Change in Investment Manager

Deutsche Equity Income Trust PLC
19 October 2005



Deutsche Equity Income Trust PLC


19th October 2005


The Board of Deutsche Equity Income Trust PLC (DEIT) has selected Standard Life
Investments, a leading investment house, to act as the Company's new investment
manager for its £107m investment portfolio. The appointment is expected to take
effect in mid-November 2005.  The existing contract with DWS Investment Trust
Managers Limited (DWSITM) will terminate without cost to the Company.


The appointment follows a review by DEIT of its investment management
arrangements. This involved a comprehensive tendering and evaluation process,
involving a number of leading investment houses.


Karen Robertson, Investment Director - UK Equities, will be the lead fund
manager for the Company. Karen has an outstanding track record in this sector,
where under her management Standard Life Investments' £117m UK Equity High
Income OEIC has returned an annualised growth rate of more than 21% over the
last 3 years, making it the 8th best performing fund among its 70 peers*.


The new management contract will provide for an annual management fee of 0.65
per cent. of total assets payable quarterly in arrears (compared with an annual
management fee under the existing contract of 0.75 per cent. of total assets).
In addition, no management fees will be payable for the first six months of the
contract.  The contract is for an initial period of 12 months and can be
terminated at any time thereafter by either party on 6 months' notice.


As part of the transition process, at the Annual General Meeting of the Company
to be held in December a resolution will be proposed to change the Company's
name to Standard Life Equity Income Trust PLC.


Standard Life Investments will be offering a free and convenient transition for
participants in the Share Plan, PEP and ISA saving schemes operated by DWS into
similar schemes operated by Standard Life.



Tony Mitchard, Chairman of DEIT, said:


'I am very pleased that we have made this appointment. Standard Life Investments
has a strong reputation for managing UK equities and Karen Robertson's track
record in the UK Equity Income Sector is extremely impressive.  The Board looks
forward to working with Standard Life Investments to achieve the Company's
investment objective, which is to provide shareholders with an above average
income from their equity investment.'


*Source: Standard & Poor's Micropal, bid to bid, 3 years until 1st October 2005


Enquiries:


(Tony Mitchard via) Richard England, Press Manager, Standard Life Investments,
0131 245 2750

Or

David Yovichic, Dresdner Kleinwort Wasserstein, 0207 475 7144



M Pope

Joint Company Secretary

19 October 2005


END



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