The Board of Directors of The Gabelli Global Multimedia Trust Inc. (NYSE - GGT) declared a $0.495 per share cash distribution payable on December 26, 2002 to Preferred Shareholders of record on December 18, 2002.

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 were issued on June 4, 1997 at $25.00 per share and pay distributions quarterly.

A portion of this distribution will 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. Long-term capital gains will be allocated to all distributions for the year. The final determination of the source of all distributions in 2002 will be made after year-end.

The Preferred Shares are now callable at any time at the liquidation value of $25.00 per share plus accrued dividends following the expiration of the five-year call protection on June 4, 2002. The Fund redeemed 25% (308,675 Shares) of its outstanding 7.92% Cumulative Preferred Stock on November 12, 2002 at the redemption price of $25.2530 per Preferred Share, which consists of $25.00 per Preferred Share plus accrued dividends through the redemption date of $0.2530 per Preferred Share. The redemption was made pro rata from each Preferred Stock Shareholder based on the respective number o f Preferred Shares held by each such holder on the redemption date.

The Gabelli Global Multimedia Trust Inc. is a closed-end, non-diversified management investment company with $133 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.