2000 Annual Report

Financial Statements

Statements of Income and Retained Earnings
(Expressed in thousands of United States dollars)

								Years ended December 31
									2000		1999
INCOME
	Marketable Securities								$ 3,306		$ 2,175
	Loan Investments
		Interest							24,579		17,907
		Commitment Fees							553		472
		Front-end Fees							529		1,467
		Other Loan Investment Income							473		681
									26,134		20,527
	Equity Investments
		Gain on Sale of Equity Investments							505		235
		Dividends							918		1,098
		Other Equity Investment Income							121		161
									1,544		1,494
	Advisory Service, Cofinancing, and Other Income								3,222		3,516
									34,206		27,712
EXPENSES
	Administrative								13,239		12,918
	Provision for Loan and Equity Investment Losses								9,848		21,793
	Borrowing								10,529		5,945
									33,616		40,656
NET INCOME (LOSS)									590		(12,944)
RETAINED EARNINGS AT BEGINNING OF YEAR									4,819		17,763
RETAINED EARNINGS AT END OF YEAR									$ 5,409		$ 4,819

The accompanying notes are an integral part of these financial statements.