CGI Canadian General Investments Limited

Canadian General Investments, Limited (TSX: CGI, CGI.PR.D) (LSE: CGI) (CGI) reports on an unaudited basis that its net asset value per share (NAV) at December 31, 2022 was $48.24, resulting in a one-year NAV return, with dividends reinvested, of -20.0%. This compares with the -5.8% 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 preference shares and bank borrowing, in an effort to enhance returns to common shareholders. As at December 31, 2022, the combined leverage afforded by both forms of leverage represented 14.9% of CGI’s net assets, up from 13.7% at the end of 2021.

The closing price for CGI’s common shares at December 31, 2022 was $32.60, resulting in an annual share price return, with dividends reinvested, of -24.1%.

The sector weightings of CGI’s investment portfolio at market as of December 31, 2022 were as follows:

	Industrials	21.5	%
	Information Technology	17.3	%
	Materials	17.2	%
	Consumer Discretionary	12.2	%
	Energy	11.8	%
	Financials	11.1	%
	Real Estate	5.0	%
	Communication Services	2.4	%
	Health Care	1.2	%
	Cash & Cash Equivalents	0.3	%

The top ten investments which comprised 38.2% of the investment portfolio at market as of December 31, 2022 were as follows:

	Canadian Pacific Railway Limited	5.0	%
	Franco-Nevada Corporation	4.6	%
	First Quantum Minerals Ltd.	4.4	%
	West Fraser Timber Co. Ltd.	4.3	%
	TFI International Inc.	4.1	%
	The Descartes Systems Group Inc.	3.3	%
	WSP Global Inc.	3.2	%
	Mastercard Incorporated	3.2	%
	Apple Inc.	3.2	%
	Bank of Montreal	2.9	%

FOR FURTHER INFORMATION PLEASE CONTACT: Canadian General Investments, Limited Jonathan A. Morgan President and CEO Phone: (416) 366-2931 Fax: (416) 366-2729 e-mail: cgifund@mmainvestments.com website: www.canadiangeneralinvestments.ca