Portfolio Update

FOR: CANADIAN GENERAL INVESTMENTS, LIMITED

TSX SYMBOLS: CGI, CGI.PR.D

LONDON STOCK EXCHANGE: CGI

May 5, 2020

Canadian General Investments: Investment Update - Unaudited

TORONTO, CANADA - Canadian General Investments, Limited (CGI) reports on an unaudited basis that its net asset value per share (NAV) at April 30, 2020 was $33.17, resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of -9.8% and -7.8%, respectively. These compare with the -12.4% and -7.9% returns of the benchmark S&P/TSX Composite Index on a total return basis for the same periods.

The Company employs a leveraging strategy, by way of preference shares and bank borrowing, in an effort to enhance returns to common shareholders. As at April 30, 2020, the combined leverage afforded by both forms of leverage represented 25.3% of CGI's net assets, up from 22.7% at the end of 2019 and 19.5% at April 30, 2019.

The worldwide spread of novel coronavirus (COVID-19) and its impact on such factors as business operations, supply chains, travel, commodity prices and consumer confidence, and the associated impact on domestic and international equity markets and fixed income yields, is expected to continue to have a significant impact on the value of investments held by CGI during the first half of 2020, and potentially beyond. While it is too early to predict the overall impact of COVID-19 related factors, during a time of increased uncertainty and volatility, it is to be expected that the financial results could continue to be negatively affected in the near term. Morgan Meighen & Associates Limited, the manager of the Company, will maintain its consistent, steady, long-term approach of holding diversified, appropriate investments, while pursuing selective new opportunities.

The closing price for CGI's common shares at April 30, 2020 was $23.00, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of -11.5% and -6.8%, respectively.

The sector weightings of CGI's investment portfolio at market as of April 30, 2020 were as follows:

The top ten investments which comprised 43.5% of the investment portfolio at market as of April 30, 2020 were as follows:

FOR FURTHER INFORMATION PLEASE CONTACT:

Canadian General Investments, Limited

Jonathan A. Morgan

President and CEO

Phone: (416) 366-2931

Fax: (416) 366-2729

e-mail: cgifund@mmainvestments.com

website: www.canadiangeneralinvestments.ca