 499.56 111.58 68.36 79.46 197.10 . 80.04 x x1983 522.51 151.18 74.92 95.71 216.53 . 98.66 x x1984 541.92 147.56 86.22 107.54 242.40 . 110.87 x x1985 565.75 184.55 108.01 125.52 266.08 . 153.72 x x1986 589.59 201.08 126.95 142.27 291.29 . 180.81 x x1987 614.30 212.90 127.52 156.86 315.93 . 180.09 x x1988 638.13 236.49 140.84 172.74 346.78 . 192.11 x x1989 671.67 287.03 163.79 195.30 391.56 . 245.62 x x1990 705.21 244.56 169.26 216.07 446.29 . 237.76 x x1991 731.69 273.94 210.60 262.66 488.99 345.65 306.39 x x1992 747.57 270.02 238.14 292.21 520.74 357.60 366.28 x x1993 759.93 357.90 292.62 337.97 548.18 426.73 421.58 x x1994 761.69 357.27 262.01 337.45 577.42 370.22 445.67 x x1995 774.93 409.18 330.87 393.02 620.34 419.14 604.80 x x1996 791.70 525.16 378.16 447.25 648.15 461.35 739.48 x x1997 797.88 603.82 444.16 479.42 669.54 476.87 1033.17 x x1998 805.83 594.26 506.92 516.47 701.76 499.41 1436.00 x x1999 827.01 782.72 470.68 527.31 735.63 529.08 1660.48 x x2000 853.49 840.71 534.87 576.66 777.08 607.92 1559.68 x x2001 859.66 735.01 555.86 645.50 809.16 593.47 1423.97 x x

2002 892.32 643.59 611.97 694.54 829.80 663.78 1096.47 x x2003 910.86 815.59 661.30 748.85 854.11 755.72 1187.94 x x2004 930.27 933.69 717.26 802.38 873.33 886.02 1223.18 x x2005 949.69 1158.95 825.22 851.14 896.65 1041.81 1222.09 x x2006 965.58 1359.00 851.81 891.11 932.96 991.17 1405.36 x x2007 988.53 1492.61 879.90 918.80 973.34 977.30 1289.77 x x2008 1000.00 1000.00 1000.00 1000.00 1000.00 1000.00 1000.00 x x

This table contains the values of Table 1A accumulated to $1000.00 at the end of 2008.


TABLE 1D: ACCUMULATION FACTORS NET OF CPICONSUMER COMMON CANADA CONVENTIONAL REAL U.S. COMMON WAGE AND

PRICE STOCK LONG MORTGAGE 91 DAY RETURN STOCKS IN GDP PER SALARYDEC. 31 INDEX INDEX BONDS INDEX T-BILLS BONDS CANADIAN $ EMPLOYED INDEX1923 81.20 4.90 73.14 . . . . x x1924 80.32 5.52 79.74 . . . . x x1925 82.08 6.95 82.06 . . . . x x1926 81.20 8.74 87.42 . . . . x x1927 80.32 12.80 97.38 . . . . x x1928 81.20 16.83 96.86 . . . . x x1929 82.97 14.57 97.01 . . . . x x1930 77.67 10.75 113.22 . . . . x x1931 69.73 8.03 119.85 . . . . x x1932 64.43 7.57 145.75 . . . . x x1933 62.67 11.79 160.90 . 465.37 . . x x1934 63.55 13.99 189.85 . 461.86 . . x x1935 65.31 17.78 186.25 . 454.65 . . x x1936 66.20 21.99 204.21 . 452.59 . . x x1937 68.84 17.80 195.21 . 438.29 . 9.18 x x1938 67.08 19.93 211.63 . 452.62 . 12.66 x x1939 68.84 19.46 200.07 . 444.10 . 13.38 x x1940 72.37 14.97 206.86 . 425.51 . 11.46 x x1941 76.79 14.38 202.38 . 403.41 . 9.54 x x1942 79.44 15.84 201.66 . 392.09 . 11.16 x x1943 81.20 18.55 204.94 . 385.43 . 13.71 x x1944 79.44 21.51 216.11 . 395.53 . 16.77 x x1945 81.20 28.63 222.35 . 388.34 . 22.32 x x1946 85.61 26.75 223.57 . 369.75 . 17.69 x x1947 97.97 23.45 201.57 . 324.43 . 16.27 x x1948 106.80 24.13 180.51 . 298.84 . 15.68 x x1949 107.68 29.34 187.71 . 297.82 . 20.19 x x1950 113.86 41.18 177.31 . 283.18 . 23.79 x x1951 126.21 46.09 154.95 75.25 257.43 . 26.05 x x1952 124.45 46.54 160.28 80.27 263.82 . 29.58 x x1953 124.45 47.54 166.11 81.93 268.19 . 29.36 x x1954 124.45 66.11 182.71 88.06 272.28 . 44.43 x x1955 125.33 83.89 180.81 93.32 274.30 . 59.85 x x1956 128.86 92.38 169.48 88.57 274.54 . 59.62 x x1957 131.51 71.89 175.85 89.59 279.39 . 53.05 x x1958 135.04 91.89 161.50 94.98 277.95 . 73.01 x x

1959 136.80 94.86 152.35 95.39 287.48 . 79.54 x x1960 138.57 95.32 161.09 103.90 293.81 . 81.48 x x1961 138.57 126.53 176.84 111.30 302.31 . 109.65 x x1962 141.22 115.35 178.82 116.99 308.66 . 101.35 x x1963 143.87 130.89 183.00 123.01 314.07 . 122.41 x x1964 146.51 161.22 192.21 129.39 320.11 . 139.21 x x1965 150.93 166.96 188.39 128.86 323.26 . 152.03 x x1966 156.22 149.90 184.83 126.46 328.36 . 133.02 x x1967 162.40 170.28 173.88 124.34 330.45 . 158.12 x x1968 169.46 199.81 165.30 122.69 337.16 . 167.07 x x1969 177.41 189.32 154.73 113.51 346.00 . 146.31 x x1970 179.17 180.77 186.88 125.74 365.09 . 142.63 x x1971 188.00 186.08 198.68 136.49 361.14 . 152.54 x x1972 197.71 225.40 191.02 141.36 355.73 . 172.05 x x1973 216.24 206.64 177.63 138.12 342.98 . 134.45 x x1974 243.60 135.87 155.01 128.12 329.50 . 86.88 x x1975 266.55 147.13 145.66 131.38 323.89 . 111.77 x x1976 281.55 154.64 164.13 142.06 335.57 . 131.40 x x1977 308.03 156.48 158.98 148.82 330.83 . 119.80 x x1978 334.51 186.92 148.29 146.42 331.87 . 126.22 x x1979 367.17 246.53 131.55 140.94 340.25 . 134.83 x x1980 407.77 288.88 120.89 137.19 348.39 . 164.36 x x1981 457.19 231.25 104.57 134.57 374.06 . 137.93 x x1982 499.56 223.36 136.83 159.06 394.54 . 160.23 x x1983 522.51 289.34 143.38 183.18 414.41 . 188.83 x x1984 541.92 272.30 159.11 198.44 447.30 . 204.59 x x1985 565.75 326.20 190.91 221.87 470.31 . 271.71 x x1986 589.59 341.05 215.31 241.31 494.06 . 306.68 x x1987 614.30 346.57 207.58 255.36 514.29 . 293.16 x x1988 638.13 370.60 220.70 270.69 543.44 . 301.05 x x1989 671.67 427.34 243.85 290.77 582.96 . 365.69 x x1990 705.21 346.79 240.02 306.39 632.85 . 337.15 x x1991 731.69 374.40 287.83 358.98 668.31 472.40 418.74 x x1992 747.57 361.19 318.55 390.88 696.57 478.35 489.96 x x1993 759.93 470.96 385.06 444.73 721.36 561.54 554.76 x x1994 761.69 469.04 343.98 443.02 758.07 486.05 585.10 x x1995 774.93 528.02 426.97 507.17 800.51 540.87 780.46 x x1996 791.70 663.33 477.65 564.92 818.67 582.74 934.04 x x1997 797.88 756.78 556.67 600.87 839.15 597.67 1294.89 x x1998 805.83 737.45 629.07 640.92 870.86 619.75 1782.02 x x1999 827.01 946.45 569.14 637.61 889.51 639.76 2007.82 x x2000 853.49 985.03 626.69 675.66 910.48 712.28 1827.42 x x

2001 859.66 855.00 646.60 750.88 941.25 690.35 1656.42 x x2002 892.32 721.26 685.81 778.35 929.93 743.88 1228.79 x x2003 910.86 895.41 726.02 822.13 937.70 829.69 1304.20 x x2004 930.27 1003.67 771.02 862.52 938.78 952.43 1314.86 x x2005 949.69 1220.35 868.93 896.23 944.15 1097.00 1286.83 x x2006 965.58 1407.45 882.17 922.88 966.22 1026.51 1455.46 x x2007 988.53 1509.94 890.11 929.47 984.64 988.65 1304.74 x x2008 1000.00 1000.00 1000.00 1000.00 1000.00 1000.00 1000.00 x x

This table contains the values of Table 1A accumulated (net of CPI) to $1000.00 at the end of 2008.


TABLES 2A, 2BBASIC VARIABLES - CHANGES FOR VARIOUS SUBPERIODS

YEAR-END TO YEAR-END

TABLE 2AAVERAGE NOMINAL ANNUAL PERCENTAGE RATES OF CHANGE/RETURN


PERIOD INDEX INDEX BONDS INDEX T-BILLS BONDS CANADIAN $ EMPLOYED INDEX5 YRS 1924 - 1928 0.00 27.98 5.78 . . . . 3.55 0.90

1929 - 1933 -5.05 -11.57 5.09 . . . . -8.17 -2.771934 - 1938 1.37 12.59 7.08 . 0.81 . . 5.02 3.151939 - 1943 3.90 2.41 3.23 . 0.61 . 5.57 13.90 5.751944 - 1948 5.63 11.34 2.98 . 0.39 . 8.51 5.56 5.791949 - 1953 3.11 18.09 1.41 . 0.90 . 16.88 8.81 7.041954 - 1958 1.65 15.96 1.08 4.70 2.38 . 21.97 4.47 4.291959 - 1963 1.27 8.70 3.84 6.65 3.78 . 12.30 3.68 3.141964 - 1968 3.33 12.45 1.25 3.27 4.81 . 9.96 6.25 6.161969 - 1973 5.00 5.70 6.52 7.51 5.36 . 0.53 8.65 8.091974 - 1978 9.12 6.95 5.25 10.40 8.40 . 7.75 10.18 10.641979 - 1983 9.33 19.31 8.60 14.34 14.30 . 18.50 9.22 9.731984 - 1988 4.08 9.36 13.46 12.53 9.88 . 14.26 5.19 3.711989 - 1993 3.56 8.64 15.75 14.37 9.59 . 17.02 3.21 3.631994 - 1998 1.18 10.67 11.62 8.85 5.06 3.20 27.78 2.59 1.691999 - 2003 2.48 6.54 5.46 7.71 4.01 8.64 -3.72 3.51 1.922004 - 2008 1.88 4.16 8.62 5.96 3.20 5.76 -3.39 x x

MEAN 1959 - 2008 4.09 9.18 7.95 9.10 6.79 . 9.68 x xS.DEV. 1959 - 2008 2.95 4.29 4.51 3.70 3.57 . 10.13 x x10 YRS 1929 - 1938 -1.89 -0.22 6.08 . . . . -1.80 0.14

1939 - 1948 4.76 6.78 3.11 . 0.50 . 7.03 9.65 5.771949 - 1958 2.37 17.02 1.24 . 1.64 . 19.39 6.61 5.651959 - 1968 2.30 10.56 2.53 4.95 4.29 . 11.13 4.96 4.641969 - 1978 7.04 6.33 5.88 8.95 6.87 . 4.08 9.42 9.361979 - 1988 6.67 14.23 11.00 13.43 12.06 . 16.36 7.19 6.681989 - 1998 2.36 9.65 13.66 11.57 7.30 . 22.28 2.90 2.651999 - 2008 2.18 5.34 7.03 6.83 3.61 7.19 -3.55 x x

MEAN 1959 - 2008 4.09 9.18 7.95 9.10 6.79 . 9.68 x xS.DEV. 1959 - 2008 2.51 3.55 4.37 3.44 3.33 . 10.14 x x15 YRS 1934 - 1948 3.62 8.68 4.42 . 0.60 . . 8.09 4.89

1949 - 1963 2.01 14.18 2.10 . 2.34 . 16.98 5.63 4.81

1964 - 1978 5.79 8.33 4.31 7.02 6.18 . 6.00 8.35 8.281979 - 1993 5.62 12.33 12.56 13.74 11.23 . 16.58 5.85 5.651994 - 2008 1.85 7.09 8.54 7.50 4.09 5.84 5.93 x x

25 YRS 1934 - 1958 3.12 11.94 3.13 . 1.01 . . 7.49 5.191959 - 1983 5.56 10.52 5.06 8.37 7.26 . 9.65 7.57 7.521984 - 2008 2.63 7.85 10.92 9.84 6.31 . 9.71 x x

50 YRS 1959 - 2008 4.09 9.18 7.95 9.10 6.79 . 9.68 x x75 YRS 1934 - 2008 3.76 10.09 6.32 . 4.83 . . x xALL YRS - 2008 2.96 9.65 6.22 8.51 4.83 6.45 10.93 x x


Table 2A contains geometric averages of annual values from Table 1A over various periods. The mean and standard deviation for the 5 yearand 10 year averages are calculated over the period for which all series exist. This is done to allow comparability over all series. On the following page are corresponding standard deviations of the same values as well as correlation coefficients. The correlations are calculatedonly over the last ten year period and over all years for which data of both correlated series exist.

TABLE 2A (Cont'd)

STANDARD DEVIATIONS OF NOMINAL ANNUAL PERCENTAGE RATES OF CHANGE/RETURN



1929 - 1933 4.81 34.42 6.79 . . . . 6.42 2.971934 - 1938 2.47 18.43 8.28 . 0.23 . . 1.06 1.641939 - 1943 1.66 14.98 4.16 . 0.10 . 17.20 5.60 2.171944 - 1948 6.35 14.99 3.27 . 0.02 . 19.49 6.74 4.341949 - 1953 5.05 19.78 3.17 . 0.48 . 12.04 4.20 2.121954 - 1958 1.25 23.59 6.57 4.53 1.01 . 26.23 3.91 0.901959 - 1963 0.77 15.30 5.36 3.09 0.70 . 15.91 2.04 0.991964 - 1968 0.97 13.34 3.50 2.20 1.06 . 12.25 1.40 1.021969 - 1973 2.97 12.57 9.86 6.63 1.69 . 13.88 3.23 1.741974 - 1978 2.51 20.89 8.06 4.55 0.77 . 25.76 2.27 3.411979 - 1983 2.89 22.77 19.23 9.87 3.91 . 15.59 1.53 1.681984 - 1988 0.28 9.99 9.17 2.70 1.27 . 14.83 2.04 0.781989 - 1993 1.62 18.62 8.47 4.44 3.82 . 12.99 0.56 1.691994 - 1998 0.77 12.37 13.67 6.47 1.52 10.24 14.54 1.13 0.651999 - 2003 1.18 20.94 8.00 3.61 1.29 7.16 15.14 3.01 0.322004 - 2008 0.48 22.70 5.57 2.20 0.92 10.57 13.90 x x

10 YRS 1929 - 1938 4.92 28.34 7.22 . . . . 8.12 3.841939 - 1948 4.49 14.86 3.53 . 0.13 . 17.41 7.29 3.241949 - 1958 3.56 20.53 4.86 . 1.08 . 19.58 4.46 2.111959 - 1968 1.36 13.67 4.49 3.10 1.01 . 13.46 2.13 1.851969 - 1978 3.38 16.31 8.52 5.56 2.02 . 20.09 2.75 2.891979 - 1988 3.39 17.64 14.36 6.91 3.61 . 14.53 2.72 3.411989 - 1998 1.74 14.92 10.89 5.96 3.65 . 14.20 0.90 1.581999 - 2008 0.90 20.61 6.69 2.97 1.14 8.62 13.71 x x

15 YRS 1934 - 1948 4.19 15.75 5.63 . 0.22 . . 6.33 3.031949 - 1963 2.94 18.93 5.00 . 1.41 . 18.24 4.01 2.161964 - 1978 3.31 15.14 7.47 5.41 1.99 . 17.54 2.80 2.861979 - 1993 3.24 17.50 12.54 6.04 3.74 . 13.56 2.94 3.251994 - 2008 0.97 17.90 9.40 4.33 1.41 9.02 20.30 x x

25 YRS 1934 - 1958 3.92 17.97 5.47 . 0.86 . . 5.61 2.681959 - 1983 3.84 16.79 10.19 6.68 4.32 . 16.91 3.12 3.291984 - 2008 1.41 16.18 9.32 4.95 3.45 . 18.01 x x

50 YRS 1959 - 2008 3.24 16.37 10.11 5.86 3.90 . 17.29 x x

75 YRS 1934 - 2008 3.48 16.86 9.13 . 4.24 . . x xALL YRS - 2008 4.09 18.77 8.74 5.85 4.24 9.06 17.84 x x


CORRELATIONS OF NOMINAL ANNUAL PERCENTAGE RATES OF CHANGE/RETURN CONSUMER COMMON CANADA CONVENTIONAL REAL U.S. COMMON WAGE AND

PRICE STOCK LONG MORTGAGE 91 DAY RETURN STOCKS IN GDP PER SALARYINDEX INDEX BONDS INDEX T-BILLS BONDS CANADIAN $ EMPLOYED INDEX

LAST 10 YEARS/

CPI 0.24 0.06 -0.31 0.13 0.51 -0.10 x xSTOCKS 0.09 -0.40 -0.61 0.20 0.31 0.88 x xLONG BONDS -0.07 0.02 0.56 -0.42 0.51 -0.56 x xMORTGAGES 0.23 0.11 0.78 -0.15 0.13 -0.51 x x91 DAY T-BILLS 0.45 -0.07 0.27 0.45 -0.35 0.27 x xREAL RETURNS 0.55 0.42 0.65 0.52 -0.13 0.00 x xU.S. STOCKS -0.19 0.70 0.22 0.33 0.01 0.03 x xGDP PER EMP x x x x x x x xWAGE & SALARY x x x x x x x x

/ALL YEARS


TABLE 2BAVERAGE REAL ANNUAL PERCENTAGE RATES OF CHANGE/RETURN


PRICE STOCK LONG MORTGAGE 91 DAY RETURN STOCKS IN GDP PER SALARYPERIOD INDEX INDEX BONDS INDEX T-BILLS BONDS CANADIAN $ EMPLOYED INDEX

5 YRS 1924 - 1928 0.00 27.98 5.78 . . . . 3.55 0.901929 - 1933 -5.05 -6.87 10.68 . . . . -3.29 2.401934 - 1938 1.37 11.06 5.63 . -0.55 . . 3.60 1.751939 - 1943 3.90 -1.43 -0.64 . -3.16 . 1.61 9.63 1.791944 - 1948 5.63 5.40 -2.51 . -4.96 . 2.72 -0.07 0.141949 - 1953 3.11 14.53 -1.65 . -2.14 . 13.36 5.53 3.811954 - 1958 1.65 14.09 -0.56 3.00 0.72 . 19.99 2.77 2.601959 - 1963 1.27 7.33 2.53 5.31 2.47 . 10.89 2.38 1.851964 - 1968 3.33 8.83 -2.01 -0.05 1.43 . 6.42 2.83 2.731969 - 1973 5.00 0.67 1.45 2.40 0.34 . -4.25 3.48 2.951974 - 1978 9.12 -1.99 -3.55 1.17 -0.66 . -1.25 0.98 1.401979 - 1983 9.33 9.13 -0.67 4.58 4.54 . 8.39 -0.10 0.361984 - 1988 4.08 5.07 9.01 8.12 5.57 . 9.78 1.07 -0.361989 - 1993 3.56 4.91 11.78 10.44 5.83 . 13.00 -0.33 0.071994 - 1998 1.18 9.38 10.31 7.58 3.84 1.99 26.29 1.40 0.501999 - 2003 2.48 3.96 2.91 5.11 1.49 6.01 -6.05 1.00 -0.552004 - 2008 1.88 2.23 6.61 3.99 1.29 3.80 -5.17 x x

MEAN 1959 - 2008 4.09 4.89 3.71 4.82 2.59 . 5.37 x xS.DEV. 1959 - 2008 2.95 3.84 5.34 3.23 2.23 . 10.18 x x10 YRS 1929 - 1938 -1.89 1.70 8.13 . . . . 0.10 2.08

1939 - 1948 4.76 1.93 -1.58 . -4.07 . 2.16 4.67 0.961949 - 1958 2.37 14.31 -1.11 . -0.72 . 16.63 4.14 3.201959 - 1968 2.30 8.08 0.23 2.59 1.95 . 8.63 2.60 2.291969 - 1978 7.04 -0.66 -1.08 1.78 -0.16 . -2.77 2.22 2.171979 - 1988 6.67 7.08 4.06 6.34 5.06 . 9.08 0.48 0.001989 - 1998 2.36 7.12 11.04 9.00 4.83 . 19.46 0.53 0.291999 - 2008 2.18 3.09 4.74 4.55 1.39 4.90 -5.61 x x

MEAN 1959 - 2008 4.09 4.89 3.71 4.82 2.59 . 5.37 x xS.DEV. 1959 - 2008 2.51 3.68 4.74 2.92 2.26 . 10.11 x x15 YRS 1934 - 1948 3.62 4.89 0.77 . -2.91 . . 4.31 1.23

1949 - 1963 2.01 11.93 0.09 . 0.33 . 14.68 3.55 2.751964 - 1978 5.79 2.40 -1.39 1.17 0.37 . 0.20 2.42 2.361979 - 1993 5.62 6.35 6.57 7.69 5.31 . 10.37 0.21 0.021994 - 2008 1.85 5.15 6.57 5.55 2.20 3.92 4.01 x x

25 YRS 1934 - 1958 3.12 8.56 0.01 . -2.04 . . 4.24 2.011959 - 1983 5.56 4.70 -0.47 2.66 1.61 . 3.87 1.91 1.851984 - 2008 2.63 5.09 8.08 7.02 3.59 . 6.89 x x

50 YRS 1959 - 2008 4.09 4.89 3.71 4.82 2.59 . 5.37 x x75 YRS 1934 - 2008 3.76 6.10 2.47 . 1.03 . . x xALL YRS - 2008 2.96 6.46 3.12 4.64 1.03 4.51 6.83 x x


Table 2B contains values similar to those of Table 2A except that they are based on the real rates of return of Table 1B.

TABLE 2B (Cont'd)

STANDARD DEVIATIONS OF REAL ANNUAL PERCENTAGE RATES OF CHANGE/RETURN



1929 - 1933 4.81 33.99 8.51 . . . . 2.86 2.911934 - 1938 2.47 18.52 9.13 . 2.37 . . 2.23 1.981939 - 1943 1.66 15.39 3.43 . 1.51 . 17.97 3.72 1.761944 - 1948 6.35 18.27 7.39 . 5.68 . 22.33 4.92 2.691949 - 1953 5.05 16.26 7.43 . 4.87 . 10.83 5.94 3.591954 - 1958 1.25 23.88 7.42 5.17 0.96 . 26.73 3.51 0.911959 - 1963 0.77 15.85 5.74 3.17 0.67 . 16.36 1.79 1.321964 - 1968 0.97 13.13 4.29 2.96 0.60 . 11.97 1.17 0.531969 - 1973 2.97 11.89 11.80 7.56 3.63 . 14.07 0.64 3.861974 - 1978 2.51 20.29 9.53 5.95 2.80 . 24.88 2.18 3.331979 - 1983 2.89 22.27 18.36 10.73 2.11 . 15.24 1.36 1.561984 - 1988 0.28 9.38 8.72 2.44 1.44 . 14.06 2.08 0.741989 - 1993 1.62 18.67 9.08 4.84 2.08 . 12.69 1.62 0.761994 - 1998 0.77 11.55 13.01 5.65 1.49 9.49 14.20 1.27 0.731999 - 2003 1.18 20.42 7.50 4.21 1.76 6.17 15.04 2.19 1.082004 - 2008 0.48 22.02 5.67 2.53 0.93 10.21 13.54 x x

10 YRS 1929 - 1938 4.92 27.06 8.73 . . . . 4.35 2.371939 - 1948 4.49 16.35 5.50 . 4.02 . 19.13 6.54 2.311949 - 1958 3.56 19.27 7.02 . 3.62 . 19.77 4.84 2.561959 - 1968 1.36 13.73 5.36 4.04 0.82 . 13.75 1.44 1.061969 - 1978 3.38 15.69 10.47 6.45 3.11 . 19.23 2.00 3.501979 - 1988 3.39 16.38 14.31 7.52 1.78 . 13.84 1.77 1.221989 - 1998 1.74 14.76 10.59 5.18 2.00 . 14.51 1.64 0.741999 - 2008 0.90 20.03 6.55 3.33 1.33 8.02 13.50 x x

15 YRS 1934 - 1948 4.19 17.05 7.50 . 3.85 . . 5.41 2.171949 - 1963 2.94 18.01 6.64 . 3.30 . 18.36 4.10 2.271964 - 1978 3.31 15.05 8.73 5.49 2.62 . 17.14 1.75 2.831979 - 1993 3.24 16.52 12.94 6.84 1.85 . 13.13 1.71 1.061994 - 2008 0.97 17.37 9.20 4.31 1.79 8.30 20.34 x x

25 YRS 1934 - 1958 3.92 18.23 7.23 . 3.84 . . 5.09 2.481959 - 1983 3.84 16.33 10.41 6.50 2.78 . 16.59 1.92 2.451984 - 2008 1.41 15.78 8.95 4.44 2.45 . 17.66 x x

50 YRS 1959 - 2008 3.24 15.89 10.51 5.91 2.77 . 17.03 x x

75 YRS 1934 - 2008 3.48 16.69 9.68 . 3.83 . . x xALL YRS - 2008 4.09 18.43 9.54 5.74 3.83 8.44 18.20 x x


CORRELATIONS OF REAL ANNUAL PERCENTAGE RATES OF CHANGE/RETURN

CONSUMER COMMON CANADA CONVENTIONAL REAL U.S. COMMON WAGE ANDPRICE STOCK LONG MORTGAGE 91 DAY RETURN STOCKS IN GDP PER SALARYINDEX INDEX BONDS INDEX T-BILLS BONDS CANADIAN $ EMPLOYED INDEX

LAST 10 YEARS/

CPI 0.21 -0.08 -0.55 -0.57 0.43 -0.15 x xSTOCKS -0.12 -0.43 -0.58 0.02 0.29 0.87 x xLONG BONDS -0.49 0.08 0.55 -0.32 0.46 -0.54 x xMORTGAGES -0.33 0.17 0.84 0.24 0.02 -0.39 x x91 DAY T-BILLS -0.39 0.04 0.47 0.45 -0.61 0.31 x xREAL RETURNS 0.48 0.41 0.63 0.45 -0.36 -0.01 x xU.S. STOCKS -0.37 0.73 0.33 0.42 0.24 0.05 x xGDP PER EMP x x x x x x x xWAGE & SALARY x x x x x x x x

/ALL YEARS


TABLES 3A, 3B, 3CFIXED INTEREST SECURITIES

TABLE 3AANALYSIS OF INTEREST RATES BY CLASS OF SECURITY

MEDIUM AND LONG-TERM SECURITIESNOMINAL YIELDS TO MATURITY COMPOUNDED SEMI-ANNUALLY

FEDERAL CONVENTIONAL 5 YEAR SAVINGS REAL RETURN CORPORATEBONDS MORTGAGES GICS ACCOUNTS BONDS BONDS

YEAR V122487 V122497 V122526 V122493 V122553 C28720Y1948 2.93 . . . . . 1949 2.87 . . . . . 1950 2.86 . . . . . 1951 3.23 5.46 . . . . 1952 3.56 5.77 . . . . 1953 3.71 5.97 . . . . 1954 3.18 6.01 . . . . 1955 3.14 5.88 . . . . 1956 3.63 6.23 . . . . 1957 4.11 6.85 . . . . 1958 4.15 6.80 . . . . 1959 5.08 6.98 . . . . 1960 5.19 7.18 . . . . 1961 5.05 7.00 . . . . 1962 5.11 6.97 . . . . 1963 5.09 6.97 . . . . 1964 5.18 6.97 5.26 . . . 1965 5.21 7.02 5.52 . . . 1966 5.69 7.66 6.06 . . . 1967 5.94 8.07 6.34 4.50 . . 1968 6.75 9.06 7.01 4.92 . . 1969 7.58 9.84 8.03 5.96 . . 1970 7.91 10.45 8.52 6.17 . . 1971 6.95 9.43 7.75 4.54 . . 1972 7.23 9.21 7.61 4.00 . . 1973 7.56 9.59 8.19 5.48 . . 1974 8.90 11.24 9.68 8.50 . .

1975 9.04 11.43 9.57 7.00 . . 1976 9.18 11.78 10.11 7.83 . . 1977 8.70 10.36 8.96 6.00 . . 1978 9.27 10.59 9.25 7.04 . . 1979 10.21 11.98 10.40 10.13 . . 1980 12.48 14.32 12.32 11.15 . . 1981 15.22 18.15 15.40 15.42 . . 1982 14.26 17.89 13.65 11.50 . . 1983 11.79 13.29 11.25 6.85 . . 1984 12.75 13.61 11.90 7.69 . . 1985 11.04 12.18 10.50 6.08 . . 1986 9.52 11.22 9.56 6.02 . . 1987 9.95 11.14 9.42 4.81 . . 1988 10.22 11.60 10.00 5.69 . . 1989 9.92 12.05 10.17 8.08 . . 1990 10.85 13.24 10.98 8.77 . . 1991 9.76 11.16 8.94 4.48 4.41 . 1992 8.77 9.52 7.33 2.27 4.62 . 1993 7.85 8.70 6.20 0.77 4.28 8.861994 8.63 9.34 7.34 0.50 4.41 9.411995 8.28 9.22 7.06 0.50 4.68 9.071996 7.50 7.94 5.64 0.50 4.61 8.301997 6.42 7.07 4.71 0.50 4.14 7.151998 5.46 6.90 4.38 0.24 4.02 6.331999 5.69 7.39 4.81 0.10 4.07 6.732000 5.89 8.20 5.34 0.10 3.69 7.002001 5.78 7.18 4.05 0.10 3.58 7.042002 5.66 6.70 3.91 0.05 3.50 6.872003 5.28 6.04 3.13 0.05 3.05 6.442004 5.08 5.80 2.92 0.05 2.34 5.992005 4.39 5.48 2.71 0.05 1.83 5.552006 4.30 5.98 3.16 0.05 1.69 5.622007 4.34 6.36 3.30 0.08 1.98 5.532008 4.04 6.41 3.01 0.10 1.90 5.96

Source: Statistics Canada CANSIM Series © Copyright 2009. All Rights Reserved.Source: Bloomberg L.P.

The above values are arithmetic averages of the twelve monthly yields to maturity of medium andlong-term securities. Selected monthly values are shown in Appendix A.

TABLE 3A (Cont'd)

ARITHMETIC AVERAGES OVER SELECTED INTERVALS


PERIOD V122487 V122497 V122526 V122493 V122553 C28720Y5 YRS 1949 - 1953 3.25 . . . . .

1954 - 1958 3.64 6.35 . . . . 1959 - 1963 5.10 7.02 . . . . 1964 - 1968 5.75 7.76 6.04 . . . 1969 - 1973 7.45 9.70 8.02 5.23 . . 1974 - 1978 9.02 11.08 9.51 7.28 . . 1979 - 1983 12.79 15.12 12.60 11.01 . . 1984 - 1988 10.70 11.95 10.28 6.06 . . 1989 - 1993 9.43 10.94 8.72 4.88 . . 1994 - 1998 7.26 8.09 5.82 0.45 4.37 8.051999 - 2003 5.66 7.10 4.25 0.08 3.58 6.822004 - 2008 4.43 6.00 3.02 0.07 1.95 5.73

MEAN 1969 - 2008 8.34 10.00 7.78 4.38 3.49 6.99S.DEV. 1969 - 2008 2.90 3.17 3.47 4.24 1.24 1.1610 YRS 1949 - 1958 3.44 . . . . .

1959 - 1968 5.43 7.39 . . . . 1969 - 1978 8.23 10.39 8.77 6.25 . . 1979 - 1988 11.75 13.54 11.44 8.53 . . 1989 - 1998 8.35 9.51 7.27 2.66 . . 1999 - 2008 5.04 6.55 3.63 0.07 2.76 6.27

MEAN 1969 - 2008 8.34 10.00 7.78 4.38 3.49 6.99S.DEV. 1969 - 2008 3.35 3.51 3.91 4.33 . . 15 YRS 1949 - 1963 4.00 . . . . .

1964 - 1978 7.41 9.51 7.86 . . . 1979 - 1993 10.97 12.67 10.53 7.31 . . 1994 - 2008 5.78 7.07 4.36 0.20 3.30 6.87

25 YRS 1959 - 1983 8.02 10.14 . . . . 1984 - 2008 7.50 8.82 6.42 2.31 . .

50 YRS 1959 - 2008 7.76 9.48 . . . . ALL YRS - 2008 6.97 9.01 7.58 4.40 3.49 6.99


STANDARD DEVIATIONS OVER SELECTED INTERVALS


PERIOD V122487 V122497 V122526 V122493 V122553 C28720Y5 YRS 1949 - 1953 0.39 . . . . .

1954 - 1958 0.49 0.45 . . . . 1959 - 1963 0.05 0.09 . . . . 1964 - 1968 0.64 0.86 0.69 . . . 1969 - 1973 0.37 0.47 0.36 0.93 . . 1974 - 1978 0.23 0.59 0.44 0.94 . . 1979 - 1983 1.99 2.77 1.98 3.07 . . 1984 - 1988 1.28 1.01 1.00 1.04 . . 1989 - 1993 1.15 1.84 1.97 3.51 . . 1994 - 1998 1.31 1.15 1.34 0.12 0.29 1.301999 - 2003 0.23 0.80 0.86 0.03 0.37 0.242004 - 2008 0.39 0.39 0.23 0.02 0.24 0.23

10 YRS 1949 - 1958 0.46 . . . . . 1959 - 1968 0.55 0.70 . . . . 1969 - 1978 0.88 0.88 0.87 1.39 . . 1979 - 1988 1.92 2.58 1.92 3.39 . . 1989 - 1998 1.63 2.08 2.20 3.30 . . 1999 - 2008 0.72 0.83 0.88 0.02 0.91 0.62

15 YRS 1949 - 1963 0.89 . . . . . 1964 - 1978 1.44 1.54 1.55 . . . 1979 - 1993 2.01 2.62 2.29 3.75 . . 1994 - 2008 1.41 1.18 1.47 0.19 1.08 1.22

25 YRS 1959 - 1983 2.94 3.18 . . . . 1984 - 2008 2.53 2.54 2.99 3.06 . .

50 YRS 1959 - 2008 2.73 2.93 . . . . ALL YRS - 2008 2.99 2.96 3.10 3.96 1.08 1.28


CORRELATIONS OF NOMINAL YIELDS TO MATURITY FEDERAL CONVENTIONAL 5 YEAR SAVINGS REAL RETURN CORPORATE

BONDS MORTGAGES GICS ACCOUNTS BONDS BONDSV122487 V122497 V122526 V122493 V122553 C28720Y

LAST 10 YEARS/

FEDERAL BONDS 0.70 0.77 0.28 0.95 0.93MORTGAGES 0.97 0.97 0.79 0.78 0.795 YEAR GICS 0.96 0.98 0.66 0.84 0.79

SAVINGS ACCOUNTS 0.86 0.92 0.93 0.45 0.46REAL RETURNS 0.85 0.79 0.82 0.44 0.94

CORPORATES 0.99 0.93 0.95 0.84 0.85/

ALL YEARS


TABLE 3BANALYSIS OF INTEREST RATES BY CLASS OF SECURITY

MEDIUM AND LONG-TERM SECURITIESEFFECTIVE ANNUAL NOMINAL RATES OF TOTAL RETURN

CONSUMER FEDERAL CONVENTIONAL 5 YEAR SAVINGS REAL RETURN CORPORATEYEAR PRICE INDEX BONDS MORTGAGES GICS ACCOUNTS BONDS BONDS1948 9.01 -2.38 . . . . . 1949 0.83 4.85 . . . . . 1950 5.74 -0.12 . . . . . 1951 10.85 -3.13 . . . . . 1952 -1.40 1.99 5.18 . . . . 1953 0.00 3.64 2.08 . . . . 1954 0.00 9.99 7.48 . . . . 1955 0.71 -0.34 6.73 . . . . 1956 2.82 -3.63 -2.42 . . . . 1957 2.05 5.89 3.23 . . . . 1958 2.68 -5.69 8.86 . . . . 1959 1.31 -4.43 1.75 . . . . 1960 1.29 7.10 10.32 . . . . 1961 0.00 9.78 7.12 . . . . 1962 1.91 3.05 7.12 . . . . 1963 1.88 4.26 7.12 . . . . 1964 1.84 6.97 7.12 . . . . 1965 3.01 0.96 2.59 3.12 . . . 1966 3.51 1.55 1.58 5.17 . . . 1967 3.95 -2.20 2.21 4.84 . . . 1968 4.35 -0.80 2.97 4.84 4.99 . . 1969 4.69 -2.01 -3.15 2.62 6.06 . . 1970 1.00 21.98 11.87 10.03 6.28 . . 1971 4.93 11.55 13.90 11.80 4.60 . . 1972 5.16 1.11 8.92 6.15 4.05 . . 1973 9.38 1.71 6.87 4.27 5.57 . . 1974 12.65 -1.69 4.50 4.04 8.71 . . 1975 9.42 2.82 12.20 10.23 7.14 . . 1976 5.63 19.02 14.21 11.51 8.01 . . 1977 9.40 5.97 14.62 12.95 6.11 . . 1978 8.60 1.29 6.84 5.24 7.19 . . 1979 9.76 -2.62 5.66 5.72 10.43 . . 1980 11.06 2.06 8.10 5.72 11.51 . .

1981 12.12 -3.02 9.98 9.88 16.12 . . 1982 9.27 42.98 29.15 28.26 11.89 . . 1983 4.59 9.60 20.46 10.78 6.99 . . 1984 3.72 15.09 12.36 9.96 7.86 . . 1985 4.40 25.26 16.72 14.37 6.19 . . 1986 4.21 17.54 13.34 11.67 6.13 . . 1987 4.19 0.45 10.26 6.18 4.88 . . 1988 3.88 10.45 10.12 9.69 5.78 . . 1989 5.26 16.29 13.06 12.43 8.28 . . 1990 4.99 3.34 10.63 10.25 9.00 . . 1991 3.75 24.43 21.56 17.14 4.54 . . 1992 2.17 13.07 11.25 12.56 2.29 3.46 . 1993 1.65 22.88 15.66 13.24 0.77 19.33 21.671994 0.23 -10.46 -0.15 -6.36 0.50 -13.24 -5.531995 1.74 26.28 16.47 15.66 0.50 13.21 26.431996 2.16 14.29 13.80 13.86 0.50 10.07 16.181997 0.78 17.45 7.19 3.51 0.50 3.36 17.931998 1.00 14.13 7.73 7.09 0.24 4.73 10.211999 2.63 -7.15 2.10 -1.35 0.10 5.94 -5.312000 3.20 13.64 9.36 8.30 0.10 14.90 11.602001 0.72 3.92 11.94 9.28 0.10 -2.38 6.082002 3.80 10.09 7.60 2.08 0.05 11.85 10.482003 2.08 8.06 7.82 7.75 0.05 13.85 14.862004 2.13 8.46 7.15 3.52 0.05 17.24 8.372005 2.09 15.05 6.08 2.80 0.05 17.58 10.652006 1.67 3.22 4.70 2.23 0.05 -4.86 4.222007 2.38 3.30 3.11 1.83 0.08 -1.40 6.552008 1.16 13.65 8.84 6.12 0.10 2.32 -13.03


This table provides values of total return rates on 18-year federal bonds, 28-year real-return bonds, 20-year corporate bonds, 5-year mortgages, 5-year GIC and non-chequable savings accounts. These values, derived fromthe basic monthly series, assume purchase on Dec. 31 of the previous year and sale on Dec. 31 of the current year,with all income reinvested. See Appendices C and D for further description of data sources and methodology.

TABLE 3B (Cont'd)

GEOMETRIC AVERAGES OVER SELECTED INTERVALS

CONSUMER FEDERAL CONVENTIONAL 5 YEAR SAVINGS REAL RETURN CORPORATEPERIOD PRICE INDEX BONDS MORTGAGES GICS ACCOUNTS BONDS BONDS

5 YRS 1949 - 1953 3.11 1.41 . . . . . 1954 - 1958 1.65 1.08 4.70 . . . . 1959 - 1963 1.27 3.84 6.65 . . . . 1964 - 1968 3.33 1.25 3.27 4.49 . . . 1969 - 1973 5.00 6.52 7.51 6.92 5.31 . . 1974 - 1978 9.12 5.25 10.40 8.74 7.43 . . 1979 - 1983 9.33 8.60 14.34 11.78 11.35 . . 1984 - 1988 4.08 13.46 12.53 10.34 6.16 . . 1989 - 1993 3.56 15.75 14.37 13.10 4.92 . . 1994 - 1998 1.18 11.62 8.85 6.45 0.45 3.20 12.521999 - 2003 2.48 5.46 7.71 5.13 0.08 8.64 7.302004 - 2008 1.88 8.62 5.96 3.29 0.07 5.76 2.98

MEAN 1969 - 2008 4.54 9.35 10.17 8.17 4.40 . . S.DEV. 1969 - 2008 3.36 3.97 3.29 3.61 4.36 2.72 4.7810 YRS 1949 - 1958 2.37 1.24 . . . . .

1959 - 1968 2.30 2.53 4.95 . . . . 1969 - 1978 7.04 5.88 8.95 7.82 6.36 . . 1979 - 1988 6.67 11.00 13.43 11.06 8.73 . . 1989 - 1998 2.36 13.66 11.57 9.73 2.66 . . 1999 - 2008 2.18 7.03 6.83 4.20 0.07 7.19 5.12

MEAN 1969 - 2008 4.54 9.35 10.17 8.17 4.40 . . S.DEV. 1969 - 2008 2.54 3.34 3.40 3.63 4.44 . . 15 YRS 1949 - 1963 2.01 2.10 . . . . .

1964 - 1978 5.79 4.31 7.02 6.86 . . . 1979 - 1993 5.62 12.56 13.74 11.74 7.44 . . 1994 - 2008 1.85 8.54 7.50 4.95 0.20 5.84 7.53

25 YRS 1959 - 1983 5.56 5.06 8.37 . . . . 1984 - 2008 2.63 10.92 9.84 7.60 2.30 . .

50 YRS 1959 - 2008 4.09 7.95 9.10 . . . . ALL YRS - 2008 3.88 6.65 8.51 7.83 4.42 6.45 8.36




5 YRS 1949 - 1953 5.05 3.17 . . . . . 1954 - 1958 1.25 6.57 4.53 . . . . 1959 - 1963 0.77 5.36 3.09 . . . . 1964 - 1968 0.97 3.50 2.20 0.93 . . . 1969 - 1973 2.97 9.86 6.63 3.86 0.96 . . 1974 - 1978 2.51 8.06 4.55 3.93 0.98 . . 1979 - 1983 2.89 19.23 9.87 9.34 3.27 . . 1984 - 1988 0.28 9.17 2.70 2.99 1.08 . . 1989 - 1993 1.62 8.47 4.44 2.51 3.61 . . 1994 - 1998 0.77 13.67 6.47 8.84 0.12 10.24 11.901999 - 2003 1.18 8.00 3.61 4.62 0.03 7.16 7.842004 - 2008 0.48 5.57 2.20 1.70 0.02 10.57 9.46

10 YRS 1949 - 1958 3.56 4.86 . . . . . 1959 - 1968 1.36 4.49 3.10 . . . . 1969 - 1978 3.38 8.52 5.56 3.80 1.45 . . 1979 - 1988 3.39 14.36 6.91 6.60 3.58 . . 1989 - 1998 1.74 10.89 5.96 6.99 3.39 . . 1999 - 2008 0.90 6.69 2.97 3.43 0.02 8.62 8.48

15 YRS 1949 - 1963 2.94 5.00 . . . . . 1964 - 1978 3.31 7.47 5.41 3.56 . . . 1979 - 1993 3.24 12.54 6.04 5.54 3.93 . . 1994 - 2008 0.97 9.40 4.33 5.60 0.19 9.02 10.02

25 YRS 1959 - 1983 3.84 10.19 6.68 . . . . 1984 - 2008 1.41 9.32 4.95 5.72 3.12 . .

50 YRS 1959 - 2008 3.24 10.11 5.86 . . . . ALL YRS - 2008 3.36 9.77 5.85 5.71 4.14 9.06 10.27


CORRELATIONS OF RATES OF CHANGE/RETURN CONSUMER FEDERAL CONVENTIONAL 5 YEAR SAVINGS REAL RETURN CORPORATE

PRICE INDEX BONDS MORTGAGES GICS ACCOUNTS BONDS BONDSLAST 10 YEARS

/CPI 0.06 -0.31 -0.39 -0.17 0.51 0.39

FEDERAL BONDS -0.13 0.56 0.50 -0.27 0.51 0.28MORTGAGES 0.23 0.78 0.89 0.17 0.13 0.185 YEAR GICS 0.20 0.79 0.91 0.22 0.06 0.25

SAVINGS ACCOUNTS 0.82 -0.03 0.28 0.37 -0.38 -0.53REAL RETURNS 0.55 0.65 0.52 0.49 -0.07 0.49

CORPORATES 0.18 0.72 0.67 0.68 0.46 0.59/

ALL YEARS


TABLE 3CANALYSIS OF INTEREST RATES BY CLASS OF SECURITY

MEDIUM AND LONG-TERM SECURITIESEFFECTIVE ANNUAL REAL RATES OF TOTAL RETURN

REAL VALUES NET OF CPI INCREASES CONSUMER FEDERAL CONVENTIONAL 5 YEAR SAVINGS REAL RETURN CORPORATE

YEAR PRICE INDEX BONDS MORTGAGES GICS ACCOUNTS BONDS BONDS1948 9.01 -10.45 . . . . . 1949 0.83 3.99 . . . . . 1950 5.74 -5.54 . . . . . 1951 10.85 -12.61 . . . . . 1952 -1.40 3.44 6.67 . . . . 1953 0.00 3.64 2.08 . . . . 1954 0.00 9.99 7.48 . . . . 1955 0.71 -1.04 5.98 . . . . 1956 2.82 -6.27 -5.09 . . . . 1957 2.05 3.76 1.15 . . . . 1958 2.68 -8.16 6.02 . . . . 1959 1.31 -5.67 0.44 . . . . 1960 1.29 5.74 8.91 . . . . 1961 0.00 9.78 7.12 . . . . 1962 1.91 1.12 5.11 . . . . 1963 1.88 2.34 5.15 . . . . 1964 1.84 5.04 5.19 . . . . 1965 3.01 -1.99 -0.41 0.11 . . . 1966 3.51 -1.89 -1.86 1.61 . . . 1967 3.95 -5.92 -1.68 0.85 . . . 1968 4.35 -4.94 -1.32 0.47 0.61 . . 1969 4.69 -6.39 -7.48 -1.98 1.31 . . 1970 1.00 20.78 10.77 8.95 5.23 . . 1971 4.93 6.32 8.55 6.55 -0.31 . . 1972 5.16 -3.85 3.57 0.94 -1.06 . . 1973 9.38 -7.01 -2.29 -4.67 -3.48 . . 1974 12.65 -12.73 -7.24 -7.65 -3.50 . . 1975 9.42 -6.03 2.54 0.74 -2.08 . . 1976 5.63 12.68 8.12 5.57 2.26 . . 1977 9.40 -3.14 4.76 3.24 -3.02 . . 1978 8.60 -6.73 -1.62 -3.09 -1.30 . . 1979 9.76 -11.29 -3.74 -3.68 0.60 . . 1980 11.06 -8.10 -2.66 -4.80 0.41 . .

1981 12.12 -13.50 -1.91 -2.00 3.56 . . 1982 9.27 30.85 18.20 17.38 2.40 . . 1983 4.59 4.79 15.17 5.91 2.29 . . 1984 3.72 10.97 8.33 6.02 4.00 . . 1985 4.40 19.99 11.81 9.55 1.72 . . 1986 4.21 12.78 8.76 7.15 1.84 . . 1987 4.19 -3.59 5.82 1.91 0.66 . . 1988 3.88 6.32 6.01 5.60 1.83 . . 1989 5.26 10.49 7.42 6.82 2.87 . . 1990 4.99 -1.57 5.37 5.01 3.81 . . 1991 3.75 19.92 17.16 12.90 0.75 . . 1992 2.17 10.67 8.89 10.17 0.11 1.26 . 1993 1.65 20.88 13.78 11.40 -0.87 17.39 19.691994 0.23 -10.67 -0.38 -6.58 0.27 -13.44 -5.751995 1.74 24.12 14.48 13.68 -1.22 11.28 24.271996 2.16 11.87 11.39 11.45 -1.63 7.74 13.721997 0.78 16.54 6.36 2.71 -0.28 2.56 17.021998 1.00 13.01 6.66 6.04 -0.75 3.69 9.121999 2.63 -9.53 -0.52 -3.88 -2.46 3.23 -7.732000 3.20 10.11 5.97 4.94 -3.01 11.34 8.132001 0.72 3.18 11.13 8.49 -0.62 -3.08 5.312002 3.80 6.06 3.66 -1.65 -3.61 7.75 6.442003 2.08 5.86 5.63 5.56 -1.99 11.54 12.532004 2.13 6.20 4.91 1.36 -2.04 14.79 6.112005 2.09 12.70 3.91 0.70 -2.00 15.18 8.392006 1.67 1.52 2.97 0.55 -1.60 -6.43 2.512007 2.38 0.90 0.71 -0.54 -2.24 -3.69 4.072008 1.16 12.35 7.59 4.90 -1.05 1.15 -14.03


This table is based on Table 3B, adjusted for changes in the CPI.

TABLE 3C (Cont'd)



5 YRS 1949 - 1953 3.11 -1.65 . . . . . 1954 - 1958 1.65 -0.56 3.00 . . . . 1959 - 1963 1.27 2.53 5.31 . . . . 1964 - 1968 3.33 -2.01 -0.05 0.76 . . . 1969 - 1973 5.00 1.45 2.40 1.83 0.30 . . 1974 - 1978 9.12 -3.55 1.17 -0.35 -1.55 . . 1979 - 1983 9.33 -0.67 4.58 2.24 1.85 . . 1984 - 1988 4.08 9.01 8.12 6.02 2.00 . . 1989 - 1993 3.56 11.78 10.44 9.22 1.32 . . 1994 - 1998 1.18 10.31 7.58 5.21 -0.72 1.99 11.341999 - 2003 2.48 2.91 5.11 2.58 -2.34 6.01 4.322004 - 2008 1.88 6.61 3.99 1.38 -1.79 3.80 2.26

MEAN 1969 - 2008 4.54 4.60 5.39 3.48 -0.13 . . S.DEV. 1969 - 2008 3.36 5.80 3.07 3.25 1.85 2.01 4.7610 YRS 1949 - 1958 2.37 -1.11 . . . . .

1959 - 1968 2.30 0.23 2.59 . . . . 1969 - 1978 7.04 -1.08 1.78 0.73 -0.63 . . 1979 - 1988 6.67 4.06 6.34 4.11 1.93 . . 1989 - 1998 2.36 11.04 9.00 7.20 0.29 . . 1999 - 2008 2.18 4.74 4.55 1.98 -2.06 4.90 3.28

MEAN 1969 - 2008 4.54 4.60 5.39 3.48 -0.13 . . S.DEV. 1969 - 2008 2.54 3.85 2.24 2.62 2.01 . . 15 YRS 1949 - 1963 2.01 0.09 . . . . .

1964 - 1978 5.79 -1.39 1.17 0.74 . . . 1979 - 1993 5.62 6.57 7.69 5.79 1.72 . . 1994 - 2008 1.85 6.57 5.55 3.04 -1.62 3.92 5.90

25 YRS 1959 - 1983 5.56 -0.47 2.66 . . . . 1984 - 2008 2.63 8.08 7.02 4.85 -0.32 . .

50 YRS 1959 - 2008 4.09 3.71 4.82 . . . . ALL YRS - 2008 3.80 2.89 4.64 3.23 -0.11 4.51 6.83




5 YRS 1949 - 1953 5.05 7.43 . . . . . 1954 - 1958 1.25 7.42 5.17 . . . . 1959 - 1963 0.77 5.74 3.17 . . . . 1964 - 1968 0.97 4.29 2.96 0.64 . . . 1969 - 1973 2.97 11.80 7.56 5.71 3.24 . . 1974 - 1978 2.51 9.53 5.95 5.24 2.28 . . 1979 - 1983 2.89 18.36 10.73 9.29 1.33 . . 1984 - 1988 0.28 8.72 2.44 2.78 1.22 . . 1989 - 1993 1.62 9.08 4.84 3.27 1.95 . . 1994 - 1998 0.77 13.01 5.65 8.00 0.75 9.49 11.111999 - 2003 1.18 7.50 4.21 5.22 1.13 6.17 7.192004 - 2008 0.48 5.67 2.53 2.08 0.47 10.21 7.60

10 YRS 1949 - 1958 3.56 7.02 . . . . . 1959 - 1968 1.36 5.36 4.04 . . . . 1969 - 1978 3.38 10.47 6.45 5.29 2.82 . . 1979 - 1988 3.39 14.31 7.52 6.72 1.20 . . 1989 - 1998 1.74 10.59 5.18 6.10 1.76 . . 1999 - 2008 0.90 6.55 3.33 3.81 0.87 8.02 7.06

15 YRS 1949 - 1963 2.94 6.64 . . . . . 1964 - 1978 3.31 8.73 5.49 4.42 . . . 1979 - 1993 3.24 12.94 6.84 6.16 1.45 . . 1994 - 2008 0.97 9.20 4.31 5.51 1.04 8.30 9.15

25 YRS 1959 - 1983 3.84 10.41 6.50 . . . . 1984 - 2008 1.41 8.95 4.44 5.18 2.06 . .

50 YRS 1959 - 2008 3.24 10.51 5.91 . . . . ALL YRS - 2008 3.36 10.22 5.74 5.71 2.26 8.44 9.64


CORRELATIONS OF RATES OF CHANGE/RETURN CONSUMER FEDERAL CONVENTIONAL 5 YEAR SAVINGS REAL RETURN CORPORATE

PRICE INDEX BONDS MORTGAGES GICS ACCOUNTS BONDS BONDSLAST 10 YEARS

/CPI -0.08 -0.55 -0.58 -1.00 0.43 0.07

FEDERAL BONDS -0.43 0.55 0.51 0.08 0.46 0.30MORTGAGES -0.33 0.84 0.92 0.56 0.02 0.245 YEAR GICS -0.36 0.87 0.92 0.59 -0.01 0.33

SAVINGS ACCOUNTS 0.01 0.24 0.30 0.35 -0.44 -0.09REAL RETURNS 0.48 0.63 0.45 0.44 -0.43 0.43

CORPORATES 0.01 0.76 0.74 0.76 0.11 0.59/

ALL YEARS


TABLES 4A, 4B, 4CGOVERNMENT OF CANADA BONDS BY TERM

TABLE 4AANALYSIS OF INTEREST RATES BY TERM OF SECURITY

GOVERNMENT OF CANADA SECURITIESNOMINAL YIELDS TO MATURITY COMPOUNDED SEMI-ANNUALLY

91 DAY 1-3 YEAR 3-5 YEAR 5-10 YEAR 10+ YEARYEAR V122541 V122558 V122485 V122486 V1224871936 0.85 . . . 2.971937 0.72 . . . 3.171938 0.60 . . . 3.091939 0.71 . . . 3.161940 0.71 . . . 3.281941 0.58 . . . 3.101942 0.54 . . . 3.061943 0.48 . . . 3.011944 0.39 . . . 3.001945 0.36 . . . 2.931946 0.39 . . . 2.611947 0.41 . . . 2.571948 0.41 . . . 2.931949 0.49 1.65 . . 2.871950 0.55 1.80 . . 2.861951 0.79 2.42 2.61 3.08 3.231952 1.07 2.81 3.24 3.56 3.561953 1.72 3.21 3.45 3.63 3.711954 1.43 2.18 2.67 2.90 3.181955 1.63 2.19 2.79 2.87 3.141956 2.96 3.60 3.76 3.75 3.631957 3.81 4.46 4.57 4.39 4.111958 2.28 3.28 3.47 3.69 4.151959 4.90 5.03 4.94 5.10 5.081960 3.24 3.96 4.52 4.85 5.191961 2.84 3.59 4.38 4.61 5.051962 4.12 4.28 4.60 4.76 5.111963 3.61 4.21 4.48 4.77 5.091964 3.80 4.41 4.72 4.92 5.18

1965 4.04 4.52 4.90 5.09 5.211966 5.09 5.38 5.55 5.74 5.691967 4.72 5.29 5.64 5.94 5.941968 6.42 6.37 6.68 6.85 6.751969 7.39 7.49 7.66 7.76 7.581970 6.13 6.57 7.11 7.58 7.911971 3.61 4.93 5.56 6.15 6.951972 3.61 5.54 6.26 6.74 7.231973 5.59 6.54 6.98 7.17 7.561974 8.06 8.03 8.12 8.27 8.901975 7.61 7.56 7.72 8.06 9.041976 9.17 8.27 8.35 8.73 9.181977 7.54 7.46 7.90 8.14 8.701978 8.97 8.77 9.00 9.08 9.271979 12.23 10.77 10.42 10.16 10.211980 13.45 12.44 12.37 12.30 12.481981 18.99 15.97 15.68 15.29 15.221982 14.41 13.95 14.00 14.03 14.261983 9.65 10.18 10.61 11.11 11.791984 11.54 11.67 11.91 12.42 12.751985 9.78 10.12 10.39 10.78 11.041986 9.29 9.09 9.21 9.37 9.521987 8.40 9.19 9.42 9.55 9.951988 9.83 9.67 9.77 9.76 10.221989 12.62 10.71 10.20 9.83 9.921990 13.45 11.65 11.19 10.82 10.851991 9.02 8.99 9.16 9.36 9.761992 6.76 7.03 7.43 8.16 8.771993 4.94 5.89 6.46 7.24 7.851994 5.66 7.14 7.79 8.26 8.631995 7.08 7.26 7.64 7.93 8.281996 4.28 5.35 6.21 6.86 7.501997 3.30 4.68 5.33 5.87 6.421998 4.82 5.09 5.16 5.26 5.471999 4.80 5.36 5.50 5.56 5.692000 5.61 5.91 5.99 5.96 5.892001 3.83 4.25 4.88 5.32 5.782002 2.61 3.55 4.44 5.08 5.662003 2.90 3.24 3.88 4.54 5.282004 2.24 2.92 3.67 4.34 5.082005 2.75 3.18 3.50 3.89 4.392006 4.10 4.07 4.10 4.18 4.302007 4.22 4.22 4.21 4.25 4.342008 2.41 2.66 2.96 3.36 4.04


This table gives the 12 month arithmetic average of the yields to maturity on governmentbonds of various durations. The given annual rate is that compounded semi-annually.Averages, standard deviations and correlations are given on the next page.

TABLE 4A (Cont'd)

ARITHMETIC AVERAGES OVER SELECTED INTERVALS

PERIOD 91 DAY 1-3 YEAR 3-5 YEAR 5-10 YEAR 10+ YEAR5 YRS 1939 - 1943 0.60 . . . 3.12

1944 - 1948 0.39 . . . 2.811949 - 1953 0.92 2.38 . . 3.251954 - 1958 2.42 3.14 3.45 3.52 3.641959 - 1963 3.74 4.21 4.58 4.81 5.101964 - 1968 4.82 5.19 5.50 5.71 5.751969 - 1973 5.27 6.21 6.71 7.08 7.451974 - 1978 8.27 8.02 8.22 8.45 9.021979 - 1983 13.74 12.66 12.62 12.58 12.791984 - 1988 9.77 9.95 10.14 10.37 10.701989 - 1993 9.36 8.85 8.89 9.08 9.431994 - 1998 5.03 5.90 6.43 6.84 7.261999 - 2003 3.95 4.46 4.94 5.29 5.662004 - 2008 3.14 3.41 3.69 4.00 4.43

MEAN 1959 - 2008 6.71 6.89 7.17 7.42 7.76S.DEV. 1959 - 2008 3.43 2.93 2.79 2.70 2.6910 YRS 1939 - 1948 0.50 . . . 2.96

1949 - 1958 1.67 2.76 . . 3.441959 - 1968 4.28 4.70 5.04 5.26 5.431969 - 1978 6.77 7.12 7.47 7.77 8.231979 - 1988 11.76 11.30 11.38 11.48 11.751989 - 1998 7.19 7.38 7.66 7.96 8.351999 - 2008 3.55 3.94 4.31 4.65 5.04

MEAN 1959 - 2008 6.71 6.89 7.17 7.42 7.76S.DEV. 1959 - 2008 3.23 2.88 2.77 2.70 2.7015 YRS 1949 - 1963 2.36 3.24 . . 4.00

1964 - 1978 6.12 6.48 6.81 7.08 7.411979 - 1993 10.96 10.49 10.55 10.68 10.971994 - 2008 4.04 4.59 5.02 5.38 5.78

25 YRS 1959 - 1983 7.17 7.26 7.53 7.73 8.021984 - 2008 6.25 6.52 6.82 7.12 7.50

50 YRS 1959 - 2008 6.71 6.89 7.17 7.42 7.76ALL YRS - 2008 4.92 6.20 6.64 6.88 6.32



PERIOD 91 DAY 1-3 YEAR 3-5 YEAR 5-10 YEAR 10+ YEAR5 YRS 1939 - 1943 0.10 . . . 0.11

1944 - 1948 0.02 . . . 0.201949 - 1953 0.50 0.66 . . 0.391954 - 1958 0.98 0.97 0.77 0.64 0.491959 - 1963 0.80 0.53 0.21 0.18 0.051964 - 1968 1.03 0.79 0.77 0.77 0.641969 - 1973 1.65 0.99 0.82 0.65 0.371974 - 1978 0.76 0.54 0.50 0.44 0.231979 - 1983 3.43 2.37 2.25 2.09 1.991984 - 1988 1.14 1.05 1.08 1.27 1.281989 - 1993 3.67 2.42 1.95 1.40 1.151994 - 1998 1.43 1.21 1.24 1.29 1.311999 - 2003 1.26 1.15 0.84 0.53 0.232004 - 2008 0.94 0.70 0.50 0.40 0.39

10 YRS 1939 - 1948 0.13 . . . 0.221949 - 1958 1.08 0.88 . . 0.461959 - 1968 1.04 0.82 0.72 0.70 0.551969 - 1978 1.99 1.21 1.02 0.89 0.881979 - 1988 3.19 2.24 2.11 2.00 1.921989 - 1998 3.48 2.38 2.01 1.74 1.631999 - 2008 1.13 1.05 0.93 0.81 0.72

15 YRS 1949 - 1963 1.40 1.04 . . 0.891964 - 1978 1.94 1.42 1.33 1.30 1.441979 - 1993 3.43 2.52 2.33 2.12 2.011994 - 2008 1.39 1.43 1.43 1.43 1.41

25 YRS 1959 - 1983 4.05 3.25 3.07 2.94 2.941984 - 2008 3.35 2.87 2.69 2.59 2.53

50 YRS 1959 - 2008 3.71 3.06 2.88 2.76 2.73ALL YRS - 2008 4.08 3.21 2.99 2.91 3.11


CORRELATIONS OF YIELDS BY TIME TO MATURITY

91 DAY 1-3 YEAR 3-5 YEAR 5-10 YEAR 10+ YEARLAST 10 YEARS

/91 DAY 0.97 0.86 0.68 0.38

1-3 YEAR 0.99 0.95 0.83 0.573-5 YEAR 0.98 1.00 0.96 0.78

5-10 YEAR 0.96 0.99 1.00 0.9310+ YEAR 0.96 0.97 0.99 1.00

/ALL YEARS


TABLE 4BANALYSIS OF INTEREST RATES BY TERM OF SECURITY

GOVERNMENT OF CANADA SECURITIESEFFECTIVE ANNUAL NOMINAL RATES OF TOTAL RETURN

YEAR CPI 91 DAY 1-3 YEAR 3-5 YEAR 5-10 YEAR 10+ YEAR1936 1.35 0.89 . . . . 1937 4.00 0.71 . . . -0.581938 -2.56 0.62 . . . 5.631939 2.63 0.70 . . . -2.981940 5.13 0.73 . . . 8.691941 6.10 0.59 . . . 3.801942 3.45 0.54 . . . 3.081943 2.22 0.49 . . . 3.881944 -2.17 0.39 . . . 3.161945 2.22 0.37 . . . 5.181946 5.43 0.39 . . . 6.021947 14.43 0.41 . . . 3.171948 9.01 0.41 . . . -2.381949 0.83 0.48 . . . 4.851950 5.74 0.54 1.28 . . -0.121951 10.85 0.77 1.94 . . -3.131952 -1.40 1.05 1.50 1.68 1.16 1.991953 0.00 1.66 3.15 3.06 4.21 3.641954 0.00 1.53 4.75 6.91 8.67 9.991955 0.71 1.46 0.37 -0.40 -0.80 -0.341956 2.82 2.91 2.02 0.30 -2.31 -3.631957 2.05 3.86 5.28 6.43 7.94 5.891958 2.68 2.16 3.21 2.55 0.31 -5.691959 1.31 4.78 4.14 2.36 -1.80 -4.431960 1.29 3.53 5.97 6.14 10.47 7.101961 0.00 2.89 4.62 7.30 7.38 9.781962 1.91 4.05 2.70 3.02 2.24 3.051963 1.88 3.66 4.01 3.91 3.97 4.261964 1.84 3.80 4.39 4.49 4.95 6.971965 3.01 4.03 3.38 3.02 1.71 0.961966 3.51 5.14 4.86 4.33 3.53 1.551967 3.95 4.62 4.80 3.21 1.31 -2.201968 4.35 6.47 5.72 5.02 3.16 -0.801969 4.69 7.43 5.52 3.92 1.41 -2.01

1970 1.00 6.57 11.36 16.47 20.87 21.981971 4.93 3.79 5.41 6.41 9.14 11.551972 5.16 3.59 3.76 2.66 1.66 1.111973 9.38 5.46 3.51 2.73 2.47 1.711974 12.65 8.23 7.29 8.17 7.03 -1.691975 9.42 7.56 5.15 3.24 0.42 2.821976 5.63 9.44 9.36 10.47 14.27 19.021977 9.40 7.86 7.55 6.82 5.88 5.971978 8.60 8.93 5.32 3.55 1.32 1.291979 9.76 12.54 8.43 5.72 3.21 -2.621980 11.06 13.72 11.95 9.77 5.63 2.061981 12.12 20.38 11.28 6.74 2.00 -3.021982 9.27 15.25 20.58 27.53 35.98 42.981983 4.59 9.86 10.36 10.41 9.58 9.601984 3.72 11.94 10.61 11.34 12.53 15.091985 4.40 9.77 12.00 14.81 19.20 25.261986 4.21 9.47 9.76 10.92 13.78 17.541987 4.19 8.46 7.81 6.05 3.58 0.451988 3.88 9.76 9.08 9.04 9.67 10.451989 5.26 12.91 10.61 11.21 12.81 16.291990 4.99 13.98 11.20 9.65 7.06 3.341991 3.75 9.57 14.08 17.63 20.20 24.431992 2.17 6.49 8.23 9.73 10.28 13.071993 1.65 5.27 9.92 12.71 17.31 22.881994 0.23 5.33 0.56 -3.68 -7.10 -10.461995 1.74 7.43 11.87 16.04 20.75 26.281996 2.16 4.48 7.78 10.27 11.90 14.291997 0.78 3.30 3.33 4.80 8.74 17.451998 1.00 4.81 5.66 7.01 9.30 14.131999 2.63 4.83 3.91 1.23 -2.07 -7.152000 3.20 5.63 6.50 8.51 10.92 13.642001 0.72 4.13 7.35 7.58 5.97 3.922002 3.80 2.55 3.36 6.32 8.98 10.092003 2.08 2.93 3.46 4.48 5.67 8.062004 2.13 2.25 3.00 4.27 5.95 8.462005 2.09 2.67 2.36 2.85 5.76 15.052006 1.67 4.05 3.66 3.63 3.24 3.222007 2.38 4.33 4.09 3.92 3.88 3.302008 1.16 2.74 6.75 10.92 14.63 13.65


This table gives annual rates of return of federal govenment bonds assuming purchase on Dec. 31 ofthe previous year and sale on Dec. 31 of the current year, with all income reinvested.

TABLE 4B (Cont'd)


PERIOD CPI 91 DAY 1-3 YEAR 3-5 YEAR 5-10 YEAR 10+ YEAR5 YRS 1939 - 1943 3.90 0.61 . . . 3.23

1944 - 1948 5.63 0.39 . . . 2.981949 - 1953 3.11 0.90 1.97 . . 1.411954 - 1958 1.65 2.38 3.11 3.11 2.66 1.081959 - 1963 1.27 3.78 4.28 4.53 4.37 3.841964 - 1968 3.33 4.81 4.63 4.01 2.92 1.251969 - 1973 5.00 5.36 5.88 6.32 6.86 6.521974 - 1978 9.12 8.40 6.92 6.41 5.67 5.251979 - 1983 9.33 14.30 12.44 11.77 10.63 8.601984 - 1988 4.08 9.88 9.84 10.39 11.63 13.461989 - 1993 3.56 9.59 10.79 12.15 13.43 15.751994 - 1998 1.18 5.06 5.77 6.69 8.33 11.621999 - 2003 2.48 4.01 4.90 5.59 5.80 5.462004 - 2008 1.88 3.20 3.96 5.08 6.62 8.62

MEAN 1959 - 2008 4.09 6.79 6.91 7.26 7.58 7.95S.DEV. 1959 - 2008 2.95 3.57 3.01 3.01 3.35 4.5110 YRS 1939 - 1948 4.76 0.50 . . . 3.11

1949 - 1958 2.37 1.63 2.60 . . 1.241959 - 1968 2.30 4.29 4.46 4.27 3.64 2.531969 - 1978 7.04 6.87 6.40 6.36 6.26 5.881979 - 1988 6.67 12.06 11.14 11.08 11.13 11.001989 - 1998 2.36 7.30 8.25 9.38 10.85 13.661999 - 2008 2.18 3.61 4.43 5.34 6.21 7.03

MEAN 1959 - 2008 4.09 6.79 6.91 7.26 7.58 7.95S.DEV. 1959 - 2008 2.18 3.93 3.09 2.85 3.26 4.6015 YRS 1949 - 1963 2.01 2.35 3.20 . . 2.10

1964 - 1978 5.79 6.18 5.81 5.57 5.14 4.311979 - 1993 5.62 11.23 11.02 11.43 11.89 12.561994 - 2008 1.85 4.09 4.88 5.78 6.91 8.54

25 YRS 1959 - 1983 5.56 7.26 6.79 6.57 6.06 5.061984 - 2008 2.63 6.31 7.02 7.94 9.12 10.92

50 YRS 1959 - 2008 4.09 6.79 6.91 7.26 7.58 7.95ALL YRS - 2008 3.81 4.94 6.24 6.71 6.96 6.16




1944 - 1948 6.35 0.02 . . . 3.271949 - 1953 5.05 0.48 0.83 . . 3.171954 - 1958 1.25 1.01 2.01 3.39 5.15 6.571959 - 1963 0.77 0.70 1.18 2.10 4.72 5.361964 - 1968 0.97 1.06 0.85 0.86 1.47 3.501969 - 1973 2.97 1.69 3.18 5.81 8.33 9.861974 - 1978 2.51 0.77 1.75 3.08 5.53 8.061979 - 1983 2.89 3.91 4.70 8.89 14.11 19.231984 - 1988 0.28 1.27 1.58 3.22 5.73 9.171989 - 1993 1.62 3.82 2.14 3.29 5.29 8.471994 - 1998 0.77 1.52 4.31 7.26 10.07 13.671999 - 2003 1.18 1.29 1.87 2.88 4.95 8.002004 - 2008 0.48 0.92 1.69 3.29 4.59 5.57

10 YRS 1939 - 1948 4.49 0.13 . . . 3.531949 - 1958 3.56 1.08 1.63 . . 4.861959 - 1968 1.36 1.01 0.99 1.54 3.39 4.491969 - 1978 3.38 2.02 2.48 4.38 6.70 8.521979 - 1988 3.39 3.61 3.59 6.36 10.15 14.361989 - 1998 1.74 3.65 4.14 6.01 7.99 10.891999 - 2008 0.90 1.14 1.75 2.93 4.52 6.69

15 YRS 1949 - 1963 2.94 1.41 1.66 . . 5.001964 - 1978 3.31 1.99 2.22 3.74 5.69 7.471979 - 1993 3.24 3.74 3.10 5.41 8.67 12.541994 - 2008 0.97 1.41 2.78 4.60 6.60 9.40

25 YRS 1959 - 1983 3.84 4.32 3.94 5.44 7.89 10.191984 - 2008 1.41 3.45 3.62 4.85 6.60 9.32

50 YRS 1959 - 2008 3.24 3.90 3.75 5.15 7.36 10.11ALL YRS - 2008 3.52 4.24 3.84 5.12 7.22 9.14


CORRELATIONS OF RETURNS BY TIME TO MATURITY

CPI 91 DAY 1-3 YEAR 3-5 YEAR 5-10 YEAR 10+ YEARLAST 10 YEARS

/CPI 0.13 -0.41 -0.21 -0.04 0.06

91 DAY 0.44 0.45 -0.02 -0.28 -0.421-3 YEAR 0.35 0.80 0.79 0.49 0.083-5 YEAR 0.21 0.53 0.92 0.91 0.58

5-10 YEAR 0.05 0.34 0.80 0.96 0.84

10+ YEAR -0.11 0.29 0.68 0.86 0.95/

ALL YEARS


TABLE 4CANALYSIS OF INTEREST RATES BY TERM OF SECURITY

GOVERNMENT OF CANADA SECURITIESEFFECTIVE REAL RATES OF TOTAL RETURN

REAL VALUES NET OF CPI INCREASESYEAR CPI 91 DAY 1-3 YEAR 3-5 YEAR 5-10 YEAR 10+ YEAR1936 1.35 -0.45 . . . . 1937 4.00 -3.16 . . . -4.401938 -2.56 3.27 . . . 8.411939 2.63 -1.88 . . . -5.461940 5.13 -4.19 . . . 3.391941 6.10 -5.19 . . . -2.171942 3.45 -2.81 . . . -0.351943 2.22 -1.70 . . . 1.631944 -2.17 2.62 . . . 5.451945 2.22 -1.82 . . . 2.891946 5.43 -4.79 . . . 0.551947 14.43 -12.26 . . . -9.841948 9.01 -7.89 . . . -10.451949 0.83 -0.34 . . . 3.991950 5.74 -4.92 -4.21 . . -5.541951 10.85 -9.09 -8.04 . . -12.611952 -1.40 2.48 2.94 3.12 2.60 3.441953 0.00 1.66 3.15 3.06 4.21 3.641954 0.00 1.53 4.75 6.91 8.67 9.991955 0.71 0.74 -0.34 -1.10 -1.50 -1.041956 2.82 0.09 -0.78 -2.45 -4.99 -6.271957 2.05 1.76 3.16 4.28 5.77 3.761958 2.68 -0.51 0.51 -0.13 -2.31 -8.161959 1.31 3.43 2.80 1.04 -3.07 -5.671960 1.29 2.21 4.62 4.79 9.06 5.741961 0.00 2.89 4.62 7.30 7.38 9.781962 1.91 2.10 0.78 1.09 0.32 1.121963 1.88 1.76 2.09 1.99 2.06 2.341964 1.84 1.92 2.51 2.60 3.06 5.041965 3.01 0.99 0.36 0.01 -1.27 -1.991966 3.51 1.58 1.31 0.79 0.02 -1.891967 3.95 0.64 0.81 -0.72 -2.55 -5.921968 4.35 2.03 1.32 0.64 -1.13 -4.941969 4.69 2.62 0.80 -0.73 -3.13 -6.39

1970 1.00 5.52 10.26 15.32 19.68 20.781971 4.93 -1.08 0.46 1.42 4.02 6.321972 5.16 -1.50 -1.34 -2.38 -3.33 -3.851973 9.38 -3.58 -5.36 -6.08 -6.32 -7.011974 12.65 -3.93 -4.76 -3.98 -4.99 -12.731975 9.42 -1.70 -3.91 -5.65 -8.22 -6.031976 5.63 3.60 3.54 4.58 8.18 12.681977 9.40 -1.41 -1.69 -2.36 -3.22 -3.141978 8.60 0.31 -3.01 -4.65 -6.70 -6.731979 9.76 2.53 -1.21 -3.69 -5.97 -11.291980 11.06 2.39 0.80 -1.16 -4.89 -8.101981 12.12 7.37 -0.75 -4.80 -9.03 -13.501982 9.27 5.47 10.36 16.72 24.44 30.851983 4.59 5.04 5.51 5.56 4.77 4.791984 3.72 7.93 6.65 7.35 8.49 10.971985 4.40 5.14 7.28 9.98 14.18 19.991986 4.21 5.05 5.32 6.44 9.18 12.781987 4.19 4.09 3.47 1.78 -0.59 -3.591988 3.88 5.67 5.01 4.96 5.57 6.321989 5.26 7.27 5.09 5.66 7.18 10.491990 4.99 8.56 5.91 4.44 1.96 -1.571991 3.75 5.60 9.96 13.38 15.85 19.921992 2.17 4.23 5.93 7.40 7.93 10.671993 1.65 3.56 8.13 10.88 15.40 20.881994 0.23 5.09 0.33 -3.90 -7.31 -10.671995 1.74 5.60 9.96 14.05 18.69 24.121996 2.16 2.27 5.50 7.93 9.53 11.871997 0.78 2.50 2.53 3.98 7.90 16.541998 1.00 3.78 4.62 5.95 8.23 13.011999 2.63 2.14 1.25 -1.36 -4.57 -9.532000 3.20 2.36 3.20 5.15 7.47 10.112001 0.72 3.38 6.58 6.81 5.21 3.182002 3.80 -1.20 -0.43 2.43 4.99 6.062003 2.08 0.84 1.36 2.35 3.52 5.862004 2.13 0.12 0.85 2.09 3.74 6.202005 2.09 0.57 0.27 0.74 3.59 12.702006 1.67 2.34 1.95 1.93 1.54 1.522007 2.38 1.91 1.67 1.51 1.47 0.902008 1.16 1.56 5.53 9.65 13.32 12.35


This table is based on Table 4B, adjusted for changes in the CPI.

TABLE 4C (Cont'd)


PERIOD CPI 91 DAY 1-3 YEAR 3-5 YEAR 5-10 YEAR 10+ YEAR5 YRS 1939 - 1943 3.90 -3.16 . . . -0.64

1944 - 1948 5.63 -4.96 . . . -2.511949 - 1953 3.11 -2.14 -1.66 . . -1.651954 - 1958 1.65 0.72 1.44 1.44 1.00 -0.561959 - 1963 1.27 2.47 2.97 3.21 3.05 2.531964 - 1968 3.33 1.43 1.26 0.66 -0.39 -2.011969 - 1973 5.00 0.34 0.84 1.26 1.78 1.451974 - 1978 9.12 -0.66 -2.01 -2.48 -3.16 -3.551979 - 1983 9.33 4.54 2.85 2.23 1.19 -0.671984 - 1988 4.08 5.57 5.54 6.07 7.26 9.011989 - 1993 3.56 5.83 6.99 8.30 9.54 11.781994 - 1998 1.18 3.84 4.54 5.44 7.07 10.311999 - 2003 2.48 1.49 2.36 3.04 3.24 2.912004 - 2008 1.88 1.29 2.04 3.13 4.64 6.61

MEAN 1959 - 2008 4.09 2.59 2.71 3.05 3.36 3.71S.DEV. 1959 - 2008 2.95 2.23 2.54 3.03 3.84 5.3410 YRS 1939 - 1948 4.76 -4.07 . . . -1.58

1949 - 1958 2.37 -0.72 0.05 . . -1.111959 - 1968 2.30 1.95 2.11 1.93 1.32 0.231969 - 1978 7.04 -0.16 -0.60 -0.63 -0.72 -1.081979 - 1988 6.67 5.06 4.18 4.13 4.18 4.061989 - 1998 2.36 4.83 5.76 6.86 8.30 11.041999 - 2008 2.18 1.39 2.20 3.09 3.94 4.74

MEAN 1959 - 2008 4.09 2.59 2.71 3.05 3.36 3.71S.DEV. 1959 - 2008 2.51 2.26 2.40 2.76 3.40 4.7415 YRS 1949 - 1963 2.01 0.33 1.08 . . 0.09

1964 - 1978 5.79 0.37 0.02 -0.20 -0.61 -1.391979 - 1993 5.62 5.31 5.11 5.50 5.93 6.571994 - 2008 1.85 2.20 2.97 3.87 4.97 6.57

25 YRS 1959 - 1983 5.56 1.61 1.17 0.96 0.47 -0.471984 - 2008 2.63 3.59 4.28 5.18 6.33 8.08

50 YRS 1959 - 2008 4.09 2.59 2.71 3.05 3.36 3.71ALL YRS - 2008 3.81 1.09 2.30 2.91 3.15 2.23




1944 - 1948 6.35 5.68 . . . 7.391949 - 1953 5.05 4.87 5.52 . . 7.431954 - 1958 1.25 0.96 2.39 3.94 5.80 7.421959 - 1963 0.77 0.67 1.66 2.73 5.02 5.741964 - 1968 0.97 0.60 0.80 1.24 2.12 4.291969 - 1973 2.97 3.63 5.74 8.19 10.49 11.801974 - 1978 2.51 2.80 3.28 4.09 6.52 9.531979 - 1983 2.89 2.11 4.93 8.89 13.64 18.361984 - 1988 0.28 1.43 1.49 3.03 5.42 8.721989 - 1993 1.62 2.08 2.00 3.71 5.91 9.081994 - 1998 0.77 1.49 3.61 6.52 9.34 13.011999 - 2003 1.18 1.76 2.67 3.12 4.64 7.502004 - 2008 0.48 0.93 2.05 3.65 4.92 5.67

10 YRS 1939 - 1948 4.49 4.02 . . . 5.501949 - 1958 3.56 3.62 4.10 . . 7.021959 - 1968 1.36 0.82 1.53 2.42 4.08 5.361969 - 1978 3.38 3.11 4.67 6.44 8.68 10.471979 - 1988 3.39 1.78 3.70 6.54 10.20 14.311989 - 1998 1.74 2.00 3.03 5.21 7.47 10.591999 - 2008 0.90 1.33 2.25 3.20 4.57 6.55

15 YRS 1949 - 1963 2.94 3.30 3.63 . . 6.641964 - 1978 3.31 2.62 3.87 5.24 7.05 8.731979 - 1993 3.24 1.85 3.43 5.94 9.11 12.941994 - 2008 0.97 1.79 2.88 4.49 6.41 9.20

25 YRS 1959 - 1983 3.84 2.78 3.91 5.72 8.15 10.411984 - 2008 1.41 2.45 2.96 4.34 6.17 8.95

50 YRS 1959 - 2008 3.24 2.77 3.77 5.44 7.72 10.51ALL YRS - 2008 3.52 3.86 3.90 5.22 7.42 9.66


CORRELATIONS OF RETURNS BY TIME TO MATURITY

CPI 91 DAY 1-3 YEAR 3-5 YEAR 5-10 YEAR 10+ YEARLAST 10 YEARS

/CPI -0.57 -0.71 -0.48 -0.25 -0.08

91 DAY -0.40 0.73 0.27 -0.08 -0.321-3 YEAR -0.49 0.79 0.83 0.53 0.143-5 YEAR -0.40 0.57 0.96 0.90 0.56

5-10 YEAR -0.37 0.46 0.89 0.97 0.83

10+ YEAR -0.44 0.49 0.81 0.91 0.96/

ALL YEARS


TABLE 5RETURNS ON U.S. COMMON STOCKS IN CANADIAN DOLLARS

ANNUAL PERCENTAGE RATES OF TOTAL RETURN

RETURN ON S&P 500 DECEMBER EXCHANGE RATE RETURN IN CANADIANYEAR (NOMINAL VALUES) U.S. IN CANADIAN DOLLARS DOLLARS (NOMINAL VALUES)1938 33.23 # ##1939 -0.89 # ##1940 -9.98 # ##1941 ##### # ##1942 21.08 # ##1943 25.59 # ##1944 19.60 # ##1945 36.39 # ##1946 -8.12 # ##1947 5.27 # ##1948 5.08 # ##1949 18.00 # ##1950 30.47 # ##1951 24.61 # ##1952 18.31 # ##1953 -1.01 # ##1954 52.16 # ##1955 31.37 # ##1956 6.59 # ##1957 ##### # ##1958 43.21 # ##1959 11.92 # ##1960 0.46 # ##1961 26.79 # ##1962 -8.72 # ##1963 22.67 # ##1964 16.33 # ##1965 12.37 # ##1966 ##### # ##1967 23.89 # ##1968 10.99 # ##1969 -8.42 # ##1970 3.95 # ##1971 14.26 # ##

1972 18.91 # ##1973 ##### # ##1974 ##### # ##1975 37.19 # ##1976 23.59 # ##1977 -7.39 # ##1978 6.43 # ##1979 18.24 # ##1980 32.31 # ##1981 -4.98 # ##1982 21.49 # ##1983 22.41 # ##1984 6.13 # ##1985 31.22 # ##1986 18.91 # ##1987 5.11 # ##1988 16.61 # ##1989 31.69 # ##1990 -3.10 # ##1991 30.47 # ##1992 7.62 # ##1993 10.08 # ##1994 1.32 # ##1995 37.58 # ##1996 22.96 # ##1997 33.36 # ##1998 28.58 # ##1999 21.04 # ##2000 -9.10 # ##2001 ##### # ##2002 ##### # ##2003 28.69 # ##2004 10.88 # ##2005 4.91 # ##2006 15.79 # ##2007 5.49 # ##2008 ##### # ##

Source: Standard & Poor's, a division of The McGraw-Hill Companies, Inc. © Copyright 2009. All Rights Reserved.Source: Statistics Canada CANSIM Series © Copyright 2009. All Rights Reserved.

This table converts S&P 500 Common Stock Index values and reinvested dividends to Canadian dollarsand gives total return rates in Canadian dollars. The values in the last column are used in Tables 1A-1Dand 2A-2B.

TABLE 6RETURNS ON INTERNATIONAL STOCK INDICES

ANNUAL PERCENTAGE RATES OF TOTAL RETURN

MEASURED IN U.S. DOLLARS MEASURED IN CANADIAN DOLLARS

WORLD WORLD EUROPEAN PACIFIC WORLD WORLD EUROPEAN PACIFICYEAR INDEX EX. U.S. INDEX BASIN INDEX YEAR INDEX EX. U.S. INDEX BASIN INDEX1970 -1.98 -13.41 -9.36 -11.99 1970 -7.16 -17.99 -14.15 -16.641971 19.56 33.29 28.05 38.76 1971 17.42 30.91 25.75 36.271972 23.55 40.37 15.62 107.54 1972 23.24 40.01 15.33 107.021973 -14.50 -10.67 -7.73 -20.95 1973 -14.27 -10.43 -7.48 -20.741974 -24.49 -18.53 -22.77 -20.94 1974 -25.34 -19.45 -23.65 -21.831975 34.50 32.76 43.90 26.72 1975 38.00 36.22 47.65 30.021976 14.71 3.55 -6.37 21.64 1976 15.27 4.05 -5.92 22.221977 2.00 17.52 23.92 13.69 1977 9.86 26.58 33.47 22.451978 18.21 33.10 24.30 48.77 1978 27.08 43.08 33.62 59.931979 12.67 10.94 14.67 -3.48 1979 11.73 10.01 13.71 -4.291980 27.72 25.44 14.52 36.38 1980 30.69 28.35 17.19 39.551981 -3.30 -2.45 -10.45 8.31 1981 -4.25 -3.41 -11.32 7.251982 11.27 -0.26 5.69 -6.26 1982 16.26 4.21 10.43 -2.061983 23.28 24.79 22.38 26.42 1983 24.13 25.65 23.23 27.291984 5.77 3.47 1.26 13.48 1984 12.00 9.56 7.22 20.161985 41.77 51.40 79.79 39.39 1985 49.79 59.97 89.96 47.281986 42.80 65.84 44.46 93.82 1986 41.25 64.05 42.90 91.721987 16.76 24.56 4.10 39.85 1987 10.64 18.02 -1.37 32.511988 23.95 27.80 16.35 35.19 1988 13.39 16.91 6.44 23.671989 17.19 11.42 29.06 2.68 1989 13.78 8.18 25.30 -0.311990 -16.52 -22.81 -3.37 -34.29 1990 -16.60 -22.89 -3.47 -34.361991 18.97 12.44 13.66 11.54 1991 17.50 11.05 12.26 10.161992 -4.66 -11.93 -4.25 -18.20 1992 5.91 -2.17 6.37 -9.131993 23.13 32.61 29.79 35.97 1993 28.74 38.66 35.71 42.171994 5.58 7.64 2.66 13.03 1994 10.16 12.31 7.11 17.931995 21.32 11.76 22.13 2.99 1995 19.66 10.24 20.47 1.591996 14.00 7.20 21.57 -8.40 1996 13.36 6.59 20.89 -8.921997 16.23 2.56 24.20 -25.34 1997 21.77 7.45 30.12 -21.781998 24.80 19.11 28.91 2.69 1998 34.90 28.75 39.34 11.011999 25.34 28.27 16.23 57.96 1999 19.74 22.54 11.04 50.902000 -12.92 -13.16 -8.14 -25.64 2000 -10.02 -10.26 -5.08 -23.172001 -16.52 -21.16 -19.64 -25.22 2001 -13.50 -18.30 -16.73 -22.512002 -19.54 -15.51 -18.09 -9.01 2002 -20.47 -16.49 -19.04 -10.06

2003 33.76 40.01 39.14 38.98 2003 12.62 17.88 17.15 17.012004 15.25 20.84 21.39 19.30 2004 7.02 12.22 12.72 10.792005 10.02 14.96 9.93 23.01 2005 4.78 9.48 4.69 17.142006 20.65 26.23 34.36 12.51 2006 19.82 25.36 33.43 11.732007 9.57 12.92 14.39 5.61 2007 -4.68 -1.76 -0.48 -8.122008 -40.33 -43.23 -46.08 -36.17 2008 -26.57 -30.14 -33.64 -21.45

Source: Morgan Stanley Capital International Inc. © Copyright 2009. All Rights Reserved.

CORRELATIONS OF NOMINAL ANNUAL PERCENTAGE RATES OF CHANGE/RETURN

MEASURED IN CANADIAN DOLLARS

CONSUMER COMMON CANADIAN CANADIAN U.S. WORLD PACIFICPRICE STOCK LONG 91-DAY STOCK WORLD EX. U.S. EUROPEAN BASININDEX INDEX BONDS T-BILLS INDEX INDEX INDEX INDEX INDEX

LAST 10 YEARS/

CPI 0.24 0.06 0.13 -0.10 -0.01 0.09 0.05 0.14STOCKS 0.03 -0.40 0.20 0.88 0.91 0.92 0.86 0.81

LONG BONDS -0.23 0.02 -0.42 -0.56 -0.54 -0.48 -0.40 -0.5891-DAY T-BILLS 0.64 0.00 0.07 0.27 0.14 0.07 0.12 -0.04

U.S. STOCKS -0.06 0.61 0.38 0.20 0.98 0.94 0.92 0.79WORLD -0.02 0.70 0.23 0.12 0.87 0.99 0.95 0.85

WORLD EXC. U.S.A. 0.06 0.66 0.06 0.04 0.63 0.92 0.96 0.85EUROPE -0.02 0.62 0.23 0.04 0.75 0.89 0.87 0.68

PACIFIC BASIN 0.10 0.52 -0.09 0.03 0.39 0.71 0.86 0.54/

ALL YEARS (1970+)


All rates of return are gross of tax and include both market value changes and dividends.

TABLE 7REAL ESTATE RETURNS

DATA NOT YET AVAILABLE

TABLE 8PENSION PLAN ASSET MEDIAN RETURNS


TABLE 8 (Cont'd)


TABLE 9HISTORICAL CANADIAN POPULATION AND

DEPENDENCY RATIOS

TOTAL TOTALPOPULATION POP<18/ POP>65/ POPULATION POP<18/ POP>65/

YEAR V466668 POP 18-65 POP 18-65 YEAR V466668 POP 18-65 POP 18-651921 8,788,000 72.6 8.7 1965 19,644,000 73.2 14.41922 8,919,000 72.0 8.8 1966 20,014,900 72.0 14.31923 9,010,000 71.6 8.8 1967 20,378,000 70.3 14.31924 9,143,000 71.1 9.0 1968 20,701,100 68.5 14.21925 9,294,000 70.6 9.1 1969 21,001,000 66.7 14.21926 9,451,000 70.3 9.2 1970 21,297,000 64.9 14.31927 9,637,000 69.3 9.3 1971 21,961,999 62.5 14.21928 9,835,000 68.4 9.4 1972 22,218,475 60.6 14.21929 10,029,000 67.7 9.5 1973 22,491,757 58.5 14.21930 10,208,000 67.1 9.7 1974 22,807,918 56.4 14.31931 10,376,700 66.6 9.8 1975 23,143,192 54.6 14.31932 10,510,000 65.5 9.9 1976 23,449,791 52.8 14.41933 10,633,000 64.3 10.0 1977 23,725,921 51.1 14.61934 10,741,000 63.2 10.1 1978 23,963,370 49.4 14.81935 10,845,000 62.0 10.3 1979 24,201,801 47.6 15.01936 10,950,000 61.0 10.5 1980 24,516,071 46.1 15.21937 11,045,000 59.9 10.6 1981 24,820,393 44.5 15.31938 11,152,000 58.9 10.7 1982 25,117,442 43.1 15.41939 11,267,000 58.0 10.8 1983 25,366,969 41.8 15.51940 11,381,000 57.1 11.0 1984 25,607,651 41.0 15.71941 11,506,700 56.5 11.2 1985 25,842,736 40.4 16.01942 11,654,000 55.7 11.3 1986 26,101,155 39.9 16.41943 11,795,000 55.3 11.5 1987 26,448,855 39.6 16.81944 11,946,000 55.1 11.7 1988 26,795,383 39.2 17.11945 12,072,000 55.1 11.8 1989 27,281,795 38.8 17.31946 12,292,000 55.3 12.0 1990 27,697,530 38.8 17.61947 12,551,000 56.0 12.3 1991 28,031,394 38.8 18.01948 12,823,000 57.1 12.7 1992 28,366,737 38.9 18.31949 13,447,000 58.5 13.0 1993 28,681,676 38.8 18.51950 13,712,000 59.3 13.2 1994 28,999,006 38.6 18.61951 14,009,400 60.6 13.5 1995 29,302,091 38.4 18.81952 14,459,000 61.9 13.6 1996 29,610,757 38.2 19.01953 14,845,000 62.9 13.7 1997 29,907,172 37.8 19.2

1954 15,287,000 64.2 13.8 1998 30,157,082 37.4 19.41955 15,698,000 65.5 13.9 1999 30,403,878 36.8 19.51956 16,080,800 66.7 14.0 2000 30,689,035 36.2 19.61957 16,610,000 68.0 13.9 2001 31,021,251 35.7 19.61958 17,080,000 69.5 13.9 2002 31,372,587 34.9 19.71959 17,483,000 70.5 14.0 2003 31,676,077 34.2 19.81960 17,870,000 71.7 14.1 2004 31,989,454 33.6 19.91961 18,238,200 72.8 14.3 2005 32,299,496 33.1 20.01962 18,583,000 73.4 14.3 2006 32,576,074 32.9 20.31963 18,931,000 73.9 14.4 2007 32,927,372 32.4 20.61964 19,291,000 73.8 14.4 2008 33,311,389 31.8 20.9


POP (<18)/POP (18-65): This is the ratio, as a percentage, of the number of people underage 18 to the number of people aged 18 to 65.

POP (>65)/POP (18-65): This is the ratio, as a percentage, of the number of people overage 65 to the number of people aged 18 to 65.

Population Data


Dependency Ratios

0

5000

10000

15000

20000

25000

30000

35000

1921 1931 1941 1951 1961 1971 1981 1991 2001

Thousands

Under 18 18 To 65 Over 65

0

10

20

30

40

50

60

70

80

1921 1931 1941 1951 1961 1971 1981 1991 2001

Percentage

Pop(<18)/Pop(18 -65) Pop(>65)/Pop(18 -65)


0

10

20

30

40

50

60

70

80

1921 1931 1941 1951 1961 1971 1981 1991 2001

Percentage

Pop(<18)/Pop(18 -65) Pop(>65)/Pop(18 -65)

TABLE 10GOVERNMENT OF CANADA SECURITIES BY TERM

TABLE 10ANALYSIS OF INTEREST RATES BY TERM OF SECURITY

GOVERNMENT OF CANADA SECURITIESNOMINAL YIELDS TO MATURITY COMPOUNDED SEMI-ANNUALLY

3 MONTH 6 MONTH 2 YEAR 3 YEAR 5 YEAR 7 YEAR 10 YEAR LONG TERMYEAR B14007 B14008 B14067 B14068 B14069 B14070 B14071 B140721936 0.75 . . . . . . . 1937 0.76 . . . . . . . 1938 0.68 . . . . . . . 1939 0.81 . . . . . . . 1940 0.64 . . . . . . . 1941 0.55 . . . . . . . 1942 0.52 . . . . . . . 1943 0.41 . . . . . . . 1944 0.37 . . . . . . . 1945 0.36 . . . . . . . 1946 0.40 . . . . . . . 1947 0.41 . . . . . . . 1948 0.41 . . . . . . . 1949 0.51 . . . . . . . 1950 0.63 . . . . . . . 1951 0.90 . . . . . . . 1952 1.30 . . . . . . . 1953 1.89 . . . . . . . 1954 1.06 . . . . . . . 1955 2.56 . . . . . . . 1956 3.67 . . . . . . . 1957 3.62 . . . . . . . 1958 3.49 . . . . . . . 1959 5.12 5.47 . . . . . . 1960 3.25 3.54 . . . . . . 1961 2.99 3.14 . . . . . . 1962 3.91 4.01 . . . . . . 1963 3.78 3.99 . . . . . . 1964 3.82 3.96 . . . . . .

1965 4.54 4.77 . . . . . . 1966 4.96 5.03 . . . . . . 1967 5.95 6.13 . . . . . . 1968 6.24 6.47 . . . . . . 1969 7.81 7.88 . . . . . . 1970 4.44 4.52 . . . . . . 1971 3.21 3.31 . . . . . . 1972 3.65 3.87 . . . . . . 1973 6.35 6.51 . . . . . . 1974 7.12 6.97 . . . . . . 1975 8.64 8.83 . . . . . . 1976 8.14 7.93 . . . . . 8.851977 7.17 7.36 . . . . . 9.221978 10.46 10.71 . . . . . 9.951979 13.66 13.60 . . . . . 11.601980 17.01 15.30 . . 12.53 . . 13.041981 14.41 14.51 . . 15.24 . . 15.521982 9.80 9.39 10.03 10.14 10.42 . 11.31 11.921983 9.71 9.86 10.33 10.48 10.98 . 11.72 12.291984 9.84 10.16 10.18 10.53 10.90 . 11.52 11.991985 9.24 9.26 8.98 9.06 9.20 9.43 9.63 9.991986 8.24 8.48 8.55 8.49 8.63 8.65 8.74 8.901987 8.41 9.01 9.62 9.71 9.78 9.93 10.02 10.291988 10.94 11.40 10.56 10.27 10.27 10.26 10.17 10.001989 12.22 12.04 10.92 10.38 9.77 9.72 9.56 9.371990 11.47 11.40 10.46 10.41 10.27 10.38 10.34 10.401991 7.42 7.37 7.31 7.69 7.87 8.18 8.32 9.001992 7.11 7.17 6.93 7.08 7.34 7.84 7.86 8.361993 3.86 4.02 4.61 4.91 5.73 6.34 6.57 7.281994 7.18 8.11 8.84 9.00 8.99 9.08 9.07 9.131995 5.54 5.65 5.89 6.16 6.64 6.99 7.11 7.631996 2.80 3.18 4.03 4.85 5.44 6.02 6.37 7.091997 4.46 4.88 5.04 5.32 5.34 5.48 5.61 5.951998 4.70 4.76 4.72 4.83 4.76 4.82 4.89 5.231999 4.93 5.29 5.85 6.01 6.11 6.18 6.18 6.232000 5.56 5.58 5.27 5.30 5.30 5.34 5.35 5.562001 2.00 2.06 3.21 3.79 4.69 5.13 5.44 5.692002 2.67 2.79 3.18 3.55 4.06 4.47 4.88 5.422003 2.59 2.59 2.96 3.26 3.91 4.30 4.66 5.202004 2.48 2.58 3.05 3.26 3.74 4.08 4.39 4.922005 3.40 3.65 3.80 3.83 3.87 3.87 3.93 4.022006 4.16 4.17 3.98 3.95 3.95 3.98 4.05 4.102007 3.86 4.00 3.87 3.94 3.98 4.02 4.09 4.18

2008 0.95 0.98 1.09 1.32 1.69 2.13 2.69 3.45

Source: Bank of Canada, Department of Monetary and Financial Analysis.

This table gives the actual mid-market closing yields of selected Canada bond issues that mature approximately in the indicated term areas. The given annual rate is that compounded semi-annually. At times, some of the change in the yield occurring over a reporting period may reflect a switch to amore topical issue.

TABLE 11U.S. GOVERNMENT SECURITIES BY TERM

TABLE 11ANALYSIS OF INTEREST RATES BY TERM OF SECURITY

U.S. GOVERNMENT SECURITIESNOMINAL YIELDS TO MATURITY COMPOUNDED SEMI-ANNUALLY*

3 MONTH 6 MONTH 1 YEAR 2 YEAR 3 YEAR 5 YEAR 7 YEAR 10 YEAR 20 YEAR 30 YEARYEAR T-BILL T-BILL T-BOND T-BOND T-BOND T-BOND T-BOND T-BOND T-BOND T-BOND1934 0.23 . . . . . . . . . 1935 0.15 . . . . . . . . . 1936 0.12 . . . . . . . . . 1937 0.11 . . . . . . . . . 1938 0.03 . . . . . . . . . 1939 0.04 . . . . . . . . . 1940 0.02 . . . . . . . . . 1941 0.33 . . . . . . . . . 1942 0.38 . . . . . . . . . 1943 0.38 . . . . . . . . . 1944 0.38 . . . . . . . . . 1945 0.38 . . . . . . . . . 1946 0.38 . . . . . . . . . 1947 0.95 . . . . . . . . . 1948 1.16 . . . . . . . . . 1949 1.10 . . . . . . . . . 1950 1.34 . . . . . . . . . 1951 1.73 . . . . . . . . . 1952 2.09 . . . . . . . . . 1953 1.60 . 1.66 . 2.07 2.32 . 2.59 2.89 . 1954 1.15 . 1.21 . 1.81 2.16 . 2.51 2.67 . 1955 2.54 . 2.73 . 2.88 2.93 . 2.96 2.98 . 1956 3.21 . 3.68 . 3.76 3.70 . 3.59 3.45 . 1957 3.04 . 3.18 . 3.11 3.08 . 3.21 3.38 . 1958 2.77 3.01 3.29 . 3.72 3.82 . 3.86 3.86 . 1959 4.49 4.85 5.14 . 5.12 5.01 . 4.69 4.33 . 1960 2.25 2.50 2.86 . 3.42 3.67 . 3.84 3.91 . 1961 2.60 2.88 3.18 . 3.72 3.91 . 4.06 4.07 . 1962 2.87 2.91 3.01 . 3.37 3.56 . 3.86 3.92 . 1963 3.52 3.66 3.81 . 4.01 4.04 . 4.13 4.19 .

1964 3.84 3.95 4.02 . 4.08 4.09 . 4.18 4.18 . 1965 4.38 4.55 4.72 . 4.79 4.72 . 4.62 4.50 . 1966 4.96 5.07 5.20 . 5.19 5.00 . 4.84 4.76 . 1967 4.97 5.49 5.71 . 5.71 5.75 . 5.70 5.59 . 1968 5.96 6.06 6.19 . 6.16 6.12 . 6.03 5.88 . 1969 7.82 7.90 8.17 . 8.10 7.96 7.51 7.65 6.91 . 1970 4.87 4.89 5.00 . 5.75 5.95 6.23 6.39 6.28 . 1971 4.01 4.23 4.60 . 5.27 5.69 5.97 5.93 6.00 . 1972 5.07 5.30 5.52 . 6.01 6.16 6.20 6.36 5.96 . 1973 7.45 7.56 7.27 . 6.81 6.80 6.77 6.74 7.29 . 1974 7.15 7.11 7.31 . 7.24 7.31 7.38 7.43 7.91 . 1975 5.44 5.85 6.60 . 7.43 7.76 7.93 8.00 8.23 . 1976 4.35 4.51 4.89 5.38 5.68 6.10 6.37 6.87 7.30 . 1977 6.07 6.40 6.96 7.18 7.30 7.48 7.59 7.69 7.87 7.941978 9.08 9.36 10.30 9.72 9.33 9.08 9.03 9.01 8.90 8.881979 12.04 11.84 11.98 11.39 10.71 10.42 10.42 10.39 10.18 10.121980 15.49 14.64 14.88 14.08 13.65 13.25 13.00 12.84 12.49 12.401981 10.85 11.52 12.85 13.29 13.66 13.60 13.62 13.72 13.73 13.451982 7.94 8.16 8.91 9.66 9.88 10.22 10.49 10.54 10.62 10.541983 9.00 9.17 10.11 10.84 11.13 11.54 11.78 11.83 12.02 11.881984 8.06 8.28 9.33 10.18 10.56 11.07 11.45 11.50 11.64 11.521985 7.10 7.14 7.67 8.15 8.40 8.73 9.11 9.26 9.75 9.541986 5.53 5.55 5.87 6.27 6.43 6.67 6.97 7.11 7.28 7.371987 5.77 6.36 7.17 7.86 8.13 8.45 8.82 8.99 . 9.121988 8.07 8.22 8.99 9.09 9.11 9.09 9.13 9.11 . 9.011989 7.63 7.42 7.72 7.78 7.77 7.75 7.85 7.84 . 7.901990 6.74 6.70 7.05 7.31 7.47 7.73 8.00 8.08 . 8.241991 4.07 4.10 4.38 5.03 5.39 6.19 6.69 7.09 . 7.701992 3.22 3.36 3.71 4.67 5.21 6.08 6.46 6.77 . 7.441993 3.06 3.23 3.61 4.21 4.54 5.15 5.48 5.77 6.40 6.251994 5.60 6.21 7.14 7.59 7.71 7.78 7.80 7.81 7.99 7.871995 5.14 5.13 5.31 5.32 5.39 5.51 5.63 5.71 6.12 6.061996 4.91 5.04 5.47 5.78 5.91 6.07 6.20 6.30 6.65 6.551997 5.16 5.24 5.53 5.72 5.74 5.77 5.83 5.81 6.07 5.991998 4.39 4.40 4.52 4.51 4.48 4.45 4.65 4.65 5.36 5.061999 5.20 5.44 5.84 6.10 6.14 6.19 6.38 6.28 6.69 6.352000 5.77 5.68 5.60 5.35 5.26 5.17 5.28 5.24 5.64 5.492001 1.69 1.78 2.22 3.11 3.62 4.39 4.86 5.09 5.76 5.482002 1.19 1.24 1.45 1.84 2.23 3.03 3.63 4.03 5.01 . 2003 0.90 0.99 1.31 1.91 2.44 3.27 3.79 4.27 5.11 . 2004 2.19 2.43 2.67 3.01 3.21 3.60 3.93 4.23 4.88 . 2005 3.89 4.18 4.35 4.40 4.39 4.39 4.41 4.47 4.73 . 2006 4.85 4.88 4.94 4.67 4.58 4.53 4.54 4.56 4.78 4.682007 3.00 3.23 3.26 3.12 3.13 3.49 3.74 4.10 4.57 4.53

2008 0.03 0.26 0.49 0.82 1.07 1.52 1.89 2.42 3.18 2.87

Source: U.S. Federal Reserve, Statistical Release H.15.

*3 Month and 6 Month T-Bills rates shown are on a discount basis annualized using a 360-day year.T-bonds listed are Treasury nominal securities at "constant maturity". Yields are interpolated by the U.S. Treasury from the daily yield curve for non-inflation-indexedTreasury securities.

APPENDIX A

DATA SERIES FOR PAST THREE YEARS

YEAR 1 2 3 4 5 6 7 8 9 10 11 12S&P/TSX - TOTAL RETURN INDEX2006 6.06 -2.02 3.90 0.89 -3.56 -0.82 2.03 2.26 -2.32 5.09 3.52 1.502007 1.15 0.25 1.17 2.07 4.99 -0.82 -0.13 -1.29 3.46 3.91 -6.22 1.342008 -4.72 3.45 -1.43 4.60 5.79 -1.41 -5.86 1.54 -14.45 -16.67 -4.74 -2.64

V122628 - S&P/TSX - STOCK DIVIDENDS YIELDS2006 1.90 2.00 2.28 2.27 2.45 2.46 2.44 2.46 2.55 2.43 2.40 2.422007 2.39 2.42 2.46 2.41 2.36 2.39 2.42 2.49 2.40 2.32 2.55 2.492008 2.66 2.69 2.75 2.61 2.50 2.64 2.93 2.95 3.43 3.85 4.02 4.04

V122541 - GOVERNMENT OF CANADA 91-DAY TREASURY BILL YIELD RATE2006 3.49 3.71 3.79 3.97 4.18 4.30 4.16 4.13 4.17 4.17 4.18 4.162007 4.16 4.18 4.17 4.17 4.29 4.42 4.56 4.01 4.11 3.97 3.92 3.862008 3.46 3.24 2.03 2.70 2.73 2.69 2.42 2.52 1.88 2.22 1.84 0.95

v122558 - GOVERNMENT OF CANADA MARKETABLE BONDS: AVERAGE YIELD - 1-3 YEARS2006 3.83 3.92 4.00 4.19 4.22 4.49 4.20 4.04 3.91 4.10 3.92 3.982007 4.10 3.97 4.01 4.17 4.56 4.66 4.71 4.28 4.22 4.22 3.84 3.912008 3.22 3.10 2.63 2.74 3.05 3.27 3.10 2.76 2.93 2.16 1.79 1.11

V122485 - GOVERNMENT OF CANADA MARKETABLE BONDS: AVERAGE YIELD - 3-5 YEARS2006 3.95 4.00 4.11 4.34 4.29 4.53 4.25 4.01 3.87 4.07 3.85 3.942007 4.08 3.94 3.98 4.11 4.54 4.64 4.64 4.28 4.28 4.22 3.88 3.962008 3.45 3.35 2.88 2.99 3.24 3.40 3.33 2.98 3.12 2.73 2.39 1.61

V122486 - GOVERNMENT OF CANADA MARKETABLE BONDS: AVERAGE YIELD - 5-10 YEARS2006 4.05 4.07 4.20 4.47 4.40 4.61 4.35 4.07 3.94 4.13 3.90 4.012007 4.14 3.99 4.05 4.13 4.49 4.63 4.59 4.35 4.36 4.27 4.00 4.042008 3.74 3.64 3.23 3.34 3.50 3.62 3.65 3.34 3.50 3.43 3.03 2.30

V122487 - GOVERNMENT OF CANADA MARKETABLE BONDS: AVERAGE YIELD - 10+ YEARS2006 4.22 4.17 4.26 4.59 4.51 4.69 4.46 4.22 4.08 4.25 4.03 4.112007 4.23 4.10 4.21 4.21 4.43 4.59 4.52 4.44 4.50 4.39 4.22 4.182008 4.17 4.14 3.91 4.02 4.07 4.07 4.18 4.02 4.14 4.31 4.00 3.45

V122493 - CHARTERED BANK - DEPOSIT RATES FOR NON-CHEQUABLE SAVINGS DEPOSIT2006 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.052007 0.05 0.05 0.05 0.05 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.102008 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.05

V122497 - RESIDENTIAL MORTGAGE LENDING RATE2006 5.65 5.75 5.78 5.88 6.05 6.12 6.26 6.24 6.13 6.01 5.99 5.892007 5.91 6.00 5.91 5.92 6.01 6.51 6.60 6.62 6.61 6.69 6.73 6.752008 6.81 6.72 6.60 6.40 6.21 6.20 6.37 6.25 6.16 6.46 6.51 6.17

V122515 - CHARTERED BANK - 5 YEAR PERSONAL FIXED TERM DEPOSIT RATE2006 2.53 2.88 2.88 2.88 3.18 3.18 3.18 2.98 2.88 2.88 2.78 2.682007 2.68 2.93 2.73 2.73 3.13 3.45 3.60 3.23 3.23 3.23 2.98 3.102008 2.88 2.98 2.63 2.63 2.75 2.95 2.95 2.95 2.95 2.95 2.83 2.23

V122526 - CHARTERED BANK 5 YEAR GUARANTEED INVESTMENT CERTIFICATE2006 2.78 3.13 3.13 3.13 3.43 3.43 3.43 3.23 3.13 3.13 3.03 2.932007 2.93 3.18 2.98 2.98 3.38 3.58 3.73 3.48 3.48 3.48 3.23 3.232008 3.23 3.23 2.88 2.88 2.88 3.08 3.08 3.08 3.08 3.08 3.08 2.48

V37694 - EXCHANGE RATE - CANADIAN CENTS PER U.S. DOLLAR - AVERAGE NOON SPOT RATE2006 115.73 114.89 115.74 114.38 110.95 111.38 112.92 111.83 111.62 112.86 113.62 115.302007 117.59 117.07 116.82 113.43 109.49 106.52 105.03 105.82 102.54 97.52 96.71 100.312008 101.11 99.91 100.20 101.39 99.94 101.67 101.27 105.44 105.83 118.47 121.82 123.45

V1597104 - AVERAGE WEEKLY EARNINGS2006 739.29 739.82 742.02 743.09 745.07 742.55 745.50 749.06 748.93 753.30 754.70 758.252007 762.20 762.86 764.43 765.25 767.89 769.80 771.46 770.73 772.96 777.64 783.80 780.762008 782.09 786.58 787.48 789.05 788.44 789.22 790.62 793.84 798.49 801.24 x x

V41690973 - CONSUMER PRICE INDEX FOR CANADA2006 108.20 108.00 108.60 109.20 109.70 109.50 109.60 109.80 109.20 109.00 109.20 109.402007 109.40 110.20 111.10 111.60 112.10 111.90 112.00 111.70 111.90 111.60 111.90 112.002008 111.80 112.20 112.60 113.50 114.60 115.40 115.80 115.60 115.70 114.50 114.10 113.30

V2062811 - LABOUR FORCE SURVEY ESTIMATES - BOTH SEXES 15+ YEARS (IN THOUSANDS)2006 16304 16346 16389 16423 16517 16509 16510 16503 16525 16564 16582 166542007 16722 16741 16792 16788 16806 16849 16857 16875 16930 16993 17015 170132008 17059 17102 17117 17136 17144 17139 17084 17099 17206 17216 17145 17111

V122553 - REAL RETURN BONDS, LONG-TERM2006 1.54 1.44 1.59 1.79 1.83 1.90 1.80 1.61 1.66 1.78 1.63 1.732007 1.79 1.75 1.77 1.76 2.02 2.15 2.09 2.15 2.15 2.05 2.14 1.992008 1.98 1.94 1.67 1.72 1.57 1.45 1.60 1.53 2.06 2.49 2.68 2.10

Source: Statistics Canada CANSIM Series © Copyright 2009. All Rights Reserved.Source: TSX © Copyright 2009 TSX Inc. All Rights Reserved.

APPENDIX A (Cont'd)

V498086 - GDP AT MARKET PRICES (IN MILLIONS OF DOLLARS)

YEAR 3 6 9 122006 1,432,352 1,444,876 1,458,128 1,466,6042007 1,503,856 1,536,548 1,541,836 1,560,3442008 1,576,324 1,619,472 1,639,540 x


ESTIMATES OF POPULATION

ALL AGES AGES 0-17 AGES 18-65 AGES >65YEAR V466668 V466965 V466674 V4666862006 32,299,496 6,978,274 21,100,019 4,221,2032007 32,576,074 6,996,462 21,254,797 4,324,8152008 33,311,389 6,931,044 21,817,226 4,563,119


S&P 500 - COMMON STOCK INDEX

YEAR DEC. 312006 1,418.302007 1,468.362008 903.25

Source: Standard & Poor's, a division of The McGraw-Hill Companies, Inc. © Copyright 2009. All Rights Reserved.

MORGAN STANLEY CAPITAL INTERNATIONALGROSS INDICES IN $U.S.

YEAR DEC. 31WORLD

2006 4,466.302007 4,893.542008 2,919.78

WORLD EXCLUDING U.S.A.2006 5,742.362007 6,484.102008 3,680.94

EUROPE2006 7,247.582007 8,290.812008 4,470.45

PACIFIC BASIN2006 5,075.272007 5,359.982008 3,421.21


Documents

Report on Canadian Economic Statistics 1927-2008