TORONTO, Feb. 17 /CNW/ - James Hymas, President of Hymas InvestmentManagement Inc. ("HIMI"), stated today that after examination of thepreliminary short form prospectus for the issue of Canadian GeneralInvestments 3.90% Cumulative Redeemable Class A Preference Shares, Series 3(the "CGI Issue") and comparison with existing issues available in themarketplace, he considers them very attractive at the new issue offering levelof $25. Taxable investors in Ontario's highest tax-bracket have every reasonto consider the purchase of the CGI Issue at the issue price, he stated. "Using HIMIPref(TM), my firm's software developed for preferred shareanalysis, I estimate that the present value of the cash flows on offer in theCGI Issue are worth about $25.70 when discounted similarly to other high-quality issues trading on the TSX. There is, as with any new issue inrecent times, a liquidity premium that should be applied - in this case, worthalmost $0.70 at the levels investors are now paying for the privilege ofbuying large quantities - and this potential boost makes the issue even moreattractive. Although the 3.90% rate may strike some as stingy, a taxableinvestor (in the higher tax brackets) would have to get a yield of roughly5.6% in pre-tax interest to earn an equivalent after-tax rate. That's veryhard to find for ten-year bonds of comparable credit quality!" HIMIPref(TM) is quantitative fixed income analytical tool that has beendeveloped for the express purpose of analyzing Canada's preferred sharemarket. Market prices for all issues tracked are used to construct a self-consistent yield curve, which may then be used to compare issues with varyingterms and features. Other adjustments produce an overall determination of therelative valuation of each issue which has proved in practice to be a usefulindicator of future returns in this market. HIMIPref(TM) has recently beenmade available for subscription by asset managers, dealers and otherinstitutions at www.prefshares.com, where a full description of the analyticalprocess is available. "Preferred shares are a very attractive and woefully under-analyzed assetclass", said Mr. Hymas. "Higher quality shares, such as the CGI Issue, shouldbe examined very carefully by taxable investors as potential substitutes forcorporate bonds." In addition to offering its proprietary analytical software, HIMI offersportfolio management services to accredited investors in Ontario through itsflagship "Malachite Aggressive Preferred Fund". The statements and analyses in this press release are based on materialbelieved by HIMI to be reliable, but cannot be guaranteed to be accurate orcomplete. The views expressed herein should not be construed as constitutinginvestment, legal or tax advice to any investor, nor as an offer orsolicitation of an offer to buy or sell any of the securities mentionedherein. Such views are provided for information purposes only, and neitherHIMI nor any of its directors, officers or shareholders accept any liabilityfor investment decisions which are based upon the information contained orviews expressed herein. Particular investments and investing strategies shouldbe evaluated relative to each investor's individual financial situation,investment objectives and risk tolerances, among other factors, and thisevaluation should be made by the investor in conjunction with his or herinvestment and other appropriate advisors. HIMI and its directors, officersand shareholders may from time to time hold long or short positions in thesecurities discussed in this press release, either on their own behalf or onbehalf or individual client accounts or investment funds managed by HIMI.

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