Gabelli Equity Trust Announces the Redemption of All Remaining Outstanding 6.20% Series F Cumulative Preferred Stock

The Board of Directors of The Gabelli Equity Trust

has authorized the redemption of all remaining outstanding shares of the Fund's 6.20% Series F Cumulative Preferred Stock (the “Preferred Shares”). The redemption date is November 8, 2012, and the redemption price will be equal to the liquidation preference of $25.00 per Preferred Share, plus accumulated but unpaid dividends to the redemption date. 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 shareholders of the Preferred Shares 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 shortly. 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 F”, are rated “A1” by Moody's Investors Service and have an annual dividend rate of $1.55 per share. The Preferred Shares were issued on November 10, 2006 at $25.00 per share and pay distributions quarterly. After five years of call protection, the Preferred Shares became callable at any time at the liquidation value of $25.00 per share plus accrued dividends.