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 Sept. 30, 2026, was $86.20, resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 8.0 per cent and 8.6 per cent, respectively. These compare with the 13.0-per-cent and 20.0-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 Sept. 30, 2026, the leverage represented 12.5 per cent of Canadian General Investments' net assets, up from 11.9 per cent at the end of 2025 and at Sept. 30, 2025.

The closing price for Canadian General Investments' common shares at Sept. 30, 2026, was $51.87, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of 11.7 per cent and 14.2 per cent, respectively.

The sector weightings of Canadian General Investments' investment portfolio at market as of Sept. 30, 2026, are detailed in an attached table.

The top 10 investments that make up 38.6 per cent of the investment portfolio at market as of Sept. 30, 2026, are detailed in another table.