The Board of Directors of The Gabelli Equity Trust Inc. (NYSE: GAB) (the “Fund”) is pleased to announce the completion of an offering of 4.2 million shares of 5.00% Series H Cumulative Preferred Stock (the “Series H Preferred”) valued at $105 million.

The Series H Preferred is rated “AAA” by Standard & Poor’s Ratings Services. The Series H Preferred is perpetual, non-callable for five years, and was issued at $25 per share. Distributions are scheduled to be paid quarterly beginning on December 26, 2012.

Shares of the Series H Preferred began trading on the New York Stock Exchange today under the symbol “GAB Pr H”.

The Gabelli Equity Trust Inc. is a non-diversified, closed-end management investment company with $1.4 billion in net assets whose primary investment objective is to achieve long-term growth of capital by investing primarily in a portfolio of equity securities consisting of common stock, preferred stock, convertible or exchangeable securities, and warrants and rights to purchase such securities. Income is a secondary investment objective. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (NYSE: GBL), which is a publicly traded NYSE listed company.

This press release is not an offering, which can only be made by a prospectus. Investors should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus supplement and related base prospectus relating to the Series H Preferred contain this and additional information about The Gabelli Equity Trust Inc. and the Series H Preferred, and should be read carefully before investing.