Corporate Overview 80 years of fundamental security analysis. Stock Issues “GAM” Common Stock and “GAM Pr B” Preferred Stock. Management Team Meet our Portfolio Manager, analysts and operations team. Board of Directors Expertise in business, scientific, academic & governmental affairs. As a closed-end investment company, General American Investors does not offer its shares continuously. The Common Stock is listed on The New York Stock Exchange (symbol, GAM) and can be bought or sold with commissions determined in the same manner as all listed stocks. Net asset value is computed daily (on an unaudited basis) and is furnished upon request. It is also available on most electronic quotation services using the symbol "XGAMX." The figure for net asset value per share, together with the market price and the percentage discount or premium from net asset value as of the close of each week, is published in The Wall Street Journal and Barron’s. The ratio of market price to net asset value has shown considerable variation over a long period of time. While shares of GAM usually sell at a discount from their underlying net asset value, as do the shares of most other domestic equity closed-end investment companies, they, occasionally, sell at a premium over net asset value. During 2007, the stock sold at discounts from net asset value which ranged from 4.3% (November 5) to 13.1% (August 16). At December 31, 2007, the price of the stock was at a discount of 8.9% as compared with a discount of 8.4% a year earlier. Additional information is available under Premium/Discount History. On September 24, 2003, the Company issued and sold in an underwritten offering 8,000,000 shares of its 5.95% Cumulative Preferred Stock, Series B with a liquidation preference of $25 per share ($200,000,000 in the aggregate). The Series B Preferred Shares are noncallable for 5 years, are rated "aaa" by Moody’s Investors Service, Inc. and are listed and traded on the New York Stock Exchange (symbol, GAM Pr B). On September 23, 2003, the Company redeemed its 6,000,000 shares of 7.20% Tax-Advantaged Cumulative Preferred Stock, Series A then outstanding at the redemption price of $25.00 per share ($150,000,000 in the aggregate). The Series A Preferred Shares were issued originally on June 19, 1998. The preferred capital is available to leverage the investment performance of the Common Stockholders. As is the case for leverage in general, it may also result in higher market volatility for the Common Stockholders.