CGI Canadian General Investments Limited

Canadian General Investment, Limited's (CGI) (TSX: CGI)(TSX: CGI.PR.B)(TSX: CGI.PR.C)(LSE: CGI) net asset value at December 31, 2010 was $501,548,000, representing a 24.8% increase from the $402,001,000 at the end of 2009. CGI's net asset value per share (NAV) at December 31, 2010 was $24.04, up from $19.27 at year end 2009. The NAV return, with dividends reinvested, for the year ended December 31, 2010 was 30.3%, compared with a 17.6% total return for the benchmark S&P/TSX Composite Index.

Strong performance was achieved across a broad range of stocks in CGI's investment portfolio, as nine of the ten sectors of the S&P/TSX were up in excess of 10% for 2010. CGI's outperformance can largely be attributed to an overweighting in the Materials sector and an underweighting in the Financials sector relative to the Index. Materials was the second best performing sector in the Index, returning 36.5% for the year and contributed nearly half of the total return of the Index. Conversely, the Financials sector, while returning an acceptable 10.5% for the year, underperformed the overall Index, and managed to contribute to a proportionally small fraction of the overall performance of the Index. Additionally, the leverage afforded by the $150 million in preference shares the Company has outstanding, served to enhance the move up of the NAV. With a strong rebound in 2009 and 2010, cash and short-term securities balances were returned to their historical low levels.

In addition to the payment of four regular quarterly dividends of $0.06 per common share, CGI paid a year-end special capital gains distribution of $0.76 per common share on December 24, 2010. Based on the year-end common share price of $19.18, total dividend payments during 2010 represented a yield of 5.2%.

CGI is a closed-end equity fund, focused on medium to long-term investments in primarily Canadian corporations. Its objective is to provide better than average returns to investors through prudent security selection, timely recognition of capital gains/losses and appropriate income generating instruments.

FINANCIAL HIGHLIGHTS

(in thousands of dollars, except per share
amounts)

                                          For the Year Ended
                          --------------------------------------------------

                             December 31, 2010             December 31, 2009
                          --------------------------------------------------

Net investment loss                    (1,415)                         (640)
Net gain on investments                121,801                       124,110
                          --------------------------------------------------
Increase in net assets
 resulting from
 operations                            120,386                       123,470
Increase in net assets
 resulting from
 operations per share                     5.77                          5.92

                                                As at
                                              ----------
                             December 31, 2010             December 31, 2009
                          --------------------------------------------------

Selected data(1)
-------------------------
Net asset value                        501,548                       402,001
Net asset value per share                24.04                         19.27

Selected data according
 to GAAP(1)
-------------------------
Net assets                             500,049                       399,804
Net assets per share                     23.97                         19.17

(1) The Company calculates the net asset value and net asset value per share
on the basis of the valuation principles set out in its annual information
form. These valuation principles differ from the requirements of Canadian
generally accepted accounting principles (GAAP), with the main difference
relating to securities that are listed on a public stock exchange. While the
Company values such securities based on the latest sale price, GAAP requires
the use of the closing bid price. Accordingly, bid prices are used in
determining net assets and net assets per share for purposes of the interim
and annual financial statements.

In the United Kingdom, copies of the Company's financial reports will be made available at the U.K. branch transfer agent, Computershare Investor Services PLC, P.O. Box 82, The Pavilions, Bridgwater Road, Bristol, BS99 6ZY. Phone 0870-702-0000.

Contacts: Canadian General Investments, Limited Jonathan A. Morgan President & CEO (416) 366-2931 (416) 366-2729 (FAX) cgifund@mmainvestments.com www.mmainvestments.com