to amend the terms of the convertible note issued
by Gabelli.7 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).

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C. Heuberger is a
portfolio manager overseeing fixed income portfolios at Cascade and
joined Gabelli's Board of Directors in August 2004.

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For a detailed description of Fitch's rating analysis, see the
report 'Morgan Stanley Capital I Trust 2005-HQ5, ' dated March 14,
2005, available on the Fitch Ratings web site at
'www. (NYSE: GBL) announced an agreement with Cascade
Investment, L. Gates III, would own
approximately 12% of Gabelli Asset Management's class A common stock
if the note were converted.

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*Notional amount and interest only.

Business Editors

RYE, N.L.

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The certificates represent beneficial ownership interest in the
trust, primary assets of which are 89 fixed-rate loans having an
aggregate principal balance of approximately $1,523,690,515 as of the
cutoff date.
Cascade Investment, L.C.
Mario J.

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Classes A-1, A-2, A-3, A-AB, A-4, X-2, A-J, B, C, D, and E are
offered publicly, while classes X-1, F, G, H, J, K, L, M, N, O, and P
are privately placed pursuant to rule 144A of the Securities Act of
1933.Y." Mr.

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Fitch Rates Morgan Stanley Capital I Trust 2005-HQ5

In connection with this amendment,
Gabelli will repurchase $50 million of the principal of the
convertible note on April 1, 2005.

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Business Editors

NEW YORK----Morgan Stanley Capital
I Trust 2005-HQ5, commercial mortgage pass-through certificates are
rated by Fitch Ratings as follows:

$121,000,000 class A-1 'AAA';

$160,900,000 class A-2 'AAA';

$159,400,000 class A-3 'AAA';

$66,400 ,000 class A-AB 'AAA';

$711,252,000 class A-4 'AAA';

$112,372,000 class A-J 'AAA'

$30,474,000 class B 'AA';

$19,046,000 class C 'AA-';

$15,237,000 class D 'A+';

$17,141,000 class E 'A';

$15,237,000 class F 'A-';

$15,237,000 class G 'BBB+';

$13,333,000 class H 'BBB';

$20,950,000 class J 'BBB-';

$5,714,000 class K 'BB+';

$5,714,000 class L 'BB';

$5,714,000 class M 'BB-';

$3,809,000 class N 'B+';

$1,905 ,000 class O 'B';

$3,809,000 class P 'B-';

$1,523,690,515* class X-1 'AAA';

$1,486 ,416,000* class X-2 'AAA'. William H. Gabelli, Chairman and Chief Executive Officer of Gabelli
Asset Management, said: "We are delighted to extend this relationship
and look forward to the continued active participation of Alan C.

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fitchratings.----Gabelli Asset
Management Inc. The new terms extend the exercise date of Cascade's put
option to September 15, 2006, reduce the principal of the convertible
note to $50 million from $100 million and remove limitations on the
issuance of additional debt . Cascade originally purchased the
ten-year convertible note in August 2001 in a private placement .

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com

Cascade and Gabelli Agree to New Terms for Convertible Note

The
current interest rate of 5% on the note will not change on April 1,
2005 and the note remains convertible into GBL class A common stock at
$52 per share.
Heuberger, CFA on our Board of Directors.

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, the private investment firm of
Microsoft Corporation Chairman Mr.

Gabelli Asset Management Inc., through its subsidiaries, manages
approximately $28.

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