The Board of Directors of The Gabelli Global Multimedia Trust Inc. (NYSE - GGT) declared a $0.354167 per share initial cash distribution payable on June 26, 2003 to Preferred Shareholders of record on June 19, 2003.

The Preferred Shares, which trade on the New York Stock Exchange under the symbol "GGT Pr B", are rated 'Aaa' by Moody's Investor Services and have an annual dividend rate of $1.50 per share. The 1,000,000 Preferred Shares were issued on April 1, 2003 at $25.00 per share and will pay distributions quarterly. This initial distribution represents the accrual period from April 1, 2003 through June 26, 2003.

A portion of this distribution may be treated as long-term capital gains. This has the effect of providing individual shareholders with an ordinary income tax equivalent yield that is higher than the current yield. Any long-term capital gains will be allocated on a pro-rata basis to all distributions for the year. The final determination of the source of all distributions in 2003 will be made after year-end.

The Gabelli Global Multimedia Trust Inc. is a closed-end, non-diversified management investment company with $171 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. (GBL - NYSE), which is a publicly traded NYSE listed company.