The Series F Preferred Stock, which trades on the New York Stock Exchange under the symbol "GAB Pr F", is rated "Aaa" by Moody's Investors Service and has an annual dividend rate of $1.55 per share. The 6,000,000 shares of Series F Preferred Stock were issued on November 10, 2006 at $25.00 per share and will pay distributions quarterly. This initial distribution represents the accrual period from November 10, 2006 through December 26, 2006.

A portion of the distribution may be treated as long-term 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. Long-term capital gains, qualified dividend income, and ordinary income, if any, will be allocated on a pro-rata basis to all distributions for the year. As of November 16, 2006, the date of this press release, the initial distribution would include approximately 26% from net investment income and 74% from net capital gains. 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 year-end. All shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2006 distributions in early 2007 via Form 1099-DIV.

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.