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, 2024, was $71.96, resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 31.4 per cent and 36.9 per cent, respectively. These compare with the 25.8-per-cent and 30.7-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, 2024, the leverage represented 13.3 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 Nov. 30, 2023.

The closing price for Canadian General's common shares at Nov. 30, 2024, was $40.97, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of 21.1 per cent and 22.6 per cent, respectively.

The sector weightings of Canadian General's investment portfolio at market as of Nov. 30, 2024, are provided in an attached table.

The top 10 investments that made up 38.1 per cent of the investment portfolio at market as of Nov. 30, 2024, are named in an attached table.