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Gabelli Asset Management Inc. (NYSE: GBL) announced today that its Board of Directors authorized the
repurchase of up to an additional $25 million of its Class A Common Stock in the open market at such
times, prices and amounts to be determined. After this additional authorization, there is $32.8 million
authorized and available to repurchase shares under Gabelli's stock repurchase program. Gabelli has
repurchased 133,000 shares of its Class A Common Stock at an average cost of $38.67 per share in the
third quarter of 2004 and a total of 1,595,176 shares at an average cost of $29.17 since its repurchase
program began in 1999.
Gabelli Asset Management further announced that its Board of Directors authorized the repurchase of
additional shares of its mandatory convertible securities (NYSE: GBL.I) bringing its total authorization
up to $25 million. Gabelli has repurchased 22,500 shares of its mandatory convertible securities at
an average cost of $24.10 per share in the third quarter of 2004 and a total of 307,700 shares at an
average cost of $22.54 per share since its repurchase program began in 2002.
Gabelli Asset Management Inc., through its subsidiaries, manages approximately $27 billion in assets
of mutual funds and closed-end funds (Gabelli Funds, LLC), partnerships and offshore funds (Alternative
Investment Group) and private advisory accounts (GAMCO).
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