3rd Quarter Results

Canadian General Investments Ld
16 October 2003



NEWS RELEASE TRANSMITTED BY CCN MATTHEWS

FOR: CANADIAN GENERAL INVESTMENTS, LIMITED

TSX SYMBOLS: CGI, CGI.PR.A, CGI.WT
LONDON STOCK EXCHANGE: CGIq.L, CGIwsq.L

OCTOBER 15, 2003

Canadian General Investments Reports 2003 Third Quarter Results

TORONTO, CANADA - Canadian General Investments, Limited (CGI) continued to
outperform the benchmark S&P/TSX Composite Total Return Index, producing diluted
net asset value per share (NAV) returns, with dividends reinvested, for the
three and nine months ended September 30, 2003 of 11.7% and 23.2%, respectively.
By comparison, the benchmark returns were 6.7% and 13.9% over the same periods.
CGI's NAV at September 30, 2003 was $14.99, up from $13.47 at June 30, 2003 and
$12.33 at year-end 2002. CGI

Strong portfolio performance in the last two quarters resulted in a net gain on
investments of $67,338,000 for the first nine months of 2003, compared with a
net loss on investments of $35,372,000 in the corresponding period of 2002.

Net investment income was $1,046,000 year-to-date, up substantially from the
$178,000 recorded in 2002. This improvement was largely driven by CGI's
increased focus on income generating securities, in addition to growth.

During each of the first three quarters of both 2003 and 2002, CGI paid regular
income dividends of $0.06 per share to its common shareholders.

CGI purchased 151,200 of its warrants for cancellation during the first nine
months of 2003 at an aggregate cost of $553,000. By comparison, 171,400 warrants
were bought in during the first nine months of 2002. CGI's warrants continue to
be exercisable on June 30 of the years 2004 to 2007.

CGI's common share market price closed the quarter at $10.70, up 12.2% from the
end of the second quarter and up 26.6% from December 31, 2002.




FINANCIAL HIGHLIGHTS

(in thousands of dollars, except per share amounts)

                           Three Months Ended             Nine Months Ended
                          --------------------           -------------------
                         September 30, September 30, September 30, September 30,
                                 2003          2002          2003          2002
                           ----------      ---------    ----------     ---------
Net investment income             662             28         1,046           178

Net realized gains on      
 investments                    5,576          5,863         6,195         7,878

Change in unrealized        
 appreciation of investments   31,659       (42,011)        61,143      (43,250)
                             --------     ----------      --------    ----------

Increase(decrease) in net 
 assets resulting from
 operations                    37,897       (36,120)        68,384      (35,194)

Increase(decrease) in net 
 assets resulting from
 operations per common share     1.85         (1.76)          3.34        (1.72)


                                                       As at
                                   ------------    ------------    ------------
                                   September 30,    December 31,   September 30,
                                           2003            2002            2002
                                   ------------    ------------    ------------
Net assets                             338,730         274,519          258,891

Net asset value per                      16.53           13.41            12.64
share - basic

Net asset value per                      14.99           12.33            11.68
share - diluted


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].


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FOR FURTHER INFORMATION PLEASE CONTACT:

Canadian General Investments, Limited
Jonathan A. Morgan
Vice-President
Phone: [phone]
Fax: [phone]
e-mail: [e-mail]
website: www.mmainvestments.com






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