Mr. Jonathan Morgan reports

CANADIAN GENERAL INVESTMENTS: INVESTMENT UPDATE - UNAUDITED

Canadian General Investments Ltd., on an unaudited basis, had net asset value per share (NAV) at July 31, 2023, of $58.05, resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 21.4 per cent and 19.2 per cent, respectively. These compare with the 8.4% and 8.2% 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 July 31, 2023, the leverage represented 14.5% of CGI's net assets, down from 14.9% at the end of 2022 and up from 14.0% at July 31, 2022. The closing price for CGI's common shares at July 31, 2023 was $36.40, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of 13.3% and 12.8%, respectively.

The sector weightings of CGI's investment portfolio at market as of July 31, 2023 were as follows:

Information Technology  22.7 %
Industrials             21.7 %
Materials               16.8 %
Energy                  10.8 %
Consumer Discretionary  10.8 %
Financials               9.7 %
Real Estate              4.3 %
Communication Services   1.8 %
Cash & Cash Equivalents  0.7 %
Health Care              0.7 %

The top ten investments which comprised 41.7% of the investment portfolio at market as of July 31, 2023 were as follows:

NVIDIA Corporation                   6.8 %
First Quantum Minerals Ltd.          5.1 %
Canadian Pacific Kansas City Limited 4.5 %
TFI International Inc.               4.3 %
West Fraser Timber Co. Ltd.          4.1 %
Franco-Nevada Corporation            4.0 %
Apple Inc.                           3.9 %
WSP Global Inc.                      3.1 %
The Descartes Systems Group Inc.     3.0 %
Mastercard Incorporated              2.9 %