<SEC-DOCUMENT>0001133228-14-001313.txt : 20140401
<SEC-HEADER>0001133228-14-001313.hdr.sgml : 20140401
<ACCEPTANCE-DATETIME>20140401170154
ACCESSION NUMBER:		0001133228-14-001313
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20140401
DATE AS OF CHANGE:		20140401
EFFECTIVENESS DATE:		20140401

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI EQUITY TRUST INC
		CENTRAL INDEX KEY:			0000794685
		IRS NUMBER:				222736509
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04700
		FILM NUMBER:		14735046

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORP CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		9149215070
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>e373135_defa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">SCHEDULE 14A INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Proxy Statement Pursuant to Section 14(a)
of the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amendment No.&nbsp;&nbsp;&nbsp;&nbsp; )</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by Registrant [ X ]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by a Party other than the Registrant [&nbsp;&nbsp; ]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: -27pt">[&nbsp;&nbsp; ]&#9;Preliminary Proxy Statement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: -27pt">[ &nbsp;&nbsp;]&#9;Confidential, for Use of
the Commission Only (as permitted by Rule 14a-6(e)(2))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: -27pt">[ &nbsp;&nbsp;]&#9;Definitive Proxy Statement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: -27pt">[ X ]&#9;Definitive Additional
Materials</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: -27pt">[ &nbsp;&nbsp;]&#9;Soliciting Material Pursuant
to Sec. 240.14a-12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>The Gabelli Equity
Trust Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Name of Registrant as Specified In Its
Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Name of Person(s) Filing
Proxy Statement, if other than the Registrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">[X]</TD><TD STYLE="text-align: justify">No fee required</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">[&nbsp;&nbsp;&nbsp;]</TD><TD STYLE="text-align: justify">Fee computed on table below per Exchange Act Rules 14a-6(i)(1)
and 0-11.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1)</TD><TD STYLE="text-align: justify">Title of each class of securities to which transaction
applies:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">2)</TD><TD STYLE="text-align: justify">Aggregate number of securities to which transaction
applies:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">3)</TD><TD STYLE="text-align: justify">Per unit price or other underlying value of transaction
computed pursuant to Exchange Act Rule 0-11(set forth the amount on which the filing fee is calculated and state how it was determined):</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -0.25in">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">4)</TD><TD STYLE="text-align: justify">Proposed maximum aggregate value of transaction:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">5)</TD><TD STYLE="text-align: justify">Total fee paid:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">[&nbsp;&nbsp;&nbsp;]</TD><TD STYLE="text-align: justify">Fee paid previously with preliminary materials.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">[&nbsp;&nbsp;&nbsp;]</TD><TD STYLE="text-align: justify">Check box if any part of the fee is offset as provided
by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous
filing by registration statement number, or the Form or Schedule and the date of its filing.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1)</TD><TD STYLE="text-align: justify">Amount Previously Paid:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">2)</TD><TD STYLE="text-align: justify">Form, Schedule or Registration Statement No.:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">3)</TD><TD STYLE="text-align: justify">Filing Party:</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">4)</TD><TD STYLE="text-align: justify">Date Filed:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font style='font-size:16pt'>*** Exercise Your </font></b><i><b><font style='font-size:16pt'>Right</font></b></i><b><font style='font-size:16pt'> to Vote ***</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font face="Arial" style='font-size:12pt'>Important Notice Regarding the Availability of Proxy Materials for the</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font face="Arial" style='font-size:12pt'>Shareholder Meeting to Be Held on May 12, 2014.</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
  <tr>
        <td valign=bottom style='border-right: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style='border-top:solid black .5pt; border-left:none;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2.0pt;margin-bottom:0pt;'><u><b><font face="Arial" style='font-size:12pt'>Meeting Information</font></b></u></p> </td> </tr>
 <tr>
        <td width="50%" valign=bottom style='border-right: solid black .5pt;'>
      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:12PT'> GABELLI EQUITY TRUST INC.</font></B></p> </td>
        <td colspan="5" valign=bottom style=' border-right:solid black .5pt;'>
      <p style=' margin-left:.05in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:10pt'><b>Meeting Type:</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual</font></p></td>
    </tr>
 <tr>
        <td valign=bottom style='border-right: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom style='border-right: solid black .5pt;'>
                        <p style=' margin-left:.05in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:10pt'><b>For holders as of:</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 14, 2014</font></p></td>
    </tr>
 <tr>
        <td valign=bottom style='border-right: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-right:solid black .5pt; '>
                        <p style=' margin-left:.05in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:10pt'>Date:</font></b><font face="Arial" style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May 12, 2014&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font face="Arial" style='font-size:10pt'>Time: </font></b><font face="Arial" style='font-size:10pt'>9:00 A.M.</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-right: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:.05in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:10pt'>Location: </font></b></p> </td>
        <td colspan="3" valign=bottom style=' border-right:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>The Cole Auditorium</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-right: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom style=' border-right:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>The Greenwich Library</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-right: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom style=' border-right:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>101 West Putnam Avenue</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-right: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom style=' border-right:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>Greenwich, Connecticut 06830</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-right: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style='border-top:none; border-left:none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td rowspan=2 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><I><font FACE="ARIAL" STYLE='FONT-SIZE:6PT'>PROXY TABULATOR</font></I><br> <I><font FACE="ARIAL" STYLE='FONT-SIZE:6PT'>P.O. BOX 9112</font></I><br> <I><font FACE="ARIAL" STYLE='FONT-SIZE:6PT'>FARMINGDALE, NY 11735</font></I></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:.05in;margin-right:.05in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:10pt'>You are receiving this communication because you hold shares in the fund named above.</font></p> </td> </tr>
 <tr>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:.05in;margin-right:.05in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:10pt'>This is not a ballot. You cannot use this notice to vote these shares. This communication presents only an overview of the more complete proxy materials that are available to you on the Internet. You may view the proxy materials online at </font><i><font face="Arial" style='font-size:10pt'>www.proxyvote.com</font></i><font face="Arial" style='font-size:10pt'> or easily request a paper copy (see reverse side).</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:.05in;margin-right:.05in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:10pt'>We encourage you to access and review all of the important information contained in the proxy materials before voting.</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>M69948-P49716</font></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style='background:#636466; '>
                        <p style=' margin-left:.05in;margin-right:.05in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0in;'><font color="#FFFFFF"><b><font face="Arial" style='font-size:12pt'>See the reverse side of this notice to obtain proxy materials and voting instructions.</font></b></font></p> </td> </tr>
 </table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font style='font-size:16pt'>&#150;&#150;&#150; Before You Vote &#150;&#150;&#150;</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" style='font-size:12pt'>How to Access the Proxy Materials</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:5pt'>&nbsp;</font></p>
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                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>Proxy Materials Available to VIEW or RECEIVE:</font></b></p> </td> </tr>
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                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:10PT'>NOTICE AND PROXY STATEMENT</font></p> </td> </tr>
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                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>How to View Online:</font></b></p> </td> </tr>
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                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>Have the information that is printed in the box marked by the arrow &rarr; XXXX XXXX XXXX (located on the following page) and visit: </font><i><font face="Arial" style='font-size:10pt'>www.proxyvote.com.</font></i></p> </td> </tr>
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                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>How to Request and Receive a PAPER or E-MAIL Copy:</font></b></p> </td> </tr>
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                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>If you want to receive a paper or e-mail copy of these documents, you must request one. There is NO charge for requesting a copy. Please choose one of the following methods to make your request:</font></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:1.0in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>1)</font><i><font face="Arial" style='font-size:10pt'> BY INTERNET</font></i><font face="Arial" style='font-size:10pt'>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;www.proxyvote.com</font><i><font face="Arial" style='font-size:10pt'> </font></i></p> </td> </tr>
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                        <p style=' margin-left:1.0in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>2)</font><i><font face="Arial" style='font-size:10pt'> BY TELEPHONE</font></i><font face="Arial" style='font-size:10pt'>:&nbsp;&nbsp;&nbsp;1-800-579-1639</font><i><font face="Arial" style='font-size:10pt'> </font></i></p> </td> </tr>
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      <p style=' margin-left:1.0in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>3)</font><i><font face="Arial" style='font-size:10pt'> BY E-MAIL*</font></i><font face="Arial" style='font-size:10pt'>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sendmaterial@proxyvote.com </font></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>*&nbsp;&nbsp;&nbsp;If requesting materials by e-mail, please send a blank e-mail with the information that is printed in the box marked by the arrow &rarr; XXXX XXXX XXXX  (located on the following page) in the subject line.</font></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>Requests, instructions and other inquiries sent to this e-mail address will NOT be forwarded to your investment advisor. Please make the request as instructed above on or before April 29, 2014 to facilitate timely delivery.</font></p> </td> </tr>
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                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font style='font-size:16pt'>&#150;&#150;&#150; How To Vote &#150;&#150;&#150;</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" style='font-size:12pt'>Please Choose One of the Following Voting Methods</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:5pt'>&nbsp;</font></p>
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                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>Vote In Person: </font></b><font face="Arial" style='font-size:10pt'>Many shareholder meetings have attendance requirements including, but not limited to, the possession</font><b><font face="Arial" style='font-size:10pt'> </font></b><font face="Arial" style='font-size:10pt'>of an attendance ticket issued by the entity holding the meeting. Please check the meeting materials for any special requirements for meeting attendance. At the meeting, you will need to request a ballot to vote these shares.</font></p> </td> </tr>
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                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>Vote By Internet: </font></b><font face="Arial" style='font-size:10pt'>To vote now by Internet, go to</font><b><font face="Arial" style='font-size:10pt'> </font></b><i><font face="Arial" style='font-size:10pt'>www.proxyvote.com.</font></i><b><font face="Arial" style='font-size:10pt'> </font></b><font face="Arial" style='font-size:10pt'>Have the information that is printed in the</font><b><font face="Arial" style='font-size:10pt'> </font></b><font face="Arial" style='font-size:10pt'>box marked by the arrow &rarr; XXXX XXXX XXXX (located on the following page) available and follow the instructions.</font></p> </td> </tr>
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                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>Vote By Mail: </font></b><font face="Arial" style='font-size:10pt'>You can vote by mail by requesting a paper copy of the materials, which will include a proxy card.</font></p> </td> </tr>
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                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:8pt'>M69949-P49716</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:10PT'>THE GABELLI EQUITY TRUST INC. <br>
COMMON SHAREHOLDER</font></B><B><font FACE="ARIAL" STYLE='FONT-SIZE:10PT'></font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font COLOR="#FFFFFF"><B><font FACE="ARIAL" STYLE='FONT-SIZE:15PT'>A</font></B></font></p> </td>
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                  <p style=' margin-left:2.15pt;margin-right:0in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:7pt'>Election of Directors &#151; The Board of Directors recommends a vote </font></b><U><B><font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>FOR</font></B></U><b><font face="Arial" style='font-size:7pt'> each of the nominees listed.</font></b></p> </td>
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                        <p style=' margin-left:2.15pt;margin-right:0in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1.</font></p> </td>
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                      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>To elect two (2) Directors of the Fund:</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Nominees:</font></b></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>01)</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Frank J. Fahrenkopf, Jr.</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>02)</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Salvatore J. Zizza</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'>&nbsp;</p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'></font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
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        <td valign=bottom style='border-left:solid black 2.25pt;border-top:solid black 2.25pt'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-right:solid black 2.25pt;border-top:solid black 2.25pt'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-left:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-right:solid black 2.25pt;'>
                        <p style=' margin-left:0in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Please refer to the proxy materials for more detailed information on the above voting items.</font></b></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:solid black 2.25pt;border-right: none;'>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>M69950-P49716</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font style='font-size:16pt'>*** Exercise Your </font></b><i><b><font style='font-size:16pt'>Right</font></b></i><b><font style='font-size:16pt'> to Vote ***</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font face="Arial" style='font-size:12pt'>Important Notice Regarding the Availability of Proxy Materials for the</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font face="Arial" style='font-size:12pt'>Shareholder Meeting to Be Held on May 12, 2014.</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
  <tr>
        <td valign=bottom style='border-right: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style='border-top:solid black .5pt; border-left:none;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2.0pt;margin-bottom:0pt;'><u><b><font face="Arial" style='font-size:12pt'>Meeting Information</font></b></u></p> </td> </tr>
 <tr>
        <td width="50%" valign=bottom style='border-right: solid black .5pt;'>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:12PT'>GABELLI EQUITY TRUST INC.</font></B></p> </td>
        <td colspan="5" valign=bottom style=' border-right:solid black .5pt;'>
      <p style=' margin-left:.05in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:10pt'><b>Meeting Type:</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual</font></p></td>
    </tr>
 <tr>
        <td valign=bottom style='border-right: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom style='border-right: solid black .5pt;'>
                      <p style=' margin-left:.05in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:10pt'><b>For holders as of:</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 14, 2014</font></p></td>
    </tr>
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        <td valign=bottom style='border-right: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-right:solid black .5pt; '>
    <p style=' margin-left:.05in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:10pt'>Date:</font></b><font face="Arial" style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May 12, 2014&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Time: </b>9:00 A.M.</font></p> </td> </tr>
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        <td valign=bottom style='border-right: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:.05in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:10pt'>Location: </font></b></p> </td>
        <td colspan="3" valign=bottom style=' border-right:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>The Cole Auditorium</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom style=' border-right:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>The Greenwich Library</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom style=' border-right:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>101 West Putnam Avenue</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom style=' border-right:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>Greenwich, Connecticut 06830</font></p> </td> </tr>
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        <td valign=bottom style='border-right: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style='border-top:none; border-left:none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><I><font FACE="ARIAL" STYLE='FONT-SIZE:6PT'>PROXY TABULATOR</font></I><br> <I><font FACE="ARIAL" STYLE='FONT-SIZE:6PT'>P.O. BOX 9112</font></I><br> <I><font FACE="ARIAL" STYLE='FONT-SIZE:6PT'>FARMINGDALE, NY 11735</font></I></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:.05in;margin-right:.05in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:10pt'>You are receiving this communication because you hold shares in the fund named above.</font></p> </td> </tr>
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        <td colspan="5" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:.05in;margin-right:.05in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:10pt'>This is not a ballot. You cannot use this notice to vote these shares. This communication presents only an overview of the more complete proxy materials that are available to you on the Internet. You may view the proxy materials online at </font><i><font face="Arial" style='font-size:10pt'>www.proxyvote.com</font></i><font face="Arial" style='font-size:10pt'> or easily request a paper copy (see reverse side).</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:.05in;margin-right:.05in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:10pt'>We encourage you to access and review all of the important information contained in the proxy materials before voting.</font></p> </td> </tr>
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   <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>M69948-P49716</font></p></td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style='background:#636466; '>
                        <p style=' margin-left:.05in;margin-right:.05in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0in;'><font color="#FFFFFF"><b><font face="Arial" style='font-size:12pt'>See the reverse side of this notice to obtain proxy materials and voting instructions.</font></b></font></p> </td> </tr>
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</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font style='font-size:16pt'>&#150;&#150;&#150; Before You Vote &#150;&#150;&#150;</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" style='font-size:12pt'>How to Access the Proxy Materials</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:5pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse; '>
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        <td width="100%" valign=top style='border:solid black .5pt; border-bottom:none;'>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>Proxy Materials Available to VIEW or RECEIVE:</font></b></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:10PT'>NOTICE AND PROXY STATEMENT</font></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>How to View Online:</font></b></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>Have the information that is printed in the box marked by the arrow &rarr; XXXX XXXX XXXX (located on the following page) and visit: </font><i><font face="Arial" style='font-size:10pt'>www.proxyvote.com.</font></i></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>How to Request and Receive a PAPER or E-MAIL Copy:</font></b></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>If you want to receive a paper or e-mail copy of these documents, you must request one. There is NO charge for requesting a copy. Please choose one of the following methods to make your request:</font></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:1.0in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>1)</font><i><font face="Arial" style='font-size:10pt'> BY INTERNET</font></i><font face="Arial" style='font-size:10pt'>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;www.proxyvote.com</font><i><font face="Arial" style='font-size:10pt'> </font></i></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:1.0in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>2)</font><i><font face="Arial" style='font-size:10pt'> BY TELEPHONE</font></i><font face="Arial" style='font-size:10pt'>:&nbsp;&nbsp;&nbsp;1-800-579-1639</font><i><font face="Arial" style='font-size:10pt'> </font></i></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
      <p style=' margin-left:1.0in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>3)</font><i><font face="Arial" style='font-size:10pt'> BY E-MAIL*</font></i><font face="Arial" style='font-size:10pt'>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sendmaterial@proxyvote.com </font></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>*&nbsp;&nbsp;&nbsp;If requesting materials by e-mail, please send a blank e-mail with the information that is printed in the box marked by the arrow &rarr; XXXX XXXX XXXX  (located on the following page) in the subject line.</font></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
    <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>Requests, instructions and other inquiries sent to this e-mail address will NOT be forwarded to your investment advisor. Please make the request as instructed above on or before April 29, 2014 to facilitate timely delivery.</font></p> </td> </tr>
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        <td valign=top style='border:solid black .5pt; border-top:none;'>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font style='font-size:16pt'>&#150;&#150;&#150; How To Vote &#150;&#150;&#150;</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" style='font-size:12pt'>Please Choose One of the Following Voting Methods</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:5pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse; '>
 <tr>
        <td width="100%" valign=top style='border:solid black .5pt; border-bottom:none;'>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>Vote In Person: </font></b><font face="Arial" style='font-size:10pt'>Many shareholder meetings have attendance requirements including, but not limited to, the possession</font><b><font face="Arial" style='font-size:10pt'> </font></b><font face="Arial" style='font-size:10pt'>of an attendance ticket issued by the entity holding the meeting. Please check the meeting materials for any special requirements for meeting attendance. At the meeting, you will need to request a ballot to vote these shares.</font></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>Vote By Internet: </font></b><font face="Arial" style='font-size:10pt'>To vote now by Internet, go to</font><b><font face="Arial" style='font-size:10pt'> </font></b><i><font face="Arial" style='font-size:10pt'>www.proxyvote.com.</font></i><b><font face="Arial" style='font-size:10pt'> </font></b><font face="Arial" style='font-size:10pt'>Have the information that is printed in the</font><b><font face="Arial" style='font-size:10pt'> </font></b><font face="Arial" style='font-size:10pt'>box marked by the arrow &rarr; XXXX XXXX XXXX (located on the following page) available and follow the instructions.</font></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>Vote By Mail: </font></b><font face="Arial" style='font-size:10pt'>You can vote by mail by requesting a paper copy of the materials, which will include a proxy card.</font></p> </td> </tr>
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        <td valign=top style='border:solid black .5pt; border-top:none;'>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr></table>
</div>
</div><p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:8pt'>M69949-P49716</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:10PT'>THE GABELLI EQUITY TRUST INC. <br>
  SERIES C PREFERRED SHAREHOLDER</font></B><B><font FACE="ARIAL" STYLE='FONT-SIZE:10PT'>
</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="99%" style=' border-collapse:collapse; '>
 <tr>
        <td colspan="4" valign=bottom style=' border-bottom:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style=' '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style=''>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td style='background:black;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font COLOR="#FFFFFF"><B><font FACE="ARIAL" STYLE='FONT-SIZE:15PT'>A</font></B></font></p> </td>
        <td colspan="2" valign=bottom >
                    <p style=' margin-left:2.15pt;margin-right:0in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:7pt'>Election of Directors &#151; The Board of Directors recommends a vote </font></b><U><B><font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>FOR</font></B></U><b><font face="Arial" style='font-size:7pt'> each of the nominees listed.</font></b></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:2.15pt;margin-right:0in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> <td valign=bottom style=''> <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1.</font></p> </td>
        <td colspan="2" valign=bottom >
                      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>To elect three (3) Directors of the Fund:</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Nominees:</font></b></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>01)</font></p> </td>
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                      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Frank J. Fahrenkopf, Jr.</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>02)</font></p> </td>
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                      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Salvatore J. Zizza</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>03)</font></p> </td>
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                      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Anthony J. Colavita</font></p> </td>
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                        <p style=' margin-left:0in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Please refer to the proxy materials for more detailed information on the above voting items.</font></b></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:solid black 2.25pt;border-right: none;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 2.25pt;border-right:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>M69951-P49716</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font style='font-size:16pt'>*** Exercise Your </font></b><i><b><font style='font-size:16pt'>Right</font></b></i><b><font style='font-size:16pt'> to Vote ***</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font face="Arial" style='font-size:12pt'>Important Notice Regarding the Availability of Proxy Materials for the</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font face="Arial" style='font-size:12pt'>Shareholder Meeting to Be Held on May 12, 2014.</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style='border-top:solid black .5pt; border-left:none;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2.0pt;margin-bottom:0pt;'><u><b><font face="Arial" style='font-size:12pt'>Meeting Information</font></b></u></p> </td> </tr>
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    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:12PT'>GABELLI EQUITY TRUST INC.</font></B></p> </td>
        <td colspan="5" valign=bottom style=' border-right:solid black .5pt;'>
      <p style=' margin-left:.05in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:10pt'><b>Meeting Type:</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual</font></p></td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom style='border-right: solid black .5pt;'>
                    <p style=' margin-left:.05in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:10pt'><b>For holders as of:</b>&nbsp;&nbsp;&nbsp;&nbsp;March 14, 2014</font></p></td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-right:solid black .5pt; '>
    <p style=' margin-left:.05in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:10pt'>Date:</font></b><font face="Arial" style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May 12, 2014&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font face="Arial" style='font-size:10pt'>Time: </font></b><font face="Arial" style='font-size:10pt'>9:00 A.M.</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:.05in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:10pt'>Location: </font></b></p> </td>
        <td colspan="3" valign=bottom style=' border-right:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>The Cole Auditorium</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom style=' border-right:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>The Greenwich Library</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom style=' border-right:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>101 West Putnam Avenue</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom style=' border-right:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>Greenwich, Connecticut 06830</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style='border-top:none; border-left:none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><I><font FACE="ARIAL" STYLE='FONT-SIZE:6PT'>PROXY TABULATOR</font></I><br> <I><font FACE="ARIAL" STYLE='FONT-SIZE:6PT'>P.O. BOX 9112</font></I><br> <I><font FACE="ARIAL" STYLE='FONT-SIZE:6PT'>FARMINGDALE, NY 11735</font></I></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:.05in;margin-right:.05in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:10pt'>You are receiving this communication because you hold shares in the fund named above.</font></p> </td> </tr>
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        <td colspan="5" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:.05in;margin-right:.05in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:10pt'>This is not a ballot. You cannot use this notice to vote these shares. This communication presents only an overview of the more complete proxy materials that are available to you on the Internet. You may view the proxy materials online at </font><i><font face="Arial" style='font-size:10pt'>www.proxyvote.com</font></i><font face="Arial" style='font-size:10pt'> or easily request a paper copy (see reverse side).</font></p> </td> </tr>
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        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:.05in;margin-right:.05in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:10pt'>We encourage you to access and review all of the important information contained in the proxy materials before voting.</font></p> </td> </tr>
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   <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>M69948-P49716</font></p></td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style='background:#636466; '>
                        <p style=' margin-left:.05in;margin-right:.05in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0in;'><font color="#FFFFFF"><b><font face="Arial" style='font-size:12pt'>See the reverse side of this notice to obtain proxy materials and voting instructions.</font></b></font></p> </td> </tr>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font style='font-size:16pt'>&#150;&#150;&#150; Before You Vote &#150;&#150;&#150;</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" style='font-size:12pt'>How to Access the Proxy Materials</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:5pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse; '>
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        <td width="100%" valign=top style='border:solid black .5pt; border-bottom:none;'>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>Proxy Materials Available to VIEW or RECEIVE:</font></b></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:10PT'>NOTICE AND PROXY STATEMENT</font></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>How to View Online:</font></b></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>Have the information that is printed in the box marked by the arrow &rarr; XXXX XXXX XXXX (located on the following page) and visit: </font><i><font face="Arial" style='font-size:10pt'>www.proxyvote.com.</font></i></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>How to Request and Receive a PAPER or E-MAIL Copy:</font></b></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>If you want to receive a paper or e-mail copy of these documents, you must request one. There is NO charge for requesting a copy. Please choose one of the following methods to make your request:</font></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:1.0in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>1)</font><i><font face="Arial" style='font-size:10pt'> BY INTERNET</font></i><font face="Arial" style='font-size:10pt'>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;www.proxyvote.com</font><i><font face="Arial" style='font-size:10pt'> </font></i></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:1.0in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>2)</font><i><font face="Arial" style='font-size:10pt'> BY TELEPHONE</font></i><font face="Arial" style='font-size:10pt'>:&nbsp;&nbsp;&nbsp;1-800-579-1639</font><i><font face="Arial" style='font-size:10pt'> </font></i></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
      <p style=' margin-left:1.0in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>3)</font><i><font face="Arial" style='font-size:10pt'> BY E-MAIL*</font></i><font face="Arial" style='font-size:10pt'>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sendmaterial@proxyvote.com </font></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>*&nbsp;&nbsp;&nbsp;If requesting materials by e-mail, please send a blank e-mail with the information that is printed in the box marked by the arrow &rarr; XXXX XXXX XXXX  (located on the following page) in the subject line.</font></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
    <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>Requests, instructions and other inquiries sent to this e-mail address will NOT be forwarded to your investment advisor. Please make the request as instructed above on or before April 29, 2014 to facilitate timely delivery.</font></p> </td> </tr>
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        <td valign=top style='border:solid black .5pt; border-top:none;'>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font style='font-size:16pt'>&#150;&#150;&#150; How To Vote &#150;&#150;&#150;</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" style='font-size:12pt'>Please Choose One of the Following Voting Methods</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:5pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse; '>
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        <td width="100%" valign=top style='border:solid black .5pt; border-bottom:none;'>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>Vote In Person: </font></b><font face="Arial" style='font-size:10pt'>Many shareholder meetings have attendance requirements including, but not limited to, the possession</font><b><font face="Arial" style='font-size:10pt'> </font></b><font face="Arial" style='font-size:10pt'>of an attendance ticket issued by the entity holding the meeting. Please check the meeting materials for any special requirements for meeting attendance. At the meeting, you will need to request a ballot to vote these shares.</font></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>Vote By Internet: </font></b><font face="Arial" style='font-size:10pt'>To vote now by Internet, go to</font><b><font face="Arial" style='font-size:10pt'> </font></b><i><font face="Arial" style='font-size:10pt'>www.proxyvote.com.</font></i><b><font face="Arial" style='font-size:10pt'> </font></b><font face="Arial" style='font-size:10pt'>Have the information that is printed in the</font><b><font face="Arial" style='font-size:10pt'> </font></b><font face="Arial" style='font-size:10pt'>box marked by the arrow &rarr; XXXX XXXX XXXX (located on the following page) available and follow the instructions.</font></p> </td> </tr>
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                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>Vote By Mail: </font></b><font face="Arial" style='font-size:10pt'>You can vote by mail by requesting a paper copy of the materials, which will include a proxy card.</font></p> </td> </tr>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:8pt'>M69949-P49716</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:10PT'>THE GABELLI EQUITY TRUST INC. <br>
SERIES D PREFERRED SHAREHOLDER</font></B><B><font FACE="ARIAL" STYLE='FONT-SIZE:10PT'></font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> <td valign=bottom style=''> <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font COLOR="#FFFFFF"><B><font FACE="ARIAL" STYLE='FONT-SIZE:15PT'>A</font></B></font></p> </td>
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                    <p style=' margin-left:2.15pt;margin-right:0in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:7pt'>Election of Directors &#151; The Board of Directors recommends a vote </font></b><U><B><font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>FOR</font></B></U><b><font face="Arial" style='font-size:7pt'> each of the nominees listed.</font></b></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1.</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>To elect three (3) Directors of the Fund:
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Nominees:</font></b></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>01)</font></p> </td>
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                      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Frank J. Fahrenkopf, Jr.</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>02)</font></p> </td>
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                      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Salvatore J. Zizza</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>03)</font></p> </td>
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                      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Anthony J. Colavita</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom style='border-left:solid black 2.25pt;border-top:solid black 2.25pt'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-right:solid black 2.25pt;border-top:solid black 2.25pt'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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        <td valign=bottom style='border-left:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-right:solid black 2.25pt;'>
                        <p style=' margin-left:0in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Please refer to the proxy materials for more detailed information on the above voting items.</font></b></p> </td>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>M69951-P49716</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font style='font-size:16pt'>*** Exercise Your </font></b><i><b><font style='font-size:16pt'>Right</font></b></i><b><font style='font-size:16pt'> to Vote ***</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font face="Arial" style='font-size:12pt'>Important Notice Regarding the Availability of Proxy Materials for the</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font face="Arial" style='font-size:12pt'>Shareholder Meeting to Be Held on May 12, 2014.</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
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        <td valign=bottom style='border-right: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style='border-top:solid black .5pt; border-left:none;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2.0pt;margin-bottom:0pt;'><u><b><font face="Arial" style='font-size:12pt'>Meeting Information</font></b></u></p> </td> </tr>
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      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:12PT'>GABELLI EQUITY TRUST INC.
    </font></B></p> </td>
        <td colspan="5" valign=bottom style=' border-right:solid black .5pt;'>
      <p style=' margin-left:.05in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:10pt'><b>Meeting Type:</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual</font></p></td>
    </tr>
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        <td valign=bottom style='border-right: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom style='border-right: solid black .5pt;'>
                      <p style=' margin-left:.05in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:10pt'><b>For holders as of:</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 14, 2014</font></p></td>
    </tr>
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        <td valign=bottom style='border-right: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-right:solid black .5pt; '>
    <p style=' margin-left:.05in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:10pt'>Date:</font></b><font face="Arial" style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;May 12, 2014&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font face="Arial" style='font-size:10pt'>Time: </font></b><font face="Arial" style='font-size:10pt'>9:00 A.M.</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:.05in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:10pt'>Location: </font></b></p> </td>
        <td colspan="3" valign=bottom style=' border-right:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>The Cole Auditorium</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom style=' border-right:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>The Greenwich Library</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom style=' border-right:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>101 West Putnam Avenue</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom style=' border-right:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>Greenwich, Connecticut 06830</font></p> </td> </tr>
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        <td valign=bottom style='border-right: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style='border-top:none; border-left:none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><I><font FACE="ARIAL" STYLE='FONT-SIZE:6PT'>PROXY TABULATOR</font></I><br> <I><font FACE="ARIAL" STYLE='FONT-SIZE:6PT'>P.O. BOX 9112</font></I><br> <I><font FACE="ARIAL" STYLE='FONT-SIZE:6PT'>FARMINGDALE, NY 11735</font></I></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:.05in;margin-right:.05in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:10pt'>You are receiving this communication because you hold shares in the fund named above.</font></p> </td> </tr>
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        <td colspan="5" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:.05in;margin-right:.05in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:10pt'>This is not a ballot. You cannot use this notice to vote these shares. This communication presents only an overview of the more complete proxy materials that are available to you on the Internet. You may view the proxy materials online at </font><i><font face="Arial" style='font-size:10pt'>www.proxyvote.com</font></i><font face="Arial" style='font-size:10pt'> or easily request a paper copy (see reverse side).</font></p> </td> </tr>
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        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:.05in;margin-right:.05in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:10pt'>We encourage you to access and review all of the important information contained in the proxy materials before voting.</font></p> </td> </tr>
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   <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>M69948-P49716</font></p></td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style='background:#636466; '>
                        <p style=' margin-left:.05in;margin-right:.05in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0in;'><font color="#FFFFFF"><b><font face="Arial" style='font-size:12pt'>See the reverse side of this notice to obtain proxy materials and voting instructions.</font></b></font></p> </td> </tr>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font style='font-size:16pt'>&#150;&#150;&#150; Before You Vote &#150;&#150;&#150;</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" style='font-size:12pt'>How to Access the Proxy Materials</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:5pt'>&nbsp;</font></p>
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<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse; '>
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        <td width="100%" valign=top style='border:solid black .5pt; border-bottom:none;'>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>Proxy Materials Available to VIEW or RECEIVE:</font></b></p> </td> </tr>
 <tr>
        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:10PT'>NOTICE AND PROXY STATEMENT</font></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>How to View Online:</font></b></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>Have the information that is printed in the box marked by the arrow &rarr; XXXX XXXX XXXX (located on the following page) and visit: </font><i><font face="Arial" style='font-size:10pt'>www.proxyvote.com.</font></i></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>How to Request and Receive a PAPER or E-MAIL Copy:</font></b></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>If you want to receive a paper or e-mail copy of these documents, you must request one. There is NO charge for requesting a copy. Please choose one of the following methods to make your request:</font></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:1.0in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>1)</font><i><font face="Arial" style='font-size:10pt'> BY INTERNET</font></i><font face="Arial" style='font-size:10pt'>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;www.proxyvote.com</font><i><font face="Arial" style='font-size:10pt'> </font></i></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:1.0in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>2)</font><i><font face="Arial" style='font-size:10pt'> BY TELEPHONE</font></i><font face="Arial" style='font-size:10pt'>:&nbsp;&nbsp;&nbsp;1-800-579-1639</font><i><font face="Arial" style='font-size:10pt'> </font></i></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
      <p style=' margin-left:1.0in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>3)</font><i><font face="Arial" style='font-size:10pt'> BY E-MAIL*</font></i><font face="Arial" style='font-size:10pt'>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sendmaterial@proxyvote.com </font></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>*&nbsp;&nbsp;&nbsp;If requesting materials by e-mail, please send a blank e-mail with the information that is printed in the box marked by the arrow &rarr; XXXX XXXX XXXX  (located on the following page) in the subject line.</font></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
    <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>Requests, instructions and other inquiries sent to this e-mail address will NOT be forwarded to your investment advisor. Please make the request as instructed above on or before April 29, 2014 to facilitate timely delivery.</font></p> </td> </tr>
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                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font style='font-size:16pt'>&#150;&#150;&#150; How To Vote &#150;&#150;&#150;</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" style='font-size:12pt'>Please Choose One of the Following Voting Methods</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:5pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse; '>
 <tr>
        <td width="100%" valign=top style='border:solid black .5pt; border-bottom:none;'>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>Vote In Person: </font></b><font face="Arial" style='font-size:10pt'>Many shareholder meetings have attendance requirements including, but not limited to, the possession</font><b><font face="Arial" style='font-size:10pt'> </font></b><font face="Arial" style='font-size:10pt'>of an attendance ticket issued by the entity holding the meeting. Please check the meeting materials for any special requirements for meeting attendance. At the meeting, you will need to request a ballot to vote these shares.</font></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>Vote By Internet: </font></b><font face="Arial" style='font-size:10pt'>To vote now by Internet, go to</font><b><font face="Arial" style='font-size:10pt'> </font></b><i><font face="Arial" style='font-size:10pt'>www.proxyvote.com.</font></i><b><font face="Arial" style='font-size:10pt'> </font></b><font face="Arial" style='font-size:10pt'>Have the information that is printed in the</font><b><font face="Arial" style='font-size:10pt'> </font></b><font face="Arial" style='font-size:10pt'>box marked by the arrow &rarr; XXXX XXXX XXXX (located on the following page) available and follow the instructions.</font></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>Vote By Mail: </font></b><font face="Arial" style='font-size:10pt'>You can vote by mail by requesting a paper copy of the materials, which will include a proxy card.</font></p> </td> </tr>
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        <td valign=top style='border:solid black .5pt; border-top:none;'>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr></table>
</div>
</div><p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:8pt'>M69949-P49716</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:10PT'>THE GABELLI EQUITY TRUST INC. <br>
SERIES E PREFERRED SHAREHOLDER</font></B><B><font FACE="ARIAL" STYLE='FONT-SIZE:10PT'></font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="99%" style=' border-collapse:collapse; '>
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        <td colspan="4" valign=bottom style=' border-bottom:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style=' '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> <td valign=bottom style=''> <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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        <td style='background:black;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font COLOR="#FFFFFF"><B><font FACE="ARIAL" STYLE='FONT-SIZE:15PT'>A</font></B></font></p> </td>
        <td colspan="2" valign=bottom >
                    <p style=' margin-left:2.15pt;margin-right:0in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:7pt'>Election of Directors &#151; The Board of Directors recommends a vote </font></b><U><B><font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>FOR</font></B></U><b><font face="Arial" style='font-size:7pt'> each of the nominees listed.</font></b></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:2.15pt;margin-right:0in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> <td valign=bottom style=''> <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1.</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>To elect three (3) Directors of the Fund:
</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Nominees:</font></b></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>01)</font></p> </td>
        <td valign=bottom >
                      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Frank J. Fahrenkopf, Jr.</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>02)</font></p> </td>
        <td valign=bottom >
                    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Salvatore J. Zizza</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>03)</font></p> </td>
        <td valign=bottom >
                      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Anthony J. Colavita</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-right:solid black 2.25pt;border-top:solid black 2.25pt'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom style='border-left:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Please refer to the proxy materials for more detailed information on the above voting items.</font></b></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>M69951-P49716</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font style='font-size:16pt'>*** Exercise Your </font></b><i><b><font style='font-size:16pt'>Right</font></b></i><b><font style='font-size:16pt'> to Vote ***</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font face="Arial" style='font-size:12pt'>Important Notice Regarding the Availability of Proxy Materials for the</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font face="Arial" style='font-size:12pt'>Shareholder Meeting to Be Held on  May 12, 2014.</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
  <tr>
        <td valign=bottom style='border-right: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style='border-top:solid black .5pt; border-left:none;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2.0pt;margin-bottom:0pt;'><u><b><font face="Arial" style='font-size:12pt'>Meeting Information</font></b></u></p> </td> </tr>
 <tr>
        <td width="50%" valign=bottom style='border-right: solid black .5pt;'>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:12PT'>GABELLI EQUITY TRUST INC.</font></B></p> </td>
        <td colspan="5" valign=bottom style=' border-right:solid black .5pt;'>
      <p style=' margin-left:.05in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:10pt'><b>Meeting Type:</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual</font></p></td>
    </tr>
 <tr>
        <td valign=bottom style='border-right: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom style='border-right: solid black .5pt;'>
                      <p style=' margin-left:.05in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:10pt'><b>For holders as of:</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 14, 2014</font></p></td>
    </tr>
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        <td valign=bottom style='border-right: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-right:solid black .5pt; '>
    <p style=' margin-left:.05in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:10pt'>Date:</font></b><font face="Arial" style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May 12, 2014&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font face="Arial" style='font-size:10pt'>Time: </font></b><font face="Arial" style='font-size:10pt'>9:00 A.M.</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:.05in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:10pt'>Location: </font></b></p> </td>
        <td colspan="3" valign=bottom style=' border-right:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>The Cole Auditorium</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom style=' border-right:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>The Greenwich Library</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom style=' border-right:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>101 West Putnam Avenue</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom style=' border-right:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>Greenwich, Connecticut 06830</font></p> </td> </tr>
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        <td valign=bottom style='border-right: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style='border-top:none; border-left:none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><I><font FACE="ARIAL" STYLE='FONT-SIZE:6PT'>PROXY TABULATOR</font></I><br> <I><font FACE="ARIAL" STYLE='FONT-SIZE:6PT'>P.O. BOX 9112</font></I><br> <I><font FACE="ARIAL" STYLE='FONT-SIZE:6PT'>FARMINGDALE, NY 11735</font></I></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:.05in;margin-right:.05in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:10pt'>You are receiving this communication because you hold shares in the fund named above.</font></p> </td> </tr>
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        <td colspan="5" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:.05in;margin-right:.05in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:10pt'>This is not a ballot. You cannot use this notice to vote these shares. This communication presents only an overview of the more complete proxy materials that are available to you on the Internet. You may view the proxy materials online at </font><i><font face="Arial" style='font-size:10pt'>www.proxyvote.com</font></i><font face="Arial" style='font-size:10pt'> or easily request a paper copy (see reverse side).</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:.05in;margin-right:.05in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:10pt'>We encourage you to access and review all of the important information contained in the proxy materials before voting.</font></p> </td> </tr>
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   <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>M69948-P49716</font></p></td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style='background:#636466; '>
                        <p style=' margin-left:.05in;margin-right:.05in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0in;'><font color="#FFFFFF"><b><font face="Arial" style='font-size:12pt'>See the reverse side of this notice to obtain proxy materials and voting instructions.</font></b></font></p> </td> </tr>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font style='font-size:16pt'>&#150;&#150;&#150; Before You Vote &#150;&#150;&#150;</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" style='font-size:12pt'>How to Access the Proxy Materials</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:5pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse; '>
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        <td width="100%" valign=top style='border:solid black .5pt; border-bottom:none;'>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>Proxy Materials Available to VIEW or RECEIVE:</font></b></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:10PT'>NOTICE AND PROXY STATEMENT</font></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>How to View Online:</font></b></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>Have the information that is printed in the box marked by the arrow &rarr; XXXX XXXX XXXX (located on the following page) and visit: </font><i><font face="Arial" style='font-size:10pt'>www.proxyvote.com.</font></i></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>How to Request and Receive a PAPER or E-MAIL Copy:</font></b></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>If you want to receive a paper or e-mail copy of these documents, you must request one. There is NO charge for requesting a copy. Please choose one of the following methods to make your request:</font></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:1.0in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>1)</font><i><font face="Arial" style='font-size:10pt'> BY INTERNET</font></i><font face="Arial" style='font-size:10pt'>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;www.proxyvote.com</font><i><font face="Arial" style='font-size:10pt'> </font></i></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:1.0in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>2)</font><i><font face="Arial" style='font-size:10pt'> BY TELEPHONE</font></i><font face="Arial" style='font-size:10pt'>:&nbsp;&nbsp;&nbsp;1-800-579-1639</font><i><font face="Arial" style='font-size:10pt'> </font></i></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
      <p style=' margin-left:1.0in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>3)</font><i><font face="Arial" style='font-size:10pt'> BY E-MAIL*</font></i><font face="Arial" style='font-size:10pt'>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sendmaterial@proxyvote.com </font></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>*&nbsp;&nbsp;&nbsp;If requesting materials by e-mail, please send a blank e-mail with the information that is printed in the box marked by the arrow &rarr; XXXX XXXX XXXX  (located on the following page) in the subject line.</font></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
    <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>Requests, instructions and other inquiries sent to this e-mail address will NOT be forwarded to your investment advisor. Please make the request as instructed above on or before April 29, 2014 to facilitate timely delivery.</font></p> </td> </tr>
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        <td valign=top style='border:solid black .5pt; border-top:none;'>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font style='font-size:16pt'>&#150;&#150;&#150; How To Vote &#150;&#150;&#150;</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" style='font-size:12pt'>Please Choose One of the Following Voting Methods</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:5pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse; '>
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        <td width="100%" valign=top style='border:solid black .5pt; border-bottom:none;'>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>Vote In Person: </font></b><font face="Arial" style='font-size:10pt'>Many shareholder meetings have attendance requirements including, but not limited to, the possession</font><b><font face="Arial" style='font-size:10pt'> </font></b><font face="Arial" style='font-size:10pt'>of an attendance ticket issued by the entity holding the meeting. Please check the meeting materials for any special requirements for meeting attendance. At the meeting, you will need to request a ballot to vote these shares.</font></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>Vote By Internet: </font></b><font face="Arial" style='font-size:10pt'>To vote now by Internet, go to</font><b><font face="Arial" style='font-size:10pt'> </font></b><i><font face="Arial" style='font-size:10pt'>www.proxyvote.com.</font></i><b><font face="Arial" style='font-size:10pt'> </font></b><font face="Arial" style='font-size:10pt'>Have the information that is printed in the</font><b><font face="Arial" style='font-size:10pt'> </font></b><font face="Arial" style='font-size:10pt'>box marked by the arrow &rarr; XXXX XXXX XXXX (located on the following page) available and follow the instructions.</font></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>Vote By Mail: </font></b><font face="Arial" style='font-size:10pt'>You can vote by mail by requesting a paper copy of the materials, which will include a proxy card.</font></p> </td> </tr>
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        <td valign=top style='border:solid black .5pt; border-top:none;'>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr></table>
</div>
</div><p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:8pt'>M69949-P49716</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:10PT'>THE GABELLI EQUITY TRUST INC.<br>
SERIES G PREFERRED SHAREHOLDER</font></B><B><font FACE="ARIAL" STYLE='FONT-SIZE:10PT'></font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="99%" style=' border-collapse:collapse; '>
 <tr>
        <td colspan="4" valign=bottom style=' border-bottom:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style=' '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> <td valign=bottom style=''> <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td style='background:black;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font COLOR="#FFFFFF"><B><font FACE="ARIAL" STYLE='FONT-SIZE:15PT'>A</font></B></font></p> </td>
        <td colspan="2" valign=bottom >
                    <p style=' margin-left:2.15pt;margin-right:0in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:7pt'>Election of Directors &#151; The Board of Directors recommends a vote </font></b><U><B><font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>FOR</font></B></U><b><font face="Arial" style='font-size:7pt'> each of the nominees listed.</font></b></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:2.15pt;margin-right:0in;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td> <td valign=bottom style=''> <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1.</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>To elect three (3) Directors of the Fund:
</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Nominees:</font></b></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>01)</font></p> </td>
        <td valign=bottom >
                      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Frank J. Fahrenkopf, Jr.</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>02)</font></p> </td>
        <td valign=bottom >
                      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Salvatore J. Zizza</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>03)</font></p> </td>
        <td valign=bottom >
                      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Anthony J. Colavita</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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 <tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'>&nbsp;</p> </td>
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        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom style='border-left:solid black 2.25pt;border-top:solid black 2.25pt'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-right:solid black 2.25pt;border-top:solid black 2.25pt'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-left:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-right:solid black 2.25pt;'>
                        <p style=' margin-left:0in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Please refer to the proxy materials for more detailed information on the above voting items.</font></b></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>M69951-P49716</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font style='font-size:16pt'>*** Exercise Your </font></b><i><b><font style='font-size:16pt'>Right</font></b></i><b><font style='font-size:16pt'> to Vote ***</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font face="Arial" style='font-size:12pt'>Important Notice Regarding the Availability of Proxy Materials for the</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font face="Arial" style='font-size:12pt'>Shareholder Meeting to Be Held on May 12, 2014.</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style='border-top:solid black .5pt; border-left:none;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2.0pt;margin-bottom:0pt;'><u><b><font face="Arial" style='font-size:12pt'>Meeting Information</font></b></u></p> </td> </tr>
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        <td width="50%" valign=bottom style='border-right: solid black .5pt;'>
    <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:12PT'>GABELLI EQUITY TRUST INC.</font></B></p> </td>
        <td colspan="5" valign=bottom style=' border-right:solid black .5pt;'>
      <p style=' margin-left:.05in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:10pt'><b>Meeting Type:</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual</font></p></td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom style='border-right: solid black .5pt;'>
                      <p style=' margin-left:.05in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0in;'><font face="Arial" style='font-size:10pt'><b>For holders as of:</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 14, 2014</font></p></td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-right:solid black .5pt; '>
    <p style=' margin-left:.05in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:10pt'>Date:</font></b><font face="Arial" style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May 12, 2014&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font face="Arial" style='font-size:10pt'>Time: </font></b><font face="Arial" style='font-size:10pt'>9:00 A.M.</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:.05in;margin-right:0in;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0in;'><b><font face="Arial" style='font-size:10pt'>Location: </font></b></p> </td>
        <td colspan="3" valign=bottom style=' border-right:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>The Cole Auditorium</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom style=' border-right:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>The Greenwich Library</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom style=' border-right:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>101 West Putnam Avenue</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom style=' border-right:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>Greenwich, Connecticut 06830</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style='border-top:none; border-left:none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><I><font FACE="ARIAL" STYLE='FONT-SIZE:6PT'>PROXY TABULATOR</font></I><br> <I><font FACE="ARIAL" STYLE='FONT-SIZE:6PT'>P.O. BOX 9112</font></I><br> <I><font FACE="ARIAL" STYLE='FONT-SIZE:6PT'>FARMINGDALE, NY 11735</font></I></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:.05in;margin-right:.05in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:10pt'>You are receiving this communication because you hold shares in the fund named above.</font></p> </td> </tr>
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        <td colspan="5" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:.05in;margin-right:.05in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:10pt'>This is not a ballot. You cannot use this notice to vote these shares. This communication presents only an overview of the more complete proxy materials that are available to you on the Internet. You may view the proxy materials online at </font><i><font face="Arial" style='font-size:10pt'>www.proxyvote.com</font></i><font face="Arial" style='font-size:10pt'> or easily request a paper copy (see reverse side).</font></p> </td> </tr>
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        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:.05in;margin-right:.05in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:10pt'>We encourage you to access and review all of the important information contained in the proxy materials before voting.</font></p> </td> </tr>
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   <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>M69948-P49716</font></p></td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style='background:#636466; '>
                        <p style=' margin-left:.05in;margin-right:.05in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0in;'><font color="#FFFFFF"><b><font face="Arial" style='font-size:12pt'>See the reverse side of this notice to obtain proxy materials and voting instructions.</font></b></font></p> </td> </tr>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font style='font-size:16pt'>&#150;&#150;&#150; Before You Vote &#150;&#150;&#150;</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" style='font-size:12pt'>How to Access the Proxy Materials</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:5pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse; '>
 <tr>
        <td width="100%" valign=top style='border:solid black .5pt; border-bottom:none;'>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>Proxy Materials Available to VIEW or RECEIVE:</font></b></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font FACE="ARIAL" STYLE='FONT-SIZE:10PT'>NOTICE AND PROXY STATEMENT</font></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>How to View Online:</font></b></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>Have the information that is printed in the box marked by the arrow &rarr; XXXX XXXX XXXX (located on the following page) and visit: </font><i><font face="Arial" style='font-size:10pt'>www.proxyvote.com.</font></i></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>How to Request and Receive a PAPER or E-MAIL Copy:</font></b></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>If you want to receive a paper or e-mail copy of these documents, you must request one. There is NO charge for requesting a copy. Please choose one of the following methods to make your request:</font></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:1.0in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>1)</font><i><font face="Arial" style='font-size:10pt'> BY INTERNET</font></i><font face="Arial" style='font-size:10pt'>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;www.proxyvote.com</font><i><font face="Arial" style='font-size:10pt'> </font></i></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:1.0in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>2)</font><i><font face="Arial" style='font-size:10pt'> BY TELEPHONE</font></i><font face="Arial" style='font-size:10pt'>:&nbsp;&nbsp;&nbsp;1-800-579-1639</font><i><font face="Arial" style='font-size:10pt'> </font></i></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:1.0in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>3)</font><i><font face="Arial" style='font-size:10pt'> BY E-MAIL*</font></i><font face="Arial" style='font-size:10pt'>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sendmaterial@proxyvote.com </font></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>*&nbsp;&nbsp;&nbsp;If requesting materials by e-mail, please send a blank e-mail with the information that is printed in the box marked by the arrow &rarr; XXXX XXXX XXXX  (located on the following page) in the subject line.</font></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font face="Arial" style='font-size:10pt'>Requests, instructions and other inquiries sent to this e-mail address will NOT be forwarded to your investment
advisor. Please make the request as instructed above on or before April 29, 2014 to facilitate timely delivery.</font></p> </td> </tr>
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        <td valign=top style='border:solid black .5pt; border-top:none;'>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:center;'><b><font style='font-size:16pt'>&#150;&#150;&#150; How To Vote &#150;&#150;&#150;</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" style='font-size:12pt'>Please Choose One of the Following Voting Methods</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:5pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse; '>
 <tr>
        <td width="100%" valign=top style='border:solid black .5pt; border-bottom:none;'>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>Vote In Person: </font></b><font face="Arial" style='font-size:10pt'>Many shareholder meetings have attendance requirements including, but not limited to, the possession</font><b><font face="Arial" style='font-size:10pt'> </font></b><font face="Arial" style='font-size:10pt'>of an attendance ticket issued by the entity holding the meeting. Please check the meeting materials for any special requirements for meeting attendance. At the meeting, you will need to request a ballot to vote these shares.</font></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>Vote By Internet: </font></b><font face="Arial" style='font-size:10pt'>To vote now by Internet, go to</font><b><font face="Arial" style='font-size:10pt'> </font></b><i><font face="Arial" style='font-size:10pt'>www.proxyvote.com.</font></i><b><font face="Arial" style='font-size:10pt'> </font></b><font face="Arial" style='font-size:10pt'>Have the information that is printed in the</font><b><font face="Arial" style='font-size:10pt'> </font></b><font face="Arial" style='font-size:10pt'>box marked by the arrow &rarr; XXXX XXXX XXXX (located on the following page) available and follow the instructions.</font></p> </td> </tr>
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        <td valign=top style='border-top:none;border-left: solid black .5pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><b><font face="Arial" style='font-size:10pt'>Vote By Mail: </font></b><font face="Arial" style='font-size:10pt'>You can vote by mail by requesting a paper copy of the materials, which will include a proxy card.</font></p> </td> </tr>
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        <td valign=top style='border:solid black .5pt; border-top:none;'>
                        <p style=' margin-left:.2in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:2.0pt;margin-bottom: 0in;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr></table>
</div>
</div><p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:8pt'>M69949-P49716</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:10PT'>THE GABELLI EQUITY TRUST INC. <br>
SERIES H PREFERRED SHAREHOLDER</font></B><B><font FACE="ARIAL" STYLE='FONT-SIZE:10PT'></font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font COLOR="#FFFFFF"><B><font FACE="ARIAL" STYLE='FONT-SIZE:15PT'>A</font></B></font></p> </td>
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                    <p style=' margin-left:2.15pt;margin-right:0in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:7pt'>Election of Directors &#151; The Board of Directors recommends a vote </font></b><U><B><font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>FOR</font></B></U><b><font face="Arial" style='font-size:7pt'> each of the nominees listed.</font></b></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1.</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>To elect three (3) Directors of the Fund:
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Nominees:</font></b></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>01)</font></p> </td>
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                      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Frank J. Fahrenkopf, Jr.</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>02)</font></p> </td>
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                      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Salvatore J. Zizza</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>03)</font></p> </td>
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                      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Anthony J. Colavita</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
   <td colspan="3" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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        <td width="3%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="4%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="39%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="40%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'>&nbsp;</p> </td>
        <td width="4%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="7%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-left:solid black 2.25pt;border-top:solid black 2.25pt'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-right:solid black 2.25pt;border-top:solid black 2.25pt'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-left:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-right:solid black 2.25pt;'>
                        <p style=' margin-left:0in;margin-right:.2in;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom: 0in;'><b><font face="Arial" style='font-size:8pt'>Please refer to the proxy materials for more detailed information on the above voting items.</font></b></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:solid black 2.25pt;border-right: none;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 2.25pt;border-right:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>M69951-P49716</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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