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 Dec. 31, 2023, was $55.63, resulting in a one-year NAV return, with dividends reinvested, of 17.4 per cent. This compares with the 11.8-per-cent return of the benchmark S&P/TSX Composite Index on a total return basis for the same period.

The company employs a leveraging strategy, by way of bank borrowing, with the intent to enhance returns to common shareholders. As at Dec. 31, 2023, the leverage represented 15.1 per cent of the company's net assets, up from 14.9 per cent at the end of 2022.

The closing price for CGI's common shares at Dec. 31, 2023, was $34.73, resulting in an annual share price return, with dividends reinvested, of 9.5 per cent.

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

• Industrials: 25.3 per cent;
• Information technology: 21.9 per cent;
• Energy: 12.4 per cent;
• Financials: 10.8 per cent;
• Consumer discretionary: 10.8 per cent;
• Materials: 10.7 per cent;
• Real estate: 4.6 per cent;
• Communication services: 2 per cent;
• Cash and cash equivalents: 0.8 per cent;
• Health care: 0.7 per cent.

The top 10 investments which comprised 36.6 per cent of the investment portfolio at market as of Dec. 31, 2023, were as follows:

• NVIDIA Corp.: 4.7 per cent;
• TFI International Inc.: 4.7 per cent;
• Canadian Pacific Kansas City Ltd.: 4.5 per cent;
• Apple Inc.: 3.7 per cent;
• West Fraser Timber Co. Ltd.: 3.5 per cent;
• The Descartes Systems Group Inc.: 3.3 per cent;
• WSP Global Inc.: 3.3 per cent;
• Franco-Nevada Corp.: 3.2 per cent;
• Mastercard Inc.: 3 per cent;
• Bank of Montreal: 2.7 per cent.