Mr. Jonathan Morgan reports

INVESTMENT UPDATE - UNAUDITED

On an unaudited basis, Canadian General Investments Ltd.'s net asset value per share at Dec. 31, 2024, was $69.32, resulting in a one-year NAV return, with dividends reinvested, of 26.6 per cent. This compares with the 21.6-per-cent return of the benchmark S&P/TSX Composite Index on a total return basis for the same period.

The company employs a leveraging strategy, by way of bank borrowing, with the intent to enhance returns to common shareholders. As at Dec. 31, 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.

The closing price for Canadian General's common shares at Dec. 31, 2024, was $40.48, resulting in an annual share price return, with dividends reinvested, of 19.6 per cent.

The sector weightings of Canadian General's investment portfolio at market as of Dec. 31, 2024, were as follows.

The top-10 investments which comprised 36.3 per cent of the investment portfolio at market as of Dec. 31, 2024, were as follows.