Economic Investment Trust

Economic Investment Trust Limited (“Economic” or the “Company”) was the first closedend investment trust formed in Canada in 1927. The trust was sponsored by the chartered accounting firm of George A. Touche & Company. The initial capitalization consisted of 32,250 shares issued in 1927 at $50 for a total of $1,612,500. In addition, $1,000,000 of 30-year 5% Collateral Trust Gold Bonds were issued in 1927, making the total amount of initial capital subscribed $2,612,500. Economic is a closed-end investment corporation, the shares of which trade on the Toronto Stock Exchange under the symbol “EVT”. Economic is an investment vehicle for long-term growth through investments in common equities, as management believes that over long periods of time, common equities, as an asset class, will outperform fixed-income instruments or balanced funds. From time to time, however, assets of the Company may be invested in interest-bearing short-term securities pending the selection of suitable equity investments. The Company has been a closed-end investment corporation since 1927. The Common Shares have persistently traded at a discount to their net asset value, ranging from approximately a 37% discount to a 18% discount over the past 10 years. Management believes that shareholders who have invested in the Common Shares of the Company recognize that the Common Shares of the Company usually trade at a discount to their net asset value. On March 4, 2022, the Company announced its intention to proceed with the renewal of its normal course issuer bid. Closed-end funds have the following benefits: they often allow investors the opportunity to purchase assets at a discounted price; they have management expense ratios which are generally much lower than those for open-ended funds; and the management of a closed-end fund’s portfolio is not impacted by shareholder subscription or redemption activities. Economic has no plans to become an open-ended investment fund.