Investment Update - Unaudited

Canadian General Investments Ld
10 January 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

January 6, 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 December 31,
2004 was $20.66, resulting in a one-year NAV return, with dividends reinvested,
of 26.3%. This compares with the 14.5% 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 28.8%.

The sector weightings of CGI's investment portfolio at market as of December 31,
2004 were as follows:

Financials                                                                23.4%
Energy                                                                    22.4%
Materials                                                                 19.7%
Industrials                                                                6.4%
Consumer Discretionary                                                     6.2%
Consumer Staples                                                           5.8%
Telecommunication Services                                                 5.3%
Preferred Shares                                                           4.6%
Information Technology                                                     2.7%
Other                                                                      3.5%

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 December 31, 2004 were as follows:

Cameco Corporation                                                         2.4%
TELUS Corporation                                                          1.8%
Enbridge Inc.                                                              1.8%
Home Capital Group Inc.                                                    1.7%
TSX Group Inc.                                                             1.7%
TransCanada Corporation                                                    1.6%
Power Financial Corporation                                                1.6%
Corby Distilleries Limited                                                 1.5%
BMTC Group Inc.                                                            1.5%
Research In Motion Limited                                                 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


                      This information is provided by RNS
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