Mr. Jonathan Morgan reports

CANADIAN GENERAL INVESTMENTS: INVESTMENT UPDATE - UNAUDITED

On an unaudited basis, Canadian General Investments Ltd.'s net asset value per share (NAV) at April 30, 2023, was $53.56, resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 11.5 per cent and 4 per cent, respectively. These compare with the 7.6-per-cent and 2.7-per-cent returns of the benchmark S&P/TSX Composite Index on a total return basis for the same periods.

The company employs a leveraging strategy, by way of preference shares and bank borrowing, in an effort to enhance returns to common shareholders. As at April 30, 2023, the combined leverage afforded by both forms of leverage represented 15.7 per cent of Canadian General's net assets, up from 14.9 per cent at the end of 2022 and down from 16 per cent at April 30, 2022.

The closing price for Canadian General's common shares at April 30, 2023, was $33.50, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of 3.5 per cent and negative 11.7 per cent, respectively.

The sector weightings of Canadian General's investment portfolio at market as of April 30, 2023, were as noted herein.

The top 10 investments which comprised 40.1 per cent of the investment portfolio at market as of April 30, 2023, were as noted herein.