GABELLI DECLARES QUARTERLY DIVIDEND OF $.02 PER SHARE

FOR IMMEDIATE RELEASE
Rye, NY
August 18, 2004
Contact:
Michael R. Anastasio
Chief Accounting Officer
(914) 921-5147

For further information please visit
www.gabelli.com



Gabelli Asset Management Inc. (NYSE: GBL) announced today that its Board of Directors approved the quarterly dividend of $.02 per share to all its Class A and Class B shareholders. The dividend will be payable on September 30, 2004 to shareholders of record on September 15, 2004.

Gabelli paid its first dividend in the amount of $.02 per share to its Class A shareholders in December 2003 and paid its initial quarterly dividend of $.02 per share along with a special dividend of $.10 per share in June 2004 to all of its Class A and Class B shareholders.

Gabelli Asset Management Inc., through its subsidiaries, manages approximately $27 billion in assets of private advisory accounts (GAMCO), mutual funds and closed-end funds (Gabelli Funds, LLC), and partnerships and offshore funds (Alternative Investment Group).