Investment Update - Unaudited

Canadian General Investments Ld
03 December 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

December 3, 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 November 30, 2004 was $20.17,
resulting in a year-to-date NAV return, with dividends reinvested, of 19.7%.
This compares with the 11.9% return of the benchmark S&P/TSX Composite Total
Return Index for the same period. The year-to-date market return for CGI's
common shares to November 30, with dividends reinvested, was 20.4%.

For the 12 months ended November 30, 2004, CGI's NAV and market returns were
28.0% and 31.2%, respectively. The benchmark posted 17.3% for the same period.

The sector weightings of CGI's investment portfolio at market as of November 30,
2004 were as follows:

Financials                                                                22.4%
Materials                                                                 21.0%
Energy                                                                    20.3%
Utilities                                                                  6.6%
Consumer Discretionary                                                     6.5%
Consumer Staples                                                           5.8%
Preferred Shares                                                           5.1%
Telecommunication Services                                                 4.7%
Information Technology                                                     2.8%
Other                                                                      4.8%

The top ten investments, which comprised 17.1% of the investment portfolio at
market, excluding cash, short-term investments and non-convertible preferred
shares as of November 30, 2004 were as follows:

Cameco Corporation                                                         2.3%
TSX Group Inc.                                                             1.8%
Grande Cache Coal Corporation                                              1.7%
Enbridge Inc.                                                              1.7%
Home Capital Group Inc.                                                    1.7%
Research In Motion Limited                                                 1.7%
TransCanada Corporation                                                    1.6%
Talisman Energy Inc.                                                       1.6%
Corby Distilleries Limited                                                 1.5%
TELUS Corporation                                                          1.5%

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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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