3rd Quarter Results

Canadian General Investments Ld
26 October 2004

NEWS RELEASE TRANSMITTED BY CCN MATTHEWS

FOR: CANADIAN GENERAL INVESTMENTS, LIMITED

TSX SYMBOLS: CGI, CGI.PR.A, CGI.PR.B, CGI.WT
LONDON STOCK EXCHANGE: CGI, CGIW

OCTOBER 13, 2004

Canadian General Investments Reports 2004 Third Quarter Results

TORONTO, CANADA - Canadian General Investments, Limited (CGI) continued its
year-to-date out-performance of the benchmark S&P/TSX Composite Total Return
Index (S&P/TSX) to the end of the third quarter, despite some contraction in the
second quarter. CGI's net asset value per share (NAV) returns, expressed as
diluted NAV with dividends reinvested, for the three- and nine-month periods
ended September 30, 2004 were 3.5% and 8.9%, respectively, compared with the
1.9% and 6.8% returns of the benchmark index.

During each of the first three quarters of both 2004 and 2003, CGI paid regular
income dividends of $0.06 per share to its common shareholders. CGI's common
share market price closed the quarter at $13.40, up 5.5% from the end of 2003.
CGI's market return, with dividends reinvested, for the most recent quarter and
on a year-to-date basis were 2.5% and 7.0%, respectively.

At September 30, 2004, CGI's net assets were $420,870,000, up 2.8% from the
$409,589,000 recorded at June 30, 2004 and up 8.1% from the $389,324,000 at
year-end 2003. NAV at September 30 was $18.40, up from $17.91 at June 30 and
$17.10 at year-end 2003.

Portfolio assets at September 30, 2004 were $558,214,000, up from $523,754,000
at year-end. The largest sector weightings in CGI's portfolio throughout 2004
have been Financials, Energy and Materials. The portfolio weightings in these
sectors at the end of September 2004 were 24.0%, 20.4% and 19.7%, respectively.
These sectors also led the weightings in the S&P/TSX Composite Index at 33.0%,
18.4% and 17.4%. Energy and Financials have been the best performing sectors of
the Index with nine month returns of 21.5% and 11.3%, respectively.

There was a net gain on investments of $32,621,000 for the first three quarters
of 2004, comprised of a net realized gain of $24,582,000 and a change in
unrealized appreciation of investments of $8,039,000. By comparison, CGI had a
net gain on investments of $67,338,000 for the nine month period in 2003. Strong
gains from a broad range of stocks across the portfolio continue to be a big
contributor to CGI's strong results. Net investment income was $4,219,000
year-to-date, compared to $1,046,000 recorded in 2003. The increase in net
investment income was largely due to the receipt of special dividends from BPO
Properties Ltd. and Brookfield Homes Corporation in 2004.



FINANCIAL HIGHLIGHTS
(in thousands of dollars, except per share amounts)
                                Three Months Ended       Nine Months Ended
                                --------------------     -------------------
                                ----------   ---------   ---------   ---------
                               Sept. 30,   Sept. 30,   Sept. 30,   Sept. 30,
                                    2004        2003        2004        2003
                                ----------   ---------   ---------   ---------

Net investment income                743         662       4,219       1,046
Net realized gain on
investments                        7,216       5,576      24,582       6,195
Change in unrealized
appreciation of investments        4,728      31,659       8,039      61,143
                                   -------    --------     -------    --------
Increase in net assets
resulting from operations         12,687      37,897      36,840      68,384
Increase in net assets
resulting from                      0.62        1.85        1.80        3.34
operations per common share

                                                         As at
                                        ----------     ---------       ---------
                                       Sept. 30,      Dec. 31,       Sept. 30,
                                            2004          2003            2003
                                        ----------     ---------       ---------

Net assets                               420,870       389,324         338,730
Net asset value per share - basic          20.53         19.00           16.53
Net asset value per share - diluted        18.40         17.10           14.99

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, 34 Beckenham
Road, Beckenham, Kent, BR3 4TU. Phone [phone].

-30-

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




                      This information is provided by RNS
            The company news service from the London Stock Exchange