Normal Course Issuer Bid

Canadian General Investments Ld
21 April 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

APRIL 21, 2004

Canadian General Investments Announces
Normal Course Issuer Bid For Outstanding Warrants

TORONTO, CANADA - Canadian General Investments, Limited ('CGI') (TSX: 'CGI';
'CGI.WT') announced today acceptance by The Toronto Stock Exchange (the 'TSX')
of CGI's Notice of Intention to commence a Normal Course Issuer Bid (the
'NCIB'). Pursuant to the NCIB, CGI proposes to purchase for cancellation, from
time to time, if it is considered advisable, up to 176,898 of its outstanding
warrants (the 'Warrants') representing 5% of the 3,537,964 outstanding Warrants
as at April 21, 2004, through the facilities of the TSX commencing April 23,
2004. The Warrants are exercisable for common shares of CGI on a one-for-one
basis on June 30 of each year until June 30, 2007. The Board of Directors of CGI
believes that such purchases are in the best interests of CGI and are a
desirable use of corporate funds. The NCIB will expire on April 22, 2005.

In April 2003, CGI announced a similar bid with respect to the Warrants. Under
that bid, which expires April 22, 2004, an aggregate of 186,700 Warrants have
been repurchased and cancelled to date, at an average price of $5.82, excluding
commission.

Canadian General Investments, Limited, established in 1930, is one of Canada's
largest closed-end investment companies with portfolio assets in excess of $560
million as at the end of the most recent quarter, March 31, 2004. Focussed on
medium to long-term investments in Canadian corporations, it strives, through
prudent security selection, timely recognition of capital gains and appropriate
income generating investments, to provide better than average returns to
investors.

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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