Canadian General Investments: Investment Update - Unaudited

Canadian General Investments, Limited (CGI) (TSX:CGI) (LSE:CGI) reports on an unaudited basis that its net asset value per share (NAV) at December 31, 2023 was $55.63, resulting in a one-year NAV return, with dividends reinvested, of 17.4%. This compares with the 11.8% 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 bank borrowing, with the intent to enhance returns to common shareholders. As at December 31, 2023, the leverage represented 15.1% of CGI’s net assets, up from 14.9% at the end of 2022.

The closing price for CGI’s common shares at December 31, 2023 was $34.73, resulting in an annual share price return, with dividends reinvested, of 9.5%.

The sector weightings of CGI’s investment portfolio at market as of December 31, 2023 were as follows:

	Industrials	25.3%
	Information Technology	21.9%
	Energy	12.4%
	Financials	10.8%
	Consumer Discretionary	10.8%
	Materials	10.7%
	Real Estate	4.6%
	Communication Services	2.0%
	Cash & Cash Equivalents	0.8%
	Health Care	0.7%

The top ten investments which comprised 36.6% of the investment portfolio at market as of December 31, 2023 were as follows:

	NVIDIA Corporation	4.7%
	TFI International Inc.	4.7%
	Canadian Pacific Kansas City Limited	4.5%
	Apple Inc.	3.7%
	West Fraser Timber Co. Ltd.	3.5%
	The Descartes Systems Group Inc.	3.3%
	WSP Global Inc.	3.3%
	Franco-Nevada Corporation	3.2%
	Mastercard Incorporated	3.0%
	Bank of Montreal	2.7%

FOR FURTHER INFORMATION PLEASE CONTACT: Jonathan A. Morgan President & CEO Phone: [phone] Fax: [phone] e-mail: [e-mail] website: www.canadiangeneralinvestments.ca