Investment Update

Canadian General Investments Ld
02 November 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

November 2, 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 October 31, 2004 was $18.66,
resulting in a year-to-date NAV return, with dividends reinvested, of 10.4%.
This compares with the 9.4% 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 October 31, with dividends reinvested, was 11.4%.

For the 12 months ended October 31, 2004, CGI's NAV and market returns were
20.4% and 29.7%, respectively. The benchmark posted 16.1% for the same period.

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

Financials                                                                24.0%
Energy                                                                    20.7%
Materials                                                                 19.5%
Utilities                                                                  6.7%
Consumer Discretionary                                                     6.6%
Consumer Staples                                                           5.8%
Preferred Shares                                                           5.1%
Telecommunication Services                                                 4.3%
Information Technology                                                     2.6%
Other                                                                      4.7%

The top ten investments, which comprised 17.2% of the investment portfolio at
market, excluding cash, short-term investments and non-convertible preferred
shares as of October 31, 2004 were as follows:

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