GAMCO Upsizes Tender Offer for its 0% Subordinated Debentures due 2015 to Purchase All Debentures Outstanding

GAMCO Investors, Inc. (“GAMCO”)

announced today that it has amended its tender offer (the “Offer”) to purchase for cash its 0% Subordinated Debentures due 2015 (CUSIP No. 361438AA2) (the “Debentures”) to increase the maximum principal amount of Debentures that GAMCO will purchase in the Offer to the entire principal amount of Debentures outstanding. As of June 18, 2012, there was $86,114,564 principal amount of Debentures outstanding. Additionally, GAMCO has amended the Offer to extend the expiration date of the Offer to 5:00 p.m., Eastern Time, on July 2, 2012. The Offer was previously scheduled to expire at 12:00 midnight, Eastern Time, on June 18, 2012. As of 5:00 p.m., Eastern Time, on June 18, 2012, approximately $63,203,000 principal amount of Debentures had been validly tendered and not properly withdrawn, including $38,212,800 principal amount of Debentures tendered by GAMCO's Chairman, Chief Executive Officer, and Chief Investment Officer - Value Portfolios, Mario J. Gabelli, out of $45,772,300 principal amount of Debentures he beneficially owned, and $1,448,800 principal amount of Debentures tendered by GAMCO's other directors and executive officers out of $1,599,700 principal amount of Debentures they beneficially owned. GAMCO's directors and executive officers, including Mr. Gabelli, have indicated to GAMCO that they do not intend to withdraw their existing tenders. Existing tenders of Debentures may be withdrawn at any time prior to the expiration of the Offer.