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Issue Price for the 2010 Year-End Dividend and Distribution Payable on December 23, 2010

^{Published on 2010-12-04 02:20:36 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--General American Investors Company, Inc. (NYSE: GAM), a closed-end investment company, announced that the price at which shares of its common stock will be issued to stockholders who elected to receive additional shares in payment of the 2010 year-end dividend and distribution on its common stock will be $26.01 per share. The issue price represents the average between the high and the low prices on the New York Stock Exchange on December 3, 2010, which was below the net asset value of $30.63 per share on that date. The dividends and distributions are payable on December 23, 2010. As announced on November 3, the dividends and distributions amount to $0.43 per share in the aggregate and consist of:

• 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.

The final determination as to the taxability of the above amounts will be reported to you in January 2011 via Form 1099-DIV.

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. General American Investors has net assets of approximately $923 million applicable to its 30.1 million shares of common stock outstanding. 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.