1st Quarter Results

Canadian General Investments Ld
16 April 2003


NEWS RELEASE TRANSMITTED BY CCN MATTHEWS

FOR: CANADIAN GENERAL INVESTMENTS, LIMITED

TSX SYMBOLS: CGI, CGI.PR.A, CGI.WT

LONDON STOCK EXCHANGE: CGIq.L, CGIwsq.L

APRIL 16, 2003

Canadian General Investments, Limited

Canadian General Investments Reports 2003 First Quarter Results

TORONTO, CANADA - Canadian General Investments, Limited (CGI) recorded a diluted
net asset value per share (NAV) of $11.91 at March 31, 2003, a moderate decline
from $12.33 at December 31, 2002. CGI's NAV return of -2.9% for the quarter,
with distributions reinvested, compares favourably with the benchmark S&P/TSX
Composite Total Return Index of -3.5% for the same period. Strong performance
from a broad range of stocks, despite market weakness, continued to be the main
contributor to CGI's relative portfolio stability and outperformance of the
Index.

Year-to-date portfolio performance in 2003 resulted in a net loss on investments
of $8,576,000, comprised of a net realized loss on investments of $6,294,000 and
a decrease in unrealized appreciation of investments of $2,282,000. There was a
net gain on investments of $21,582,000 during the comparable period in 2002. Net
investment income for the latest quarter was $229,000 compared to $57,000 during
2002. This improvement was largely the result of a continued focus on income
generating securities, particularly unit trusts.

In March of both 2003 and 2002, CGI paid a regular income dividend of $0.06 per
share to its common shareholders. In addition, subsequent to quarter-end, the
Board approved a second quarter regular income dividend of $0.06 per share to be
paid on June 15.

CGI purchased 62,400 of its warrants for cancellation during the first quarter
as a result of its normal course issuer bid. By comparison, CGI purchased 43,700
warrants in the same period of 2002. Purchase and cancellation of the warrants
increases NAV.





FINANCIAL HIGHLIGHTS

(in thousands of dollars, except per share amounts)
                                                                                            Three Months Ended
                                                                                           March 31,           March 31,

                                                                                                2003                2002

Net investment income                                                                            229                  57
Net realized gain (loss) on investments                                                      (6,294)                 961
Change in unrealized appreciation                                                            (2,282)              20,621
in value of investments
Increase (decrease) in net assets from operations                                            (8,347)              21,639

Increase (decrease) in net assets from operations - per share                                 (0.41)                1.06

                                                                                           As at
                                                                        March 31,       December 31,           March 31,
                                                                             2003               2002                2002

Net assets                                                                264,729            274,519             318,774
Net asset value per share - basic                                           12.93              13.41               15.57
Net asset value per share - diluted                                         11.91              12.33               14.11





In the United Kingdom, copies of the Corporation's first quarter 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].





-30-

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






                      This information is provided by RNS
            The company news service from the London Stock Exchange