Interim Results

Canadian General Investments Ld
20 July 2006


NEWS RELEASE TRANSMITTED BY CCN MATTHEWS

FOR: CANADIAN GENERAL INVESTMENTS, LIMITED

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

JULY 19, 2006


Canadian General Investments Reports June 30, 2006 Interim Results


TORONTO, CANADA - Canadian General Investments, Limited's (CGI's) diluted net
asset value per share (NAV) returns, with dividends reinvested, for the six and
twelve month periods ended June 30, 2006 were 5.9% and 26.4%, respectively. By
comparison, the returns of the benchmark S&P/TSX Composite Total Return Index (S
&P/TSX) for the same periods were 4.2% and 19.6%. CGI's market return to common
shareholders was 6.1% year-to-date and 39.7% over the twelve months to June 30,
2006.

At June 30, 2006, net assets were $557,394,000, down 5.2% from the 2005 year-end
value of $588,146,000. Aggregate net assets were impacted by a payout of
$67,012,000 related to a substantial issuer bid for warrants of the Company,
details of which are described below. For the first six months of 2006, CGI had
an increase in net assets resulting from operations of $47,651,000, or $2.29 per
common share on a diluted basis. For the same period in 2005, the corresponding
increase was $47,610,000 or $2.09 per share.

The net gain on investments for the first six months of 2006 was $50,465,000,
comprised of a net realized gain of $51,427,000 and a change in unrealized gain
on investments of ($962,000). There was a net gain on investments of $47,116,000
during the comparable period in 2005.

CGI increased the leverage provided by its preference shares with the completion
of a $75 million public offering of 3,000,000, 3.90% cumulative, redeemable
Class A preference shares, Series 3 on March 3, 2006. Net tangible assets were
approximately 3.7 times the $210 million in preference shares outstanding at
June 30, 2006.

On May 23, 2006, the Company announced a substantial issuer bid to purchase all
of its outstanding warrants. The primary reason for the issuer bid was to enable
the Company to maintain its beneficial investment corporation status by
permitting holders of warrants who were 'specified shareholders' to dispose of
their warrants by a means other than having to exercise. As a result of changes
to tax legislation implemented subsequent to the issuance of the warrants,
exercise of warrants by such shareholders could have caused CGI to lose this
special status.

On June 30, 2006, the expiry date of the offer, the Company confirmed that it
would purchase for cancellation 2,979,109 warrants, representing 90.6% of the
3,288,484 warrants outstanding prior to the offer. Warrants not tendered will
continue to trade until the final exercise date on June 30, 2007. The warrants
will expire without value after the final exercise date.

During each of the first two quarters of both 2006 and 2005, CGI paid regular
income dividends of $0.06 per share to its common shareholders. Under its
special tax status, CGI may elect to pay capital gains dividends, which has
generally been done at year-end.

CGI is a closed-end equity fund, focused on medium- to long-term investments in
primarily Canadian corporations. Its objective is to provide better than average
returns to investors through prudent security selection, timely recognition of
capital gains and appropriate income generating instruments.


FINANCIAL HIGHLIGHTS
(in thousands of dollars, except per share amounts)

                                                             Six Months Ended
                                                           June 30,    June 30,
                                                             2006        2005

Net investment income (loss) for the period                (2,814)        494
Net gain on investments                                    50,465      47,116
                                                           --------    --------
Increase in net assets resulting from operations           47,651      47,610
Increase in net assets resulting from operations             2.32        2.32
per common share - basic
Increase in net assets resulting from operations             2.29        2.09
per common share - diluted


                                                              As at
                                                     June 30,       December 31,
                                                       2006               2005

Net assets                                          557,394            588,146
Net asset value per share - basic                     27.07              28.59
Net asset value per share - diluted                   26.75              25.37


CGI's filings can be accessed at www.sedar.com, or on the Company's website at
www.mmainvestments.com.

In the United Kingdom, copies of the Company's financial reports will be made
available at the U.K. branch transfer agent, Computershare Investor Services
PLC, P.O. Box 82, The Pavilions, Bridgwater Road, Bristol, BS99 7NH. Phone
0117-305-1075.


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FOR FURTHER INFORMATION PLEASE CONTACT:

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



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