Final Results

Canadian General Investments Ld
04 February 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: CGIq.L, CGIwsq.L

FEBRUARY 4, 2004

Canadian General Investments, Limited
Canadian General Investments Reports 2003 Results

TORONTO, CANADA - Canadian General Investments, Limited (CGI) capped an
exceptional 2003 year with an eventful fourth quarter, comprised of strong
performance, a significant year-end capital gains dividend paid to common
shareholders and a $75 million preference share issue. CGI's diluted net asset
value per share return for 2003, with dividends reinvested, was 44.0%, well
outperforming the 26.7% return for the benchmark S&P/TSX Composite Total Return
Index. CGI's return would place it high in the top quartile of Canadian general
equity mutual funds.

At December 31, 2003, net assets were $389,324,000, up 41.8% from year-end 2002.
Greatly improved market conditions in Canada resulted in a net gain on
investments of $123,545,000 for 2003, compared with a net loss on investments of
$19,267,000 for 2002. The components of the 2003 net gain were a net realized
gain on investments of $16,521,000 and an increase in unrealized appreciation of
investments of $107,024,000.

Net investment income in 2003 of $2,703,000 was up substantially from the
$973,000 recorded in 2002, primarily as a result of a 28.8% increase in total
investment income resulting from a continued focus on income as well as growth.

During the fourth quarter of 2003, CGI completed an offering of 3,000,000
Cumulative Class A Preference Shares, Series 2 with a 4.65% coupon. Net proceeds
of the $75 million issue were used to augment the portfolio of the Corporation.

In addition to four regular quarterly income dividends totalling $0.24 per
common share paid in both 2003 and 2002, CGI paid a special year-end capital
gains dividend of $0.36 per common share in 2003. The 2003 dividends provided a
yield to investors of 4.7%, based on the 2003 year-end common share closing
price of $12.70.

CGI continued to buy in its warrants pursuant to a second renewal of a Normal
Course Issuer Bid, buying in a total of 176,200 warrants during 2003. In
accordance with the warrant indenture, the warrant exercise price has been
reduced from $6.30 to $5.83 as a result of total cash dividends for 2003 being
in excess of net income. The change in exercise price is effective February 4,
2004.




FINANCIAL HIGHLIGHTS

(in thousands of dollars, except per share amounts)

                                              Twelve Months Ended
                                            ---------------------
                                          December 31,    December 31,
                                                  2003            2002
                                           -----------    ------------

Net investment income                            2,703             973
Net realized gain on investments                16,521           4,072
Change in unrealized appreciation
in value of investments                        107,024         (23,339)
                                           -----------      ----------

Increase (decrease) in net assets from         126,248         (18,294)
operations

Increase (decrease) in net assets from            6.15           (0.89)
operations - per share

                                                       As at
                                                      -------
                                        December 31,     December 31,
                                                2003             2002
                                           ---------     ------------

Net assets                                   389,324          274,519
Net asset value per share - basic              19.00            13.41
Net asset value per share - diluted            17.10            12.33

In the United Kingdom, copies of the Corporation's annual 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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