1st Quarter Results to 31 March 2000

Canadian General Investments Ld
19 April 2000



Canadian General Investments, Limited 
Cdn General Investments Reports First Quarter Results

TORONTO, CANADA - During the first quarter of 2000, net assets increased by
17.6% to $364,618,000 from $310,127,000 at year-end 1999. On a per share basis,
basic net asset value was $19.38 or $17.56 fully diluted. This growth,
combined with the strong fourth quarter of 1999, saw a 29.8% growth in
portfolio assets to $421 million from $324 million at September 30, 1999.

Part of the impressive strength resulted from reallocation of funds to capture
the momentum in leading communications businesses and other technology
companies. Examples of these are companies such as BCE, Inc., Nortel Networks
Corporation, PMC-Sierra, Inc., JDS Uniphase Canada Ltd., and the long
established world leader in fuel cell development, Ballard Power Systems Inc.

The 24.9% reduction in investment income, from $1,560,000 to $1,172,000, for the
three months ended March 31, 2000 reflected the emphasis on growth stocks.

Traditional Holdings

The list of successes extended beyond technology into more traditional holdings
like Bombardier Inc. and The Seagram Company Ltd. Senior oil companies were
strong and the portfolio benefited from takeovers in the forest products sector
and big moves in the cable entertainment group.
                               
An interesting recent purchase is Creo Products Inc., a company involved in new
printing processes with worldwide sales. This relatively little known company
has rapidly moved to the $150 million level in revenues and has increased
revenues and earnings by as much as 30% a quarter.

Negative performers included Intertape Polymer Group Inc., which fell on news of
computer system problems in the first quarter. We expect this excellent company
to solve its problems.

Performance

The advance in the portfolio pushed the NAV up by 29.8% before market
corrections reduced growth to 17.6% by quarter-end, still well ahead of the
12.5% achieved by the TSE 300 Composite Index.

CGI's twelve month net asset improvement was 36.2%, probably unmatched
historically but appropriate for a Canada with strong GDP growth, low interest
rates and moderate inflation.

As a closed-end fund trading on the Toronto and London stock exchanges, CGI's
stock price is dictated by market supply and demand, often lagging the moves of
the underlying portfolio. Year-to-date at March 31, CGI's market return, with
dividends reinvested, was 4.1 %, gaining 19.3% over twelve months. Wide trading
discounts around 30%, not unusual when closed-end fund portfolios show success,
confirm the value of the stock price, assuming portfolio performance stays at a
high level.

Research by Lipper Analytical Services has shown that until recently the
powerful U.S. mutual funds had been net sellers of Canadian equities for years.
CGI has in the past experienced strong price performance when U.S. money has
been attracted by the Canadian resources sectors. This was clearly not an
ingredient in market activity in the quarter, or through 1999.

Dividends

A regular quarterly dividend of $0.06 per common share was declared payable
on June 15 to all common shareholders of record on May 31. The Board of
Directors monitors and distributes portfolio realized capital gains through
special dividends. Last year's total yield in the form of cash and stock
amounted to 5.5%, based on the year-end closing price.

Outlook

Our investment approach is to try to pace the momentum of this unusually
volatile market and to create more investor awareness of long term growth in
a portfolio diversified against high risk. Cash was being raised after the
period under review in order to protect gains in technology-linked stocks.

Investor Relations

Portfolio Managers of MMA Investment Managers Limited (the 'Manager'), have
been presenting the CGI story at conferences in Canada and the United
States, at investment shows and in visits to the branches of broking firms
in Canada and the U.K. The current strengths of Canada - high growth, low
inflation and interest rates and a stable currency should appeal to
international investors.

The Manager is making improvements to the website (www.mma-investmgr.com)
which is linked with others in the closed-end fund world including that of
the Closed-End Fund Association (www.cefa.com) This medium is proving to be
extremely powerful in getting information out to investors. Our NAV and
market price is reported daily in the financial press.
                                  

FINANCIAL HIGHLIGHTS

                                       For the three months ended March 31
                                        ($000, except per share amounts)

                                             2000              1999

Increase (decrease) in net assets
 from operations                     $    55,532           $  (2,555)

Net assets                           $   364,618           $ 267,709

Net asset value per share - basic    $     19.38           $   14.23

Income (loss) from investment
 operations per share                $      2.95           $   (0.14)

In the United Kingdom, copies of the Corporation'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]