2022-23 SGI CANADA Annual Report

Fair value hierarchy Fair value is best evidenced by an independent quoted market price for the same instrument in an active market. An active market is one where quoted prices are readily available, representing regularly occurring transactions. The determination of fair value requires judgment and is based on market information where available and appropriate. Fair value measurements are categorized into levels within a fair value hierarchy based on the nature of the inputs used in the valuation. Short-term investments Bonds and debentures Investment funds: Canadian equity Global equity Global small cap equity Mortgage Real estate Total investments (thousands of $) 2023 Level 1 Level 2 Level 3 Total $ $ 156,916 $ $ 156,916 765,653 765,653 78,412 185,778 33,923 78,412 185,778 33,923 170,265 170,265 70,934 70,934 $ 298,113 $ 922,569 $ 241,199 $ 1,461,881 (thousands of $) 2022 Level 1 Level 2 Level 3 Total Short-term investments $ $ Bonds and debentures 153,683 705,437 $ $ 153,683 705,437 Investment funds: Canadian equity Global equity Global small cap equity Mortgage Real estate Total investments 76,629 161,552 29,731 76,629 161,552 29,731 155,138 69,150 155,138 69,150 $ 267,912 $ 859,120 $ 224,288 $ 1,351,320 The Corporation's policy is to recognize transfers into and transfers out of fair value hierarchy levels as of the date of the event or change in circumstances that caused the transfer. 54 2022-23 SGI CANADA Annual Report

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