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 June 30, 2024, was $62.50, resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 13.3 per cent and 14.2 per cent, respectively. These compare with the 6.1-per-cent and 12.1-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 June 30, 2024, the leverage represented 13.4 per cent of CGI's net assets, down from 15.1 per cent at the end of 2023 and at June 30, 2023.

The closing price for Canadian General Investments' common shares at June 30, 2024, was $35.91, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of 4.8 per cent and 6.1 per cent, respectively.

The sector weightings of Canadian General Investments' investment portfolio at market as of June 30, 2024, were as shown in an attached table.

The top 10 investments that comprised 39.5 per cent of the investment portfolio at market as of June 30, 2024, were as shown in the attached table.