The Board of Directors of The Gabelli Global Multimedia Trust Inc. (NYSE:GGT) (the “Fund”) reaffirmed its 10% distribution policy and declared a $0.27 per share cash distribution payable on December 16, 2011 to common stock shareholders of record on December 13, 2011. This fourth quarter distribution is a $0.07 per share increase from the distribution of $0.20 per share paid in each of the first, second, and third quarters of 2011. With this fourth quarter distribution, total cash distributions from the Fund for 2011 would equate to $0.87 per share, representing 10% of the Fund’s net asset value per share as of the last day of the four preceding calendar quarters from December 2010 through September 2011. For the full year, the Fund’s cash distributions, plus the value of rights distributed on March 29, 2011, which were equivalent to $0.76 per share based upon full subscription of all issued shares, totaled $1.63 per share.

The Fund intends to pay a quarterly distribution of an amount determined each quarter by the Board of Directors. Under the Fund’s current distribution policy, the Fund intends to pay a minimum annual distribution of 10% of the average net asset value of the Fund within a calendar year or an amount sufficient to satisfy the minimum distribution requirements of the Internal Revenue Code, whichever is greater. The average net asset value of the Fund is based on the average net asset values as of the last day of the four preceding calendar quarters during the year. We note that 10% of the average net asset value per share of the Fund would be $0.87 based on the ending net asset values per share as of December 31, 2010, March 31, 2011, June 30, 2011, and September 30, 2011 of $9.19, $9.55, $8.85, and $7.05, respectively. The net asset value per share fluctuates daily.

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