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 03/31/2013
NAV (XGAMX)	$36.11
Common Closing Price	$31.23
Preferred Liquidation Preference	$25.00
Preferred Closing Price	$25.57
Net Assets - Common	$1,066.9 mil.
Liquidation Value - Preferred	$190.1 mil.
Total	$1,257.0 mil.
Asset Coverage	661%

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 March 31, 2013, the Company has repurchased a total of 18.2 million shares of Common Stock at a total cost of $503.7 million. During the three months ended March 31, 2013, 6,366 shares of Common Stock were repurchased at a cost of $197,952, a discount of 13.0% to net asset value.

Investment Results on an Annualized Basis

For Periods ended 03/31/2013

Years or Period	GAM Stockholder Return (Market Price)*	GAM Net Asset Value Return*	Standard & Poor's 500 Stock Index Return*
3 Months**	12.3%	10.5%	10.6%
1 Year	15.7%	13.4%	14.0%
3 Years	12.0%	11.1%	12.7%
5 Years	2.7%	2.7%	5.8%
10 Years	8.3%	8.2%	8.5%
20 Years	9.8%	10.3%	8.5%

* With dividends and distributions reinvested/with income.
**Not annualized.

20-Year Investment Results

For the period ended March 31, 2013, assuming an initial investment of $10,000

Ten Largest Sectors

As of 03/31/2013

Industry Sector	% Common Net Assets*
Financials	25.3%
Consumer Staples	15.7%
Consumer Discretionary	15.4%
Industrials	14.7%
Information Technology	14.5%
Energy	9.0%
Health Care/Pharmaceuticals, Biotechnology & Life Sciences	5.7%
Telecommunication Services	1.4%
Materials	0.4%
Other	4.1%
Total Long-Term Investments	106.2%
Cash, equivalents, receivables and other assets less liabilities	11.6%
Preferred Stock, at liquidation value	-17.8%
Total Net Assets Applicable to Common Stock	100.0%

* Net Assets Applicable to the Company's Common Stock

Ten Largest Holdings

As of 03/31/2013

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.	1,544,668	$72,213,229	6.8%
QUALCOMM Incorporated QUALCOMM is a leading developer of intellectual property and semiconductors for the mobile communications industry. The company will benefit greatly from the global adoption of mobile data applications.	700,000	$46,858,000	4.4%
Diaego plc ADR Diageo produces, distills and markets alcoholic beverages worldwide. The company's portfolio includes Smirnoff, Johnnie Walker, Jose Cuervo, Captain Morgan, Tanqueray and Guinness. Additionally, Diageo markets numerous regional and local brands. The company generates excess cash flow which it uses to acquire additional brands, pay dividends and buyback its stock.	350,000	$44,044,000	4.1%
Arch Capital Group Ltd. Arch Capital, a Bermuda-based insurer/reinsurer, generates premiums of approximately $3 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.	825,000	$43,370,250	4.1%
Costco Wholesale Corporation Costco is the world's largest wholesale club with a record of steady growth in sales and profits as it continues to gain share of the consumer dollar in the U.S. and overseas.	394,500	$41,860,395	3.9%
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.	1,087,100	$35,874,300	3.4%
Nestlé S.A. Nestlé is a well-managed geographically diversified global food company with a favorably-positioned product portfolio and an excellent AA-rated balance sheet. Solid volume growth, strong pricing power, expense control and steady capital management yield durable above-average long-term total return potential.	450,000	$32,504,963	3.0%
Target Corporation Target is the nations second largest discount chain with superior management and meaningful growth opportunities.	460,000	$31,487,000	3.0%
Everest Re Group, Ltd. Everest Re is one of the largest independent U.S. property and casualty reinsurers, generates annual premiums of approximately $4 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.	240,000	$31,166,400	2.9%
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 geographic positioning coupled with strong volume growth, pricing power and management execution generates above average long-term total return.	728,845	$29,981,906	2.8%
		$409,360,443	38.4%

* Net Assets Applicable to the Company's Common Stock.