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 Aug. 31, 2026, was $88.50 resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 10.9 per cent and 17.0 per cent, respectively. These compare with the 16.0-per-cent and 29.9-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, 2026, the leverage represented 12.2 per cent of Canadian General's net assets, up from 11.9 per cent at the end of 2025 and down from 12.5 per cent at Aug. 31, 2025.

The closing price for Canadian General's common shares at Aug. 31, 2026, was $53.43, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of 15.1 per cent and 29.2 per cent, respectively.

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

Industrials                      20.3 per cent
Information technology           18.7 per cent
Materials                        18.4 per cent
Energy                           16.4 per cent
Financials                       13.5 per cent
Consumer discretionary            9.0 per cent
Real estate                       2.0 per cent
Communication services            1.2 per cent
Cash and cash equivalents         0.5 per cent

The top-10 investments which comprised 37.6 per cent of the investment portfolio at market as of Aug. 31, 2026, were as follows.

Franco-Nevada Corp.                    5.1 per cent
Nvidia Corp.                           4.9 per cent
Celestica Inc.                         4.4 per cent
First Quantum Minerals Ltd.            4.0 per cent
Canadian Pacific Kansas City Ltd.      3.6 per cent
Royal Bank of Canada                   3.3 per cent
TFI International Inc.                 3.1 per cent
Bank of Montreal                       3.1 per cent
Shopify Inc.                           3.1 per cent
Cameco Corp.                           3.0 per cent