General American Investors Company Actions Taken by the Board of Directors

Today, the Board of Directors of General American Investors Company, Inc. (NYSE symbol – GAM), a closed-end investment company, declared a combined dividend and distribution of $4.50 per share on its outstanding shares of common stock as follows:

• A distribution of $4.05 per share from net long-term capital gains on securities sold.
• A dividend of $0.45 per share from estimated undistributed net investment income for the full year 2024.

Determination as to taxability will be provided in January 2025. Both amounts are payable on December 27, 2024 to stockholders of record on November 18, 2024, and are to be included in stockholders’ Federal income tax returns for 2024. Holders of common stock will receive the dividend and distribution under one of two options:

1. Receive additional full and fractional shares of the Company’s common stock for the combined total dividend and distribution of $4.50 per share or,
2. Elect to receive cash for the dividend and distribution.

The Board of Directors declared on its 5.95% Cumulative Preferred Stock, Series B, a dividend and distribution of $0.371875 per share payable in cash on December 24, 2024 to holders of record on December 9, 2024. This quarterly dividend and distribution represents a payment for the accrual period from September 24, 2024 through December 23, 2024. Preferred shareholders will be informed in January 2025 as to taxability of the dividend and distribution.

The Board of Directors also authorized the repurchase of an additional 1,000,000 outstanding shares of common stock when the shares are trading at a discount from the underlying net asset value by at least 8%. This continues a repurchase program which began in March 1995. Through September 30, 2024, the Company has repurchased 33.2 million shares of common stock for a cost of $1.0 billion at an average discount of 14.2%.

General American Investors was founded in 1927, has been publicly traded since its inception and has been listed on the NYSE since 1930. The objective of the Company is long-term capital appreciation through investment in companies with above average growth potential. As of October 31, 2024, the Company had net assets of approximately $1.44 billion applicable to its 23.0 million shares of common stock outstanding. The net asset value of the common stock of the Company on October 31, 2024 was $61.41 per share and the closing price was $52.75 per share. The aggregate liquidation value of the Company’s preferred stock is $190.0 million (liquidation preference $25.00 per share). Its preferred shares (symbol GAM Pr B) are also listed on the NYSE.

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