The Company's owns, directly or indirectly, long-term investments in the common shares of some publicly traded Canadian companies and a managed diversified portfolio of common shares of publicly traded global companies. As of December 31, 2012 the long-term investments comprised approximately 58.8% (2011 - 54.0%) of the Company's investment portfolio.

The long-term investments consist primarily of common shares of E-L Financial Corporation Limited ("E-L Financial") (39.9% (2011 - 36.0%) of total investments), Algoma Central Corporation ("Algoma") (8.5% (2011 - 7.2%) of total investments) and The Bank of Nova Scotia (9.0% (2011 - 9.2%) of total investments). E-L Financial, Algoma and the Company can be significantly influenced by the same party. Further related party information is provided in Note 8 to the financial statements and in the statement of investments.

The global investment portfolio is managed by Burgundy Asset Management Ltd. ("Burgundy"), a global equity manager based in Toronto.

Information related to Burgundy is available at www.burgundyasset.com. The investment approach of Burgundy is available at 'Investment Approach - Equities'.

The Company faces a broad range of risks and uncertainties in managing a global equity portfolio. Risks of investing in Economic include concentration risk, market risk, liquidity risk, discount risk and securities lending risk. These risks are described in the Risk Factors section of the Company's 2012 Annual Information Form which may be found on SEDAR at www.sedar.com.