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The Gabelli Utility Trust (the "Trust") is extending its previously announced Rights Offering
as provided for in the Prospectus for this Rights Offering. Rights may now be exercised at
any time until 5:00 PM, New York time, on Thursday June 27, 2002. Any Rights submitted to the
Subscription Agent for sale must be received by the Subscription Agent on or before Wednesday
June 26, 2002. Rights will continue to trade on the New York Stock Exchange through June 26, 2002.
The Offer may be further extended to a date not later than June 28, 2002.
As previously announced, three Rights will enable a shareholder to purchase one additional share
of stock at the Subscription Price of $7.50 per share. Shareholders of record who exercise their
full primary subscription Rights are eligible for an over-subscription privilege entitling them
to subscribe, subject to certain limitations and a pro-rata allotment, for any additional shares
not purchased pursuant to the primary subscription.
The Utility Trust is a closed-end, non-diversified management investment company with $78 million
in total assets whose primary investment objective is to seek long-term growth of capital and
income by investing primarily in utility companies involved in the distribution of electricity,
gas and water. The Utility Trust is managed by Gabelli Funds, LLC, a subsidiary of Gabelli Asset
Management Inc. (GBL - NYSE), which is a publicly traded NYSE listed company.
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