Interim Results

Canadian General Investments Ld
17 July 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

JULY 16, 2003

Canadian General Investments Reports 2003 Second Quarter Results

TORONTO, CANADA - Canadian General Investments, Limited's (CGI) diluted net
asset value per share (NAV) at June 30, 2003 was $13.47, up from $11.91 at March
31, 2003 and $12.33 at year-end 2002. CGI's NAV returns, with dividends
reinvested, for the three and six months ended June 30, 2003 of 13.6% and 10.3%,
respectively, compared favourably with the 10.6% and 6.7% returns posted by the
benchmark S&P/TSX Composite Total Return Index for the same periods. CGI's
compound average annual returns have also outperformed those of the S&P/TSX for
the one, three, five and ten year periods to June 30, 2003.

Strong portfolio performance in the second quarter resulted in a net gain on
investments of $30,103,000 for the first six months of 2003, compared with a net
gain on investments of $776,000 in the first half of 2002. Net investment income
was $384,000 year-to-date, compared to $150,000 recorded in 2002.

During each of the first two quarters of both 2003 and 2002, CGI paid regular
income dividends of $0.06 per share to its common shareholders.

CGI purchased 116,600 of its warrants for cancellation during the first half of
2003 at an aggregate cost of $401,000. By comparison, 140,900 warrants were
bought in during the first six months of 2002. Purchase and cancellation of the
warrants increases the NAV. On June 30, 2003, 10,562 warrants were exercised.
CGI's warrants continue to be exercisable on June 30 of the years 2004 to 2007.

CGI's common share market price closed the quarter at $9.54, up 12.9% from the
end of 2002, resulting in a discount to NAV of 29.2%, down from 31.5% at
December 31, 2002.






FINANCIAL HIGHLIGHTS

(in thousands of dollars, except per share amounts)

                           Three Months Ended       Six Months Ended
                           --------------------     ------------------
                         
                          June 30,    June 30,    June 30,    June 30,
                              2003        2002        2003        2002
                          ----------   ---------   ---------   ---------



Net investment income          155          93         384         150

Net realized gain on         6,913       1,054         619       2,015
investments

Change in unrealized        31,766     (21,860)     29,484      (1,239)
appreciation of             --------  ----------    --------   ---------
investments

Increase (decrease) in
net assets resulting
from operations             38,834     (20,713)     30,487         926

Increase (decrease) in
net assets resulting
from operations per common    1.90       (1.01)       1.49        0.05
share

                                               As at
                                  -------------------------------------
                                  June 30,    December 31,    June 30,
                                      2003            2002        2002
                                  ----------       ---------   ---------


Net assets                         302,215         274,519     296,240

Net asset value per share -          14.75           13.41       14.47
basic

Net asset value per share -          13.47           12.33       13.21
diluted


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].

-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



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