
The Board of Directors of The Gabelli Equity Trust Inc. (NYSE:GAB) declared a $0.30 per share
cash distribution payable on December 18, 2006 to common stock shareholders of record on December
13, 2006, pursuant to the Gabelli Equity Trust's 10% Distribution Policy. This distribution
consists of the $0.20 per share quarterly distribution plus a $0.10 per share additional
distribution to satisfy the 10% Distribution Policy.
The total distributions for 2006 from the Fund equate to $0.88 per share, a 3.5% increase over
the $0.85 per share total distributions paid in 2005.
The Board of Directors also reaffirmed the continuation of the Gabelli Equity Trust's 10%
Distribution Policy and intends to maintain the quarterly distribution level of a minimum of
$0.20 per share for 2007 with an adjusting distribution in the fourth quarter.
Under the Gabelli Equity Trust's distribution policy, the Fund pays a minimum annual distribution
of 10% of the average net asset value of the Fund. The Fund paid $0.19 per share to shareholders
in the first and second quarters of 2006 and an increased distribution of $0.20 per share to
shareholders in the third quarter of 2006. The Fund pays 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. Each quarter, the Board of
Directors reviews the amount of any potential distribution based on the income, capital gains,
or capital available.
The Board of Directors determined to distribute $0.30 per share even though the minimum annual
distribution of 10% of the average net asset value of the Fund equates to $0.27 per share for
the fourth quarter of 2006 or $0.85 per share for full year 2006.
A portion of the distribution may be treated as longterm capital gain and qualified dividend
income for individuals, each subject to the maximum Federal income tax rate, which is currently
15% in taxable accounts for individuals. If the Fund does not generate earnings from dividends,
interest, and net realized capital gains equal to or in excess of the aggregate distributions
paid by the Fund for the year, then the amount distributed in excess of the Fund's investment
income and net realized capital gains will be deemed a nontaxable return of capital.
Longterm capital gains, qualified dividend income, ordinary income, and paidin capital, if
any, will be allocated on a prorata basis to all distributions to common shareholders for the
year. As of November 16, 2006, the date of this press release, the current distribution would
include approximately 17% from net investment income, 48% from net capital gains and 35% from
paidin capital. The estimated components of each distribution are 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 2006 will
be made after yearend. All shareholders with taxable accounts will receive written
notification regarding the components and tax treatment for all 2006 distributions in early
2007 via Form 1099DIV.
The Gabelli Equity Trust Inc. is a nondiversified, closedend management investment company
with $2.1 billion in total assets whose primary investment objective is longterm 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.
 