Investor Presentaiton

14. RELATED PARTY TRANSACTIONS During the year, no payroll rebates were awarded to companies which were controlled by, or otherwise not independent of all directors of Nova Scotia Business Inc. (2013 - $32) As at year-end, the total amount outstanding including current year balances to companies that were controlled by, or otherwise not independent of, certain directors of Nova Scotia Business Inc. was $18,123 (2013 - $23,409) for financial assistance. Certain of these investments have specific allowances recorded against them totaling ($4,330) but all had only the 5% and 10% general reserve recorded against them in the prior year. Furthermore, payroll rebates were in the amount of $336 (2013 - $498). The Corporation occupies premises for which no rental fee is charged by the Province of Nova Scotia. Management estimates the annual cost to lease the premises is approximately $686 (2013 - $680). The Corporation receives legal services free of charge from the Province of Nova Scotia. Management estimates the annual cost of these services is approximately $300 (2013 - $286). These transactions were carried out in the normal course of operations and on terms and conditions that would be similar to those of non-related parties. 15. EMPLOYEE BENEFITS, POST-RETIREMENT BENEFITS AND OTHER LIABILITIES a) The employee benefits, post-retirement benefits and other liabilities, reported on the statement of financial position, are made up of the following: b) Pension benefits: All full-time employees are entitled to receive pension benefits pursuant to the provisions of a pension plan established under the Public Service Superannuation Act ("PSSP") based on the employees' length of service and earnings. The plan is funded by the employee and the employer contributions. The employer's contributions for 2014 were $514 (2013 - $501) and are recognized as an operating expense in the year. As a result of changes to the PSSP Act that took effect April 1, 2013, the Province of Nova Scotia is no longer responsible for any unfunded liabilities of the PSSP, and the Province no longer administers the PSSP. The PSSP is now administered by an independent trustee, the Public Service Superannuation Plan Trustee Inc., which also administers the actuarial and investment risk. 16. COMPARATIVE FIGURES Certain comparative figures have been reclassified to conform with the financial presentation adopted in the current year. 2014 2013 $ $ Public service awards 676 585 Vacation pay 213 218 Other payroll accruals 630 629 1,519 1,432 NOVA SCOTIA BUSINESS INC. ANNUAL REPORT 2013-2014 | 35

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