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Fact Sheet

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Established in 1927, General American Investors is a closed-end investment company listed on the New York Stock Exchange. Its objective is long-term capital appreciation through investment in companies with above average growth potential.

Company Information
Stock Exchange NYSE
Common Stock Symbol GAM
Preferred Stock Symbol GAM Pr b
Common Stock Cusip 368802104
Preferred Stock Cusip 368802401
Quarter Ended Data 12/31/2016
NAV (XGAMX) $37.56
Common Closing Price $31.18
Preferred Liquidation Preference $25.00
Preferred Closing Price $25.77
Net Assets - Common $1,022.5 mil.
Liquidation Value - Preferred $190.1 mil.
Total $1,212.7 mil.
Asset Coverage 638%
Annual Data
Expense Ratio 1.27%
2016 Dividend & Distribution $3.28

Share Buy Back Information

Since March 1995, the Board of Directors has authorized the repurchase of Common Stock in the open market when the shares trade at a discount to net asset value of at least 8%. Through December 31, 2016, the Company has repurchased a total of 24.3 million shares of Common Stock at a total cost of $705.1 million. During the twelve months ended December 31, 2016, 2,149,240 shares of Common Stock were repurchased at a cost of $67,991,719, a discount of 17.7% to net asset value.

Investment Results on an Annualized Basis

For Periods ended 12/31/2016
or Period
GAM Stockholder Return
(Market Price)*
GAM Net Asset
Value Return*
Standard & Poor's 500
Stock Index Return*
1 Year 7.6% 9.7% 12.0%
3 Years 3.7% 4.7% 8.9%
5 Years 12.4% 12.2% 14.7%
10 Years 4.3% 5.0% 6.9%
20 Years 10.1% 9.8% 7.7%
30 Years 11.4% 11.7% 10.1%
40 Years 13.6% 13.3% 11.1%
50 Years 11.8% 12.0% 10.1%
* With dividends and distributions reinvested/with income.

20-Year Investment Results

For the period ended December 31, 2016, assuming an initial investment of $10,000
20 Year Investment Results

Largest Sectors

As of 12/31/2016
Industry Sector % Common Net Assets*
Financials 23.4%
Information Technology 18.2%
Consumer Staples 15.6%
Consumer Discretionary 14.3%
Industrials 10.5%
Health Care, Pharmaceuticals, Biotechnology & Life Sciences 10.1%
Energy 7.6%
Materials 1.2%
Telecommunication Services 1.0%
Other 3.5%
Total Long-Term Investments 105.4%
Cash, equivalents, receivables and other assets less liabilities 13.2%
Preferred Stock, at liquidation value -18.6%
Total Net Assets Applicable to Common Stock 100.0%
* Net Assets Applicable to the Company's Common Stock

Ten Largest Holdings

As of 12/31/2016
Holding Shares Value % Common
Net Assets*
The TJX Companies, Inc.

Through its T.J. Maxx and Marshalls divisions, TJX is the leading off-price retailer. The continued growth of these divisions in the U.S. and Europe, along with expansion of related U.S. and foreign off-price formats, provide ongoing growth opportunities.

919,768 $69,102,170 6.8%
Republic Services, Inc.

Republic Services is a leading provider of non-hazardous, solid waste collection and disposal services in the U.S. The efficient operation of its routes and facilities combined with appropriate pricing enables Republic Services to generate significant free cash flow.

787,800 $44,943,990 4.4%
Arch Capital Group Ltd.

Arch Capital, a Bermuda-based insurer/reinsurer, generates premiums of approximately $5 billion and has a high quality, well-reserved A+ rated balance sheet. This company has a strong management team that exercises prudent underwriting discipline, efficient expense control, and steady capital management resulting in above-average earnings and book value growth.

495,000 $42,713,550 4.2%
Microsoft Corporation

Microsoft is a leading global provider of software, services and hardware devices. The company produces the Windows operating system, Office productivity suite, Azure public cloud service, and Xbox gaming console.

680,686 $42,297,828 4.1%
Gilead Sciences, Inc.

Gilead Sciences is a U.S. based biotechnology company that discovers, develops and commercializes therapeutics. Originally founded to focus predominantly on antiviral drugs to treat patients with HIV, Hepatitis B, CMV, influenza and, most recently, Hepatitis C, the company has expanded its reach into cardiopulmonary medicine, oncology and other related areas.

483,600 $34,630,596 3.4%
Nestlé S.A.

Nestlé is a well-managed, global food company with a favorably-positioned product portfolio and an excellent AA rated balance sheet. High market share, solid volume growth, strong pricing power, expense control and steady capital management yield durable, above-average, long-term total return potential.

450,000 $32,297,603 3.2%
Unilever N.V.

Unilever N.V. is a well-managed, primarily emerging market-based, global consumer goods manufacturer focusing on personal care, home care, food and refreshment products and operates with a solid A+ rated balance sheet. Advantaged geographies coupled with above average volume growth, pricing power and management execution generates above average long-term shareholder returns.

704,378 $28,984,436 2.8%
General Electric Company

General Electric is a global industrial and technology company. The company's diverse mix of infrastructure, transportation, energy and healthcare businesses, many with leading market positions, forms the foundation of management's focus upon shareholder value via earnings growth, optimization of profitability, and returning capital through dividends and share repurchases.

900,000 $28,440,000 2.8%
Halliburton Company

Halliburton offers a broad suite of services and products to customers worldwide for the exploration, development and production of oil and gas. The company has the scale, product depth and technology to provide value-added customer service and produce an attractive long-term return on invested capital and strong shareholder appreciation.

520,000 $28,126,800 2.7%
Everest Re Group, Ltd.

Everest Re is one of the largest independent U.S. property and casualty reinsurers, generates annual premiums of approximately $5 billion, has a high quality investment portfolio, and a well-reserved A+ balance sheet. This Bermuda domiciled company has a strong management team that exercises prudent underwriting discipline and efficient expense control, resulting in above-average earnings and book value growth.

125,000 $27,050,000 2.6%
$378,586,973 37.0%
* Net Assets Applicable to the Company's Common Stock