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General American Investors Company Declares Year-End Dividends and Distributions on Common and Preferred Stock

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^{Published in Business and Finance on Wednesday, November 3rd 2010 at 14:15 GMT by Market Wire}  

NEW YORK--([ BUSINESS WIRE ])--Today, the Board of Directors of General American Investors Company, Inc. (NYSE: GAM), a closed-end investment company, declared a combined dividend and distribution of $0.43 per share on its outstanding shares of common stock as follows:

• A distribution of $0.3191 per share from net long-term capital gains on securities sold.
• A dividend and distribution of $0.1109 per share from estimated accumulated undistributed income for the full year 2010 and net short-term gains on securities sold.

Determination as to taxability will be provided in January 2011. Both amounts are payable on December 23, 2010 to stockholders of record on November 12, 2010, and are to be included in stockholdersa™ Federal income tax returns for 2010. Holders of common stock may elect to receive the dividend and distribution under one of two options:

1. Receive additional full and fractional shares of the Companya™s common stock for the combined total dividend and distribution of $0.43 per share;

2. 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 27, 2010 to holders of record on December 7, 2010. This quarterly dividend and distribution represents a payment for the accrual period from September 24, 2010 through December 26, 2010. Preferred shareholders will be informed in early 2011 of the taxable portions 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, 2010, the Company had net assets of approximately $891.1 million applicable to its 30.2 million shares of common stock outstanding. The net asset value of the common stock of the Company on October 31, 2010 was $29.47 per share and the closing price was $24.98 per share. The aggregate liquidation value of the Companya™s preferred stock is $190.1 million. Its preferred shares (symbol GAM Pr B) are also listed on the NYSE.