LETTER OF TRANSMITTAL GAMCO Investors, Inc. - Gabelli

List below the 0% Subordinated Debentures due 2015 (the “Debentures”) to which this Letter of Transmittal
relates and either (i) specify the price (in multiples of $5 per $1,000 principal amount) not greater than $870 nor less
than $820 per $1,000 principal amount at which the Debentures are being tendered, or (ii) do not specify a price, in
which case the registered owner of the Debentures (a “Holder”) will accept the Purchase Price selected by the
Company in the Offer. If any specified tender price is not submitted in a whole multiple of $5, such price will be
rounded down to the nearest whole multiple of $5. Each Holder of Debentures should understand that not
specifying a price at which Debentures are being tendered could have the effect of lowering the Purchase Price paid
for Debentures in the Offer and could result in the Holder’s Debentures being purchased at the minimum price of
$820 per $1,000 principal amount. If the space provided below is inadequate, list the certificate numbers, principal
amounts and tender prices of the Debentures being tendered on a separately executed schedule and affix the
schedule to this Letter of Transmittal.
DESCRIPTION OF DEBENTURES TENDERED
(See Instructions 4, 5 and 6)
Name(s) and Address(es) of Registered Holder(s) or
Name of DTC Participant and Participant’s
DTC Account Number in which Debentures are Held
(Please fill in blank)
Certificate
Number(s)*
CERTIFICATES ENCLOSED
(attach signed list if necessary)
Principal
Amount of
Debentures
Represented
Principal
Amount of
Debentures
Tendered**
Price at
Which
Debentures
Are Being
Tendered***
Indicate in this box the order (by certificate number or principal amount of Debentures represented if tendering by bookentry
transfer) in which Debentures are to be purchased in the event of proration. If you do not designate an order, in the
event less than all Debentures tendered are purchased due to proration, Debentures will be selected for purchase by the
Depositary. Attach additional signed list if necessary.
1 st : ______________ 2nd: ______________ 3rd: ______________ 4th: ______________
* This column need not be completed by Holders tendering by book-entry transfer.
** Unless otherwise indicated, it will be assumed that the entire aggregate principal amount represented by the
Debentures specified above is being tendered.
*** Each tender price must be in multiples of $5 per $1,000 principal amount, and not greater than $870 nor less than
$820 per $1,000 principal amount in accordance with the terms of the Offer. If any specified tender price is not
submitted in a whole multiple of $5, such price will be rounded down to the nearest whole multiple of $5.
Alternatively, if the Holder wishes to maximize the chance that the Company will purchase the Holder’s Debentures,
the Holder should refrain from specifying a price at which the Holder is tendering its Debentures, in which case, the
Holder will accept the Purchase Price selected by the Company in the Offer. If the Holder agrees to accept the
Purchase Price determined in the Offer, the Holder’s Debentures will be deemed to be tendered at the minimum price
of $820 per $1,000 principal amount. The Holder should understand that this election could have the effect of
lowering the Purchase Price paid for Debentures in the Offer and could result in the Holder’s Debentures being
purchased at the minimum price of $820 per $1,000 principal amount.
The names and addresses of the Holders should be printed exactly as they appear on the certificates representing
Debentures tendered hereby. The Debentures and the principal amount of Debentures represented that the
undersigned wishes to tender should be indicated in the appropriate boxes.
HOLDERS WHO WISH TO BE ELIGIBLE TO RECEIVE THE PURCHASE PRICE PER $1,000
PRINCIPAL AMOUNT OF DEBENTURES PURSUANT TO THE OFFER MUST VALIDLY TENDER
(AND NOT PROPERLY WITHDRAW) THEIR DEBENTURES ON OR PRIOR TO 12:00 MIDNIGHT,
EASTERN TIME, ON MONDAY, JUNE 18, 2012, UNLESS THE OFFER IS EXTENDED.
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