Mr. Jonathan Morgan reports

CANADIAN GENERAL INVESTMENTS: INVESTMENT UPDATE - UNAUDITED

On an unaudited basis, Canadian General Investments Ltd.'s net asset value (NAV) per share at Nov. 30, 2025, was $80.73, resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 18.2 per cent and 13.9 per cent, respectively. These compare with the 30.0-per-cent and 25.7-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, 2025, the leverage represented 11.9 per cent of CGI's net assets, down from 13.8 per cent at the end of 2024 and 13.3 per cent at Nov. 30, 2024.

The closing price for Canadian General Investments' common shares at Nov. 30, 2025, was $45.50, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of 15.4 per cent and 14.0 per cent, respectively.

The sector weightings of Canadian General Investments' investment portfolio at market as of Nov. 30, 2025, are detailed in an attached table.

The top 10 investments that comprised 39.7 per cent of the investment portfolio at market as of Nov. 30, 2025, are detailed in an attached table.