Cascade and GAMCO Amend Note

Business Wire, April 23, 2007

RYE, N.Y. -- GAMCO Investors, Inc. (NYSE: "GBL") announced an agreement with Cascade Investment LLC to modify the terms of the $50 million convertible note issued by GAMCO to Cascade. The note matures in August 2011, bears interest at the annual rate of 6%, and has a conversion price of $53 per GAMCO share. On conversion of the note, Cascade Investment LLC would own approximately 11% of GAMCO's Class A Common Stock.

GAMCO Investors, Inc., through its subsidiaries, manages approximately $28.1 billion in assets as of December 31, 2006, comprised of private advisory accounts (GAMCO), mutual funds and closed-end funds (Gabelli Funds, LLC), and partnerships and offshore funds (Investment Partnerships).

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