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General American Investors Files Certified Shareholder Report For Year Ended December 31, 2011

General American Investors Company, Inc., a closed-end investment company listed on the New York Stock Exchange (GAM), filed with the U.S. Securities and Exchange Commission (SEC) its Certified Shareholder Report (Form N-CSR) for the year ended December 31, 2011. The Form N-CSR contains the Company’s 2011 Annual Report and is available at the SEC’s website: www.sec.gov and the Company’s website: www.generalamericaninvestors.com.

The 2011 Annual Report is also available on the Company's website and the Proxy Statement, pertaining to the Company’s Annual Meeting of Stockholders to be held on April 11, 2012, is expected to be available on the website on February 15th, the record date for the annual meeting. Both the Annual Report and Proxy Statement are expected to be mailed to stockholders on or about February 22, 2012.

The Annual Report indicates that as of and for the year ended:

   

2011

   

2010

 
Net Assets Applicable to Common Stock $886,537,370 $950,940,936
Per Common Share $29.78* $31.26**
 
Net Investment Income $5,295,369 $5,626,730
Per Common Share $0.18 $0.19
 
Net Gain (Loss) on Investments ($23,392,211) $128,881,641
Per Common Share ($0.68) $4.37
 
Common Shares Outstanding 29,766,389 30,423,294
 
Dividends and Distributions to Common Shareholders $14,922,138 $13,000,098
Per Common Share $0.50 $0.43
 
Dividends and Distributions to Preferred Shareholders $11,311,972 $11,311,972
Per Common Share $0.38 $0.37
*   After dividend and distribution of $0.50 per share paid in December 2011.
** After dividend and distribution of $0.43 per share paid in December 2010.

The Company also reported that it purchased 935,321 shares of its outstanding common stock in the open market during 2011. The Board of Directors has authorized repurchasing common shares when they are trading at a discount in excess of 8%. The Company is also authorized to repurchase up to one million shares of its 5.95% Cumulative Preferred Stock, Series B (symbol GAM Pr B on NYSE) when they are trading at less than $25 per share. The aggregate liquidation value of the preferred stock is $190 million.

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