Western Investment LLC (“Western Investment”) today announced that Institutional Shareholder Services Inc. (“ISS”), a wholly-owned subsidiary of RiskMetrics Group, Inc., an influential provider of voting advisory services to mutual funds and other major institutional investors, has recommended that its clients vote their shares of the Gabelli Global Multimedia Trust, Inc. (NYSE: GGT)(“GGT” or the “Fund”) on the GOLD proxy for Western Investment’s director nominees, Arthur D. Lipson and Gregory R. Dube, at GGT’s 2010 Annual Meeting of Stockholders scheduled for June 8, 2010. ISS also recommended a vote in favor of a shareholder proposal, also supported by Western Investment, to declassify the Fund’s Board of Directors.

In making its recommendation, ISS noted that:

“[G]iven the persistent discount to NAV and poor long-term performance relative to the Fund’s peers and benchmark index, ISS believes Western’s nominees deserve an opportunity to focus more on adding value to the Fund through the authorization of an accretive program of share repurchases and/or tenders when the discount to NAV rises above a set value. We believe, based on the Fund's persistent discount to NAV and poor long-term performance compared to its peers and benchmark index, it is warranted to replace two incumbent directors with dissident nominees Lipson and Dube, based on their diverse business backgrounds and board experience. We believe this may bring a fresh perspective to board deliberations. As such, ISS believes the Fund's wide discount and NAV underperformance relative to its peers and benchmark index justifies supporting Western's nominees.”

Art Lipson, Managing Member of Western Investment, commented: “We are gratified that ISS recognizes that a steep and persistent market discount to NAV is a disservice to GGT shareholders. We believe that their support for our position is enormously significant.” Noting the GGT Board’s recent expansion of the Fund’s share repurchase authorization to permit purchases when the discount to NAV is larger than 5% rather than 10%, Mr. Lipson continued: “It appears that the Board is hearing the stockholders’ discontent, and applaud them for taking action. If elected, we look forward to working with our fellow board members to see that GGT’s performance is sustainable and to help them reduce or eliminate the market discount to NAV. Since the Annual Meeting is only days away, we are urging GGT shareholders to see that their shares are voted by following the internet or telephone voting instructions on their GOLD proxy card. It is important for every shareholder to know that even if you have already voted another proxy, you have every right to change your mind and vote the GOLD card today. The LAST vote you send in is the only one that will count, so please vote your shares today.”

Mr. Lipson also pointed out that a fund’s NAV reflects the value of its portfolio of securities less any debt and amounts due the preferred shareholders and that in a well-run fund, the market price and the NAV per share should be very close, adding that: “If it isn’t, management should see it as a duty to take action to close the gap. This appears to be a foreign concept for Mr. Gabelli not only with respect to GGT, but to other funds managed by him. For example, The Gabelli Dividend and Income Trust (NYSE: “GDV”) and The Gabelli Healthcare and Wellness Trust (NYSE: “GRX”), both of which are managed by Mr. Gabelli, are also currently trading at double digit discounts. While Mr. Gabelli is formulating a plan to fix GGT, he might also spend some time thinking about how to fix the problems with these two funds as well.”


Western Investment, together with the other Participants (as defined below), has made a definitive filing with the U.S. Securities Exchange Commission (“SEC”) of a proxy statement (the “Proxy Statement”) and accompanying proxy cards to be used, among other things, to solicit votes for the approval of certain matters at the annual meeting (the “Annual Meeting”) of GGT scheduled for June 8, 2010 and in support of the election of the Participants’ slate of director nominees at the Annual Meeting.

Western Investment advises all stockholders of the Fund to read the Proxy Statement and other proxy materials relating to the Annual Meeting as they become available because they contain important information. Such proxy materials are available at no charge on the SEC’s web site at http://www.sec.gov. In addition, the Participants in the solicitation will provide copies of the proxy materials, without charge, upon request. Requests for copies should be directed to the Participants’ proxy solicitor, Innisfree M&A Incorporated, at its toll-free number: (877) 825-8619.

The Participants in the proxy solicitation are Western Investment, Western Investment Hedged Partners L.P., Western Investment Total Return Partners L.P., Western Investment Total Return Fund Ltd, Arthur D. Lipson, Gregory R. Dube, Joshua Massey, and David Massey. (the “Participants”). Information regarding the Participants and their direct or indirect interests is available in the Proxy Statement.

Copyright Business Wire 2010