NOVA SCOTIA BUSINESS INC. 2008/2009 ANNUAL REPORT · Comprised of 13 respected business leaders...
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MORE THAN EVER > NOVA SCOTIA BUSINESS INC. 2008/2009 ANNUAL REPORT www.novascotiabusiness.com/more
Transcript of NOVA SCOTIA BUSINESS INC. 2008/2009 ANNUAL REPORT · Comprised of 13 respected business leaders...
MORE THAN EVER >N
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www.novascotiabusiness.com/more
There’s no question; we are living in the most challenging economy of the past half century. We recognize that industries, companies and individuals in the province, across Canada and around the world are struggling during this recession.
Yet great things are still happening in Nova Scotia.
More than ever, our domestic businesses are investing in themselves and the future. They’re diversifying markets, building on existing relationships and increasing productivity through innovation.
Internationally, Nova Scotia’s value proposition remains strong and continues to resonate with prospective clients. Our investment attraction team continues to make strides in developing sectors, including financial services.
“ We came here five years ago with two
or three people and we’re now at 92
and I think it’s indicative of what we
think about this place,” said David
Brown, CEO of Flagstone Reinsurance
Holdings Ltd. “ We wouldn’t have seen
the kind of growth we’ve had in Halifax
if it hadn’t been for the partnership we
have with NSBI.”
As we navigate our way through this recession, our team remains focused on our goal of expanding business activity in Nova Scotia. We are doing what we do best: strengthening homegrown businesses and attracting the world’s top companies to Nova Scotia.
We continue to be aggressive.
More than ever, we are working creatively to come up with flexible solutions to address the unique challenges and opportunities facing our clients.
Every day, our team works with Nova Scotia companies to help them find the right tools to strengthen their competitiveness. For example, Lynn Coffin, a member of our business advisory team, and Pamela Rudolph, a trade development executive, continue to work with local metal fabricators to help secure new contracts at home and abroad.
As another example, our venture capital team completed a follow-on equity investment with a Halifax-based pharmaceutical company, Origin BioMed. With the investment, Peter MacNeil, manager of venture capital for NSBI,
Message from the President and CEO, and the Chair of the Board
MORE THANEVER
Stephen Lund President & Chief Executive Officer
Business Financing / Venture Capital Authorizations
Advanced Precision $175,000 Machining & Fabrication Limited
Acadian Seaplants Limited $270,000
Wearwell Garments Limited $332,500
Origin BioMed $2,000,000
Unique Solutions Design $280,000
Intelivote Systems $1,000,000
Kytogenics $250,000
Azorus $1,000,000
IMO Foods Limited $450,000
Maritime Steel and Foundries $800,000 Limited
Cape Breton Flight Institute $710,000 Incorporated
E&R Langille Contracting Limited $800,000
Bradean’s Tool & Die Limited $251,600
McGregor Geoscience Limited and Superport Marine Services Limited
Fleetway Inc.
Prudential Consulting Inc.
Cape Breton Flight Institute Incorporated
Admiral Insurance Services
Professional Quality Assurance Ltd.
Lixar I.T. Inc.
Flagstone Management Services (Halifax) Limited
Lockheed Martin Canada
Kohltech International Limited
Investment Attraction Authorizations
sits on Origin BioMed’s board of directors and shares his knowledge and expertise as the company expands into new North American markets.
You will find more stories featuring NSBI’s other business teams, partners and clients in this year’s annual report: www.novascotiabusiness.com/more
When the economic crisis took hold in 2008, we challenged ourselves, and our clients challenged conventional thinking by surviving and thriving this past year. In 2009/10, that won’t be different.
We will continue knocking on doors. We will aggressively seek new opportunities.
We will continue to work closely with our shareholder, our partners and our companies because we know that together, we’re better.
We applaud our clients, our partners, our team and our board of directors for their dedication and commitment to the province.
As we move forward, hard work and perseverance will help Nova Scotia continue to compete in the world, and win.
N O V A S C O T I A B U S I N E S S I N C. 2 0 0 8 / 2 0 0 9 A N N U A L R E P O R T
Doug Hall, Chair of the Board
Nova Scotia Business Inc. The Year In Review
N O V A S C O T I A B U S I N E S S I N C. 2 0 0 8 / 2 0 0 9 A N N U A L R E P O R T
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NSBI leads a delegation of 10 Nova Scotia multi-sector companies to Iceland to continue building on current relationships, pursue new business opportunities and further strengthen the province’s commitment to the market.
Halifax hosts the annual meeting of the Caribbean Development Bank. In partnership with McInnes Cooper, NSBI organizes the first quarterly Nova Scotia-Caribbean networking event celebrating the longstanding ties between the two regions.
Dartmouth-based Kytogenics Pharmaceuticals secures equity financing from NSBI to explore opportunities in clinical therapies, medical devices and advanced drug delivery products.
McGregor Geoscience and Superport Marine Services in Port Hawkesbury grow their operations and tap into emerging markets with assistance from NSBI.
Origin BioMed, a leading manufacturer and exporter of over-the-counter topical drug products, continues to expand into North American markets with a follow-on equity investment from NSBI.
UK-based insurance service provider, Admiral Insurance Services, came to Halifax in 2007. In 2008, the company strengthens its commitment to the province and secures a payroll rebate with NSBI, which is tied to an expected creation of up to 400 jobs over the next five years.
Nova Scotia Business Inc. The Year In Review
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In partnership with federal and provincial governments, NSBI hosts more than 50 Nova Scotia companies at the first United Technologies Corporation (UTC) Supplier Gold Conference in Halifax. UTC provides high technology products and services to the global aerospace and building industries.
Azorus, a provider of customer relationship management (CRM) software solutions, expands its market reach in North America and Europe using equity financing from NSBI.
Advanced Precision Machining and Fabrication invests in a technology upgrade in Dartmouth, and NSBI invests a five-year payroll rebate. The company is expected to maintain 80 jobs while it makes productivity improvements and lowers overall costs.
WearWell Garments, a manufacturer and supplier of customized work clothes, celebrates 30 years of success in Stellarton. With assistance from NSBI, the company is expected to retain its existing workforce and create up to 20 new jobs over the next five years.
As part of NSBI’s strategy to help grow the IT sector, NSBI attracts Lixar, an Ottawa-based IT services company, to expand to Halifax. The company is expected to create up to 50 jobs over the next six years in Halifax.
NSBI, the Department of Labour and Workforce Development and Nova Scotia Come to life develop a website, www.brightcareerfutures.com, to connect students with job opportunities in Nova Scotia.
In partnership with EduNova and the Department of Energy, NSBI leads seven Nova Scotia companies on a trade mission to the United Arab Emirates (UAE).
Nova Scotia Business Inc. The Year In Review
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8New Glasgow-based E&R Langille Contracting expands its production facility in Mount William, using a term loan from NSBI.
Fleetway Inc., a leading Canadian naval engineering and technical services company, expands its headquarters in Halifax. With NSBI’s assistance, the company is expected to create up to 100 jobs over the next five years, which will include engineers, technical staff and management positions.
NSBI leads nine Nova Scotia building product companies to the BAU 2009 Trade Show in Germany.
Acadian Seaplants is expanding to meet growing demands by doubling capacity at its processing plant in Cornwallis. NSBI’s payroll rebate will assist the company in maintaining its workforce as it invests in its competitiveness.
The Business Retention and Expansion (BRE) program is rolled out by partners, including NSBI, to all regional development authorities across the province at an event in Cape Breton. The BRE program brings together experts gathering first-hand information from local companies on current challenges and opportunities.
Flagstone, Nova Scotia’s first offshore international financial services company, grows further and is expected to create up to as many as 80 new positions under a payroll rebate agreement with NSBI.
N O V A S C O T I A B U S I N E S S I N C. 2 0 0 8 / 2 0 0 9 A N N U A L R E P O R T
In every challenge there’s an opportunity.
If there was ever a year that would
challenge us more than any other,
2008/09 was it. It takes resourcefulness,
innovation and a strong focus on the future
to sharpen competitive edges and find the
potential upside of an economic downturn.
- Nancy Tower, Director, NSBI Board of Directors
To find out what opportunities our clients, employees and partners have turned up in 2008/09, visit:
www.novascotiabusiness.com/upside
“ With the economic downturn,
customers are not coming to us;
we have to travel to get the new
accounts. Because we’ve been so
successful with finding new markets,
we’ve been able to include in our
customer base clients like Canada’s
Wonderland, B.C. Parks and also a
well known theme park from Florida.”
- Tracy LeBlanc, Tracy’s Wood N Things
“ Why do it in an economic downturn?
Well, because that’s when people are
focused on the issue. Not when,‘Oh,
I know there are lots of jobs out there.
The economy’s really growing; I’m
going to have lots of opportunities.’”
- Stuart Gourley, Department of Labour and Workforce Development, talking about brightcareerfutures.com
What is the potential upside of this economic downturn?
N O V A S C O T I A B U S I N E S S I N C. 2 0 0 8 / 2 0 0 9 A N N U A L R E P O R T
Doing what’s needed now isn’t always
easy. These days, taking a chance may
feel like a risk to business growth.
But now isn’t the time to sit back and
wait out this recession. Now is the time
to make investments, and think about
what you can do now to position your
company for the future.
- Jim Eisenhauer, Director, NSBI Board of Directors
To find out what others are doing and how NSBI can help, visit:
www.novascotiabusiness.com/future
“ The biggest thing that we’re doing
right now is we’re doubling the
capacity of our plant in Cornwallis.
That’s going to enable us to be
ready right now for growth, but
also in the future as the economy
starts to come back.”
- Jean-Paul Deveau, Acadian Seaplants
“ We’ve got a whole team of folks
that can help the companies in
Cape Breton, and I help make those
connections. I help identify where a
company needs help and where we
have the expertise to help them.”
- Tara Milburn, NSBI
What can you do now to position your company for the future?
N O V A S C O T I A B U S I N E S S I N C. 2 0 0 8 / 2 0 0 9 A N N U A L R E P O R T
More than ever, we need to collaborate.
By creating partnerships, pooling talent
and combining resources, we can become
even stronger with a stronger voice –
and the results can be unexpected and
extraordinary. There is no doubt we are
better together.
- David Arenburg, Director, NSBI Board of Directors
To find out how collaboration is helping create and grow sectors in Nova Scotia, visit:
www.novascotiabusiness.com/together
“ We realized that CoRDA and NSBI
could work really well together
to make sure that Truro’s and
Colchester’s piece of the new-
media pie was part of the entire
fabric of digital media within
Nova Scotia.”
- Alan Johnson, Colchester Regional Development Agency (CoRDA)
“ Nova Scotia is a province that
promotes high-tech, engineering
and high-skilled workers. I have
facilities in other places and if I was
looking to develop a new facility,
this was the place to do it.”
- Tom Digan, Lockheed Martin Canada
How are we better together?
N O V A S C O T I A B U S I N E S S I N C. 2 0 0 8 / 2 0 0 9 A N N U A L R E P O R T
B O A R D O F D I R E CTO R S
CORPORATE SCORECARD
FINANCIAL STATEMENTS
www.novascotiabusiness.com/more
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1 N
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Lois
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poi
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er P
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an M
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rpo
rati
on
(Co
mBa
se),
Ch
air
Ab
erd
een
Ho
spit
al F
ou
nd
atio
n B
oar
d o
f Dir
ecto
rs
Stu
art
Rat
h (a
pp
oint
ed M
arch
200
7)
Pres
iden
t an
d D
irec
tor,
Stu
co H
old
ing
s Li
mit
ed, T
ruro
Tru
ro C
entr
e Li
mit
ed, V
ice
Pres
iden
t
Co
lch
este
r Re
gio
nal
Dev
elo
pm
ent
Ag
ency
Bo
ard
of D
irec
tors
Erd
ene
Reso
urc
e D
evel
op
men
t C
orp
. Bo
ard
of D
irec
tors
Ian
Th
om
pso
n (a
pp
oint
ed J
anua
ry 2
009)
Dep
uty
Min
iste
r, D
epar
tmen
t o
f Eco
no
mic
an
d
Rura
l Dev
elo
pm
ent,
Hal
ifax
InN
OVA
corp
Bo
ard
of D
irec
tors
MT&
L Pu
blic
Rel
atio
ns,
Form
er P
artn
er
Hal
ifax
Ch
amb
er o
f Co
mm
erce
, Fo
rmer
Bo
ard
Ch
air
Nan
cy T
ow
er
(ap
poi
nted
Oct
ober
200
4)
Ch
ief F
inan
cial
Off
icer
, Em
era
Inc.
, Hal
ifax
QEI
I Ho
spit
al F
ou
nd
atio
n, B
oar
d o
f Tru
stee
s
CA
A M
arit
imes
, Pas
t Bo
ard
Ch
air
Nov
a Sc
oti
a In
stit
ute
of C
har
tere
d A
cco
un
tan
ts,
Form
er P
resi
den
t
Pro
mo
te t
he
gro
wth
of n
ew a
nd
exi
stin
g b
usi
nes
ses
in N
ova
Sco
tia
Me
asu
reTa
rge
ts 2
00
8-0
9A
ctu
al 2
00
8-0
9
# o
f qu
alifi
ed r
efer
rals
for
exp
ort
d
evel
op
men
t, in
vest
men
t o
r fin
anci
ng
150
121
# o
f qu
alifi
ed r
efer
rals
to
ext
ern
al
par
tner
ag
enci
es30
029
0
# o
f clie
nts
intr
od
uce
d t
o n
ew m
arke
ts
or
furt
her
ad
van
ced
in e
xist
ing
mar
kets
140
269
Clie
nt-
rep
ort
ed a
ctu
al a
nd
fore
cast
ed
exp
ort
sal
es (n
ote
1)$5
0 m
illio
n$1
55.7
mill
ion
Pro
vid
e ac
cess
to
cap
ital
for
new
/exi
stin
g b
usi
nes
ses
in N
ova
Sco
tia
Me
asu
reTa
rge
ts 2
00
8-0
9A
ctu
al 2
00
8-0
9
# o
f Bu
sin
ess
Fin
anci
ng
/ V
entu
re
Cap
ital
pro
ject
s au
tho
rize
d (n
ote
2)
1513
# o
f co
mp
anie
s th
at u
nd
erta
ke
pro
du
ctiv
ity
enh
ance
men
ts u
tiliz
ing
th
e St
rate
gic
Inve
stm
ent
Fun
d (S
IF)
104
Imp
aire
d lo
an r
atio
15%
or
less
13.4
%
An
nu
al c
lien
t re
view
100%
of c
lien
ts
revi
ewed
99%
Leve
rag
e ra
tio
of p
artn
er/c
lien
t: N
SBI
Rat
io o
f 1:1
1.33
to
1
6N
OV
A S
CO
TI
A B
US
IN
ES
S I
NC
. 2
00
8/
20
09
AN
NU
AL
RE
PO
RT
7 N
OV
A S
CO
TI
A B
US
IN
ES
S I
NC
. 2
00
8/
20
09
AN
NU
AL
RE
PO
RT
Att
ract
lead
ing
ed
ge
sust
ain
able
bu
sin
ess
inve
stm
ent
in N
ova
Sco
tia
Me
asu
reTa
rge
ts 2
00
8-0
9A
ctu
al 2
00
8-0
9
# o
f pro
ject
s co
mm
itte
d b
y
inve
stm
ent
attr
acti
on
clie
nts
1510
Ave
rag
e g
ross
sal
ary
of n
ew jo
bs
fore
cast
ed t
o b
e cr
eate
d b
y
inve
stm
ent
attr
acti
on
clie
nts
(no
te 3
)
$42,
500
$48,
117
An
nu
al C
lien
t Re
view
Co
mp
lete
d10
0%92
.5%
Fore
cast
ed a
vera
ge
po
rtfo
lio r
etu
rn
on
inve
stm
ents
uti
lizin
g S
IFs
40%
or
gre
ater
70.1
%
Dev
elo
p a
n a
ctio
n-o
rien
ted
, clie
nt-
focu
sed
org
aniz
atio
nal
cu
ltu
re
Mea
sure
Targ
ets
20
08
-09
Act
ual
20
08
-09
% o
f em
plo
yees
par
tici
pat
ing
in t
rain
ing
an
d d
evel
op
men
t p
rog
ram
s95
%97
%
Ove
rall
per
form
ance
Mea
sure
Targ
ets
20
08
-09
Act
ual
20
08
-09
Tota
l fo
reca
sted
new
an
d r
etai
ned
p
ayro
ll (n
ote
4)
$150
mill
ion
$108
mill
ion
(max
)
Op
erat
e w
ith
in a
nn
ual
bu
dg
et:
Op
erat
ing
exp
ense
s, g
ross
Less
: rec
over
ies
Ope
ratin
g ex
pens
es, n
et o
f rec
over
ies
$12.
0 m
illio
n($
0.5
mill
ion
)$1
1.5
mill
ion
(no
te 5
)
$12.
2 m
illio
n (n
ote
6)
($1.
4 m
illio
n) (n
ote
7)
$10.
8 m
illio
n
Co
rpo
rate
Sco
reca
rd N
ote
s
1.
Clie
nt
rep
ort
ed a
ctu
al e
xpo
rt s
ales
for
2008
-09
was
$36
.9 m
illio
n. C
lien
t re
po
rted
fo
reca
sted
exp
ort
sal
es fo
r 20
08-0
9 w
as $
118.
8 m
illio
n.
2.
Targ
et o
f 15
esta
blis
hed
, wh
ich
incl
udes
suc
cess
ful t
ran
sact
ion
s w
ith
par
tner
s an
d
mat
eria
l am
end
men
ts to
exi
stin
g c
lien
ts t
hat
hav
e a
pos
itiv
e n
et e
con
omic
ben
efit
to
th
e p
rovi
nce
. A to
tal o
f 13
tran
sact
ion
s co
mp
lete
d. T
his
incl
udes
five
loan
s, fiv
e eq
uity
inve
stm
ents
an
d t
hre
e m
ater
ial a
men
dm
ents
to e
xist
ing
clie
nts
th
at h
ave
a p
osi
tive
net
eco
no
mic
ben
efit
to
th
e p
rovi
nce
.
3.
Ave
rag
e g
ross
sal
ary
incl
ud
es s
alar
y an
d b
enef
its
4.
Co
nsi
sten
t w
ith
ind
ust
ry r
epo
rtin
g s
tan
dar
ds,
NSB
I’s a
pp
roac
h t
o r
epo
rtin
g
the
crea
tio
n a
nd
ret
enti
on
of p
ayro
ll is
to
rec
ord
th
e p
roje
ct, a
nd
th
e m
axim
um
fo
reca
sted
pay
roll
imp
act,
in t
he
fisca
l yea
r in
wh
ich
th
e p
roje
ct is
au
tho
rize
d
and
acc
epte
d b
y th
e cl
ien
t.
Th
e m
axim
um
pay
roll
imp
act
is c
alcu
late
d b
y ad
din
g t
he
max
imu
m p
ayro
ll p
oss
ible
plu
s re
tain
ed p
ayro
ll fr
om
pro
ject
s co
mp
lete
d in
th
e fis
cal y
ear.
To
tal p
ayro
ll =
max
imu
m p
ayro
ll +
ret
ain
ed p
ayro
ll.
Fo
reca
sted
pay
roll
fro
m in
vest
men
t at
trac
tio
n c
lien
ts a
re d
eter
min
ed b
y th
e in
vest
men
t at
trac
tio
n p
roje
cts
auth
ori
zed
in 2
008/
09.
Pa
yro
ll im
pac
t fr
om
tra
de
dev
elo
pm
ent
clie
nts
are
fore
cast
ed u
sin
g a
met
ric:
o
ne
incr
emen
tal j
ob
cre
ated
for
each
$90
,000
in in
crem
enta
l exp
ort
sal
es. T
he
24-m
on
th s
ales
dat
a re
po
rted
by
thes
e cl
ien
ts is
an
nu
aliz
ed a
nd
th
en fu
rth
er
div
ided
by
$90,
000
to e
stim
ate
the
job
imp
act.
To c
alcu
late
pay
roll,
th
e jo
b
figur
e is
mul
tiplie
d b
y th
e av
erag
e p
er c
apita
inco
me
in th
e p
rovi
nce
as re
por
ted
b
y St
atis
tics
Can
ada.
Th
e as
sum
pti
on
: eac
h fo
reca
sted
job
cre
ated
by
trad
e d
evel
op
men
t cl
ien
ts h
as a
sal
ary
equ
ival
ent
to t
he
aver
age
per
cap
ita
inco
me
in
th
e p
rovi
nce
.
Fo
reca
sted
pay
roll
fro
m b
usi
nes
s fin
anci
ng
an
d v
entu
re c
apit
al c
lien
ts is
d
eter
min
ed b
y th
e b
usi
nes
s fin
anci
ng
/ven
ture
cap
ital
pro
ject
s au
tho
rize
d in
20
08/0
9.
Th
e b
usi
nes
s ad
viso
ry t
eam
rep
ort
s th
e fo
reca
sted
pay
roll
imp
act
fro
m p
roje
cts
that
hav
e b
een
ref
erre
d t
o a
nd
co
mp
lete
d t
hro
ug
h p
artn
er a
gen
cies
, in
wh
ich
th
e te
am p
laye
d a
sig
nifi
can
t ro
le b
y ar
ran
gin
g fi
nan
cin
g o
r as
sist
ing
wit
h b
usi
nes
s p
lan
nin
g, e
tc. T
he
fore
cast
ed jo
b a
nd
pay
roll
imp
act
is r
epo
rted
by
its
clie
nts
.
8N
OV
A S
CO
TI
A B
US
IN
ES
S I
NC
. 2
00
8/
20
09
AN
NU
AL
RE
PO
RT
9 N
OV
A S
CO
TI
A B
US
IN
ES
S I
NC
. 2
00
8/
20
09
AN
NU
AL
RE
PO
RT
5.
Pres
ente
d in
NSB
I’s 2
008/
09 b
usi
nes
s p
lan
.
6.
Pres
ente
d in
NSB
I’s 2
008/
09 a
ud
ited
fin
anci
al s
tate
men
ts.
7.
Cla
ssifi
ed in
NSB
I’s 2
008/
09 a
ud
ited
fin
anci
al s
tate
men
ts
as ‘m
isce
llan
eou
s re
ven
ues
.’
* Ove
rall
Per
form
ance
: 20
08
-09
Min
imu
m
(Min
+ R
etai
ned
)M
axim
um
(M
ax +
Ret
ain
ed)
(Max
+ R
etai
ned
)
Inve
stm
ent A
ttra
ctio
n78
01,
306
62,
311,
500
Trad
e D
evel
op
men
t69
369
319
,527
,665
Busi
nes
s Fi
nan
cin
g51
956
520
,891
,000
Ven
ture
Cap
ital
1617
843,
500
Busi
nes
s A
dvi
sory
147
152
4,44
6,50
9
Tota
l2
,15
52
,73
310
8,0
20
,17
4
Fore
cast
ed
Jo
bs
Fore
cast
ed P
ayro
ll
The
acco
mp
anyi
ng
fin
anci
al s
tate
men
ts o
f N
ova
Sco
tia
Bu
sin
ess
Inc.
h
ave
bee
n p
rep
ared
by
man
agem
ent
in a
cco
rdan
ce w
ith
Can
adia
n
gen
eral
ly a
ccep
ted
acc
ou
nti
ng
pri
nci
ple
s an
d, i
f n
eces
sary
, co
nta
in
cert
ain
item
s th
at re
flect
bes
t es
tim
ates
an
d ju
dg
men
t of
man
agem
ent.
Th
e in
teg
rity
and
ob
ject
ivit
y of
th
e d
ata
in t
hes
e fin
anci
al s
tate
men
ts a
re
man
agem
ent’s
resp
onsi
bili
ty.
Man
agem
ent
is re
spon
sib
le fo
r en
surin
g
that
all
info
rmat
ion
in t
he
An
nu
al R
epo
rt is
co
nsi
sten
t w
ith
th
e fin
anci
al
stat
emen
ts.
In s
up
po
rt o
f its
res
po
nsi
bili
ty, m
anag
emen
t h
as d
evel
op
ed a
nd
m
ain
tain
s fin
anci
al a
nd
man
agem
ent
con
trol
sys
tem
s an
d p
ract
ices
to
pro
vid
e re
ason
able
ass
uran
ce t
hat
tra
nsa
ctio
ns
are
pro
per
ly a
uth
oriz
ed
and
rec
ord
ed, t
hat
fin
anci
al in
form
atio
n is
rel
iab
le, t
hat
th
e as
sets
are
sa
feg
uar
ded
an
d li
abili
ties
rec
og
niz
ed, a
nd
th
at t
he
op
erat
ion
s ar
e ca
rrie
d o
ut
effe
ctiv
ely.
The
Boar
d o
f Dire
ctor
s’ A
udit
Com
mit
tee,
com
pris
ed o
f non
-man
agem
ent
dire
ctor
s, ov
erse
es m
anag
emen
t’s re
spon
sib
iliti
es fo
r fin
anci
al re
por
tin
g.
The
Au
dit
Co
mm
itte
e m
eets
reg
ula
rly
wit
h m
anag
emen
t, co
mp
lian
ce
& r
isk
man
agem
ent,
and
th
e in
dep
end
ent
aud
ito
rs t
o r
evie
w in
tern
al
acco
un
tin
g c
on
tro
ls, a
ud
it r
esu
lts,
acco
un
tin
g p
rin
cip
les
and
pra
ctic
es,
and
to
rev
iew
an
d a
pp
rove
th
e fin
anci
al s
tate
men
ts.
Thes
e fin
anci
al s
tate
men
ts h
ave
bee
n a
ud
ited
by
the
corp
ora
tio
n’s
exte
rnal
au
dit
ors
, KPM
G L
LP, a
nd
th
eir
rep
ort
is p
rese
nte
d h
erei
n.
Step
hen
Lu
nd
Pres
iden
t an
d
Ch
ief E
xecu
tive
Off
icer
Bar
ry B
urk
e, M
BA
, CM
A
Co
ntr
olle
r
10N
OV
A S
CO
TI
A B
US
IN
ES
S I
NC
. 2
00
8/
20
09
AN
NU
AL
RE
PO
RT
11
NO
VA
SC
OT
IA
BU
SI
NE
SS
IN
C.
20
08
/2
00
9 A
NN
UA
L R
EP
OR
T
To t
he
Dir
ecto
rs o
f Nov
a Sc
oti
a Bu
sin
ess
Inc.
We
hav
e au
dit
ed t
he
bal
ance
sh
eet
of N
ova
Sco
tia
Busi
nes
s In
c. a
s at
Mar
ch 3
1, 2
009
and
th
e st
atem
ents
of r
even
ue,
exp
end
itu
res
and
re
tain
ed e
arn
ing
s, co
mp
reh
ensi
ve in
com
e, c
han
ges
in s
har
eho
lder
’s eq
uit
y, a
nd
cas
h f
low
s fo
r th
e ye
ar t
hen
en
ded
. Th
ese
fin
anci
al
stat
emen
ts a
re t
he
resp
on
sib
ility
of
the
Co
rpo
rati
on’
s m
anag
emen
t.
Our
resp
onsi
bili
ty is
to e
xpre
ss a
n o
pin
ion
on
th
ese
finan
cial
sta
tem
ents
b
ased
on
ou
r au
dit
.
We
con
duc
ted
our
aud
it in
acc
ord
ance
wit
h C
anad
ian
gen
eral
ly a
ccep
ted
au
dit
ing
sta
nd
ard
s. T
hos
e st
and
ard
s re
qui
re t
hat
we
pla
n a
nd
per
form
an
au
dit
to
ob
tain
rea
son
able
ass
ura
nce
wh
eth
er t
he
finan
cial
sta
tem
ents
ar
e fr
ee o
f mat
eria
l mis
stat
emen
t. A
n a
ud
it in
clu
des
exa
min
ing,
on
a
test
bas
is, e
vid
ence
su
pp
ort
ing
th
e am
ou
nts
an
d d
iscl
osu
res
in t
he
finan
cial
sta
tem
ents
. A
n a
ud
it a
lso
incl
ud
es a
sses
sin
g t
he
acco
un
tin
g
pri
nci
ple
s u
sed
an
d s
ign
ifica
nt
esti
mat
es m
ade
by
man
agem
ent,
as w
ell
as e
valu
atin
g t
he
over
all f
inan
cial
sta
tem
ent
pre
sen
tati
on
.
In o
ur
op
inio
n, t
hes
e fin
anci
al s
tate
men
ts p
rese
nt
fair
ly, i
n a
ll m
ater
ial
resp
ects
, th
e fin
anci
al p
osi
tio
n o
f th
e C
orp
ora
tio
n a
s at
Mar
ch 3
1, 2
009
and
th
e re
sult
s o
f its
op
erat
ion
s an
d it
s ca
sh fl
ows
for
the
year
th
en
end
ed in
acc
ord
ance
wit
h C
anad
ian
gen
eral
ly a
ccep
ted
acc
ou
nti
ng
p
rin
cip
les.
Hal
ifax,
Can
ada
M
ay 2
2, 2
009
C
har
tere
d A
cco
un
tan
ts
(in t
ho
usa
nd
s o
f do
llars
) M
arch
31,
200
9, w
ith
co
mp
arat
ive
figu
res
for
2008
2
00
9
20
08
Ass
ets
Cu
rren
t as
sets
:
Cas
h
$ 11
,440
$
21,8
04
A
ccru
ed in
tere
st r
ecei
vab
le
2,
452
1,
676
D
ue
fro
m t
he
Prov
ince
of N
ova
Sco
tia
11,3
85
11
,100
Cu
rren
t p
ort
ion
of l
oan
s re
ceiv
able
(no
te 4
)
5,81
6
5,60
7
Oth
er r
ecei
vab
les
766
68
8
31
,859
40,8
75N
ova
Sco
tia
Busi
nes
s Fu
nd
ass
ets:
Lo
ans
rece
ivab
le (n
ote
4 a
nd
8)
83
,496
89,8
47
Eq
uit
y in
vest
men
ts (n
ote
5 a
nd
8)
17
,962
16,2
06
Ind
ust
rial
par
ks a
nd
mal
ls (n
ote
6)
2,
604
2,57
9
10
4,06
2
10
8,63
2
$
135
,921
$
149
,507
Liab
iliti
es a
nd
Sh
areh
old
er’s
Eq
uit
yC
urr
ent
liab
iliti
es:
A
cco
un
ts p
ayab
le a
nd
acc
rued
liab
iliti
es
$
14
,646
$
16
,182
Prov
isio
n fo
r p
aym
ent
of g
uar
ante
es (n
ote
8)
2,93
4
2,
894
D
ivid
end
pay
able
-
1,19
0
Prin
cip
al d
ue
wit
hin
on
e ye
ar t
o t
he
Pr
ovin
ce o
f Nov
a Sc
oti
a (n
ote
9)
12,5
45
8,
109
30,1
25
28
,375
Lo
ng
-ter
m d
ebt:
D
ue
to t
he
Prov
ince
of N
ova
Sco
tia
(no
te 9
)
82,
594
93,5
30
Shar
eho
lder
’s eq
uit
y:
Reta
ined
ear
nin
gs
24,6
78
26
,766
A
ccum
ulat
ed o
ther
com
pre
hens
ive
inco
me
(loss
)
(1,4
76)
83
6
23
,202
27,6
02
Co
mm
itm
ents
(no
te 1
1)C
on
tin
gen
cies
(no
te 1
2)
$
135
,921
$
149
,507
See
acco
mpa
nyin
g no
tes
to fi
nanc
ial s
tate
men
ts.
On
Beh
alf o
f th
e Bo
ard
:
D
irec
tor
D
irec
tor
12N
OV
A S
CO
TI
A B
US
IN
ES
S I
NC
. 2
00
8/
20
09
AN
NU
AL
RE
PO
RT
13
NO
VA
SC
OT
IA
BU
SI
NE
SS
IN
C.
20
08
/2
00
9 A
NN
UA
L R
EP
OR
T
(in t
ho
usa
nd
s o
f do
llars
)
Ye
ar e
nd
ed M
arch
31,
200
9, w
ith
co
mp
arat
ive
figu
res
for
2008
20
09
2
00
8
Reve
nu
e:
Prov
inci
al g
ran
ts:
Op
erat
ing
gra
nt
$
11
,405
$
9,
881
Str
ateg
ic in
vest
men
t g
ran
t
10
,557
14,4
91
Lo
an v
alu
atio
n a
llow
ance
1,60
0
1,
600
G
atew
ay in
itia
tive
gra
nt
172
–
Inte
rest
on
loan
s re
ceiv
able
7,00
8
8,
488
O
ther
inve
stm
ent
inco
me
205
434
G
ain
on
sal
e o
f pro
per
ty
35
790
M
isce
llan
eou
s
1,
910
2,04
7
32
,892
37,7
31
Exp
ense
s:
Op
erat
ing
exp
ense
s (S
ched
ule
)
12,1
95
10
,927
St
rate
gic
inve
stm
ents
10,5
57
14
,491
A
llow
ance
for
cred
it lo
sses
an
d p
rovi
sio
n
fo
r p
aym
ent
of g
uar
ante
es
5,
899
2,90
9
Nov
a Sc
oti
a Bu
sin
ess
Fun
d
exp
ense
s (S
ched
ule
)
6,15
7
7,
848
Gat
eway
init
iati
ve e
xpen
ses
172
–
34
,980
36,1
75
Exce
ss o
f rev
enu
e ov
er e
xpen
dit
ure
s
(2
,088
)
1,55
6
Reta
ined
ear
nin
gs,
beg
inn
ing
of y
ear
26,7
66
26
,400
Less
: Div
iden
d t
o s
har
eho
lder
–
(1
,190
) Re
tain
ed e
arn
ing
s, en
d o
f yea
r
$
24,6
78
$
26,7
66
See
acco
mpa
nyin
g no
tes
to fi
nanc
ial s
tate
men
ts.
(in t
ho
usa
nd
s o
f do
llars
)
Ye
ar e
nd
ed M
arch
31,
200
9, w
ith
co
mp
arat
ive
figu
res
for
2008
20
09
2
00
8
Net
inco
me
$
(2,0
88)
$ 1,
556
Oth
er c
om
pre
hen
sive
inco
me
(loss
): C
han
ge
in u
nre
aliz
ed g
ain
s o
n
av
aila
ble
-fo
r-sa
le s
ecu
riti
es
(2
,312
)
91
(2,3
12)
91
$
(4,4
00)
$ 1,
647
(in t
ho
usa
nd
s o
f do
llars
)
Ye
ar e
nd
ed M
arch
31,
200
9, w
ith
co
mp
arat
ive
figu
res
for
2008
20
09
2
00
8
Shar
e ca
pit
al:
A
uth
ori
zed
:
10
0 C
lass
A c
om
mo
n s
har
es
wit
h a
par
val
ue
of $
1 ea
ch
Issu
ed a
nd
ou
tsta
nd
ing
to
th
e
Pr
ovin
ce o
f Nov
a Sc
oti
a:
1
00 c
om
mo
n s
har
es
$ –
$
–
Reta
ined
ear
nin
gs
24,6
78
26
,766
Acc
um
ula
ted
oth
er c
om
pre
hen
sive
inco
me
(loss
):
Bala
nce
beg
inn
ing
of y
ear
836
745
O
ther
co
mp
reh
ensi
ve in
com
e (lo
ss) f
or
the
year
(2,3
12)
91
Bala
nce
at
end
of y
ear
(1,4
76)
83
6
Tota
l Sh
areh
old
er’s
Equ
ity
$
23,2
02
$ 27
,602
See
acco
mpa
nyin
g no
tes
to fi
nanc
ial s
tate
men
ts.
14N
OV
A S
CO
TI
A B
US
IN
ES
S I
NC
. 2
00
8/
20
09
AN
NU
AL
RE
PO
RT
15
NO
VA
SC
OT
IA
BU
SI
NE
SS
IN
C.
20
08
/2
00
9 A
NN
UA
L R
EP
OR
T
(in t
ho
usa
nd
s o
f do
llars
)
Year
en
ded
Mar
ch 3
1, 2
009,
wit
h c
om
par
ativ
e fig
ure
s fo
r 20
08
20
09
2
00
8
Cas
h p
rovi
ded
by
(use
d in
):
Op
erat
ion
s:
Exce
ss o
f rev
enu
e ov
er e
xpen
dit
ure
s
$
(2,0
88)
$
1,55
6
Item
s n
ot
invo
lvin
g c
ash
:
Am
ort
izat
ion
120
168
A
llow
ance
for
cred
it lo
sses
an
d p
rovi
sio
n
for
pay
men
t o
f gu
aran
tees
5,89
9
2,
909
C
apit
aliz
ed in
tere
st o
n lo
ans
rece
ivab
le
37
(150
)
Gai
n o
n s
ale
of p
rop
erty
(35)
(790
)
Lo
an v
alu
atio
n a
llow
ance
- d
ue
fro
m t
he
Pr
ovin
ce o
f Nov
a Sc
oti
a
(1
,600
)
(1,6
00)
C
han
ge
in n
on
-cas
h o
per
atin
g w
ork
ing
cap
ital
:
In
crea
se in
acc
rued
inte
rest
rec
eiva
ble
(776
)
(607
)
In
crea
se in
du
e fr
om
th
e Pr
ovin
ce o
f Nov
a Sc
oti
a
(2
85)
(4
,134
)
In
crea
se in
oth
er r
ecei
vab
les
(78)
(55)
Inc
reas
e (d
ecre
ase)
in a
ccou
nts
pay
able
an
d a
ccru
ed li
abili
ties
(1,5
36)
2,
449
(342
)
(254
) Fi
nan
cin
g:
D
ivid
end
s p
aid
to
sh
areh
old
er
(1
,190
)
–
New
bo
rrow
ing
s fr
om
th
e Pr
ovin
ce o
f Nov
a Sc
oti
a
5,
047
2,00
9
Prin
cip
al r
epay
men
ts t
o t
he
Prov
ince
of N
ova
Sco
tia
(10,
000)
(7,6
31)
(6,1
43)
(5
,622
) In
vest
men
ts:
Lo
an a
dva
nce
s
(5
,112
)
(2,5
64)
Pr
inci
pal
rec
eive
d o
n lo
ans
7,08
5
7,
353
Re
dem
pti
on
of s
har
es
–
75
Equ
ity
inve
stm
ents
(5,7
42)
(2
,500
)
Pro
ceed
s fr
om
dis
po
sal o
f In
du
stri
al P
arks
37
1,
437
C
apit
al a
dd
itio
ns
(147
)
–
(3
,879
)
3,80
1
Dec
reas
e in
cas
h
(1
0,36
4)
(2
,075
)
Cas
h, b
egin
nin
g o
f yea
r
21
,804
23,8
79
Cas
h, e
nd
of y
ear
$
11,4
40
$ 21
,804
See
acco
mpa
nyin
g no
tes
to fi
nanc
ial s
tate
men
ts.
Nov
a Sc
oti
a Bu
sin
ess
Inc.
(th
e “C
orp
ora
tio
n”) i
s a
corp
ora
tio
n, w
ho
lly-o
wn
ed b
y th
e Pr
ovin
ce o
f Nov
a Sc
oti
a w
ith
an
ind
epen
den
t Bo
ard
of D
irec
tors
. Th
e C
orp
ora
tio
n w
as
esta
blis
hed
pu
rsu
ant
to t
he
Nov
a Sc
oti
a Bu
sin
ess
Inco
rpo
rate
d A
ct, C
hap
ter
30 o
f th
e A
cts
of
No
va S
coti
a, 2
000.
Th
e C
orp
ora
tio
n’s
mis
sio
n is
to
del
iver
clie
nt-
focu
sed
b
usi
nes
s so
luti
on
s th
at r
esu
lt in
su
stai
nab
le, v
alu
e-ad
ded
eco
no
mic
gro
wth
for
Nov
a Sc
oti
a. T
he
Co
rpo
rati
on
is n
ot
sub
ject
to
pro
vin
cial
or
fed
eral
tax
es.
1.
Sum
mar
y o
f sig
nif
ican
t ac
cou
nti
ng
po
licie
s:
(a)
Loan
s re
ceiv
able
:
Lo
ans
rece
ivab
le a
re r
eco
rded
at
amo
rtiz
ed c
ost
less
a g
ener
al a
llow
ance
for
cred
it
loss
es e
qu
al t
o 5
% o
f co
st.
A s
pec
ific
allo
wan
ce is
rec
ord
ed if
man
agem
ent
con
sid
ers
it n
eces
sary
to
red
uce
th
e lo
an t
o it
s es
tim
ated
rec
over
able
am
ou
nt.
(b)
Equ
ity
inve
stm
ents
:
Eq
uit
y in
vest
men
ts in
pu
blic
ly-t
rad
ed c
om
pan
ies
are
reco
rded
at
fair
mar
ket
valu
e.
Equ
ity
inve
stm
ents
wit
h li
mit
ed m
arke
t in
form
atio
n a
vaila
ble
are
init
ially
rec
ord
ed
at c
ost
less
a g
ener
al a
llow
ance
for
cred
it lo
sses
eq
ual
to
10%
of c
ost
. Th
is
allo
wan
ce is
imm
edia
tely
rec
ord
ed t
o r
efle
ct t
he
incr
ease
d r
isk
asso
ciat
ed w
ith
eq
uit
y in
vest
men
ts.
The
inve
stm
ents
are
rev
iew
ed t
wic
e ye
arly
for
po
ten
tial
d
eclin
es in
val
ue.
If a
dec
line
is c
on
sid
ered
to
be
oth
er t
han
tem
po
rary
, a s
pec
ific
allo
wan
ce is
rec
ord
ed.
(c)
Ind
ust
rial
par
ks a
nd
mal
ls:
Th
e in
du
stri
al p
arks
an
d m
alls
co
nsi
st o
f pro
per
ties
hel
d fo
r sa
le a
nd
imp
rove
d
pro
per
ties
co
nsi
stin
g o
f lan
d a
nd
lan
d im
pro
vem
ents
, bu
ildin
gs,
wh
arve
s, an
d
uti
litie
s. L
and
is r
eco
rded
at
the
low
er o
f co
st a
nd
est
imat
ed n
et r
ealiz
able
val
ue.
Th
e re
mai
nin
g a
sset
s ar
e re
cord
ed a
t co
st a
nd
am
ort
ized
on
a d
eclin
ing
bal
ance
b
asis
ove
r th
eir
esti
mat
ed u
sefu
l liv
es a
s fo
llow
s:
Ass
et
Bas
is
Rat
e
Lan
d im
pro
vem
ents
D
eclin
ing
bal
ance
5%
Ind
ust
rial
mal
ls a
nd
oth
er b
uild
ing
s D
eclin
ing
bal
ance
5%
Wh
arve
s D
eclin
ing
bal
ance
5%
Uti
litie
s D
eclin
ing
bal
ance
4
–15%
Th
e D
epar
tmen
t o
f Tra
nsp
ort
atio
n a
nd
Infr
astr
uct
ure
Ren
ewal
has
op
erat
ion
al
resp
on
sib
ility
for
the
ind
ust
rial
par
ks a
nd
mal
ls.
Cer
tain
rev
enu
es a
nd
exp
ense
s as
soci
ated
wit
h t
he
op
erat
ion
of t
he
ind
ust
rial
par
ks a
nd
mal
ls a
re a
cco
un
ted
for
by
the
Dep
artm
ent
of T
ran
spo
rtat
ion
an
d In
fras
tru
ctu
re R
enew
al a
nd
are
no
t re
flect
ed in
th
ese
finan
cial
sta
tem
ents
.
(in t
ho
usa
nd
s o
f do
llars
) Ye
ar e
nd
ed M
arch
31,
200
9
16N
OV
A S
CO
TI
A B
US
IN
ES
S I
NC
. 2
00
8/
20
09
AN
NU
AL
RE
PO
RT
17
NO
VA
SC
OT
IA
BU
SI
NE
SS
IN
C.
20
08
/2
00
9 A
NN
UA
L R
EP
OR
T
1.
Sum
mar
y o
f sig
nif
ican
t ac
cou
nti
ng
po
licie
s (c
on
tin
ued
):
(d)
Oth
er a
sset
s:
O
ther
ass
ets
con
sist
of p
rop
erty
acq
uir
ed t
hro
ug
h fo
recl
osu
re.
Oth
er a
sset
s ar
e re
cord
ed a
t co
st le
ss a
gen
eral
allo
wan
ce fo
r cr
edit
loss
es e
qu
al t
o 5
% o
f co
st.
A
spec
ific
allo
wan
ce is
rec
ord
ed if
man
agem
ent
con
sid
ers
it n
eces
sary
to
red
uce
th
e as
set
to it
s es
tim
ated
rec
over
able
am
ou
nt.
(e)
Du
e to
th
e Pr
ovin
ce o
f Nov
a Sc
oti
a:
A
mo
un
ts d
ue
to t
he
Prov
ince
of N
ova
Sco
tia
are
reco
rded
at
amo
rtiz
ed c
ost
.
(f)
Oth
er c
om
pre
hen
sive
inco
me
(loss
):
C
om
pre
hen
sive
inco
me
is c
om
po
sed
of t
he
Co
rpo
rati
on’
s n
et in
com
e an
d o
ther
co
mp
reh
ensi
ve in
com
e. O
ther
co
mp
reh
ensi
ve in
com
e in
clu
des
un
real
ized
gai
ns
and
loss
es o
n a
vaila
ble
-for
-sal
e in
vest
men
ts.
All
of t
he
Cor
por
atio
n’s
pub
licly
tra
ded
eq
uit
y in
vest
men
ts h
ave
bee
n r
eco
rded
as
avai
lab
le fo
r sa
le a
nd
th
is h
as r
esu
lted
in
a d
ecre
ase
of $
2,31
2 to
op
enin
g a
ccu
mu
late
d o
ther
co
mp
reh
ensi
ve in
com
e.
(g)
Reve
nu
e re
cog
nit
ion
:
In
tere
st r
even
ue
on
loan
s re
ceiv
able
is r
eco
gn
ized
on
an
acc
rual
bas
is u
nle
ss t
he
ult
imat
e co
llect
ibili
ty o
f th
e lo
an is
in d
ou
bt.
Wh
en a
loan
is c
lass
ified
as
imp
aire
d,
inte
rest
rev
enu
e is
no
lon
ger
rec
og
niz
ed, a
nd
any
inte
rest
inco
me
that
is a
ccru
ed is
re
vers
ed.
A lo
an is
co
nsi
der
ed im
pai
red
wh
en t
her
e is
ris
k o
f lo
ss t
o t
he
Co
rpo
rati
on
of t
he
full
and
tim
ely
colle
ctio
n o
f pri
nci
pal
an
d in
tere
st; g
ener
ally
, w
hen
it is
mo
re t
han
th
ree
mo
nth
s in
arr
ears
. In
th
e ev
ent
a lo
an is
no
lon
ger
co
nsi
der
ed t
o b
e im
pai
red,
inte
rest
rev
enu
e is
rec
og
niz
ed in
th
e ye
ar o
f rec
over
y.
(h)
Allo
wan
ce fo
r cr
edit
loss
es a
nd
pro
visi
on
for
pay
men
t o
f gu
aran
tees
:
A
s fin
anci
ng
is a
dva
nce
d, t
he
Co
rpo
rati
on
imm
edia
tely
rec
ord
s a
gen
eral
allo
wan
ce
equ
al t
o 5
-10%
of t
he
amo
un
t d
isb
urs
ed.
The
Co
rpo
rati
on
pro
vid
es fo
r p
oss
ible
cr
edit
loss
es o
n a
n it
em-b
y-it
em b
asis
by
exam
inin
g s
uch
fact
ors
as
the
clie
nt’s
fin
anci
al c
on
dit
ion
an
d t
he
fair
val
ue
of t
he
un
der
lyin
g s
ecu
rity
.
Th
e p
rovi
sio
n fo
r cr
edit
loss
es is
par
tial
ly o
ffse
t b
y a
loan
val
uat
ion
allo
wan
ce fr
om
th
e Pr
ovin
ce o
f Nov
a Sc
oti
a.
(i)
Emp
loye
e fu
ture
ben
efit
s:
U
po
n r
etir
emen
t, em
plo
yees
are
elig
ible
for
a p
ub
lic s
ervi
ce a
war
d e
qu
al t
o o
ne
wee
k’s
sala
ry p
er y
ear
of s
ervi
ce t
o a
max
imu
m o
f tw
enty
-six
yea
rs.
Man
agem
ent
reco
gn
izes
co
mp
ensa
tio
n e
xpen
se o
n a
n a
ccru
al b
asis
. Th
e p
ub
lic s
ervi
ce a
war
d
liab
ility
for
the
per
iod
pri
or
to N
SBI’s
ince
pti
on
is r
eco
rded
on
th
e fin
anci
al
stat
emen
ts o
f th
e Pr
ovin
ce o
f Nov
a Sc
oti
a.
(in t
ho
usa
nd
s o
f do
llars
) Ye
ar e
nd
ed M
arch
31,
200
9
1.
Sum
mar
y o
f sig
nif
ican
t ac
cou
nti
ng
po
licie
s (c
on
tin
ued
):
(j)
Use
of e
stim
ates
:
Th
e p
rep
arat
ion
of f
inan
cial
sta
tem
ents
req
uir
es m
anag
emen
t to
mak
e es
tim
ates
an
d a
ssu
mp
tio
ns
that
aff
ect
the
rep
ort
ed a
mo
un
ts o
f ass
ets
and
liab
iliti
es a
nd
d
iscl
osu
re o
f co
nti
ng
ent
asse
ts a
nd
liab
iliti
es a
t th
e d
ate
of t
he
finan
cial
sta
tem
ents
an
d t
he
rep
ort
ed a
mo
un
ts o
f rev
enu
es a
nd
exp
ense
s d
uri
ng
th
e ye
ar.
Act
ual
re
sult
s co
uld
diff
er fr
om
th
ose
est
imat
es.
2.
Ch
ang
e in
acc
ou
nti
ng
po
licy:
Ef
fect
ive
Ap
ril 1
, 200
8, t
he
Co
rpo
rati
on
ad
op
ted
th
e C
anad
ian
Inst
itu
te o
f Ch
arte
red
A
cco
un
tan
ts’ H
and
bo
ok
Sect
ion
386
2 - F
inan
cial
Inst
rum
ents
- D
iscl
osu
res,
and
Se
ctio
n 3
863
- Fin
anci
al In
stru
men
ts -
Pres
enta
tio
n, o
n fi
nan
cial
inst
rum
ents
an
d
Sect
ion
153
5 - C
apit
al D
iscl
osu
res.
Se
ctio
n 3
862,
Fin
anci
al In
stru
men
ts -
Dis
clos
ures
, des
crib
es t
he
req
uire
d d
iscl
osur
es
rela
ted
to
th
e si
gn
ifica
nce
of f
inan
cial
inst
rum
ents
on
th
e C
orp
ora
tio
n’s
finan
cial
p
osi
tio
n a
nd
per
form
ance
an
d t
he
nat
ure
an
d e
xten
t o
f ris
ks a
risi
ng
for
finan
cial
in
stru
men
ts to
wh
ich
th
e en
tity
is e
xpos
ed a
nd
how
th
e en
tity
man
ages
th
ose
risks
.
Se
ctio
n 3
863,
Fin
anci
al In
stru
men
ts -
Pres
enta
tio
n, e
stab
lish
es s
tan
dar
ds
for
pre
sen
tati
on
of f
inan
cial
inst
rum
ents
an
d n
on
-fin
anci
al d
eriv
ativ
es.
A
s re
qu
ired
by
the
tran
siti
on
al p
rovi
sio
ns,
thes
e n
ew s
tan
dar
ds
hav
e b
een
ap
plie
d
wit
ho
ut
rest
atem
ent
of p
rio
r p
erio
d a
mo
un
ts. T
he
info
rmat
ion
rel
ated
to
th
ese
sect
ion
s is
co
nta
ined
in n
ote
14.
Se
ctio
n 1
535,
Cap
ital
Dis
clo
sure
s, es
tab
lish
es s
tan
dar
ds
for
dis
clo
sin
g in
form
atio
n
abo
ut
an e
nti
ty’s
cap
ital
an
d h
ow it
is m
anag
ed. T
he
Co
rpo
rati
on
has
co
mp
lied
w
ith
th
e n
ew d
iscl
osu
re r
equ
irem
ents
beg
inn
ing
Ap
ril 1
, 200
8 an
d t
he
new
d
iscl
osu
re r
equ
irem
ents
are
pre
sen
ted
in n
ote
14.
3.
Fair
val
ue
of f
inan
cial
inst
rum
ents
:
Th
e ca
rryi
ng
val
ue
of a
ccru
ed in
tere
st r
ecei
vab
le, d
ue
fro
m t
he
Prov
ince
of N
ova
Sco
tia,
oth
er r
ecei
vab
les,
and
acc
ou
nts
pay
able
an
d a
ccru
ed li
abili
ties
ap
pro
xim
ate
thei
r fa
ir v
alu
e b
ecau
se o
f th
eir
sho
rt t
erm
-to
-mat
uri
ty.
Th
e fa
ir v
alu
e an
d b
oo
k va
lue,
exc
lud
ing
any
res
erve
s, o
f lo
ans
rece
ivab
le a
s at
M
arch
31,
200
9 ar
e $1
08,2
49 a
nd
$12
0,25
4 (2
008
- $11
9,62
4 an
d $
126,
807)
re
spec
tive
ly.
Cer
tain
no
tes
rece
ivab
le in
th
e am
ou
nt
of $
3,17
0 (2
008
- $2,
326)
hav
e n
o s
et t
erm
s o
f rep
aym
ent
and
are
car
ried
on
th
e fin
anci
al s
tate
men
ts a
t co
st.
(in t
ho
usa
nd
s o
f do
llars
) Ye
ar e
nd
ed M
arch
31,
200
9
18N
OV
A S
CO
TI
A B
US
IN
ES
S I
NC
. 2
00
8/
20
09
AN
NU
AL
RE
PO
RT
19
NO
VA
SC
OT
IA
BU
SI
NE
SS
IN
C.
20
08
/2
00
9 A
NN
UA
L R
EP
OR
T
3.
Fair
val
ue
of f
inan
cial
inst
rum
ents
(co
nti
nu
ed):
Eq
uit
y in
vest
men
ts in
pu
blic
ly-t
rad
ed c
om
pan
ies
in t
he
amo
un
t o
f $1,
575
(200
8 -
$3,8
88) a
re r
eco
rded
at
fair
mar
ket
valu
e, w
hic
h r
epre
sen
ts t
he
last
bid
pri
ce fo
r th
e st
ock
on
th
e st
ock
exc
han
ge.
Eq
uit
y in
vest
men
ts in
pri
vate
ly h
eld
co
mp
anie
s in
th
e am
ou
nt
of $
16,3
87 (2
008
- $12
,318
) are
car
ried
at
cost
less
allo
wan
ces
in t
he
finan
cial
sta
tem
ents
. D
ue to
th
e lim
ited
am
oun
t of
com
par
able
mar
ket
info
rmat
ion
av
aila
ble
, it
was
no
t p
ract
ical
to
det
erm
ine
the
fair
val
ue
of t
hes
e as
sets
.
Th
ere
are
loan
gu
aran
tees
an
d o
ther
ass
ets
that
rep
rese
nt
inve
stm
ents
an
d
gu
aran
tees
in p
riva
tely
hel
d c
om
pan
ies,
as w
ell a
s p
rop
erty
acq
uir
ed t
hro
ug
h
fore
clo
sure
. D
ue
to t
he
limit
ed a
mo
un
t o
f co
mp
arab
le m
arke
t in
form
atio
n
avai
lab
le, i
t w
as n
ot
pra
ctic
al t
o d
eter
min
e th
e fa
ir v
alu
e o
f th
ese
asse
ts. T
hes
e as
sets
are
car
ried
on
th
e fin
anci
al s
tate
men
ts a
t co
st.
Th
e am
ou
nt
du
e to
th
e Pr
ovin
ce o
f Nov
a Sc
oti
a is
co
mp
rise
d o
f a s
erie
s o
f sep
arat
e n
ote
s. T
he
fair
val
ue
and
bo
ok
valu
e o
f th
e am
ou
nts
du
e to
th
e Pr
ovin
ce o
f Nov
a Sc
oti
a w
ith
sch
edu
led
rep
aym
ent
term
s as
at
Mar
ch 3
1, 2
009
are
$67,
076
and
$5
6,20
4 (2
008
- $71
,394
an
d $
63,1
91),
resp
ecti
vely
. N
ote
s p
ayab
le in
th
e am
ou
nt
of
$38,
935
(200
8 - $
38,4
48) h
ave
no
set
ter
ms
of r
epay
men
t an
d a
re c
arri
ed o
n t
he
finan
cial
sta
tem
ents
at
cost
. Th
e p
rin
cip
al o
n t
his
no
te is
rep
aid
to
th
e Pr
ovin
ce a
s it
is c
olle
cted
on
th
e lo
ans
rece
ivab
le fi
nan
ced
by
this
no
te.
Du
e to
th
e vo
lum
e o
f ac
cou
nts
fin
ance
d b
y th
is n
ote
an
d t
he
un
cert
ain
ty w
ith
res
pec
t to
tim
ing
of f
utu
re
cash
flow
s, it
is n
ot
pra
ctic
al t
o d
eter
min
e th
e fa
ir v
alu
e o
f th
is a
mo
un
t d
ue
to t
he
Prov
ince
of N
ova
Sco
tia.
Th
e fa
ir v
alu
es o
f th
e lo
ans
rece
ivab
le a
nd
th
e am
ou
nt
du
e to
th
e Pr
ovin
ce o
f Nov
a Sc
oti
a ar
e d
eter
min
ed u
sin
g C
anad
ian
bo
nd
mar
ket
conv
enti
on
s.
Th
e yi
eld
to
mat
uri
ty c
urv
e b
y m
on
th fo
r th
e C
orp
ora
tio
n w
as e
stim
ated
usi
ng
th
e fo
llow
ing
ass
um
pti
on
s:
a)
The
risk
-fre
e in
tere
st r
ate
for
each
sp
ecifi
ed m
atu
rity
ter
m e
qu
al t
o t
he
rele
van
t b
ench
mar
k C
anad
a yi
eld
by
term
(Can
ada
yiel
d).
b)
The
Prov
ince
of N
ova
Sco
tia
cred
it s
pre
ad r
elat
ive
to t
he
Can
ada
yiel
d fo
r ea
ch
spec
ified
mat
uri
ty t
erm
to
ref
lect
th
e N
ova
Sco
tia
cost
of f
un
ds
as p
rovi
ded
by
CIB
C
Wo
rld
Mar
kets
.
c)
The
Co
rpo
rati
on’
s cr
edit
sp
read
rel
ativ
e to
th
e Pr
ovin
ce o
f Nov
a Sc
oti
a cr
edit
sp
read
for
each
sp
ecifi
ed m
atu
rity
ter
m b
ased
on
a M
emo
ran
du
m o
f U
nd
erst
and
ing
bet
wee
n t
he
Nov
a Sc
oti
a D
epar
tmen
t o
f Fin
ance
an
d t
he
Co
rpo
rati
on
res
pec
tin
g t
he
bo
rrow
ing
s o
f th
e C
orp
ora
tio
n.
Th
e C
orp
ora
tio
n’s
yiel
d t
o m
atu
rity
on
an
an
nu
al b
asis
for
spec
ified
mat
uri
ty t
erm
s is
det
erm
ined
as
the
sum
of t
he
Can
ada
yiel
d, t
he
Nov
a Sc
oti
a cr
edit
sp
read
an
d
the
Co
rpo
rati
on’
s cr
edit
sp
read
. Th
ese
inp
uts
wer
e u
sed
to
det
erm
ine
the
Co
rpo
rati
on’
s yi
eld
to
mat
uri
ty c
urv
e b
y m
on
th.
(in t
ho
usa
nd
s o
f do
llars
) Ye
ar e
nd
ed M
arch
31,
200
9(in
th
ou
san
ds
of d
olla
rs)
Year
en
ded
Mar
ch 3
1, 2
009
4.
Loan
s re
ceiv
able
:
20
09
2
00
8
(a)
Prin
cip
al d
ue:
Per
form
ing
loan
s
$ 10
6,90
3 $
115,
446
Im
pai
red
loan
s
16
,521
13,6
87
12
3,42
4
129,
133
Allo
wan
ce fo
r cr
edit
loss
es (n
ote
8)
34
,112
33,6
79
89
,312
95,4
54
Le
ss c
urr
ent
po
rtio
n
5,
816
5,60
7
$
83
,496
$
89
,847
In
clu
ded
in t
he
abov
e lo
ans
rece
ivab
le a
re lo
ans
wit
h c
on
cess
ion
ary
term
s w
hic
h
hav
e p
rin
cip
al a
mo
un
ts o
uts
tan
din
g o
f $61
(200
8 - $
194)
an
d c
on
cess
ion
ary
allo
wan
ce o
f $6
(200
8 - $
23).
The
con
cess
ion
ary
term
s co
nsi
st o
f in
tere
st-f
ree
finan
cin
g.
Th
e co
nce
ssio
nar
y al
low
ance
is c
alcu
late
d a
s th
e d
iffer
ence
bet
wee
n t
he
finan
cin
g
adva
nce
d a
nd
th
e n
et p
rese
nt
valu
e o
f th
e an
tici
pat
ed fu
ture
rep
aym
ents
at
an
inte
rest
rat
e si
mila
r to
th
e u
sual
est
ablis
hed
ter
ms
of t
he
Co
rpo
rati
on
.
(b)
Prin
cip
al p
aym
ents
rec
eiva
ble
in e
ach
of t
he
nex
t fiv
e ye
ars
are
as fo
llow
s:
2010
$
5,81
6
2011
5,93
9
2012
5,63
8
2013
5,67
0
2014
5,73
9
20N
OV
A S
CO
TI
A B
US
IN
ES
S I
NC
. 2
00
8/
20
09
AN
NU
AL
RE
PO
RT
21
NO
VA
SC
OT
IA
BU
SI
NE
SS
IN
C.
20
08
/2
00
9 A
NN
UA
L R
EP
OR
T
(in t
ho
usa
nd
s o
f do
llars
) Ye
ar e
nd
ed M
arch
31,
200
9
5.
Equ
ity
inve
stm
ents
:
20
09
2
00
8
Co
mm
on
sh
ares
$
7,21
2
$
9,52
5Pr
efer
red
sh
ares
14,0
42
9,
395
Co
nver
tib
le d
eben
ture
s
10
,722
9,62
5
31
,976
28,5
45
Allo
wan
ce fo
r cr
edit
loss
es (n
ote
8)
14
,014
12,3
39
$
17
,962
$
16
,206
6.
Ind
ust
rial
par
ks a
nd
mal
ls:
20
09
2
00
8
N
et
Net
Acc
um
ula
ted
b
oo
k
bo
ok
C
ost
am
ort
izat
ion
va
lue
va
lue
Lan
d
$
223
$
–
$
22
3
$
223
Lan
d im
pro
vem
ents
1,16
7
46
2
70
5
74
2In
du
stri
al m
alls
an
d
oth
er b
uild
ing
s
2,
345
1,46
0
88
5
93
2W
har
ves
1,51
2
1,
125
387
408
Uti
litie
s
46
9
65
404
274
$
5,
716
$
3,11
2
$ 2,
604
$
2,
579
7.
Oth
er a
sset
s:
20
09
2
00
8
Pro
per
ty a
cqu
ired
th
rou
gh
fore
clo
sure
, at
cost
$
82
2
$
822
Less
allo
wan
ce fo
r cr
edit
loss
es (n
ote
8)
82
2
82
2
$
–
$
–
(in t
ho
usa
nd
s o
f do
llars
) Ye
ar e
nd
ed M
arch
31,
200
9
8.
Allo
wan
ce fo
r cr
edit
loss
es a
nd
pro
visi
on
for
pay
men
t
of g
uar
ante
es:
2
00
9
G
ross
Net
b
alan
ce
Spec
ific
G
ener
al
Tota
l b
alan
ce
ou
tsta
nd
ing
al
low
ance
al
low
ance
al
low
ance
o
uts
tan
din
g Lo
ans
rece
ivab
le
(no
te 4
) $
12
3,42
4
$ 2
9,67
0
$
4,44
2
$ 3
4,11
2
$
89,3
12Eq
uit
y
inve
stm
ents
(
no
te 5
)
31,9
76
12
,193
1,82
1
14
,014
17,9
62G
uar
ante
es
(no
te 1
2)
3,
534
2,93
4
–
2,93
4
60
0O
ther
ass
ets
(n
ote
7)
82
2
82
2
–
822
–
$
15
9,75
6
$ 4
5,61
9
$ 6
,263
$
51,
882
$
10
7,87
4
2
00
8
G
ross
Net
b
alan
ce
Spec
ific
G
ener
al
Tota
l b
alan
ce
ou
tsta
nd
ing
al
low
ance
al
low
ance
al
low
ance
o
uts
tan
din
g Lo
ans
rece
ivab
le (
no
te 4
) $
12
9,13
3
$ 2
9,11
2
$
4,56
7
$ 3
3,67
9
$
95,4
54Eq
uit
y i
nves
tmen
ts
(no
te 5
)
28,5
45
11
,068
1,27
1
12
,339
16,2
06G
uar
ante
es (
no
te 1
2)
5,
008
2,87
9
15
2,89
4
2,
114
Oth
er a
sset
s (
no
te 7
)
822
822
–
82
2
–
$
16
3,50
8
$ 4
3,88
1
$ 5
,853
$
49,
734
$
11
3,77
4
22N
OV
A S
CO
TI
A B
US
IN
ES
S I
NC
. 2
00
8/
20
09
AN
NU
AL
RE
PO
RT
23
NO
VA
SC
OT
IA
BU
SI
NE
SS
IN
C.
20
08
/2
00
9 A
NN
UA
L R
EP
OR
T
(in t
ho
usa
nd
s o
f do
llars
) Ye
ar e
nd
ed M
arch
31,
200
9
9.
Du
e to
Pro
vin
ce o
f No
va S
coti
a:
(a) N
ote
s p
ayab
le t
o t
he
Prov
ince
of N
ova
Sco
tia
are
com
pri
sed
of t
he
follo
win
g:
20
09
2
00
8
Fi
scal
W
eig
hte
d
year
of
aver
age
Pr
inci
pal
Pr
inci
pal
m
atu
rity
in
tere
st r
ate
o
uts
tan
din
g
ou
tsta
nd
ing
No
te p
ayab
le 2
002–
01
–
–
$
33,8
89
$
38,4
48N
ote
pay
able
200
2–02
20
22
5.31
% -
6.75
%
34
,340
36,5
76N
ote
pay
able
200
3–01
20
09
4.85
%
29
2,24
5N
ote
pay
able
200
3–03
20
12
5.02
%
11
9
18
2N
ote
pay
able
200
3–04
20
14
5.35
%
58
6
74
2N
ote
pay
able
200
3–05
20
11
5.44
%
42
4
75
1N
ote
pay
able
200
4–01
20
17
4.64
%
1,
801
2,56
6N
ote
pay
able
200
4–02
20
15
3.41
% -
4.55
%
4,
092
4,85
9N
ote
pay
able
200
5–01
20
11
4.23
%
1,
213
1,46
3N
ote
pay
able
200
5–02
20
14
3.82
%
49
1
74
9N
ote
pay
able
200
6–01
20
27
5.09
%
1,
561
1,56
1N
ote
pay
able
200
6–02
20
27
4.98
%
1,
984
1,98
4N
ote
pay
able
200
6–03
20
27
4.86
%
3,
218
3,21
8N
ote
pay
able
200
6–04
20
27
4.94
%
2,
222
2,22
2N
ote
pay
able
200
7–01
20
27
5.11
%
1,
001
989
No
te p
ayab
le 2
007–
02
2027
4.
89%
1,01
4
1,
002
No
te p
ayab
le 2
007–
03
2027
4.
97%
432
427
No
te p
ayab
le 2
007–
04
2027
5.
01%
83
82
No
te p
ayab
le 2
007–
05
2027
5.
38%
1,44
4
1,
425
No
te p
ayab
le 2
007–
06
2027
5.
58%
150
148
No
te p
ayab
le 2
008–
01
–
–
1,
000
–N
ote
pay
able
200
8–02
–
–
4,04
6
–
95,1
39
10
1,63
9
Less
pri
nci
pal
du
e w
ith
in o
ne
year
12
,545
8,10
9
$
82
,594
$
93
,530
The
pri
nci
pal
for
no
te 2
002-
01 is
rep
ayab
le t
o t
he
Prov
ince
wh
en t
he
pri
nci
pal
is
colle
cted
fro
m t
he
loan
s th
at a
re fu
nd
ed b
y th
is n
ote
. In
ad
dit
ion
, 80%
of t
he
inte
rest
re
ceiv
ed o
r ca
pit
aliz
ed o
n t
he
un
der
lyin
g lo
ans
is r
epay
able
to
th
e Pr
ovin
ce.
The
pri
nci
pal
for
no
tes
2008
-01
and
200
8-02
do
no
t h
ave
set
term
s o
f rep
aym
ent
as a
t M
arch
31,
200
9.
The
rem
ain
ing
no
tes
are
rep
ayab
le in
qu
arte
rly
inst
alm
ents
of p
rin
cip
al a
nd
inte
rest
b
ased
on
th
e m
atu
rity
dat
es a
nd
rat
es s
et o
ut
abov
e.
(in t
ho
usa
nd
s o
f do
llars
) Ye
ar e
nd
ed M
arch
31,
200
9
9.
Du
e to
Pro
vin
ce o
f No
va S
coti
a (c
on
tin
ued
):
(b)
Prin
cip
al p
aym
ents
du
e in
eac
h o
f th
e n
ext
five
year
s ar
e as
follo
ws:
2010
$
12
,545
2011
8,21
7
2012
6,67
2
2013
6,66
9
2014
6,59
0
10. S
har
e ca
pit
al:
Th
e C
orp
ora
tio
n is
au
tho
rize
d t
o is
sue
100
Cla
ss A
co
mm
on
sh
ares
wit
h a
par
val
ue
of $
1 ea
ch. A
t ye
ar-e
nd,
100
co
mm
on
sh
ares
hav
e b
een
issu
ed t
o t
he
Prov
ince
of
Nov
a Sc
oti
a.
11. C
om
mit
men
ts:
(a)
The
Co
rpo
rati
on
has
ap
pro
ved
fin
anci
ng
of $
6,05
9 (2
008
- $11
,300
) th
at is
u
nd
isb
urs
ed a
t ye
ar-e
nd.
(b)
The
Co
rpo
rati
on
ad
min
iste
rs s
trat
egic
inve
stm
ents
on
beh
alf o
f th
e Pr
ovin
ce o
f N
ova
Sco
tia
that
per
mit
ap
pro
ved
bu
sin
esse
s to
rec
eive
a p
erce
nta
ge
of p
ayro
ll ta
xes
pai
d a
s a
reb
ate.
Exp
ense
s in
curr
ed b
y th
e C
orp
ora
tio
n a
re m
atch
-fu
nd
ed b
y th
e Pr
ovin
ce o
f Nov
a Sc
oti
a in
th
e fo
rm o
f a S
trat
egic
Inve
stm
ent
Gra
nt.
As
at
Mar
ch 3
1, 2
009,
tra
nsa
ctio
ns
wer
e ap
pro
ved
wit
h m
axim
um
an
nu
al p
aym
ents
ove
r th
e n
ext
six
year
s o
f $13
0.1
mill
ion
(200
8 - $
131.
9 m
illio
n) a
s sh
own
bel
ow.
2010
$
27
,992
2011
31,5
09
2012
31,6
51
2013
22,4
06
2014
15,3
88
2015
1,20
0
$
13
0,14
6
24N
OV
A S
CO
TI
A B
US
IN
ES
S I
NC
. 2
00
8/
20
09
AN
NU
AL
RE
PO
RT
25
NO
VA
SC
OT
IA
BU
SI
NE
SS
IN
C.
20
08
/2
00
9 A
NN
UA
L R
EP
OR
T
(in t
ho
usa
nd
s o
f do
llars
) Ye
ar e
nd
ed M
arch
31,
200
9
12
. Co
nti
ng
enci
es:
(a)
Gu
aran
tees
:
2
00
9
20
08
Au
tho
rize
d
Uti
lized
U
tiliz
ed
Ban
k lo
ans
$
3,
534
$
3,5
34
$ 5
,008
Less
pro
visi
on
for
pay
men
t
2,
934
2,89
4
$
60
0
$ 2
,114
In
clu
ded
in t
he
abov
e g
uar
ante
es a
re: (
a) a
ter
m lo
an in
th
e am
ou
nt
of $
3,13
4 (2
008
- $4,
458)
th
at h
as b
een
dem
and
ed b
ut
no
t ye
t se
ttle
d (2
008
- exp
irin
g
bet
wee
n fi
scal
200
9 an
d 2
011)
; an
d (b
) a g
uar
ante
e o
f a li
ne
of c
red
it in
th
e am
ou
nt
of $
400
exp
irin
g in
201
0.
Th
e g
uar
ante
es a
re s
ecu
red
by
vari
ou
s as
sets
an
d p
roce
eds
fro
m li
qu
idat
ion
are
ex
pec
ted
to
off
set
any
po
ssib
le p
aym
ents
un
der
th
e g
uar
ante
es.
(b)
Liti
gat
ion
:
Th
e C
orp
ora
tio
n is
a c
o-d
efen
der
wit
h t
he
Prov
ince
of N
ova
Sco
tia
and
Ind
ust
rial
Es
tate
s Li
mit
ed in
a d
isp
ute
reg
ard
ing
env
iro
nm
enta
l co
nta
min
atio
n o
n la
nd
p
revi
ou
sly
own
ed b
y In
du
stri
al E
stat
es L
imit
ed.
It is
ass
um
ed t
hat
any
loss
es
incu
rred
rel
ated
to
th
is c
laim
will
be
fully
fun
ded
by
the
Prov
ince
of N
ova
Sco
tia.
In
ad
dit
ion
, th
ere
are
oth
er o
uts
tan
din
g c
laim
s ag
ain
st t
he
Co
rpo
rati
on
for
even
ts
that
hav
e ar
isen
in t
he
no
rmal
co
urs
e o
f car
ryin
g o
n t
he
op
erat
ion
s o
f th
e C
orp
ora
tio
n.
It is
no
t p
oss
ible
at
this
tim
e to
det
erm
ine
the
amo
un
t th
at m
ay b
e as
sess
ed, o
r th
e im
pac
t to
th
e C
orp
ora
tio
n’s
finan
cial
sta
tem
ents
, wit
h r
esp
ect
to
thes
e cl
aim
s.
Th
e C
orp
ora
tio
n’s
cou
nse
l is
un
able
to
form
an
op
inio
n in
reg
ard
to
th
e lik
elih
oo
d
of l
oss
ari
sin
g fr
om
th
e ab
ove
litig
atio
n; c
on
seq
uen
tly,
no
pro
visi
on
for
any
po
ssib
le
loss
has
bee
n r
eco
rded
in t
hes
e fin
anci
al s
tate
men
ts.
(c)
NSB
I co
mp
lete
d a
tra
nsf
er a
gre
emen
t w
ith
th
e M
un
icip
alit
y o
f th
e C
ou
nty
of
Co
lch
este
r in
fisc
al 2
008,
wh
ich
incl
ud
ed a
wat
er s
yste
m. T
he
syst
em h
as
un
der
go
ne
GU
DI (
Gro
un
dw
ater
Un
der
th
e D
irec
t In
fluen
ce o
f Su
rfac
e W
ater
) te
stin
g. O
f th
e th
ree
wel
ls t
este
d, t
wo
wer
e n
on
-GU
DI.
As
a re
sult
of t
he
thir
d w
ell
bei
ng
det
erm
ined
as
GU
DI,
NSB
I will
like
ly h
ave
to c
on
trib
ute
ad
dit
ion
al fu
nd
s to
b
e u
sed
for
wat
er t
reat
men
t. It
is n
ot
know
n t
he
exte
nt
of t
he
liab
ility
th
at e
xist
s.
(in t
ho
usa
nd
s o
f do
llars
) Ye
ar e
nd
ed M
arch
31,
200
9
13. N
ova
Sco
tia
Bu
sin
ess
Fun
d:
Th
e N
ova
Sco
tia
Busi
nes
s Fu
nd
(th
e “F
un
d”)
is c
om
pri
sed
of i
nves
tmen
ts a
pp
rove
d
un
der
th
e d
irec
tio
n a
nd
man
agem
ent
of N
ova
Sco
tia
Busi
nes
s In
corp
ora
ted
(“
NSB
I”) a
nd
inve
stm
ents
hav
e b
een
tra
nsf
erre
d fr
om
th
e N
ova
Sco
tia
Busi
nes
s D
evel
op
men
t C
orp
ora
tio
n F
un
d (“
NSB
DC
”) o
n N
ovem
ber
6, 2
001.
Th
e fo
llow
ing
is
a su
mm
ary
of t
he
Fun
d a
s at
Mar
ch 3
1.
20
09
2
00
8
NSB
I Por
tfol
io
N
SBD
C P
ortf
olio
Less
Les
s
allo
wan
ce
al
low
ance
for c
redi
t
for c
redi
t N
et
Net
G
ross
lo
sses
G
ross
lo
sses
to
tal
tota
l A
sset
s:
Loan
s re
ceiv
able
$
26,
219
$
9,00
3 $
97
,205
$
25,
109
$
89
,312
$
95
,454
Eq
uity
inve
stm
ents
19,8
46
6,
825
12
,130
7,18
9
17
,962
16,2
06
Ind
ustr
ial p
arks
an
d m
alls
–
–
2,60
4
–
2,60
4
2,57
9
Oth
er a
sset
s
–
–
82
2
82
2
–
–
G
uara
nte
es
3,
534
2,
934
–
–
60
0
2,11
4
Fina
ncin
g au
thor
ized
b
ut u
nad
van
ced
6,05
9
–
–
–
6,05
9
11,3
00
$
55,6
58
$ 18
,762
$
112,
761
$
33,1
20
$ 1
16,5
37
$ 1
27,6
53
2
00
9
20
08
Fun
din
g a
uth
oriz
ed a
nd
com
mit
ted
:
Fun
d b
alan
ce a
uth
oriz
ed, n
et o
f writ
e of
fs
$
253
,372
$
257
,123
Le
ss: u
nco
mm
itte
d b
alan
ce o
f fun
d
84,9
53
79
,736
C
omm
itte
d fu
nd
bal
ance
16
8,41
9
177,
387
Le
ss a
llow
ance
for c
red
it lo
sses
an
d p
rovi
sion
for
pay
men
t of
gua
ran
tees
51
,882
49,7
34
$
116
,537
$
127
,653
26N
OV
A S
CO
TI
A B
US
IN
ES
S I
NC
. 2
00
8/
20
09
AN
NU
AL
RE
PO
RT
27
NO
VA
SC
OT
IA
BU
SI
NE
SS
IN
C.
20
08
/2
00
9 A
NN
UA
L R
EP
OR
T
(in t
ho
usa
nd
s o
f do
llars
) Ye
ar e
nd
ed M
arch
31,
200
9
14. R
isk
man
agem
ent:
(a)
Ris
k m
anag
emen
t re
late
s to
th
e u
nd
erst
and
ing
an
d a
ctiv
e m
anag
emen
t o
f ris
ks
asso
ciat
ed w
ith
all
area
s o
f th
e b
usi
nes
s an
d t
he
asso
ciat
ed o
per
atin
g e
nvir
on
men
t. Th
e C
orp
ora
tio
n’s
Nov
a Sc
oti
a Bu
sin
ess
Fun
d a
sset
s ar
e p
rim
arily
exp
ose
d t
o c
red
it,
inte
rest
rat
e, m
arke
t an
d li
qu
idit
y ri
sk.
(i)
Cre
dit
ris
k:
C
red
it r
isk
is t
he
risk
th
at a
deb
tor
may
no
t p
ay a
mo
un
ts o
win
g, t
hu
s re
sult
ing
in a
lo
ss.
To m
itig
ate
this
ris
k, t
he
Co
rpo
rati
on
has
dev
elo
ped
th
e fo
llow
ing
po
licie
s:
Be
fore
fin
anci
ng
is a
pp
rove
d, a
ris
k as
sess
men
t is
per
form
ed o
n t
he
clie
nt.
Eac
h
app
licat
ion
is d
esig
nat
ed a
ris
k ra
tin
g b
ased
on
th
e in
du
stry
an
d b
usi
nes
s, q
ual
ity
of m
anag
emen
t, fin
anci
al h
isto
ry a
nd
pro
ject
ion
s, th
e le
vel o
f oth
er c
red
ito
r in
volv
emen
t an
d s
har
eho
lder
par
tici
pat
ion
, an
d e
nvir
on
men
tal r
isks
. Th
e te
rms
and
co
nd
itio
ns
of t
he
app
rove
d fi
nan
cin
g a
re r
efle
ctiv
e o
f th
e as
sess
ed r
isk.
A
pp
licat
ion
s w
ith
un
acce
pta
ble
leve
ls o
f ris
k ar
e n
ot
app
rove
d.
C
lien
ts a
re u
sual
ly li
mit
ed t
o a
to
tal o
f $15
mill
ion
in fi
nan
cin
g fr
om
No
va S
coti
a Bu
sin
ess
Inco
rpo
rate
d’s
Nov
a Sc
oti
a Bu
sin
ess
Fun
d. T
hre
e cl
ien
ts c
urr
entl
y ex
ceed
th
is t
ota
l; tw
o lo
ans
wer
e ap
pro
ved
in t
he
No
va S
coti
a B
usi
nes
s D
evel
op
men
t C
orp
ora
tio
n F
un
d a
nd
tra
nsf
erre
d t
o t
he
Nov
a Sc
oti
a Bu
sin
ess
Fun
d v
ia le
gis
lati
on
on
Nov
emb
er 6
, 200
1. T
he
outs
tan
din
g a
mou
nts
for t
hes
e cl
ien
ts a
re a
pp
roxi
mat
ely
$34
mill
ion
an
d $
27 m
illio
n, r
esp
ecti
vely
(200
8 -
$36
mill
ion
an
d $
27 m
illio
n).
A
th
ird
clie
nt,
wit
h e
xist
ing
fin
anci
ng
of
$14
mill
ion
(200
8 -
$16
mill
ion
), h
ad
app
roxi
mat
ely
$3 m
illio
n (2
008
- $4
mill
ion
) of a
uth
ori
zed,
bu
t u
nu
tiliz
ed, f
un
din
g
avai
lab
le a
t ye
ar-e
nd.
Th
e ri
sk r
atin
g fo
r al
l clie
nts
is m
on
ito
red
on
an
on
-go
ing
bas
is. C
lien
ts id
enti
fied
as
hig
her
ris
k ar
e fu
rth
er a
sses
sed
at
year
en
d t
o d
eter
min
e th
e ex
ten
t o
f th
e p
ote
nti
al lo
ss, t
akin
g in
to a
cco
un
t th
e va
lue
of t
he
secu
rity
ple
dg
ed in
su
pp
ort
of
the
finan
cial
ass
ista
nce
. Th
is a
sses
smen
t co
uld
res
ult
in a
red
uct
ion
in t
he
carr
yin
g
valu
e o
f th
e in
vest
men
t vi
a th
e p
rovi
sio
n fo
r cr
edit
loss
es.
(ii
) In
tere
st r
isk:
In
tere
st r
ate
risk
is t
he
imp
act
futu
re c
han
ges
of i
nte
rest
rat
es h
ave
on
cas
h fl
ows
and
fair
val
ue
of a
sset
s an
d li
abili
ties
. To
mit
igat
e th
is r
isk,
th
e C
orp
ora
tio
n m
atch
es
the
rep
aym
ent
tim
ing
of a
mo
un
ts b
orr
owed
wit
h t
he
rep
aym
ent
tim
ing
of
finan
cin
g a
dva
nce
d a
s cl
ose
ly a
s p
ract
ical
.
(ii
i) M
arke
t ri
sk:
M
arke
t ri
sk is
th
e ri
sk t
hat
th
e va
lue
of a
n in
vest
men
t w
ill fl
uct
uat
e as
a r
esu
lt o
f ch
ang
es in
mar
ket
pri
ces,
wh
eth
er t
ho
se c
han
ges
are
cau
sed
by
fact
ors
sp
ecifi
c
to t
he
ind
ivid
ual
fin
anci
al in
stru
men
t, it
s is
suer
or
fact
ors
aff
ecti
ng
all
sim
ilar
finan
cial
inst
rum
ents
tra
ded
in t
he
mar
ket.
At
year
en
d, t
he
Co
rpo
rati
on
hel
d
$1,5
75 (2
008
- $3,
888)
in p
ub
licly
tra
ded
eq
uit
ies.
14. R
isk
man
agem
ent
(co
nti
nu
ed):
(iv
) Liq
uid
ity
risk
:
Li
qu
idit
y ri
sk is
th
e ri
sk o
f n
ot
bei
ng
ab
le t
o m
eet
the
Co
rpo
rati
on’
s ca
sh
req
uire
men
ts in
a t
imel
y an
d c
ost
effe
ctiv
e m
ann
er.
Liq
uid
ity
req
uire
men
ts a
re
man
aged
th
roug
h t
he
rece
ipt
of p
rovi
nci
al g
ran
ts, i
nco
me
gen
erat
ed fr
om t
he
loan
s re
ceiv
able
an
d e
qui
ty in
vest
men
ts, a
nd
prin
cip
al re
pay
men
ts re
ceiv
ed o
n t
he
loan
s re
ceiv
able
. Th
e so
urce
s of
fun
ds
are
used
to p
ay o
per
atin
g e
xpen
ses
and
inte
rest
an
d p
rinci
pal
pay
men
ts to
th
e Pr
ovin
ce o
f Nov
a Sc
otia
. In
th
e n
orm
al c
ours
e of
b
usin
ess
the
Cor
por
atio
n e
nte
rs in
to c
ontr
acts
th
at g
ive
rise
to c
omm
itm
ents
for
futu
re p
aym
ents
wh
ich
may
als
o im
pac
t th
e C
orp
orat
ion’
s liq
uid
ity.
(b)
Cap
ital
:
Th
e C
orp
ora
tio
n c
arri
es o
ut
its
pro
gra
ms
in c
on
jun
ctio
n w
ith
th
e b
ud
get
fun
din
g
allo
cate
d t
o it
by
the
Prov
ince
of N
ova
Sco
tia.
Du
rin
g t
he
year
, th
e lo
ng
-ter
m d
ebt
dec
reas
ed b
y $6
,500
.
15. S
up
ple
men
tary
cas
h in
form
atio
n:
C
ash
is d
efin
ed a
s ca
sh a
nd
sh
ort
-ter
m in
vest
men
ts.
D
uri
ng
th
e ye
ar, c
ash
rec
eive
d fo
r in
tere
st in
com
e w
as $
6,21
6 (2
008
- $6,
997)
an
d
cash
pai
d fo
r in
tere
st w
as $
7,94
6 (2
008
- $2,
712)
. D
uri
ng
th
e ye
ar, d
ivid
end
s in
th
e am
ou
nt
of $
1,19
0 (2
008
- $n
il) w
ere
pai
d.
16. R
elat
ed p
arty
tra
nsa
ctio
ns:
Fi
nanc
ing
has
bee
n ad
vanc
ed to
com
pan
ies
whi
ch w
ere
cont
rolle
d o
r oth
erw
ise
n
ot
ind
epen
den
t o
f ce
rtai
n d
irec
tors
of
No
va S
coti
a B
usi
nes
s In
c. T
hes
e in
vest
men
ts to
tale
d $
38,1
42 (2
008
- $37
,058
) an
d c
erta
in o
f th
ese
inve
stm
ents
h
ave
spec
ific
allo
wan
ces
reco
rded
ag
ain
st t
hem
tota
ling
$7,
490
(200
8 - $
6,21
1).
Furt
her
mo
re, p
ayro
ll re
bat
es in
th
e am
ou
nt
of $
4,51
5 (2
008
- $4,
515)
wer
e aw
ard
ed
to o
ne
or
mo
re o
f th
ese
com
pan
ies.
Th
ese
tran
sact
ion
s w
ere
carr
ied
ou
t in
th
e n
orm
al c
ou
rse
of o
per
atio
ns
and
on
te
rms
and
co
nd
itio
ns
that
wo
uld
be
sim
ilar
to t
ho
se o
f no
n-r
elat
ed p
arti
es.
Th
e C
orp
ora
tio
n o
ccu
pie
s p
rem
ises
for
wh
ich
no
ren
tal f
ee is
ch
arg
ed b
y th
e sh
areh
old
er.
Man
agem
ent
esti
mat
es t
he
ann
ual
co
st t
o le
ase
the
pre
mis
es is
ap
pro
xim
atel
y $6
74 (2
008
- $66
1).
Th
e C
orp
ora
tio
n r
ecei
ves
leg
al s
ervi
ces
for
wh
ich
no
fee
is c
har
ged
by
the
shar
eho
lder
. M
anag
emen
t es
tim
ates
th
e an
nu
al c
ost
of t
hes
e se
rvic
es is
ap
pro
xim
atel
y $2
15.
In 2
008,
th
e C
orp
ora
tio
n p
aid
$21
5 to
th
e sh
areh
old
er
for
leg
al s
ervi
ces.
(in t
ho
usa
nd
s o
f do
llars
) Ye
ar e
nd
ed M
arch
31,
200
9
28N
OV
A S
CO
TI
A B
US
IN
ES
S I
NC
. 2
00
8/
20
09
AN
NU
AL
RE
PO
RT
17. E
mp
loye
e p
ensi
on
pla
n:
Em
plo
yees
of t
he
Co
rpo
rati
on
par
tici
pat
e in
th
e Pu
blic
Ser
vice
Su
per
ann
uat
ion
Fu
nd
(th
e “P
lan”
), a
con
trib
uto
ry d
efin
ed b
enef
it p
ensi
on
pla
n a
dm
inis
tere
d b
y th
e Pr
ovin
ce o
f Nov
a Sc
oti
a, w
hic
h p
rovi
des
pen
sio
n b
enef
its
bas
ed o
n le
ng
th o
f se
rvic
e an
d e
arn
ing
s. C
on
trib
uti
on
s to
th
e Pl
an a
re r
equ
ired
by
bo
th t
he
emp
loye
es a
nd
th
e em
plo
yer.
To
tal e
mp
loye
r co
ntr
ibu
tio
ns
for
2009
wer
e $4
51
(200
8 - $
387)
an
d a
re r
eco
gn
ized
as
an e
xpen
se in
th
e ye
ar.
The
Co
rpo
rati
on
is n
ot
resp
on
sib
le fo
r an
y u
nd
er-f
un
ded
liab
ility
, no
r d
oes
th
e C
orp
ora
tio
n h
ave
any
acce
ss t
o a
ny s
urp
lus
that
may
ari
se in
th
is P
lan
.
18. C
om
par
ativ
e fi
gu
res:
C
erta
in 2
008
com
par
ativ
e fig
ure
s h
ave
bee
n r
ecla
ssifi
ed t
o c
on
form
wit
h t
he
finan
cial
pre
sen
tati
on
ad
op
ted
per
th
e cu
rren
t ye
ar.
Sch
edu
le o
f Op
erat
ing
Exp
ense
s (in
tho
usan
ds o
f dol
lars
)
20
09
2
00
8
Busi
nes
s d
evel
op
men
t
$ 3,
474
$
2,96
0Le
gal
an
d a
ud
it
12
5
25
9O
ffic
e ex
pen
ses
506
329
Oth
er
13
9
15
2Sa
lari
es a
nd
ben
efit
s
6,
450
6,00
3Te
leco
mm
un
icat
ion
s an
d t
ech
nic
al s
up
po
rt
52
5
35
1Tr
avel
976
873
$
12
,195
$
10
,927
Sch
edu
le o
f No
va S
coti
a B
usi
nes
s Fu
nd
Exp
ense
s
(in t
hous
ands
of d
olla
rs)
20
09
2
00
8
Am
ort
izat
ion
$
12
0
$
168
Co
mm
issi
on
s
1
67In
tere
st
5,
658
7,26
3Le
gal
1
1
Rep
airs
an
d m
ain
ten
ance
377
349
$
6,
157
$
7,
848
(in t
ho
usa
nd
s o
f do
llars
) Ye
ar e
nd
ed M
arch
31,
200
9
ww
w.n
ovas
cotia
busi
ness
.com
/mor
e
1800 Argyle Street, Suite 701
P.O. Box 2374, Halifax, Nova Scotia
Canada B3J 3E4
E-mail: [email protected]
www.novascotiabusiness.com
Tel: 1.902.424.6650
Fax: 1.902.424.5739
Toll-free in Nova Scotia
1.877.297.2124
Toll-free in North America
1.800.260.6682 (NOVA)
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