The Board of Directors (the “Board”) of The Gabelli Equity Trust (NYSE: GAB) (the “Fund”) authorized the redemption of all of its 5.45% Series J Cumulative Preferred Stock (the “Series J Preferred”). The redemption date is January 31, 2022 (the “Redemption Date”), and the redemption price is $25.132465 (the “Redemption Price”) per Series J Preferred, which is equal to the liquidation preference of $25.00 per share plus $0.132465 per share representing accumulated and unpaid dividends and distributions to the Redemption Date.

Beginning on the Redemption Date, the Series J Preferred will no longer be deemed outstanding, dividends will cease to accumulate and all the rights of the holders of the Series J Preferred shares will cease with respect to the Series J Preferred, except the right to receive the Redemption Price.

The Board also is pleased to announce an ongoing closing of a private placement of shares of 4.25% Series M Cumulative Preferred Stock (“Series M Preferred”). The Fund expects to use the proceeds from the Series M Preferred to redeem the Fund’s outstanding 5.45% Series J Cumulative Preferred Stock.

This press release is not an offering of, or a solicitation to purchase, the Series M Preferred. The Series M Preferred have not been registered under the Securities Act of 1933 or any state securities laws.

For more information regarding this and other information about the Fund, call:

About The Gabelli Equity Trust

The Gabelli Equity Trust Inc. is a non-diversified, closed-end management investment company with $2.3 billion in total net 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.

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