Dividend Declaration

Canadian General Investments Ld
23 October 2000


Canadian General Investments, Limited
Declares Two Fourth Quarter Dividends on Common Shares

TORONTO, CANADA -- Canadian General Investments, Limited today declared two
fourth quarter dividends: a regular quarterly dividend of $0.06 per common share
and a special capital gains dividend of $2.00 per share. 

The regular quarterly dividend is payable in cash on December 15, 2000 to
shareholders of record November 30, 2000. The special capital gains dividend
will be payable in cash and stock on December 30, 2000 to shareholders of record
December 18, 2000. The capital gains dividend will be in the form of $0.60 per
share in cash and $1.40 per share (one additional common share for approximately
every 11.52 shares owned) based on fully diluted net asset value of $16.13 per
common share as at October 18, 2000 and is expected to result in a refund to the
Corporation of approximately $10,900,000 capital gains tax previously paid. 

This brings total dividend payments for the 2000 year to $2.24 per share,
consisting of $0.84 in cash and $1.40 in stock, representing a total combined
stock and cash yield to investors of 21.1% and a cash yield of 7.9% based on the
October 18 market price of $10.60. 

Shares issued pursuant to the capital gains dividend will be from Treasury,
increasing the number of common shares outstanding to approximately 20,464,757
from 18,830,378. 

Subject to TSE approval, approximately 326,876 warrants will be issued by the
Corporation to maintain the capital structure and the exercise ratio of 1 common
share for 1 warrant. The warrant exercise price per common share will
correspondingly be adjusted to $7.75 from $8.42. 

The warrant exercise price is also subject to adjustment should the
Corporation's total cash dividend payments for the year be in excess of the net
income for the year. Any such adjustment would be effective on the date CGI's
Directors approve the 2000 audited financial statements of the Corporation and
will be announced at that time. An explanatory notice will be mailed to
warrantholders by the warrant agent, Montreal Trust Company of Canada, in the
near future. In the United Kingdom, copies of any documentation regarding the
above will be made available from the U.K. Transfer Agent, CIBC Mellon Trust
Company, Balfour House, 390 High Road, Ilford, Essex, 1G1 1NQ. Phone
020-8478-1888. 

Canadian General Investments, Limited, established in 1930, is one of Canada's
largest closed-end investment companies with total assets in excess of $400
million. 

The Corporation's common shares are listed on the Toronto Stock Exchange -
symbol CGI and on the London Stock Exchange - symbol CGIq.L. Warrants trade in
Toronto under the symbol CGI.WT and in London under CGIwsq.L. Also outstanding
are 2,400,000 preferred shares, from the $60,000,000 offering completed on
October 5, 1998, which are listed on the Toronto Stock Exchange - symbol
CGI.PR.A. 


FOR FURTHER INFORMATION PLEASE CONTACT: 

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

October 19, 2000