Interim Results

Canadian General Investments Ld
18 July 2001

Canadian General Investments Reports 2001 Second Quarter Results

TORONTO, CANADA- In an investment environment that saw continuing earnings
downgrades and lower investor confidence, Canadian General Investments, Limited
(CGI) extended its out-performance of its benchmark, the TSE 300 Total Return
Index, in 2001. Fully diluted net asset value per share growth, with
distributions reinvested for total return, was 4.2% for the three months ended
June 30, compared to the index return of 2.1%. Over the six-month period, the
CGI and index returns were -3.3% and -12.7%, respectively.

At June 30, 2001, net assets were $302,409,000 versus a year-end value of
$313,309,000. Fully diluted net asset value per share at quarter-end rebounded
to $13.48 compared to $12.99 at March 31, 2001 but still down from $14.06 at
December 31, 2000.

CGI finished the second quarter with the three largest groups in its portfolio
being Financial Services, Oil and Gas and Communications and Media with
weightings of 17.3%, 16.0% and 11.3%, respectively. Its under-weighting in the
Industrial Products sector, at 10.2% versus the TSE 300 weighting of 21.6%, was
a big contributor to the Corporation's relative out-performance of the TSE in
both the three and six-month periods, due mainly to a lower technology
sub-sector holding. The five largest holdings at June 30, 2001, representing
17.6% of the portfolio, were Inco Limited, Royal Bank of Canada, Bombardier
Inc., Canadian Pacific Limited and Corby Distilleries Limited.

Improving portfolio value in the second quarter of 2001 resulted in a net gain
on investments of $12,971,000 for that period and a cumulative net loss of
$8,364,000 over six months. The year-to-date amount is comprised of a net
realized gain on investments of $1,474,000 and a decrease in unrealized
appreciation of investments of $9,838,000. In the first half of 2000, CGI had a
net gain on investments of $38,919,000 when the technology sector was booming.

For the six-month period ended June 30, 2001, CGI had a net investment loss of
$51,000, compared with a net investment loss of $918,000 in the first half of
2000. The improvement in 2001 was due to an increase in total investment income,
reflecting the shift in investments in late 2000 and early 2001 toward income
generating securities.

On June 30 this year, 10,095 of the Corporation's warrants, which expire on June
30, 2007, were exercised at $6.94 for aggregate proceeds of $70,000, resulting
in 20,475,692 shares outstanding, In June 2001, CGI bought in 21,500 of its
warrants, as part of a normal course issuer bid initiated early in the second
quarter.
 
     
FINANCIAL HIGHLIGHTS
(in thousands of dollars, except per share amounts)
                               Three Months Ended        Six Months Ended
                               June 30,  June 30,        June 30,  June 30, 
                               2001      2000            2001      2000

Net investment income (loss)    186      (554)           (51)      (918)

Net realized gain on 
Investments                     802    14,330          1,474     14,155

Change in unrealized 
appreciation of investments  12,169   (31,307)        (9,838)    24,764

Increase (decrease) In 
net assets from operations   13,157   (17,531)        (8,415)    38,001


Increase (decrease) In 
net assets from operations -
per share                      0.64     (0.86)         (0.41)      1.86


              
                                        June 30,    December 31,   June 30,
                                           2001          2000        2000
   
Net assets                              302,409        313,309      346,108

Net asset value per share - basic         14.77          15.31        16.91

Net asset value per share-fully diluted   13.48          14.06        15.39


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