The Board of Directors 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.

Series J Preferred shares will be redeemed in accordance with the procedures of The Depository Trust Company (“DTC”). Payment to DTC for the Series J Preferred shares will be made by Computershare Trust Company, N.A., as paying agent for this redemption.

The Series J Preferred Shares, which trade on the New York Stock Exchange under the symbol “GAB Pr J”, are rated “A1” by Moody’s Investors Service and have an annual dividend rate of $1.3625 per share. The Series J Preferred Shares were issued on March 31, 2016 at $25 per share and pay distributions quarterly. The Series J Preferred are callable at any time, after proper notification is given, at the liquidation preference of $25.00 per share plus accumulated and unpaid dividends.

Questions relating to, and requests for copies of, the notice of redemption and the related materials should be directed to the Fund by calling:

About The Gabelli Equity Trust

The Gabelli Equity Trust Inc. is a non-diversified, closed-end management investment company with $2.2 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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