## Focussed on Canada
## 2024 Annual Report
### Responsibility Statement
In accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom Financial
Services Authority, the Board of Directors confirms that to the best of its knowledge:
i. the financial statements have been ii. the management report of fund
prepared in accordance with International performance includes a fair review of the
Financial Reporting Standards and give a development and performance of the
true and fair view of the assets, liabilities, business and the position of the Company,
financial position and profit or loss of the together with a description of the
Company; principal risks and uncertainties that the
Company faces.
The financial statements and management report of fund performance were approved by the Board of
Directors on February 20, 2025
Vanessa L. Morgan
Chair
Certain financial information contained in this report, including The Company is an investment fund, and as such, this annual report
investment growth rates, rates of return and other such statistical to shareholders carries a variety of information concerning stocks
information, are historical values; past performance is no assurance or and other investments, all for informational purposes only. The reader
indicator of future returns. Share prices, net asset values and investment should assume that the Company and all individuals and entities
returns will fluctuate. Stated historical returns assume the reinvestment (including the Manager and members of its staff) who have contributed
of all distributions. Such financial information does not reflect any to this publication may have a conflict of interest. Readers should
broker commissions, transaction costs or such other fees and expenses therefore not rely solely on this report in evaluating whether or not to
which may have been applicable nor income taxes payable by any buy or sell securities discussed herein.
shareholder, which would have the effect of reducing such historical
returns. Stated returns for periods greater than one year are compound Benchmark of S&P/TSX Composite Index: This is an index of
average annual rates of return. Further information concerning risk can the equity prices of the largest companies listed on the Toronto
be found in the Company’s Annual Information Form which is available Stock Exchange (TSX) and is comprised of about 70% of market
on the Company’s website at www.canadiangeneralinvestments.ca or capitalization for all Canadian-based companies listed on the TSX.
on SEDAR at www.sedarplus.com. Index returns cited are on a total return basis (including reinvestment
of distributions).
Cover: Way Up High
Toronto artist Helen Pare works in acrylic paints in both impressionistic and abstract styles. She begins a landscape by referencing a photograph she has taken, embellishing the colours with distinct design as she
remembers it in her mind’s eye. Helen loves the beautiful colours and views that can be found in Canadian landscapes throughout the seasons.
“Way Up High” is based on a photo taken in the fall at Knox Mountain Park, BC, overlooking Okanagan Lake.
Helen is also a long-time employee of Morgan Meighen & Associates Limited.
From left to right:
Vanessa L. Morgan, Chair;
President & CEO of the Manager
Jonathan A. Morgan, President & CEO;
Executive VP & COO of the Manager
D. Greg Eckel, Portfolio Manager;
Senior VP of the Manager
### Dear Fellow Shareholders,
We are pleased to present the 2024 annual report for Canadian General Investments, Limited (CGI or the Company). In this report,
you will find information on the performance of CGI for 2024. The management report of fund performance contains a management
discussion of fund performance, a financial highlights section incorporating per share information as well as various financial ratios,
historical returns and a summary of investment portfolio which includes the top 25 holdings as at the end of the year. The full investment
portfolio as at December 31, 2024 is provided as part of CGI’s audited financial statements, which are included in this report.
For the 12 months ended December 31, 2024, CGI’s common shares
Compound Annual Returns For The
recorded a net asset value per share (NAV) total return of 26.6% and a
Periods Ending December 31, 2024
share price total return of 19.6% (share price change plus dividends).
By comparison, the total return of its benchmark, the S&P/ TSX
30%
Composite Index, was 21.6% during the same period.
During 2024, CGI paid four quarterly regular taxable dividends,
25%
aggregating to $1.00 per common share. Based on the year-end market
price of the common shares, aggregate dividends paid represented a
20%
2.5% yield to shareholders.
CGI has been managed by Morgan Meighen & Associates Limited (the 15%
Manager) since 1956. D. Greg Eckel, Senior Vice-President of the
Manager, is the portfolio manager responsible for the management of
10%
CGI’s investment portfolio.
5%
Further information about CGI, including the most recent
NAV and market price, current performance, the portfolio’s
weekly top 10 holdings, historical dividend payments, as well 0%
1 Year 3 Years 5 Years 10 Years
as various financial and regulatory reports, can be found at
www.canadiangeneralinvestments.ca.
CGI NAV CGI Share Price S&P/TSX Composite Index
We appreciate your investment in CGI.

| Vanessa L. Morgan | Jonathan A. Morgan |  |  |
| --- | --- | --- | --- |
| Chair | President & CEO |  |  |
|  |  | 2024 Annual Report \| Canadian General Investments, Limited | 1 |

| Corporate Profile

## Canadian General Investments, Limited

CGI is a closed-end equity fund focussed on medium- to long-term investments in primarily Canadian companies. It strives, through prudent security selection, timely recognition of capital gains/losses and appropriate income-generating instruments, to provide better than average returns to investors.

CGI was established in 1930 and has been managed since 1956 by Morgan Meighen & Associates Limited (www.mmainvestments.com).

The graph below is presented to illustrate the benefit of a long-term investment in CGI's common shares. A $10,000 investment in CGI would have grown to over $99,000 over the 25-year period ended December 31, 2024. This equates to a compound annual average growth rate of 9.6%. By comparison, a $10,000 investment in the benchmark S&P/TSX Composite Index would have grown to over $56,000 or a compound average annual growth rate of 7.2%.

![img-0.jpeg](img-0.jpeg)

For the 50 years ended December 31, 2024, a $10,000 investment would have grown to over $3.0 million, representing a compound average annual return of 12.1%. The values for the benchmark for the same period were $1,346,000 and 10.3%, respectively.

2 2024 Annual Report | Canadian General Investments, Limited
### Management Report of Fund Performance
## Management Discussion Of Fund Performance
### Investment Objective and Strategies Results of Operations
Canadian General Investments, Limited (CGI or the Company) Performance
is a closed-end equity fund focussed on medium to long-term
2024 was a very good year for Canadian equity investors despite
investments in primarily Canadian corporations. It strives, through
lingering domestic issues and global uncertainties. It was also a decent
prudent security selection, timely recognition of capital gains/
year for most of the major developed markets around the world, but
losses and appropriate income generating instruments, to provide
North American markets had particularly strong results and the year’s
better than average returns to investors.
regional differentiations had Canadian markets exceeding the returns of
major European and Asian markets by a wide margin.
The Manager, Morgan Meighen & Associates Limited (MMA or the
Manager), utilizes a bottom-up investment strategy in an effort to
For the second consecutive year, double-digit gains were registered by
achieve CGI’s objective. With this type of investment strategy, the
both the Canadian market and Canadian General Investments, Limited
Manager first seeks individual companies with attractive investment
(CGI). The S&P/TSX Composite Index (S&P/TSX) posted a generous
potential, then proceeds to consider the larger industry, economic
21.6% total return which CGI exceeded with a net asset value (NAV)
and global trends affecting those companies. This investment
return, with dividends reinvested, of 26.6%.
style allows for sector weightings that can differ from those of the
benchmark, the S&P/TSX Composite Index (S&P/TSX).
Markets have shown strong resilience to the many ongoing situations
around the world that could have otherwise had more severe, longer-term
### Risk negative impacts. At least for now, in terms of market perspective, most
The risks associated with an investment in the Company concerns have been pushed into the background but could resurface and
are as disclosed in the Company’s Annual Information become disruptive influences. For example, Russia’s invasion of Ukraine
Form which is available on the Company’s website at is three years in and there is no resolution in sight. Although sanctions
www.canadiangeneralinvestments.ca or on SEDAR+ at have rerouted trading channels and reconfigured some global alliances,
www.sedarplus.com. any final determination as to the extent of the fallout is yet to come.
The Middle East conflict has many intermixed complexities due to the
area’s sensitivities and an escalation could have profound implications.
Geopolitical risk has also elevated, and major, influential countries are
suggesting they withdraw from the efficiencies of global trade with the
This annual management report of fund performance contains financial highlights and should be read in conjunction with the complete audited annual
adoption of policies that promote protectionism. Some of the proposed
financial statements of the Company that follow this report. Securityholders may request a copy of the Company’s interim financial report, proxy voting
measures are expected to provoke retaliation which could lead to major
policies and procedures, proxy voting disclosure record, or quarterly portfolio disclosure, at no cost, by calling 416-366-2931 (Toll-free: 1-866-443-6097),
by writing to the Company at 10 Toronto Street, Toronto, Ontario M5C 2B7 or by visiting the Company’s website at www.canadiangeneralinvestments.ca. trade wars. Collateral damage would likely be extensive and would pose
The interim report is also available on SEDAR+ at www.sedarplus.com. great risk to economic prosperity everywhere. These are but a few of the
many issues outstanding.
This report may contain forward-looking statements about the Company and markets that reflect the Manager’s current expectations of future events.
Forward-looking statements include statements that are predictive in nature, depend upon future events or conditions, or include words such as
The primary focus of markets the last couple of years has been on the
“expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or similar expressions. Forward-looking statements are subject to risks, uncertainties and
assumptions with respect to the Company and economic factors and actual results may differ materially for many reasons, including, but not limited to, spike in global inflation coming out of the pandemic. In a coordinated
market and general economic conditions, interest rates, foreign exchange rates, changes in government regulations and catastrophic events. As a result, effort, central banks around the world used interest rate policy as their
the reader is cautioned not to place undue reliance on forward-looking statements. Further, any forward-looking information is current only as of the date
of this report and there should be no expectation that such information will be updated as a result of new information, changing circumstances or future
events, unless required by applicable law. 2024 Annual Report | Canadian General Investments, Limited 3
main tool to combat the issue. The substantial rise in interest rates North American markets generally moved in-sync with each other due to
wreaked havoc on equity markets as valuations were reset and fears of their closely integrated economies. However, their comparative returns
severe economic fallout arose. It made for a very long and difficult period remained dependent on each of their respective weightings of the
but, in hindsight, the program appears to have been effective. Over time, relatively limited, but dominant, group of companies usually referred to
a combination of repaired supply chains, reduced demand pressures and as “The Magnificent Seven”. A factor in the equity markets for some time,
general economic slowdowns worked through the system and inflation those that do not have a sizable exposure to these outsized influences,
subsided. By late 2023, recession fears had diminished, and investors like the Canadian market, have suffered in comparison. But there was
began to speculate that interest rates could begin to fall. This provided a notable change in the third quarter that gave an indication of what
a much-needed catalyst to spark a resurgence in the markets after their may happen when markets broaden out and the playing field becomes
long period of dormancy and it renewed optimism for market prospects, more level. Investors started to shift focus, rotating into areas that had
the main determinant for success in 2024. previously lagged, and this temporarily flipped the leadership board.
This was a positive influence for the Canadian market and the S&P/
The Canadian market followed a similar pattern to most of its global TSX return almost doubled that of the S&P500 in the quarter. Although
peers, their movements tightly aligned to the progression of the interest inconclusive as to establishing any sort of meaningful change of trend
rate cycle. On expectations for rate relief, a positive momentum trend near term, it was a reminder that markets change and a diversified
coming out of 2023 had produced a strong start to the year but some portfolio like CGI would be a clear beneficiary.
of that enthusiasm had to be scaled back when bond rates started to
regress and move higher. This caused a pullback in the markets in the The table below illustrates the weightings of the five largest sectors in
second quarter and interest-rate-sensitive sectors were particularly CGI’s portfolio at December 31, 2024, compared with year end 2023,
hard hit. Expectations were eventually fulfilled when the Bank of and with the S&P/TSX. The weightings for CGI represent the market
Canada came to the rescue and embarked on a rate-cutting program value of each sector as a percentage of the total investment portfolio.
mid-year. Its program of consistent and aggressive reductions in the At December 31, 2024, the portfolio was overweight Industrials and
policy rate provided the boost necessary for the S&P/TSX to accelerate Information Technology, and underweight Energy, Financials and
in the second half and pushed the market to new highs. Materials, as compared to the sector weightings in the S&P/TSX.
CGI S&P/TSX
December 31, December 31, December 31, December 31,
SECTOR

|  | 2024 | 2023 | 2024 | 2023 |
| --- | --- | --- | --- | --- |
| Industrials | 23.4% 24.2% 12.6% 13.7% |  |  |  |
| Information Technology | 23.0% 20.0% 10.1% 8.7% |  |  |  |
| Financials | 13.4% 13.9% 33.0% 31.3% |  |  |  |
| Energy | 12.3% 12.4% 17.1% 17.1% |  |  |  |
| Materials | 11.2% 10.7% 11.4% 11.0% |  |  |  |

Contributions to the success of the S&P/TSX were made by many is a relative positioning that has been held since 2011, and has been
areas. Ten of the eleven sectors in the index were positive and ranged beneficial to the portfolio’s returns over that period. The Energy group
from 2% to 38% with the negative outlier (Communication Services) carries a profile that is often difficult to square with CGI’s approach.
at -26%. Four sectors posted returns greater than the S&P/TSX Its inherent volatility and cyclicality can produce explosive returns but
and included the two heavyweights of Financials and Energy. Their also comes with heightened investment risk and erratic movements
combined weightings of about 50% skewed the upside of the total not often sustained.
return of the index and made for a somewhat concentrated market
with an outsized contribution of over 60% of the total index return. Energy stocks had solid returns for the year that were in excess of
Despite the return concentration and being underweight these the movements in their underlying commodities. A positive this year,
sectors, CGI was able to counter the headwinds with a reliance on its it is a situation that can work to either advantage or disadvantage
successful bottom-up bias. Fortunately, it was a market that rewarded for the equities as valuations are constantly changing and affect the
the selection process with a huge dispersion of results exhibited within direct relational connection. For instance, oil, as represented by the
every sector and this elevated the potential for generating meaningful benchmark WTI (Western Texas Intermediate), started strongly but,
collective returns at the individual level. It was an opportunity of by year end, had come back almost full circle with pricing much the
which CGI took advantage and allowed it to deliver better than index same as at the start of the year. In comparison, stocks did much better
NAV returns for its shareholders. with investors rewarding companies that had good corporate results,
strong free cash flow generation, improving balance sheets and a focus
The Energy sector is an influential sector in Canada. CGI has a on increasing shareholder returns.
decent presence in the group but remains underweight the index. It
4 2024 Annual Report | Canadian General Investments, Limited
Trading activity in the sector was a little higher than normal this year, as CGI's largest holding in the Energy sector, Enerplus Corporation, was subject to a takeover and disappeared mid-year. Enerplus had been a very good performer for the portfolio, tripling in price since its purchase in 2021 and providing over $20 million in realized gains. Some of the proceeds were used to add to the Canadian Natural Resources Limited holding. Canadian Natural is one of Canada's senior oil and gas companies and is a go-to, high quality investment for domestic and foreign investors alike. The company has well defined and deliverable financial targets and these are expected to bring meaningful increases to shareholder returns in the near term. A new position was established in Athabasca Oil Corporation, an intermediate producer of about 35,000 barrels per day. Athabasca has a very low decline base, huge reserve life and a steady and predictable production profile. These are attributes that fit well with CGI's investment philosophy. Almost entirely liquids (98%), it not only gives a pure play on global oil pricing trends but should also benefit from a step-up function of pricing received for its oil as a result of new pipeline take-away capabilities for Albertan oil. A historic structural bottleneck, differentials received by producers for their oil based on the Western Canadian Select (WCS) standard for pricing rather than the WTI standard quoted in the U.S. are likely to narrow and add value to their barrels.

A nuclear industry renaissance may be in the offing. Nuclear energy has come to be considered a viable solution for growing power needs has become more acceptable and made a priority in social, corporate and government circles. Several factors have aligned in its favour, not the least of which are decarbonization initiatives, energy security and new technologies. Investors are reminded that Canada has been a global leader in the nuclear industry for a long time. It is uniquely positioned with an endowment of rich uranium deposits and proven capabilities and has companies that provide exposure in an otherwise limited opportunity set. The timelines involved with the provisioning of nuclear energy are naturally extended and encompass the full life cycle of planning, construction and operations. That aligns well with CGI's focus on the longer term. A position in Cameco Corporation, the world's largest publicly traded uranium company, was initiated in late 2023 and was increased in 2024. The company offers investors a complete package of participation in most aspects of the nuclear fuel cycle as well as operations management. The portfolio's exposure to the uranium play was further increased in 2024 with a new position established in a company called NexGen Energy Ltd. NexGen is a uranium development and exploration company focussed on the Athabasca Basin in Saskatchewan, best known as the world's leading source of extraordinarily high-grade uranium and home to Cameco's major mines. NexGen's flagship project is considered to be one of the best undeveloped uranium deposits in the world and it is nearing the end of a lengthy permitting process that, once approved, will enable construction to begin. The mine, once complete, is expected to be the largest and one of the lowest-cost uranium mines in the world.

Gold stocks had a breakout year and drove returns in the Materials sector. Franco-Nevada Corporation, the premium gold royalty company, is CGI's lone holding in the group but it is of size and a top ten holding. In the middle of the sector's yearly performance rankings, it reflects good participation in the rally but couldn't match the operating companies that tend to be more levered to the gold price. This is to be expected as its stock tends to give very acceptable returns in both good and bad years but doesn't have the volatility of the pure mining companies. A good fit for CGI, Franco-Nevada provides

a measured and rewarding means for gold exposure and, in the long term, has handily outperformed the group since its purchase in 2007. In Forest and Lumber, stocks remained sluggish as persistently high interest rates did not allow for a much-anticipated rebound in the weak U.S. housing market. Interfor Corporation, highly sensitive to the pure lumber market, underperformed and lost over 20% in value. It was eliminated. CGI's remaining participant is West Fraser Timber Co. Ltd. which has been a long-term, top ten holding and provides good exposure to the group. It is considered as the go-to name for investors and performed much better than Interfor, posting a reasonable double-digit gain (11%) for the year. Lastly, in Materials, with good, but fragile performance, was First Quantum Minerals Ltd. Its stock rebounded about 70%, a big number, but was following on steep losses the year before as speculation swirls about prospects for its Cobre Panama mine which has been shut down by the government.

In other areas, steep losses in Communication Services were observed as growth prospects diminished and competition ramped up in the mature industry. Exposure to the group was reduced with the elimination of Telus Corporation but the portfolio still suffered with its lone remaining position, Rogers Communications, posting a 25% drop.

The Information Technology sector was the runaway leader in terms of performance and many of CGI's top individual performers come from that area. It is also CGI's largest overweight relative to the S&P/TSX, an opportunity facilitated by the Company's ability to invest in U.S. securities, and the combination was a positive influence on relative performance. Constellation Software Inc., Celestica Inc., Shopify Inc., Apple Inc. and The Descartes Systems Group Inc. all generated extremely good returns in excess of 35% but NVIDIA Corporation, CGI's largest holding, was the standout and soared over 170%. Not a recent addition, it was originally bought in 2016 and has exhibited very strong growth ever since. Tracking its rise in the markets and following on the Manager's traditional investment discipline to take profits prudently, sales in the investment have been made every year since purchase except for 2019. This year alone, gains approximating $100 million were realized and lifetime gains now approach $200 million. It has been a terrific investment for the Company.

Dividend and interest income was $20,754,000 for the year, down 2.8% from 2023. Management fees and interest and financing charges are the largest expenses of the Company. Management fees increased by 17.4% to $17,079,000 due to higher average portfolio values during the period. Interest and financing charges increased 15.6%, as a result of a higher amount of average borrowings during 2024 compared to 2023, due both to the use of margin borrowings to fund the redemption of the Company's $75 million Class A preference shares, Series 4 on June 12, 2023, as well as a $25 million increase in aggregate borrowings during the fourth quarter of 2024.

#### Leverage

The Company has a prime brokerage services agreement with a Canadian chartered bank. Amounts borrowed under this agreement bear interest at the Canadian Overnight Repo Rate Average (CORRA) plus 0.42% per annum (CORRA plus 0.90% prior to June 1, 2024 and the one-month Canadian Dollar Offered Rate (CDOR) plus 0.60% prior to May 1, 2024). The agreement requires the Company to pledge securities as collateral for margin borrowings and may be terminated immediately by the prime broker upon the occurrence and continuation of an event of default, as defined in the agreement, or by either party with 30 days' notice.

2024 Annual Report | Canadian General Investments, Limited 5
On June 6, 2024, securities pledged as collateral, which had been held in a separate control account with the Company's custodian, were transferred to an account at the prime broker in order to secure better financing terms. Pursuant to the prime brokerage services agreement, the prime broker may pledge, lend or rehypothecate securities held in this account. As a result, these securities are disclosed separately in the financial statements as Investments pledged as collateral.

Amounts borrowed under this facility during the year ranged from $175.0 million to $200.0 million (2023 - $75.0 million to $175.0 million). As of December 31, 2024, the $200.0 million outstanding under the borrowing facility represented 13.8% of CGI's net assets (December 31, 2023 - 15.1%). The borrowing facility acts as leverage to common shareholders. This leverage served to increase the effect of overall portfolio returns, positively impacting CGI's NAV return for the years ended December 31, 2024 and December 31, 2023.

#### Taxation

As a corporate entity, CGI is subject to tax on its taxable income - primarily realized gains on the sale of investments - at an effective rate of approximately 20%. As a result of its investment corporation status under Canadian tax law, CGI can recover taxes paid or payable on its realized taxable capital gains through the payment of capital gains dividends to shareholders. To the extent that taxes paid or payable on taxable income and capital gains in a year are greater than taxes recovered on the payment of capital gains dividends, there will be a negative impact on net assets of the fund. For the year ended December 31, 2024, there was a refundable income tax expense of $13,243,000, compared to $382,000 in the prior year. Taxes paid or payable on realized taxable capital gains may be recovered through the payment of capital gains dividends in future years.

As at December 31, 2024, the Company had federal refundable capital gains taxes on hand of approximately $17,353,000 (December 31, 2023 - $7,672,000), which are refundable on payment of capital gains dividends of approximately $124.0 million (December 31, 2023 - $55.0 million) and Ontario refundable capital gains taxes on hand of approximately $7,979,000 (December 31, 2023 - $3,934,000), which are refundable on payment of capital gains dividends of approximately $139.0 million (December 31, 2023 - $68.0 million).

On June 10, 2024, draft legislation, which included the implementation of an increase in the capital gains inclusion rate from one-half to two-thirds for capital gains realized after June 24, 2024, was included in a Notice of Ways and Means Motion tabled in the House of Commons. As this had not been tabled as a bill in the House of Commons by the end of the year, this change was not yet considered substantively enacted for accounting purposes. However, on January 31, 2025, the Minister of Finance and Intergovernmental Affairs announced that the federal government was deferring the date on which the capital gains inclusion rate would increase from one-half to two-thirds from June 25, 2024 to January 1, 2026 which, if enacted, will result in income taxes paid on capital gains increasing from approximately 20% to approximately 26.33%. There can be no assurance that the capital gains proposals will be enacted in their current form, or at all.

## Recent Developments

#### Outlook

The coming months and years could be a period of change, something that markets don't always handle very well. Fundamentals are supportive but equity valuations in certain areas are elevated and could succumb to the

downside. The Canadian economy is stronger than it was a year ago and may get a boost from lowered interest rates but will take time to break out from its lethargy.

Potential challenges arising from a change in the U.S. administration are dominating headlines and cast a great shadow of uncertainty over markets going forward. The environment has become more challenging for investors. On February 1, 2025, U.S. President Trump signed an executive order imposing 25% tariffs on imported goods from Canada and Mexico, along with 10% tariffs on China under the International Economic Emergency Powers Act. Energy imports from Canada were to be subject to a lower, 10% tariff rate. Although President Trump agreed to delay the 25% tariffs for both Canada and Mexico by one month on February 3, after both countries agreed to increased border security measures, on February 10, 2025, he signed additional executive orders, imposing 25% tariffs on steel and aluminum products from all countries, including Canada, to take effect on March 12, 2025. In response to these threats, Canada has announced countermeasures, being the imposition of its own tariffs on specified goods imported from the U.S. The U.S. administration subsequently rolled out a plan for reciprocal tariffs, to retaliate against countries that place higher tariffs on U.S. imports.

Whether or not the tariffs come into effect in March, or if they are being used by the U.S. as an aggressive way to initiate trade negotiations, remains to be seen, but it seems likely that uncertainty, and the ongoing threat of tariffs, will continue for some time to come. Given the integrated economies, and Canada's heavy reliance on trade with the U.S., there could be significant negative implications for prices and supply chains which will have negative repercussions on many Canadian companies, and certainly volatility in share prices can be expected.

The Manager will rely on its steady approach for CGI's portfolio to weather through the potential storms that are appearing on the horizon. Its long-term approach supports a calm and patient methodology that has been used in the past to carry through volatile times and the portfolio's diversification will assist if markets become unbalanced. CGI's investment thesis has been tested and has been successful in all kinds of markets, a testament to the consistent application of an investment style that has rewarded shareholders for a very long time. That will not change.

## Related Party Transactions

The Company is managed by MMA, a company under common control with CGI. MMA provides continuing advice and investment management services, as well as administration, financial reporting and other ancillary services required by a publicly listed company. For more details concerning the services that are provided by MMA and the management fee that is charged to the Company, see "Management Fees".

Third Canadian General Investment Trust Limited (Third Canadian), a private, Ontario-based corporation under common control with the Company, has an approximate 37% (December 31, 2023 - 37%) ownership interest in the Company. As a result of its ownership position in the Company, during the year ended December 31, 2024, Third Canadian received taxable dividends of $7,630,000 (2023 - $5,493,000 of taxable dividends and $1,831,000 of capital gains dividends).

6 2024 Annual Report | Canadian General Investments, Limited
## Financial Highlights
The following tables show selected key financial information about the Company and are intended to help you understand the Company’s financial
performance for the past five years.
(1)
### The Company’s Net Assets per Share
2024 2023 2022 2021 2020
Net assets – beginning of year $55.63 $48.24 $61.35 $50.02 $36.98
### Increase (decrease) from operations

| Total revenue | 1.01 1.06 1.00 0.74 0.78 |
| --- | --- |
| Total expenses (excluding common share dividends) | (1.34) (1.22) (0.98) (0.99) (0.83) |
| Realized gains (losses) for the year | 5.91 3.52 (0.12) 3.95 1.81 |
| Unrealized gains (losses) for the year | 9.74 5.01 (12.18) 8.93 12.15 |
| Refundable income tax recovery (expense) | (0.63) (0.02) 0.09 (0.42) (0.03) |

(2)
### Total increase (decrease) from operations 14.69 8.35 (12.19) 12.21 13.88
### Dividends paid to common shareholders
### Taxable dividends (1.00) (0.72) (0.92) (0.44) (0.63)
### Capital gains dividends - (0.24) - (0.44) (0.21)
(3)
### Total dividends (1.00) (0.96) (0.92) (0.88) (0.84)
Net assets – end of year $69.32 $55.63 $48.24 $61.35 $50.02
(1) This information is derived from the Company’s audited annual financial statements.
(2) Net assets and dividends are based on the actual number of shares outstanding at the relevant time. The increase/decrease from operations is based on the weighted average number
of shares outstanding over the financial period and may not match the financial statements due to rounding.
(3) Dividends were paid in cash.
### Ratios and Supplemental Data
2024 2023 2022 2021 2020
(1) $1,446,155 $1,160,441 $1,006,312 $1,279,896 $1,043,463
### Total net asset value (000’s)
(1) 20,861,141 20,861,141 20,861,141 20,861,141 20,861,141
### Number of shares outstanding
(2)(3) 2.10% 2.26% 1.89% 1.72% 2.11%
### Management expense ratio
(4) 0.04% 0.02% 0.01% 0.03% 0.04%
### Trading expense ratio
(5) 13.72% 7.40% 2.10% 6.17% 10.14%
### Portfolio turnover rate
(1) $69.32 $55.63 $48.24 $61.35 $50.02
### Net asset value per share
(1) $40.48 $34.73 $32.60 $44.05 $34.81
### Closing market price
(1) This information is provided as at the end of the year shown.
(2) Management expense ratio (MER) is based on total expenses (including leverage costs but excluding commissions and other portfolio transaction costs) for the stated period and is
expressed as an annualized percentage of daily average net asset value during the period.
(3) Excluding leverage costs (dividends on preference shares and interest and financing charges), the Company’s MERs were as follows: 2024 – 1.39%, 2023 – 1.42%, 2022 – 1.38%,
2021 - 1.37%, 2020 - 1.48%.
(4) The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period.
(5) The Company’s portfolio turnover rate indicates how actively the Manager manages the Company’s portfolio investments. A portfolio turnover of 100% is equivalent to the Company
buying and selling all of the securities in its portfolio once in the course of the year. The higher a fund’s portfolio turnover rate in a year, the greater the trading costs payable by the fund
in the year. There is not necessarily a relationship between the turnover rate and the performance of a fund.
2024 Annual Report | Canadian General Investments, Limited 7
### Management Fees
The Company pays a management fee that is calculated and paid monthly at 1% per annum of the market value of CGI’s investments
adjusted for cash, portfolio accounts receivable and portfolio accounts payable. The Company’s management fees were used by MMA to
pay costs for managing the portfolio and making investment decisions, as well as the provision of administrative services including making
brokerage arrangements for the purchase and sale of securities, calculating the daily net asset value of the Company, maintaining financial
and corporate records, preparing financial statements and all required regulatory filings and assisting in promotion activities. The officers
of the Company are remunerated by MMA in their capacity as directors and/or officers of MMA and receive no compensation from CGI.
## Past Performance
The performance information shown assumes that all dividends paid by CGI to common shareholders were reinvested in additional common
shares of the Company. The performance information does not take into account broker commissions or other fees potentially payable by
holders of the Company’s shares that would have reduced returns or performance. How the Company has performed in the past does not
necessarily indicate how it will perform in the future.
### Year-by-Year Returns
The following bar charts show the Company’s performance for each of the years shown, and illustrate how the Company’s performance has
changed from year to year. The bar charts show, in percentage terms, how much an investment made on the first day of each year would have
grown or decreased by the last day of each year.
The bar chart below illustrates CGI’s net asset value per share return, with dividends reinvested at net asset value per share
38.1%
40%

|  |  | 31.0% |  |  | 26.6% |
| --- | --- | --- | --- | --- | --- |
|  | 21.5% |  | 24.6% |  |  |
| 18.2% |  |  |  | 17.4% |  |

20%
0%
-7.2% -10.9%
-20%
-20.0%
-40%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
The bar chart below illustrates CGI’s share price return, with dividends reinvested at the market price
37.0%
40%
32.1% 29.4%
26.3%
19.6%
20%
8.2% 9.5%
0%
-2.7%
-10.8%
-20%
-24.1%
-40%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
### Annual Compound Returns
The following table shows the Company’s historical annual compound total returns for the periods indicated, compared with the S&P/TSX.
The Index return is also calculated on a total return basis, assuming that all distributions are reinvested.
1 Year 3 Years 5 Years 10 Years

| Canadian General Investments, Limited – NAV | 26.6% 5.9% 15.4% 12.3% |
| --- | --- |
| Canadian General Investments, Limited – Share Price | 19.6% -0.2% 12.0% 10.7% |
| S&P/TSX Composite Index | 21.6% 8.6% 11.1% 8.7% |

The S&P/TSX Composite Index is a market capitalization-weighted index that provides a broad measure of performance of the Canadian equity market.
8 2024 Annual Report | Canadian General Investments, Limited
## Summary Of Investment Portfolio
As at December 31, 2024

| Sector Allocation |  |  |  |  |  |  | Asset Allocation |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  | % of Net |  | % of Investment |  |  |  |  | % of Net |  | % of Investment |  |  |
|  | Asset Value* |  |  |  | Portfolio |  |  | Asset Value* |  |  |  | Portfolio |  |
| Industrials |  |  | 26.7 |  |  | 23.4 | Canadian Equities |  |  | 87.0 |  |  | 76.4 |
| Information Technology |  |  | 26.1 |  |  | 23.0 | Foreign Equities |  |  | 24.5 |  |  | 21.5 |
| Financials |  |  | 15.3 |  |  | 13.4 | Cash & Cash Equivalents |  |  | 2.4 |  |  | 2.1 |
| Energy |  |  | 14.0 |  |  | 12.3 |  |  |  |  |  |  |  |
| Materials |  |  | 12.7 |  |  | 11.2 |  |  |  |  |  |  |  |
| Consumer Discretionary |  |  | 11.1 |  |  | 9.7 |  |  |  |  |  |  |  |
| Real Estate |  |  | 4.8 |  |  | 4.2 |  |  |  |  |  |  |  |
| Cash & Cash Equivalents |  |  | 2.4 |  |  | 2.1 |  |  |  |  |  |  |  |
| Communication Services |  |  | 0.8 |  |  | 0.7 |  |  |  |  |  |  |  |

Top 25 Holdings

|  |  |  | % of Net |  | % of Investment |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Issuer | Sector |  |  |  |  |  |  |
|  |  | Asset Value* |  |  |  | Portfolio |  |
| NVIDIA Corporation | Information Technology |  |  | 5.1 |  |  | 4.5 |
| TFI International Inc. | Industrials |  |  | 4.7 |  |  | 4.1 |
| The Descartes Systems Group Inc. | Information Technology |  |  | 4.5 |  |  | 4.0 |
| Apple Inc. | Information Technology |  |  | 4.3 |  |  | 3.8 |
| Canadian Pacific Kansas City Limited | Industrials |  |  | 4.1 |  |  | 3.6 |
| WSP Global Inc. | Industrials |  |  | 4.1 |  |  | 3.6 |
| Mastercard Incorporated | Financials |  |  | 3.8 |  |  | 3.3 |
| Shopify Inc. | Information Technology |  |  | 3.6 |  |  | 3.2 |
| West Fraser Timber Co. Ltd. | Materials |  |  | 3.6 |  |  | 3.2 |
| Franco-Nevada Corporation | Materials |  |  | 3.4 |  |  | 3.0 |
| Celestica Inc. | Information Technology |  |  | 3.2 |  |  | 2.8 |
| Amazon.com, Inc. | Consumer Discretionary |  |  | 3.1 |  |  | 2.7 |
| Dollarama Inc. | Consumer Discretionary |  |  | 3.0 |  |  | 2.6 |
| Royal Bank of Canada | Financials |  |  | 2.9 |  |  | 2.6 |
| Constellation Software Inc. | Information Technology |  |  | 2.8 |  |  | 2.4 |
| Bank of Montreal | Financials |  |  | 2.7 |  |  | 2.3 |
| MDA Space Ltd. | Industrials |  |  | 2.6 |  |  | 2.3 |
| FirstService Corporation | Real Estate |  |  | 2.6 |  |  | 2.3 |
| AutoZone Inc. | Consumer Discretionary |  |  | 2.6 |  |  | 2.2 |
| Cash | Cash & Cash Equivalents |  |  | 2.4 |  |  | 2.1 |
| First Quantum Minerals Ltd. | Materials |  |  | 2.3 |  |  | 2.0 |
| Cameco Corporation | Energy |  |  | 2.3 |  |  | 2.0 |
| goeasy Ltd. | Financials |  |  | 2.1 |  |  | 1.9 |
| Teck Resources Limited | Materials |  |  | 1.9 |  |  | 1.7 |
| Waste Connections, Inc. | Industrials |  |  | 1.7 |  |  | 1.5 |

79.4* 69.7
Total Net Asset Value* ($000’s) $1,446,155
Total Investment Portfolio* ($000’s) $1,646,688
* Total Net Asset Value represents Total Investment Portfolio adjusted for leverage ($200.0 million) in the form of a borrowing facility, other assets and other liabilities.
The Summary of Investment Portfolio may change due to ongoing portfolio transactions of the Company. The most recent quarterly portfolio disclosure may be obtained by visiting
the Company’s web site at www.canadiangeneralinvestments.ca, by calling 416-366-2931 (Toll-free: 1-866-443-6097), or by writing to the Company at 10 Toronto Street, Toronto,
Ontario, Canada, M5C 2B7.
2024 Annual Report | Canadian General Investments, Limited 9
### Financial Reports
## Management Report
### The accompanying financial statements have been prepared by Management and approved
### by the Board of Directors of the Company. Management is responsible for the information
### and representations contained in these financial statements.
The Company maintains appropriate processes to ensure that PricewaterhouseCoopers LLP, the Company’s external Auditor, who
relevant and reliable financial information is produced. The is appointed by the shareholders, audited the financial statements
financial statements have been prepared in accordance with in accordance with Canadian generally accepted auditing standards
International Financial Reporting Standards and include certain and International Standards on Auditing to enable them to express
amounts that are based on estimates and judgements. The to the shareholders their opinion on the financial statements. Their
significant accounting policies, which Management believes are report is set out on pages 11 through 13.
appropriate for the Company, are described in note 3 to the
financial statements.
The Board of Directors is responsible for reviewing and approving
the financial statements and overseeing Management’s
performance of its financial reporting responsibilities. An
Audit Committee comprised of non-Management Directors
is appointed by the Board. The Audit Committee reviews the
financial statements, adequacy of internal controls, the audit

| process and financial reporting with Management and the | Vanessa L. Morgan | Jonathan A. Morgan |
| --- | --- | --- |
| external Auditor. The Audit Committee reports to the Board | Chair | President & CEO |
| of Directors prior to the approval of the audited financial | February 20, 2025 |  |

statements for publication.
10 2024 Annual Report | Canadian General Investments, Limited
## Independent auditor’s report
To the Shareholders of Canadian General Investments, Limited
Our opinion
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of Canadian General
Investments, Limited (the Company) as at December 31, 2024 and 2023, and its financial performance and its cash flows for the years then
ended in accordance with IFRS Accounting Standards.
What we have audited
The Company’s financial statements comprise:
• the statements of financial position as at December 31, 2024 and 2023;
• the statements of comprehensive income for the years then ended;
• the statements of changes in net assets for the years then ended;
• the statements of cash flows for the years then ended; and
• the notes to the financial statements, comprising material accounting policy information and other explanatory information.
Basis for opinion
We conducted our audit in accordance with Canadian generally accepted auditing standards and International Standards on Auditing. Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section
of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
Jonathan A. Morgan
We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements
President & CEO
in Canada. We have fulfilled our other ethical responsibilities in accordance with these requirements.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements for
the year ended December 31, 2024. These matters were addressed in the context of our audit of the financial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
2024 Annual Report | Canadian General Investments, Limited 11
Key audit matter How our audit addressed the key audit matter
Valuation of investments and investments Our approach to addressing the matter included the following
procedures, among others:
pledged as collateral
Refer to note 3 – Material accounting policy information and note • Tested and assessed the reasonableness of the fair value
5 – Financial risk management to the financial statements. of the investments by independently obtaining market
prices from external sources for each investment.
The Company’s investments and investments pledged as
collateral (together, the investments) of $1,611 million as
at December 31, 2024 comprised instruments traded in an
active market. The Company measures its investments at fair
value through profit or loss.
The Company measures the fair value of an instrument using
quoted prices in an active market for that instrument.
We considered this a key audit matter due to the significance
of the investments, and the degree of audit effort required in
performing audit procedures related to the valuation of the
investments.
Other information
Management is responsible for the other information. The other information comprises the Management Report of Fund Performance,
which we obtained prior to the date of this auditor’s report and the information, other than the financial statements and our auditor’s report
thereon, included in the annual report, which is expected to be made available to us after that date.
Our opinion on the financial statements does not cover the other information and we do not and will not express any form of assurance
conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so,
consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or
otherwise appears to be materially misstated.
If, based on the work we have performed on the other information that we obtained prior to the date of this auditor’s report, we conclude
that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
When we read the information, other than the financial statements and our auditor’s report thereon, included in the annual report, if we
conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance.
Responsibilities of management and those charged with governance for the financial statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRS Accounting
Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are
free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends
to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.
12 2024 Annual Report | Canadian General Investments, Limited
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement,
whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but
is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards and International Standards
on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis
of these financial statements.
As part of an audit in accordance with Canadian generally accepted auditing standards and International Standards on Auditing, we exercise
professional judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform
audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures
made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s
ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may
cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the
financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the
audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s
report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a
matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh
the public interest benefits of such communication.
The engagement partner on the audit resulting in this independent auditor’s report is Derek Hatoum.
Chartered Professional Accountants, Licensed Public Accountants
Toronto, Canada
February 20, 2025
2024 Annual Report | Canadian General Investments, Limited 13
### Statements of Financial Position
As at December 31, 2024 and December 31, 2023
(in thousands of Canadian dollars, except per share amounts)
December 31, December 31,
Note
2024 2023
Assets
Current assets

| Investments | 5 1,360,930 1,114,648 |  |  |  |
| --- | --- | --- | --- | --- |
| Investments pledged as collateral | 5,6 250,469 210,303 |  |  |  |
| Cash |  |  | 35,289 11,177 |  |
| Interest and dividends receivable |  |  | 1,878 1,808 |  |
| Other assets |  |  |  | 142 158 |
| Total assets |  | 1,648,708 1,338,094 |  |  |

Liabilities
Current liabilities

| Accounts payable and accrued liabilities | 12 2,310 2,271 |  |  |
| --- | --- | --- | --- |
| Income taxes payable |  |  | 243 382 |
| Borrowing facility | 6 200,000 175,000 |  |  |
| Total liabilities |  | 202,553 177,653 |  |
| Net assets |  | 1,446,155 1,160,441 |  |

Equity

| Share capital | 8 128,568 128,568 |  |  |
| --- | --- | --- | --- |
| Retained earnings |  | 1,317,587 1,031,873 |  |
| Total equity |  | 1,446,155 1,160,441 |  |
| Net assets per common share |  |  | 69.32 55.63 |

The accompanying notes are an integral part of these financial statements.
Approved by the Board of Directors
Director Director
14 2024 Annual Report | Canadian General Investments, Limited
### Statements of Comprehensive Income
For the years ended December 31, 2024 and December 31, 2023
(in thousands of Canadian dollars, except per share amounts)
Note 2024 2023
Income
Net gains on investments

| Dividend income |  | 20,722 21,318 |  |
| --- | --- | --- | --- |
| Interest |  |  | 33 37 |
| Net realized gain on sale of investments |  | 123,872 73,633 |  |
| Net change in unrealized gain on investments |  | 203,279 104,556 |  |
| Net gains on investments |  | 347,906 199,544 |  |
| Securities lending revenue | 13 |  | 424 806 |
| Total income |  | 348,330 200,350 |  |

Expenses

| Management fees | 12 | 17,079 14,546 |  |  |
| --- | --- | --- | --- | --- |
| Interest and financing charges | 6,7 | 9,381 8,113 |  |  |
| Transaction costs on purchases and sales |  |  | 561 260 |  |
| Listing and regulatory costs |  |  | 339 302 |  |
| Directors’ fees and expenses | 12 |  | 311 314 |  |
| Investor relations |  |  | 293 221 |  |
| Custodial fees |  |  | 165 163 |  |
| Withholding taxes | 10 |  | 156 189 |  |
| Audit fees |  |  | 75 71 |  |
| Independent review committee fees and expenses | 12 |  | 41 49 |  |
| Security holder reporting costs |  |  | 34 37 |  |
| Legal fees |  |  | 30 215 |  |
| Dividends on preference shares | 7 |  |  | - 1,266 |
| Other |  |  | 47 68 |  |
| Total expenses |  | 28,512 25,814 |  |  |
| Net investment income before income taxes |  | 319,818 174,536 |  |  |
| Refundable income tax expense 9 |  | 13,243 382 |  |  |
| Increase in net assets from operations |  | 306,575 174,154 |  |  |

Increase in net assets from operations, per common share 14.70 8.35
The accompanying notes are an integral part of these financial statements.
2024 Annual Report | Canadian General Investments, Limited 15
### Statements of Changes in Net Assets
For the years ended December 31
(in thousands of Canadian dollars)
Share Capital Retained Earnings Total

| At December 31, 2022 | 128,568 877,744 1,006,312 |  |
| --- | --- | --- |
| Increase in net assets from operations |  | - 174,154 174,154 |
| Taxable dividends paid to common shareholders |  | - (15,018) (15,018) |
| Capital gains dividends paid to common shareholders |  | - (5,007) (5,007) |
| At December 31, 2023 | 128,568 1,031,873 1,160,441 |  |
| Increase in net assets from operations |  | - 306,575 306,575 |
| Taxable dividends paid to common shareholders |  | - (20,861) (20,861) |
| At December 31, 2024 | 128,568 1,317,587 1,446,155 |  |

The accompanying notes are an integral part of these financial statements.
16 2024 Annual Report | Canadian General Investments, Limited
### Statements of Cash Flows
For the years ended December 31
(in thousands of Canadian dollars)
Note 2024 2023
Cash flows from (used in) operating activities
### Increase in net assets from operations 306,575 174,154
Adjustments for:

| Net realized gain on sale of investments |  | (123,872) (73,633) |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Net change in unrealized gain on investments |  | (203,279) (104,556) |  |  |  |
| Purchases of investments* |  | (173,790) (95,280) |  |  |  |
| Proceeds of disposition of investments* |  | 214,493 98,700 |  |  |  |
| Interest on borrowing facility |  |  | 9,378 8,015 |  |  |
| Dividends paid to preference shareholders |  |  |  |  | - 1,266 |
| Amortization of financing charges 7 |  |  |  |  | - 99 |
| Interest and dividends receivable |  |  |  | (70) 68 |  |
| Other assets |  |  |  | 16 134 |  |
| Income taxes payable/recoverable | 9 (139) 2,283 |  |  |  |  |
| Accounts payable and accrued liabilities |  |  |  | 271 197 |  |
| Net cash flows from operating activities |  |  | 29,583 11,447 |  |  |

Cash flows from (used in) financing activities

| Proceeds from borrowing facility | 25,000 100,000 |  |
| --- | --- | --- |
| Interest on borrowing facility | (9,610) (7,454) |  |
| Dividends paid to common shareholders | (20,861) (20,025) |  |
| Redemption of preference shares |  | - (75,000) |
| Dividends paid to preference shareholders |  | - (1,389) |
| Net cash flows used in financing activities | (5,471) (3,868) |  |
| Net increase in cash | 24,112 7,579 |  |
| Cash at the beginning of the year | 11,177 3,598 |  |
| Cash at the end of the year | 35,289 11,177 |  |

Items classified as operating activities

| Interest received |  |  | 33 37 |
| --- | --- | --- | --- |
| Dividends received, net of withholding taxes |  | 20,491 21,133 |  |
| Income taxes recovered (paid) – net | 9 (13,385) 1,901 |  |  |

*Excludes in-kind transactions of $33,060 for the year ended December 31, 2024.
The accompanying notes are an integral part of these financial statements.
2024 Annual Report | Canadian General Investments, Limited 17
### Schedule of Investment Portfolio
As at December 31, 2024
Number Fair Number Fair
of Shares Investment Cost Value of Shares Investment Cost Value
(in thousands of dollars) (in thousands of dollars)

|  | Communication Services (0.7%) |  |  |  | Financials (13.4%) |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Wireless |  |  |  | Banks |  |  |
|  | Telecommunication Services |  |  | 275,000 | Bank of Montreal | 10,640 | 38,376 |
| 250,000 | Rogers Communications Inc., B NV | 3,506 | 11,048 | 245,000 | Royal Bank of Canada | 10,190 | 42,463 |
|  |  |  |  | 260,000 | Toronto-Dominion Bank | 5,599 | 19,898 |

Total Communication
3,506 11,048
Services Capital Markets
265,000 Brookfield Corporation 11,405 21,894
Consumer Discretionary (9.7%)

|  |  |  |  | 76,900 | Economic Investment Trust | 3,851 | 12,612 |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Broadline Retail |  |  |  | Limited |  |  |
| 142,000 | Amazon.com, Inc. | 5,929 | 44,861 |  | Consumer Finance |  |  |

185,000

| 310,000 |  | Dollarama Inc. |  |  |  | goeasy Ltd. | 17,140 | 30,841 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  | 1,065 | 43,487 |  |  |  |  |
|  |  | Leisure Products |  |  | 72,000 | Financial Services |  |  |
| 230,000 |  | BRP Inc. | 14,551 16,838 |  |  | Mastercard Incorporated, A | 5,047 | 54,595 |
|  |  | Specialty Retail |  |  |  | Total Financials | 63,872 220,679 |  |
|  | 8,000 | AutoZone, Inc. | 4,864 | 36,887 |  |  |  |  |

Industrials (23.4%)
32,000 Home Depot, Inc. 5,380 17,925
Aerospace & Defense
Total Consumer Discretionary 31,789 159,998 MDA Space Ltd. 28,503 37,798
1,280,000
Energy (12.3%)
Building Products
Energy Equipment & Services 100,000 Builders Firstsource, Inc. 19,855 20,582
185,000 Precision Drilling 15,102 16,265
Commercial Services & Supplies
Corporation

|  |  |  |  | 75,000 | Boyd Group Services Inc. | 15,947 | 16,258 |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Oil, Gas & Consumable Fuels |  |  | 100,000 | Waste Connections, Inc. | 11,183 | 24,660 |
| 3,500,000 | Athabasca Oil Corporation | 18,161 | 18,655 |  | Construction & Engineering |  |  |
|  | Baytex Energy Corp. | 12,460 | 8,325 |  |  |  |  |
| 2,250,000 |  |  |  | 215,000 | Stantec Inc. | 22,167 | 24,248 |
|  | Cameco Corporation. | 29,571 | 33,260 |  |  |  |  |
| 450,000 |  |  |  | 235,000 | WSP Global Inc. | 10,389 | 59,446 |
| 530,000 | Canadian Natural | 21,032 | 23,521 |  |  |  |  |

Machinery
Resources Limited

|  |  |  |  |  | 275,000 | ATS Corporation | 16,046 | 12,056 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  | 275,000 | Enbridge Inc. | 2,830 | 16,778 |  |  |  |  |
|  |  |  |  |  | 220,000 | Westport Fuel Systems Inc. | 13,135 | 1,131 |
| 2,500,000 |  | NexGen Energy Ltd. | 26,412 | 23,700 |  |  |  |  |

Marine Transportation

| 950,000 | Parex Resources Inc. | 11,085 | 13,851 |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  | 332,000 | Algoma Central Corporation | 2,555 4,914 |
| 226,000 | TC Energy Corporation | 5,699 | 15,140 |  |  |  |
| 295,000 | Tourmaline Oil Corp. | 9,930 | 19,623 |  | Passenger Airlines |  |
| 1,263,661 | Whitecap Resources Inc. | 11,827 | 12,889 | 690,000 | Air Canada | 3,554 15,359 |

Road & Rail

| Total Energy | 164,109 202,007 |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  | 90,000 | Canadian National Railway Company | 10,947 | 13,137 |
|  |  | 575,000 | Canadian Pacific Kansas City Limited | 6,352 | 59,846 |
|  |  | 350,000 | TFI International Inc. | 5,029 | 67,984 |

Trading Companies &
Distributors

| 100,000 | FTAI Aviation Ltd. | 19,229 | 20,742 |
| --- | --- | --- | --- |
| 40,000 | SiteOne Landscape Supply, Inc. | 3,293 | 7,590 |
|  | Total Industrials | 188,184 385,751 |  |

18 2024 Annual Report | Canadian General Investments, Limited
### Schedule of Investment Portfolio
As at December 31, 2024
Number Fair Number Fair
of Shares Investment Cost Value of Shares Investment Cost Value
(in thousands of dollars)(in thousands of dollars)

|  | Information Technology (23.0%) |  |  |  | Real Estate (4.2%) |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | Electronic Equipment, |  |  |  | Real Estate Management |  |  |
|  | Instruments & Components |  |  |  | & Development |  |  |
| 350,000 | Celestica Inc. | 31,102 | 46,431 | 95,000 | Colliers International Group Inc. | 17,820 | 18,571 |
|  |  |  |  | 145,000 | FirstService Corporation | 20,352 | 37,757 |

IT Services

|  |  |  |  | 3,200,000 | StorageVault Canada Inc. | 8,480 | 12,608 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 344,000 | Shopify Inc. | 1,819 | 52,629 |  |  |  |  |
|  |  |  |  |  | Total Real Estate | 46,652 | 68,936 |

Semiconductors &
Semiconductor Equipment

|  |  |  |  | Transaction costs | (1,092) |  | - |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 380,000 | NVIDIA Corporation | 669 | 73,483 |  |  |  |  |
|  |  |  |  | Total investments (97.9%)* | 661,761 | 1,611,399 |  |

Software

| 9,000 | Constellation Software Inc. | 11,598 |  | 40,004 |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  | Cash (2.1%) |  | 35,289 |
| 9,000 | Constellation Software Inc. wts |  |  |  |  |  |  |  |
|  | 03/31/40, unlisted |  | - |  | - |  | 1,646,688 |  |

Investment Portfolio (100.0%)

| 400,000 | The Descartes Systems Group Inc. | 10,317 |  | 65,360 |  |
| --- | --- | --- | --- | --- | --- |
| 310,000 | Lightspeed Commerce Inc. | 6,502 |  | 6,795 | NV: non-voting |
| 27,003 | Lumine Group Inc. |  | 377 | 1,111 |  |

SV: subordinate voting
330,000 Open Text Corporation 4,916 13,424
*Includes investments pledged as collateral of $250,469
21,000 Roper Technologies, Inc. 10,060 15,720
16,738 Topicus.com Inc. - 2,034
Technology Hardware,
Storage & Peripherals
173,000 Apple Inc. 1,639 62,385
Total Information Technology 78,999 379,376
Materials (11.2%)
Metals & Mining

| 2,400,000 | Capstone Copper Corp. | 23,486 | 21,336 |
| --- | --- | --- | --- |
| 1,800,000 | First Quantum Minerals Ltd. | 11,566 | 33,354 |
| 290,000 | Franco-Nevada Corporation | 13,258 | 48,987 |
| 480,000 | Teck Resources Limited, B SV | 15,478 | 27,974 |

Paper & Forest Products
417,125 West Fraser Timber Co. Ltd. 21,954 51,953
Total Materials
85,742 183,604
2024 Annual Report | Canadian General Investments, Limited 19
### Notes to the Financial Statements
For the years ended December 31, 2024 and 2023
## General Information
Canadian General Investments, Limited (CGI or the Company) is The Company’s investment and administration activities are
domiciled in Canada and incorporated under the laws of Ontario, managed by Morgan Meighen & Associates Limited (the Manager).
Canada. The address of its registered office is 10 Toronto Street,
The Company’s common shares are publicly listed and trade on
Toronto, Ontario, Canada, M5C 2B7.
the Toronto Stock Exchange and on the London Stock Exchange
Canadian General Investments, Limited is a closed-end equity (symbol CGI).
fund focussed on medium to long-term investments in primarily
These financial statements were authorized for issue by the Board
Canadian corporations. It strives, through prudent security
of Directors on February 20, 2025.
selection, timely recognition of capital gains/losses and appropriate
income generating instruments, to provide better than average
returns to investors.
## Basis of Presentation
The Company’s financial statements have been prepared in
accordance with IFRS Accounting Standards.
## Material Accounting Policies
The material accounting policies applied in the preparation of When available, the Company measures the fair value of an
these financial statements are set out below. These policies have instrument using quoted prices in an active market for that
been consistently applied to all the periods presented. instrument. A market is regarded as active if quoted prices are
readily and regularly available and represent actual and regularly
3.1 Financial Assets and Financial Liabilities occurring market transactions on an arm’s length basis. Publicly
traded securities are valued at the last traded market price on the
Classification
reporting date, where the last traded price falls within the day’s
The Company recognizes financial instruments at fair value upon
bid-ask spread. In circumstances where the last traded price is not
initial recognition, plus transaction costs in the case of financial
within the bid-ask spread, the Manager determines the point within
instruments measured at amortized cost. Investment transactions
the bid-ask spread that is most representative of fair value based
are recorded on the trade date. The Company measures securities
on the specific facts and circumstances. The Company’s policy is to
at fair value through profit or loss (FVTPL). The portfolio of
recognize transfers into and out of the fair value hierarchy as of
financial assets is managed and performance is evaluated on a fair
the date of the event or change in circumstances giving rise to the
value basis. The Company and the Manager are primarily focussed
transfer.
on fair value information and use that information to assess the
assets’ performance and to make decisions. The Company has not Unlisted securities that trade on an over-the-counter market and
taken the option to irrevocably designate any equity securities as other securities, in special circumstances where a market quotation
fair value through other comprehensive income. Consequently, all is not readily available or is considered inappropriate (such as a
investments are measured at FVTPL. stale price), are valued using available sources of information and
commonly used valuation techniques, using primarily observable
All other financial assets and liabilities are classified at amortized
inputs. The Company considers observable inputs to be market
cost or financial liabilities, as applicable, and are measured at
data that is readily available, regularly distributed or updated,
amortized cost and reflect the amount to be received or paid,
reliable and verifiable, and provided by independent sources.
discounted, when appropriate, at the contract’s effective interest
rate. The best evidence of the fair value of a financial instrument at
initial recognition is the transaction price, i.e. the fair value of
Fair value measurement
the consideration given or received, unless the fair value of that
Fair value is the price that would be received to sell an asset or instrument is evidenced by comparison with other observable
paid to transfer a liability in an orderly transaction between market current market transactions in the same instrument (i.e. without
participants at the measurement date. modification or repackaging) or based on a valuation technique
whose variables include only data from observable markets.
20 2024 Annual Report | Canadian General Investments, Limited
## 1 2 3
# 3 Material Accounting Policies (continued)

## 3.2 Foreign Currencies

Assets and liabilities denominated in foreign currencies are translated into Canadian dollars at period-end exchange rates. Purchases and sales of investments, investment income and expenses are calculated at the exchange rates prevailing on the dates of the transactions. The Canadian dollar is the Company's functional and presentation currency.

## 3.3 Investment Income

Dividend income is recorded on the ex-dividend date. Interest is recognized on an accrual basis. Securities lending revenue is recognized as earned.

## 3.4 Securities Lending

Securities lent are not derecognized in the Company's statement of financial position as the Company retains substantially all the risks and rewards of ownership.

## 3.5 Cash

Cash is comprised of demand deposits with reputable financial institutions.

## 3.6 Increase (decrease) in net assets from operations, per common share

The increase (decrease) in net assets from operations, per common share is calculated by dividing increase (decrease) in net assets from operations by the weighted-average number of common shares outstanding during the period.

## 3.7 Taxation

The Company qualifies as an investment corporation under Section 130 of the Income Tax Act (Canada) (the Act) and, as such, is subject to a reduced rate of income tax on its net investment income other than dividends received from taxable Canadian corporations. Taxes paid on taxable dividends paid from corporations resident in Canada are refundable on the payment of taxable dividends to shareholders related to these dividends.

Income taxes are paid by the Company on net capital gains realized at the rate of approximately 20% (note 9). These income taxes are recoverable by the Company as long as it continues to qualify as an investment corporation and pays out sufficient dividends related to these realized gains. Refundable income taxes paid or recovered are recorded as an expense or recovery in the period in which such tax becomes payable or receivable.

In addition, temporary differences between the carrying values of assets and liabilities for accounting and income tax purposes give rise to deferred income tax assets and liabilities. The most significant temporary difference is that between the reported fair value of the Company's investment portfolio and its adjusted cost base (ACB) for income tax purposes. To the extent that the fair value

of the Company's portfolio exceeds its ACB, a deferred tax liability arises which is fully offset by the future refundable taxes available to the Company as an investment corporation. Conversely, when the ACB exceeds the fair values of the portfolio, a deferred tax asset is generated. A deferred tax asset is also generated to the extent that the Company has available and unutilized capital and non-capital tax losses. However, these net deferred tax assets have not been recorded in the statements of financial position since, with the exception of refundable income taxes described above, the Company does not record income taxes since it is, in substance, not taxable.

## 3.8 Investment in associates and subsidiaries

The Company has determined that it meets the definition of "investment entity". An investment entity is an entity that (i) obtains funds from one or more investors for the purpose of providing them with investment management services; (ii) commits to its investors that its business purpose is to invest funds solely for returns from capital appreciation, investment income, or both; and (iii) measures and evaluates the performance of substantially all of its investments on a fair value basis. The most significant judgement that the Company has made in determining that it meets this definition is that fair value is used as the primary measurement attribute to measure and evaluate the performance of substantially all of its investments.

Subsidiaries are entities over which the Company has control through its exposure or rights to variable returns and has the ability to affect those returns through its power over the entities. As the Company meets the definition of an investment entity, all subsidiaries, if any, are measured at FVTPL. The Company's investments may also include associates over which the Company has significant influence and these are measured at FVTPL. As at December 31, 2024 and December 31, 2023, the Company has no investment in associates or subsidiaries.

## 3.9 Future accounting changes

In April 2024, the International Accounting Standards Board issued IFRS 18, *Presentation and Disclosure in the Financial Statements* which aims to improve the quality of financial reporting by introducing new requirements which include new required categories and subtotals in the Statement of comprehensive income and enhanced guidance on grouping of information. IFRS 18 replaces IAS 1, *Presentation of Financial Statements*. This standard is effective for annual periods beginning on or after January 1, 2027, with early adoption permitted. The Manager is currently assessing the impact of these new requirements.

2024 Annual Report | Canadian General Investments, Limited 21
# 4 Critical Accounting Estimates & Judgements

The preparation of the financial statements in conformity with IFRS Accounting Standards requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

# 5 Financial Risk Management

## 5.1 Financial Risk Factors

In the normal course of operations, the Company's activities expose it to a variety of financial risks: credit risk, liquidity risk and market risk (including interest rate risk, currency risk and price risk). Market prices and the fair value of investments in the Company's portfolio fluctuate on a daily basis as a result of changes in interest rates, economic conditions, market and company news, political conditions, natural disasters, and public health emergencies, including an epidemic or pandemic. In general, the Manager seeks to minimize the potential adverse effects of these risks on the Company's performance by employing professional, experienced portfolio managers, by ongoing monitoring of the Company's positions and market events, and by diversifying the investment portfolio within the policies and guidelines set by the Board of Directors of the Company, in a manner consistent with the investment objective. Pursuant to the Manager's bottom-up selection mandate, security selection is the primary criteria for managing risk. In order to mitigate risk, depending on conditions, the Manager considers other criteria such as asset class, industry, country and currency.

### Credit risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Company's main exposure to credit risk may consist of investments in debt instruments, including short-term securities, bonds, preferred shares, interest and dividends receivable, amounts due from brokers, securities on loan as part of the Company's securities lending program, as well as securities held in a separate control account with the Company's custodian or prime brokerage account, as part of its borrowing facility. The fair value of debt instruments includes consideration of the creditworthiness of the debt issuer. The carrying amount of cash, interest and dividends receivable and other assets represents the maximum credit risk exposure as at December 31, 2024 and December 31, 2023. As at December 31, 2024 and December 31, 2023, the Company had no investments in debt instruments.

Credit risk related to cash is considered low as it is held at AA-rated Canadian banks (consistent with prior year). All transactions in securities are settled/paid for on delivery using approved brokers. The risk of default is considered minimal, as delivery of securities sold is only made once the Company's custodian has received payment. Payment is made on a purchase once the securities have been received by the Company's custodian. The trade will fail if either party fails to meet its obligation.

Credit risk with respect to the Company's securities lending program is considered minimal given the nature of the collateral, as well as the indemnification provided by the agent administering the program (note 13).

Credit risk related to the Company's borrowing facility is considered low given the credit worthiness of the prime broker (note 6).

### Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities.

As the Company is a publicly traded, closed-end investment fund with a fixed number of common shares outstanding, unlike an open-ended mutual fund, it is not exposed to the liquidity risk associated with daily cash redemptions of securities. However, as part of a leverage strategy, the Company currently has $200 million (December 31, 2023 – $175 million) borrowed through a borrowing facility. On June 12, 2023, the Company redeemed its $75,000,000, 3.75% cumulative, redeemable Class A preference shares, Series 4. As at December 31, 2024, the leverage represented 13.8% of CGI's net assets (December 31, 2023 – 15.1%).

Liquidity risk is managed by investing the majority of the Company's assets in investments that are traded in an active market and which can be readily disposed of, and by retaining sufficient cash and cash equivalent positions to maintain liquidity. Restricted and unlisted securities, if any, are identified in the schedule of investment portfolio. There was one unlisted security as at December 31, 2024 and two at December 31, 2023.

Leverage decisions, whether in the form of a borrowing facility or bond or preference share issues from treasury, are at the discretion of the Company's Board of Directors.

As at December 31, 2024 and December 31, 2023, all financial liabilities of the Company fall due within twelve months.

### Market risk

The Company's investments are subject to market risk which is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. The following include sensitivity analyses that show how the net assets would have been affected by a possible change in the relevant risk at each reporting date. In practice, the actual results may differ and the differences could be material.

22 2024 Annual Report | Canadian General Investments, Limited
# 5 Financial Risk Management (continued)

## Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company's interest-bearing financial assets and financial liabilities expose it to risks associated with the effects of fluctuations in the prevailing levels of market interest rates on its financial position and cash flows.

Although the Company may invest in interest-bearing financial instruments, the substantial majority of the Company's financial assets are non-interest bearing or have short maturities. As a result, the Company is not subject to significant amounts of risk on its investments due to fluctuations in the prevailing levels of market interest rates.

As at December 31, 2024 and December 31, 2023, the Company had no investments in debt instruments.

The Company's most significant financial liability is its borrowing facility with interest rates on these borrowings being short-term. The amount of borrowings on the facility may be reduced at any time. For the year ended December 31, 2024, a 1% increase or decrease in the interest rate, with all other variables held constant, would have resulted in the interest and financing charges increasing or decreasing, respectively, by approximately $2,000,000 (December 31, 2023 – $1,750,000).

## Currency risk

Currency risk arises from financial instruments that are denominated in a currency other than the Canadian dollar. The Company is exposed to the risk that the value of securities denominated in other currencies will fluctuate due to changes in exchange rates. Securities trading in foreign markets are also exposed to currency risk, as the price in local terms in the foreign market is converted to Canadian dollars to determine fair value. The Company's policy is not to enter into any hedging arrangements.

As at December 31, 2024, the Company's investment portfolio had a 21.5% (December 31, 2023 – 22.8%) weighting in U.S. dollars. As at December 31, 2024, had the Canadian dollar strengthened or weakened by 5% in relation to all currencies represented in the portfolio, with all other variables held constant, net assets would have decreased or increased, respectively, by approximately $17,739,000 or approximately 1.2% (December 31, 2023 – $15,227,000 or approximately 1.3%).

## Price risk

Price risk is the risk that the fair value of financial instruments will fluctuate as a result of changes in market prices (other than those arising from interest rate risk or currency risk), whether these changes are caused by factors specific to an individual investment or its issuer, or by factors affecting all similar instruments traded in

a market or market segment. All securities present a risk of loss of capital. The Manager moderates this risk through careful selection of securities and other financial instruments within the parameters of the investment strategy and by maintaining a well diversified portfolio. The maximum risk resulting from financial instruments is equivalent to their fair value. The Company's equity and debt (if any) instruments are susceptible to other price risk arising from uncertainty about future prices of the instruments.

As at December 31, 2024, a 5% increase or decrease in market prices in the investment portfolio, excluding cash and short-term securities, with all other variables held constant, would have resulted in the Company's net assets increasing or decreasing, respectively, by approximately $80,570,000 or approximately 5.6% (December 31, 2023 – $66,248,000 or approximately 5.7%).

2024 Annual Report | Canadian General Investments, Limited 23
## Financial Risk Management (continued)
Concentration risk
Concentration risk arises as a result of the concentration of exposures type, industry sector or counterparty type. The following is a summary
within the same category, whether it is geographical location, product of the Company’s concentration by sector in the investment portfolio:
December 31, December 31,
### Industry Sector

|  | 2024 | 2023 |
| --- | --- | --- |
| Industrials | 23.4% 24.2% |  |
| Information Technology | 23.0% 20.0% |  |
| Financials | 13.4% 13.9% |  |
| Energy | 12.3% 12.4% |  |
| Materials | 11.2% 10.7% |  |
| Consumer Discretionary | 9.7% 10.8% |  |
| Real Estate | 4.2% 4.6% |  |
| Communication Services | 0.7% 1.9% |  |
| Consumer Staples | 0.0% 0.7% |  |
| Cash | 2.1% 0.8% |  |

100.0% 100.0%
Sensitivity analyses are provided for information purposes only. In practice, the actual trading results may differ from this sensitivity analysis
and the difference could be material.
5.2 Capital Risk Management Level 2 investments include positions that are not traded in active
markets and/or subject to transfer restrictions, and valuations may
The Company considers capital to be composed of its equity, as be adjusted to reflect illiquidity and/or non-transferability, which are
well as its borrowing facility. The Company’s primary objective generally based on available market information and commonly used
when managing its capital is to ensure that activities are carried valuation techniques.
out in accordance with the investment objective of the Company,
as described in note 1. With respect to the borrowing facility, the All other financial instruments of the Company, which may include cash,
Company is required to maintain sufficient collateral in the form receivable on investments sold or payable on investments purchased,
of securities in an account with the Company’s prime broker, based interest and dividends receivable, accounts payable and accrued
on margin requirements established by the prime broker. There liabilities, accrued dividends on preference shares, borrowing facility
has been no event of default since the prime brokerage services and preference shares are carried at amortized cost. Except in respect
agreement was entered into effective May 12, 2021. of the preference shares, amortized cost approximates fair value given
the short-term nature of the financial instruments.
5.3 Fair Value Measurements
The Company classifies its investments within a fair value hierarchy,
based on the inputs used in their fair value measurement. The hierarchy
of inputs is summarized below:
Level 1: Unadjusted quoted prices at the measurement date in active
markets for identical assets
Level 2: Directly or indirectly observable inputs other than quoted prices
included in Level 1, such as quoted prices for identical or similar assets in
markets that are not active
Level 3: Inputs for the assets that are not based on observable market data
24 2024 Annual Report | Canadian General Investments, Limited
## 5
## Financial Risk Management (continued)
(in thousands of dollars) Level 1 Level 2 Level 3 Total
As at December 31, 2024
Financial assets at FVTPL:

| Investments | 1,360,930 | - - | 1,360,930 |
| --- | --- | --- | --- |
| Investments pledged as collateral | 250,469 | - - | 250,469 |
|  | 1,611,399 | - - | 1,611,399 |

As at December 31, 2023
Financial assets at FVTPL:

| Investments | 1,114,648 | - - | 1,114,648 |
| --- | --- | --- | --- |
| Investments pledged as collateral | 210,303 | - - | 210,303 |
|  | 1,324,951 | - - | 1,324,951 |

During the year ended December 31, 2024 and December 31, 2023, there were no investments transferred between the levels.
The Manager is responsible for performing fair value measurements included in the financial statements of the Company, including Level 3
measurements, if any. The Manager obtains pricing from a third party pricing vendor.
## Borrowing Facility
Subject to approval by the Board of Directors, the Company may 31, 2023 – $210,303,000) on the outstanding borrowings of
use various forms of leverage, including by way of a margin facility $200,000,000 (December 31, 2023 – $175,000,000) plus accrued
with a prime broker or a loan facility with a bank. interest of $662,000 (December 31, 2023 – $894,000).
The Company has a prime brokerage services agreement with a On June 6, 2024, securities pledged as collateral, which had been
Canadian chartered bank. Amounts borrowed under this agreement held in a separate control account with the Company’s custodian,
bear interest at the Canadian Overnight Repo Rate Average were transferred to an account at the prime broker. Pursuant to the
(CORRA) plus 0.42% per annum (CORRA plus 0.90% prior to June prime brokerage services agreement, the prime broker may pledge,
1, 2024, and the one-month Canadian Dollar Offered Rate (CDOR) lend or rehypothecate securities held in this account. As a result,
plus 0.60% prior to May 1, 2024). The agreement requires the these securities are disclosed separately in the financial statements
Company to pledge securities as collateral for margin borrowings as Investments pledged as collateral. Although the prime broker
and may be terminated immediately by the prime broker upon the did not have the ability to pledge, lend or rehypothecate securities
occurrence and continuation of an event of default, as defined in held in the separate control account with the Company’s custodian
the agreement, or by either party with 30 days’ notice. prior to the transfer, the Company has presented the comparative
balance to enhance comparability with the current year’s
financial statements.
As at December 31, 2024, the Company had pledged securities as
collateral to the prime broker equal to $250,469,000 (December
2024 Annual Report | Canadian General Investments, Limited 25
## 6 5
## Preference Shares
The Company is authorized to issue, in series, a class of preference shares. On June 12, 2023, the Company redeemed its $75,000,000,
3.75% cumulative, redeemable Class A preference shares, Series 4. No shares are outstanding as at December 31, 2024 or December 31,
2023. As at December 31, 2022, these shares had deferred issuance costs, net of amortization, of $99,000.
## Share Capital
Common Shares
The Company is authorized to issue an unlimited number of Subsequent to December 31, 2024, the Company declared
common shares. As at December 31, 2024, there are 20,861,141 a quarterly dividend of $0.27 per share payable on March 15,
(December 31, 2023 – 20,861,141) common shares issued and 2025 to common shareholders of record at the close of business
outstanding with no par value. on February 28, 2025.
## Income Taxes
As at December 31, 2024, the Company had federal refundable capital As at December 31, 2024, the Company has no unused non-capital losses
gains taxes on hand of approximately $17,353,000 (December 31, 2023 – for tax purposes (December 31, 2023 – $390,000).
$7,672,000), which are refundable on payment of capital gains dividends
The Company is also subject to a special tax of 38-1/3% on taxable
of approximately $124.0 million (December 31, 2023 – $55.0 million)
dividends received from corporations resident in Canada. This special
and Ontario refundable capital gains taxes on hand of approximately
tax is refundable on payment of taxable dividends to shareholders at the
$7,979,000 (December 31, 2023 – $3,934,000), which are refundable
rate of $0.3833 for each $1 of such dividends paid. The Company has
on payment of capital gains dividends of approximately $139.0 million
$1,493,000 of refundable dividend tax on hand as at December 31, 2024
(December 31, 2023 – $68.0 million).
(December 31, 2023 – $1,991,000).
The Company’s refundable income tax provision during the year is determined as follows:
(in thousands of dollars) 2024 2023
Provision for (recovery of) income taxes on net investment income (loss) before
income taxes
### Provision for income taxes based on combined Canadian federal and
126,328 68,943
### provincial income tax rate of 39.5%
### Increase (decrease) in income taxes resulting from:

| Dividends from taxable Canadian companies | (7,759) (7,922) |  |  |
| --- | --- | --- | --- |
| Dividends on preference shares |  |  | - 500 |
| Net change in unrealized gain on investments | (80,296) (41,300) |  |  |
| Non-taxable portion of net realized gain on sale of investments | (24,465) (14,543) |  |  |
| Increase (decrease) in refundable dividend tax on hand |  | (498) 1,371 |  |
| Utilization of non-capital loss carryforward |  | (97) (5,838) |  |

### Differences arising from use of different cost bases for income tax
30 160
and accounting purposes
### Income taxes recoverable on capital gains dividends paid to common shareholders - (989)
Refundable income tax expense 13,243 382
26 2024 Annual Report | Canadian General Investments, Limited
## 8 7 9
In accordance with the Act, a corporation can qualify as an investment corporation if certain tests are satisfied. One of the tests is that the corporation cannot have specified shareholders. A specified shareholder is generally a shareholder, who, along with certain persons to whom the shareholder is considered to be related, has a greater than 25% shareholding. The Company has had specified shareholders since June 20, 1996. The specified shareholder rules of the Act generally allow the Company to maintain its investment corporation status as long as it does not have any specified shareholders other than those specified shareholders existing on June 20, 1996. In addition, the specified shareholders as at June 20, 1996 cannot, after that date, contribute capital or acquire additional shares of the Company other than through certain specified transactions.

On June 10, 2024, draft legislation, which included the implementation of an increase in the capital gains inclusion rate from one-half to two-thirds for capital gains realized after June 24, 2024, was included in a Notice of Ways and Means Motion tabled in the House of Commons. As this had not been tabled as a bill in the House of Commons by the end of the year, this change was not yet considered substantively enacted for accounting purposes. However, on January 31, 2025, the Minister of Finance and Intergovernmental Affairs announced that the federal government was deferring the date on which the capital gains inclusion rate would increase from one-half to two-thirds from June 25, 2024 to January 1, 2026 which, if enacted, will result in income taxes paid on capital gains increasing from approximately 20% to approximately 26.33%. There can be no assurance that the capital gains proposals will be enacted in their current form, or at all.

## 10 Withholding Taxes

The Company incurs withholding taxes imposed by certain countries on investment income. Such income or gains are recorded gross of withholding taxes in the statements of comprehensive income. Withholding taxes are shown as a separate item in the statements of comprehensive income. During the year ended December 31, 2024, the average withholding tax rate paid by the Company was 15.0% (December 31, 2023 – 15.0%).

## 11 Financial Instruments by Category

All of the Company's financial assets were carried at amortized cost, with the exception of Investments which is carried at FVTPL. All the Company's financial liabilities were carried at amortized cost. All gains and/or losses recorded on the statement of comprehensive income relate to investments measured at fair value through profit or loss.

## 12 Related Party Information

Third Canadian General Investment Trust Limited (Third Canadian) owns 36.6% of the common shares of the Company and is therefore considered a related party. Jonathan A. Morgan and Vanessa L. Morgan, both directors and executive officers of the Company, beneficially own directly or indirectly or exercise control or direction over an aggregate of 100% of the common shares of Third Canadian. Including the holding by Third Canadian, Mr. Morgan and Ms. Morgan together own directly or indirectly or exercise control or direction over an aggregate of 52.5% of the outstanding common shares of the Company, making them the ultimate controlling party.

Ms. Morgan together own directly or indirectly 100%, and are both directors and executive officers, of the Manager. Management fees are paid monthly to the Manager for services received in connection with the management of the Company's financial accounts and investment portfolio, among other services. These fees are calculated monthly at 1% per annum of the fair value of the Company's investments adjusted for cash, portfolio accounts receivable and portfolio accounts payable. Values for fee calculation purposes are determined on the basis of the financial statements of the Company as at the last day of the applicable month.

During the year ended December 31, 2024, $16,925,000 (2023 – $14,526,000) was paid to the Manager with $1,552,000 accrued and included in accounts payable and accrued liabilities as at December 31, 2024 (December 31, 2023 – $1,260,000).

### Transactions With Related Entities

#### Management fees

The Company's activities are managed by the Manager pursuant to a management agreement dated July 18, 2018. Mr. Morgan and

2024 Annual Report | Canadian General Investments, Limited 27
Dividends
As a result of its ownership position in the Company, during the year ended December 31, 2024, Third Canadian received taxable dividends of
$7,630,000 (2023 – $5,493,000 of taxable dividends and $1,831,000 of capital gains dividends).
Key management personnel compensation
No compensation was paid or is payable by the Company to any executive of the Manager in his or her capacity as a director or officer of the Company.
During the year ended December 31, 2024, the independent directors of the Company received directors’ fees aggregating $282,000 (2023 –
$291,000) from the Company. No other compensation was paid or is payable to the directors of the Company for the year ended December 31, 2024,
except for compensation paid by the Company in respect of such persons acting as members of the Independent Review Committee for the Company,
aggregating $39,000 (2023 – $48,000).
## Securities Lending
The Company participates in a securities lending program with its securities not returned, the custodian shall indemnify the Company for
custodian, CIBC Mellon Trust Company. Collateral is held by the any such shortfall.
custodian as agent for the Company and generally comprises Canadian
At December 31, 2024, the Company had loaned securities with a
or provincial government-guaranteed securities or obligations of other
fair value of $113,023,000 (December 31, 2023 – $16,650,000) and
governments with appropriate credit ratings, and other short-term
the custodian held collateral of $117,901,000 (December 31, 2023
securities, of at least 105% of the fair value of securities on loan. In the
– $18,099,000). This collateral is not reflected in the statements of
event that any of the loaned securities are not returned to the Company
financial position and consisted of the following:
and the value of the collateral held is less than the fair value of the
December 31, 2024 December 31, 2023
### Securities lending collateral

| Corporate debt securities | 0.1% 0.0% |
| --- | --- |
| Federal government debt securities | 4.9% 31.5% |
| Provincial government debt securities | 7.3% 50.9% |
| U.S. government debt securities | 87.7% 17.6% |

100.0% 100.0%
A reconciliation of the gross earnings from securities lending to the net earnings from securities lending is as follows:

| (in thousands of dollars) | December 31, 2024 December 31, 2023 |  |
| --- | --- | --- |
| Gross securities lending earnings |  | 819 100.0% 1,405 100.0% |
| Fees |  | (178) (21.7%) (338) (24.0%) |
| Withholding taxes |  | (217) (26.5%) (261) (18.6%) |
| Net securities lending earnings |  | 424 51.8% 806 57.4% |

28 2024 Annual Report | Canadian General Investments, Limited
## 13
## CORPORATE INFORMATION

| BOARD OF DIRECTORS | OFFICE OF THE COMPANY | STOCK EXCHANGE LISTINGS |
| --- | --- | --- |
|  | 10 Toronto Street | The Toronto Stock Exchange |
| Marcia Lewis Brown | Toronto, Ontario, Canada M5C 2B7 |  |

Trading Symbol:
Board Director
Telephone: (416) 366-2931
Common Shares CGI
Toll Free: 1-866-443-6097
A. Michelle Lally
Fax: (416) 366-2729
Partner, Osler, Hoskin & Harcourt LLP The London Stock Exchange
e-mail: cgifund@mmainvestments.com
Trading Symbol:
website: www.canadiangeneralinvestments.ca
Jonathan A. Morgan
Common Shares CGI
Executive Vice-President and Chief
Operating Officer, MANAGER
PUBLICATION
Morgan Meighen & Associates Limited Morgan Meighen & Associates Limited
Net asset value per share (NAV) and/or market
Toronto
Vanessa L. Morgan price and market return are published daily/
President & Chief Executive Officer, weekly in various media in Canada and the U.K.
AUDITOR
Morgan Meighen & Associates Limited
PricewaterhouseCoopers LLP
The Company posts ongoing top 10 portfolio
Toronto
Sanjay Nakra
investments (priced at market), together with
Board Director
current NAV and market return information
INDEPENDENT REVIEW COMMITTEE
on its website. CGI also posts its top 25
Clive W. Robinson Marcia Lewis Brown (Chair)
holdings on its website on a quarterly basis.
Senior Vice-President, A. Michelle Lally
Similar information is available directly from
Morgan Meighen & Associates Limited Sanjay Nakra
the Company upon request.
Michael C. Walke
Michael C. Walke
Chief Executive Officer, DIVIDEND REINVESTMENT AND
CANADIAN REGISTRAR
Canadian Centre for Audit Quality SHARE PURCHASE PLAN
AND TRANSFER AGENT
The Plan, administered by the Company’s
Computershare Trust Company of Canada
AUDIT COMMITTEE Canadian Transfer Agent, offers an efficient
100 University Avenue, 8th Floor
Marcia Lewis Brown method of acquiring additional shares. As well
Toronto, Ontario, Canada M5J 2Y1
A Michelle Lally as with reinvested dividends, shareholders
Sanjay Nakra Telephone:
may purchase additional shares for cash
Michael C. Walke (Chair) Canada & U.S.: 1-800-564-6253
(minimum $100 – maximum $5,000) every
Overseas: 1-514-982-7555
quarter. Shares are purchased on the open
CORPORATE GOVERNANCE Fax:
market, with participants paying the average
COMMITTEE Canada & U.S.: 1-888-453-0330
cost while the Company pays all administrative
Marcia Lewis Brown (Chair) Overseas: 1-416-263-9394
charges, including commissions. The Plan

| Jonathan A. Morgan | website: www.computershare.com/investor | may be used for self-directed RRSPs. Also, a |
| --- | --- | --- |
| Michael C. Walke |  | number of Canadian brokers offer dividend |
|  | To change your address, eliminate multiple | reinvestment plans to CGI shareholders. Note: |
| INDEPENDENT DIRECTORS | mailings or for other shareholder account | U.S. shareholders are eligible for the dividend |
| COMMITTEE | inquiries, please contact Computershare at | reinvestment segment of the plan only. |
| Marcia Lewis Brown | the above address. We are pleased to offer |  |
| A. Michelle Lally (Chair) | you the convenience of Direct Registration | ANNUAL MEETING OF |
| Sanjay Nakra | System (DRS), a system that allows you to | SHAREHOLDERS |
| Michael C. Walke | hold securities in ‘book entry’ form without | The Annual General Meeting of shareholders |
|  | the need for a physical certificate. To | of Canadian General Investments, Limited |
| OFFICERS | participate, simply send your share certificate to | will be held Thursday, the 24th day of April, |
| Vanessa L. Morgan, CFA | Computershare along with a letter requesting | 2025 at 9:00 a.m. (Toronto time) at The |
| Chair | the deposit of the shares into DRS. | Albany Club, Sir John A. Macdonald Room, 91 |

King Street East, Toronto, Ontario, Canada,
Jonathan A. Morgan, CIM
U.K. TRANSFER AGENT M5C 1G3.
President & CEO
Computershare Investor Services PLC
Frank C. Fuernkranz, CPA, CA, CFA DIVERSITY POLICY
Bridgwater Road
CFO Information and disclosure with respect to
Bristol, BS99 6ZY United Kingdom
Telephone: +44 (0) 370 702 0003 the Company’s policy on Board Diversity can
Christopher J. Esson, CPA, CA, CFA
website: www.computershare.com/investor be found within the Company’s Management
Treasurer
Information Circular.
Laura M. Jess, CIM
Secretary
Managed by:
CANADIAN GENERAL INVESTMENTS, LIMITED
10 Toronto Street, Toronto, Ontario, Canada M5C 2B7
Telephone: (416) 366-2931 Toll Free: 1-866-443-6097 Fax: (416) 366-2729
e-mail: cgifund@mmainvestments.com
website: www.canadiangeneralinvestments.ca