Investment Update - Unaudited

Canadian General Investments Ld
04 February 2005


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

February 4, 2005

Canadian General Investments: Investment Update - Unaudited

TORONTO, CANADA - Canadian General Investments, Limited (CGI) reports on an
unaudited basis that its diluted net asset value per share (NAV) at January 31,
2005 was $21.03, resulting in a year-to-date NAV return, with dividends
reinvested, of 1.6%. This compares with the -0.4% 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 January 31, with dividends reinvested, was
-1.6%.

For the 12 months ended January 31, 2005, CGI's NAV and market returns were
25.1% and 19.9%, respectively. The benchmark posted 9.9% for the same period.

The sector weightings of CGI's investment portfolio at market as of January 31,
2005 were as follows:

Financials                                                                23.4%
Energy                                                                    23.1%
Materials                                                                 18.6%
Industrials                                                                8.1%
Consumer Discretionary                                                     6.3%
Consumer Staples                                                           6.1%
Preferred Shares                                                           4.1%
Telecommunication Services                                                 3.2%
Information Technology                                                     3.0%
Other                                                                      4.1%

The top ten investments, which comprised 17.9% of the investment portfolio at
market, excluding cash and non-convertible preferred shares, as of January 31,
2005 were as follows:

Cameco Corporation                                                         2.5%
TSX Group Inc.                                                             2.0%
Enbridge Inc.                                                              1.9%
Home Capital Group Inc.                                                    1.8%
TELUS Corporation                                                          1.8%
Corby Distilleries Limited                                                 1.6%
TransCanada Corporation                                                    1.6%
Power Financial Corporation                                                1.6%
BMTC Group Inc.                                                            1.6%
Rogers Communications Inc.                                                 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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