Reports 2004 Results

Canadian General Investments Ld
08 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 8, 2005

Canadian General Investments, Limited
Canadian General Investments Reports 2004 Results

TORONTO, CANADA - Canadian General Investments, Limited (CGI) had another
outstanding year, significantly outperforming the benchmark S&P/TSX Composite
Total Return Index. CGI's diluted net asset value per share return for 2004,
with dividends reinvested, was 26.6%, compared to the 14.5% posted by the
benchmark. As in 2003, CGI's return would again place it high in the top
quartile of Canadian general equity mutual funds for the year.

CGI paid a special year-end capital gains dividend in 2004 of $0.60 per common
share, compared with $0.36 in 2003. In addition, four regular quarterly income
dividends totalling $0.24 per common share were paid in both years. The 2004
dividends provided a yield to investors of 5.4%, based on the 2004 year-end
common share closing price of $15.44, ranking it amongst the highest yielding
common stocks on the TSX. The comparable dividend yield for 2003 was 4.7%.

At December 31, 2004, net assets were $475,976,000, up 22.3% from the year-end
2003 value of $389,324,000. Strong performance from a broad range of stocks in
most sectors resulted in a net gain on investments of $107,737,000 for 2004,
compared to $127,769,000 for 2003. The 2004 net gain was made up of a net
realized gain on investments of $45,095,000 and an increase in unrealized gain
of $62,642,000.

Net investment income in 2004 of $2,486,000 was up substantially from the
$1,257,000 recorded in 2003, primarily as a result of a 65.0% increase in total
investment income. Contributing to the increase were special dividends totalling
$4.3 million from BPO Properties Ltd. and Brookfield Homes Corporation, as well
as the full year use of the net proceeds of the $75 million Series 2 preference
share issue, which closed in November 2003. Total expenses were up 60.3% in
2004, largely as a result of the dividends on preference shares and management
fees associated with the higher portfolio value.

CGI continued to buy in its warrants pursuant to a third renewal of a Normal
Course Issuer Bid, buying in a total of 140,100 warrants during 2004. In
accordance with the warrant indenture, the warrant exercise price has been
reduced from $5.83 to $5.22 as a result of total cash dividends for 2004 being
in excess of net income. The change in exercise price is effective February 8,
2005.



FINANCIAL HIGHLIGHTS
(in thousands of dollars, except per share amounts)
                                                      Twelve Months Ended
                                                      ___________________

                                                  December 31,   December 31,
                                                          2004           2003
                                                  ____________   ____________

Net investment income                                    2,486          1,257
Net realized gain on investments                        45,095         20,745
Change in unrealized gain on investments                62,642        107,024
                                                        ______        _______

Increase in net assets resulting from operations       110,223        129,026

Increase in net assets resulting from operations
per common share - basic                                  5.38           6.30
Increase in net assets resulting from operations
per common share - diluted                                4.90           5.92


                                                             As at
                                                             _____
                                                             
                                                  December 31,   December 31,
                                                          2004           2003
                                                  ____________   ____________ 

Net assets                                             475,976        389,324
Net asset value per share - basic                        23.22          19.00
Net asset value per share - diluted                      20.71          17.10


In the United Kingdom, copies of the Corporation's annual report will be made
available at the U.K. Transfer Agent, CIBC Mellon Trust Company, 34 Beckenham
Road, Beckenham, Kent, BR3 4TU. Phone [phone].

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FOR FURTHER INFORMATION PLEASE CONTACT:
Canadian General Investments, Limited
Jonathan A. Morgan
President & CEO
Phone: [phone]
Fax: [phone]
e-mail: [e-mail]
website: www.mmainvestments.com






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