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 Nov. 30, 2023, was $53.38, resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 12.6 per cent and 4.9 per cent, respectively. These compare with the 7.5-per-cent and 2.3-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 Nov. 30, 2023, the leverage represented 15.7 per cent of Canadian General's net assets, up from 14.9 per cent at the end of 2022 and 13.9 per cent at Nov. 30, 2022.

The closing price for Canadian General's common shares at Nov. 30, 2023, was $34.30, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of 8.2 per cent and 0.8 per cent, respectively.

The sector weightings of Canadian General's investment portfolio at market as of Nov. 30, 2023, were as shown in the attached table.

The top 10 investments which comprised 38.8 per cent of the investment portfolio at market as of Nov. 30, 2023, were as shown in the attached table.