The Fund may from time to time purchase shares of its common stock in the open market when the Fund shares are trading at a discount of 10% or more from net asset value. The share repurchase program was initially announced on July 3, 1996. The Fund has repurchased 1,057,133 shares since the inception of the share repurchase program at an average investment of $8.79 per share and an average discount to net asset value of 16%. Within the current authorization level of 1,700,000 shares, 642,867 shares now remain available for repurchase.

The Gabelli Global Multimedia Trust Inc. is a non-diversified, closed-end management investment company with $224 million in total assets whose primary investment objective is long-term growth of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (NYSE:GBL), which is a publicly traded NYSE listed company.