Investment Update

Canadian General Investments Ld
15 January 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

JANUARY 13, 2004

Canadian General Investments - Investment Update

(Unaudited)

TORONTO, CANADA - Canadian General Investments, Limited (CGI) reports that its
diluted net asset value per share (NAV) at December 31, 2003 was $17.07,
resulting in a one-year NAV return, with dividends reinvested, of 43.8%. This
compares with the 26.7% return of the benchmark S&P/TSX Composite Total Return
Index for the same period. The one-year market return for CGI's common shares to
December 31, with dividends reinvested, was 58.3%.

The sector weightings of CGI's investment portfolio at market as of December 31,
2003 were as follows:

Financials                                                        26.1%

Materials                                                         18.0%

Energy                                                            12.2%

Consumer Discretionary                                            12.0%

Utilities                                                          7.6%

Preferred Shares                                                   5.2%

Consumer Staples                                                   5.2%

Telecommunication Services                                         4.6%

Industrials                                                        4.2%

Other                                                              4.9%

The top ten investments, excluding cash, short-term investments and
non-convertible securities, comprising 17.3% of the investment portfolio at
market as of December 31, 2003 were as follows:

BMTC Group Inc.                                                    1.9%

Enbridge Inc.                                                      1.9%

Home Capital Group Inc.                                            1.8%

Southwestern Resources Corp.                                       1.8%

Bank of Montreal                                                   1.7%

Corby Distilleries Limited                                         1.7%

TSX Group Inc.                                                     1.7%

Inco Limited                                                       1.6%

Royal Bank of Canada                                               1.6%

Brascan Corporation                                                1.6%

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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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