The GDL Fund to Redeem Its Outstanding 8.50% Series a Cumulative Callable Preferred Shares

The Board of Trustees of The GDL Fund

authorized the redemption of all of its outstanding Series A Cumulative Callable Preferred Shares. The redemption date is May 31, 2011, and the redemption price is $50.7674 per Series A Preferred Share, which consists of $50.00 per Series A Preferred Share plus accumulated and unpaid dividends to the redemption date of $0.7674 per Series A Preferred Share.