DAVIDSON SPENCER → GENERAL AMERICAN INVESTORS CO INC GAM-PB

Mr. Davidson acquired the Shares reported herein for investment purposes in the ordinary course of investing in securities for his own account. The purpose of this filing is to conform information reported herein to the January 5, 2026 Form 4/A. Other than as may have arisen in his capacity as a director of the Issuer, Mr. Davidson currently has no plans or proposals that relate to, or would result in, any of the matters listed in Item 4(a)-G) of Schedule 13D.