THE GABELLI EQUITY TRUST INC.
ANNOUNCES INFORMATION ABOUT THE PROPOSED SPIN-OFF OF A
NEWLY FORMED CLOSED-END INVESTMENT COMPANY

Important Information for Shareholders
Proxy Statement & Prospectus
Annual Meeting of Shareholders

FOR IMMEDIATE RELEASE
Rye, NY
February 26, 2007
NYSE - GAB
CUSIP 362397408
For information:
Carter Austin
(914) 921-5070



  As reported on August 17, 2006, the Board of Directors of The Gabelli Equity Trust Inc. (the "Equity Trust") (NYSE:GAB) approved, subject to shareholder and other regulatory approvals, the contribution of a portion of the Equity Trust's assets to a newly formed non-diversified, closed-end investment company, The Gabelli Global Healthcare & WellnessRx Trust (the "Healthcare & WellnessRx Trust"). All of the Healthcare & WellnessRx Trust's common stock would then be distributed to the common stockholders of the Equity Trust.

The Board of Directors recently approved the filing of a registration statement with the Securities and Exchange Commission to include the following information about the proposed spin-off:

  • The Equity Trust will fund the Healthcare & WellnessRx Trust with approximately $60 million to $100 million of its cash and/or securities.
  • The Equity Trust will distribute all of the shares of the Healthcare & WellnessRx Trust pro rata to the common stockholders of the Equity Trust.
  • The Healthcare & WellnessRx Trust will seek to have its shares listed on the New York Stock Exchange.
  • The Healthcare & WellnessRx Trust will seek long-term growth of capital by investing at least 80% of its assets in equity securities of companies involved to a substantial extent in providing products, services and/or equipment related to healthcare, medical, or lifestyle needs.

The transaction, which will be voted upon at the Equity Trust's Annual Meeting of Shareholders in May 2007, would represent the third spin-off of a closed-end investment company by the Equity Trust. The number of shares to be distributed and the record and distribution dates for the transaction will be announced at a later time. The spin-off is expected to occur in late spring or early summer. The distribution will be made only by means of a prospectus and this notice does not constitute an offer of any securities for sale.

The Gabelli Equity Trust Inc. is a non-diversified, closed-end management investment company with $2.1 billion in total assets whose primary investment objective is long term growth of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (NYSE:GBL) which is a publicly traded NYSE listed company.