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The Board of Directors of The Gabelli Equity Trust Inc. (NYSE:GAB) declared a $0.45 per share cash
distribution payable on December 27, 2004 to Preferred Shareholders of record on December 17, 2004.
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 were issued on June 20, 2001 at $25.00 per share and pay distributions quarterly.
A portion of the distribution may be treated as long-term capital gain and qualifying dividend income
for individuals, each subject to the maximum Federal income tax rate of 15% in taxable accounts for
individuals. Long-term capital gain, qualifying dividend income and ordinary income, if any, will be
allocated on a pro-rata basis to all distributions for the year. The final determination of the
source of all distributions in 2004 will be made after year-end. All shareholders will receive
written notification regarding the components and tax treatment for all 2004 distributions in early
2005 via Form 1099-DIV.
The Gabelli Equity Trust Inc. is a closed-end, non-diversified management investment company with
$1.6 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. (NYSE:GBL), which
is a publicly traded NYSE listed company.
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