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 in conjunction with the issuance of two new series of Preferred Stock. The new series of Preferred Stock will be issued on or about April 1, 2003 and the Fund's outstanding 7.92% Preferred Stock is expected to be redeemed on April 2, 2003. The redemption price is $25.033 per Preferred Share, which consists of $25.00 per share of Preferred Stock (the liquidation value), plus accumulated and unpaid dividends through the date on which the 7.92% Preferred Stock is redeemed of $0.033 per share of Preferred Stock. From and after the date the redemption proceeds are deposited with the paying agent, the 7.92% Preferred Stock to be redeemed will no longer be deemed outstanding, dividends will cease to accrue and all the rights of the 7.92% Preferred Stock shareholders with respect to the 7.92% Preferred Stock to be redeemed will cease, except the right to receive the redemption price. 7.92% Preferred Stock shareholders of record were mailed a redemption notice and letter of transmittal on February 26, 2003. 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 shares of 7.92% Preferred Stock being redeemed. The paying agent for this redemption is EquiServe Trust Company, N.A. The 7.92% Preferred Stock, which trades on the New York Stock Exchange under the symbol "GGT Pr", is rated 'Aaa' by Moody's Investor Services and has an annual dividend rate of $1.98 per share. The 7.92% Preferred Stock pays distributions quarterly. The Gabelli Global Multimedia Trust Inc. is a closed-end, non-diversified management investment company with $129 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.