Interim Results

Canadian General Investments Ld
17 July 2002


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

JULY 17, 2002 

Canadian General Investments Reports 2002 Second Quarter Results

TORONTO, CANADA - Canadian General Investments, Limited (CGI) maintained its
strong out-performance of the benchmark S&P/TSX Composite Total Return Index
(S&P/TSX Index) through the first half of 2002. CGI's total return, expressed as
diluted net asset value per share with distributions reinvested, for the six
months ended June 30, 2002 was -0.1 % versus -6.3% for the benchmark. For the
three-month period, the CGI and S&P/TSX Index returns were -6.0% and -8.6%
respectively, with most of CGI's decline being in the final three weeks of the
quarter.

At June 30, 2002, net assets were $296,240,000, down 0.8% from the year-end 2001
value of $298,546,000. Diluted net asset value per share (NAV) at the half-year
was $13.21 compared to $14.11 at the end of the first quarter and $13.34 at
year-end 2001.

Market performance of CGI's portfolio during the first half of 2002 resulted in
a net gain on investments of $776,000. This compares to a net loss on
investments of $8,364,000 in the comparable period of 2001, For the six months
ended June 30, 2002, CGI had net investment income of $150,000 versus a net
investment loss of $51,000 in 2001. The improvement was largely due to an 18.7%
increase in total investment income, resulting from a greater emphasis on income
generating securities.

On June 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 $0.12 per share as in 2001.

During the first six months of 2002, CGI bought in 140,900 of its warrants, at
an aggregate cost of $652,000, as part of a normal course issuer bid initiated
in 2001 and renewed in April 2002. Cumulatively, CGI has bought in a total of
219,200 warrants. This activity increases diluted net asset value per share. On
June 30 this year, 1,906 warrants were exercised at $6.50 per share. Since the
first exercise date on June 30, 2000, 29,762 warrants have been exercised for
total proceeds of $231,000.

CGI's market price closed the quarter at $9.65, resulting in a discount to NAV
of 26.9%, an improvement from levels of 30.7% at year-end 2001 and 31.0% at the
end of the first 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, 
                                       2002        2001        2002        2001

Net Investment income (loss)             93         186         150        (51)

Net realized gain (loss) on 
investments                           1,054         802       2,015       1,474

Change in unrealized appreciation
 in value of investments           (21,860)      12,169     (1,239)      (9,838)

Increase (decrease) in net assets 
from operations                    (20,713)      13,157        926       (8,415)

Increase (decrease) in net assets 
from operations - per share          (1.01)        0.64       0.05        (0.41)
                                            
 
                                                June 30,  December 31,  June 30, 
                                                    2002          2001      2001
   
Net assets                                       296,240       298,546   302,409 

Net asset value per share - basic                  14.47         14.58     14.77

Net asset value per share - diluted                13.21         13.34     13.48
 
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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