Mr. Jonathan Morgan reports

CANADIAN GENERAL INVESTMENTS: INVESTMENT UPDATE - UNAUDITED

Canadian General Investments Ltd.'s unaudited net asset value per share (NAV) at April 30, 2024, was $60.73, resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 9.6 per cent and 15.4 per cent, respectively. These compare with the 4.7 per cent and 8.7 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 April 30, 2024, the leverage represented 13.8 per cent of Canadian General's net assets, down from 15.1 per cent at the end of 2023 and 15.7 per cent at April 30, 2023.

The closing price for Canadian General's common shares at April 30, 2024, was $37.10, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of 7.6 per cent and 13.8 per cent, respectively.

The sector weighings of CGI's investment portfolio at market as of April 30, 2024, were as shown in the associated table.

The top 10 investments, which comprised 37.8 per cent of the investment portfolio at market as of April 30, 2024, were as shown in the associated table.