The Board of Directors also declared a $0.27 per share cash distribution payable on March 25, 2003 to common stock shareholders of record on March 17, 2003, pursuant to the Gabelli Equity Trust's 10% Distribution Policy.

The Board of Directors will continue to monitor the Fund's 10% Distribution Policy in light of the Fund's net asset value and the current low interest rate environment. Under the Equity Trust's payout policy, the Fund will pay out a minimum annual distribution of 10% of the average net asset value of the Fund. The Fund traditionally pays $0.27 per share in each of the first three quarters of the year and an adjusting distribution in the fourth quarter of a sufficient amount to pay 10% of the average net asset value of the Fund, as of the last day of the four preceding calendar quarters, or to satisfy the minimum distribution requirements of the Internal Revenue Code, whichever is greater.

The final determination of the proportion of long-term capital gains, ordinary income and non-taxable return of capital distributed in 2002 will be made after year-end. All shareholders will receive written notification regarding the components and tax treatment for all 2002 distributions in early 2003 via Form 1099-DIV.

The Gabelli Equity Trust Inc. is a closed-end, non-diversified management investment company with $1.3 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 Gabelli Asset Management Inc. (GBL - NYSE), which is a publicly traded NYSE listed company.