Investment Update

Canadian General Investments Ld
26 October 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

October 5, 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 September 30, 2004 was $18.40,
resulting in a year-to-date NAV return, with dividends reinvested, of 8.9%. This
compares with the 6.8% 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 September 30, with dividends reinvested, was 7.0%.

For the 12 months ended September 30, 2004, CGI's NAV and market returns were
27.7% and 31.4%, respectively. The benchmark posted 18.9% for the same period.

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

Financials                                                                24.0%
Energy                                                                    20.4%
Materials                                                                 19.7%
Consumer Discretionary                                                     7.1%
Utilities                                                                  6.6%
Consumer Staples                                                           6.3%
Preferred Shares                                                           5.2%
Telecommunication Services                                                 4.0%
Information Technology                                                     2.6%
Other                                                                      4.1%

The top ten investments, which comprised 17.2% of the investment portfolio at
market, excluding cash, short-term investments and non-convertible preference
shares as of September 30, 2004 were as follows:

Cameco Corporation                                                         2.1%
Canadian Natural Resources Limited                                         1.8%
Enbridge Inc.                                                              1.7%
Corby Distilleries Limited                                                 1.7%
Bank of Montreal                                                           1.7%
TransCanada Corporation                                                    1.7%
Talisman Energy Inc.                                                       1.7%
Research In Motion Limited                                                 1.6%
TSX Group Inc.                                                             1.6%
BPO Properties Limited                                                     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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