General American Investors : Notice to Shareholder Concerning Year-End Dividend and Distribution

For:	General American Investors Company, Inc.
	530 Fifth Avenue
	New York, New York 10036
		November 4, 2020
Company Contact:	Eugene S. Stark
	Vice-President, Administration
	[phone]	For Immediate Release

GENERAL AMERICAN INVESTORS COMPANY

DECLARES YEAR-END DIVIDENDS AND DISTRIBUTIONS

ON COMMON AND PREFERRED STOCK

NEW YORK - Nov. 4 - 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 $2.50 per share on its outstanding shares of common stock as follows:

• A distribution of $2.27 per share from net long-term capital gains on securities sold.
• A dividend of $0.23 per share from estimated undistributed net investment income for the full year 2020.

Determination as to taxability will be provided in January 2021. Both amounts are payable on December 30, 2020 to stockholders of record on November 16, 2020, and are to be included in stockholders' Federal income tax returns for 2020. 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 $2.50 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, 2020 to holders of record on December 7, 2020. This quarterly dividend and distribution represents a payment for the accrual period from September 24, 2020 through December 23, 2020. Preferred shareholders will be informed in January 2021 as to taxability of the dividend and distribution.

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, 2020, the Company had net assets of approximately $974 million applicable to its 24.3 million shares of common stock outstanding. The net asset value of the common stock of the Company on October 31, 2020 was $40.11 per share and the closing price was $32.89 per share. The aggregate liquidation value of the Company's preferred stock is $190.1 million (liquidation preference $25.00 per share). Its preferred shares (symbol GAM Pr B) are also listed on the NYSE.

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