GAMCO Retires $82.3 Million 5.22% Senior Notes

Rye, NY
February 20, 2007
  Contact:    John C. Ferrara
       Interim Chief Financial Officer
       (914) 921-5147

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GAMCO Investors, Inc. (NYSE: GBL) announced today that it has paid off the $82.3 million in 5.22% Senior Notes plus accrued interest. This debt was originally issued in connection with GAMCO's sale of mandatory convertible securities in February 2002 and was remarketed in November 2004. The payment of the notes was funded from the Company's cash and investments.

GAMCO Investors, Inc., through its subsidiaries, manages private advisory accounts (GAMCO Asset Management Inc.), mutual funds and closed-end funds (Gabelli Funds, LLC), and partnerships and offshore funds (Gabelli Securities, Inc.). As of December 31, 2006, GAMCO had approximately $28.1 billion in assets under management.

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