Source Capital, Inc. Announces Change to Virtual Format for the Annual Meeting of Shareholders to be Held on May 11, 2020

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Source Capital, Inc. ("Source" or "Company") announced today that due to the emerging public health impact of the coronavirus pandemic (COVID-19), the 2020 Annual Meeting of Shareholders to be held on May 11, 2020, will be conducted as a virtual meeting (the "Annual Meeting") . Shareholders will not be able to attend the Annual Meeting in person.

As described in the previously distributed proxy materials for the Annual Meeting, shareholders of record as of the close of business on March 16, 2020 (the "Record Date") are entitled to notice of, and to vote at, the Annual Meeting.

How Beneficial Shareholders that Hold Shares of the Company through a Financial Intermediary Can Remotely Access and Participate in the Annual Meeting:

If your shares in the Company are held by a financial intermediary (such as a broker-dealer), and you want to participate in, but not vote at the Annual Meeting, please email the Company's transfer agent and proxy manager (AST) at attendameeting@astfinancial.com, with "Source Capital Annual Meeting" in the subject line and provide your full name, address and proof of ownership as of the Record Date from your financial intermediary. AST will then email to you the Meeting registration link. Please be aware if your shares are held through a financial intermediary, and you wish to vote at the Annual Meeting, you must first obtain a legal proxy from your financial intermediary. You may forward an email from your financial intermediary containing the legal proxy or attach an image of the legal proxy via email to AST at attendameeting@astfinancial.com and put "Source Capital Legal Proxy" in the subject line. AST will then email to you the registration link along with a proxy voting control number. You can view a copy of the proxy statement online at https://vote.proxyonline.com/fpa/docs/sourcecapital2020.pdf.

How Shareholders of Record that Hold Shares of the Company Directly Can Remotely Access, Participate and Vote at the Annual Meeting:

If you are a shareholder of record of the Company and wish to attend and vote at the Annual Meeting, please send an email to AST Fund Solutions, LLC ("AST") at attendameeting@astfinancial.com with "Source Capital Annual Meeting" in the subject line and provide your name and address in the body of the email. AST will then email to you the registration link for the Meeting. If you would like to vote during the Annual Meeting, you may do so by entering the control number found on the proxy card you previously received. In addition, if you are a shareholder of record and wish to inspect the record shareholders list before or during the Annual Meeting you may do so, provided that you include your request to inspect the list before or during the Annual Meeting in your email to AST Fund Solutions. AST will email verified record holders making such requests the necessary passwords and instructions to enable them to inspect the record shareholders list.

Requests to attend the Annual Meeting must be received by AST no later than 2:00 p.m. Eastern Time on Friday May 8, 2020.

On the date of the Annual Meeting, shareholders are encouraged to log on 15 minutes before the meeting start time. Your vote is very important to us. Whether or not you plan to participate in the Annual Meeting, we encourage you to vote your shares prior to the Annual Meeting by one of the methods described in the Company's proxy materials. The previously provided proxy card, voting instruction form and notice of availability that were included with the Company's proxy materials will not be updated to reflect the change to a virtual meeting and may continue to be used to vote your shares in connection with the Annual Meeting.

About Source Capital, Inc.

The Fund is a diversified, closed-end management investment company seeking maximum total return for shareholders from both capital appreciation and investment income to the extent consistent with protection of invested capital. Its shares are listed on the New York Stock Exchange under the symbol "SOR." The Fund is managed by First Pacific Advisors, LP.

You should consider the Fund's investment objectives, risks, and charges and expenses carefully before you invest. You can obtain additional information by visiting the website at www.fpa.com, by email at crm@fpa.com, toll free by calling 1-800-279-1241 (option 1), or by contacting the Fund in writing.

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Investments, including investments in closed-end funds, carry risks and investors may lose principal value. Capital markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. It is important to remember that there are risks inherent in any investment and there is no assurance that any investment or asset class will provide positive performance over time. Value style investing presents the risk that the holdings or securities may never reach our estimate of intrinsic value because the market fails to recognize what the portfolio management team considers the true business value or because the portfolio management team has misjudged those values. In addition, value style investing may fall out of favor and underperform growth or other style investing during given periods. Non-U.S. investing presents additional risks, such as the potential for adverse political, currency, economic, social or regulatory developments in a country, including lack of liquidity, excessive taxation, and differing legal and accounting standards. Non-U.S. securities, including American Depository Receipts (ADRs) and other depository receipts, are also subject to interest rate and currency exchange rate risks.

Fixed income securities are subject to interest rate, inflation and credit risks. Lower rated bonds, convertible securities, and other types of debt obligations involve greater risks than higher rated bonds. Mortgage securities and collateralized mortgage obligations (CMOs) are subject to prepayment risk and the risk of default on the underlying mortgages or other assets; such derivatives may increase volatility. Convertible securities are generally not investment grade and are subject to greater credit risk than higher-rated investments. High yield securities can be volatile and subject to much higher instances of default.

This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission.

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