Canadian General Investments: Investment Update - Unaudited

Executive Summary

• Canadian General Investments reported a net asset value (NAV) of $80.73 per share as of November 30, 2025, delivering YTD and 12‑month NAV returns of 18.2% and 13.9%, respectively (dividends reinvested).
• Share price performance for the same periods was 15.4% YTD and 14.0% over 12 months, with a closing price of $45.50 on November 30, 2025.
• Portfolio leverage decreased to 11.9% of net assets, down from 13.8% at year‑end 2024, and the investment mix was led by Information Technology (25.3%) and Industrials (18.2%).

Key Details

• NAV per share as of November 30, 2025: $80.73 (unaudited).
• YTD NAV return (dividends reinvested): 18.2%; 12‑month NAV return: 13.9%.
• Benchmark S&P/TSX Composite Index total‑return YTD/12‑mo: 30.0% / 25.7%.
• Leverage ratio: 11.9% of net assets, down from 13.8% at end‑2024 and 13.3% on November 30, 2024.
• Closing share price (Nov 30, 2025): $45.50.
• YTD share price return (dividends reinvested): 15.4%; 12‑month share price return: 14.0%.

Portfolio Sector Weightings (as of Nov 30, 2025)

• Information Technology – 25.3%
• Industrials – 18.2%
• Materials – 15.1%
• Financials – 13.7%
• Energy – 13.1%
• Consumer Discretionary – 8.9%
• Real Estate – 3.5%
• Cash & Cash Equivalents – 1.5%
• Communication Services – 0.7%

Top Ten Holdings (aggregate 39.7% of portfolio)

Notable Quotes

• “Our leveraging strategy continues to enhance shareholder returns while maintaining a disciplined risk profile, as reflected by the reduction in leverage and strong NAV performance,” – Jonathan A. Morgan, President & CEO.