Accounts:

Balance Sheet
"SMP (Luxembourg)"

		2000		1999
20 February 2000	Note	US$	US$	US$	US$
ASSETS Investments
Deposits with credit institutions		234,996		75,000
Investments in affiliated undertakings		2,371,049		2,371,335
			2,606,045		2,446,335
Reinsurers' share of technical provisions
Claims outstanding			122,959,837		119,198,344
Debtors
Debtors arising out of direct insurance operations		7,023,809		6,140,110
Debtors arising out of reinsurance operations		83,989		454,526
Amounts owed by affiliated undertakings		123,886		2,630,406
Other debtors		202,874		1,253,462
			7,434,558		10,478,504
Other assets
Cash at bank and in hand			2,861,481		2,624,913
Prepayments and accrued income
Accrued interest		7,833		6,120
Deferred acquisition costs		288,595		326,520
Other prepayments and accrued income		2,314,518		1,599,219
			2,610,946		1,931,859
TOTAL ASSETS			$138,472,867		$136,679,955

		2000		1999
20 February 2000	Note	US$	US$	US$	US$
LIABILITIES
Capital and reserves
Income and expenditure account - adverse balance			(4,043,836)		(2,999,882)
Technical provisions
Provision for unearned premiums		3,677,839		3,710,283
Claims outstanding - gross amount		130,623,660		126,504,445
			134,301,499		130,214,728
Provision for other risks and charges
Provision for taxation			279,572		265,170
Creditors
Creditors arising out of direct insurance operations		2,594,461		2,496,760
Creditors arising out of reinsurance operations		2,523,227		3,568,667
Amounts owed to affiliated undertakings		2,306,859		2,747,656
			7,424,547		8,813,083
Accruals and deferred income			511,085		386,856
TOTAL LIABILITIES			$138,472,867		$136,679,955

The 'Notes to the Accounts' section is part of these Accounts