Mr. Richard B. Carty reports

ECONOMIC INVESTMENT TRUST LIMITED ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has accepted a notice filed by Economic Investment Trust Ltd. of its intention to proceed with the renewal of its normal course issuer bid (NCIB) to be transacted through the facilities of the exchange or through alternative Canadian trading systems.

The notice provides that the company may, during the 12-month period commencing March 12, 2024, and ending March 11, 2025, purchase up to 271,259 common shares in the capital of the company in total, being approximately 5 per cent of the total number of 5,425,197 shares outstanding as at Feb. 27, 2024. The price that the company will pay for any such shares will be the prevailing market price at the time of acquisition. The actual number of shares that may be purchased pursuant to the bid will be determined by management of the company. Any shares purchased pursuant to the bid will be cancelled.

The average daily trading volume of the shares on the exchange for the most recently completed six calendar months is 335. Under the bid, the company may purchase up to 1,000 shares on the exchange during any trading day.

The timing of purchases will be determined by management of the company, which will be based on market conditions, share price, best use of available cash and other factors. The financing for any purchase pursuant to the bid will be financed out of the working capital of the company.

The company's previous normal course issuer bid expires on March 8, 2024. Under the previous NCIB, the company obtained the approval of the exchange to purchase up to 273,231 shares, which represented 5 per cent of the 5,464,628 shares issued and outstanding as at the close of business on Feb. 24, 2023. The company purchased on the open market and cancelled an aggregate of 3,200 shares under the previous NCIB at an average price of $133.08 per share.

The board of directors believes that, in the event the shares trade in a price range that does not fully reflect their value, the purchase of the shares would be an appropriate use of corporate funds in the best interests of the company and its shareholders. Furthermore, the purchases are expected to benefit all persons who continue to hold shares by increasing their equity interest in the company if the repurchased shares are cancelled.

About Economic Investment Trust Ltd.

The company is a closed-end investment corporation that trades on the exchange. The company has always been an investment vehicle for long-term growth through investment in common equities, as management believes that over long period of time, common equities, as an asset class, will outperform fixed-income instruments or balanced funds. The investment objective is to earn an above-average rate of return, primarily through long-term capital appreciation and dividend income. The equity investments in the portfolio reflect investment opportunities worldwide.

We seek Safe Harbor.