The Board of Directors of The Gabelli Global Multimedia Trust Inc. (NYSE:GGT), at a meeting held on August 18, 2004, authorized the adoption of a 5.00% annual distribution policy effective in 2005. Under this distribution policy, the Fund will pay out a minimum annual distribution of 5.00% of the average net asset value of the Fund beginning in 2005. The Fund will initially pay $0.12 per share in each of the first three quarters of the year and an adjusting distribution in the fourth quarter of a sufficient amount to pay 5.00% of the average net asset value of the Fund, as of the last day of the four preceding calendar quarters, or to satisfy the minimum distribution requirements of the Internal Revenue Code, whichever is greater. Each quarter, the Board of Directors will review the amount of any potential distribution and the income, capital gain or capital available. The Fund's distribution policy is subject to modification by the Board at any time. The initial distribution under the new policy is scheduled for March 2005. A portion of the distribution may be treated as long-term capital gain and qualifying dividend income for individuals, each subject to the maximum Federal income tax rate, which is currently 15% in taxable accounts for individuals. If the Fund does not generate a total return from dividends and interest received and net realized capital gains equal to or in excess of 5.00% of the average net asset value of the Fund, then the amount distributed in excess of the Fund's investment income and net realized capital gains would be deemed a non-taxable return of capital. Long-term capital gain, qualifying dividend income, ordinary income and non-taxable return of capital, if any, that is allocable to the common shares will be allocated on a pro-rata basis to all distributions for the year. The final determination of the source of all distributions will be made after year-end. The Gabelli Global Multimedia Trust Inc. is a closed-end, non-diversified management investment company with $193 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 Gabelli Asset Management Inc. (NYSE:GBL), which is a publicly traded NYSE listed company.