Mr. Jonathan Morgan reports

CANADIAN GENERAL INVESTMENTS: INVESTMENT UPDATE – UNAUDITED

Canadian General Investments Ltd. had an unaudited basis that its net asset value per share (NAV) at July 31, 2024, was $65.46 resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 18.6 per cent and 14.7 per cent, respectively. These compare with the 12.3-per-cent and 15.7-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 July 31, 2024, the leverage represented 12.8 per cent of CGI's net assets, down from 15.1 per cent at the end of 2023 and 14.5 per cent at July 31, 2023.

The closing price for CGI's common shares at July 31, 2024, was $40.50, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of 18.2 per cent and 14.3 per cent, respectively.

The sector weightings of CGI's investment portfolio at market as of July 31, 2024, were as shown in the attached table.

The top 10 investments which comprised 39.1 per cent of the investment portfolio at market as of July 31, 2024, were as shown in the attached table.