Gabelli Global Utility & Income Trust Announces Rights Offering Record Date and Summary of Terms

  Gabelli Global Utility & Income Trust Announces Rights Offering Record Date
  and Summary of Terms

Business Wire

RYE, N.Y. -- April 22, 2013

The Gabelli Global Utility & Income Trust (NYSE MKT: GLU) (the “Fund”)
announced the final terms of its transferable rights offering to the Fund’s
common shareholders (the “Offer” or “Offering”) that was initially announced
on April 11, 2013. The Offering to acquire additional common shares and a new
series of preferred shares (the “Series A Preferred”) will be made only by
means of a prospectus, and this announcement does not constitute an offer to
sell, or a solicitation of an offer to buy, any of the Fund’s securities.

The Series A Preferred will pay distributions quarterly (“dividend period”)
and will have an annual dividend rate of 6.00% for the four dividend periods
ending on or prior to June 26, 2014 and 3.00% for the eight dividend periods
ending on or prior to June 26, 2016. Within the dividend period ending June
26, 2016, the Fund’s Board of Trustees will determine a fixed annual dividend
rate that will apply for all subsequent dividend periods, which will be
approximately 200 basis points over the yield of the ten year U.S. Treasury
Note, but in no case will the annual dividend rate be less than 3.00% or
greater than 5.00%. The Series A Preferred will be non-callable for five years
from the date of issuance and may be put back to the Fund during the 30-day
period prior to each of June 26, 2015 and June 26, 2018.

SUMMARY OF THE TERMS OF THE OFFER

  *Each shareholder will receive one transferable right (the “Right”) for
    each common share held on the record date (May 7, 2013).
  *Three Rights plus $68.50 (consisting of $18.50 for each common share plus
    $50.00 for each Series A Preferred share) (the “Subscription Price”) will
    be required to purchase one additional common share and one share of
    Series A Preferred pursuant to the Offering (the “Primary Subscription”).
    The purchase price will be payable in cash. The Rights may only be used to
    purchase an equal amount of common shares and Series A Preferred shares
    and may not be exercised to purchase only common shares or Series A
    Preferred shares or an unequal number of common shares or Series A
    Preferred shares.
  *Record date shareholders who fully exercise their Primary Subscription
    Rights will be eligible for an over-subscription privilege entitling these
    shareholders to subscribe, subject to certain limitations and a pro-rata
    allotment, for any common and Series A Preferred shares not purchased by
    exercise of the Primary Subscription Rights. Over-subscription requests
    will only be honored to the extent that fewer than all of the Rights are
    exercised. Rights acquired in the secondary market may not participate in
    the over-subscription privilege.
  *The Fund’s common shares are expected to trade “Ex-Rights” on the NYSE MKT
    on May3, 2013, and the Rights are expected to begin trading for normal
    settlement through the NASDAQ Capital Market on or about May 10, 2013.
  *The Offering expires at 5:00 PM Eastern Time on June 11, 2013, unless
    extended.

An application for listing with the NYSE MKT will be filed for the Series A
Preferred.

The Fund expects to mail subscription certificates evidencing the Rights and a
copy of the prospectus for this Offering to record date shareholders beginning
on May 9, 2013. Financial Advisors will likely notify beneficial shareholders
shortly thereafter. Morrow & Co., LLC will serve as the Information Agent for
this Offering, and can be reached at (800) 969-2372; banks and brokers please
call (203) 658-9400.

The Offering will be made pursuant to the Fund’s effective shelf registration
statement on file with the Securities and Exchange Commission.

The information herein is not complete and is subject to change. This document
is not an offer to sell these securities and is not soliciting an offer to buy
these securities in any jurisdiction where the offer or sale is not permitted.
This document is not an offering, which can only be made by a final
prospectus. Investors should consider the Fund’s investment objectives, risks,
charges and expenses carefully before investing. The base prospectus and
statement of additional information contain this and additional information
about the Fund, and the prospectus supplement will contain this and additional
information about the Offering, and should be read carefully before investing.

The Gabelli Global Utility & Income Trust is a non-diversified, closed-end
management investment company with $68 million in total net assets whose
primary investment objective is to seek a consistent level of after-tax return
for its investors with an emphasis on tax advantaged dividend income under
current tax law. The Fund is managed by Gabelli Funds, LLC, a subsidiary of
GAMCO Investors, Inc. (NYSE:GBL), which is a publicly traded NYSE listed
company.

Contact:

For The Gabelli Global Utility & Income Trust
Adam Tokar
David Schachter
Laurissa Martire
914-921-5070