<SEC-DOCUMENT>0001133228-19-001858.txt : 20190329
<SEC-HEADER>0001133228-19-001858.hdr.sgml : 20190329
<ACCEPTANCE-DATETIME>20190328192006
ACCESSION NUMBER:		0001133228-19-001858
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20190513
FILED AS OF DATE:		20190329
DATE AS OF CHANGE:		20190328
EFFECTIVENESS DATE:		20190329

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:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04700
		FILM NUMBER:		19713459

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORP CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		9149215070
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>e517090_def14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by a Party other than the Registrant <FONT STYLE="font-family: Wingdings">&uml;</FONT></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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Preliminary Proxy Statement</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Confidential, for Use of the Commission Only (as permitted
by Rule 14a-6(e)(2))</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">x</FONT></TD><TD STYLE="text-align: justify">Definitive Proxy Statement</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Definitive Additional Materials</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Soliciting Material Pursuant to Sec. 240.14a-12</TD>
</TR></TABLE>

<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; text-align: center"><B>The Gabelli Equity Trust Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Registrant as Specified In Its
Charter)</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; 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; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">x</FONT></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; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></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>

<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; width: 100%"><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; width: 100%"><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; width: 100%"><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: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><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; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><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: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></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; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></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; width: 100%"><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; width: 100%"><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; width: 100%"><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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><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">&nbsp;</P>


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<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; text-align: center"><B>THE GABELLI EQUITY TRUST INC.</B></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; text-align: center">One Corporate Center</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Rye, New York 10580-1422</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(914) 921-5070</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; text-align: center"></P>

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<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; text-align: center"><B>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>To Be Held on May 13, 2019</B></P>

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

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<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">To the Stockholders of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THE GABELLI EQUITY TRUST INC.</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; text-align: justify; text-indent: 0.25in">Notice is hereby given
that the Annual Meeting of Stockholders of The Gabelli Equity Trust Inc., a Maryland corporation (the &ldquo;Fund&rdquo;), will
be held on Monday, May 13, 2019, at 9:45 a.m., local time, at The Cole Auditorium, The Greenwich Library, 101 West Putnam Avenue,
Greenwich, Connecticut 06830 (the &ldquo;Meeting&rdquo;), and at any adjournments or postponements thereof for the following purposes:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">To elect two (2) Directors of the Fund to be elected by the holders of the Fund&rsquo;s common
stock and holders of its Series C Auction Rate Cumulative Preferred Stock, 5.875% Series D Cumulative Preferred Stock, Series E
Auction Rate Cumulative Preferred Stock, Series G Cumulative Preferred Stock, 5.00% Series H Cumulative Preferred Stock, and 5.45%
Series J Cumulative Preferred Stock (together, &ldquo;Preferred Stock&rdquo;), voting together as a single class; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">To consider and vote upon such other matters, including adjournments, as may properly come before
said Meeting or any adjournments thereof.</TD></TR></TABLE>

<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 0pt 0.25in">These items are discussed in greater detail in the
attached Proxy Statement.</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 0pt 0.25in; text-align: justify">The close of business on March
21, 2019, has been fixed as the record date for the determination of stockholders entitled to notice of and to vote at the Meeting
and any adjournments or postponements thereof.</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; text-align: justify; text-indent: 0.25in"><B>YOUR VOTE IS IMPORTANT
REGARDLESS OF THE SIZE OF YOUR HOLDINGS IN THE FUND. WHETHER OR NOT YOU PLAN TO ATTEND THE MEETING, WE ASK THAT YOU PLEASE VOTE
PROMPTLY. STOCKHOLDERS MAY AUTHORIZE THEIR PROXY BY TELEPHONE OR THE INTERNET. ALTERNATIVELY, STOCKHOLDERS MAY SUBMIT VOTING INSTRUCTIONS BY SIGNING AND DATING THE PROXY CARD AND RETURNING IT IN THE ACCOMPANYING POSTAGE-PAID ENVELOPE.</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By Order of the Board of Directors,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ANDREA R. MANGO</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Secretary</I></FONT></TD></TR>
</TABLE>
<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">April 3, 2019</P>

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


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<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; text-align: center"><B>INSTRUCTIONS FOR SIGNING PROXY CARDS
TO BE RETURNED BY MAIL</B></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; text-align: justify; text-indent: 0.25in">The following general
rules for signing proxy cards may be of assistance to you and avoid the time and expense to the Fund involved in validating your
vote if you fail to properly sign your proxy card.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify"><I>Individual Accounts: </I>Sign your name exactly as it appears in the registration on the proxy
card.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify"><I>Joint Accounts: </I>Either party may sign, but the name of the party signing should conform
exactly to the name shown in the registration.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify"><I>All Other Accounts: </I>The capacity of the individuals signing the proxy card should be indicated
unless it is reflected in the form of registration. For example:</TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt/normal Times New Roman, Times, Serif; width: 92%; margin-left: 0.5in; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Registration</U></B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Valid Signature</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Corporate Accounts</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 52%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABC Corp.</FONT></TD>
    <TD STYLE="width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABC Corp., John Doe, Treasurer</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABC Corp.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John Doe, Treasurer</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABC Corp.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o John Doe, Treasurer</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John Doe</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABC Corp., Profit Sharing Plan</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John Doe, Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trust Accounts</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABC Trust</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jane B. Doe, Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jane B. Doe, Trustee</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">u/t/d 12/28/78</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jane B. Doe</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Custodian or Estate Accounts</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John B. Smith, Cust.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">f/b/o John B. Smith, Jr. UGMA</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John B. Smith</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2) </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John B. Smith, Executor</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estate of Jane Smith</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John B. Smith, Executor</FONT></TD></TR>
</TABLE>
<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; text-align: center"><B>INSTRUCTIONS FOR TELEPHONE/INTERNET VOTING</B></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; text-indent: 0.25in; text-align: justify">Instructions for authorizing your proxy
to vote your shares by telephone or Internet are included with the Notice of Internet Availability of Proxy Materials and the proxy
card.</P>

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


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<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; text-align: center"><B>THE GABELLI EQUITY TRUST INC.</B></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; text-align: center"></P>

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<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; text-align: center"><B>ANNUAL MEETING OF STOCKHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>May 13, 2019</B></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; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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; text-align: center"><B>PROXY STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></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; text-align: justify; text-indent: 0.25in">This Proxy Statement
is furnished in connection with the solicitation of proxies by the Board of Directors (the &ldquo;Board,&rdquo; the members of
which are referred to as &ldquo;Directors&rdquo;) of The Gabelli Equity Trust Inc., a Maryland corporation (the &ldquo;Fund&rdquo;),
for use at the Annual Meeting of Stockholders of the Fund to be held on Monday, May 13, 2019, at 9:45 a.m., local time, at The
Cole Auditorium, The Greenwich Library, 101 West Putnam Avenue, Greenwich, Connecticut 06830 (the &ldquo;Meeting&rdquo;), and at
any adjournments or postponements thereof. A Notice of Internet Availability of Proxy Materials will first be mailed to stockholders
on or about April 3, 2019.</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; text-align: justify; text-indent: 0.25in">In addition to the
solicitation of proxies by mail, officers of the Fund and officers and regular employees of Computershare Trust Company, N.A. (&ldquo;Computershare&rdquo;),
the Fund&rsquo;s transfer agent, and affiliates of Computershare or other representatives of the Fund may also solicit proxies
by telephone, Internet, or in person. In addition, the Fund has retained Morrow Sodali LLC to assist in the solicitation of proxies
for an estimated fee of $1,000 plus reimbursement of expenses. The Fund will pay the costs of the proxy solicitation and the expenses
incurred in connection with preparing, printing, and mailing the Notice of Internet Availability of Proxy Materials and/or Proxy
Statement and its enclosures. If requested, the Fund will also reimburse brokerage firms and others for their expenses in forwarding
solicitation materials to the beneficial owners of its shares.</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; text-align: justify; text-indent: 0.25in"><B>The Fund&rsquo;s
most recent annual report, including audited financial statements for the fiscal year ended December 31, 2018, is available upon
request, without charge, by writing to the Secretary of the Fund, One Corporate Center, Rye, New York 10580-1422, calling the Fund
at 800-422-3554, or via the Internet at www.gabelli.com.</B></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; text-align: justify; text-indent: 0.25in">If the proxy is properly
executed and returned in time to be voted at the Meeting, the shares represented thereby will be voted &ldquo;FOR&rdquo; the election
of the nominees as Directors as described in this Proxy Statement, unless instructions to the contrary are marked thereon, and
at the discretion of the proxy holders as to the transaction of any other business that may properly come before the Meeting. Any
stockholder who has submitted a proxy has the right to revoke it at any time prior to its exercise either by attending the Meeting
and voting his or her shares in person, or by submitting a letter of revocation or a later dated proxy to the Fund at the above
address prior to the date of the Meeting.</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; text-align: justify; text-indent: 0.25in">A &ldquo;quorum&rdquo;
is required in order to transact business at the Meeting. A quorum of stockholders is constituted by the presence in person or
by proxy of the holders of a majority of the outstanding shares of the Fund entitled to vote at the Meeting. In the event a quorum
is not present at the Meeting, or in the event that a quorum is present at the Meeting but sufficient votes to approve any of the
proposed items are not received, the Meeting may be adjourned by an individual appointed by the Board to be the chairperson of
the Meeting (or in their absence, a person designated pursuant to the By-Laws to act as chairperson of the Meeting). Alternatively,
the chairperson of the Meeting may, in their discretion, submit the question of adjournment to a vote of stockholders. Any such
adjournment on which the stockholders vote will require the affirmative vote of a majority of those shares present at the Meeting
in person or by proxy (or a majority of votes cast if a quorum is present). If a quorum is present, the persons named as proxies
will vote those proxies which they are entitled to vote &ldquo;FOR&rdquo; any proposal in favor of such adjournment and will vote
those proxies required to be voted &ldquo;AGAINST&rdquo; any proposal against any such adjournment. If a quorum is present, a stockholder
vote may be taken on one or more of the proposals in this Proxy Statement prior to such adjournment if sufficient votes have been
received for approval and it is otherwise appropriate. The chairperson of the Meeting may adjourn any meeting of stockholders from
time to time to a date not more than 120 days after the original record date without notice other than announcement at the Meeting.
At such adjourned meeting at which a quorum shall be present, any business may be transacted which might have been transacted at
the Meeting as originally notified. The Fund may set a subsequent record date and give notice of it to stockholders, in which case
the meeting may be held not more than 120 days beyond the subsequent record date. The Fund may postpone or cancel a meeting of
stockholders, and if it does the Fund will make a public announcement of such postponement or cancellation prior to the meeting.
The postponed meeting may not be held more than 120 days after the initial record date.</P>

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


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<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; text-align: justify; text-indent: 0.25in">The close of business
on March 21, 2019, has been fixed as the record date for the determination of stockholders entitled to notice of and to vote at
the Meeting and all adjournments thereof.</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; text-align: justify; text-indent: 0.25in">The Fund has two classes
of capital stock outstanding: common stock, par value $0.001 per share (&ldquo;Common Stock&rdquo;), and preferred stock consisting
of (i) Series C Auction Rate Cumulative Preferred Stock (&ldquo;Series C Preferred&rdquo;), (ii) 5.875% Series D Cumulative Preferred
Stock (&ldquo;Series D Preferred&rdquo;), (iii) Series E Auction Rate Cumulative Preferred Stock (&ldquo;Series E Preferred&rdquo;),
(iv) Series G Cumulative Preferred Stock (&ldquo;Series G Preferred&rdquo;), (v) 5.00% Series H Cumulative Preferred Stock (&ldquo;Series
H Preferred&rdquo;), and (vi) 5.45% Series J Cumulative Preferred Stock (&ldquo;Series J Preferred&rdquo;), each having a par value
of $0.001 per share (together, &ldquo;Preferred Stock&rdquo;). The holders of the Common Stock and Preferred Stock are each entitled
to one vote for each full share held. On the record date, there were 253,338,023 shares of Common Stock, 2,880 shares of Series
C Preferred, 2,363,860 shares of Series D Preferred, 1,120 shares of Series E Preferred, 2,779,796 shares of Series G Preferred,
4,172,873 shares of Series H Preferred, and 3,200,000 shares of Series J Preferred outstanding.</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; text-align: justify; text-indent: 0.25in">As of the record date,
there were no persons known to the Fund to be beneficial owners of more than 5% of the Fund&rsquo;s outstanding Common Stock or
Preferred Stock.</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; text-align: center"><B>SUMMARY OF VOTING RIGHTS ON PROXY PROPOSALS</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Proposal</U></B></FONT></TD>
    <TD STYLE="width: 38%; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Common Stockholders</U></B></FONT></TD>
    <TD STYLE="width: 44%; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Preferred Stockholders</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Election of Directors</FONT></TD>
    <TD STYLE="padding-left: 4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common and Preferred Stockholders, voting together as a single
        class, vote to elect two Directors:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mario J. Gabelli and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">William F. Heitmann</P></TD>
    <TD STYLE="padding-left: 4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common and Preferred Stockholders, voting together as a single
        class, vote to elect two Directors:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mario J. Gabelli and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">William F. Heitmann</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Business</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common and Preferred Stockholders, voting together as a single class</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<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; text-align: center"><B>PROPOSAL: TO ELECT TWO (2) DIRECTORS
OF THE FUND</B></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"><B>Nominees for the Board of Directors</B></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; text-align: justify; text-indent: 0.25in">The Board consists
of seven Directors, six of whom are not &ldquo;interested persons&rdquo; of the Fund (as defined in the Investment Company Act
of 1940, as amended (the &ldquo;1940 Act&rdquo;)). The Fund divides the Board into three classes, each class having a term of three
years. Each year, the term of office of one class will expire. Mario J. Gabelli and William F. Heitmann have each been nominated
by the Board for election to serve for a three year term to expire at the Fund&rsquo;s 2022 Annual Meeting of Stockholders or until
their successors are duly elected and qualified. Each of the Directors of the Fund has served in that capacity since the July 14,
1986 organizational meeting of the Fund with the exception of Mr. Conn, who became a Director of the Fund on May 15, 1989, Mr.
Fahrenkopf, who became a Director of the Fund on May 11, 1998, Mr. Heitmann, who became a Director of the Fund on August 15, 2012,
Mr. Ferrantino, who became a Director of the Fund on February 22, 2017, and Mr. Nakamura, who became a Director of the Fund on
May 16, 2018. All of the Directors of the Fund are also directors or trustees of other investment companies for which Gabelli Funds,
LLC (the &ldquo;Adviser&rdquo;) or its affiliates serve as investment adviser. The classes of Directors are indicated below:</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"><B><U>Nominees to Serve Until 2022 Annual Meeting of Stockholders</U></B></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">Mario J. Gabelli</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">William F. Heitmann</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"><B><U>Directors Serving Until 2021 Annual Meeting of Stockholders</U></B></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">James P. Conn</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Michael J. Ferrantino</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"><B><U>Directors Serving Until 2020 Annual Meeting of Stockholders</U></B></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">Frank J. Fahrenkopf, Jr.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Salvatore J. Zizza</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; text-align: justify; text-indent: 0.25in">Under the Fund&rsquo;s
Articles of Incorporation, Articles Supplementary, and the 1940 Act, holders of the Fund&rsquo;s outstanding Preferred Stock, voting
as a separate class, are entitled to elect two Directors, and holders of the Fund&rsquo;s outstanding Common Stock and Preferred
Stock, voting together as a single class, are entitled to elect the remaining Directors. The holders of the Fund&rsquo;s outstanding
Preferred Stock would be entitled to elect the minimum number of additional Directors that would represent a majority of the Directors
in the event that dividends on the Fund&rsquo;s Preferred Stock become in arrears for two full years and until all arrearages are
eliminated. No dividend arrearages exist as of the date of this Proxy Statement. Messrs. Conn and Nakamura are currently the Directors
elected solely by the holders of the Fund&rsquo;s Preferred Stock, and their terms as Directors are scheduled to expire at the
Fund&rsquo;s 2021 and 2020 Annual Meeting of Stockholders, respectively. Therefore, they are not standing for election at this
Meeting.</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; text-align: justify; text-indent: 0.25in">Unless instructions
are provided to the contrary, it is the intention of the persons named in the proxy to vote the proxy &ldquo;FOR&rdquo; the election
of the nominees named above. Each nominee has indicated that he has consented to serve as a Director if elected at the Meeting.
If, however, a designated nominee declines or otherwise becomes unavailable for election, the proxy confers discretionary power
on the persons named therein to vote in favor of a substitute nominee or nominees. Each nominee is qualified to serve as a Director
under the Fund&rsquo;s governing documents.</P>

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


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<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"><B>Information about Directors and Officers</B></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; text-align: justify; text-indent: 0.25in">Set forth in the table
below are the existing Directors, including those Directors who are not considered to be &ldquo;interested persons,&rdquo; as defined
in the 1940 Act (the &ldquo;Independent Directors&rdquo;), two of whom are nominated for re-election to the Board of the Fund,
and officers of the Fund, including information relating to their respective positions held with the Fund, a brief statement of
their principal occupations, and, in the case of the Directors, their other directorships during the past five years (excluding
other funds managed by the Adviser), if any.</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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 21%">
        <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">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Name, Position(s),</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Address<SUP>(1)</SUP></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>and Age</U></B></P></TD>
    <TD STYLE="white-space: nowrap; width: 15%; text-align: center; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Term of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Office and</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Length of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Time</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Served<SUP>(2)</SUP></U></B></P></TD>
    <TD STYLE="white-space: nowrap; width: 25%">
        <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">&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; text-align: center"><B>Principal Occupation(s)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>During Past Five Years</U></B></P></TD>
    <TD STYLE="white-space: nowrap; width: 21%">
        <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">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Other Directorships</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Held by Director</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>During Past Five Years</U></B></P></TD>
    <TD STYLE="white-space: nowrap; width: 18%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Number of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Portfolios in</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Fund Complex<SUP>(3)</SUP></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Overseen</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>by Director</U></B></P></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>INTERESTED DIRECTOR/NOMINEES<SUP>(4)</SUP>:</U></B></FONT></TD>
    <TD STYLE="padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Mario J. Gabelli</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chairman and Chief Investment Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Age: 76</P></TD>
    <TD STYLE="padding-left: 5pt; text-align: center; vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 1986*</FONT></P></TD>
    <TD STYLE="padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman, Chief
    Executive Officer, and Chief Investment Officer- Value Portfolios of GAMCO Investors, Inc. and Chief Investment Officer
    - Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management Inc.; Director/Trustee or Chief Investment Officer of
    other     registered investment companies within the Gabelli/GAMCO Fund Complex; Chief Executive Officer of GGCP, Inc.;
    Executive     Chairman of Associated Capital Group, Inc.</FONT></TD>
    <TD STYLE="padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director of Morgan Group Holdings, Inc. (holding company); Chairman of the Board and Chief Executive Officer of LICT Corp. (multimedia and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications); Director of ICTC Group Inc. (communications)</FONT></TD>
    <TD STYLE="text-align: center; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 5pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>INDEPENDENT DIRECTORS/NOMINEES<SUP>(5)</SUP>:</U></B></FONT></TD>
    <TD STYLE="padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>James P. Conn<SUP>(6)</SUP></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Age: 81</P></TD>
    <TD STYLE="padding-left: 5pt; text-align: center; vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
1989**</FONT></P></TD>
    <TD STYLE="padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Former Managing Director and Chief Investment Officer of Financial Security Assurance Holdings, Ltd. (1992-1998)</FONT></TD>
    <TD STYLE="padding-left: 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 5pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Frank J. Fahrenkopf, Jr.<SUP>(7)</SUP></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Age: 79</P></TD>
    <TD STYLE="padding-left: 5pt; text-align: center; vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 1998***</FONT></P></TD>
    <TD STYLE="padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Chairman of the Commission on Presidential Debates; Former President and Chief Executive Officer of the American Gaming Association (1995-2013); Former Chairman of the Republican National Committee (1983-1989)</FONT></TD>
    <TD STYLE="padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director of First Republic Bank (banking); Director of Eldorado Resorts, Inc. (casino entertainment company)</FONT></TD>
    <TD STYLE="text-align: center; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 5pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Michael J. Ferrantino</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Age: 47</P></TD>
    <TD STYLE="padding-left: 5pt; text-align: center; vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since
2017**</FONT></P></TD>
    <TD STYLE="padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer of InterEx Inc.</FONT></TD>
    <TD STYLE="padding-left: 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 5pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>William F. Heitmann<SUP>(7)</SUP></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Age: 70</P></TD>
    <TD STYLE="padding-left: 5pt; text-align: center; vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since
2012*</FONT></P></TD>
    <TD STYLE="padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing Director and Senior Advisor of Perlmutter Investment Company (real estate); Senior Vice President of Finance, Verizon Communications, and President, Verizon Investment Management (1971-2011)</FONT></TD>
    <TD STYLE="padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director and Audit Committee Chair of Syncreon (contract logistics provider)</FONT></TD>
    <TD STYLE="text-align: center; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 5pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Kuni Nakamura<SUP>(6)(7)</SUP></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Age: 50</P></TD>
    <TD STYLE="text-align: center; padding-left: 5pt; vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since
May 2018***</FONT></P></TD>
    <TD STYLE="padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President of Advanced Polymer, Inc. (chemical manufacturing company); President of KEN Enterprises, Inc. (real estate)</FONT></TD>
    <TD STYLE="padding-left: 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Salvatore J. Zizza<SUP>(7)(8)</SUP></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Age: 73</P></TD>
    <TD STYLE="text-align: center; padding-left: 5pt; vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 1986***</FONT></P></TD>
    <TD STYLE="padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President of Zizza &amp; Associates Corp. (private holding company); President of Bergen Cove Realty Inc.; Chairman of Harbor Diversified, Inc. (pharmaceuticals) (2009-2018); Chairman of BAM (semiconductor and aerospace manufacturing) (2000-2018); Chairman of Metropolitan Paper Recycling Inc. (recycling) (2005-2014)</FONT></TD>
    <TD STYLE="padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director and Chairman of Trans-Lux Corporation (business services); Director and Chairman of Harbor Diversified Inc. (pharmaceuticals) (2009-2018)</FONT></TD>
    <TD STYLE="text-align: center; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
</TABLE>
<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"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 21%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>OFFICERS:</U></B></FONT></TD>
    <TD STYLE="padding-left: 5pt; text-align: center; font-size: 10pt; width: 15%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt; font-size: 10pt; width: 64%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt; text-align: center; font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Name, Position(s)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Address<SUP>(1)</SUP></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>and Age</U></B></P></TD>
    <TD STYLE="padding-left: 5pt; text-align: center; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Term of Office</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>and Length</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>of Time Served<SUP>(9)</SUP></U></B></P></TD>
    <TD STYLE="padding-left: 5pt">
        <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; text-align: center"><B>Principal Occupation(s)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>During Past Five Years</U></B></P></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Bruce N. Alpert</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">President</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Age: 67</P></TD>
    <TD STYLE="text-align: center; padding-left: 5pt; vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 2003</FONT></P></TD>
    <TD STYLE="padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988; Officer of registered investment companies within the Gabelli/GAMCO Fund Complex; Senior Vice President of GAMCO Investors, Inc. since 2008</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>John C. Ball</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Treasurer and Principal Financial and Accounting Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Age: 43</P></TD>
    <TD STYLE="text-align: center; padding-left: 5pt; vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since
2017</FONT></P></TD>
    <TD STYLE="text-align: justify; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasurer of funds within the Gabelli/GAMCO Fund Complex since 2017; Vice President and Assistant Treasurer of AMG Funds, 2014-2017; Vice President of State Street Corporation, 2007-2014</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Agnes Mullady</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vice President</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Age: 60</P></TD>
    <TD STYLE="text-align: center; padding-left: 5pt; vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 2006</FONT></P></TD>
    <TD STYLE="padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Officer of registered investment companies funds within the Gabelli/GAMCO Fund Complex since 2006; President and Chief Operating Officer of the Fund Division of Gabelli Funds, LLC since 2015; Chief Executive Officer of G.distributors, LLC since 2010; Senior Vice President of GAMCO Investors, Inc. since 2009; Vice President of Gabelli Funds, LLC since 2007; Executive Vice President of Associated Capital Group, Inc. since 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Andrea R. Mango</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Secretary and Vice President</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Age: 46</P></TD>
    <TD STYLE="text-align: center; padding-left: 5pt; vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 2013</FONT></P></TD>
    <TD STYLE="padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President of GAMCO Investors, Inc. since 2016; Counsel of Gabelli Funds, LLC since 2013; Secretary of registered investment companies within the Gabelli/GAMCO Fund Complex since 2013; Vice President of closed-end funds within the Gabelli/GAMCO Fund Complex since 2014</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Richard J. Walz</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Compliance Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Age: 59</P></TD>
    <TD STYLE="text-align: center; padding-left: 5pt; vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 2013</FONT></P></TD>
    <TD STYLE="padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Compliance Officer of registered investment companies within the Gabelli/GAMCO Fund Complex since 2013</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Carter W. Austin</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vice President</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Age: 52</P></TD>
    <TD STYLE="text-align: center; padding-left: 5pt; vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since 2000</FONT></P></TD>
    <TD STYLE="padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President and/or Ombudsman of closed-end funds within the Gabelli/GAMCO Fund Complex; Senior Vice President (since 2015) and Vice President (1996-2015) of Gabelli Funds, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Molly A.F. Marion</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vice President and Ombudsman</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Age: 65</P></TD>
    <TD STYLE="text-align: center; padding-left: 5pt; vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR></FONT></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
2009</FONT></P></TD>
    <TD STYLE="padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President and/or Ombudsman of closed-end funds within the Gabelli/GAMCO Fund Complex; Vice President of GAMCO Investors, Inc. since 2012</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>David I. Schachter</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vice President</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Age: 65</P></TD>
    <TD STYLE="text-align: center; padding-left: 5pt; vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since
2013</FONT></P></TD>
    <TD STYLE="padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President and/or Ombudsman of closed-end funds within the Gabelli/GAMCO Fund Complex; Senior Vice President (since 2015) and Vice President (1999-2015) of G.research, LLC</FONT></TD></TR>
</TABLE>
<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"></P>



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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Address: One Corporate Center, Rye, NY 10580-1422.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify">(2)</TD><TD STYLE="text-align: justify">The Fund&rsquo;s Board of Directors is divided into three classes, each class having a term of three years. Each year the term
of office of one class expires and the successor or successors elected to such class serve for a three year term.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify">(3)</TD><TD STYLE="text-align: justify">The &ldquo;Fund Complex&rdquo; or the &ldquo;Gabelli/GAMCO Fund Complex&rdquo; includes all the U.S. registered investment
companies that are considered part of the same fund complex as the Fund because they have common or affiliated investment advisers.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify">(4)</TD><TD STYLE="text-align: justify">&ldquo;Interested person&rdquo; of the Fund as defined in the 1940 Act. Mr. Gabelli is considered to be an &ldquo;interested
person&rdquo; of the Fund because of his affiliation with the Fund&rsquo;s Adviser.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify">(5)</TD><TD STYLE="text-align: justify">Directors who are not considered to be &ldquo;interested persons&rdquo; of the Fund as defined in the 1940 Act are considered
to be &ldquo;Independent&rdquo; Directors. None of the Independent Directors (with the possible exceptions as described in this
proxy statement) nor their family members had any interest in the Adviser or any person directly or indirectly controlling, controlled
by, or under common control with the Adviser as of December 31, 2018.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify">(6)</TD><TD STYLE="text-align: justify">Director elected solely by holders of the Fund&rsquo;s Preferred Stock.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify">(7)</TD><TD STYLE="text-align: justify">Mr. Fahrenkopf&rsquo;s daughter, Leslie F. Foley, serves as a director of other funds in the Gabelli/GAMCO Fund Complex. Mr.
Zizza is an independent director of Gabelli International Ltd., and Mr. Nakamura is a director of Gabelli Merger Plus+ Trust Plc,
both of which may be deemed to be controlled by Mario J. Gabelli and/or affiliates and in that event would be deemed to be under
common control with the Fund&rsquo;s Adviser. Mr. Heitmann&rsquo;s son was a summer intern at GAMCO Investors, Inc., the parent
company of the Adviser, from June 29, 2015 through July 24, 2015.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify">(8)</TD><TD STYLE="text-align: justify">On September 9, 2015, Mr. Zizza entered into a settlement with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
to resolve an inquiry relating to an alleged violation regarding the making of false statements or omissions to the accountants
of a company concerning a related party transaction. The company in question is not an affiliate of, nor has any connection to,
the Fund. Under the terms of the settlement, Mr. Zizza, without admitting or denying the SEC&rsquo;s findings and allegation, paid
$150,000 and agreed to cease and desist committing or causing any future violations of Rule 13b2-2 of the Securities Exchange Act
of 1934, as amended (the &ldquo;1934 Act&rdquo;).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify">(9)</TD><TD STYLE="text-align: justify">Includes time served in prior officer positions with the Fund. Each officer will hold office for an indefinite term until the
date he or she resigns or retires or until his or her successor is duly elected and qualifies.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Nominee to serve, if elected, until the Fund&rsquo;s 2022 Annual Meeting of Stockholders
                                                                             and until his successor is duly elected and qualifies. </TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right"></TD><TD STYLE="text-align: left"> **</TD><TD STYLE="text-align: justify">Term continues until the Fund&rsquo;s 2021 Annual Meeting of
                                                                             Stockholders and until his successor is duly elected and qualifies.</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 0.25in; text-align: left">***</TD><TD STYLE="text-align: justify">Term continues until the Fund&rsquo;s 2020 Annual Meeting of Stockholders and until
his successor is duly elected and qualifies.</TD>
</TR></TABLE>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Board believes
that each Director&rsquo;s experience, qualifications, attributes, or skills on an individual basis and in combination with those
of other Directors lead to the conclusion that each Director should serve in such capacity. Among the attributes or skills common
to all Directors are their ability to review critically and to evaluate, question, and discuss information provided to them, to
interact effectively with the other Directors, the Adviser, the sub-administrator, other service providers, counsel, and the Fund&rsquo;s
independent registered public accounting firm, and to exercise effective and independent business judgment in the performance of
their duties as Directors. Each Director&rsquo;s ability to perform his duties effectively has been attained in large part through
the Director&rsquo;s business, consulting, or public service positions and through experience from service as a member of the Board
and one or more of the other funds in the Fund Complex, public companies, non-profit entities, or other organizations as set forth
above and below. Each Director&rsquo;s ability to perform his duties effectively also has been enhanced by education, professional
training, and other experience.</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"><B><U>Interested Director/Nominee</U></B></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; text-align: justify; text-indent: 0.25in"><I>Mario J. Gabelli,
CFA. </I>Mr. Gabelli is Chairman of the Board of Directors and Chief Investment Officer of the Fund. He serves in the same capacities
for other funds in the Fund Complex. Mr. Gabelli is Chairman, Chief Executive Officer, and Chief Investment Officer - Value Portfolios
of GAMCO Investors, Inc. (&ldquo;GBL&rdquo;), a New York Stock Exchange (&ldquo;NYSE&rdquo;)-listed asset manager and financial
services company. He is the Chief Investment Officer of Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management, Inc.,
each of which are asset management subsidiaries of GBL. In addition, Mr. Gabelli is Chief Executive Officer, Chief Investment Officer,
a director and the controlling shareholder of GGCP, Inc. (&ldquo;GGCP&rdquo;), a private company that holds a majority interest
in GBL, and the Chairman of MJG Associates, Inc., which acts as an investment manager of various investment funds and other accounts.
He is Executive Chairman of Associated Capital Group, Inc., a public company that provides alternative management and institutional
research services and is a majority-owned subsidiary of GGCP. Mr. Gabelli serves as Overseer of the Columbia University Graduate
School of Business and as a trustee of Boston College and Roger Williams University. He serves as a director of the Winston Churchill
Foundation, The E.L. Wiegand Foundation, The American-Italian Cancer Foundation, and The Foundation for Italian Art and Culture.
He is Chairman of the Gabelli Foundation, Inc., a Nevada private charitable trust. Mr. Gabelli serves as Co-President of Field
Point Park Association, Inc. Mr. Gabelli received his Bachelor&rsquo;s degree from Fordham University, M.B.A. from Columbia Business
School, and honorary Doctorates from Fordham University and Roger Williams University.</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"><B><U>Independent Directors/Nominees</U></B></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; text-align: justify; text-indent: 0.25in"><I>James P. Conn.
</I>Mr. Conn is the Lead Independent Director of the Fund and a member of the Fund&rsquo;s <I>ad hoc </I>Proxy Voting Committee.
He serves on comparable or other board committees with respect to other funds in the Fund Complex on whose boards he sits. He was
a senior business executive of Transamerica Corp., an insurance holding company, for much of his career including service as Chief
Investment Officer. Mr. Conn has been a director of several public companies in banking and other industries, and was lead director
and/or chair of various committees. He received his Bachelor&rsquo;s degree in Business Administration from Santa Clara University.</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; text-align: justify; text-indent: 0.25in"><I>Frank J. Fahrenkopf,
Jr. </I>Mr. Fahrenkopf is the Co-Chairman of the Commission on Presidential Debates, which is responsible for the widely-viewed
Presidential debates during the quadrennial election cycle. He also served as Chairman of the Republican National Committee for
six years during Ronald Reagan&rsquo;s presidency. Additionally, he serves as a board member of the International Republican Institute,
which he founded in 1984. Mr. Fahrenkopf is a member of the Fund&rsquo;s <I>ad hoc</I> Pricing Committee, and serves on comparable
or other board committees with respect to other funds in the Fund Complex on whose boards he sits. Mr. Fahrenkopf is the former
President and Chief Executive Officer of the American Gaming Association (&ldquo;AGA&rdquo;), the trade group for the hotel-casino
industry. He served for many years as Chairman of the Pacific Democrat Union and Vice Chairman of the International Democrat Union,
a worldwide association of political parties from the United States, Great Britain, France, Germany, Canada, Japan, Australia,
and twenty other nations. Prior to becoming the AGA&rsquo;s first chief executive in 1995, Mr. Fahrenkopf was a partner in the
law firm of Hogan &amp; Hartson, where he chaired the International Trade Practice Group and specialized in regulatory, legislative,
and corporate matters for multinational, foreign, and domestic clients. Mr. Fahrenkopf is the former Chairman of the Finance Committee
of the Culinary Institute of America and remains a member of the board. For over 30 years, Mr. Fahrenkopf has served on the Board
of First Republic Bank and as Chairman of the Corporate Governance and Nominating Committee and as a member of the Audit Committee.
He also serves as a member of the Board of Eldorado Resorts, Inc., which owns and operates 19 casinos in 10 states. Mr. Fahrenkopf
received his Bachelor&rsquo;s degree from the University of Nevada, Reno and his Juris Doctor from Boalt Hall School of Law, U.C.
Berkeley.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Michael J. Ferrantino</I>.
Mr. Ferrantino is the Chief Executive Officer of InterEx Inc., a full-service exhibit company that specializes in the design, fabrication,
management and service of custom exhibit spaces for the trade show retail and museum markets. He is a member of the Fund&rsquo;s
Audit Committee. Mr. Ferrantino serves on the board of another fund in the Gabelli/GAMCO Fund Complex. He previously served as
the Chief Executive Officer and a director of Valpey Fisher Corp., which was sold to CTS Corp. in 2012. He received a Bachelor&rsquo;s
degree in Materials Engineering from Rensselaer Polytechnic Institute and an M.B.A. from Loyola College, Baltimore.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>William F. Heitmann.
</I>Mr. Heitmann is a former Managing Director and Senior Advisor of Perlmutter Investment Company, a privately owned real estate
investment company. He is Chairman of the Fund&rsquo;s Audit Committee and has been designated as the Fund&rsquo;s Audit Committee
Financial Expert. Mr. Heitmann serves in comparable roles for another fund in the Fund Complex. For over thirty-five years, Mr.
Heitmann served in various capacities at Verizon Communications and its predecessor companies including as Senior Vice President
and Treasurer of Verizon Communications, Vice President of Asset Management and Treasurer of Bell Atlantic Corporation, and Vice
President of Merger Implementation during the Bell Atlantic-NYNEX merger. Additionally, he served as Chairman of the Board for
Verizon Capital Corporation, the company&rsquo;s financial subsidiary. As Senior Vice President of Finance at Verizon, Mr. Heitmann
was responsible for leading the Verizon Investment Management Corporation, for which he held the positions of President and Chief
Investment Officer. Mr. Heitmann serves as a director of Syncreon, a contract logistics provider, and is Chairman of its Audit
Committee. He was a director of DRS Technologies and Chairman of its Audit Committee, a director of the Pension Real Estate Association,
and member of the Committee for the Investment of Employee Benefit Assets, the Financial Executives Institute, and The Pension
Manager&rsquo;s Advisory Committee of the NYSE, and The Investment Committee of the Society for Neurology. Mr. Heitmann received
his Bachelor&rsquo;s degree in Mechanical Engineering from New Jersey Institute of Technology and his M.B.A. from Rutgers University.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Kuni Nakamura</I>.
Mr. Nakamura is the president of Advanced Polymer, Inc., a chemical manufacturing company, and president of KEN Enterprises, Inc.,
a real estate company. He is the Chairman of the Fund&rsquo;s Nominating Committee. Mr. Nakamura also serve on comparable or other
board committees with respect to other funds in the Fund Complex on whose boards he sits. He also serves as a director of the Gabelli
Merger Plus+ Trust Plc. Mr. Nakamura was previously a board member of The LGL Group, Inc., a diversified manufacturing company.
He is involved in various capacities with The University of Pennsylvania and The Guiding Eyes for the Blind. Mr. Nakamura is a
graduate of the University of Pennsylvania &ndash; The Wharton School with a Bachelor&rsquo;s degree in Economics and Multinational
Management.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Salvatore J. Zizza.
</I>Mr. Zizza is the President of Zizza &amp; Associates Corp., a private holding company that invests in various industries. He
also serves or has served as Chairman to other companies involved in manufacturing, recycling, real estate, technology, and pharmaceuticals.
He is a member of the Fund&rsquo;s Audit, Nominating, <I>ad hoc</I> Proxy Voting, and <I>ad hoc</I> Pricing Committees, and a member
of both multi-fund <I>ad hoc</I> Compensation Committees. Mr. Zizza serves on comparable or other board committees with respect
to other funds in the Fund Complex on whose boards he sits. In addition to serving on the boards of other funds in the Fund Complex,
Mr. Zizza is currently and has previously been a director of other public companies. He was also the President, Chief Executive
Officer, and Chief Financial Officer of a large NYSE-listed construction company. Mr. Zizza received his Bachelor&rsquo;s degree
and M.B.A. in Finance from St. John&rsquo;s University, which awarded him an Honorary Doctorate in Commercial Sciences.</P>

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


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<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"><B>Directors &ndash; Leadership Structure and Oversight Responsibilities</B></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; text-align: justify; text-indent: 0.25in">Overall responsibility
for general oversight of the Fund rests with the Board. The Board has appointed Mr. Conn as the Lead Independent Director. The
Lead Independent Director presides over executive sessions of the Directors and also serves between meetings of the Board as a
liaison with service providers, officers, counsel, and other Directors on a wide variety of matters including scheduling agenda
items for Board meetings. Designation as such does not impose on the Lead Independent Director any obligations or standards greater
than or different from other Directors. The Board has established a Nominating Committee and an Audit Committee to assist the Board
in the oversight of the management and affairs of the Fund. The Board also has an <I>ad hoc</I> Proxy Voting Committee that exercises
voting and investment responsibilities on behalf of the Fund in selected situations. From time to time the Board establishes additional
committees or informal working groups, such as an <I>ad hoc</I> Pricing Committee related to securities offerings by the Fund to
address specific matters, or assigns one of its members to work with trustees or directors of other funds in the Fund Complex on
special committees or working groups that address complex-wide matters, such as the multi-fund <I>ad hoc</I> Compensation Committee
relating to the compensation of the Chief Compliance Officer for all the funds in the Fund Complex, and a separate multi-fund <I>ad
hoc</I> Compensation Committee relating to the compensation of certain other officers of the closed-end funds in the Fund Complex.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">All of the Fund&rsquo;s
Directors, other than Mr. Mario J. Gabelli, are Independent Directors and the Board believes it is able to provide effective oversight
of the Fund&rsquo;s service providers. In addition to providing feedback and direction during Board meetings, the Independent Directors
meet regularly in executive session and chair all committees of the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Fund&rsquo;s operations
entail a variety of risks, including investment, administration, valuation, and a range of compliance matters. Although the Adviser,
the sub-administrator and the officers of the Fund are responsible for managing these risks on a day to day basis within the framework
of their established risk management functions, the Board also addresses risk management of the Fund through its meetings and those
of the committees and working groups. As part of its general oversight, the Board reviews with the Adviser at Board meetings the
levels and types of risks being undertaken by the Fund, and the Audit Committee discusses the Fund&rsquo;s risk management and
controls with the independent registered public accounting firm engaged by the Fund. The Board reviews valuation policies and procedures
and the valuations of specific illiquid securities. The Board also receives periodic reports from the Fund&rsquo;s Chief Compliance
Officer regarding compliance matters relating to the Fund and its major service providers, including results of the implementation
and testing of the Fund&rsquo;s and such providers&rsquo; compliance programs. The Board&rsquo;s oversight function is facilitated
by management reporting processes designed to provide visibility to the Board regarding the identification, assessment, and management
of critical risks, and the controls and policies and procedures used to mitigate those risks. The Board reviews its role in supervising
the Fund&rsquo;s risk management from time to time and may make changes at its discretion at any time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Board has determined
that its leadership structure is appropriate for the Fund because it enables the Board to exercise informed and independent judgment
over matters under its purview, allocates responsibility among committees in a manner that fosters effective oversight, and allows
the Board to devote appropriate resources to specific issues in a flexible manner as they arise. The Board periodically reviews
its leadership structure as well as its overall structure, composition, and functioning, and may make changes at its discretion
at any time.</P>

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


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<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; text-align: justify"><B>Beneficial Ownership of Shares Held
in the Fund and the Family of Investment Companies for each Director and Nominee for Election as Director</B></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; text-align: justify; text-indent: 0.25in">Set forth in the table
below is the dollar range of equity securities in the Fund beneficially owned by each Director and nominee for election as Director
and the aggregate dollar range of equity securities in the Fund Complex beneficially owned by each Director and nominee for election
as Director.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 40%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 25%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dollar Range of Equity</B></FONT></TD>
    <TD NOWRAP STYLE="width: 35%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Aggregate Dollar Range of Equity</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Securities Held</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Securities Held in the</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Name of Director/Nominee</U></B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>in the Fund*<SUP>(1)</SUP></U></B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Family of Investment Companies*<SUP>(1)(2)</SUP></U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>INTERESTED DIRECTOR/NOMINEE:</U></B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mario J. Gabelli</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>INDEPENDENT DIRECTORS/NOMINEES:</U></B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">James P. Conn</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Frank J. Fahrenkopf, Jr.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael J. Ferrantino</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">William F. Heitmann</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kuni Nakamura</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Salvatore J. Zizza</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E</FONT></TD></TR>
</TABLE>
<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"></P>



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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Key to Dollar Ranges</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">A. None</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">B. $1 &ndash; $10,000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">C. $10,001 &ndash; $50,000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">D. $50,001 &ndash; $100,000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">E. Over $100,000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">All shares were valued as of December 31, 2018.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">This information has been furnished by each Director and nominee for election as Director as of December 31, 2018. &ldquo;Beneficial
Ownership&rdquo; is determined in accordance with Rule 16a-1(a)(2) of the 1934 Act.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify">(2)</TD><TD STYLE="text-align: justify">The term &ldquo;Family of Investment Companies&rdquo; includes two or more registered funds that share the same investment
adviser or principal underwriter and hold themselves out to investors as related companies for purposes of investment and investor
services. Currently, the registered funds that comprise the &ldquo;Fund Complex&rdquo; are identical to those that comprise the
&ldquo;Family of Investment Companies.&rdquo;</TD></TR></TABLE>

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


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<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; text-indent: 0.25in; text-align: justify">Set forth in the table below is the amount
of shares beneficially owned by each Director, nominee for election as Director, and executive officer of the Fund.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 46%">&nbsp;</TD>
    <TD STYLE="width: 29%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount and Nature of</B></FONT></TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percent of Shares</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Name of Director/Nominee/Officer</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Beneficial Ownership<SUP>(1)</SUP></U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Outstanding<SUP>(2)</SUP></U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>INTERESTED DIRECTOR/NOMINEE:</U></B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mario J. Gabelli</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,259,355<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29,000 Series G Preferred Shares<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>INDEPENDENT DIRECTORS/NOMINEES:</U></B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">James P. Conn</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">83,679</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Frank J. Fahrenkopf, Jr.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael J. Ferrantino</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">William F. Heitmann</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">60,701</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kuni Nakamura</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,285<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Salvatore J. Zizza</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,920</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>EXECUTIVE OFFICERS:</U></B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bruce N. Alpert</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,894 Common Shares</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,610 Series D Preferred Shares<SUP>(5)</SUP></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,389 Series G Preferred Shares<SUP>(6)</SUP></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,852 Series H Preferred Shares<SUP>(7)</SUP></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,000 Series J Preferred Shares<SUP>(8)</SUP></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John C. Ball</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andrea R. Mango</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agnes Mullady</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Richard J. Walz</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
</TABLE>
<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"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">This information has been furnished by each Director, including each nominee for election as Director,
and executive officer as of December 31, 2018. &ldquo;Beneficial Ownership&rdquo; is determined in accordance with Rule 13d-3 of
the 1934 Act. Reflects ownership of Common Stock unless otherwise noted.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">An asterisk indicates that the ownership amount constitutes less than 1% of the total shares outstanding.
The ownership of the Directors, including nominees for election as Director, and executive officers as a group constitutes 1% of
the total Common Stock or Preferred Stock outstanding.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">Comprised of 1,419,975 shares of Common Stock owned directly by Mr. Gabelli, 69,675 shares of Common
Stock owned by a family partnership for which Mr. Gabelli serves as general partner, and 769,705 shares of Common Stock and 29,000
shares of Series G Preferred Stock owned by GAMCO Investors, Inc. or its affiliates.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">Mr. Nakamura became a Director of the Fund on May 16, 2018.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(5)</TD><TD STYLE="text-align: justify">All 2,610 shares of Series D Preferred Stock are owned by Mr. Alpert&rsquo;s spouse for which he
disclaims beneficial ownership.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(6)</TD><TD STYLE="text-align: justify">Includes 7,389 shares owned by Mr. Alpert&rsquo;s spouse for which he disclaims beneficial ownership.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(7)</TD><TD STYLE="text-align: justify">Includes 5,000 shares of Series H Preferred Stock jointly owned by Mr. Alpert and his spouse and
6,852 shares owned by Mr. Alpert&rsquo;s spouse for which he disclaims beneficial ownership.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(8)</TD><TD STYLE="text-align: justify">Includes 4,000 held jointly by Mr. Alpert and his spouse and 4,000 held directly by Mr. Alpert&rsquo;s
spouse.</TD></TR></TABLE>

<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; text-align: justify; text-indent: 0.25in">Set forth in the table
below is the amount of interests beneficially owned by each Independent Director, nominee for election as an Independent Director
or his or her family member, as applicable, in a person, other than a registered investment company, that may be deemed to be controlled
by the Fund&rsquo;s Adviser and/or affiliates (including Mario J. Gabelli) and in that event would be deemed to be under common
control with the Fund&rsquo;s Adviser.</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"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3pt; padding-left: 3pt">
        <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; text-align: center"><B>Name of Independent</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Director/Nominee</U></B></P></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Name of Owner and</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Relationships to</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Director/Nominee</U></B></P></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3pt; padding-left: 3pt">
        <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; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Company</U></B></P></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3pt; padding-left: 3pt">
        <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; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Title of Class</U></B></P></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3pt; padding-left: 3pt">
        <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; text-align: center"><B>Value of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Interests<SUP>(1)</SUP></U></B></P></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3pt; padding-left: 3pt">
        <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; text-align: center"><B>Percent of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Class<SUP>(2)</SUP></U></B></P></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; padding-right: 3pt; padding-left: 3pt; width: 19%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Frank J. Fahrenkopf, Jr.</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 3pt; padding-left: 3pt; width: 17%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Same</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 3pt; padding-left: 3pt; width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gabelli Associates Limited II E</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 3pt; padding-left: 3pt; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Membership Interests</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 3pt; padding-left: 3pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 3pt; padding-left: 3pt; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,248,346</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 3pt; padding-left: 3pt; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.36%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Salvatore J. Zizza</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Same</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gabelli Associates Fund</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Membership Interests</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,407,180</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.18%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Salvatore J. Zizza</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Same</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gabelli Performance Partnership L.P.</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited Partner Interests</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">302,307</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD></TR>
</TABLE>
<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"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">This information has been furnished as of December 31, 2018.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">An asterisk indicates that the ownership amount constitutes less than 1% of the total interests
outstanding.</TD></TR></TABLE>

<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; text-align: justify; text-indent: 0.25in">The Fund pays each
Independent Director an annual retainer of $15,000 plus $2,000 for each Board meeting attended. Each Independent Director is reimbursed
by the Fund for any out of pocket expenses incurred in attending meetings. All Board committee members receive $1,000 per meeting
attended, the Audit Committee Chairman receives an annual fee of $3,000, the Proxy Voting Committee Chairman receives an annual
fee of $1,500, and the Nominating Committee Chairman and the Lead Independent Director each receive an annual fee of $2,000. A
Director may receive a single meeting fee, allocated among the participating funds, for participation in certain meetings on behalf
of multiple funds. The aggregate remuneration (excluding out of pocket expenses) paid by the Fund to such Directors during the
fiscal year ended December 31, 2018, amounted to $178,773. During the fiscal year ended December 31, 2018, the Directors of the
Fund met four times, all of which were regular quarterly Board meetings. Each Director then serving in such capacity attended at
least 75% of the Board meetings and of any committee of which he is a member.</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"></P>

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<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"><B>The Audit Committee and Audit Committee Report</B></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; text-align: justify; text-indent: 0.25in">The role of the
Fund&rsquo;s Audit Committee is to assist the Board of Directors in its oversight of (i) the quality and integrity of the
Fund&rsquo;s financial statement reporting process and the independent audit and reviews thereof; (ii) the Fund&rsquo;s
accounting and financial reporting policies and practices, its internal controls, and, as appropriate, the internal controls
of certain of its service providers; (iii) the Fund&rsquo;s compliance with legal and regulatory requirements; and (iv) the
independent registered public accounting firm&rsquo;s qualifications, independence, and performance. The Audit Committee also
is required to prepare an audit committee report pursuant to the rules of the SEC for inclusion in the Fund&rsquo;s annual
proxy statement. The Audit Committee operates pursuant to the Audit Committee Charter (the &ldquo;Audit Charter&rdquo;) that
was most recently reviewed and approved by the Board of Directors on February 20, 2019. The Audit Charter is available in the
Closed-End Funds &ndash; Corporate Governance Section on the Fund&rsquo;s website at www.gabelli.com.</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; text-align: justify; text-indent: 0.25in">Pursuant to the Audit
Charter, the Audit Committee is responsible for conferring with the Fund&rsquo;s independent registered public accounting firm,
reviewing annual financial statements, approving the selection of the Fund&rsquo;s independent registered public accounting firm,
and overseeing the Fund&rsquo;s internal controls. The Audit Charter also contains provisions relating to the pre-approval by the
Audit Committee of audit and non-audit services to be provided by PricewaterhouseCoopers LLP (&ldquo;PricewaterhouseCoopers&rdquo;)
to the Fund and to the Adviser and certain of its affiliates. The Audit Committee advises the full Board with respect to accounting,
auditing, and financial matters affecting the Fund. As set forth in the Audit Charter, management is responsible for maintaining
appropriate systems for accounting and internal control, and the Fund&rsquo;s independent registered public accounting firm is
responsible for planning and carrying out proper audits and reviews. The independent registered public accounting firm is ultimately
accountable to the Board of Directors and to the Audit Committee, as representatives of stockholders. The independent registered
public accounting firm for the Fund reports directly to the Audit Committee.</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; text-align: justify; text-indent: 0.25in">In performing its
oversight function, at a meeting held on February 19, 2019, the Audit Committee reviewed and discussed with management of the Fund
and PricewaterhouseCoopers, the Fund&rsquo;s independent registered public accounting firm for the fiscal year ended December 31,
2018, the audited financial statements of the Fund as of and for the fiscal year ended December 31, 2018, and the conduct of the
audit of such financial statements.</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; text-align: justify; text-indent: 0.25in">In addition, the Audit
Committee discussed with PricewaterhouseCoopers the accounting principles applied by the Fund and such other matters brought to
the attention of the Audit Committee by PricewaterhouseCoopers as required by Auditing Standard No. 16, as amended (AICPAAU-C Section
260), as adopted by the Public Company Accounting Oversight Board (United States) (&ldquo;PCAOB&rdquo;). The Audit Committee also
received from PricewaterhouseCoopers the written disclosures and statements required by the SEC&rsquo;s independence rules, delineating
relationships between PricewaterhouseCoopers and the Fund, and discussed the impact that any such relationships might have on the
objectivity and independence of PricewaterhouseCoopers as the independent registered public accounting firm.</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; text-align: justify; text-indent: 0.25in">As set forth above,
and as more fully set forth in the Audit Charter, the Audit Committee has significant duties and powers in its oversight role with
respect to the Fund&rsquo;s financial reporting procedures, internal control systems, and the independent audit process.</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; text-align: justify; text-indent: 0.25in">The members of the
Audit Committee are not, and do not represent themselves to be, professionally engaged in the practice of auditing or accounting
and are not employed by the Fund for accounting, financial management, or internal control purposes. Moreover, the Audit Committee
relies on and makes no independent verification of the facts presented to it or representations made by management or the Fund&rsquo;s
independent registered public accounting firm. Accordingly, the Audit Committee&rsquo;s oversight does not provide an independent
basis to determine that management has maintained appropriate accounting and/or financial reporting principles and policies, or
internal controls and proce dures, designed to assure compliance with accounting standards and applicable laws and regulations.
Furthermore, the Audit Committee&rsquo;s considerations and discussions referred to above do not provide assurance that the audit
of the Fund&rsquo;s financial statements has been carried out in accordance with the standards of the PCAOB or that the financial
statements are presented in accordance with generally accepted accounting principles (United States).</P>

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


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<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; text-align: justify; text-indent: 0.25in">Based on its consideration
of the audited financial statements and the discussions referred to above with management and PricewaterhouseCoopers, and subject
to the limitations on the responsibilities and role of the Audit Committee set forth in the Audit Charter and those discussed above,
the Audit Committee recommended to the Fund&rsquo;s Board of Directors that the Fund&rsquo;s audited financial statements be included
in the Fund&rsquo;s Annual Report for the fiscal year ended December 31, 2018.</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"><B>Submitted by the Audit Committee of the Fund&rsquo;s Board
of Directors</B></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">William F. Heitmann, Chairman</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Michael J. Ferrantino</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Salvatore J. Zizza</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">February 19, 2019</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; text-align: justify; text-indent: 0.25in">The Audit Committee
met two times during the fiscal year ended December 31, 2018. The Audit Committee is composed of three of the Fund&rsquo;s Independent
Directors, namely Messrs. Heitmann (Chairman), Ferrantino, and Zizza. Each member of the Audit Committee has been determined by
the Board of Directors to be financially literate. Mr. Heitmann has been designated as the Fund&rsquo;s audit committee financial
expert, as defined in Items 407(d)(5)(ii) and (iii) of Regulation S-K.</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"><B>Nominating Committee</B></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; text-align: justify; text-indent: 0.25in">The Board of Directors
has a Nominating Committee composed of two Independent Directors, Messrs. Nakamura (Chairman) and Zizza. Each Nominating Committee
Member is an Independent Director as determined under guidelines of the NYSE. The Nominating Committee met two times during the
fiscal year ended December 31, 2018. The Nominating Committee is responsible for identifying and recommending qualified candidates
to the Board in the event that a position is vacated or created. The Nominating Committee will consider recommendations by stockholders
if a vacancy were to exist. In considering candidates submitted by stockholders, the Nominating Committee will take into consideration
the needs of the Board, the qualifications of the candidate, and the interests of stockholders. The Nominating Committee may also
take into consideration the number of shares held by the recommending stockholder and the length of time that such shares have
been held. To recommend a candidate for consideration by the Nominating Committee, a stockholder must submit the recommendation
in writing and must include the following information:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.05pt"></TD><TD STYLE="width: 8.45pt">&bull;</TD><TD STYLE="text-align: justify">The name of the stockholder and evidence of the stockholder&rsquo;s ownership of shares of the
Fund, including the number of shares owned and the length of time of ownership;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.05pt"></TD><TD STYLE="width: 8.45pt">&bull;</TD><TD STYLE="text-align: justify">The name of the candidate, the candidate&rsquo;s resume or a listing of his or her qualifications
to be a Director of the Fund, and the person&rsquo;s consent to be named as a Director if selected by the Nominating Committee
and nominated by the Board of Directors; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.05pt"></TD><TD STYLE="width: 8.45pt">&bull;</TD><TD STYLE="text-align: justify">If requested by the Nominating Committee, a completed and signed director&rsquo;s questionnaire.</TD></TR></TABLE>

<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; text-align: justify; text-indent: 0.25in">The stockholder recommendation
and information described above must be sent to the Fund&rsquo;s Secretary, c/o Gabelli Funds, LLC, One Corporate Center, Rye,
NY 10580-1422, and must be received by the Secretary no less than 120 days prior to the first anniversary of the date of the proxy
statement for the preceding year&rsquo;s annual meeting or, if the meeting has moved by more than thirty days, no later than ten
days following the date on which public announcement of the date of such annual meeting is first made.</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; text-align: justify; text-indent: 0.25in">The Nominating Committee
believes that the minimum qualifications for serving as a Director of the Fund are that the individual demonstrate, by significant
accomplishment in his or her field, an ability to make a meaningful contribution to the Board of Directors&rsquo; oversight of
the business and affairs of the Fund and have an impeccable record and reputation for honest and ethical conduct in both his or
her professional and personal activities. In addition, the Nominating Committee examines a candidate&rsquo;s specific experiences
and skills, time availability in light of other commitments, potential conflicts of interest, and independence from management
and the Fund.</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; text-align: justify; text-indent: 0.25in">The Nominating Committee
also considers the overall composition of the Board, bearing in mind the benefits that may be derived from having members who have
a variety of experiences, qualifications, attributes, or skills useful in overseeing a publicly traded, highly regulated entity
such as the Fund. The Fund&rsquo;s governing documents state that a nominee for Director shall be at least twenty-one years of
age and not older than such maximum age, if any, as the Directors may determine and shall not be under legal disability. The Directors
have not determined a maximum age. The Nominating Committee does not have a formal policy regarding the consideration of diversity
in identifying director candidates. For a discussion of experiences, qualifications, attributes, or skills supporting the appropri
ateness of each Director&rsquo;s service on the Fund&rsquo;s Board, see the biographical information of the Directors above in
the section entitled &ldquo;Information about Directors and Officers.&rdquo;</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"></P>

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<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; text-align: justify; text-indent: 0.25in">The Fund&rsquo;s Nominating
Committee adopted a charter on May 12, 2004, and amended the charter on November 17, 2004. The charter is available in the Closed-End
Funds &ndash; Corporate Governance Section on the Fund&rsquo;s website at www.gabelli.com.</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"><B>Other Board Related Matters</B></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; text-align: justify; text-indent: 0.25in">The Board of Directors
has established the following procedures in order to facilitate communications among the Board and the stockholders of the Fund
and other interested parties.</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"><U>Receipt of Communications</U></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; text-align: justify; text-indent: 0.25in">Stockholders and other
interested parties may contact the Board or any member of the Board by mail or electronically. To communicate with the Board or
any member of the Board, correspondence should be addressed to the Board or the Board member(s) with whom you wish to communicate
either by name or title. All such correspondence should be sent to The Gabelli Equity Trust Inc., c/o Gabelli Funds, LLC, One Corporate
Center, Rye, NY 10580-1422. To communicate with the Board electronically, stockholders may go to the corporate website at www.gabelli.com
under the heading &ldquo;Contact Us/Email Addresses/Board of Directors (Gabelli Closed-End Funds).&rdquo;</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"><U>Forwarding the Communications</U></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; text-align: justify; text-indent: 0.25in">All communications
received will be opened by the office of the General Counsel of the Adviser for the sole purpose of determining whether the contents
represent a message to one or more Directors. The office of the General Counsel will forward promptly to the addressee(s) any contents
that relate to the Fund and that are not in the nature of advertising, promotions of a product or service, or patently offensive
or otherwise objectionable material. In the case of communications to the Board of Directors or any committee or group of members
of the Board, the General Counsel&rsquo;s office will make sufficient copies of the contents to send to each Director who is a
member of the group or committee to which the envelope or e-mail is addressed.</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; text-align: justify; text-indent: 0.25in">The Fund does not
expect Directors or nominees for election as Director, except Mr. Gabelli, to attend the Annual Meeting of Stockholders. Mr. Gabelli
attended the Fund&rsquo;s annual meeting of stockholders held on May 14, 2018. No other Director or nominee for election as Director
attended that meeting.</P>

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


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<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; text-align: justify; text-indent: 0.25in">The following table
sets forth certain information regarding the compensation of the Directors by the Fund and officers, if any, who were compensated
by the Fund rather than the Adviser for the year ended December 31, 2018.</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; text-align: center"><B>COMPENSATION TABLE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FOR THE FISCAL YEAR ENDED DECEMBER 31,
2018</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 39%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 31%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Aggregate</B></FONT></TD>
    <TD NOWRAP STYLE="width: 30%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Aggregate Compensation from</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Compensation from</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>the Fund and Fund Complex</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Name of Person and Position</U></B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>the Fund</U></B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Paid to Directors*</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>INTERESTED DIRECTOR/NOMINEE:</U></B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Mario J. Gabelli</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 (0)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman and</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Investment Officer</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>INDEPENDENT DIRECTORS/NOMINEES:</U></B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Anthony J. Colavita<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&nbsp;&nbsp; 9,563</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&nbsp; 271,124 (30)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>James P. Conn</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$ 25,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&nbsp; 273,500 (26)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Frank J. Fahrenkopf, Jr.</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$ 23,500</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&nbsp; 164,000 (14)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Michael J. Ferrantino</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$ 24,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&nbsp; &nbsp;&nbsp;36,000 (2)</FONT>&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Arthur V. Ferrara</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$ 25,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$&nbsp;&nbsp;&nbsp;&nbsp;71,000 (9)</FONT>&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director (Deceased)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>William F. Heitmann</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$ 28,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$ &nbsp;&nbsp;&nbsp;&nbsp;51,000 (4)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Kuni Nakamura<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$ 16,710</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$ 328,108 (37)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Salvatore J. Zizza</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$ 27,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$ 325,000 (32)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>OFFICERS:</U></B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Carter W. Austin</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$ 70,000</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>
<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"></P>



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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Represents the total compensation paid to such persons
during the fiscal year ended December 31, 2018, by investment companies (including the Fund) or portfolios that are part of the
Fund Complex. The number in parentheses represents the number of such investment companies and portfolios.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Mr. Colavita resigned as a Director of the Fund on May 16, 2018.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Mr. Nakamura became a Director of the Fund on May 16, 2018.</TD></TR></TABLE>

<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"><B>Required Vote</B></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; text-align: justify; text-indent: 0.25in">The election of each
of the listed nominees for Director of the Fund requires the affirmative vote of the holders of a majority of the applicable class
or classes of shares of the Fund present in person or represented by proxy at the Meeting, provided a quorum is present.</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; text-align: justify; text-indent: 0.25in"><B>THE BOARD OF DIRECTORS,
INCLUDING THE INDEPENDENT DIRECTORS, UNANIMOUSLY RECOMMENDS THAT THE STOCKHOLDERS VOTE &ldquo;FOR&rdquo; THE ELECTION OF EACH APPLICABLE
NOMINEE.</B></P>

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


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<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; text-align: center"><B>ADDITIONAL INFORMATION</B></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"><B>Independent Registered Public Accounting Firm</B></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; text-align: justify; text-indent: 0.25in">PricewaterhouseCoopers,
300 Madison Avenue, New York, NY 10017, has been selected to serve as the Fund&rsquo;s independent registered public accounting
firm for the fiscal year ending December 31, 2019. PricewaterhouseCoopers acted as the Fund&rsquo;s independent registered public
accounting firm for the fiscal year ended December 31, 2018. The Fund knows of no direct financial or material indirect financial
interest of PricewaterhouseCoopers in the Fund. A representative of PricewaterhouseCoopers will not be present at the Meeting,
but will be available by telephone and will have an opportunity to make a statement, if asked, and will be available to respond
to appropriate questions.</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; text-align: justify; text-indent: 0.25in">Set forth in the table
below are audit fees and non-audit related fees billed to the Fund by PricewaterhouseCoopers for professional services received
during and for the fiscal years ended December 31, 2017 and 2018, respectively.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fiscal Year Ended</B></FONT></TD>
    <TD STYLE="width: 20%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Audit</B></FONT></TD>
    <TD STYLE="width: 20%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>December 31</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Audit Fees</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Related Fees</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Tax Fees*</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>All Other Fees</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$51,621</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$4,750</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$11,500</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$51,621</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$4,750</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD></TR>
</TABLE>
<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"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">&ldquo;Tax Fees&rdquo; are those fees billed by PricewaterhouseCoopers
in connection with tax compliance services, including primarily the review of the Fund&rsquo;s income tax returns.</TD>
</TR></TABLE>

<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; text-align: justify; text-indent: 0.25in">The Fund&rsquo;s Audit
Charter requires that the Audit Committee pre-approve all audit and non-audit services to be provided by the independent registered
public accounting firm to the Fund, and all non-audit services to be provided by the independent registered public accounting firm
to the Fund&rsquo;s Adviser and service providers controlling, controlled by, or under common control with the Fund&rsquo;s Adviser
(&ldquo;affiliates&rdquo;) that provide ongoing services to the Fund (a &ldquo;Covered Services Provider&rdquo;), if the engagement
relates directly to the operations and financial reporting of the Fund. The Audit Committee may delegate its responsibility to
pre-approve any such audit and permissible non-audit services to the Chairman of the Audit Committee, and the Chairman must report
his decision(s) to the Audit Committee, at its next regularly scheduled meeting after the Chairman&rsquo;s pre-approval of such
services. The Audit Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services
in accordance with applicable laws, including the delegation of some or all of the Audit Committee&rsquo;s pre-approval responsibilities
to other persons (other than the Adviser or the Fund&rsquo;s officers). Pre-approval by the Audit Committee of any permissible
non-audit services is not required so long as: (i) the aggregate amount of all such permissible non-audit services provided to
the Fund, the Adviser, and any Covered Services Provider constitutes not more than 5% of the total amount of revenues paid by the
Fund to its independent registered public accounting firm during the year in which the permissible non-audit services are provided;
(ii) the permissible non-audit services were not recognized by the Fund at the time of the engagement to be non-audit services;
and (iii) such services are promptly brought to the attention of the Audit Committee and approved by the Audit Committee or the
Chairman prior to the completion of the audit. All of the audit, audit related, and tax services described above for which PricewaterhouseCoopers
billed the Fund fees for the fiscal years ended December 31, 2017 and December 31, 2018 were pre-approved by the Audit Committee.
All other fees for the fiscal year ended December 31, 2017 reflected in the table above represent services provided in review of
the registration statement.</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; text-align: justify; text-indent: 0.25in">For the fiscal years
ended December 31, 2017 and 2018, PricewaterhouseCoopers has represented to the Fund that it did not provide any non-audit services
(or bill any fees for such services) to the Adviser or any Covered Services Provider.</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; text-align: justify; text-indent: 0.25in">The Audit Committee
was not required to consider whether the provision of non-audit services that were rendered to the Adviser or Covered Service Providers
that were not pre-approved was compatible with maintaining PricewaterhouseCoopers&rsquo; independence.</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"><B>The Investment Adviser and Administrator</B></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; text-align: justify; text-indent: 0.25in">Gabelli Funds, LLC
is the Fund&rsquo;s Adviser and Administrator and its business address is One Corporate Center, Rye, New York 10580-1422.</P>

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


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<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"><B>Section 16(a) Beneficial Ownership Reporting Compliance</B></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; text-align: justify; text-indent: 0.25in">Section 16(a) of the
1934 Act and Section 30(h) of the 1940 Act, and the rules thereunder, require the Fund&rsquo;s executive officers and Directors,
executive officers and directors of the Adviser, certain other affiliated persons of the Adviser, and persons who own more than
10% of a registered class of the Fund&rsquo;s securities to file reports of ownership and changes in ownership with the SEC and
the NYSE and to furnish the Fund with copies of all Section 16(a) forms they file. Based solely on the Fund&rsquo;s review of the
copies of such forms it received, if any, for the fiscal year ended December 31, 2018, the Fund believes that during that year
such persons complied with all such applicable filing requirements.</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"><B>Broker Non-Votes and Abstentions</B></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; text-align: justify; text-indent: 0.25in">For purposes of determining
the presence of a quorum for transacting business at the Meeting, abstentions (or &ldquo;withheld votes&rdquo; with respect to
the election of Directors) and broker &ldquo;non-votes&rdquo; (that is, proxies from brokers or nominees indicating that such persons
have not received instructions from the beneficial owner or other persons entitled to vote shares on a particular matter with respect
to which the brokers or nominees do not have discretionary power) will be treated as shares that are present but that have not
been voted. Accordingly, stockholders are urged to forward their voting instructions promptly.</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; text-align: justify; text-indent: 0.25in">Because the Fund requires
a majority of votes to elect each nominee for Director, abstentions and broker non-votes, if any, will not be counted as votes
cast, but will have no effect on the result of the vote. Abstentions and any broker non-votes, however, will be considered to be
present at the Meeting for purposes of determining the existence of a quorum.</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; text-align: justify; text-indent: 0.25in">Brokers holding shares
of the Fund in &ldquo;street name&rdquo; for the benefit of their customers and clients will request the instructions of such customers
and clients on how to vote their shares on Proposal 1 before the Meeting. Under the rules of the NYSE, such brokers may, for certain
&ldquo;routine&rdquo; matters, grant discretionary authority to the proxies designated by the Board to vote if no instructions
have been received from their customers and clients prior to the date specified in the brokers&rsquo; request for voting instructions.
Proposal 1 is a &ldquo;routine&rdquo; matter and accordingly beneficial owners who do not provide proxy instructions or who do
not return a proxy card may have their shares voted by broker-dealer firms in favor of Proposal 1. A properly executed proxy card
or other authorization by a beneficial owner of shares that does not specify how the beneficial owner&rsquo;s shares should be
voted on Proposal 1 may be deemed an instruction to vote such shares in favor of the proposal.</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; text-align: justify; text-indent: 0.25in">Stockholders of the
Fund will be informed of the voting results of the Meeting in the Fund&rsquo;s Semiannual Report for the six months ended June
30, 2019.</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"><B>&ldquo;Householding&rdquo;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Please note that only
one document (i.e., an annual or semiannual report, or set of proxy soliciting materials) may be delivered to two or more stockholders
of the Fund who share an address, unless the Fund has received instructions to the contrary. To request a separate copy of a document,
or for instructions regarding how to request a separate copy of these documents or regarding how to request a single copy if multiple
copies of these documents are received, stockholders should contact the Fund at the address and phone number set forth above.</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; text-align: center"><B>OTHER MATTERS TO COME BEFORE THE MEETING</B></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; text-align: justify; text-indent: 0.25in">The Directors of the
Fund do not intend to present any other business at the Meeting, nor are they aware that any stockholder intends to do so. If,
however, any other matters, including adjournments, are properly brought before the Meeting, the persons named in the accompanying
proxy will vote thereon in accordance with their judgment.</P>

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


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<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; text-align: center"><B>STOCKHOLDER NOMINATIONS AND PROPOSALS</B></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; text-align: justify; text-indent: 0.25in">All proposals by stockholders
of the Fund which are intended to be presented at the Fund&rsquo;s next Annual Meeting of Stockholders to be held in 2020 (the
&ldquo;2020 Annual Meeting&rdquo;) must be received by the Fund for consideration for inclusion in the Fund&rsquo;s 2020 proxy
statement and proxy relating to that meeting no later than December 5, 2019. Rule 14a-8 under the 1934 Act (&ldquo;Rule 14a-8&rdquo;)
specifies a number of procedural and eligibility requirements to be satisfied by a stockholder submitting a proposal for inclusion
in the Fund&rsquo;s proxy materials pursuant to this Rule. Any stockholder contemplating submissions of such a proposal is referred
to Rule 14a-8.</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; text-align: justify; text-indent: 0.25in">The Fund&rsquo;s By-Laws
require stockholders that wish to nominate Directors or make proposals to be voted on at an Annual Meeting of the Fund&rsquo;s
Stockholders (and which are not proposed to be included in the Fund&rsquo;s proxy materials pursuant to Rule 14a-8 under the 1934
Act) to provide timely notice of the nomination or proposal in writing. To be considered timely for the 2020 Annual Meeting, any
such notice must be delivered to or mailed and received at the principal executive offices of the Fund at the address set forth
on the first page of this proxy statement no earlier than 9:00 a.m. Eastern time on November 5, 2019 and no later than 5:00 p.m.
Eastern time on December 5, 2019; provided, however, that if the 2020 Annual Meeting is to be held on a date that is earlier than
April 13, 2020 or later than June 12, 2020, such notice must be delivered to the Fund no later than 5:00 p.m. Eastern time on the
tenth day following the date on which public announcement of the date of the 2020 Annual Meeting was first made. Any such notice
by a stockholder shall set forth the information required by the Fund&rsquo;s By-Laws with respect to each nomination or matter
the stockholder proposes to bring before the 2020 Annual Meeting.</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; text-align: justify; text-indent: 0.25in"><B>IT IS IMPORTANT
THAT PROXIES BE RETURNED PROMPTLY.</B></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; text-align: justify; text-indent: 0.25in"><B>STOCKHOLDERS MAY
PROVIDE THEIR VOTE BY TELEPHONE OR THE INTERNET BY FOLLOWING THE INSTRUCTIONS ACCOMPANYING THE PROXY CARD, VOTING INSTRUCTION
FORM OR SET FORTH IN THE NOTICE OF INTERNET AVAILABILITY OF PROXY MATERIALS.</B></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">April 3, 2019</P>

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


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<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; text-align: right">GAB-PS-2019</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B><I>PROXY
    TABULATOR</I></B></FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><BR>
    <FONT STYLE="color: #221E1F"><B><I>P.O. BOX 9112</I></B></FONT></FONT></TD>
    <TD ROWSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="e517090_img01.jpg" ALT="" STYLE="width: 39px; height: 31px"></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Internet</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>FARMINGDALE,
    NY 11735</I></B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement and have the proxy card <FONT STYLE="color: #221E1F">below at hand.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Go
    to website <FONT STYLE="color: #221E1F"><B>www.proxyvote.com</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Follow
    the instructions provided on the website.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="e517090_img02.jpg" ALT=""></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Telephone</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement and have the proxy card <FONT STYLE="color: #221E1F">below at hand.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Call
    <FONT STYLE="color: #221E1F"><B>1-800-690-6903</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Follow
    the instructions.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="5" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="e517090_img03.jpg" ALT=""></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Mail</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Check
    the appropriate box on the proxy card below.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sign
    and date the proxy card.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">4)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Return
    the proxy card in the envelope provided.</FONT></TD></TR>
</TABLE>
<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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="100%" STYLE="margin-left: 0pt; border-collapse: collapse">



 <TR STYLE="height: 12.6pt">

        <TD COLSPAN="2" STYLE="height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="ARIAL" STYLE="font-size: 7pt">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</FONT></P> </TD>

        <TD STYLE="height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>



 <TR STYLE="height: 12.6pt">

        <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt dashed; height: 12.6pt">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-family: ARIAL; font-size: 7pt">E64560-P20559</FONT></P> </TD>

        <TD STYLE="border-bottom: black 1.5pt dashed; height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"> <FONT FACE="ARIAL" STYLE="font-size: 7pt">KEEP THIS PORTION FOR YOUR RECORDS</FONT></P> </TD> </TR>

 <TR>

        <TD WIDTH="24%" VALIGN="BOTTOM">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="40%" VALIGN="BOTTOM">

                        <P STYLE="margin: 0in 1.45pt 0in 0in; text-indent: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="34%" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="ARIAL" STYLE="font-size: 7pt">DETACH AND RETURN THIS PORTION ONLY</FONT></P> </TD> </TR>

 <TR>

        <TD></TD>

                    <TD></TD>

        <TD></TD> </TR> </TABLE>

            </DIV>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<DIV ALIGN="LEFT">

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="border-collapse: collapse">

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-left: black 2.25pt solid; border-bottom-style: none; border-right-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="13" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-family: ARIAL; font-size: 9pt"><B>THE
GABELLI EQUITY TRUST INC.</B></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: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="13" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-family: ARIAL; font-size: 9pt"><B>COMMON
STOCKHOLDER</B></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: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&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: 7pt">&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: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

        <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: 7pt">&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: 7pt">&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: 7pt">&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: 7pt">&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: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="MIDDLE" ROWSPAN="2" STYLE="background-color: 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="8" ROWSPAN="2" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">Election of Directors &#151; The Board of Directors recommends a vote <U>FOR</U> each of the nominees listed.</FONT></B></P> </TD>

        <TD ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" ROWSPAN="2" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">For</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">All</FONT></B></P> </TD>

        <TD ROWSPAN="2" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">Withhold</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">All</FONT></B></P> </TD>

        <TD ROWSPAN="2" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">For All</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">Except</FONT></B></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: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="3" ROWSPAN="4" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 7pt">To withhold authority to vote for any individual&nbsp;nominee(s), mark &#147;For All Except&#148; and write the&nbsp;name(s)&nbsp;of the nominee(s) on the line below.</FONT></P> </TD>

        <TD ROWSPAN="4" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

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 <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: 7pt">&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">1.</FONT></P> </TD>

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                      <P STYLE="margin-left: 3pt; 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: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&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: 4pt">&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: 4pt">&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: 4pt">&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: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

        <TD ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</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: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&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: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 3pt; 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: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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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: 4pt">&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: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 3pt; 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 STYLE="font-family: Arial; font-size: 8pt">Mario
J. Gabelli</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: 7pt">&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: 7pt">&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: 7pt">&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: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 3pt; 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 STYLE="font-family: Arial; font-size: 8pt">William
F. Heitmann</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: 7pt">&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: 7pt">&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: 7pt">&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: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 8pt">Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Sign and Date Below</FONT></B></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">Please sign this proxy exactly as your name(s) appear(s) in the records of the Fund. If joint owners, either may sign. Trustees and other fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title.</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: 6pt">Signature [PLEASE SIGN WITHIN BOX]</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: 6pt">Date</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

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<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font: 10pt Arial">&nbsp;</FONT></P>

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<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><B><FONT FACE="Arial" STYLE="font-size: 10pt">Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</FONT></B></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><FONT FACE="Arial" STYLE="font-size: 10pt">The Notice and Proxy Statement is available at www.proxyvote.com.</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&#9660;&nbsp;&nbsp;&nbsp;</FONT><B><FONT FACE="ARIAL" STYLE="font-size: 8pt">PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</FONT></B><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&#9660;</FONT></P>

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  <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-family: ARIAL; font-size: 7pt">E64561-P20559</FONT></P> </TD> </TR></TABLE>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; 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: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

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                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; 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: center; 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: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

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                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>THE
                                         GABELLI EQUITY TRUST INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>This
proxy is solicited on behalf of the Board of Directors</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
undersigned hereby appoints Mario J. Gabelli, Andrea R. Mango and Agnes Mullady, and each of them, attorneys and proxies of the
undersigned, with full powers of substitution and revocation, to represent the undersigned and to vote on behalf of the undersigned
all shares of The Gabelli Equity Trust Inc. (the &quot;Fund&quot;), which the undersigned is entitled to vote at the Annual Meeting
of Stockholders of the Fund to be held at The Cole Auditorium, The Greenwich Library, 101 West Putnam Avenue, Greenwich, Connecticut
06830 on Monday, May 13, 2019, at 9:45 a.m., and at any adjournments thereof (the &quot;Meeting&quot;). The undersigned hereby
acknowledges receipt of the Notice of Meeting and Proxy Statement and hereby instructs said attorneys and proxies to vote said
shares as indicated herein. In their discretion, the proxies are authorized to vote upon such other business as may properly come
before the Meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">A
majority of the proxies present and acting at the Meeting in person or by substitute (or, if only one shall be so present, then
that one) shall have and may exercise all of the power and authority of said proxies hereunder. The undersigned hereby revokes
any proxy previously given.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">This
proxy, if properly executed, will be voted in the manner directed by the undersigned stockholder. If no direction is made, this
proxy will be voted <B>FOR </B>the election of the nominees as Directors and in the discretion of the proxy holder as to any other
matter that may properly come before the Meeting. Please refer to the Proxy Statement for a discussion of Proposal No. 1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F">&nbsp;</P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

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                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="ARIAL" STYLE="font-size: 9pt">PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</FONT></B></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <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> </TR>

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                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 0.5pt solid; border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD> </TR>

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        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom: black 2.25pt solid; border-right-style: none">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 2.25pt solid; border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; 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-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B><I>PROXY
    TABULATOR</I></B></FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><BR>
    <FONT STYLE="color: #221E1F"><B><I>P.O. BOX 9112</I></B></FONT></FONT></TD>
    <TD ROWSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="e517090_img01.jpg" ALT="" STYLE="width: 39px; height: 31px"></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Internet</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>FARMINGDALE,
    NY 11735</I></B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement and have the proxy card <FONT STYLE="color: #221E1F">below at hand.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Go
    to website <FONT STYLE="color: #221E1F"><B>www.proxyvote.com</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Follow
    the instructions provided on the website.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="e517090_img02.jpg" ALT=""></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Telephone</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement and have the proxy card <FONT STYLE="color: #221E1F">below at hand.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Call
    <FONT STYLE="color: #221E1F"><B>1-800-690-6903</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Follow
    the instructions.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="5" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="e517090_img03.jpg" ALT=""></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Mail</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Check
    the appropriate box on the proxy card below.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sign
    and date the proxy card.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">4)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Return
    the proxy card in the envelope provided.</FONT></TD></TR>
</TABLE>
<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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="100%" STYLE="margin-left: 0pt; border-collapse: collapse">



 <TR STYLE="height: 12.6pt">

        <TD COLSPAN="2" STYLE="height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="ARIAL" STYLE="font-size: 7pt">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</FONT></P> </TD>

        <TD STYLE="height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>



 <TR STYLE="height: 12.6pt">

        <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt dashed; height: 12.6pt">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-family: ARIAL; font-size: 7pt">E64560-P20559</FONT></P> </TD>

        <TD STYLE="border-bottom: black 1.5pt dashed; height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"> <FONT FACE="ARIAL" STYLE="font-size: 7pt">KEEP THIS PORTION FOR YOUR RECORDS</FONT></P> </TD> </TR>

 <TR>

        <TD WIDTH="24%" VALIGN="BOTTOM">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="40%" VALIGN="BOTTOM">

                        <P STYLE="margin: 0in 1.45pt 0in 0in; text-indent: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="34%" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="ARIAL" STYLE="font-size: 7pt">DETACH AND RETURN THIS PORTION ONLY</FONT></P> </TD> </TR>

 <TR>

        <TD></TD>

                    <TD></TD>

        <TD></TD> </TR> </TABLE>

            </DIV>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<DIV ALIGN="LEFT">

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="border-collapse: collapse">

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-left: black 2.25pt solid; border-bottom-style: none; border-right-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="13" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-family: ARIAL; font-size: 9pt"><B>THE
GABELLI EQUITY TRUST INC.</B></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: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="13" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-family: ARIAL; font-size: 9pt"><B>SERIES
C PREFERRED STOCKHOLDER</B></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: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&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: 7pt">&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: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

        <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: 7pt">&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: 7pt">&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: 7pt">&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: 7pt">&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: 7pt">&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: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

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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: 3pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-family: Arial; font-size: 7pt"><B>Election
of Directors &#151; The Board of Directors recommends a vote <U>FOR</U> each of the nominees listed.</B></FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">For</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">All</FONT></B></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">Withhold</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">All</FONT></B></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">For All</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">Except</FONT></B></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 7pt">To withhold authority to vote for any individual&nbsp;nominee(s), mark &#147;For All Except&#148; and write the&nbsp;name(s)&nbsp;of the nominee(s) on the line below.</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">1.</FONT></P> </TD>

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                      <P STYLE="margin-left: 3pt; 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: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

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                        <P STYLE="margin-left: 3pt; 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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 <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: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 3pt; 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 STYLE="font: 8pt Arial">Mario
J. Gabelli</FONT></P> </TD>

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 <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: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 3pt; 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 STYLE="font-family: Arial; font-size: 8pt">William
F. Heitmann</FONT></P> </TD>

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        <TD ROWSPAN="2" VALIGN="MIDDLE" STYLE="background-color: 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">B</FONT></B></FONT></P> </TD>

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                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 8pt">Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Sign and Date Below</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: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">Please sign this proxy exactly as your name(s) appear(s) in the records of the Fund. If joint owners, either may sign. Trustees and other fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title.</FONT></P> </TD>

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<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><B><FONT FACE="Arial" STYLE="font-size: 10pt">Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</FONT></B></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><FONT FACE="Arial" STYLE="font-size: 10pt">The Notice and Proxy Statement is available at www.proxyvote.com.</FONT></P>

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<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&#9660;&nbsp;&nbsp;&nbsp;</FONT><B><FONT FACE="ARIAL" STYLE="font-size: 8pt">PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</FONT></B><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&#9660;</FONT></P>

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  <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-family: ARIAL; font-size: 7pt">E64561-P20559</FONT></P> </TD> </TR></TABLE>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; 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: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

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                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>THE
                                         GABELLI EQUITY TRUST INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>This
proxy is solicited on behalf of the Board of Directors</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The
undersigned hereby appoints Mario J. Gabelli, Andrea R. Mango and Agnes Mullady, and each of them, attorneys and proxies of the
undersigned, with full powers of substitution and revocation, to represent the undersigned and to vote on behalf of the undersigned
all shares of The Gabelli Equity Trust Inc. (the &quot;Fund&quot;), which the undersigned is entitled to vote at the Annual Meeting
of Stockholders of the Fund to be held at The Cole Auditorium, The Greenwich Library, 101 West Putnam Avenue, Greenwich, Connecticut
06830 on Monday, May 13, 2019, at 9:45 a.m., and at any adjournments thereof (the &quot;Meeting&quot;). The undersigned hereby
acknowledges receipt of the Notice of Meeting and Proxy Statement and hereby instructs said attorneys and proxies to vote said
shares as indicated herein. In their discretion, the proxies are authorized to vote upon such other business as may properly come
before the Meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">A
majority of the proxies present and acting at the Meeting in person or by substitute (or, if only one shall be so present, then
that one) shall have and may exercise all of the power and authority of said proxies hereunder. The undersigned hereby revokes
any proxy previously given.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">This
proxy, if properly executed, will be voted in the manner directed by the undersigned stockholder. If no direction is made, this
proxy will be voted <B>FOR </B>the election of the nominees as Directors and in the discretion of the proxy holder as to any other
matter that may properly come before the Meeting. Please refer to the Proxy Statement for a discussion of Proposal No. 1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F">&nbsp;</P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="ARIAL" STYLE="font-size: 9pt">PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</FONT></B></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <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> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 0.5pt solid; border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom: black 2.25pt solid; border-right-style: none">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 2.25pt solid; border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; 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-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B><I>PROXY
    TABULATOR</I></B></FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><BR>
    <FONT STYLE="color: #221E1F"><B><I>P.O. BOX 9112</I></B></FONT></FONT></TD>
    <TD ROWSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="e517090_img01.jpg" ALT="" STYLE="width: 39px; height: 31px"></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Internet</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>FARMINGDALE,
    NY 11735</I></B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement and have the proxy card <FONT STYLE="color: #221E1F">below at hand.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Go
    to website <FONT STYLE="color: #221E1F"><B>www.proxyvote.com</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Follow
    the instructions provided on the website.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="e517090_img02.jpg" ALT=""></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Telephone</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement and have the proxy card <FONT STYLE="color: #221E1F">below at hand.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Call
    <FONT STYLE="color: #221E1F"><B>1-800-690-6903</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Follow
    the instructions.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="5" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="e517090_img03.jpg" ALT=""></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Mail</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Check
    the appropriate box on the proxy card below.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sign
    and date the proxy card.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">4)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Return
    the proxy card in the envelope provided.</FONT></TD></TR>
</TABLE>
<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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="100%" STYLE="margin-left: 0pt; border-collapse: collapse">



 <TR STYLE="height: 12.6pt">

        <TD COLSPAN="2" STYLE="height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="ARIAL" STYLE="font-size: 7pt">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</FONT></P> </TD>

        <TD STYLE="height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>



 <TR STYLE="height: 12.6pt">

        <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt dashed; height: 12.6pt">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 7pt ARIAL">E64560-P20559</FONT></P> </TD>

        <TD STYLE="border-bottom: black 1.5pt dashed; height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"> <FONT FACE="ARIAL" STYLE="font-size: 7pt">KEEP THIS PORTION FOR YOUR RECORDS</FONT></P> </TD> </TR>

 <TR>

        <TD WIDTH="24%" VALIGN="BOTTOM">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="40%" VALIGN="BOTTOM">

                        <P STYLE="margin: 0in 1.45pt 0in 0in; text-indent: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="34%" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="ARIAL" STYLE="font-size: 7pt">DETACH AND RETURN THIS PORTION ONLY</FONT></P> </TD> </TR>

 <TR>

        <TD></TD>

                    <TD></TD>

        <TD></TD> </TR> </TABLE>

            </DIV>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<DIV ALIGN="LEFT">

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="border-collapse: collapse">

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-left: black 2.25pt solid; border-bottom-style: none; border-right-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="13" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 9pt ARIAL"><B>THE
GABELLI EQUITY TRUST INC.</B></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: 7pt">&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-family: ARIAL; font-size: 9pt"><B>SERIES
                        D PREFERRED STOCKHOLDER</B></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: 7pt">&nbsp;</FONT></P> </TD>

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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: 3pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 7pt Arial"><B>Election
of Directors &#151; The Board of Directors recommends a vote <U>FOR</U> each of the nominees listed.</B></FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">For</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">All</FONT></B></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">Withhold</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">All</FONT></B></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">For All</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">Except</FONT></B></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 7pt">To withhold authority to vote for any individual&nbsp;nominee(s), mark &#147;For All Except&#148; and write the&nbsp;name(s)&nbsp;of the nominee(s) on the line below.</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">1.</FONT></P> </TD>

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                      <P STYLE="margin-left: 3pt; 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: 4pt">&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: 4pt">&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: 4pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

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                        <P STYLE="margin-left: 3pt; 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: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

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 <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: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 3pt; 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 STYLE="font: 8pt Arial">Mario
J. Gabelli</FONT></P> </TD>

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                        <P STYLE="margin-left: 3pt; 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 STYLE="font: 8pt Arial">William
F. Heitmann</FONT></P> </TD>

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                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 8pt">Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Sign and Date Below</FONT></B></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">Please sign this proxy exactly as your name(s) appear(s) in the records of the Fund. If joint owners, either may sign. Trustees and other fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title.</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: 6pt">Signature [PLEASE SIGN WITHIN BOX]</FONT></P> </TD>

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<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><B><FONT FACE="Arial" STYLE="font-size: 10pt">Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</FONT></B></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><FONT FACE="Arial" STYLE="font-size: 10pt">The Notice and Proxy Statement is available at www.proxyvote.com.</FONT></P>

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<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&#9660;&nbsp;&nbsp;&nbsp;</FONT><B><FONT FACE="ARIAL" STYLE="font-size: 8pt">PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</FONT></B><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&#9660;</FONT></P>

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  <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font: 7pt ARIAL">E64561-P20559</FONT></P> </TD> </TR></TABLE>

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        <TD WIDTH="47%" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="3%" VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; 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: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; 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: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; 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: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>THE
                                         GABELLI EQUITY TRUST INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>This
proxy is solicited on behalf of the Board of Directors</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">The
undersigned hereby appoints Mario J. Gabelli, Andrea R. Mango and Agnes Mullady, and each of them, attorneys and proxies of the
undersigned, with full powers of substitution and revocation, to represent the undersigned and to vote on behalf of the undersigned
all shares of The Gabelli Equity Trust Inc. (the &quot;Fund&quot;), which the undersigned is entitled to vote at the Annual Meeting
of Stockholders of the Fund to be held at The Cole Auditorium, The Greenwich Library, 101 West Putnam Avenue, Greenwich, Connecticut
06830 on Monday, May 13, 2019, at 9:45 a.m., and at any adjournments thereof (the &quot;Meeting&quot;). The undersigned hereby
acknowledges receipt of the Notice of Meeting and Proxy Statement and hereby instructs said attorneys and proxies to vote said
shares as indicated herein. In their discretion, the proxies are authorized to vote upon such other business as may properly come
before the Meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">A
majority of the proxies present and acting at the Meeting in person or by substitute (or, if only one shall be so present, then
that one) shall have and may exercise all of the power and authority of said proxies hereunder. The undersigned hereby revokes
any proxy previously given.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F; text-align: justify"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">This
proxy, if properly executed, will be voted in the manner directed by the undersigned stockholder. If no direction is made, this
proxy will be voted <B>FOR </B>the election of the nominees as Directors and in the discretion of the proxy holder as to any other
matter that may properly come before the Meeting. Please refer to the Proxy Statement for a discussion of Proposal No. 1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F">&nbsp;</P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="ARIAL" STYLE="font-size: 9pt">PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</FONT></B></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <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> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 0.5pt solid; border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom: black 2.25pt solid; border-right-style: none">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 2.25pt solid; border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; 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-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></P>

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

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B><I>PROXY
    TABULATOR</I></B></FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><BR>
    <FONT STYLE="color: #221E1F"><B><I>P.O. BOX 9112</I></B></FONT></FONT></TD>
    <TD ROWSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="e517090_img01.jpg" ALT="" STYLE="width: 39px; height: 31px"></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Internet</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>FARMINGDALE,
    NY 11735</I></B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement and have the proxy card <FONT STYLE="color: #221E1F">below at hand.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Go
    to website <FONT STYLE="color: #221E1F"><B>www.proxyvote.com</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Follow
    the instructions provided on the website.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="e517090_img02.jpg" ALT=""></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Telephone</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement and have the proxy card <FONT STYLE="color: #221E1F">below at hand.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Call
    <FONT STYLE="color: #221E1F"><B>1-800-690-6903</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Follow
    the instructions.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="5" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="e517090_img03.jpg" ALT=""></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Mail</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Check
    the appropriate box on the proxy card below.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sign
    and date the proxy card.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">4)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Return
    the proxy card in the envelope provided.</FONT></TD></TR>
</TABLE>
<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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="100%" STYLE="margin-left: 0pt; border-collapse: collapse">



 <TR STYLE="height: 12.6pt">

        <TD COLSPAN="2" STYLE="height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="ARIAL" STYLE="font-size: 7pt">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</FONT></P> </TD>

        <TD STYLE="height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>



 <TR STYLE="height: 12.6pt">

        <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt dashed; height: 12.6pt">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 7pt ARIAL">E64560-P20559</FONT></P> </TD>

        <TD STYLE="border-bottom: black 1.5pt dashed; height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"> <FONT FACE="ARIAL" STYLE="font-size: 7pt">KEEP THIS PORTION FOR YOUR RECORDS</FONT></P> </TD> </TR>

 <TR>

        <TD WIDTH="24%" VALIGN="BOTTOM">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="40%" VALIGN="BOTTOM">

                        <P STYLE="margin: 0in 1.45pt 0in 0in; text-indent: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="34%" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="ARIAL" STYLE="font-size: 7pt">DETACH AND RETURN THIS PORTION ONLY</FONT></P> </TD> </TR>

 <TR>

        <TD></TD>

                    <TD></TD>

        <TD></TD> </TR> </TABLE>

            </DIV>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 3pt">&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: 9pt ARIAL"><B>THE
GABELLI EQUITY TRUST INC.</B></FONT></P> </TD>

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 <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: 7pt">&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-family: ARIAL; font-size: 9pt"><B>SERIES
                        E PREFERRED STOCKHOLDER</B></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: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="MIDDLE" ROWSPAN="2" STYLE="background-color: 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="8" ROWSPAN="2" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 7pt Arial"><B>Election
of Directors &#151; The Board of Directors recommends a vote <U>FOR</U> each of the nominees listed.</B></FONT></P> </TD>

        <TD ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" ROWSPAN="2" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">For</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">All</FONT></B></P> </TD>

        <TD ROWSPAN="2" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">Withhold</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">All</FONT></B></P> </TD>

        <TD ROWSPAN="2" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">For All</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">Except</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: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="3" ROWSPAN="4" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 7pt">To withhold authority to vote for any individual&nbsp;nominee(s), mark &#147;For All Except&#148; and write the&nbsp;name(s)&nbsp;of the nominee(s) on the line below.</FONT></P> </TD>

        <TD ROWSPAN="4" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&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: 7pt">&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: 7pt">&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: 4pt">&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: 4pt">&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: 4pt">&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: 4pt">&nbsp;</FONT></P> </TD>

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                        </TD>

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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: 4pt">&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: 4pt">&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: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="TOP">

                        <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="7" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 3pt; 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>

        <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: 7pt">&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: 7pt">&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: 7pt">&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: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&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: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="7" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&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: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

        <TD ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

        <TD ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</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: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="7" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 3pt; 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: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 3pt; 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 STYLE="font: 8pt Arial">Mario
J. Gabelli</FONT></P> </TD>

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                        <P STYLE="margin-left: 3pt; 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 STYLE="font: 8pt Arial">William
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                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 8pt">Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Sign and Date Below</FONT></B></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">Please sign this proxy exactly as your name(s) appear(s) in the records of the Fund. If joint owners, either may sign. Trustees and other fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title.</FONT></P> </TD>

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<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><B><FONT FACE="Arial" STYLE="font-size: 10pt">Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</FONT></B></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><FONT FACE="Arial" STYLE="font-size: 10pt">The Notice and Proxy Statement is available at www.proxyvote.com.</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&#9660;&nbsp;&nbsp;&nbsp;</FONT><B><FONT FACE="ARIAL" STYLE="font-size: 8pt">PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</FONT></B><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&#9660;</FONT></P>

<DIV ALIGN="LEFT">

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="margin-left: 0pt; border-collapse: collapse">

 <TR>

        <TD WIDTH="62%" VALIGN="BOTTOM" STYLE="border-top: black 1.5pt dashed">

                        <P STYLE="margin: 2pt 1.45pt 0pt 0pt; text-indent: 0pt; text-align: right"> </P> </TD>

        <TD WIDTH="37%" VALIGN="BOTTOM" STYLE="border-top: black 1.5pt dashed">

  <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font: 7pt ARIAL">E64561-P20559</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>

<DIV ALIGN="LEFT">

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="border-collapse: collapse">

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-left: black 2.25pt solid; border-bottom-style: none; border-right-style: none">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD WIDTH="2%" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="47%" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="47%" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="3%" VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; 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: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; 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: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; 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: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>THE
                                         GABELLI EQUITY TRUST INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>This
proxy is solicited on behalf of the Board of Directors</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">The
undersigned hereby appoints Mario J. Gabelli, Andrea R. Mango and Agnes Mullady, and each of them, attorneys and proxies of the
undersigned, with full powers of substitution and revocation, to represent the undersigned and to vote on behalf of the undersigned
all shares of The Gabelli Equity Trust Inc. (the &quot;Fund&quot;), which the undersigned is entitled to vote at the Annual Meeting
of Stockholders of the Fund to be held at The Cole Auditorium, The Greenwich Library, 101 West Putnam Avenue, Greenwich, Connecticut
06830 on Monday, May 13, 2019, at 9:45 a.m., and at any adjournments thereof (the &quot;Meeting&quot;). The undersigned hereby
acknowledges receipt of the Notice of Meeting and Proxy Statement and hereby instructs said attorneys and proxies to vote said
shares as indicated herein. In their discretion, the proxies are authorized to vote upon such other business as may properly come
before the Meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">A
majority of the proxies present and acting at the Meeting in person or by substitute (or, if only one shall be so present, then
that one) shall have and may exercise all of the power and authority of said proxies hereunder. The undersigned hereby revokes
any proxy previously given.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F; text-align: justify"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">This
proxy, if properly executed, will be voted in the manner directed by the undersigned stockholder. If no direction is made, this
proxy will be voted <B>FOR </B>the election of the nominees as Directors and in the discretion of the proxy holder as to any other
matter that may properly come before the Meeting. Please refer to the Proxy Statement for a discussion of Proposal No. 1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F">&nbsp;</P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="ARIAL" STYLE="font-size: 9pt">PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</FONT></B></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <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> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 0.5pt solid; border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom: black 2.25pt solid; border-right-style: none">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 2.25pt solid; border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 </TABLE>

</DIV>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B><I>PROXY
    TABULATOR</I></B></FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><BR>
    <FONT STYLE="color: #221E1F"><B><I>P.O. BOX 9112</I></B></FONT></FONT></TD>
    <TD ROWSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="e517090_img01.jpg" ALT="" STYLE="width: 39px; height: 31px"></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Internet</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>FARMINGDALE,
    NY 11735</I></B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement and have the proxy card <FONT STYLE="color: #221E1F">below at hand.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Go
    to website <FONT STYLE="color: #221E1F"><B>www.proxyvote.com</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Follow
    the instructions provided on the website.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="e517090_img02.jpg" ALT=""></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Telephone</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement and have the proxy card <FONT STYLE="color: #221E1F">below at hand.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Call
    <FONT STYLE="color: #221E1F"><B>1-800-690-6903</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Follow
    the instructions.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="5" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="e517090_img03.jpg" ALT=""></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Mail</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Check
    the appropriate box on the proxy card below.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sign
    and date the proxy card.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">4)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Return
    the proxy card in the envelope provided.</FONT></TD></TR>
</TABLE>
<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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="100%" STYLE="margin-left: 0pt; border-collapse: collapse">



 <TR STYLE="height: 12.6pt">

        <TD COLSPAN="2" STYLE="height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="ARIAL" STYLE="font-size: 7pt">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</FONT></P> </TD>

        <TD STYLE="height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>



 <TR STYLE="height: 12.6pt">

        <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt dashed; height: 12.6pt">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 7pt ARIAL">E64560-P20559</FONT></P> </TD>

        <TD STYLE="border-bottom: black 1.5pt dashed; height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"> <FONT FACE="ARIAL" STYLE="font-size: 7pt">KEEP THIS PORTION FOR YOUR RECORDS</FONT></P> </TD> </TR>

 <TR>

        <TD WIDTH="24%" VALIGN="BOTTOM">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="40%" VALIGN="BOTTOM">

                        <P STYLE="margin: 0in 1.45pt 0in 0in; text-indent: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="34%" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="ARIAL" STYLE="font-size: 7pt">DETACH AND RETURN THIS PORTION ONLY</FONT></P> </TD> </TR>

 <TR>

        <TD></TD>

                    <TD></TD>

        <TD></TD> </TR> </TABLE>

            </DIV>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<DIV ALIGN="LEFT">

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="border-collapse: collapse">

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-left: black 2.25pt solid; border-bottom-style: none; border-right-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="13" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 9pt ARIAL"><B>THE
GABELLI EQUITY TRUST INC.</B></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: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="13" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-family: ARIAL; font-size: 9pt"><B>SERIES
G PREFERRED STOCKHOLDER</B></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: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&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: 7pt">&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: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

        <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: 7pt">&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: 7pt">&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: 7pt">&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: 7pt">&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: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="MIDDLE" ROWSPAN="2" STYLE="background-color: 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="8" ROWSPAN="2" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 7pt Arial"><B>Election
of Directors &#151; The Board of Directors recommends a vote <U>FOR</U> each of the nominees listed.</B></FONT></P> </TD>

        <TD ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" ROWSPAN="2" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">For</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">All</FONT></B></P> </TD>

        <TD ROWSPAN="2" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">Withhold</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">All</FONT></B></P> </TD>

        <TD ROWSPAN="2" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">For All</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">Except</FONT></B></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: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="3" ROWSPAN="4" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 7pt">To withhold authority to vote for any individual&nbsp;nominee(s), mark &#147;For All Except&#148; and write the&nbsp;name(s)&nbsp;of the nominee(s) on the line below.</FONT></P> </TD>

        <TD ROWSPAN="4" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&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: 4pt">&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: 4pt">&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: 4pt">&nbsp;</FONT></P> </TD>

        <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: 4pt">&nbsp;</FONT></P>

                        </TD>

        <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: 4pt">&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: 4pt">&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: 4pt">&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: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="TOP">

                        <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="7" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 3pt; 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>

        <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: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 3pt; 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: 3pt; 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 STYLE="font: 8pt Arial">Mario
J. Gabelli</FONT></P> </TD>

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                        <P STYLE="margin-left: 3pt; 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 STYLE="font: 8pt Arial">William
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                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 8pt">Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Sign and Date Below</FONT></B></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">Please sign this proxy exactly as your name(s) appear(s) in the records of the Fund. If joint owners, either may sign. Trustees and other fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title.</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: 6pt">Signature [PLEASE SIGN WITHIN BOX]</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: 6pt">Signature [Joint Owners]</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: 6pt">Date</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

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

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font: 10pt Arial">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font: 10pt Arial">&nbsp;</FONT></P>

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<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><B><FONT FACE="Arial" STYLE="font-size: 10pt">Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</FONT></B></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><FONT FACE="Arial" STYLE="font-size: 10pt">The Notice and Proxy Statement is available at www.proxyvote.com.</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&#9660;&nbsp;&nbsp;&nbsp;</FONT><B><FONT FACE="ARIAL" STYLE="font-size: 8pt">PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</FONT></B><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&#9660;</FONT></P>

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                        <P STYLE="margin: 2pt 1.45pt 0pt 0pt; text-indent: 0pt; text-align: right"> </P> </TD>

        <TD WIDTH="37%" VALIGN="BOTTOM" STYLE="border-top: black 1.5pt dashed">

  <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font: 7pt ARIAL">E64561-P20559</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>

<DIV ALIGN="LEFT">

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="border-collapse: collapse">

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-left: black 2.25pt solid; border-bottom-style: none; border-right-style: none">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; 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: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

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        <TD WIDTH="2%" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="47%" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="47%" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; 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: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

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        <TD COLSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

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        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; 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: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; 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: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>THE
                                         GABELLI EQUITY TRUST INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>This
proxy is solicited on behalf of the Board of Directors</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">The
undersigned hereby appoints Mario J. Gabelli, Andrea R. Mango and Agnes Mullady, and each of them, attorneys and proxies of the
undersigned, with full powers of substitution and revocation, to represent the undersigned and to vote on behalf of the undersigned
all shares of The Gabelli Equity Trust Inc. (the &quot;Fund&quot;), which the undersigned is entitled to vote at the Annual Meeting
of Stockholders of the Fund to be held at The Cole Auditorium, The Greenwich Library, 101 West Putnam Avenue, Greenwich, Connecticut
06830 on Monday, May 13, 2019, at 9:45 a.m., and at any adjournments thereof (the &quot;Meeting&quot;). The undersigned hereby
acknowledges receipt of the Notice of Meeting and Proxy Statement and hereby instructs said attorneys and proxies to vote said
shares as indicated herein. In their discretion, the proxies are authorized to vote upon such other business as may properly come
before the Meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">A
majority of the proxies present and acting at the Meeting in person or by substitute (or, if only one shall be so present, then
that one) shall have and may exercise all of the power and authority of said proxies hereunder. The undersigned hereby revokes
any proxy previously given.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F; text-align: justify"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">This
proxy, if properly executed, will be voted in the manner directed by the undersigned stockholder. If no direction is made, this
proxy will be voted <B>FOR </B>the election of the nominees as Directors and in the discretion of the proxy holder as to any other
matter that may properly come before the Meeting. Please refer to the Proxy Statement for a discussion of Proposal No. 1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F">&nbsp;</P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="ARIAL" STYLE="font-size: 9pt">PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</FONT></B></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <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> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 0.5pt solid; border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom: black 2.25pt solid; border-right-style: none">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 2.25pt solid; border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; 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-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B><I>PROXY
    TABULATOR</I></B></FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><BR>
    <FONT STYLE="color: #221E1F"><B><I>P.O. BOX 9112</I></B></FONT></FONT></TD>
    <TD ROWSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="e517090_img01.jpg" ALT="" STYLE="width: 39px; height: 31px"></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Internet</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>FARMINGDALE,
    NY 11735</I></B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement and have the proxy card <FONT STYLE="color: #221E1F">below at hand.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Go
    to website <FONT STYLE="color: #221E1F"><B>www.proxyvote.com</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Follow
    the instructions provided on the website.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="e517090_img02.jpg" ALT=""></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Telephone</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement and have the proxy card <FONT STYLE="color: #221E1F">below at hand.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Call
    <FONT STYLE="color: #221E1F"><B>1-800-690-6903</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Follow
    the instructions.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="5" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="e517090_img03.jpg" ALT=""></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Mail</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Check
    the appropriate box on the proxy card below.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sign
    and date the proxy card.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">4)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Return
    the proxy card in the envelope provided.</FONT></TD></TR>
</TABLE>
<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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="100%" STYLE="margin-left: 0pt; border-collapse: collapse">



 <TR STYLE="height: 12.6pt">

        <TD COLSPAN="2" STYLE="height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="ARIAL" STYLE="font-size: 7pt">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</FONT></P> </TD>

        <TD STYLE="height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>



 <TR STYLE="height: 12.6pt">

        <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt dashed; height: 12.6pt">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 7pt ARIAL">E64560-P20559</FONT></P> </TD>

        <TD STYLE="border-bottom: black 1.5pt dashed; height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"> <FONT FACE="ARIAL" STYLE="font-size: 7pt">KEEP THIS PORTION FOR YOUR RECORDS</FONT></P> </TD> </TR>

 <TR>

        <TD WIDTH="24%" VALIGN="BOTTOM">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="40%" VALIGN="BOTTOM">

                        <P STYLE="margin: 0in 1.45pt 0in 0in; text-indent: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="34%" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="ARIAL" STYLE="font-size: 7pt">DETACH AND RETURN THIS PORTION ONLY</FONT></P> </TD> </TR>

 <TR>

        <TD></TD>

                    <TD></TD>

        <TD></TD> </TR> </TABLE>

            </DIV>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<DIV ALIGN="LEFT">

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="border-collapse: collapse">

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-left: black 2.25pt solid; border-bottom-style: none; border-right-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="13" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 9pt ARIAL"><B>THE
GABELLI EQUITY TRUST INC.</B></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: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="13" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-family: ARIAL; font-size: 9pt"><B>SERIES
                        H PREFERRED STOCKHOLDER</B></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: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&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: 7pt">&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: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

        <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: 7pt">&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: 7pt">&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: 7pt">&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: 7pt">&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: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="MIDDLE" ROWSPAN="2" STYLE="background-color: 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="8" ROWSPAN="2" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 7pt Arial"><B>Election
of Directors &#151; The Board of Directors recommends a vote <U>FOR</U> each of the nominees listed.</B></FONT></P> </TD>

        <TD ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" ROWSPAN="2" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">For</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">All</FONT></B></P> </TD>

        <TD ROWSPAN="2" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">Withhold</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">All</FONT></B></P> </TD>

        <TD ROWSPAN="2" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">For All</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">Except</FONT></B></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: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="3" ROWSPAN="4" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 7pt">To withhold authority to vote for any individual&nbsp;nominee(s), mark &#147;For All Except&#148; and write the&nbsp;name(s)&nbsp;of the nominee(s) on the line below.</FONT></P> </TD>

        <TD ROWSPAN="4" VALIGN="TOP">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

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 <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: 3pt; 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: 7pt">&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: 7pt">&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: 4pt">&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: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="7" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&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: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

        <TD ROWSPAN="2" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</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: 4pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&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: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 3pt; 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: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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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: 4pt">&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: 4pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 3pt; 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 STYLE="font: 8pt Arial">Mario
J. Gabelli</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: 7pt">&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: 7pt">&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: 7pt">&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: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&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: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM">

                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">02)</FONT></P> </TD>

        <TD COLSPAN="6" VALIGN="BOTTOM">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 8pt Arial">William
F. Heitmann</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: 7pt">&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: 7pt">&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: 7pt">&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: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 8pt">Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Sign and Date Below</FONT></B></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">Please sign this proxy exactly as your name(s) appear(s) in the records of the Fund. If joint owners, either may sign. Trustees and other fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title.</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: 6pt">Signature [PLEASE SIGN WITHIN BOX]</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: 6pt">Date</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: 6pt">Date</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

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<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font: 10pt Arial">&nbsp;</FONT></P>

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<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><B><FONT FACE="Arial" STYLE="font-size: 10pt">Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</FONT></B></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><FONT FACE="Arial" STYLE="font-size: 10pt">The Notice and Proxy Statement is available at www.proxyvote.com.</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&#9660;&nbsp;&nbsp;&nbsp;</FONT><B><FONT FACE="ARIAL" STYLE="font-size: 8pt">PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</FONT></B><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&#9660;</FONT></P>

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  <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font: 7pt ARIAL">E64561-P20559</FONT></P> </TD> </TR></TABLE>

</DIV>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

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                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; 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: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

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                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; 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: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>THE
                                         GABELLI EQUITY TRUST INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>This
proxy is solicited on behalf of the Board of Directors</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">The
undersigned hereby appoints Mario J. Gabelli, Andrea R. Mango and Agnes Mullady, and each of them, attorneys and proxies of the
undersigned, with full powers of substitution and revocation, to represent the undersigned and to vote on behalf of the undersigned
all shares of The Gabelli Equity Trust Inc. (the &quot;Fund&quot;), which the undersigned is entitled to vote at the Annual Meeting
of Stockholders of the Fund to be held at The Cole Auditorium, The Greenwich Library, 101 West Putnam Avenue, Greenwich, Connecticut
06830 on Monday, May 13, 2019, at 9:45 a.m., and at any adjournments thereof (the &quot;Meeting&quot;). The undersigned hereby
acknowledges receipt of the Notice of Meeting and Proxy Statement and hereby instructs said attorneys and proxies to vote said
shares as indicated herein. In their discretion, the proxies are authorized to vote upon such other business as may properly come
before the Meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">A
majority of the proxies present and acting at the Meeting in person or by substitute (or, if only one shall be so present, then
that one) shall have and may exercise all of the power and authority of said proxies hereunder. The undersigned hereby revokes
any proxy previously given.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F; text-align: justify"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">This
proxy, if properly executed, will be voted in the manner directed by the undersigned stockholder. If no direction is made, this
proxy will be voted <B>FOR </B>the election of the nominees as Directors and in the discretion of the proxy holder as to any other
matter that may properly come before the Meeting. Please refer to the Proxy Statement for a discussion of Proposal No. 1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F">&nbsp;</P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="ARIAL" STYLE="font-size: 9pt">PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</FONT></B></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <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> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 0.5pt solid; border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom: black 2.25pt solid; border-right-style: none">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 2.25pt solid; border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; 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-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B><I>PROXY
    TABULATOR</I></B></FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><BR>
    <FONT STYLE="color: #221E1F"><B><I>P.O. BOX 9112</I></B></FONT></FONT></TD>
    <TD ROWSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="e517090_img01.jpg" ALT="" STYLE="width: 39px; height: 31px"></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Internet</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>FARMINGDALE,
    NY 11735</I></B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement and have the proxy card <FONT STYLE="color: #221E1F">below at hand.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Go
    to website <FONT STYLE="color: #221E1F"><B>www.proxyvote.com</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Follow
    the instructions provided on the website.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="e517090_img02.jpg" ALT=""></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Telephone</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement and have the proxy card <FONT STYLE="color: #221E1F">below at hand.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Call
    <FONT STYLE="color: #221E1F"><B>1-800-690-6903</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Follow
    the instructions.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="5" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="e517090_img03.jpg" ALT=""></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Mail</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Check
    the appropriate box on the proxy card below.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sign
    and date the proxy card.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">4)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Return
    the proxy card in the envelope provided.</FONT></TD></TR>
</TABLE>
<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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="100%" STYLE="margin-left: 0pt; border-collapse: collapse">



 <TR STYLE="height: 12.6pt">

        <TD COLSPAN="2" STYLE="height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="ARIAL" STYLE="font-size: 7pt">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</FONT></P> </TD>

        <TD STYLE="height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD> </TR>



 <TR STYLE="height: 12.6pt">

        <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt dashed; height: 12.6pt">

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 7pt ARIAL">E64560-P20559</FONT></P> </TD>

        <TD STYLE="border-bottom: black 1.5pt dashed; height: 12.6pt">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"> <FONT FACE="ARIAL" STYLE="font-size: 7pt">KEEP THIS PORTION FOR YOUR RECORDS</FONT></P> </TD> </TR>

 <TR>

        <TD WIDTH="24%" VALIGN="BOTTOM">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="40%" VALIGN="BOTTOM">

                        <P STYLE="margin: 0in 1.45pt 0in 0in; text-indent: 0pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P> </TD>

        <TD WIDTH="34%" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="ARIAL" STYLE="font-size: 7pt">DETACH AND RETURN THIS PORTION ONLY</FONT></P> </TD> </TR>

 <TR>

        <TD></TD>

                    <TD></TD>

        <TD></TD> </TR> </TABLE>

            </DIV>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<DIV ALIGN="LEFT">

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%" STYLE="border-collapse: collapse">

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-left: black 2.25pt solid; border-bottom-style: none; border-right-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid"><P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P></TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="13" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 9pt ARIAL"><B>THE
GABELLI EQUITY TRUST INC.</B></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: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="5" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="13" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-family: ARIAL; font-size: 9pt"><B>SERIES
                        J PREFERRED STOCKHOLDER</B></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: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="4" VALIGN="BOTTOM">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&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: 7pt">&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: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

        <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: 7pt">&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: 7pt">&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: 7pt">&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: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

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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: 3pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 7pt Arial"><B>Election
of Directors &#151; The Board of Directors recommends a vote <U>FOR</U> each of the nominees listed.</B></FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">For</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">All</FONT></B></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">Withhold</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">All</FONT></B></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 7pt">For All</FONT></B><BR> <B><FONT FACE="Arial" STYLE="font-size: 7pt">Except</FONT></B></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 7pt">To withhold authority to vote for any individual&nbsp;nominee(s), mark &#147;For All Except&#148; and write the&nbsp;name(s)&nbsp;of the nominee(s) on the line below.</FONT></P> </TD>

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                        </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: 3pt; 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: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Wingdings">o</FONT></P> </TD>

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                        <P STYLE="margin-left: 3pt; 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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 <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: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 3pt; 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 STYLE="font: 8pt Arial">Mario
J. Gabelli</FONT></P> </TD>

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 <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: 7pt">&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: 7pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 3pt; 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 STYLE="font: 8pt Arial">William
F. Heitmann</FONT></P> </TD>

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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">B</FONT></B></FONT></P> </TD>

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                        <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="Arial" STYLE="font-size: 8pt">Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Sign and Date Below</FONT></B></P> </TD>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: justify; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">Please sign this proxy exactly as your name(s) appear(s) in the records of the Fund. If joint owners, either may sign. Trustees and other fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title.</FONT></P> </TD>

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<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><B><FONT FACE="Arial" STYLE="font-size: 10pt">Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</FONT></B></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><FONT FACE="Arial" STYLE="font-size: 10pt">The Notice and Proxy Statement is available at www.proxyvote.com.</FONT></P>

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<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: left"><FONT FACE="Arial" STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="margin-bottom: 0pt; margin-top: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">&#9660;&nbsp;&nbsp;&nbsp;</FONT><B><FONT FACE="ARIAL" STYLE="font-size: 8pt">PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</FONT></B><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&#9660;</FONT></P>

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  <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font: 7pt ARIAL">E64561-P20559</FONT></P> </TD> </TR></TABLE>

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                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

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                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>THE
                                         GABELLI EQUITY TRUST INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>This
proxy is solicited on behalf of the Board of Directors</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">The
undersigned hereby appoints Mario J. Gabelli, Andrea R. Mango and Agnes Mullady, and each of them, attorneys and proxies of the
undersigned, with full powers of substitution and revocation, to represent the undersigned and to vote on behalf of the undersigned
all shares of The Gabelli Equity Trust Inc. (the &quot;Fund&quot;), which the undersigned is entitled to vote at the Annual Meeting
of Stockholders of the Fund to be held at The Cole Auditorium, The Greenwich Library, 101 West Putnam Avenue, Greenwich, Connecticut
06830 on Monday, May 13, 2019, at 9:45 a.m., and at any adjournments thereof (the &quot;Meeting&quot;). The undersigned hereby
acknowledges receipt of the Notice of Meeting and Proxy Statement and hereby instructs said attorneys and proxies to vote said
shares as indicated herein. In their discretion, the proxies are authorized to vote upon such other business as may properly come
before the Meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">A
majority of the proxies present and acting at the Meeting in person or by substitute (or, if only one shall be so present, then
that one) shall have and may exercise all of the power and authority of said proxies hereunder. The undersigned hereby revokes
any proxy previously given.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F; text-align: justify"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">This
proxy, if properly executed, will be voted in the manner directed by the undersigned stockholder. If no direction is made, this
proxy will be voted <B>FOR </B>the election of the nominees as Directors and in the discretion of the proxy holder as to any other
matter that may properly come before the Meeting. Please refer to the Proxy Statement for a discussion of Proposal No. 1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F">&nbsp;</P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="ARIAL" STYLE="font-size: 9pt">PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</FONT></B></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <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> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 0.5pt solid; border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD> </TR>

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        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom: black 2.25pt solid; border-right-style: none">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 2.25pt solid; border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

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</DIV>

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