Veteran Portfolio Manager Gordon D. Grender Joins Gabelli Asset Management Company (GAMCO)

GAMCO Investors, Inc. (NYSE:GBL) announced today that veteran portfolio manager Gordon D. Grender, will join Gabelli Asset Management UK as Managing Director where he will be responsible for portfolio management. Mr. Grender’s initial portfolio assignments includes being added to the Gabelli Small Cap Growth fund, a $1.8 billion portfolio launched in October 1991. Mr. Grender will be based in the firm’s London office.

"Gordon brings a wealth of investment experience to the GAMCO team,” said Mario Gabelli, Chairman of GAMCO. He has been actively involved as a North American fund manager since 1974, and is regarded as an out and out value investor, prone to be contrarian and has ‘unrivalled knowledge’ of North American smaller companies. Most recently, Gordon was the portfolio manager for a US Equity Fund at GAM International Management Ltd. ("GAM”), a Swiss based global asset management firm. At GAM, Gordon was the firm’s longest serving portfolio manager, having been hand selected by GAM’s founder Mr. Gilbert deBotton at GAM’s founding in 1983. Mr. Grender also is the chairman of the Jupiter US Smaller Companies PLC. (LSE:"JUS”), a London Stock Exchange listed investment trust.

"I am delighted to have this opportunity to work with Mario Gabelli”, commented Mr. Grender. "I first met Mario through GAM and am very excited about joining a company which has been very successful over many years. My principal objective, dating back to 1964 when I started in this industry, is to generate absolute returns for investors. My fundamental view is that it is important to be active and visit with small and midsize companies regularly - some of my best ideas surfaced from talking to managements about their industries.”

Mario Gabelli, furthered, "I have known Gordon dating back to 1987 when Gilbert deBotton entrusted us with his clients’ assets and launched the GAM GAMCO Fund on October 20, 1987, the day immediately following "black Monday”, October 19^th, 1987. We have long talked about working together over the years and are delighted to have finally sealed the relationship. We share a fundamental, bottom-up investing approach. This is a perfect time when narrowly defined market performance exacerbates distortions in capital allocation. This is a great opportunity to bring additional active management strength to our London presence, particularly in the underappreciated and undervalued U.S. small cap arena.”

John Ball, Chief Operating Officer of Gabelli Funds, said, "We are pleased to have Gordon join GAMCO. The firm will benefit from his extensive portfolio experience across a broad spectrum of industries and asset classes. We look forward to his contributions to the portfolio management team.”

Mr. Ball added "We at Gabelli are active, bottom up, value investors, and seek to achieve real capital appreciation (relative to inflation) over the long term regardless of market cycles. We achieve returns by investing in businesses utilizing our proprietary Private Market Value ("PMV”) with a Catalyst™ methodology. PMV is the value that we believe an informed buyer would be willing to pay to acquire an entire company in a private transaction. Our team arrives at a PMV valuation by a rigorous assessment of fundamentals from publicly available information and judgment gained from our comprehensive, accumulated knowledge of a variety of sectors. We focus on the balance sheet, earnings, free cash flow, and the management of prospective companies. We are not index benchmarked and construct portfolios agnostic of market capitalization and index weightings. We have invested this way since 1976.”

Gabelli has operated an equity research office in central London for more than twenty years under its division GAMCO UK. The firm currently manages 15 investment companies or closed-end funds and is a known innovator in the field of closed-end funds, dating back to the initial public offering of the Gabelli Equity Trust in August 1986. The firm’s two Luxembourg UCITS offerings provide investors outside of the U.S. with direct access to GAMCO’s proprietary Private Market Value with a Catalyst™ stock selection process. GAMCO Investors, Inc. (NYSE:GBL), through its subsidiaries, manages assets of private advisory accounts (GAMCO), mutual funds and closed-end funds (Gabelli Funds, LLC), and is known for its Private Market Value with a Catalyst™ style of investment.

THE INFORMATION HEREIN IS NOT A PROSPECTUS. THE INFORMATION HEREIN AND IN THE FUND'S PROSPECTUS IS NOT COMPLETE AND IS SUBJECT TO CHANGE. A REGISTRATION STATEMENT, WHICH INCLUDES THE FUND'S PROSPECTUS, RELATING TO THESE SECURITIES HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ("SEC”), BUT HAS NOT YET BECOME EFFECTIVE. THIS DOCUMENT IS NOT AN OFFER TO SELL ANY SECURITIES AND IS NOT SOLICITING AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. THIS DOCUMENT IS NOT AN OFFERING, WHICH CAN ONLY BE MADE BY A PROSPECTUS. INVESTORS SHOULD CONSIDER THE FUND’S INVESTMENT OBJECTIVE, RISKS, CHARGES AND EXPENSES CAREFULLY BEFORE INVESTING. THE FUND’S FINAL PROSPECTUS, WHEN AVAILABLE, WILL CONTAIN THIS AND ADDITIONAL INFORMATION ABOUT THE FUND, AND SHOULD BE READ CAREFULLY BEFORE INVESTING. FOR FURTHER INFORMATION REGARDING THE FUND, OR TO OBTAIN A FINAL PROSPECTUS, WHEN AVAILABLE, PLEASE CONTACT US AT:

One Corporate Center
Rye, New York 10580-1422
Telephone: 800-GABELLI (800-422-3554)
www.gabelli.com

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