1st Quarter Results

Canadian General Investments Ld
17 April 2002


TSE SYMBOLS: CGI, CGI.PR.A, CGI.WT 
LONDON STOCK EXCHANGE: CGIq.L, CGIwsq.L

APRIL 17, 2002

Canadian General Investments, Limited 
Canadian General Investments Reports 2002 First Quarter Results

TORONTO, CANADA-The outperformance by Canadian General Investments, Limited
(CGI) of the benchmark TSE 300 Total Return Index (TSE) continued through the
first quarter of 2002. The Corporation's total return, expressed as diluted net
asset value per share with distributions reinvested, for the three months ended
March 31, 2002 was 6.2% versus 2.5% for the benchmark. Year-over-year, the CGI
and TSE returns were 12.7% and 4.9% respectively. Underweighting of the
technology laden Industrial Products sector against the TSE Index, and good
appreciation across the portfolio were the main contributors to the
outperformance in both periods.

CGI finished the quarter with net assets of $318,774,000. Diluted net asset
value per share (NAV) at quarter-end was $14.11 compared to $13.34 at December
31, 2001.

Market performance during the first quarter of 2002 resulted in a net gain on
investments of $21,582,000, comprised of a net realized gain on investments of
$961,000 and an increase in unrealized appreciation of investments of
$20,621,000. There was a net loss in the comparable period in 2001 of
$21,335,000. For the three months, CGI had net investment income of $57,000
versus a net investment loss of $237,000 in 2001. The year-to-date improvement
in 2002 was largely the result of a 37.5% increase in total investment income,
reflecting the continued focus on income generating securities, particularly
unit trusts, debentures and preferred shares.

In March of both 2002 and 2001, CGI paid a regular income dividend to its common
shareholders of $0.06 per share and an equivalent dividend was declared
subsequent to quarter-end to be paid on June 15, 2002 to shareholders of record
on May 31.

During the first quarter, CGI bought in an additional 43,700 of its warrants for
cancellation as a part of a normal course issuer bid initiated in the second
quarter of 2001. Cumulatively, CGI has bought in a total of 122,000 to March 31,
2002. Purchase and cancellation of the warrants increases NAV. CGI intends to
renew the issuer bid for another one-year period when the current one expires on
April 22, 2002.

CGI's market price per share closed the quarter at $9.73, reflecting a discount
to NAV of 31.0%.
             

FINANCIAL HIGHLIGHTS
(in thousands of dollars, except per share amounts)

                                                           Three Months Ended
                                                       March 31,       March 31, 
                                                           2002            2001  
 
Net Investment income (loss)                                 57           (237)
Net realised gain on Investments                            961            672
Change in unrealized
appreciation of investments                              20,621        (22,007)
Increase (decrease) in net assets from operations        21,639        (21,572)

Increase (decrease) in net assets from operations - 
per share                                                  1.06          (1.05)
 

 
                                                          As at
                                      March 31,     December 31,       March 31, 
                                          2002             2001            2001
 
Net assets                             318,774          298,546         290,509
Net asset value per share - basic        15.57            14.58           14.19
Net asset value per share - diluted      14.11            13.34           12.99


 
In the United Kingdom, copies of the Corporation's quarterly report will be made
available at the U.K. Transfer Agent, CIBC Mellon Trust Company, Balfour House,
390 High Road, Ilford, Essex, 1G1 1NQ. Phone [phone].


FOR FURTHER INFORMATION PLEASE CONTACT:
Canadian General Investments, Limited
Michael A. Smedley
President
Phone: [phone]
Fax: [phone]
e-mail: [e-mail]
website: www.mmainvestments.com
          



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