1st Quarter Results

Canadian General Investments Ld
18 April 2001


Canadian General Investments Reports 2001 First Quarter Results

TORONTO, CANADA - Although the bear market was firmly in place through the first
quarter of 2001, CGI's asset decline was one-half that of the benchmark TSE 300
Total Return Index. The Corporation's fully diluted net asset value per share
growth, with distributions reinvested, for the three months ended March 31, 2001
was -7.2%, compared to the index return of -14.5%.

At March 31, 2001, net assets were $290,509,000, down 7.3% from the year-end
value of $313,309,000 and down 20.3% from the end of March 2000. Fully diluted
net asset value per share at quarter-end was $12.99 compared to $14.06 at
December 31, 2000.

The end of the quarter saw CGI's portfolio overweight the TSE 300 in
communications and media, consumer products, oil and gas and real estate as
funds were reallocated from the under-performing industrial products sector. The
five largest holdings at March 31, 2001. representing 16.3% of the portfolio,
were Royal Bank of Canada, Bombardier Inc., Inco Limited, Bank of Montreal and
Canadian Pacific Limited.

For the three month period ended March 31, 2001, CGI had a net investment loss
of $237,000, compared to a net investment loss of $364,000 in the first quarter
of 2000. The improvement was due to an increase in total investment income,
reflecting the greater focus on income generating stocks in the bearish market
conditions.

Falling prices during the quarter led to a net loss on investments of
$21,335,000. This is comprised of a net realized gain on investments of $672,000
and a change in unrealized appreciation of investments of -$22,007,000. The
first quarter of 2000, which was fuelled by the then high flying technology
sub-sector, saw a net gain on investments of $55,896,000.


FINANCIAL HIGHLIGHTS

(in thousands of dollars, except per share amounts)

                                                    Three Months Ended
                                                 March 31,  March 31,
                                                      2001       2000
Net investment loss                                  (237)      (364)
Net gain (loss) on investments                    (21,335)     55,896
Increase (decrease) in net assets from operations (21,572)     55,532
Increase (decrease) in net assets from operations 
     - per share                                    (1.05)       2.71
                                     March 31, December 31,  March 31,
                                         2001         2000       2000
Net assets                            290,509      313,309    364,618
Net asset value per share - basic       14.19        15.31      17.83
Net asset value per share - 
                    fully diluted       12.99        14.06      16.15

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