Wayne C. Plewniak Named Managing Director of
GAMCO Investors Fixed Income Firm to Add High Yield

Rye, NY
November 6, 2006
Contact :
Douglas R. Jamieson
President, Chief Operating Officer
Ph: (914) 921-5020

For further information please visit www.gabelli.com

GAMCO Investors, Inc. (NYSE: GBL) today named Wayne C. Plewniak, Managing Director of Gabelli Fixed Income. He will join Ronald Eaker and Henley L. Smith, Office of the Chairman of Gabelli Fixed Income, a wholly owned subsidiary of GAMCO Investors, Inc.

Commenting on his appointment, Doug Jamieson, President and C.O.O. of GAMCO said, "We are delighted to have Wayne join Gabelli Fixed Income to help us to harness Gabelli & Company's research skills and apply them to the high yield arena and leveraged credit related products." Mr. Plewniak will also join the team of the GAMCO Global Convertible Securities Fund. While GAMCO has preeminence in equities, Mr. Plewniak will help add to the investment in capital structure, convertible bonds and high yield securities.

Wayne Plewniak stated that, "I look forward to working with a superb research firm such as Gabelli and to add high yield investments to their proven value research. Our high yield results will complement each from combining the unique PMV with a catalyst investment approach with my skills."

Mr. Plewniak was formerly with Lehman Brothers/Neuberger Berman where he served as a Managing Director and Senior Portfolio Manager following Neuberger's acquisition of Lipper & Company in 2002. Mr. Plewniak was responsible for the creation and management of Lipper & Company's high yield management from its inception in 1991. Mr. Plewniak is a graduate of Rochester Institute of Technology and earned an MBA in Finance and International Business from Georgetown University. Mr. Plewniak began his career at General Motors Corporation and has worked with Goldome FSB, Paribas North America and Bell Atlantic Capital prior to Lipper & Company, LLC.

As of June 30, 2006 GAMCO Investors, Inc., through its subsidiaries, managed $26.8 billion in assets of private advisory accounts (GAMCO), mutual funds and closed-end funds (Gabelli Funds, LLC), and partnerships and offshore funds (Investment Partnerships).