Mr. Jonathan Morgan reports

CANADIAN GENERAL INVESTMENTS: INVESTMENT UPDATE - UNAUDITED

On an unaudited basis, Canadian General Investments Ltd.'s net asset value per share at Jan. 31, 2026, was $83.73, resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 3.8 per cent and 20.0 per cent, respectively. These compare with the 0.8-per-cent and 28.3-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, 2026, the leverage represented 11.5 per cent of Canadian General's net assets, down from 11.9 per cent at the end of 2025 and 13.5 per cent at Jan. 31, 2025.

The closing price for Canadian General's common shares at Jan. 31, 2026, was $49.42, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of 4.6 per cent and 27.7 per cent, respectively.

The sector weightings of Canadian General's investment portfolio at market as of Jan. 31, 2026, were as follows.

The top-10 investments, which comprised 35.9 per cent of the investment portfolio at market as of Jan. 31, 2026, were as follows.

We seek Safe Harbor.