THE GABELLI EQUITY TRUST INC.
TO REDEEM ITS OUTSTANDING 7.20% TAX ADVANTAGED
SERIES B CUMULATIVE PREFERRED STOCK

FOR IMMEDIATE RELEASE
Rye, NY
November 16, 2006
NYSE - GAB PrB
CUSIP 362397408
For information:
Carter Austin
(914) 921-5070

The Board of Directors of The Gabelli Equity Trust Inc. (NYSE:GAB) (the "Fund") authorized the redemption of all (4,950,000 Shares) of its outstanding 7.20% Tax Advantaged Series B Cumulative Preferred Stock (the "Preferred Shares"). The Preferred Shares were issued on June 20, 2001 and became callable at any time after June 20, 2006 at the liquidation preference of $25.00 per share plus accrued dividends. The timing of this redemption will be announced at a later date and Preferred Shareholders will be notified by mail of the terms for calling the Preferred Shares.

The Preferred Shares, which trade on the New York Stock Exchange under the symbol "GAB Pr B", are rated "Aaa" by Moody's Investors Service and have an annual dividend rate of $1.80 per share. The Preferred Shares pay distributions quarterly.

The Fund redeemed 25% (1,650,000 Shares) of its outstanding 7.20% Tax Advantaged Series B Cumulative Preferred Stock on June 26, 2006 at the redemption price of $25.00 per Preferred Share, which is equal to the liquidation preference of the Preferred Shares. The redemption was made pro rata from each Preferred Shareholder based on the respective number of Preferred Shares held by each such holder on the redemption date. From and after the redemption date, the Preferred Shares redeemed are no longer be deemed outstanding, dividends cease to accrue and all the rights of the Preferred Shareholders with respect to the Preferred Shares redeemed cease, except the right to receive the redemption price.

The Gabelli Equity Trust Inc. is a closed-end, non-diversified 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.