FPA Announces Update to the Source Capital Stock Repurchase Program

Source Capital, Inc. (“SOR” or the “Fund”) announced a change to its stock repurchase program (the “Program”) that will allow the Fund’s portfolio managers, board members and officers to increase their personal investments in SOR stock. Effective immediately, the Fund will be required to halt repurchases of capital stock each month on the first two days that the New York Stock Exchange is open, in order for persons affiliated with the Fund to trade its stock (the “Affiliated Purchaser Window”). The Affiliated Purchaser Window will be canceled for any month that the dividend to be paid during such month was not declared by the Board and announced at least five business days prior to such Affiliated Purchaser Window, or as otherwise determined by the Board.

About Source Capital, Inc.

Source Capital, Inc. is a closed-end investment company managed by First Pacific Advisors, LP. Its shares are listed on the New York Stock Exchange under the symbol “SOR.” The investment objective of the Fund is to seek maximum total return for shareholders from both capital appreciation and investment income to the extent consistent with protection of invested capital. The Fund may invest in longer duration assets, such as dividend-paying equities, and illiquid assets, such as private loans in pursuit of its investment objective and is thus intended only for those investors with a long-term investment horizon (greater than or equal to ~5 years).

You can obtain additional information by visiting the website at www.fpa.com, by email at [e-mail], toll free by calling 1-800-982-4372, or by contacting the Fund in writing.

Important Disclosures

You should consider the Fund’s investment objectives, risks, and charges and expenses carefully before you invest.

As with any stock, the price of the Fund’s common shares will fluctuate with market conditions and other factors. Shares of closed-end management investment companies frequently trade at a price that is less than (a “discount”) or more than (a “premium”) their net asset value. If the Fund’s shares trade at a premium to net asset value, there is no assurance that any such premium will be sustained for any period of time and will not decrease, or that the shares will not trade at a discount to net asset value thereafter.