<SEC-DOCUMENT>0001133228-19-001870.txt : 20190329
<SEC-HEADER>0001133228-19-001870.hdr.sgml : 20190329
<ACCEPTANCE-DATETIME>20190328193107
ACCESSION NUMBER:		0001133228-19-001870
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20190513
FILED AS OF DATE:		20190329
DATE AS OF CHANGE:		20190328
EFFECTIVENESS DATE:		20190329

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI MULTIMEDIA TRUST INC.
		CENTRAL INDEX KEY:			0000921671
		IRS NUMBER:				133767317
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08476
		FILM NUMBER:		19713489

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580-1434
		BUSINESS PHONE:		9149215070

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580-1434

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GABELLI GLOBAL MULTIMEDIA TRUST INC
		DATE OF NAME CHANGE:	19940414
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>e517096_def14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE 14A INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Proxy Statement Pursuant to Section 14(a)
of the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Amendment No. )</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by Registrant <FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by a Party other than the Registrant <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Preliminary Proxy Statement</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Confidential, for Use of the Commission Only (as permitted
by Rule 14a-6(e)(2))</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD><TD STYLE="text-align: justify">Definitive Proxy Statement</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Definitive Additional Materials</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Soliciting Material Pursuant to Sec. 240.14a-12</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The Gabelli Multimedia Trust Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Registrant as Specified In Its
Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Person(s) Filing Proxy Statement,
if other than the Registrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD><TD STYLE="text-align: justify">No fee required</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Fee computed on table below per Exchange Act Rules 14a-6(i)(1)
and 0-11.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1)</TD><TD STYLE="text-align: justify">Title of each class of securities to which transaction
applies:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -0.25in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">2)</TD><TD STYLE="text-align: justify">Aggregate number of securities to which transaction
applies:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -0.25in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">3)</TD><TD STYLE="text-align: justify">Per unit price or other underlying value of transaction
computed pursuant to Exchange Act Rule 0-11(set forth the amount on which the filing fee is calculated and state how it was determined):</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -0.25in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">4)</TD><TD STYLE="text-align: justify">Proposed maximum aggregate value of transaction:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -0.25in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">5)</TD><TD STYLE="text-align: justify">Total fee paid:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Fee paid previously with preliminary materials.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Check box if any part of the fee is offset as provided
by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous
filing by registration statement number, or the Form or Schedule and the date of its filing.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1)</TD><TD STYLE="text-align: justify">Amount Previously Paid:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">2)</TD><TD STYLE="text-align: justify">Form, Schedule or Registration Statement No.:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">3)</TD><TD STYLE="text-align: justify">Filing Party:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">4)</TD><TD STYLE="text-align: justify">Date Filed:</TD>
</TR></TABLE>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>THE GABELLI MULTIMEDIA TRUST INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 129.3pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">One Corporate Center<BR>
Rye, New York 10580-1422</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">(914) 921-5070</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 196.75pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 196.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>To
Be Held on May 13, 2019</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the Stockholders of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THE GABELLI MULTIMEDIA TRUST INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Notice is hereby given
that the Annual Meeting of Stockholders of The Gabelli Multimedia Trust Inc., a Maryland corporation (the &ldquo;Fund&rdquo;),
will be held on Monday, May 13, 2019, at 11:30 a.m., local time, at The Cole Auditorium, The Greenwich Library, 101 West Putnam
Avenue, Greenwich, Connecticut 06830 (the &ldquo;Meeting&rdquo;), and at any adjournments or postponements thereof for the following
purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: justify">To elect three (3) Directors of the Fund, two (2) Directors
to be elected by the holders of the Fund&rsquo;s common stock and holders of its 6.00% Series B Cumulative Preferred Stock, Series
C Auction Rate Cumulative Preferred Stock, and 5.125% Series E Cumulative Preferred Stock, voting together as a single class,
and one (1) Director to be elected by the holders of the Fund&rsquo;s Preferred Shares, voting as a separate class; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -15.95pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD STYLE="text-align: justify">To consider and vote upon such other matters, including
adjournments, as may properly come before said Meeting or any adjournments or postponements thereof.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -15.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">These items are discussed in greater detail in the
attached Proxy Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The close of business on March 21, 2019,
has been fixed as the record date for the determination of stockholders entitled to notice of and to vote at the Meeting and any
adjournments or postponements thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><B>YOUR VOTE
IS IMPORTANT REGARDLESS OF THE SIZE OF YOUR HOLDINGS IN THE FUND.&#9; WHETHER OR NOT YOU PLAN TO ATTEND THE MEETING, WE ASK
THAT YOU PLEASE VOTE PROMPTLY. STOCKHOLDERS MAY AUTHORIZE THEIR PROXY BY TELEPHONE OR THE INTERNET. ALTERNATIVELY,
STOCKHOLDERS MAY SUBMIT VOTING INSTRUCTIONS BY SIGNING AND DATING THE PROXY CARD AND RETURNING IT IN THE ACCOMPANYING
POSTAGE-PAID ENVELOPE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By Order of the Board of Directors,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ANDREA R. MANGO</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Secretary</I></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 3, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>INSTRUCTIONS FOR SIGNING PROXY CARDS TO BE RETURNED
BY MAIL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The following general rules for signing proxy
cards may be of assistance to you and avoid the time and expense to the Fund involved in validating your vote if you fail to properly
sign your proxy card.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: justify"><I>Individual Accounts: </I>Sign your name exactly as it
appears in the registration on the proxy card.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -15.95pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD STYLE="text-align: justify"><I>Joint Accounts: </I>Either party may sign, but the name
of the party signing should conform exactly to the name shown in the registration.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -15.95pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">3.</TD><TD STYLE="text-align: justify"><I>All Other Accounts: </I>The capacity of the individual
signing the proxy card should be indicated unless it is reflected in the form of registration. For example:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%; border-collapse: collapse; font-size: 10pt; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Registration</U></B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Valid Signature</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Corporate Accounts</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1) </FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0; width: 44%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABC Corp.</FONT></TD>
    <TD STYLE="text-align: left; width: 51%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABC Corp., by John Doe, Treasurer </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2) </FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABC Corp.</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John Doe, Treasurer </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABC Corp.</FONT></TD>
    <TD STYLE="text-align: left"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0">c/o John Doe, Treasurer</TD>
    <TD STYLE="text-align: left">John Doe </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4) </FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABC Corp., Profit Sharing Plan</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John Doe, Trustee </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trust Accounts </B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1) </FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABC Trust</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jane B. Doe, Trustee </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jane B. Doe, Trustee</FONT></TD>
    <TD STYLE="text-align: left"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: left">u/t/d 12/28/78</TD>
    <TD STYLE="text-align: left">Jane B. Doe</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Custodian or Estate Accounts </B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1) </FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John B. Smith, Cust.</FONT></TD>
    <TD STYLE="text-align: left"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0">f/b/o John B. Smith, Jr. UGMA</TD>
    <TD STYLE="text-align: left">John B. Smith</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 0">(2)</TD>
    <TD STYLE="text-align: left; padding-left: 0"> John B. Smith, Executor</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estate of Jane Smith</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John B. Smith, Executor</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 97.1pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 97.1pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>INSTRUCTIONS FOR TELEPHONE/INTERNET VOTING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 97.1pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Instructions for authorizing your proxy to
vote your shares by telephone or Internet are included with the Notice of Internet Availability of Proxy Materials and the proxy
card.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>THE GABELLI MULTIMEDIA TRUST INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 131.8pt"><B></B>&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 131.8pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 131.8pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>ANNUAL MEETING OF STOCKHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>May 13, 2019</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 178.55pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 178.55pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 178.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 178.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>PROXY STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt">This Proxy
Statement is furnished in connection with the solicitation of proxies by the Board of Directors (the &ldquo;Board,&rdquo; the members
of which are referred to as &ldquo;Directors&rdquo;) of The Gabelli Multimedia Trust Inc., a Maryland corporation (the &ldquo;Fund&rdquo;),
for use at the Annual Meeting of Stockholders of the Fund to be held on Monday, May 13, 2019, at 11:30 a.m., local time, at The
Cole Auditorium, The Greenwich Library, 101 West Putnam Avenue, Greenwich, Connecticut 06830 (the &ldquo;Meeting&rdquo;), and at
any adjournments or postponements thereof. A Notice of Internet Availability of Proxy Materials will first be mailed to stockholders
on or about April 3, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt">In addition
to the solicitation of proxies by mail, officers of the Fund and officers and regular employees of Computershare Trust Company,
N.A. (&ldquo;Computershare&rdquo;), the Fund&rsquo;s transfer agent, and affiliates of Computershare or other representatives of
the Fund may also solicit proxies by telephone, Internet, or in person. In addition, the Fund has retained Morrow Sodali LLC to
assist in the solicitation of proxies for an estimated fee of $1,000 plus reimbursement of expenses. The Fund will pay the costs
of the proxy solicitation and the expenses incurred in connection with preparing, printing, and mailing the Notice of Internet
Availability of Proxy Materials and/or Proxy Statement and its enclosures. If requested, the Fund will also reimburse brokerage
firms and others for their expenses in forwarding solicitation materials to the beneficial owners of its shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt"><B>The Fund&rsquo;s
most recent annual report, including audited financial statements for the fiscal year ended December 31, 2018, is available upon
request, without charge, by writing to the Secretary of the Fund, One Corporate Center, Rye, New York 10580-1422, calling the Fund
at 800-422-3554, or via the Internet at www.gabelli.com.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt">If the proxy
is properly executed and returned in time to be voted at the Meeting, the shares represented thereby will be voted &ldquo;FOR&rdquo;
the election of the nominees as Directors as described in this Proxy Statement, unless instructions to the contrary are marked
thereon, and at the discretion of the proxy holders as to the transaction of any other business that may properly come before the
Meeting. Any stockholder who has submitted a proxy has the right to revoke it at any time prior to its exercise either by attending
the Meeting and voting his or her shares in person, or by submitting a letter of revocation or a later dated proxy to the Fund
at the above address prior to the date of the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.05pt">A &ldquo;quorum&rdquo;
is required in order to transact business at the Meeting. A quorum of stockholders is constituted by the presence in person or
by proxy of stockholders of the Fund entitled to cast at least a majority of the votes entitled to be cast at the Meeting. Whether
or not a quorum is present, the chairperson of the Meeting may adjourn the Meeting indefinitely, or from time to time, to a date
not more than 120 days after the original record date, without notice other than announcement at the Meeting. Absent the establishment
of a subsequent record date and the giving of notice to the holders of record thereon, the adjourned meeting must take place not
more than 120 days after the original record date. At such adjourned meeting at which a quorum shall be present, any business may
be transacted which might have been transacted at the Meeting as originally notified. The Fund may postpone or cancel a meeting
of shareholders, and if it does the Fund will make a public announcement of such postponement or cancellation prior to the meeting.
The postponed meeting may not be held more than 120 days after the initial record date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The close of business on March 21, 2019,
has been fixed as the record date for the determination of stockholders entitled to notice of and to vote at the Meeting and all
adjournments or postponements thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund has two classes
of stock outstanding: common stock, par value $0.001 per share (&ldquo;Common Stock&rdquo;), and preferred stock consisting of
(i) 6.00% Series B Cumulative Preferred Stock (&ldquo;Series B Preferred&rdquo;), (ii) Series C Auction Rate Cumulative Preferred
Stock (&ldquo;Series C Preferred&rdquo;), and (iii) 5.125% Series E Cumulative Preferred Stock (&ldquo;Series E Preferred&rdquo;),
each having a par value of $0.001 per share (together, &ldquo;Preferred Stock&rdquo;). The holders of the Common Stock and Preferred
Stock are each entitled to one vote on each matter to properly come before the Meeting for each full share held. On the record
date, there were 24,617,865 shares of Common Stock, 791,014 shares of Series B Preferred, 10 shares of Series C Preferred, and
2,000,000 shares of Series E Preferred, outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Set forth below is information as to those
stockholders to the Fund&rsquo;s knowledge that beneficially own 5% or more of a class of the Fund&rsquo;s outstanding voting securities
as of the record date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 36%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name and Address of </B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 36%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount of Shares </B></FONT></TD>
    <TD NOWRAP STYLE="width: 17%; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Beneficial Owner(s)</U></B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Title of Class</U></B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>and Nature
    of Ownership</U></B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Percent of
    Class</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">First Trust Portfolios, LP</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,979,933 (beneficial)</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Suite 400</FONT></TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">120 East Liberty Drive</FONT></TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wheaton, IL 60187</FONT></TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mario J. Gabelli and affiliates</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,776,167 (beneficial)*</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One Corporate Center</FONT></TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rye, NY 10580-1422</FONT></TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Americo Financial Life &amp; Annuity</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferred</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">200,000 (beneficial)</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P.O. Box 410288</FONT></TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kansas City, MO 64141</FONT></TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Comprised of 754,263 shares of Common Stock owned directly
by Mr. Gabelli, 19,702 shares of Common Stock owned by a family partnership for which Mr. Gabelli serves as general partner, 26,667
shares of Common Stock owned by GPJ Retirement Partners, LLC, and 975,535 shares of Common Stock owned by GAMCO Investors, Inc.
or its affiliates.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SUMMARY OF VOTING RIGHTS ON PROXY PROPOSALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Proposal</U></B></FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Common Stockholders</U></B></FONT></TD>
    <TD STYLE="width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Preferred Stockholders</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Election of</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common and Preferred Stockholders,</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common and Preferred Stockholders,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">voting together as a single class,</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">voting together as a single class,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">vote to elect two Directors:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">vote to elect two Directors:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mario J. Gabelli and</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mario J. Gabelli and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher J. Marangi</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher J. Marangi</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferred Shareholders, voting as a</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">separate class, vote to elect one</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director: Anthony J. Colavita</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Business</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common and Preferred Stockholders, voting together as a single class</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>PROPOSAL: TO ELECT THREE (3) DIRECTORS OF THE
FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Nominees for the Board of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Board currently
consists of nine Directors, seven of whom are not &ldquo;interested persons&rdquo; of the Fund (as defined in the Investment Company
Act of 1940, as amended (the &ldquo;1940 Act&rdquo;)). The Fund divides the Board into three classes, each class having a term
of three years. Each year, the term of office of one class will expire. Mario J. Gabelli, Anthony J. Colavita, and Christopher
J. Marangi have each been nominated by the Board for election to serve for a three year term to expire at the Fund&rsquo;s 2022
Annual Meeting of Stockholders or until their successors are duly elected and qualified. Messrs. Zizza, Gabelli, Conn, and Pustorino
have served as Directors of the Fund since the April 6, 1994 organizational meeting of the Fund. Mr. Fahrenkopf became a Director
of the Fund on August 18, 1999; Dr. Roeder became a Director of the Fund on November 17, 1999; Mr. Colavita became a Director of
the Fund on August 15, 2001; Mr. Nakamura became a Director of the Fund on August 15, 2012; and Mr. Marangi became a Director of
the Fund on March 21, 2013. All of the Directors of the Fund are also directors or trustees of other investment companies for which
Gabelli Funds, LLC (the &ldquo;Adviser&rdquo;) or its affiliates serve as investment adviser with the exception of Mr. Marangi,
who only serves as a Director of this Fund. The classes of Directors are indicated below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Nominees to Serve Until 2022 Annual Meeting of Stockholders</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mario J. Gabelli</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Anthony J. Colavita</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Christopher J. Marangi</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Directors Serving Until 2021 Annual Meeting of Stockholders</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">James P. Conn</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Kuni Nakamura</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Anthony R. Pustorino</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Directors Serving Until 2020 Annual Meeting of Stockholders</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Frank J. Fahrenkopf, Jr.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Werner J. Roeder</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Salvatore J. Zizza</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Under the Fund&rsquo;s
Charter and the 1940 Act, holders of the Fund&rsquo;s outstanding Preferred Stock, voting as a separate class, are entitled to
elect two Directors, and holders of the Fund&rsquo;s outstanding Common Stock and Preferred Stock, voting together as a single
class, are entitled to elect the remaining Directors. The holders of the Fund&rsquo;s outstanding Preferred Stock would be entitled
to elect the minimum number of additional Directors that would represent a majority of the Directors in the event that dividends
on the Fund&rsquo;s Preferred Stock become in arrears for two full years and until all arrearages are eliminated. No dividend arrearages
exist as of the date of this Proxy Statement. Messrs. Colavita and Conn are currently the Directors elected solely by the holders
of the Fund&rsquo;s Preferred Stock. Mr. Conn&rsquo;s term as a Director is scheduled to expire at the Fund&rsquo;s 2021 Annual
Meeting of Stockholders. Therefore, he is not standing for election at this meeting. A quorum of the Preferred Shareholders must
be present in person or by proxy at the Meeting in order for the proposal to elect Mr. Colavita to be considered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Unless instructions
are provided to the contrary, it is the intention of the persons named in the proxy to vote the proxy &ldquo;FOR&rdquo; the election
of the nominees named above. Each nominee has indicated that he has consented to serve as a Director if elected at the Meeting.
If, however, a designated nominee declines or otherwise becomes unavailable for election, the proxy confers discretionary power
on the persons named therein to vote in favor of a substitute nominee or nominees. Each nominee is qualified to serve as a Director
under the Fund&rsquo;s governing documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Information about Directors and Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Set forth in the table
below are the existing Directors, including those Directors who are not considered to be &ldquo;interested persons,&rdquo; as defined
in the 1940 Act (the &ldquo;Independent Directors&rdquo;), three of whom are nominated for re-election to the Board of the Fund,
and officers of the Fund, including information relating to their respective positions held with the Fund, a brief statement of
their principal occupations, and, in the case of the Directors, their other directorships during the past five years (excluding
other funds managed by the Adviser), if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 21%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Name, Position(s),</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Address<SUP>(1)</SUP></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>and Age</U></B></P></TD>
    <TD STYLE="white-space: nowrap; width: 13%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Term of </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Office and</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Length of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Time</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Served<SUP>(2)</SUP></U></B></P></TD>
    <TD STYLE="white-space: nowrap; width: 27%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Principal Occupation(s)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>During Past Five Years</U></B></P></TD>
    <TD STYLE="white-space: nowrap; width: 21%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Other Directorships</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Held by Director</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>During Past Five Years</U></B></P></TD>
    <TD STYLE="white-space: nowrap; width: 18%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Number of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Portfolios in</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Fund Complex<SUP>(3)</SUP></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Overseen</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>by Director</U></B></P></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>INTERESTED DIRECTORS/NOMINEES<SUP>(4)</SUP>:</U></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Mario J. Gabelli</B></FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B>Chairman and</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Investment Officer</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Age: 76</FONT></P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>
        <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 1994*</FONT></P></TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-right: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman, Chief Executive Officer, and Chief Investment Officer &ndash; Value Portfolios of GAMCO Investors, Inc. and Chief Investment Officer &ndash; Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc.; Director/Trustee or Chief Investment Officer of other registered investment companies within the Gabelli/GAMCO Fund Complex; Chief Executive Officer of GGCP, Inc.; Executive Chairman of Associated Capital Group, Inc.</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-right: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director of Morgan Group Holdings, Inc. (holding company); Chairman of the Board and Chief Executive Officer of LICT Corp. (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications); Director of ICTC Group Inc. (communications)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Christopher J. Marangi</B></FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B>Director</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Age: 44</FONT></P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 2013*</FONT></P></TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-right: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing Director and Co-Chief Investment Officer of the Value team of GAMCO Investors, Inc.; Portfolio Manager for Gabelli Funds, LLC and GAMCO Asset Management Inc.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>INDEPENDENT DIRECTORS/NOMINEES<SUP>(5)
    </SUP>:</U></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Romn, Times, Serif; font-size: 10pt"><B>Anthony J. Colavita<SUP>(6)(7) </SUP></B></FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Romn, Times, Serif">Director</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Age: 83</FONT></P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"></P>
        <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 2001*</FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President of the law firm of Anthony J. Colavita, P.C.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>James P. Conn<SUP>(6) </SUP></B></FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Age: 81</FONT></P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"></P>
        <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 1994**</FONT></P></TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-right: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Former Managing Director and Chief Investment Officer of Financial Security Assurance Holdings, Ltd. (1992-1998)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Frank
J. Fahrenkopf, Jr.<SUP>(7)</SUP></B></FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><SUP></SUP></B></FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Director</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Age: 79</P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"></P>
        <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 1999***</FONT></P></TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-right: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Chairman of the Commission on Presidential Debates; Former President and Chief Executive Officer of the American Gaming Association (1995-2013); Former Chairman of the Republican National Committee (1983-1989)</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-right: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director of First Republic Bank (banking); Director of Eldorado Resorts, Inc. (casino entertainment company)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Kuni Nakamura<SUP>(7) </SUP></B></FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Age: 50</FONT></P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 2012**</FONT></P></TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-right: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President of Advanced Polymer, Inc. (chemical manufacturing company); President of KEN Enterprises, Inc. (real estate)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Anthony R. Pustorino </B></FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Age: 93</FONT></P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"></P>
        <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 1994**</FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certified Public Accountant; Professor Emeritus, Pace University</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-right: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director of The LGL Group, Inc. (diversified manufacturing) (2004-2011)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Werner J. Roeder </B></FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Age: 78</FONT></P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>
        <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 1999***</FONT></P></TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-right: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retired physician; Former Vice President of Medical Affairs (Medical Director) of New York Presbyterian/Lawrence Hospital (1999-2014)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roan, Times, Serif; font-size: 10pt"><B>Salvatore J. Zizza<SUP>(7)(8) </SUP></B></FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roan, Times, Serif">Director</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Age: 73</FONT></P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 1994***</FONT></P></TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-right: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President of Zizza &amp; Associates Corp. (private holding company); President of Bergen Cove Realty Inc.; Chairman of Harbor Diversified, Inc. (pharmaceuticals) (2009-2018); Chairman of BAM (semiconductor and aerospace manufacturing) (2000-2018); Chairman of Metropolitan Paper Recycling Inc. (recycling) (2005-2014)</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-right: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director and Chairman of Trans-Lux Corporation (business services); Director and Chairman of Harbor Diversified Inc. (pharmaceuticals) (2009-2018)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
</TABLE>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>OFFICERS</U>:</B></FONT></TD>
    <TD STYLE="width: 12%; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 65%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;&nbsp;&nbsp;Name, Position(s),</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><B>Address<SUP>(1)</SUP></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><B>&nbsp;<U>and Age</U></B></P></TD>
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Term of </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Office and</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Length of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Time</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Served<SUP>(9)</SUP></U></B></P></TD>
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Principal Occupation(s)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>During Past Five Years</U></B></P></TD></TR>

<TR STYLE="vertical-align: top">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Bruce N. Alpert</B></FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Age: 67</FONT></P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 2003</FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988; Officer of registered investment companies within the Gabelli/GAMCO Fund Complex; Senior Vice President of GAMCO Investors, Inc. since 2008</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>John C. Ball </B></FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Treasurer and Principal</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial and Accounting</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Officer Age: 43</FONT></P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 2017</FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasurer of funds within the Gabelli/GAMCO Fund Complex since 2017; Vice President and Assistant Treasurer of AMG Funds, 2014-2017; Vice President of State Street Corporation, 2007-2014</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Agnes Mullady</B></FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice
President</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Age: 60</FONT></P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 2006</FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Officer of registered investment companies within
    the Gabelli/GAMCO Fund Complex since 2006; President and Chief Operating Officer of the Fund Division of Gabelli Funds, LLC
    since 2015; Chief Executive Officer of G. distributors, LLC since 2010; Senior Vice President of GAMCO Investors, Inc. since
    2009; Vice President of Gabelli Funds, LLC since 2007; Executive Vice President of Associated Capital Group, Inc. since November
    2016</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE=" font-family:Times New Roman, Times, Serif; font-size: 10pt"><B>Andrea R. Mango</B></FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary
and</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Vice President</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Age: 46</FONT></P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 2013</FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President of GAMCO Investors, Inc. since 2016; Counsel of Gabelli Funds, LLC since 2013; Secretary of registered investment companies within the Gabelli/GAMCO Fund Complex since 2013; Vice President of closed-end funds within the Gabelli/GAMCO Fund Complex since 2014</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Richard J. Walz </B></FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Compliance Officer</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Age: 59</FONT></P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 2013</FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Compliance Officer of registered investment companies within the Gabelli/GAMCO Fund Complex since 2013</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Laurissa M. Martire</B></FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice
President</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Age: 42</FONT></P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 2004</FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President and/or Ombudsman of closed-end funds within the Gabelli/GAMCO Fund Complex; Senior Vice President (since January 2019) and other positions (2003-2019) of GAMCO Investors, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Carter W. Austin</B></FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Vice President and</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ombudsman</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Age: 52</FONT></P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 2010</FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President and/or Ombudsman of closed-end funds within the Gabelli/GAMCO Fund Complex; Senior Vice President (since 2015) and Vice President (1996-2015) of Gabelli Funds, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Paul J. Fanelli</B></FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assistant
Vice President and</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ombudsman</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Age: 32</FONT></P></TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT sTYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
                                   <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 2019</FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assistant Vice President and/or Ombudsman of closed-end funds within the Gabelli/GAMCO Fund Complex since February 2019; Research Analyst at G.Research, LLC, 2018-2019; Columbia Business School MBA Candidate, 2015-2017; Research Analyst at Titan Advisors, LLC, 2009-2015</FONT></TD></TR>
</TABLE>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Address: One Corporate Center, Rye, NY 10580-1422.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">(2)</TD><TD STYLE="text-align: justify">The Fund&rsquo;s Board of Directors is divided into three
classes, each class having a term of three years. Each year the term of office of one class expires and the successor or successors
elected to such class serve for a three year term.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">(3)</TD><TD STYLE="text-align: justify">The &ldquo;Fund Complex&rdquo; or the &ldquo;Gabelli/GAMCO
Fund Complex&rdquo; includes all the U.S. registered investment companies that are considered part of the same fund complex as
the Fund because they have common or affiliated investment advisers.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">(4)</TD><TD STYLE="text-align: justify">&ldquo;Interested person&rdquo; of the Fund as defined
in the 1940 Act. Messrs. Gabelli and Marangi are each considered to be an &ldquo;interested person&rdquo; of the Fund because
of their affiliation with the Fund&rsquo;s Adviser.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">(5)</TD><TD STYLE="text-align: justify">Directors who are not considered to be &ldquo;interested
persons&rdquo; of the Fund as defined in the 1940 Act are considered to be &ldquo;Independent&rdquo; Directors. None of the Independent
Directors (with the possible exceptions as described in this proxy statement) nor their family members had any interest in the
Adviser or any person directly or indirectly controlling, controlled by, or under common control with the Adviser as of December
31, 2018.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">(6)</TD><TD STYLE="text-align: justify">Director/Nominee elected solely by holders of the Fund&rsquo;s
Preferred Stock.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">(7)</TD><TD STYLE="text-align: justify">Mr. Colavita&rsquo;s son, Anthony S. Colavita, and Mr.
Fahrenkopf&rsquo;s daughter, Leslie F. Foley, serve as directors of other funds in the Gabelli/GAMCO Fund Complex. Mr. Zizza is
an independent director of Gabelli International Ltd. and Mr. Nakamura is a director of Gabelli Merger Plus+ Trust Plc, both of
which may be deemed to be controlled by Mario J. Gabelli and/or affiliates and in that event would be deemed to be under common
control with the Fund&rsquo;s Adviser.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">(8)</TD><TD STYLE="text-align: justify">On September 9, 2015, Mr. Zizza entered into a settlement
with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) to resolve an inquiry relating to an alleged violation regarding
the making of false statements or omissions to the accountants of a company concerning a related party transaction. The company
in question is not an affiliate of, nor has any connection to, the Fund. Under the terms of the settlement, Mr. Zizza, without
admitting or denying the SEC&rsquo;s findings and allegation, paid $150,000 and agreed to cease and desist committing or causing
any future violations of Rule 13b2-2 of the Securities Exchange Act of 1934, as amended (the &ldquo;1934 Act&rdquo;).</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">(9)</TD><TD STYLE="text-align: justify">Includes time served in prior positions with the Fund.
Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his or her successor
is elected and qualifies.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">*</TD><TD STYLE="text-align: justify">Nominee to serve, if elected, until the Fund&rsquo;s 2022
Annual Meeting of Stockholders or until his successor is duly elected and qualifies.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">**</TD><TD>Term continues until the Fund&rsquo;s 2021 Annual Meeting of Stockholders or until his successor is duly elected and qualifies.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">***</TD><TD STYLE="text-align: justify">Term continues until the Fund&rsquo;s 2020 Annual Meeting
of Stockholders or until his successor is duly elected and qualifies.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Board believes that
each Director&rsquo;s experience, qualifications, attributes or skills on an individual basis and in combination with those of
other Directors lead to the conclusion that each Director should serve in such capacity. Among the attributes or skills common
to all Directors are their ability to review critically and to evaluate, question and discuss information provided to them, to
interact effectively with the other Directors, the Adviser, the sub-administrator, other service providers, counsel, and the Fund&rsquo;s
independent registered public accounting firm, and to exercise effective and independent business judgment in the performance of
their duties as Directors. Each Director&rsquo;s ability to perform his duties effectively has been attained in large part through
the Director&rsquo;s business, consulting, or public service positions and through experience from service as a member of the Board
and one or more of the other funds in the Fund Complex, public companies, non-profit entities, or other organizations as set forth
above and below. Each Director&rsquo;s ability to perform his duties effectively also has been enhanced by his education, professional
training, and other experience.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Interested Directors/Nominees</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><I>Mario J. Gabelli,
CFA. </I>Mr. Gabelli is Chairman of the Board of Directors and Chief Investment Officer of the Fund. He serves in the same capacities
for other funds in the Fund Complex. Mr. Gabelli is a member of the Fund&rsquo;s <I>ad hoc </I>Pricing Committee. Mr. Gabelli is
Chairman, Chief Executive Officer, and Chief Investment Officer&ndash;Value Portfolios of GAMCO Investors, Inc. (&ldquo;GBL&rdquo;),
a New York Stock Exchange (&ldquo;NYSE&rdquo;)-listed asset manager and financial services company. He is the Chief Investment
Officer of Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management, Inc. (&ldquo;GAMCO&rdquo;), each of which are asset
management subsidiaries of GBL. In addition, Mr. Gabelli is Chief Executive Officer, Chief Investment Officer, a director and the
controlling shareholder of GGCP, Inc. (&ldquo;GGCP&rdquo;), a private company that holds a majority interest in GBL, and the Chairman
of MJG Associates, Inc., which acts as an investment manager of various investment funds and other accounts. He is Executive Chairman
of Associated Capital Group, Inc., a public company that provides alternative management and institutional research services, and
is a majority-owned subsidiary of GGCP. Mr. Gabelli serves as Overseer of the Columbia University Graduate School of Business and
as a trustee of Boston College and Roger Williams University. He serves as a director of the Winston Churchill Foundation, The
E.L. Wiegand Foundation, The American-Italian Cancer Foundation, and The Foundation for Italian Art and Culture. He is Chairman
of the Gabelli Foundation, Inc., a Nevada private charitable trust. Mr. Gabelli serves as Co-President of Field Point Park Association,
Inc. Mr. Gabelli received his Bachelor&rsquo;s degree from Fordham University, M.B.A. from Columbia Business School, and honorary
Doctorates from Fordham University and Roger Williams University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><I>Christopher J. Marangi.
</I>Mr. Marangi is a Managing Director and Co-Chief Investment Officer of the Value team of GBL. In addition to the Fund, he is
a portfolio manager on GAMCO&rsquo;s institutional and high net worth separate accounts team and for several other open- and closed-end
funds in the Gabelli/GAMCO Fund Complex. He joined GBL in 2003 as a research analyst covering companies in the cable, satellite,
and entertainment sectors. He began his career as an investment banking analyst with J.P. Morgan &amp; Company and later joined
the private equity firm, Wellspring Capital Management. Mr. Marangi graduated magna cum laude and Phi Beta Kappa with a Bachelor&rsquo;s
degree in Political Economy from Williams College and holds an M.B.A. with honors from the Columbia Business School.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Independent Directors/Nominees</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><I>Anthony J. Colavita,
Esq. </I>Mr. Colavita is a practicing attorney with over fifty-five years of experience. He is a member of the Fund&rsquo;s Nominating
and <I>ad hoc </I>Proxy Voting Committees. Mr. Colavita serves on comparable or other board committees with respect to other funds
in the Fund Complex on whose boards he sits. He served as a Commissioner of the New York State Thruway Authority and as a Commissioner
of the New York State Bridge Authority, where his duties included reviewing financial documents of these agencies. He served for
eleven years as the elected Supervisor of the Town of Eastchester, New York, responsible for ten annual municipal budgets. Mr.
Colavita also served as Special Counsel to the New York State Assembly for five years and as a Senior Attorney with the New York
State Insurance Department. He is the former Chairman of the New York State Republican Party, the Westchester County Republican
Party, and the Eastchester Republican Town Committee. Mr. Colavita received his Bachelor&rsquo;s degree from Fairfield University
and Juris Doctor from Fordham University School of Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt"><I>James
P. Conn. </I>Mr. Conn is the Lead Independent Director of the Fund and a member of the Fund&rsquo;s <I>ad hoc </I>Proxy Voting
and <I>ad hoc </I>Pricing Committees. Mr. Conn serves on comparable or other board committees with respect to other funds in the
Fund Complex on whose boards he sits. He was a senior business executive of Transamerica Corp., an insurance holding company, for
much of his career including service as Chief Investment Officer. Mr. Conn has been a director of several public companies in banking
and other industries, and was lead director and/or chair of various committees. He received his Bachelor&rsquo;s degree in Business
Administration from Santa Clara University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt"><I>Frank
J. Fahrenkopf, Jr. </I>Mr. Fahrenkopf is the Co-Chairman of the Commission on Presidential Debates, which is responsible for the
widely-viewed Presidential debates during the quadrennial election cycle. He also served as Chairman of the Republican National
Committee for six years during Ronald Reagan&rsquo;s presidency. Additionally, he serves as a board member of the International
Republican Institute, which he founded in 1984. Mr. Fahrenkopf serves on the boards of other funds in the Gabelli/GAMCO Fund Complex.
Mr. Fahrenkopf is the former President and Chief Executive Officer of the American Gaming Association (&ldquo;AGA&rdquo;), the
trade group for the hotel-casino industry. He served for many years as Chairman of the Pacific Democrat Union and Vice Chairman
of the International Democrat Union, a worldwide association of political parties from the United States, Great Britain, France,
Germany, Canada, Japan, Australia, and twenty other nations. Prior to becoming the AGA&rsquo;s first chief executive in 1995, Mr.
Fahrenkopf was a partner in the law firm of Hogan &amp; Hartson, where he chaired the International Trade Practice Group and specialized
in regulatory, legislative, and corporate matters for multinational, foreign, and domestic clients. Mr. Fahrenkopf is the former
Chairman of the Finance Committee of the Culinary Institute of America and remains a member of the board. For over 30 years, Mr.
Fahrenkopf has served on the Board of First Republic Bank and as Chairman of the Corporate Governance and Nominating Committee
and as a member of the Audit Committee. He also serves as a member of the Board of Eldorado Resorts, Inc., which owns and operates
19 casinos in 10 states. Mr. Fahrenkopf received his Bachelor&rsquo;s degree from the University of Nevada, Reno and Juris Doctor
from Boalt Hall School of Law, U.C. Berkeley.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt"><I>Kuni Nakamura.
</I>Mr. Nakamura is the president of Advanced Polymer, Inc., a chemical manufacturing company, and president of KEN Enterprises,
Inc., a real estate company. He is the Chairman of the Fund&rsquo;s Nominating Committee and a member of the Fund&rsquo;s <I>ad
hoc </I>Pricing Committee. Mr. Nakamura serves on comparable or other board committees with respect to other funds in the Fund
Complex on whose boards he sits. He also serves as a director of the Gabelli Merger Plus+ Trust Plc. Mr. Nakamura was previously
a board member of The LGL Group, Inc., a diversified manufacturing company. He is involved in various capacities with The University
of Pennsylvania and The Guiding Eyes for the Blind. Mr. Nakamura is a graduate of the University of Pennsylvania &ndash; The Wharton
School with a Bachelor&rsquo;s degree in Economics and Multinational Management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><I>Anthony R. Pustorino,
CPA. </I>Mr. Pustorino is a Professor Emeritus of Pace University with over fifty years of experience in public accounting. Mr.
Pustorino is Chairman of the Fund&rsquo;s Audit and <I>ad hoc </I>Proxy Voting Committees, and has been designated the Fund&rsquo;s
Audit Committee Financial Expert. He is also a member of both multi-fund <I>ad hoc </I>Compensation Committees. Mr. Pustorino serves
on comparable or other board committees with respect to other funds in the Fund Complex on whose boards he sits. Mr. Pustorino
was a director of The LGL Group, Inc., a diversified manufacturing company, and Chairman of its Audit Committee. He was previously
the President and shareholder of a CPA firm, and a professor of accounting at both Fordham University and Pace University. Mr.
Pustorino served as Chairman of the Board of Directors of the New York State Board for Public Accountancy and of the CPA Examination
Review Board of the National Association of State Boards of Accountancy. He was Vice President and a member of the Executive Committee
of the New York State Society of CPAs, and was the Chair or member of many of its technical committees. He was a member of the
Council of the American Institute of CPAs. Mr. Pustorino is the recipient of numerous professional and teaching awards. He received
his Bachelor&rsquo;s degree in Business from Fordham University and M.B.A. from New York University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><I>Werner J. Roeder,
M.D. </I>Dr. Roeder is a retired physician with over forty-five years of experience and former Vice President of Medical Affairs
(Medical Director) of New York Presbyterian/Lawrence Hospital in Bronxville, New York. As Vice President of Medical Affairs at
New York Presbyterian/Lawrence Hospital, he was actively involved in personnel and financial matters concerning the hospital&rsquo;s
$140 million budget. He is a member of the Fund&rsquo;s Audit Committee and both multi-fund <I>ad hoc </I>Compensation Committees.
He serves on comparable or other</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 225.55pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify">board committees with respect
to other funds in the Fund Complex on whose boards he sits. Dr. Roeder is board certified as a surgeon by The American Board of
Surgery and previously served in a consulting capacity to Empire Blue Cross/Blue Shield. He obtained his Doctorate in Medicine
from New York Medical College.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt"><I>Salvatore
J. Zizza</I>. Mr. Zizza is the President of Zizza &amp; Associates Corp., a private holding company that invests in various industries.
He also serves or has served as Chairman to other companies involved in manufacturing, recycling, real estate, technology, and
pharmaceuticals. He is a member of the Fund&rsquo;s Audit, Nominating, and <I>ad hoc </I>Pricing Committees, and a member of both
multi-fund <I>ad hoc </I>Compensation Committees. Mr. Zizza serves on comparable or other board committees with respect to other
funds in the Fund Complex on whose boards he sits. In addition to serving on the boards of other funds in the Fund Complex, Mr.
Zizza is currently and has previously been a director of other public companies. He was also the President, Chief Executive Officer,
and Chief Financial Officer of a large NYSE-listed construction company. Mr. Zizza received his Bachelor&rsquo;s degree and M.B.A.
in Finance from St. John&rsquo;s University, which awarded him an Honorary Doctorate in Commercial Sciences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt"><B>Directors &ndash; Leadership Structure and Oversight
Responsibilities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt">Overall responsibility
for general oversight of the Fund rests with the Board. The Board has appointed Mr. Conn as the Lead Independent Director. The
Lead Independent Director presides over executive sessions of the Directors and also serves between meetings of the Board as a
liaison with service providers, officers, counsel, and other Directors on a wide variety of matters including scheduling agenda
items for Board meetings. Designation as such does not impose on the Lead Independent Director any obligations or standards greater
than or different from other Directors. The Board has established a Nominating Committee and an Audit Committee to assist the Board
in the oversight of the management and affairs of the Fund. The Board also has an <I>ad hoc </I>Proxy Voting Committee that exercises
beneficial ownership responsibilities on behalf of the Fund in selected situations. From time to time, the Board establishes additional
committees or informal working groups, such as an <I>ad hoc </I>Pricing Committee related to securities offerings by the Fund,
to address specific matters or assigns one of its members to work with directors or trustees of other funds in the Fund Complex
on special committees or working groups that address complex-wide matters, such as the multi-fund <I>ad hoc </I>Compensation Committee
relating to the compensation of the Chief Compliance Officer for all the funds in the Fund Complex and a separate multi-fund <I>ad
hoc </I>Compensation Committee relating to the compensation of certain other officers of the closed-end funds in the Fund Complex.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt">All of the
Fund&rsquo;s Directors, other than Messrs. Mario J. Gabelli and Christopher J. Marangi, are Independent Directors and the Board
believes it is able to provide effective oversight of the Fund&rsquo;s service providers. In addition to providing feedback and
direction during Board meetings, the Independent Directors meet regularly in executive session and chair all committees of the
Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.05pt">The Fund&rsquo;s
operations entail a variety of risks, including investment, administration, valuation, and a range of compliance matters. Although
the Adviser, the sub-administrator, and the officers of the Fund are responsible for managing these risks on a day to day basis
within the framework of their established risk management functions, the Board also addresses risk management of the Fund through
its meetings and those of the committees and working groups. As part of its general oversight, the Board reviews with the Adviser
at Board meetings the levels and types of risks, including options risk being undertaken by the Fund, and the Audit Committee discusses
the Fund&rsquo;s risk management and controls with the independent registered public accounting firm engaged by the Fund. The Board
reviews valuation policies and procedures and the valuations of specific illiquid securities. The Board also receives periodic
reports from the Fund&rsquo;s Chief Compliance Officer regarding compliance matters relating to the Fund and its major service
providers, including results of the implementation and testing of the Fund&rsquo;s and such providers&rsquo; compliance programs.
The Board&rsquo;s oversight function is facilitated by management reporting processes designed to provide visibility to the Board
regarding the identification, assessment and management of critical risks, and the controls and policies and procedures used to
mitigate those risks. The Board reviews its role in supervising the Fund&rsquo;s risk management from time to time and may make
changes at its discretion at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Board has determined
that its leadership structure is appropriate for the Fund because it enables the Board to exercise informed and independent judgment
over matters under its purview, allocates responsibility among committees in a manner that fosters effective oversight, and allows
the Board to devote appropriate resources to specific issues in a flexible manner as they arise. The Board periodically reviews
its leadership structure as well as its overall structure, composition, and functioning, and may make changes at its discretion
at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Beneficial Ownership of Shares Held in the Fund and the Family
of Investment Companies for each Director and Nominee for Election as Director</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Set forth in the table
below is the dollar range of equity securities in the Fund beneficially owned by each Director and nominee for election as Director
and the aggregate dollar range of equity securities in the Fund Complex beneficially owned by each Director and nominee for election
as Director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dollar Range of Equity </B></FONT></TD>
    <TD STYLE="width: 35%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Aggregate Dollar Range of Equity</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Securities Held </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Securities Held in the</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Name of Director/Nominee</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>in the Fund*<SUP>(1)</SUP></U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Family of Investment
    Companies*<SUP>(1)(2)</SUP></U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>INTERESTED DIRECTORS/NOMINEES:</U></B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mario J. Gabelli</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher J. Marangi</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>INDEPENDENT DIRECTORS/NOMINEES:</U></B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anthony J. Colavita</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">James P. Conn</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Frank J. Fahrenkopf, Jr.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kuni Nakamura</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anthony R. Pustorino</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Werner J. Roeder, M.D.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Salvatore J. Zizza</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Key to Dollar Ranges</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">A.</TD><TD STYLE="text-align: justify">None</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">B.</TD><TD STYLE="text-align: justify">$1 &ndash; $10,000</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">C.</TD><TD STYLE="text-align: justify">$10,001 &ndash; $50,000</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">D.</TD><TD STYLE="text-align: justify">$50,001 &ndash; $100,000</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">E.</TD><TD STYLE="text-align: justify">Over $100,000</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">All</TD><TD STYLE="text-align: justify">shares were valued as of December 31, 2018.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">This information has been furnished by each Director and
nominee for election as Director as of December 31, 2018. &ldquo;Beneficial Ownership&rdquo; is determined in accordance with
Rule 16a-l(a)(2) of the 1934 Act.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">The term &ldquo;Family of Investment Companies&rdquo; includes
two or more registered funds that share the same investment adviser or principal underwriter and hold themselves out to investors
as related companies for purposes of investment and investor services. Currently, the registered funds that comprise the &ldquo;Fund
Complex&rdquo; are identical to those that comprise the &ldquo;Family of Investment Companies.&rdquo;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Set forth in the table below, with respect
to each Director, nominee for election as Director and executive officer of the Fund, is the amount of shares beneficially owned
by such person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 29%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount and Nature of </B></FONT></TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percent of Shares </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Name of Director/Nominee/Officer</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Beneficial
    Ownership<SUP>(1)</SUP></U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Outstanding<SUP>(2)</SUP></U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>INTERESTED DIRECTORS/NOMINEES: </U></B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mario J. Gabelli</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,776,167<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher J. Marangi</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">885</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,000 Series E</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>INDEPENDENT DIRECTORS/NOMINEES: </U></B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anthony J. Colavita</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,030<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">James P. Conn</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33,120</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Frank J. Fahrenkopf, Jr.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kuni Nakamura</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,213</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anthony R. Pustorino</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,461<SUP>(5)</SUP></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Werner J. Roeder</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Salvatore J. Zizza</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,588</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,719 Series B</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>EXECUTIVE OFFICERS:</U></B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bruce N. Alpert</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">184</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,000 Series B<SUP>(6)</SUP></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,000 Series E<SUP>(7)</SUP></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John C. Ball</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andrea R. Mango</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agnes Mullady</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Richard J. Walz</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">This information has been furnished by each Director, including
each nominee for election as Director, and executive officer as of December 31, 2018. &ldquo;Beneficial Ownership&rdquo; is determined
in accordance with Rule 13d-3 of the 1934 Act. Reflects ownership of Common Stock unless otherwise noted.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">An asterisk indicates that the ownership amount constitutes
less than 1% of the total shares outstanding. The ownership of the Directors, including nominees for election as Director, and
executive officers as a group constitutes 7.4% of the total Common Stock outstanding and less than 1.0% of the total Preferred
Stock outstanding.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: justify">Comprised of 754,263 shares of Common Stock owned directly
by Mr. Gabelli, 19,702 shares of Common Stock owned by a family partnership for which Mr. Gabelli serves as general partner, 26,667
shares of Common Stock owned by GPJ Retirement Partners, LLC in which Mr. Gabelli has less than 100% interest and disclaims beneficial
ownership of the shares held by this entity which are in excess of this indirect, pecuniary interest, and 975,535 shares of Common
Stock owned by GAMCO Investors, Inc. or its affiliates.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in; text-align: left">(4)</TD><TD STYLE="text-align: justify">All 5,030 shares of Common Stock are owned by Mr. Colavita&rsquo;s
spouse for which he disclaims beneficial ownership.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in; text-align: left">(5)</TD><TD STYLE="text-align: justify">Includes 2,648 shares of Common Stock owned by Mr. Pustorino&rsquo;s
spouse for which he disclaims beneficial ownership.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in; text-align: left">(6)</TD><TD STYLE="text-align: justify">All 3,000 shares of Series B Preferred Stock are owned
by Mr. Alpert&rsquo;s spouse for which he disclaims beneficial ownership.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in; text-align: left">(7)</TD><TD STYLE="text-align: justify">Includes 2,000 shares of Series E Preferred Stock owned
by Mr. Alpert&rsquo;s spouse for which he disclaims beneficial ownership.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Set forth in the table
below is the amount of interests beneficially owned by each Independent Director, nominee for election as an Independent Director
or his or her family member, as applicable, in a person, other than a registered investment company, that may be deemed to be controlled
by the Fund&rsquo;s Adviser and/or affiliates (including Mario J. Gabelli) and in that event would be deemed to be under common
control with the Fund&rsquo;s Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Name of Independent </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Director/Nominee</U></B></P></TD>
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Name of Owner and</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Relationships to </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Director/Nominee</U></B></P></TD>
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Company</U></B></P></TD>
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Title of Class</U></B></P></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Value of </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Interests<SUP>(1)</SUP></U></B></P></TD>
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Percent of </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Class<SUP>(2)</SUP></U></B></P></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anthony J. Colavita</FONT></TD>
    <TD STYLE="text-align: center; width: 14%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Same</FONT></TD>
    <TD STYLE="text-align: center; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The LGL Group, Inc.</FONT></TD>
    <TD STYLE="text-align: center; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,238</FONT></TD>
    <TD STYLE="text-align: center; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anthony J. Colavita</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Family</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gabelli Associates Fund</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Membership Interests</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,004,858</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Frank J. Fahrenkopf, Jr.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Same</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gabelli Associates Limited II E</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Membership Interests</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,248,346</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.36%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kuni Nakamura</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Same</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The LGL Group, Inc.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,590</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Salvatore J. Zizza</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Same</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gabelli Associates Fund</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Membership Interests</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,407,180</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.18%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Salvatore J. Zizza</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Same</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gabelli Performance Partnership L.P.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited Partner Interests</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">302,307</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">This information has been furnished as of December 31,
2018.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">An asterisk indicates that the ownership amount constitutes
less than 1% of the total interests outstanding.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt">The Fund
pays each Independent Director an annual retainer of $6,000 plus $500 for each Board meeting attended and each Independent Director
is reimbursed by the Fund for any out of pocket expenses incurred in attending meetings. All Board committee members receive $1,000
per meeting attended, the Audit Committee Chairman receives an annual fee of $3,000, the Nominating Committee Chairman, and the
Lead Independent Director each receive an annual fee of $2,000. A Director may receive a single meeting fee, allocated among the
participating funds, for participation in certain meetings on behalf of multiple funds. The aggregate remuneration (excluding out
of pocket expenses) paid by the Fund to such Directors during the fiscal year ended December 31, 2018, amounted to $70,773. During
the fiscal year ended December 31, 2018, the Directors of the Fund met four times, all of which were regular quarterly Board meetings.
Each Director then serving in such capacity attended at least 75% of the Board meetings and of any committee of which he is a member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt"><B>The Audit Committee and Audit Committee Report</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt">The role
of the Fund&rsquo;s Audit Committee is to assist the Board of Directors in its oversight of (i) the quality and integrity of the
Fund&rsquo;s financial statement reporting process and the independent audit and reviews thereof; (ii) the Fund&rsquo;s accounting
and financial reporting policies and practices, its internal controls, and, as appropriate, the internal controls of certain of
its service providers; (iii) the Fund&rsquo;s compliance with legal and regulatory requirements; and (iv) the independent registered
public accounting firm&rsquo;s qualifications, independence, and performance. The Audit Committee also is required to prepare an
audit committee report pursuant to the rules of the SEC for inclusion in the Fund&rsquo;s annual proxy statement. The Audit Committee
operates pursuant to the Audit Committee Charter (the &ldquo;Audit Charter&rdquo;) that was most recently reviewed and approved
by the Board of Directors on February 20, 2019. The Audit Charter is available in the Closed-End Funds &ndash; Corporate Governance
section on the Fund&rsquo;s website at www.gabelli.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt">Pursuant
to the Audit Charter, the Audit Committee is responsible for conferring with the Fund&rsquo;s independent registered public accounting
firm, reviewing annual financial statements, approving the selection of the Fund&rsquo;s independent registered public accounting
firm, and overseeing the Fund&rsquo;s internal controls. The Audit Charter also contains provisions relating to the pre-approval
by the Audit Committee of audit and non-audit services to be provided by PricewaterhouseCoopers LLP (&ldquo;PricewaterhouseCoopers&rdquo;)
to the Fund and to the Adviser and certain of its affiliates. The Audit Committee advises the full Board with respect to accounting,
auditing, and financial matters affecting the Fund. As set forth in the Audit Charter, management is responsible for maintaining
appropriate systems for accounting and internal control, and the Fund&rsquo;s independent registered public accounting firm is
responsible for planning and carrying out proper audits and reviews. The independent registered public accounting firm is ultimately
accountable to the Board of Directors and to the Audit Committee, as representatives of stockholders. The independent registered
public accounting firm for the Fund reports directly to the Audit Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt">In performing
its oversight function, at a meeting held on February 19, 2019, the Audit Committee reviewed and discussed with management of the
Fund and PricewaterhouseCoopers, the Fund&rsquo;s independent registered public accounting firm for the fiscal year ended December
31, 2018, the audited financial statements of the Fund as of and for the fiscal year ended December 31, 2018, and the conduct of
the audit of such financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.05pt">In addition, the
Audit Committee discussed with PricewaterhouseCoopers the accounting principles applied by the Fund and such other matters brought
to the attention of the Audit Committee by PricewaterhouseCoopers as required by Auditing Standard No. 16, as amended (AICPAAU-C
Section 260), as adopted by the Public Company Accounting Oversight Board (United States) (&ldquo;PCAOB&rdquo;). The Audit Committee
also received from PricewaterhouseCoopers the written disclosures and statements required by the SEC&rsquo;s independence rules,
delineating relationships between PricewaterhouseCoopers and the Fund, and discussed the impact that any such relationships might
have on the objectivity and independence of PricewaterhouseCoopers as the Fund&rsquo;s independent registered public accounting
firm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">As set forth above,
and as more fully set forth in the Charter, the Audit Committee has significant duties and powers in its oversight role with respect
to the Fund&rsquo;s financial reporting procedures, internal control systems, and the independent audit process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The members of the Audit
Committee are not, and do not represent themselves to be, professionally engaged in the practice of auditing or accounting and
are not employed by the Fund for accounting, financial management, or internal control purposes. Moreover, the Audit Committee
relies on and makes no independent verification of the facts presented to it or representations made by management or the Fund&rsquo;s
independent registered public accounting firm. Accordingly, the Audit Committee&rsquo;s oversight does not provide an independent
basis to determine that management has maintained appropriate accounting and/or financial reporting principles and policies, or
internal controls and procedures, designed to assure compliance with accounting standards and applicable laws and regulations.
Furthermore, the Audit Committee&rsquo;s considerations and discussions referred to above do not provide assurance that the audit
of the Fund&rsquo;s financial statements has been carried out in accordance with the standards of the PCAOB or that the financial
statements are presented in accordance with generally accepted accounting principles (United States).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Based on its consideration
of the audited financial statements and the discussions referred to above with management and PricewaterhouseCoopers, and subject
to the limitations on the responsibilities and role of the Audit Committee set forth in the Audit Charter and those discussed above,
the Audit Committee recommended to the Fund&rsquo;s Board of Directors that the Fund&rsquo;s audited financial statements be included
in the Fund&rsquo;s Annual Report for the fiscal year ended December 31, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Submitted by the Audit Committee of the Fund&rsquo;s Board
of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Anthony R. Pustorino, Chairman</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Werner J. Roeder, M.D.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Salvatore J. Zizza</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February 19, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Audit Committee
met two times during the fiscal year ended December 31, 2018. The Audit Committee is composed of three of the Fund&rsquo;s Independent
Directors, namely Messrs. Pustorino (Chairman), Roeder, and Zizza. Each member of the Audit Committee has been determined by the
Board of Directors to be financially literate, and independent as independence is defined in the listing standards of the NYSE.
Mr. Pustorino has been designated as the Fund&rsquo;s audit committee financial expert, as defined in Items 407 (d)(5)(ii) and
(iii) of Regulation S-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Nominating Committee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Board of Directors
has a Nominating Committee composed of three Independent Directors, Messrs. Nakamura (Chairman), Colavita, and Zizza, all of whom
are independent as independence as determined under guidelines of the NYSE. The Nominating Committee met one time during the fiscal
year ended December 31, 2018. The Nominating Committee is responsible for identifying and recommending qualified candidates to
the Board in the event that a position is vacated or created. The Nominating Committee will consider recommendations by stockholders
if a vacancy were to exist. In considering candidates submitted by stockholders, the Nominating Committee will take into consideration
the needs of the Board, the qualifications of the candidate, and the interests of stockholders. The Nominating Committee may also
take into consideration the number of shares held by the recommending stockholder and the length of time that such shares have
been held. To recommend a candidate for consideration by the Nominating Committee, a stockholder must submit the recommendation
in writing and must include the following information:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.05pt"></TD><TD STYLE="width: 8.45pt">&bull;</TD><TD>The name of the stockholder and evidence of the stockholder&rsquo;s ownership of shares of the Fund, including the number of
shares owned and the length of time of ownership;</TD></TR>                                                           <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.05pt"></TD><TD STYLE="width: 8.45pt">&bull;</TD><TD STYLE="text-align: justify">The name of the candidate, the candidate&rsquo;s resume or a listing of his or her qualifications
to be a Director of the Fund, and the person&rsquo;s consent to be named as a Director if selected by the Nominating Committee
and nominated by the Board of Directors; and</TD></TR>                                                      <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.05pt"></TD><TD STYLE="width: 8.45pt">&bull;</TD><TD>If requested by the Nominating Committee, a completed and signed director&rsquo;s questionnaire.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The stockholder recommendation
and information described above must be sent to the Fund&rsquo;s Secretary, c/o Gabelli Funds, LLC, One Corporate Center, Rye,
NY 10580-1422, and must be received by the Secretary no less than 120 days, and no more than 150 days prior to the first anniversary
of the date of the proxy statement for the preceding year&rsquo;s annual meeting or, if the meeting has moved by more than thirty
days from the first anniversary of the date of the preceding year&rsquo;s annual meeting, no less than ten days following the date
on which public announcement of the date of such annual meeting is first made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Nominating Committee
believes that the minimum qualifications for serving as a Director of the Fund are that the individual demonstrate, by significant
accomplishment in his or her field, an ability to make a meaningful contribution to the Board of Directors&rsquo; oversight of
the business and affairs of the Fund and have an impeccable record and reputation for honest and ethical conduct in both his or
her professional and personal activities. In addition, the Nominating Committee examines a candidate&rsquo;s specific experiences
and skills, time availability in light of other commitments, potential conflicts of interest, and independence from management
and the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Nominating Committee
also considers the overall composition of the Board, bearing in mind the benefits that may be derived from having members who have
a variety of experiences, qualifications, attributes or skills useful in overseeing a publicly traded, highly regulated entity
such as the Fund. The Fund believes a nominee for Director should be at least twenty-one years of age and not older than such maximum
age, if any, as the Directors may determine, and shall not be under legal disability. The Directors have not determined a maximum
age. The Nominating Committee does not have a formal policy regarding the consideration of diversity in identifying trustee candidates.
For a discussion of experiences, qualifications, attributes, or skills supporting the appropriateness of each Director&rsquo;s
service on the Fund&rsquo;s Board, see the biographical information of the Directors above in the section entitled &ldquo;Information
about Directors and Officers.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund&rsquo;s Nominating Committee adopted a charter on May 12, 2004, and amended the charter
on November 17, 2004. The charter is available in the Closed-End Funds &ndash; Corporate Governance section on the Fund&rsquo;s
website at www.gabelli.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Other Board Related Matters</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The Board of Directors has established the
following procedures in order to facilitate communications among the Board and the stockholders of the Fund and other interested
parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Receipt of Communications</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Stockholders and other
interested parties may contact the Board or any member of the Board by mail or electronically. To communicate with the Board or
any member of the Board, correspondence should be addressed to the Board or the Board member(s) with whom you wish to communicate
by either name or title. All such correspondence should be sent to The Gabelli Multimedia Trust Inc., c/o Gabelli Funds, LLC, One
Corporate Center, Rye, NY 10580-1422. To communicate with the Board electronically, stockholders may go to the corporate website
at www.gabelli.com under the heading &ldquo;Contact Us/Email Addresses/Board of Directors (Gabelli Closed-End Funds).&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Forwarding the Communications</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">All communications received
will be opened by the office of the General Counsel of the Adviser for the sole purpose of determining whether the contents represent
a message to one or more Directors. The office of the General Counsel will forward promptly to the addressee(s) any contents that
relate to the Fund and that are not in the nature of advertising, promotions of a product or service, or patently offensive or
otherwise objectionable material. In the case of communications to the Board of Directors or any committee or group of members
of the Board, the General Counsel&rsquo;s office will make sufficient copies of the contents to send to each Director who is a
member of the group or committee to which the envelope or e-mail is addressed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; text-align: justify">The Fund does not expect Directors or nominees
for election as Director to attend the Meeting. No Director or nominee for election as Director attended the Fund&rsquo;s annual
meeting of stockholders held on May 14, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The following table
sets forth certain information regarding the compensation of the Directors by the Fund and officers, if any, who were compensated
by the Fund rather than the Adviser for the fiscal year ended December 31, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COMPENSATION
TABLE </B></FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FOR
THE FISCAL YEAR ENDED DECEMBER 31, 2018</B></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt/normal Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Aggregate<BR>
Compensation from</B></FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT><B>Aggregate</B> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Compensation from</B></FONT></P>

</TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>the Fund and<BR>
Fund Complex </B></FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Name of Person
    and Position</U></B></FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>the Fund</U></B></FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Paid to Directors*</U></B></FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>INTERESTED DIRECTORS/NOMINEES:</U></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Mario J. Gabelli </B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0)</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman and</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Investment Officer</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Christopher J. Marangi</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0)</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>INDEPENDENT DIRECTORS/NOMINEES:</U></B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Anthony J. Colavita </B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,500</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">271,124 </FONT></TD>
    <TD STYLE="text-align: right; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(30)</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>James P. Conn </B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">273,500 </FONT></TD>
    <TD STYLE="text-align: right; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(26)</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Frank J. Fahrenkopf, Jr. </B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">164,000</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(14)</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Kuni Nakamura </B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,273</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">328,108</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(37)</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Anthony R. Pustorino</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">131,000</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11)</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Werner J. Roeder</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">184,250</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(24)</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Salvatore J. Zizza</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">325,000</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(32)</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Represents the total compensation paid to such persons
during the fiscal year ended December 31, 2018, by investment companies (including the Fund) or portfolios that are part of the
Fund Complex. The number in parentheses represents the number of such investment companies and portfolios.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Required Vote</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The election of each
of the listed nominees for Director of the Fund requires the affirmative vote of the holders of a majority of the applicable class
or classes of shares of the Fund present in person or represented by proxy at the Meeting, provided a quorum is present.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><B>THE BOARD OF DIRECTORS,
INCLUDING THE INDEPENDENT DIRECTORS, UNANIMOUSLY RECOMMENDS THAT THE STOCKHOLDERS VOTE &ldquo;FOR&rdquo; THE ELECTION OF EACH APPLICABLE
NOMINEE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Independent Registered Public Accounting Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">PricewaterhouseCoopers,
300 Madison Avenue, New York, New York 10017, has been selected to serve as the Fund&rsquo;s independent registered public accounting
firm for the fiscal year ending December 31, 2019. PricewaterhouseCoopers acted as the Fund&rsquo;s independent registered public
accounting firm for the fiscal year ended December 31, 2018. The Fund knows of no direct financial or material indirect financial
interest of PricewaterhouseCoopers in the Fund. A representative of PricewaterhouseCoopers will not be present at the Meeting,
but will be available by telephone and will have an opportunity to make a statement, if asked, and will be available to respond
to appropriate questions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Set forth in the table
below are audit fees and non-audit related fees billed to the Fund by PricewaterhouseCoopers for professional services received
during and for the fiscal years ended December 31, 2017 and 2018, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fiscal Year Ended </B></FONT></TD>
    <TD STYLE="width: 17%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Audit </B></FONT></TD>
    <TD STYLE="width: 17%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 21%; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>December 31
    </U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Audit Fees
    </U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Related Fees</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Tax Fees*</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>All Other Fees
    </U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$44,166</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$4,100</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$50,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$44,166</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$4,100</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">&ldquo;Tax Fees&rdquo; are those fees billed by PricewaterhouseCoopers
in connection with tax compliance services, including primarily the review of the Fund&rsquo;s income tax returns.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.05pt; text-indent: -13.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund&rsquo;s Audit
Charter requires that the Audit Committee pre-approve all audit and non-audit services to be provided by the independent registered
public accounting firm to the Fund, and all non-audit services to be provided by the independent registered public accounting firm
to the Fund&rsquo;s Adviser and service providers controlling, controlled by, or under common control with the Fund&rsquo;s Adviser
(&ldquo;affiliates&rdquo;) that provide ongoing services to the Fund (a &ldquo;Covered Services Provider&rdquo;), if the engagement
relates directly to the operations and financial reporting of the Fund. The Audit Committee may delegate its responsibility to
pre-approve any such audit and permissible non-audit services to the Chairman of the Audit Committee, and the Chairman must report
his decision(s) to the Audit Committee at its next regularly scheduled meeting after the Chairman&rsquo;s pre-approval of such
services. The Audit Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services
in accordance with applicable laws, including the delegation of some or all of the Audit Committee&rsquo;s pre-approval responsibilities
to other persons (other than the Adviser or the Fund&rsquo;s officers). Pre-approval by the Audit Committee of any permissible
non-audit services is not required so long as: (i) the aggregate amount of all such permissible non-audit services provided to
the Fund, the Adviser, and any Covered Services Provider constitutes not more than 5% of the total amount of revenues paid by the
Fund to its independent registered public accounting firm during the year in which the permissible non-audit services are provided;
(ii) the permissible non-audit services were not recognized by the Fund at the time of the engagement to be non-audit services;
and (iii) such services are promptly brought to the attention of the Audit Committee and approved by the Audit Committee or the
Chairman prior to the completion of the audit. All of the audit, audit related, and tax services described above for which PricewaterhouseCoopers
billed the Fund fees for the fiscal years ended December 31, 2017 and December 31, 2018, were pre-approved by the Audit Committee.
All other fees for the fiscal year ended December 31, 2017 reflected in the table above represent services provided in review of
the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">For the fiscal years
ended December 31, 2017 and 2018, PricewaterhouseCoopers has represented to the Fund that it did not provide any non-audit services
(or bill any fees for such services) to the Adviser or any Covered Services Provider.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Audit Committee
was not required to consider whether the provision of non-audit services that were rendered to the Adviser or Covered Service Providers
that were not pre-approved was compatible with maintaining PricewaterhouseCoopers&rsquo; independence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt"><B>The Investment Adviser and Administrator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Gabelli Funds, LLC is the Fund&rsquo;s Adviser
and Administrator and its business address is One Corporate Center, Rye, New York 10580-1422.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 16(a) Beneficial Ownership Reporting Compliance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Section 16(a) of the
1934 Act and Section 30(h) of the 1940 Act, and the rules thereunder, require the Fund&rsquo;s executive officers and Directors,
executive officers and directors of the Adviser, certain other affiliated persons of the Adviser, and persons who own more than
10% of a registered class of the Fund&rsquo;s securities to file reports of ownership and changes in ownership with the SEC and
the NYSE and to furnish the Fund with copies of all Section 16(a) forms they file. Based solely on the Fund&rsquo;s review of the
copies of such forms it received, if any, for the fiscal year ended December 31, 2018, the Fund believes that during the year such
persons complied with all such applicable filing requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Broker Non-Votes and Abstentions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">For purposes of determining
the presence of a quorum for transacting business related to the Proposal at the Meeting, abstentions, if any, will be treated
as shares that are present. Accordingly, for purposes of counting votes, shares represented by abstentions will have the same effect
as votes against the Proposal, for which the required vote is a majority of all the votes present for each nominee. Since banks
and brokers will have discretionary authority to vote shares in the absence of voting instructions from stockholders with respect
to the Proposal, there will be no broker &ldquo;non-votes&rdquo; (that is, proxies from brokers or nominees indicating that such
persons have not received instructions from the beneficial owner or other persons entitled to vote shares on a particular matter
with respect to which the brokers or nominees do not have discretionary voting power).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The affirmative vote
of a majority of votes present for each nominee at the Meeting, in person or by proxy, at which a quorum is present, is necessary
for the election of a Director. Abstentions will have the same effect as votes against as to the election of each Director-nominee,
although they will be considered present for the purpose of determining the presence of a quorum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Stockholders of the Fund will be informed
of the voting results of the Meeting in the Fund&rsquo;s Semiannual Report for the six months ending June 30, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&ldquo;Householding&rdquo;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Please note that only
one document <I>(i.e., </I>an annual or semiannual report or set of proxy soliciting materials) may be delivered to two or more
stockholders of the Fund who share an address, unless the Fund has received instructions to the contrary. To request a separate
copy of a document, or for instructions regarding how to request a separate copy of these documents or regarding how to request
a single copy if multiple copies of these documents are received, stockholders should contact the Fund at the address and phone
number set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 100.3pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 100.3pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>OTHER MATTERS TO COME BEFORE THE MEETING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 100.3pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Directors of the
Fund do not intend to present any other business at the Meeting, nor are they aware that any stockholder intends to do so. If,
however, any other matters are properly brought before the Meeting, the persons named in the accompanying proxy will vote thereon
in accordance with their discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 107.75pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 107.75pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>STOCKHOLDER NOMINATIONS AND PROPOSALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 107.75pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">All proposals by stockholders
of the Fund that are intended to be presented at the Fund&rsquo;s next Annual Meeting of Stockholders to be held in 2020 (the &ldquo;2020
Annual Meeting&rdquo;) must be received by the Fund for consideration for inclusion in the Fund&rsquo;s 2020 proxy statement and
proxy relating to that meeting no later than December 5, 2019. Rule 14a-8 under the 1934 Act (&ldquo;Rule 14a-8&rdquo;), specifies
a number of procedural and eligibility requirements to be satisfied by a stockholder submitting a proposal for inclusion in the
Fund&rsquo;s proxy materials pursuant to this Rule. Any stockholder contemplating submissions of such a proposal is referred to
Rule 14a-8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Fund&rsquo;s By-Laws
require stockholders that wish to nominate Directors or make proposals to be voted on at an Annual Meeting of the Fund&rsquo;s
Stockholders (and which are not proposed to be included in the Fund&rsquo;s proxy materials pursuant to Rule 14a-8 under the 1934
Act) to provide timely notice of the nomination or proposal in writing. To be considered timely for the 2020 Annual Meeting, any
such notice must be delivered to or mailed and received at the principal executive offices of the Fund at the address set forth
on the first page of this proxy statement no earlier than 9:00 a.m. Eastern time on November 5, 2019, and no later than 5:00 p.m.
Eastern time on December 5, 2019; provided, however, that if the 2020 Annual Meeting is to be held on a date that is earlier than
April 13, 2020, or later than June 12, 2020, such notice must be received by the Fund no later than 5:00 p.m. Eastern time on the
tenth day following the date on which public announcement of the date of the 2020 Annual Meeting was first made. Any such notice
by a stockholder shall set forth the information required by the Fund&rsquo;s By-Laws with respect to each nomination or matter
the stockholder proposes to bring before the 2020 Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt"><B>IT IS IMPORTANT THAT PROXIES BE RETURNED PROMPTLY.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><B>STOCKHOLDERS MAY
PROVIDE THEIR VOTE BY TELEPHONE OR THE INTERNET BY FOLLOWING THE INSTRUCTIONS ACCOMPANYING THE PROXY CARD, VOTING INSTRUCTION FORM
OR SET FORTH IN THE NOTICE OF INTERNET AVAILABILITY OF PROXY MATERIALS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 3, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right">GGT-PS-2019</P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B><I>PROXY
    TABULATOR</I></B></FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><BR>
    <FONT STYLE="color: #221E1F"><B><I>P.O. BOX 9112</I></B></FONT></FONT></TD>
    <TD ROWSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="internet.jpg" ALT="" STYLE="width: 39px; height: 31px"></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Internet</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>FARMINGDALE,
    NY 11735</I></B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement and have the proxy card <FONT STYLE="color: #221E1F">below at hand.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Go
    to website <FONT STYLE="color: #221E1F"><B>www.proxyvote.com</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Follow
    the instructions provided on the website.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="telephone.jpg" ALT=""></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Telephone</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement and have the proxy card <FONT STYLE="color: #221E1F">below at hand.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Call
    <FONT STYLE="color: #221E1F"><B>1-800-690-6903</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Follow
    the instructions.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="5" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="mail.jpg" ALT=""></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Mail</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Check
    the appropriate box on the proxy card below.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sign
    and date the proxy card.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">4)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Return
    the proxy card in the envelope provided.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<DIV ALIGN="LEFT">

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="margin-left: 0pt; border-collapse: collapse">



 <TR STYLE="height: 12.6pt">

        <TD COLSPAN="2" STYLE="height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="ARIAL" STYLE="font-size: 7pt">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</FONT></P> </TD>

        <TD STYLE="height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>



 <TR STYLE="height: 12.6pt">

        <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt dashed; height: 12.6pt">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-family: ARIAL; font-size: 7pt">E64392-P20562</FONT></P> </TD>

        <TD STYLE="border-bottom: black 1.5pt dashed; height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"> <FONT FACE="ARIAL" STYLE="font-size: 7pt">KEEP THIS PORTION FOR YOUR RECORDS</FONT></P> </TD> </TR>

 <TR>

        <TD WIDTH="24%" VALIGN="BOTTOM">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="40%" VALIGN="BOTTOM">

                        <P STYLE="margin: 0in 1.45pt 0in 0in; text-indent: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="34%" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="ARIAL" STYLE="font-size: 7pt">DETACH AND RETURN THIS PORTION ONLY</FONT></P> </TD> </TR>

 <TR>

        <TD></TD>

                    <TD></TD>

        <TD></TD> </TR> </TABLE>

            </DIV>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<DIV ALIGN="LEFT">

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="border-collapse: collapse">

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-left: black 2.25pt solid; border-bottom-style: none; border-right-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="13" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-family: ARIAL; font-size: 9pt"><B>THE
GABELLI MULTIMEDIA TRUST INC.</B></FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="13" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-family: ARIAL; font-size: 9pt"><B>COMMON
STOCKHOLDER</B></FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="MIDDLE" ROWSPAN="2" STYLE="background-color: black">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT COLOR="#FFFFFF"><B><FONT FACE="ARIAL" STYLE="font-size: 15pt">A</FONT></B></FONT></P> </TD>

        <TD COLSPAN="8" ROWSPAN="2" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">Election of Directors &#151; The Board of Directors recommends a vote <U>FOR</U> each of the nominees listed.</FONT></B></P> </TD>

        <TD ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" ROWSPAN="2" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">For</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">All</FONT></B></P> </TD>

        <TD ROWSPAN="2" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">Withhold</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">All</FONT></B></P> </TD>

        <TD ROWSPAN="2" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">For All</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">Except</FONT></B></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="3" ROWSPAN="4" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 7pt">To withhold authority to vote for any individual&nbsp;nominee(s), mark &#147;For All Except&#148; and write the&nbsp;name(s)&nbsp;of the nominee(s) on the line below.</FONT></P> </TD>

        <TD ROWSPAN="4" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P>

                        </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P></TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">1.</FONT></P> </TD>

        <TD COLSPAN="7" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">To
                      elect two (2) Directors of the Fund:</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="7" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

        <TD ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

        <TD ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="7" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 8pt">Nominees:</FONT></B></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM" STYLE="border-bottom: black 1.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="7" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">01)</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-family: Arial; font-size: 8pt">Mario
J. Gabelli</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">02)</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-family: Arial; font-size: 8pt">Christopher
J. Marangi</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>



<TR>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT COLOR="#FFFFFF"><B><FONT FACE="ARIAL" STYLE="font-size: 15pt">B</FONT></B></FONT></P> </TD>

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                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 8pt">Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Sign and Date Below</FONT></B></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">Please sign this proxy exactly as your name(s) appear(s) in the records of the Fund. If joint owners, either may sign. Trustees and other fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title.</FONT></P> </TD>

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<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><B><FONT FACE="Arial" STYLE="font-size: 10pt">Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</FONT></B></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><FONT FACE="Arial" STYLE="font-size: 10pt">The Notice and Proxy Statement is available at www.proxyvote.com.</FONT></P>

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<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&#9660;&nbsp;&nbsp;&nbsp;</FONT><B><FONT FACE="ARIAL" STYLE="font-size: 8pt">PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</FONT></B><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&#9660;</FONT></P>

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  <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-family: ARIAL; font-size: 7pt">E64393-P20562</FONT></P> </TD> </TR></TABLE>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

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                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>THE
                                         GABELLI MULTIMEDIA TRUST INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>This
proxy is solicited on behalf of the Board of Directors </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
undersigned hereby appoints Mario J. Gabelli, Andrea R. Mango and Agnes Mullady, and each of them, attorneys and proxies of the
undersigned, with full powers of substitution and revocation, to represent the undersigned and to vote on behalf of the undersigned
all shares of The Gabelli Multimedia Trust Inc. (the &quot;Fund&quot;), which the undersigned is entitled to vote at the Annual
Meeting of Stockholders of the Fund to be held at The Cole Auditorium, The Greenwich Library, 101 West Putnam Avenue, Greenwich,
Connecticut 06830 on Monday, May 13, 2019, at 11:30 a.m., and at any adjournments thereof (the &quot;Meeting&quot;). The undersigned
hereby acknowledges receipt of the Notice of Meeting and Proxy Statement and hereby instructs said attorneys and proxies to vote
said shares as indicated herein. In their discretion, the proxies are authorized to vote upon such other business as may properly
come before the Meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">A
majority of the proxies present and acting at the Meeting in person or by substitute (or, if only one shall be so present, then
that one) shall have and may exercise all of the power and authority of said proxies hereunder. The undersigned hereby revokes
any proxy previously given.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">This
proxy, if properly executed, will be voted in the manner directed by the undersigned stockholder. If no direction is made, this
proxy will be voted <B>FOR </B>the election of the nominees as Directors and in the discretion of the proxy holder as to any other
matter that may properly come before the Meeting. Please refer to the Proxy Statement for a discussion of Proposal No. 1.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F">&nbsp;</P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="ARIAL" STYLE="font-size: 9pt">PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</FONT></B></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 0.5pt solid; border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom: black 2.25pt solid; border-right-style: none">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 2.25pt solid; border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 </TABLE>

</DIV>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B><I>PROXY
    TABULATOR</I></B></FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><BR>
    <FONT STYLE="color: #221E1F"><B><I>P.O. BOX 9112</I></B></FONT></FONT></TD>
    <TD ROWSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="internet.jpg" ALT="" STYLE="width: 39px; height: 31px"></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Internet</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>FARMINGDALE,
    NY 11735</I></B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement and have the proxy card <FONT STYLE="color: #221E1F">below at hand.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Go
    to website <FONT STYLE="color: #221E1F"><B>www.proxyvote.com</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Follow
    the instructions provided on the website.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="telephone.jpg" ALT=""></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Telephone</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement and have the proxy card <FONT STYLE="color: #221E1F">below at hand.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Call
    <FONT STYLE="color: #221E1F"><B>1-800-690-6903</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Follow
    the instructions.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="5" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="mail.jpg" ALT=""></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Mail</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Check
    the appropriate box on the proxy card below.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sign
    and date the proxy card.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">4)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Return
    the proxy card in the envelope provided.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></P>

<DIV ALIGN="LEFT">

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="margin-left: 0pt; border-collapse: collapse">



 <TR STYLE="height: 12.6pt">

        <TD COLSPAN="2" STYLE="height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="ARIAL" STYLE="font-size: 7pt">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</FONT></P> </TD>

        <TD STYLE="height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>



 <TR STYLE="height: 12.6pt">

        <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt dashed; height: 12.6pt">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-family: ARIAL; font-size: 7pt">E64394-P20562</FONT></P> </TD>

        <TD STYLE="border-bottom: black 1.5pt dashed; height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"> <FONT FACE="ARIAL" STYLE="font-size: 7pt">KEEP THIS PORTION FOR YOUR RECORDS</FONT></P> </TD> </TR>

 <TR>

        <TD WIDTH="24%" VALIGN="BOTTOM">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="40%" VALIGN="BOTTOM">

                        <P STYLE="margin: 0in 1.45pt 0in 0in; text-indent: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="34%" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="ARIAL" STYLE="font-size: 7pt">DETACH AND RETURN THIS PORTION ONLY</FONT></P> </TD> </TR>

 <TR>

        <TD></TD>

                    <TD></TD>

        <TD></TD> </TR> </TABLE>

            </DIV>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<DIV ALIGN="LEFT">

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="border-collapse: collapse">

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-left: black 2.25pt solid; border-bottom-style: none; border-right-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="13" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-family: ARIAL; font-size: 9pt"><B>THE
GABELLI MULTIMEDIA TRUST INC.</B></FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="13" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-family: ARIAL; font-size: 9pt"><B>SERIES B PREFERRED
STOCKHOLDER</B></FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT COLOR="#FFFFFF"><B><FONT FACE="ARIAL" STYLE="font-size: 15pt">A</FONT></B></FONT></P> </TD>

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                      <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">Election of Directors &#151; The Board of Directors recommends a vote <U>FOR</U> each of the nominees listed.</FONT></B></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">For</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">All</FONT></B></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">Withhold</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">All</FONT></B></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">For All</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">Except</FONT></B></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 7pt">To withhold authority to vote for any individual&nbsp;nominee(s), mark &#147;For All Except&#148; and write the&nbsp;name(s)&nbsp;of the nominee(s) on the line below.</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">1.</FONT></P> </TD>

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                      <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">To
                      elect three (3) Directors of the Fund:</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

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                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 8pt">Nominees:</FONT></B></P> </TD>

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                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">01)</FONT></P> </TD>

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                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 8pt Arial">Mario
J. Gabelli</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">02)</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-family: Arial; font-size: 8pt">Christopher
J. Marangi</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">03)</FONT></P> </TD>

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                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-family: Arial; font-size: 8pt">Anthony
J. Colavita</FONT></P> </TD>

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                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 8pt">Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Sign and Date Below</FONT></B></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">Please sign this proxy exactly as your name(s) appear(s) in the records of the Fund. If joint owners, either may sign. Trustees and other fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title.</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 6pt">Signature [PLEASE SIGN WITHIN BOX]</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 6pt">Date</FONT></P> </TD>

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<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><B><FONT FACE="Arial" STYLE="font-size: 10pt">Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</FONT></B></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><FONT FACE="Arial" STYLE="font-size: 10pt">The Notice and Proxy Statement is available at www.proxyvote.com.</FONT></P>

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<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&#9660;&nbsp;&nbsp;&nbsp;</FONT><B><FONT FACE="ARIAL" STYLE="font-size: 8pt">PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</FONT></B><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&#9660;</FONT></P>

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  <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-family: ARIAL; font-size: 7pt">E64395-P20562</FONT></P> </TD> </TR></TABLE>

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                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD WIDTH="2%" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="47%" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="47%" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="3%" VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>THE
                                         GABELLI MULTIMEDIA TRUST INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>This
proxy is solicited on behalf of the Board of Directors </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
undersigned hereby appoints Mario J. Gabelli, Andrea R. Mango and Agnes Mullady, and each of them, attorneys and proxies of the
undersigned, with full powers of substitution and revocation, to represent the undersigned and to vote on behalf of the undersigned
all shares of The Gabelli Multimedia Trust Inc. (the &quot;Fund&quot;), which the undersigned is entitled to vote at the Annual
Meeting of Stockholders of the Fund to be held at The Cole Auditorium, The Greenwich Library, 101 West Putnam Avenue, Greenwich,
Connecticut 06830 on Monday, May 13, 2019, at 11:30 a.m., and at any adjournments thereof (the &quot;Meeting&quot;). The undersigned
hereby acknowledges receipt of the Notice of Meeting and Proxy Statement and hereby instructs said attorneys and proxies to vote
said shares as indicated herein. In their discretion, the proxies are authorized to vote upon such other business as may properly
come before the Meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">A
majority of the proxies present and acting at the Meeting in person or by substitute (or, if only one shall be so present, then
that one) shall have and may exercise all of the power and authority of said proxies hereunder. The undersigned hereby revokes
any proxy previously given.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">This
proxy, if properly executed, will be voted in the manner directed by the undersigned stockholder. If no direction is made, this
proxy will be voted <B>FOR </B>the election of the nominees as Directors and in the discretion of the proxy holder as to any other
matter that may properly come before the Meeting. Please refer to the Proxy Statement for a discussion of Proposal No. 1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F">&nbsp;</P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="ARIAL" STYLE="font-size: 9pt">PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</FONT></B></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 0.5pt solid; border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom: black 2.25pt solid; border-right-style: none">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 2.25pt solid; border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 </TABLE>

</DIV>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B><I>PROXY
    TABULATOR</I></B></FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><BR>
    <FONT STYLE="color: #221E1F"><B><I>P.O. BOX 9112</I></B></FONT></FONT></TD>
    <TD ROWSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="internet.jpg" ALT="" STYLE="width: 39px; height: 31px"></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Internet</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>FARMINGDALE,
    NY 11735</I></B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement and have the proxy card <FONT STYLE="color: #221E1F">below at hand.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Go
    to website <FONT STYLE="color: #221E1F"><B>www.proxyvote.com</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Follow
    the instructions provided on the website.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="telephone.jpg" ALT=""></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Telephone</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement and have the proxy card <FONT STYLE="color: #221E1F">below at hand.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Call
    <FONT STYLE="color: #221E1F"><B>1-800-690-6903</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Follow
    the instructions.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="5" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="mail.jpg" ALT=""></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Mail</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Check
    the appropriate box on the proxy card below.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sign
    and date the proxy card.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">4)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Return
    the proxy card in the envelope provided.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></P>

<DIV ALIGN="LEFT">

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="margin-left: 0pt; border-collapse: collapse">



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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="ARIAL" STYLE="font-size: 7pt">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</FONT></P> </TD>

        <TD STYLE="height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>



 <TR STYLE="height: 12.6pt">

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                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 7pt ARIAL">E64394-P20562</FONT></P> </TD>

        <TD STYLE="border-bottom: black 1.5pt dashed; height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"> <FONT FACE="ARIAL" STYLE="font-size: 7pt">KEEP THIS PORTION FOR YOUR RECORDS</FONT></P> </TD> </TR>

 <TR>

        <TD WIDTH="24%" VALIGN="BOTTOM">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin: 0in 1.45pt 0in 0in; text-indent: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="ARIAL" STYLE="font-size: 7pt">DETACH AND RETURN THIS PORTION ONLY</FONT></P> </TD> </TR>

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        <TD></TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 9pt ARIAL"><B>THE
GABELLI MULTIMEDIA TRUST INC.</B></FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 9pt ARIAL"><B>SERIES C PREFERRED
STOCKHOLDER</B></FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="MIDDLE" ROWSPAN="2" STYLE="background-color: black">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT COLOR="#FFFFFF"><B><FONT FACE="ARIAL" STYLE="font-size: 15pt">A</FONT></B></FONT></P> </TD>

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                      <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">Election of Directors &#151; The Board of Directors recommends a vote <U>FOR</U> each of the nominees listed.</FONT></B></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" ROWSPAN="2" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">For</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">All</FONT></B></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">Withhold</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">All</FONT></B></P> </TD>

        <TD ROWSPAN="2" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">For All</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">Except</FONT></B></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="3" ROWSPAN="4" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 7pt">To withhold authority to vote for any individual&nbsp;nominee(s), mark &#147;For All Except&#148; and write the&nbsp;name(s)&nbsp;of the nominee(s) on the line below.</FONT></P> </TD>

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                        </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD> </TR>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">1.</FONT></P> </TD>

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                      <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">To
                      elect three (3) Directors of the Fund:</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="7" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

        <TD ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 8pt">Nominees:</FONT></B></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

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        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">01)</FONT></P> </TD>

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                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 8pt Arial">Mario
J. Gabelli</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">02)</FONT></P> </TD>

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                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 8pt Arial">Christopher
J. Marangi</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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 <TR>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">03)</FONT></P> </TD>

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                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 8pt Arial">Anthony
J. Colavita</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 8pt">Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Sign and Date Below</FONT></B></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">Please sign this proxy exactly as your name(s) appear(s) in the records of the Fund. If joint owners, either may sign. Trustees and other fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title.</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 6pt">Signature [PLEASE SIGN WITHIN BOX]</FONT></P> </TD>

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<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font: 10pt Arial">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font: 10pt Arial">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font: 10pt Arial">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><B><FONT FACE="Arial" STYLE="font-size: 10pt">Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</FONT></B></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><FONT FACE="Arial" STYLE="font-size: 10pt">The Notice and Proxy Statement is available at www.proxyvote.com.</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&#9660;&nbsp;&nbsp;&nbsp;</FONT><B><FONT FACE="ARIAL" STYLE="font-size: 8pt">PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</FONT></B><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&#9660;</FONT></P>

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        <TD WIDTH="37%" VALIGN="BOTTOM" STYLE="border-top: black 1.5pt dashed">

  <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font: 7pt ARIAL">E64395-P20562</FONT></P> </TD> </TR></TABLE>

</DIV>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

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                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

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        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>THE
                                         GABELLI MULTIMEDIA TRUST INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>This
proxy is solicited on behalf of the Board of Directors </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">The
undersigned hereby appoints Mario J. Gabelli, Andrea R. Mango and Agnes Mullady, and each of them, attorneys and proxies of the
undersigned, with full powers of substitution and revocation, to represent the undersigned and to vote on behalf of the undersigned
all shares of The Gabelli Multimedia Trust Inc. (the &quot;Fund&quot;), which the undersigned is entitled to vote at the Annual
Meeting of Stockholders of the Fund to be held at The Cole Auditorium, The Greenwich Library, 101 West Putnam Avenue, Greenwich,
Connecticut 06830 on Monday, May 13, 2019, at 11:30 a.m., and at any adjournments thereof (the &quot;Meeting&quot;). The undersigned
hereby acknowledges receipt of the Notice of Meeting and Proxy Statement and hereby instructs said attorneys and proxies to vote
said shares as indicated herein. In their discretion, the proxies are authorized to vote upon such other business as may properly
come before the Meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">A
majority of the proxies present and acting at the Meeting in person or by substitute (or, if only one shall be so present, then
that one) shall have and may exercise all of the power and authority of said proxies hereunder. The undersigned hereby revokes
any proxy previously given.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F; text-align: justify"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">This
proxy, if properly executed, will be voted in the manner directed by the undersigned stockholder. If no direction is made, this
proxy will be voted <B>FOR </B>the election of the nominees as Directors and in the discretion of the proxy holder as to any other
matter that may properly come before the Meeting. Please refer to the Proxy Statement for a discussion of Proposal No. 1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F">&nbsp;</P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="ARIAL" STYLE="font-size: 9pt">PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</FONT></B></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 0.5pt solid; border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom: black 2.25pt solid; border-right-style: none">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 2.25pt solid; border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 </TABLE>

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<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B><I>PROXY
    TABULATOR</I></B></FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><BR>
    <FONT STYLE="color: #221E1F"><B><I>P.O. BOX 9112</I></B></FONT></FONT></TD>
    <TD ROWSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="internet.jpg" ALT="" STYLE="width: 39px; height: 31px"></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Internet</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>FARMINGDALE,
    NY 11735</I></B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement and have the proxy card <FONT STYLE="color: #221E1F">below at hand.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Go
    to website <FONT STYLE="color: #221E1F"><B>www.proxyvote.com</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Follow
    the instructions provided on the website.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="telephone.jpg" ALT=""></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Telephone</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement and have the proxy card <FONT STYLE="color: #221E1F">below at hand.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Call
    <FONT STYLE="color: #221E1F"><B>1-800-690-6903</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Follow
    the instructions.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="5" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="mail.jpg" ALT=""></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Mail</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Check
    the appropriate box on the proxy card below.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sign
    and date the proxy card.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">4)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Return
    the proxy card in the envelope provided.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></P>

<DIV ALIGN="LEFT">

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="margin-left: 0pt; border-collapse: collapse">



 <TR STYLE="height: 12.6pt">

        <TD COLSPAN="2" STYLE="height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="ARIAL" STYLE="font-size: 7pt">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</FONT></P> </TD>

        <TD STYLE="height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>



 <TR STYLE="height: 12.6pt">

        <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt dashed; height: 12.6pt">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 7pt ARIAL">E64394-P20562</FONT></P> </TD>

        <TD STYLE="border-bottom: black 1.5pt dashed; height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"> <FONT FACE="ARIAL" STYLE="font-size: 7pt">KEEP THIS PORTION FOR YOUR RECORDS</FONT></P> </TD> </TR>

 <TR>

        <TD WIDTH="24%" VALIGN="BOTTOM">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="40%" VALIGN="BOTTOM">

                        <P STYLE="margin: 0in 1.45pt 0in 0in; text-indent: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="34%" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="ARIAL" STYLE="font-size: 7pt">DETACH AND RETURN THIS PORTION ONLY</FONT></P> </TD> </TR>

 <TR>

        <TD></TD>

                    <TD></TD>

        <TD></TD> </TR> </TABLE>

            </DIV>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<DIV ALIGN="LEFT">

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="border-collapse: collapse">

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-left: black 2.25pt solid; border-bottom-style: none; border-right-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="13" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 9pt ARIAL"><B>THE
GABELLI MULTIMEDIA TRUST INC.</B></FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="13" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 9pt ARIAL"><B>SERIES E PREFERRED
STOCKHOLDER</B></FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="MIDDLE" ROWSPAN="2" STYLE="background-color: black">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT COLOR="#FFFFFF"><B><FONT FACE="ARIAL" STYLE="font-size: 15pt">A</FONT></B></FONT></P> </TD>

        <TD COLSPAN="8" ROWSPAN="2" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">Election of Directors &#151; The Board of Directors recommends a vote <U>FOR</U> each of the nominees listed.</FONT></B></P> </TD>

        <TD ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" ROWSPAN="2" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">For</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">All</FONT></B></P> </TD>

        <TD ROWSPAN="2" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">Withhold</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">All</FONT></B></P> </TD>

        <TD ROWSPAN="2" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">For All</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">Except</FONT></B></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="3" ROWSPAN="4" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 7pt">To withhold authority to vote for any individual&nbsp;nominee(s), mark &#147;For All Except&#148; and write the&nbsp;name(s)&nbsp;of the nominee(s) on the line below.</FONT></P> </TD>

        <TD ROWSPAN="4" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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 <TR>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

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                        </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P></TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">1.</FONT></P> </TD>

        <TD COLSPAN="7" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">To
                      elect three (3) Directors of the Fund:</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="7" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

        <TD ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

        <TD ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="7" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 8pt">Nominees:</FONT></B></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM" STYLE="border-bottom: black 1.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-bottom: black 1.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="7" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">01)</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 8pt Arial">Mario
J. Gabelli</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">02)</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 8pt Arial">Christopher
J. Marangi</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>


 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">03)</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 8pt Arial">Anthony
J. Colavita</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

<TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT COLOR="#FFFFFF"><B><FONT FACE="ARIAL" STYLE="font-size: 15pt">B</FONT></B></FONT></P> </TD>

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                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 8pt">Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Sign and Date Below</FONT></B></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">Please sign this proxy exactly as your name(s) appear(s) in the records of the Fund. If joint owners, either may sign. Trustees and other fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title.</FONT></P> </TD>

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<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><B><FONT FACE="Arial" STYLE="font-size: 10pt">Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</FONT></B></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><FONT FACE="Arial" STYLE="font-size: 10pt">The Notice and Proxy Statement is available at www.proxyvote.com.</FONT></P>

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<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&#9660;&nbsp;&nbsp;&nbsp;</FONT><B><FONT FACE="ARIAL" STYLE="font-size: 8pt">PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</FONT></B><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&#9660;</FONT></P>

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  <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font: 7pt ARIAL">E64395-P20562</FONT></P> </TD> </TR></TABLE>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

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                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>THE
                                         GABELLI MULTIMEDIA TRUST INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>This
proxy is solicited on behalf of the Board of Directors </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">The
undersigned hereby appoints Mario J. Gabelli, Andrea R. Mango and Agnes Mullady, and each of them, attorneys and proxies of the
undersigned, with full powers of substitution and revocation, to represent the undersigned and to vote on behalf of the undersigned
all shares of The Gabelli Multimedia Trust Inc. (the &quot;Fund&quot;), which the undersigned is entitled to vote at the Annual
Meeting of Stockholders of the Fund to be held at The Cole Auditorium, The Greenwich Library, 101 West Putnam Avenue, Greenwich,
Connecticut 06830 on Monday, May 13, 2019, at 11:30 a.m., and at any adjournments thereof (the &quot;Meeting&quot;). The undersigned
hereby acknowledges receipt of the Notice of Meeting and Proxy Statement and hereby instructs said attorneys and proxies to vote
said shares as indicated herein. In their discretion, the proxies are authorized to vote upon such other business as may properly
come before the Meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">A
majority of the proxies present and acting at the Meeting in person or by substitute (or, if only one shall be so present, then
that one) shall have and may exercise all of the power and authority of said proxies hereunder. The undersigned hereby revokes
any proxy previously given.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F; text-align: justify"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">This
proxy, if properly executed, will be voted in the manner directed by the undersigned stockholder. If no direction is made, this
proxy will be voted <B>FOR </B>the election of the nominees as Directors and in the discretion of the proxy holder as to any other
matter that may properly come before the Meeting. Please refer to the Proxy Statement for a discussion of Proposal No. 1.</FONT></P>

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