The Gabelli Global Multimedia Trust Inc. (NYSE - GGT), as authorized by the Board of Directors, will redeem the remaining 75% (926,025 Shares) of its outstanding 7.92% Cumulative Preferred Stock. The Board of Directors determined to redeem the outstanding Preferred Stock in conjunction with the issuance of one or more series of fixed rate and/or auction rate preferred stock, which is currently planned for the end of March. The redemption price is $25.00 per Preferred Share (the liquidation value), plus accrued dividends, if any, from March 26, 2003 through the redemption date. The Fund previously announced a $0.495 per share cash distribution payable on March 26, 2003 to Preferred Shareholders of record on March 19, 2003. From and after the redemption date, the Preferred Shares to be redeemed will no longer be deemed outstanding, dividends will cease to accrue and all the rights of the Preferred Shareholders with respect to the Preferred Shares to be redeemed will cease, except the right to receive the redemption price. Shareholders of record will be mailed a redemption notice and letter of transmittal. The redemption price will be paid only to shareholders of record who complete and sign the letter of transmittal and submit certificates for the number of Preferred Shares being redeemed. The paying agent for this redemption is EquiServe Trust Company, N.A. As stated above, the Board also authorized the Fund to issue additional preferred stock in the future. The actual amount of capital to be raised, the dividend rate and the timing of any new offering will be determined at a later date. Any offering will be made only by means of a prospectus. The Preferred Shares, which trade on the New York Stock Exchange under the symbol "GGT Pr", are rated 'Aaa' by Moody's Investor Services and have an annual dividend rate of $1.98 per share. The Preferred Shares pay distributions quarterly. The Gabelli Global Multimedia Trust Inc. is a closed-end, non-diversified management investment company with $127 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.