3rd Quarter Results

Canadian General Investments Ld
16 October 2002

OCTOBER 16, 2002

Canadian General Investments Reports 2002 Third Quarter Results

TORONTO, CANADA- Canadian General Investments, Limited's (CGI) total return, 
expressed as diluted net asset value (NAV) per share with distributions 
reinvested, for the year ended September 30, 2002 was 1.3%, significantly higher 
than the -8.1 % return of the benchmark S&P/TSX Composite Total Return Index. 
CGI'S NAV returns for the nine-month and three-month periods ended September 30 
were -11.2% and -11.1 %, respectively, both results superior to the Index 
returns of -18.6% and -13.1% for the same periods.

At quarter-end, net assets were $258,891,000, down 13.3% from the December 31, 
2001 value of $298,546,000. Diluted NAV was $11.68 compared to $13.21 at the 
end of the second quarter and $13.34 at year-end 2001.

The bear market conditions resulted in a net loss on investments of $35,372,000 
for the first nine months of 2002, compared to a net loss on investments of 
$45,264,000 for the same period in 2001. For the nine months to September 30, 
2002, CGI had net investment income of $178,000 versus $760,000 in 2001. The 
2001 total included a special dividend of $690,000 received from PanCanadian 
Petroleum Limited as part of the reorganization of Canadian Pacific Limited.

On September 15, 2002, the Corporation paid a regular income dividend to common 
shareholders of $0.06 per share, resulting in year-to-date common share 
dividends of $0.18 per share as in 2001.

During the first three quarters of 2002, CGI bought in 171,400 of its warrants, 
at an aggregate cost of $787,000, as part of a normal course issuer bid. Since 
the start of the programme in April 2001, CGI has bought in a total of 249,700 
warrants. Purchase and cancellation of the warrants increases the diluted NAV.

CGI'S market price closed the quarter at $8.64, resulting in a discount to NAV 
of 26.0%, down from 30.7% at year-end 2001 and 26.9% at the end of June 2002.


FINANCIAL HIGHLIGHTS
(in thousands of dollars, except per share amounts)
 
                                                 Three Months Ended                          Nine Months Ended
                                      September 30, 2002   September 30, 2001   September 30, 2002   September 30, 2001
 
Net investment Income                                28           811                  178                760 
Net realized gain on investments                  5,863         9,515                7,878             10,989
Change in unrealized appreciation/depreciation
of investments                                  (42,011)      (46,415)             (43,260)           (56,253)
Decrease In net assets resulting
from operations                                 (36,120)      (36,089)             (35,194)           (44,504)
Decrease in net assets from operations -          (1.76)        (1.76)               (1.72)             (2.17)
per share

                                                                          As at
                                                           September 30,      December 31     September 30,
                                                                   2002              2001              2001

Net assets                                                      258,891           298,546           264,972  
Net asset value per share - basic                                 12.64             14.58             12.94
Net asset value per share - diluted                               11.68             13.34             11.96



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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