Letter to Shareholders

7 July 2020

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

GABELLI VALUE PLUS+ TRUST PLC (the "Company")

Legal Entity Identifier: 213800FZFN1SD1GNNZ11

Letter to Shareholders

The Company announces that CG Asset Management Ltd, a shareholder in the Company, has written to shareholders in the Company to set out its voting intentions in relation to the continuation vote which is to be proposed at the forthcoming Annual General Meeting.

The full text of the letter is available via the link below:

www.gabelli.co.uk/docs/pdfs/GVP_cgam.pdf.

As set out in the announcement issued by the Company on 2 July 2020, letters to shareholders have also been received in relation to the continuation vote from GAMCO Investors, Inc., the ultimate parent company of Gabelli Funds, LLC, the Company's discretionary investment manager, and from Investec Wealth & Investment Limited, a shareholder in the Company.

These letters may be viewed in the Documents section of the Company's website:

https://www.gabelli.co.uk/the-gabelli-value-plus-trust/documents/

For further information please contact:

Maitland Administration Services Limited

Email: cosec@maitlandgroup.co.uk

Phone: +44 (0) 1245 398984

Peel Hunt LLP

Luke Simpson / Liz Yong, Corporate Broking

Telephone: +44 20 7418 8900