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Gabelli Asset Management Company announced today that it intends to vote its clients' shares against
the proposal by Allegheny Energy, Inc. (NYSE: AYE) to eliminate its shareholders' preemptive rights
at the special meeting of shareholders to be held on Friday, March 7, 2003. The preemptive rights
currently protect Allegheny's shareholders against dilutive offerings of its securities.
A spokesman for Gabelli Asset Management said: "We believe that Allegheny's shareholders including
our clients deserve the protections afforded by the existing preemptive rights."
Gabelli Asset Management Company (GAMCO) is a wholly-owned subsidiary of Gabelli Asset Management
Inc. (NYSE: GBL). Gabelli Asset Management Inc., through its subsidiaries, manages approximately
$21 billion in assets of mutual funds and closed-end funds (Gabelli Funds, LLC), partnerships
(Alternative Investment Group) and private advisory accounts (GAMCO).
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