9 Months Results - 12.4% Net Asset Gain

CANADIAN GENERAL INVESTMENTS LIMITED
21 October 1999


CANADIAN GENERAL INVESTMENTS REPORTS NINE MONTHS RESULTS

TORONTO, CANADA - CGI's portfolio continues to deliver good longer term results,
although it has underperformed in the short term.  In the quarter ended
September 30, the portfolio retreated and resulted in a small year-to-date loss
in net assets of 0.8%, compared with a gain of 7.3% for the TSE 300 Composite
Index - both numbers well down from their highs.  The twelve month picture was
more positive with a 12.4% net asset gain compared with 23.9% for the TSE 300
Composite Index.

Markets have become increasingly volatile.  A particular difficulty for Canadian
equity fund managers has been the extraordinary upward march of BCE inc. and its
subsidiary interest, Nortel Networks Corporation.  These two companies
contributed 7.0% of the 7.3% year to date performance and have a combined
weighting approaching 19% of the TSE 300 Composite Index.  The Globe & Mail
reported on October 14 that most Canadian equity mutual funds were up less than
5.2% and that the majority had less than 5.8% weighting in Nortel.  CGI's
combined weighting in BCE and Nortel at September 30 was 5.3%, but the Fund's
total exposure in technology-linked stocks was well over 10% of the portfolio
including exceptional performers BCE Emergis Inc., JDS Uniphase Canada Limited
and Research in Motion Limited.

CGI's share price has declined 13.8% year to date and is down 2.1% over the
twelve month period.  CGI's discount, as with all closed-end funds has played an
important role in share price return, almost doubling to 23.3% from 12.1% a year
ago.

FINANCIAL
Net assets at $269,343,000 were close to par with the year-end value of
$271,658,000 although it was a retrenchment from the mid year value of
$284,476,000.  Per share net asset value was $14.60 at the end of the quarter,
$13.66 fully diluted.  The impact of the Corporation's $60,000,000 preference
share issue in October 1998 continued to be felt with total assets at September
30, 1999 showing a value of $331,172,000, an increase of $91,321,000 or 38.1%
over last year.

Investment income for the nine months was well ahead of 1998 with an increase of
26.7% while aggregate expenses rose 10.1%.  On a before-tax basis, investment
income for the period was negative for 1999 and 1998.  However, provision for
recovery of income taxes resulted in net investment income of $353,000 for 1999
versus a loss of $128,000 last year.  Unrealized portfolio appreciation stood at
$41,674,000 at the end of the period, compared to $48,678,000 at year end.  Net
gain on investments amounted to $7,840,000 for the nine month period, compared
to $12,326,000 for the same period last year.

TOP HOLDINGS
The portfolio top ten list continues to be headed by CT Financial Services Inc.
followed by BCE, Inc.  Up into third place is  Dia Met Minerals Ltd. which is
now the world's biggest single diamond miner outside the De Beers group.  A
newcomer is Imasco Limited, due to be acquired by BAT Plc early next year at a
higher market price.  Nortel Networks Corporation is now ranked and so is
Noranda Inc.

We are overweight by nearly 29% in the oil and gas sector and by 84% in the
metals and minerals sector.  With global economic recovery and continued U.S.
strength these resource sectors have excellent return potential.

OUTLOOK
The near future looks good for the Canadian stock market as the Asian and
European regions recover, making resource sectors increasingly attractive.  No
slowdown is expected in our world class technology industries and the Canadian
dollar continues to try to move upward.

The return of the TSE 300 has outperformed the S&P 500, expressed in Canadian
dollar terms, by a margin of roughly 7.6% year-to-date.  With Canadian stocks
arguably still priced in the market at lower values than U.S. companies, we
could see Canada outperform for 1999.

CGI has adopted the new financial statement reporting format recommended in a
Canadian Institute of Chartered Accountants Research Report for investment
funds.  Prior year figures have been restated to reflect the new format.


FINANCIAL HIGHLIGHTS

                                     For the nine months ended September 30
                                           ($000, except per share amount)
                                                  1999           1998

Total investment income                      $    4,983     $   3,933
Net investment income (loss)                 $      353     $    (128)
Net investment income (loss) per share       $     0.02     $   (0.01)
Net asset value per share - basic            $    14.60     $   13.00
Net asset value per share - fully diluted    $    13.66     $   12.42
Number of common shares outstanding          18,441,872     18,441,872

Per share information reflects the capital gains stock dividends paid in June
1998 and December 1998.

In the United Kingdom, copies of the Corporations's third 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]

For further information please contact:

Canadian General Investments, Limited
Michael A. Smedley
President
Phone: [phone]
Fax:  [phone]
e-mail: [e-mail]