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 Aug. 31, 2025, was $76.67, resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 11.9 per cent and 22.3 per cent, respectively. These compare with the 17.6-per-cent and 25.9-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 Aug. 31, 2025, the leverage represented 12.5 per cent of Canadian General Investments' net assets, down from 13.8 per cent at the end of 2024 and 13.2 per cent at Aug. 31, 2024.

The closing price for Canadian General Investments' common shares at Aug. 31, 2025, was $42.35, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of 6.8 per cent and 14.3 per cent, respectively.

The sector weightings of Canadian General Investments' investment portfolio at market as of Aug. 31, 2025, were as follows.

The top 10 investments which comprised 37.3 per cent of the investment portfolio at market as of Aug. 31, 2025, were as follows.