The Board of Trustees of The Gabelli Global Utility & Income Trust (Amex:GLU) declared a $0.30 per share initial cash distribution payable on September 24, 2004 to common stock shareholders of record on September 16, 2004. The Board of Trustees further resolved that it is in the best interest of shareholders to establish monthly distributions and declared distributions of $0.10 per share for the months of October and November 2004. The distribution for October 2004 will be payable on October 25, 2004 to shareholders of record on October 15, 2004. The distribution for November 2004 will be payable on November 23, 2004 to shareholders of record on November 15, 2004. The Board has determined to pay an initial quarterly distribution, at an annual rate of 6.00% of the initial public offering price of $20.00 per share. At its recent meeting, the Board resolved to pay distributions monthly, at the same annual rate of 6.00% of the initial public offering price of $20.00 per share, beginning in October 2004. The Fund's December distribution each year will be an adjusting distribution which will include, if necessary, any additional realized income in excess of the quarterly distributions for that year to satisfy the minimum distribution requirements of the Internal Revenue Code. Each quarter, the Board of Trustees 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 common shares, which trade on the American Stock Exchange under the symbol "GLU", were issued on May 28, 2004 at $20.00 per share. A portion of the distribution may be treated as long-term capital gains or qualifying dividend income for individuals, each currently subject to the maximum federal 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 6.00% of the initial public offering price of $20.00 per share, 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 gains, 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 proportion of long-term capital gains, qualifying dividend income, ordinary income and non-taxable return of capital, if any, distributed in 2004 will be made after the 2004 year-end. The Gabelli Global Utility & Income Trust is a closed-end, non-diversified management investment company with $59 million in total assets whose primary investment objective is to seek a consistent level of after-tax total return over the long-term with an emphasis currently on tax-advantaged dividend income under current tax law. 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.