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 Oct. 31, 2025, was $82.06, resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 19.8 per cent and 25.4 per cent, respectively. These compare with the 25.1-per-cent and 28.7-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 Oct. 31, 2025, the leverage represented 11.7 per cent of CGI's net assets, down from 13.8 per cent at the end of 2024 and 14.4 per cent at Oct. 31, 2024.

The closing price for Canadian General Investments' common shares at Oct. 31, 2025, was $45.05, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of 13.6 per cent and 16.4 per cent, respectively.

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

The top 10 investments, which comprised 40.74 per cent of the investment portfolio at market, as of Oct. 31, 2025, are detailed in an attached table.