Third Canadian General Investment Trust Limited
TSX : THD

Third Canadian General Investment Trust Limited

October 19, 2005 17:31 ET

Third Canadian General Investment Trust Limited Reports 2005 Third Quarter Results

TORONTO, CANADA--(CCNMatthews - Oct. 19, 2005) - Third Canadian's (TSX:THD) net asset value per share (NAV) returns, with dividends reinvested, for the three, nine and twelve month periods ended September 30, 2005 were 16.7%, 36.4% and 61.5%, respectively. By comparison, the returns of the benchmark S&P/TSX Composite Total Return Index (S&P/TSX) for the same periods were 11.6%, 20.7% and 29.3%. Third Canadian's market returns, with dividends reinvested, were 20.2% for the third quarter, 35.6% year-to-date and 59.6% over the twelve months to September 30, 2005.

At September 30, 2005, Third Canadian's net assets were $207,033,000, up 35.6% from the 2004 year-end value of $152,726,000. The corresponding NAVs were $43.08 and $31.78. The increase was largely attributable to a 47.2% uplift in the combined market value of the shares and warrants of Canadian General Investments, Limited (CGI), the Corporation's key principal asset, representing nearly 75% of Third Canadian's portfolio at September 30, 2005.

For the nine months, Third Canadian had an increase in net assets resulting from operations of $55,596,000, or $11.57 per share. For the corresponding period in 2004, the amounts were $9,497,000 and $1.97, respectively.

Strong portfolio performance resulted in a net gain on investments of $53,902,000 for the current nine month period, comprised of a net realized gain on investments of $1,074,000 and a change in unrealized gain on investments of $52,828,000. This compares to a net gain on investments of $7,648,000 for the corresponding period in 2004.

Third Canadian's net investment income for the first nine months of 2005 was $1,694,000, down from the $1,849,000 for the first nine months of 2004.

During the first nine months of both 2005 and 2004, Third Canadian paid regular quarterly dividends totalling $0.225 per share to its shareholders.

Third Canadian, established in 1928, is the second oldest North American listed closed-end fund. The Company's non-principal assets consist primarily of Canadian income trusts and Canadian equities, as well as foreign equities. Leverage is provided by the large holding in CGI and bank borrowings at favourable interest rates.



FINANCIAL HIGHLIGHTS
(in thousands of dollars, except per share amounts)

Three Months Ended Nine Months Ended
------------------ -----------------
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2005 2004 2005 2004
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Net investment income for
the period 594 571 1,694 1,849
Net realized gain (loss)
on investments 565 (774) 1,074 (1,615)
Change in unrealized gain
on investments - net of
future income taxes 28,545 1,569 52,828 9,263
------ ----- ------ -----
Increase in net assets
resulting from operations 29,704 1,366 55,596 9,497
Increase in net assets
resulting from operations
per share 6.18 0.28 11.57 1.97


As at
-----
Sept. 30, Dec. 31, Sept. 30,
2005 2004 2004
-------------------------------------------

Net assets 207,033 152,726 130,382
Net asset value per share 43.08 31.78 27.13


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