LETTER OF TRANSMITTAL GAMCO Investors, Inc. - Gabelli

CONDITIONAL TENDERS
(See Instruction 7)
A Holder may tender Debentures subject to the condition that a specified minimum principal amount of such
Holder’s Debentures tendered pursuant to this Letter of Transmittal must be purchased if the Company purchases
any amount of such Debentures, all as described in the Offer to Purchase, particularly in Section 3 thereof. Unless
the Company purchases the minimum principal amount of Debentures indicated below in the Offer, it will not
purchase any amount of the Debentures tendered by the undersigned. It is the responsibility of the tendering Holder
to calculate that minimum principal amount of Debentures that must be purchased if any are purchased, and the
Company urges Holders to consult their own investment and tax advisors with respect to such election.
Unless the box below has been checked and a minimum principal amount specified, the tender will be deemed
unconditional.
The minimum principal amount of Debentures that must be purchased, if any amount is purchased, is:
$_______________________
If, because of proration, the minimum principal amount of Debentures indicated will not be purchased, the Company
may accept conditional tenders by random lot, if necessary. However, to be eligible for purchase by random lot, the
tendering stockholder must have tendered the entire outstanding principal amount of his or her Debentures and
checked the box below.
The tendered Debentures represent the entire outstanding principal amount of Debentures held by the
undersigned.
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