Gabelli Dividend & Income Trust to Redeem a Portion of Its Auction Preferred Shares

To assist with the liquidity of a challenged economic system and the freezing of the credit markets, the Board of Trustees of The Gabelli Dividend & Income Trust (NYSE:GDV) (the "Fund”) authorized today a partial optional redemption of each of the Fund’s Series B Auction Market Preferred Shares, Series C Auction Market Preferred Shares, and Series E Auction Rate Preferred Shares at a redemption price equal to the liquidation preference of $25,000 per share plus the amount of accumulated but unpaid dividends thereon to the redemption date.

The timing and further details of these redemptions will be announced at a later date.

The Gabelli Dividend & Income Trust is a non-diversified, closed-end management investment company with $1.5 billion in total assets whose primary investment objective is to provide a high level of total return with an emphasis on dividends and income. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (NYSE:GBL), which is a publicly traded NYSE listed company.