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The Gabelli Utility Trust (the "Trust") (NYSE:GUT) finalized the terms of its Rights Offering that was
originally reported on August 19, 2004. Pursuant to the Offer, the Trust will distribute to shareholders
of record one transferable Right for each common share held on the record date of October 20, 2004.
Four Rights will enable a shareholder to purchase one additional common share at $7.00 per share (the
"Subscription Price"), generally without brokerage commissions. The Rights will be transferable, with
the subscription period commencing on October 20, 2004 (the record date) and terminating 34 days later
on November 23, 2004 (the expiration date), unless extended up to ten business days thereafter. Rights
may be exercised at any time during the subscription period. Shareholders of record who exercise their
primary subscription Rights will be eligible for an over-subscription privilege entitling these
shareholders to subscribe, subject to certain limitations and a pro-rata allotment, for any additional
common shares not purchased pursuant to the primary subscription. In addition, under certain
circumstances, the Trust may issue additional common shares to satisfy over-subscription requests by
shareholders of record in excess of the common shares available for the over-subscription privilege.
It is expected that the Rights will begin trading on a "when-issued" basis on the New York Stock
Exchange beginning October 14, 2004 and will trade "regular way" beginning October 25, 2004. It is
expected that the Utility Trust common shares will trade "Ex-Rights" on October 18, 2004.
The Trust expects to mail subscription certificates evidencing the Rights and a copy of the Prospectus
for this offering to record date shareholders beginning on October 22, 2004. The Rights Offering will
be made only by means of a Prospectus and this notice does not constitute an offer of any securities
for sale.
The Offering is subject to effectiveness of the Trust's registration statement on file with the
Securities and Exchange Commission.
The Gabelli Utility Trust is a closed-end, non-diversified management investment company with
$211 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 generation and distribution of
electricity, gas and water. 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.
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