Gabelli Asset Management elects
Henry G. Van der Eb, CFA Senior Vice President

FOR IMMEDIATE RELEASE
Rye, NY
Aug 24, 2004



Gabelli Asset Management Inc. (NYSE: GBL) today announced the election of Henry G. Van der Eb, CFA as Senior Vice President by the Board of Directors. He will serve as Senior Advisor to management in all aspects of the firm's business.

Mr. Van der Eb is the managing partner of Gabelli's Chicago office, Senior Vice President of Gabelli Funds, LLC, Senior Vice President of Gabelli Asset Management, Inc. and has over 30 years of registered investment advisor industry experience including regulatory, legal, compliance, operations, public relations, personnel and acquisitions.

Henry, a Chartered Financial Analyst, has a wide range of responsibilities across Gabelli's three major product groups (mutual funds, separate accounts, and alternative investments) including portfolio management, security analysis, macro economic strategy, marketing and client service.

Mr. Van der Eb served as Director, President, Vice President, and Secretary of the Investment Analysts Society of Chicago between 1976 and 1983, and is a regular member of that organization and the Association for Investment Management and Research (AIMR). Following graduation from Vanderbilt University, he received an MBA in finance from Northwestern University Graduate School of Management in 1970.

Gabelli Asset Management Inc., through its subsidiaries, manages approximately $27 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).