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 June 30, 2023, was $55.66, resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 16.4 per cent and 25.6 per cent, respectively. These compare with the 5.7-per-cent and 10.4-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 bank borrowing, with the intent to enhance returns to common shareholders. As at June 30, 2023, the leverage represented 15.1 per cent of Canadian General's net assets, up from 14.9 per cent at the end of 2022 and down from 15.4 per cent at June 30, 2022.

The closing price for Canadian General's common shares at June 30, 2023, was $34.78, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of 8.2 per cent and 11.7 per cent, respectively.

The sector weightings of CGI's investment portfolio at market as of June 30, 2023, were as shown in the associated table.

The top 10 investments, which comprised 41.5 per cent of the investment portfolio at market as of June 30, 2023, were as shown in the associated table.