Canadian General Investments: Investment Update - Unaudited

Canadian General Investments, Limited (CGI) reports on an unaudited basis that its net asset value per share (NAV) at December 31, 2020 was $50.02, resulting in a one-year NAV return, with dividends reinvested, of 38.1%. This compares with the 5.6% return of the benchmark S&P/TSX Composite Index on a total return basis for the same period.

The Company employs a leveraging strategy, by way of preference shares and bank borrowing, in an effort to enhance returns to common shareholders. As at December 31, 2020, the combined leverage afforded by both forms of leverage represented 16.8% of CGI’s net assets, down from 22.7% at the end of 2019.

The worldwide spread of novel coronavirus (COVID-19) and its impact on such factors as business operations, supply chains, travel, commodity prices and consumer confidence, and the associated impact on domestic and international equity markets and fixed income yields, is expected to continue to have a significant influence on the equity markets and could significantly impact the value of investments held by CGI. Morgan Meighen & Associates Limited, the manager of the Company, will maintain its consistent, steady, long-term approach of holding diversified, appropriate investments, while pursuing selective new opportunities.

The closing price for CGI’s common shares at December 31, 2020 was $34.81, resulting in an annual share price return, with dividends reinvested, of 37.0%.

The sector weightings of CGI’s investment portfolio at market as of December 31, 2020 were as follows:

Information Technology	28.1	%
Industrials	22.7	%
Materials	16.4	%
Consumer Discretionary	11.4	%
Financials	9.4	%
Energy	4.3	%
Real Estate	3.4	%
Communication Services	2.1	%
Health Care	1.1	%
Cash & Cash Equivalents	0.6	%
Utilities	0.5	%

The top ten investments which comprised 37.6% of the investment portfolio at market as of December 31, 2020 were as follows:

Shopify Inc.	7.4	%
Canadian Pacific Railway Limited	4.2	%
Franco-Nevada Corporation	3.8	%
Lightspeed POS Inc.	3.5	%
NVIDIA Corporation	3.4	%
First Quantum Minerals Ltd.	3.4	%
Amazon.com, Inc.	3.4	%
Mastercard Incorporated	2.9	%
Apple Inc.	2.9	%
Square, Inc.	2.7	%

FOR FURTHER INFORMATION PLEASE CONTACT: Canadian General Investments, Limited Jonathan A. Morgan President and CEO Phone: [phone] Fax: [phone] e-mail: [e-mail] website: www.canadiangeneralinvestments.ca