Gabelli Global Utility & Income Trust : Maintains Dividend Rate For Its Series B Cumulative Puttable And Callable Preferred Shares

THE GABELLI GLOBAL UTILITY & INCOME TRUST

Investor Relations Contact: Adam Tokar

(914) 457-1079 atokar@gabelli.com

DIVIDEND RATE ANNOUNCEMENT

For Immediate Release

GABELLI GLOBAL UTILITY & INCOME TRUST

MAINTAINS DIVIDEND RATE FOR ITS

SERIES B CUMULATIVE PUTTABLE AND CALLABLE PREFERRED SHARES

Rye, NY - November 12, 2021 - The Board of Trustees (the "Board") of The Gabelli Global Utility

• Income Trust (NYSE American:GLU) (the "Fund") has determined to continue the annual dividend rate of 4.00% for the Series B Preferred Shares, effective for all remaining quarterly dividend periods, pursuant to the provisions of its Statement of Preferences.

The Series B Preferred Shares, which trade on the NYSE American under the symbol "GLU Pr B", were issued on December 19, 2018 at $50.00 per share. At least 30 days prior to the end of December 26, 2021, the Fund's Board of Trustees determined a reset fixed dividend rate that will apply for all future quarterly dividend periods. Each reset dividend rate was determined by the Fund's Board of Trustees and such rate is at least 200 basis points over the yield of the ten year U.S. Treasury Note at the date of determination but in no case will the annual dividend rate be less than 4.00% or greater than 7.00%.

The Series B Preferred may be put back to the Fund during the 30-day period prior to each of December 26, 2021 and December 26, 2023 at the liquidation preference of $50.00 per share, plus any accumulated and unpaid dividends. The Series B Preferred will be non-callable for five years from the date of issuance, unless the redemption is necessary in the judgment of the Fund's Board of Trustees, to maintain the Fund's status as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended.

All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual's tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their "net investment income", which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.

Long-term capital gains, qualified dividend income, and investment company taxable income, if any, will be allocated on a pro-rata basis to all distributions to preferred shareholders for the year. Based on the accounting records of the Fund currently available, each of the distributions paid to preferred shareholders in 2021 would include approximately 45% from net investment income and 55% from net capital gains on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2021 will be made

after year end and can vary from the quarterly estimates. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2021 distributions in early 2022 via Form 1099-DIV.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. More information regarding this and other information about the Fund is available by calling 800-GABELLI(800-422-3554) or visiting www.gabelli.com.

About The Gabelli Global Utility & Income Trust

The Gabelli Global Utility & Income Trust is a non-diversified,closed-end management investment company with $177 million in total net assets whose primary investment objective is to seek a consistent level of after-tax total 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).

NYSE American - GLU PrB

CUSIP - 36242L303

For information: Adam Tokar (914) 457-1079