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 Jan. 31, 2025, was $70.79, resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 2.1 per cent and 26.3 per cent, respectively. These compare with the 3.5-per-cent and 25.2-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 Jan. 31, 2025, the leverage represented 13.5 per cent of Canadian General Investments' net assets, down from 13.8 per cent at the end of 2024 and 14.7 per cent at Jan. 31, 2024.

The closing price for the company's common shares at Jan. 31, 2025, was $39.75, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of minus 1.8 per cent and 14.0 per cent, respectively.

The sector weightings of Canadian General Investments' investment portfolio at market as of Jan. 31, 2025, are detailed in an attached table.

The top 10 investments that made up 37.0 per cent of the investment portfolio at market as of Jan. 31, 2025, are detailed in an attached table.