Mr. Jonathan Morgan reports

CANADIAN GENERAL INVESTMENTS: INVESTMENT UPDATE - UNAUDITED

Canadian General Investments Ltd.'s, on an unaudited basis, net asset value per share (NAV) at May 31, 2023, was $52.23, resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 9.3 per cent and 3.7 per cent, respectively. These compare with the 2.3-per-cent and minus-2.5-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, with the intent to enhance returns to common shareholders. As at May 31, 2023, the combined leverage afforded by both forms of leverage represented 16.1-per-cent of CGI's net assets, up from 14.9 per cent at the end of 2022 and down from 16.4 per cent at May 31, 2022.

The closing price for CGI's common shares at May 31, 2023, was $33.25, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of 3.5 per cent and minus 6.2 per cent, respectively.

The sector weightings of CGI's investment portfolio at market as of May 31, 2023, were as shown in an attached table.

The top 10 investments which comprised 40.9 per cent of the investment portfolio at market as of May 31, 2023, were as shown in an attached table.