(in thousands of dollars)

Year ended March 31, 2008

The Nova Scotia Business Fund (the "Fund") is comprised of investments approved under the direction and management of Nova Scotia Business Incorporated ("NSBI") and investments have been transferred from the Nova Scotia Business Development Corporation Fund ("NSBDC") on November 6, 2001. The following is a summary of the Fund as at March 31.

					2008	2007
	Gross	Less allowance for credit losses	Gross	Less allowance for credit losses	Net total	Net total
Assets:
Loans receivable	$ 25,510	$ 7,688	$ 103,623	$ 25,991	$ 95,454	$ 99,859
Equity receivable	15,334	5,150	13,211	7,189	16,206	13,219
Industrial parks and malls	-	-	2,579	-	2,579	3,244
Other assets	-	-	822	822	-	-
Guarantees	5,008	2,894	-	-	2,114	3,244
Financing authorized but unadvanced	11.300	-	-	-	11,300	9,715
	$ 57,152	$ 15,732	$ 120,235	$ 34,002	$ 127,653	$ 129,431
					2008	2007
Funding authorized and committed:
Fund balance authorized, net of write offs					$ 257,123	$ 262,945
Less uncommitted balance of fund					79,736	80,867
Committed fund balance					177,387	182,078
Less allowance for credit losses and provision for payment of guarantees					49,734	52,647
					$ 127,653	$ 129,431