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 March 31, 2026, was $81.26 resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 1.1 per cent and 29.6 per cent, respectively. These compare with the 3.9 per cent and 34.8 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 March 31, 2026, the leverage represented 11.8 per cent of Canadian General's net assets, down from 11.9 per cent at the end of 2025 and 15.1 per cent at March 31, 2025.

The closing price for CGI's common shares at March 31, 2026, was $46.92, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of negative 0.1 per cent and 32.6 per cent, respectively.

The sector weightings of CGI's investment portfolio at market as of March 31, 2026, were as shown in the attached table.

The top 10 investments which comprise 35.4 per cent of the investment portfolio at market as of March 31, 2026, were as shown in the attached table.