Mr. Jonathan Morgan reports

CANADIAN GENERAL INVESTMENTS: INVESTMENT UPDATE - UNAUDITED

Canadian General Investments Ltd. has pegged on an unaudited basis its net asset value per share at April 30, 2025, at $61.88 resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of minus 10.4 per cent and 3.5 per cent, respectively. These compare with the 1.4-per-cent and 17.8-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 April 30, 2025, the leverage represented 15.5 per cent of Canadian General's net assets, up from 13.8 per cent at the end of 2024 and at April 30, 2024.

The closing price for Canadian General's common shares at April 30, 2025, was $35.25, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of minus 12.3 per cent and minus 2.4 per cent, respectively.

The sector weightings of Canadian General's investment portfolio at market as of April 30, 2025, were as follows.

Information technology     21.9%
Industrials                21.2%
Financials                 14.5%
Materials                  13.6%
Energy                     11.4%
Consumer discretionary      9.8% 
Real estate                 4.2% 
Cash and cash equivalents   2.8% 
Communication services      0.6% 

The top-10 investments which comprised 36.6 per cent of the investment portfolio at market as of April 30, 2025, were as follows.

Franco-Nevada Corp.                  4.6%
The Descartes Systems Group Inc.     3.9%
Canadian Pacific Kansas City Ltd.    3.9%
WSP Global Inc.                      3.9%
Nvidia Corp.                         3.8%
MasterCard Inc.                      3.7%
Dollarama Inc.                       3.5%
Apple Inc.                           3.4%
Constellation Software Inc.          3.0%
West Fraser Timber Co. Ltd.          2.9%