Canadian General Investments: Investment Update - Unaudited

Canadian General Investments, Limited (CGI) (TSX:CGI) (TSX:CGI.PR.D) (LSE:CGI) reports on an unaudited basis that its net asset value per share (NAV) at September 30, 2022 was $45.25, resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of -25.3% and -20.5%, respectively. These compare with the -11.1% and -5.4% 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 preference shares and bank borrowing, in an effort to enhance returns to common shareholders. As at September 30, 2022, the combined leverage afforded by both forms of leverage represented 15.9% of CGI’s net assets, up from 13.7% at the end of 2021 and 14.5% at September 30, 2021.

The closing price for CGI’s common shares at September 30, 2022 was $29.75, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of -31.2% and -22.0%, respectively.

The sector weightings of CGI’s investment portfolio at market as of September 30, 2022 were as follows:

	Industrials	21.1%
	Materials	17.3%
	Information Technology	16.8%
	Consumer Discretionary	12.6%
	Financials	11.6%
	Energy	10.8%
	Real Estate	5.1%
	Communication Services	2.3%
	Cash & Cash Equivalents	1.3%
	Health Care	1.1%

The top ten investments which comprised 37.7% of the investment portfolio at market as of September 30, 2022 were as follows:

	Canadian Pacific Railway Limited	4.9%
	West Fraser Timber Co. Ltd.	4.6%
	Franco-Nevada Corporation	4.4%
	TFI International Inc.	4.0%
	First Quantum Minerals Ltd.	3.9%
	Apple Inc.	3.6%
	WSP Global Inc.	3.3%
	The Descartes Systems Group Inc.	3.2%
	Bank of Montreal	3.0%
	Mastercard Incorporated	2.8%

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