The carrying value of accrued interest receivable, due from the Province of Nova Scotia, other receivables, and accounts payable and accrued liabilities approximate their fair value because of their short term-to-maturity.

The fair value and book value, excluding any reserves, of loans receivable as at March 31, 2008 are $119,624 and $112,043, respectively. Certain notes receivable in the amount of $2,326 have no set terms of repayment and are carried on the financial statements at cost.

Equity investments in publicly traded companies in the amount of $3,888 are recorded at fair market value, which represents the last bid price for the stock on the stock exchange. Equity investments in privately held companies in the amount of $12,318 are carried at cost less allowances in the financial statements. Due to the limited amount of comparable market information available, it was not practical to determine the fair value of these assets.

There are loan guarantees and other assets that represent investments and guarantees in privately held companies, as well as property acquired through foreclosure. Due to the limited amount of comparable market information available, it was not practical to determine the fair value of these assets. Thus, these assets are carried on the financial statements at cost.

The amount due to the Province of Nova Scotia is comprised of a series of separate notes. The fair value and book value of the amounts due to the Province of Nova Scotia with scheduled repayment terms as at March 31, 2008 are $71,394 and $63,191, respectively. A note payable in the amount of $38,448 has no set terms of repayment and is carried on the financial statements at cost. The principal on this note is repaid to the Province as it is collected on the loans receivable financed by this note. Due to the volume of accounts financed by this note and the uncertainty with respect to timing of future cash flows, it is not practical to determine the fair value of this amount due to the Province of Nova Scotia.