Warrant Issuer Bid

Canadian General Investments Ld
23 May 2006


FOR: CANADIAN GENERAL INVESTMENTS, LIMITED

TSX SYMBOLS: CGI, CGI.PR.A, CGI.PR.B, CGI.PR.C., CGI.WT
LONDON STOCK EXCHANGE: CGI, CGIW

MAY 23, 2006

Canadian General Investments, Limited: Substantial issuer bid for warrants

TORONTO, CANADA -- Canadian General Investments, Limited (the 'Company') today
announced a substantial issuer bid to purchase all of its outstanding common
share purchase warrants.

Warrantholders can tender their warrants for a cash price of $22.35 per warrant
upon the terms and subject to the conditions set forth in the offer to purchase
to be contained in an issuer bid circular which will be filed with applicable
Canadian securities regulators and mailed to warrantholders. The Company expects
to mail the circular on or about May 25, 2006. The Company advises its
warrantholders to read the circular when it is available, as it contains
important information. The offer will expire on June 30, 2006 unless withdrawn
or extended by the Company.

Based in part on the recommendation of a Special Committee of independent
directors, the Board of Directors unanimously authorized and approved the offer,
with interested directors abstaining. Crosbie & Company Inc. an independent
valuator, prepared and delivered to the Special Committee a valuation of the
warrants on May 23, 2006 and a fairness opinion. Crosbie concluded that, as
at May 23, 2006, the fair market value of the warrants is in the range of $22.32
to $22.39 per warrant.  In addition, Crosbie is of the opinion that the offer is
fair, from a financial point of view, to the 'minority' holders of warrants and
common shares of the Company. The closing price per warrant on May 17, 2006 on
the TSX, the last day preceding the announcement of the offer on which the
warrants were traded on the TSX, was $22.50.

The Company has been advised that The Catherine and Maxwell Meighen Foundation
and Third Canadian General Investment Trust Limited, Jonathan Morgan, and
Vanessa Morgan, who collectively hold, directly or indirectly, or control or
direct, approximately 74% of the outstanding warrants, intend to tender their
warrants to the offer.

Canadian General Investments, Limited, established in 1930, is one of Canada's
largest listed closed-end investment companies with total portfolio assets of
approximately $845 million.

FOR FURTHER INFORMATION PLEASE CONTACT:

Jonathan A. Morgan
President & CEO
Frank Fuernkranz
Assistant Treasurer
Phone: [phone]
Fax: [phone]
e-mail: [e-mail]
website: www.mmainvestments.com

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