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Third Canadian General Investment Trust Limited
Reports Audited 2009 Financial Results
Morgan Meighen & Associates

March 5, 2010 – Third Canadian General Investment Trust Limited’s (Third Canadian) net asset value per share (NAV) return for 2009, with dividends reinvested, was 59.9%, outperforming the 35.1% total return of the benchmark S&P/TSX Composite Index (S&P/TSX). For 2009, Third Canadian’s market return was 32.9%. Net asset value at December 31, 2009 was $170,559,000, representing a 57.2% increase from $108,481,000 at year end 2008. The corresponding NAVs at December 31, 2009 and December 31, 2008 were $35.49 and $22.57, respectively.

With the rapidly deteriorating global economic conditions experienced in the latter half of 2008, and continuing on into the first half of 2009, it was reassuring to see equity markets rallying worldwide, combined with increased consumer confidence. All ten sectors of the S&P/TSX were in positive territory, with Financials leading the way with an increase of over 45% for the year. Third Canadian’s superior performance relative to the benchmark can be largely attributed to the portfolio return of 80.3% in its principal asset segment, consisting of its holdings in Canadian General Investments, Limited (CGI) and Canadian World Fund Limited. As in many prior years, Third Canadian benefitted from the receipt of a special capital gains dividend from CGI of $3.8 million (before tax).

In addition to the payment of four quarterly dividends of $0.075 per share, Third Canadian paid a year-end extra dividend of $0.20 per share on December 30, 2009. Based on the year-end share price of $26.37, total dividend payments during 2009 represented a yield of 1.9%.

Third Canadian, established in 1928, is the second oldest North American listed closed-end fund. The Company’s non-principal assets consist of a diverse range of Canadian and foreign securities.

FINANCIAL HIGHLIGHTS

(in thousands of dollars, except per share amounts)

	For the Year Ended
	December 31,	December 31,
	2009	2008
Net investment income	1,935	453
Net gain (loss) on investments	63,013	(190,554)
Increase (decrease) in net assets resulting from operations	64,948	(190,101)
Increase (decrease) in net assets resulting from operations – per share	13.51	(39.56)

	As at
	December 31,	December 31,
	2009	2008

Selected data ⁽¹⁾
Net asset value	170,559	108,481
Net asset value per share	35.49	22.57

Selected data according to GAAP ⁽¹⁾
Net assets	170,297	107,753
Net assets per share	35.44	22.42

(1) The Company calculates the net asset value and net asset value per share on the basis of the valuation principles set out in its annual information form. These valuation principles differ from the requirements of Canadian generally accepted accounting principles (GAAP), with the main difference relating to securities that are listed on a public stock exchange. While the Company values such securities based on the latest sale price, GAAP requires the use of the closing bid price. Accordingly, bid prices are used in determining net assets and net assets per share for purposes of the interim and annual financial statements.

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