Management’s Discussion and Analysis (“MD&A”) Exhibit 99.2
The following discussion is based on the financial statements of Central Fund of Canada Limited (“Central Fund”
or the “Company”) which are prepared in accordance with accounting principles generally accepted in Canada
(“Canadian GAAP”) including the Canadian Institute of Chartered Accountants (“CICA”) Accounting Guideline
18, Investment Companies (“AcG-18”). These principles are substantially the same as United States’ generally
accepted accounting principles.
This analysis should be read in conjunction with Central Fund’s financial statements prepared in accordance with
Canadian GAAP included in its 2009 Annual Report and the accompanying MD&A.
Throughout this discussion, all currency amounts are in United States dollars.
Certain statements in this report may constitute forward-looking information within the meaning of securities
laws. Forward-looking information may relate to the Company’s future outlook and anticipated events and may
relate to matters that are not historical facts. In particular, statements regarding the Company’s objectives and
strategies are forward-looking statements. These statements are based on certain factors and assumptions which
are considered reasonable as of the current date but may prove to be incorrect. Forward-looking information is
also subject to certain factors, including risks and uncertainties (described in “Risk Factors” of the Company’s
2009 annual MD&A), that could cause future events and results to differ materially from what the Company
Disclosure Controls and Procedures
Senior Executive Officers have ensured that there are disclosure controls and procedures in place that provide
reasonable assurance that material information relating to the Company is disclosed on a timely basis. They
believe these disclosure controls and procedures have been effective during the nine months ended July 31, 2010.