This is the second time that the shareholders have affirmed resolutions supporting the issuance of senior securities. Last year at the 1997 Annual Meeting, a resolution was approved with 71.0% of the shares voting in favor of the resolution. This year, a similar vote of 70.2% of the shares voted in favor of the resolution, the Company said, including more than 70% of the common shares voting in favor.

The proxy material for the 1998 meeting discussed several shareholder lawsuits, the first of which was filed on September 4, 1997, which sought, among other things, to rescind the outcome of the original vote in 1997 and the issuance of the Preferred Stock. (On June 4, 1997, the Multimedia Trust issued 1,250,000 Preferred Shares at $25 with an annual dividend rate of $1.98 per share. These Preferred Shares are non-callable for 5 years and are rated 'aaa' by Moody's Investors Service, Inc.)

Mario J. Gabelli, Chairman, President and Chief Investment Officer, stated: "It is now beyond all doubt that our shareholders agreed and continue to agree with the Board of Directors' assessment of the benefits of Preferred Stock. It is equally clear that our shareholders do not share the goals and interests of the plaintiffs in the lawsuits which seek to rescind the issuance of the Preferred Stock. This vote demonstrates that the plaintiffs, in pursuing their own agenda, have sought to obstruct the interests of a significant majority of the shareholders."

"The continuation of the litigation can serve no reasonable purpose, and we will consider taking all appropriate action to hold the plaintiffs responsible for the economic costs of this litigation. We appreciate the shareholders' display of confidence in our stewardship of their assets." Mr. Gabelli said.

In seeking shareholder approval to issue Preferred Stock, Gabelli Global Multimedia Trust management noted in the 1998 Annual Meeting proxy that the Company has "earned a higher return since giving effect to the issuance of the Preferred Stock than the dividend rate on the Preferred Stock."

The shareholders have also conferred authority upon the Board of Directors to authorize the issuance of Preferred Stock in the future having such terms as the Board may fix at that time.

The Gabelli Global Multimedia Trust Inc. is a closed-end, non-diversified management investment company, with approximately $160 million in assets, whose primary investment objective is long-term growth of capital.