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

FOR IMMEDIATE RELEASE
Rye, NY
December 4, 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 redemption date is January 8, 2007, and the redemption price is $25.06 per Preferred Share, which consists of $25.00 per Preferred Share (the liquidation preference) plus accumulated and unpaid dividends to the redemption date of $0.06 per Preferred Share.

From and after the redemption date, the Preferred Shares will no longer be deemed outstanding, dividends will cease to accrue and all the rights of the Preferred Shareholders with respect to the Preferred Shares will cease, except the right to receive the redemption price. Shareholders of record will be mailed a redemption notice and letter of transmittal shortly. The redemption price will be paid only to shareholders of record who complete and sign the letter of transmittal and submit certificates for the number of Preferred Shares being redeemed. The paying agent for this redemption is Computershare Trust Company, N.A.

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 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.