Mr. Jonathan Morgan reports

CANADIAN GENERAL INVESTMENTS: INVESTMENT UPDATE - UNAUDITED

Canadian General Investments Ltd. had an unaudited basis that its net asset value per share (NAV) at Aug. 31, 2023, was $57.57, resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 20.9 per cent and 21.6 per cent, respectively. These compare with the 6.9 per cent and 8.5 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 bank borrowing, with the intent to enhance returns to common shareholders. As at Aug. 31, 2023, the leverage represented 14.6 per cent of CGI's net assets, down from 14.9 per cent at the end of 2022 and up from 14.4 per cent at Aug. 31, 2022.

The closing price for CGI's common shares at Aug. 31, 2023, was $36.80, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of 15.3 per cent and 18.0 per cent, respectively.

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

The top 10 investments which consists of 42.2 per cent of the investment portfolio at market as of Aug. 31, 2023, were as shown in the attached table.