Michael SmedleyCanadian General InvestmentsCGI.TOBUYMay 29, 2002

We reiterate CGI as a TOP PICK.  The company holds a portfolio of companies with over 50% dedicated to industrial, energy and technology companies including Franco-Nevada, NVIDIA, and Cameco).  It trades at a 35% discount to NAV and is leveraged only to 11% of assets.  We continue to recommend a stop at $45, looking to achieve $62 -- upside potential of 18%.  Yield 2.2%

Our PAST TOP PICK with CGI is progressing well.  To remain disciplined, we recommend trailing up the stop (from $40.50) to $45.00 at this time.  

The diversified holder of financial equity assets uses leverage to further enhance market returns of its portfolio.  Currently the company holds about 12% debt, which is trending lower.  Its yield is backed by a payout ratio under 15% of cash flow.  It presently trades at 5x earnings, under book value and supports a 13% ROE.  We recommend trailing up the stop (from $35.50) to $40.50, looking to achieve $58.00 -- upside potential of 28%.  Yield 2.3%

We reiterate CGI, who manages a well diversified portfilio of holdings including NVIDIA, Franco-Nevada and CP Kansas City Rail.  It trades at 3x earnings, under book and supports a 23% ROE.  We continue to recommend a stop at $35.50, looking to achieve $48.50 -- upside potential of 18%.  Yield 2.6%

Our PAST TOP PICK with CGI is progressing well.  To remain disciplined, we recommend trailing up the stop (from $32.00) to $35.50 at this time.  

We reiterate CGI as a TOP PICK.  The portfolio of investments is rebounding as the general market recovers.  It trades at 3x earnings, under book value and supports a ROE of 23%.  We recommend trailing up the stop (from $27) to $32, looking to achieve $46 -- 18% upside potential.  Yield 2.8%

CGI holds investments in a well diversified portfolio including NVIDIA, Franco-Nevada, and CP Kansas City rail.  It trades at 2x earnings, under book value and supports a 23% ROE.  It's dividend is backed by a payout ratio under 10% of cash flow.  We recommend setting a stop-loss at $27, looking to achieve $42 -- upside potential of 26%.  Yield 3.0%