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Pawnee Leasing Corporation

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Pawnee Leasing Corporation

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Chesswood Announces Increase in Dividend and Earnings

Chesswood Group Limited announced today that its monthly dividend will increase from $0.05 per share to $0.055 per share, effective with the dividend for the month of May, payable in June.

Fort Collins, CO, May 06, 2012 --( The Company also released its first quarter results for 2012. "We’re very pleased to have started the year with a strong quarter that reflects improvement over this same quarter in the prior year," said Barry Shafran, Chesswood’s President and CEO. "We generated improved earnings notwithstanding the effects of carrying the expenses of our start-up legal finance business, which was not part of our first quarter in 2011," added Shafran.

Financial Highlights For the Three-Months (in CDN $000's, except EPS) Ended March 31

Income Before Taxes and Fair Value Adjustments
2012 - $3,623
2011 - $3,270

Net Income
2012 - $1,901
2011 - $1,705

Adjusted EBITDA(1)
2012 - $4,286
2011 - $4,025

Earnings Per Share - basic
2012 - $0.17
2011 - $0.16

(1) - See "Non-GAAP Measures" below.

The amount of any dividends payable by the Company are determined at the discretion of the board of directors of the Company, are evaluated on an ongoing basis, and may be revised subject to business circumstances, from time to time.

Non-GAAP Measures

References to Adjusted EBITDA are not recognized measures under International Financial Reporting Standards and do not have standard meanings. Accordingly, these measures may not be comparable to similar measures presented by other issuers.

Please refer to the Company’s Management Discussion and Analysis for the three-months ended March 31, 2012 for additional information concerning this measure and a reconciliation of this measure to the consolidated net income for the relevant period.
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Pawnee Leasing Corporation
Gary Souverein

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