Mr. Jonathan Morgan reports

CANADIAN GENERAL INVESTMENTS: INVESTMENT UPDATE - UNAUDITED

On an unaudited basis, Canadian General Investments Ltd.'s net asset value per share (NAV) at May 31, 2025, was $66.73 resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of negative 3.0 per cent and 9.4 per cent, respectively. These compare with the 7.0-per-cent and 21.0-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 May 31, 2025, the leverage represented 14.4 per cent of Canadian General's net assets, up from 13.8 per cent at the end of 2024 and 13.5 per cent at May 31, 2024.

The closing price for Canadian General's common shares at May 31, 2025, was $37.71, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of negative 5.5 per cent and 4.0 per cent, respectively.

The sector weightings of CGI's investment portfolio at market as of May 31, 2025, were as shown in the attached table.

The top 10 investments which comprised 37.1 per cent of the investment portfolio at market as of May 31, 2025, were as shown in the attached table.