Investment Update - Unaudited

Canadian General Investments Ld
04 January 2007


NEWS RELEASE TRANSMITTED BY CCN MATTHEWS

FOR: CANADIAN GENERAL INVESTMENTS, LIMITED


TSX SYMBOLS: CGI, CGI.PR.A, CGI.PR.B, CGI.PR.C, CGI.WT

LONDON STOCK EXCHANGE: CGI, CGIW


January 4, 2007


Canadian General Investments: Investment Update - Unaudited

TORONTO, CANADA - Canadian General Investments, Limited (CGI) reports on an
unaudited basis that its diluted net asset value per share (NAV) at December 29,
2006 was $31.39, resulting in a one-year NAV return with dividends reinvested of
29.8%. This compares with the 14.5% return of the benchmark S&P/TSX Composite
Index on a total return basis for the same period.

The closing price for CGI's common shares at December 29, 2006 was $27.40,
resulting in an annual market return, with dividends reinvested, of 24.5%.

The sector weightings of CGI's investment portfolio at market as of December 29,
2006 were as follows:

Financials                                                                27.6%
Materials                                                                 22.8%
Energy                                                                    21.1%
Industrials                                                                9.3%
Consumer Discretionary                                                     5.3%
Information Technology                                                     4.0%
Telecommunication Services                                                 3.5%
Consumer Staples                                                           3.1%
Utilities                                                                  1.5%
Health Care                                                                1.4%
Cash & Cash Equivalents                                                    0.4%

The top ten investments, which comprised 20.5% of the investment portfolio at
market, as of December 29, 2006 were as follows:

Cameco Corporation                                                         2.9%
BPO Properties Ltd.                                                        2.3%
HudBay Minerals Inc.                                                       2.2%
Rogers Communications Inc.                                                 2.2%
TSX Group Inc.                                                             2.1%
Caldwell New York Limited Partnership                                      2.1%
Research In Motion Limited                                                 1.7%
First Capital Realty Inc.                                                  1.7%
Caldwell New York LP IV                                                    1.7%
Canadian Western Bank                                                      1.6%

Note 1: CGI's investment in the New York Stock Exchange through its holdings in
Caldwell New York Limited Partnership and Caldwell New York LP IV represented
3.7% of its investment portfolio at December 29, 2006.


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FOR FURTHER INFORMATION PLEASE CONTACT:

Canadian General Investments, Limited

Jonathan A. Morgan

President and CEO

Phone: [phone]

Fax: [phone]

e-mail: [e-mail]

website: www.mmainvestments.com





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