Gabelli Asset Management Inc. (NYSE: "GBL") announced an agreement with Cascade Investment LLC to extend the exercise date of Cascade's put option to April 1, 2005 on the $100 million convertible note issued by Gabelli. Cascade purchased the ten-year convertible note in August 2001 in a private placement. The note currently pays interest at the rate of 5% and is convertible into GBL Class A Common Stock at $52 per share. Cascade Investment LLC, the private investment firm of Microsoft Corporation Chairman Mr. William H. Gates III, would own approximately 6% of Gabelli Asset Management's aggregate common stock if the note were converted. Gabelli Asset Management Inc., through its subsidiaries, manages approximately $28 billion in assets of private advisory accounts (GAMCO), mutual funds and closed-end funds (Gabelli Funds, LLC), and partnerships and offshore funds (Alternative Investment Group).