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Gabelli Multimedia Trust to Redeem Its Outstanding 6.00% Series B Cumulative Preferred Stock

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The Board of Directors of The Gabelli Multimedia Trust Inc. (NYSE:GGT) (the "Fund") authorized the redemption of all remaining outstanding shares of 6.00% Series B Cumulative Preferred Stock (the "Series B Preferred"). The redemption date is December 26, 2019 (the "Redemption Date"), and the redemption price is $25.00 per Series B Preferred, which is equal to the liquidation preference of $25.00 per Series B Preferred. Series B Preferred shareholders of record on December 18, 2019 will receive the quarterly distribution of $0.375 per Series B Preferred on the payable date of December 26, 2019. Since the redemption date and the payable date for the quarterly distribution are both December 26, 2019, no accumulated, unpaid dividends will be included as a component of the redemption price.

As of the Redemption Date, the Series B Preferred will no longer be deemed outstanding, dividends will cease to accumulate and all the rights of the Series B Preferred shareholders with respect to the Series B Preferred will cease, except the right to receive the redemption price.

The Series B Preferred, which trade on the New York Stock Exchange under the symbol "GGT Pr B", are rated "A2" by Moody's Investors Service and have an annual dividend rate of $1.50 per share. The Series B Preferred were issued on April 1, 2003 at $25.00 per share and pay distributions quarterly. The Series B Preferred are callable at any time, after proper notification is given, at the liquidation value of $25.00 per share plus accrued dividends.

Questions relating to and requests for additional copies of, the notice of redemption and the related materials should be directed to the Fund at 800-GABELLI (800-422-3554) or (914) 921-5070.

The Gabelli Multimedia Trust Inc. is a non-diversified, closed-end management investment company with $266 million in total net assets whose primary investment objective is long-term growth of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (NYSE:GBL).

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