Series 2 preference shares

Canadian General Investments Ld
16 October 2003


NEWS RELEASE TRANSMITTED BY CCN MATTHEWS


FOR: CANADIAN GENERAL INVESTMENTS, LIMITED

TSX SYMBOLS: CGI, CGI.PR.A, CGI.WT
LSE SYMBOLS: CGIq.L, CGIwsq.L

OCTOBER 16, 2003

Canadian General Investments, Limited Press Release

TORONTO, CANADA -- Canadian General Investments, Limited announced today that it
has entered into an agreement with a syndicate of investment dealers led by TD
Securities Inc. pursuant to which the syndicate has agreed to purchase 3,000,000
Cumulative Class A Preference Shares, Series 2 of the Corporation for gross
proceeds of $75,000,000.

The net proceeds of the offering will be used to augment the investment
portfolio of the Corporation.

These shares will not be registered under the U.S. Securities Act of 1933, as
amended (the 'Securities Act') and may not be offered or sold within the United
States or to, or for the account or benefit of, U.S. persons except in certain
transactions exempt from the registration requirements of the Securities Act.

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.

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FOR FURTHER INFORMATION PLEASE CONTACT:

Jonathan A. Morgan
Vice-President
Phone: [phone]
Fax: [phone]
e-mail: [e-mail]
website: www.mmainvestments.com




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