Final Results

Deutsche Equity Income Trust PLC
26 October 2001


                           DEUTSCHE EQUITY INCOME TRUST PLC

                         PRELIMINARY ANNOUNCEMENT OF RESULTS

                        Extract from the Chairman's Statement

I am pleased to report that the Company has had a successful year, albeit on a
relative basis. The Company's net asset value per share fell by 13.4%,
significantly outperforming the 22.7% capital decline in the UK equity market
(as measured by the FT-SE All-Share Index); the net asset total return per
share of the Company fell by 10.6%£ against a 20.8% total decline for the
index. Although the returns in absolute terms were disappointing, market
conditions have been exceptionally difficult. The share price fell by 12.0%
over the same period, with the discount to net asset value narrowing from 5.0%
to 3.4%.


In contrast to the previous twelve months, there was a consistent trend within
the market with defensive shares such as Non-Cyclical Consumer Goods,
Resources and Utilities performing relatively strongly but cyclical and
technology-related shares sharply underperforming throughout the year. Despite
the decline in the market, this was generally a better environment for income
funds than the previous twelve months although the Board, together with the
manager, has continued to keep a careful eye on achieving the right balance
between capital return and income. The fact that your Company's net asset
value per share has grown by 35.0%* over the past three years compared with
16.3%* from the Income Growth investment trust sector and 9.9%** from
comparable unit trusts, suggests that we have been right to pay attention to
both capital growth and income.


It is perhaps worth reminding shareholders of the key reasons for the
Company's success, namely its simple structure and emphasis on investment in
companies with above average dividend yields, but with the potential for some
capital growth. This helps us steer us clear of the more fashionable and
overvalued sections of the market. We are recommending that shareholders vote
in favour of the resolution at the Annual General Meeting that the Company
continues as an investment company.


We have reviewed our accounting policy for the treatment of management fees
and finance costs which have in previous years have been charged entirely to
the revenue account. We are now charging 30% of these against capital reserves
as we believe that this is a more realistic split given our aim of achieving
capital as well as income growth. In order to ensure comparability between
periods, the Board has decided to implement this policy from the beginning of
the financial year. Comparative figures have therefore been restated.


To give us flexibility we have deliberately pursued a policy of a very modest
dividend growth in recent years but I am pleased to report that the revenue
return per share this year has increased by 6.6%, including the change in
accounting policy. As a result, some of the reserves used partially to fund
last year's final dividend have been replenished and the Board is proposing a
final dividend of 5.05p per share which, together with the interim dividend of
2.50p per share already paid, gives a total dividend for the year of 7.55p per
share (a 2.7% increase from last year's total dividend of 7.35p per share).


             J. Leigh Pemberton, Chairman

£The net asset total return per share is based on the net asset value per
share of 226.8p adjusted by 7.55p being the amount of the proposed total
dividend per share for the year divided by 262.0p being the net asset value
per share as at 30 September 2000.


* Source AITC (assumes net income reinvested)

** Source Lipper Hindsight (offer/offer, net income reinvested)


The final dividend of 5.05p per share will be paid on 28 December 2001 to
shareholders on the register at the close of business on 16 November 2001.


The financial information set out overleaf does not constitute the Company's
statutory accounts for the years ended 30 September 2001 or 2000. The
financial information for 2000 is derived from the statutory accounts for 2000
which have been delivered to the Registrar of Companies. The Auditors have
reported on the 2000 accounts; their report was unqualified and did not
contain a statement under section 237(2) or (3) of the Companies Act 1985. The
statutory accounts for 2001, which have not yet been reported on by the
Auditors, will be finalised on the basis of the financial information
presented by the Directors in this preliminary announcement and will be
delivered to the Registrar of Companies following the Company's Annual General
Meeting.

The annual report will be sent to shareholders and will also be made available
to the public at the Company's registered office.

ANNUAL GENERAL MEETING


The Annual General Meeting will be held on Friday, 14 December 2001 at
11.00 a.m. at Winchester House, 1 Great Winchester Street, London EC2.

By order of the Board                         Registered Office:

M Pope                                        One Appold Street
Joint Company Secretary                       London EC2A 2UU

26 October 2001


For further information please contact Graham Ashby at Deutsche Asset
Management Tel: [phone]


                              30th September 2001           30th September 2000

Net Asset Value Per Ordinary  226.8p                                    262.0p
Share Basic:

Statement of total return (incorporating the revenue account *)
for the year ended 30th September

                                                                Restated**
                              Revenue  Capital    Total Revenue Capital   Total
                                 2001     2001     2001    2000    2000    2000
                                £'000    £'000    £'000   £'000   £'000   £'000

(Losses)/gains on investments       - (13,933) (13,933)       -   8,999   8,999

Income                          4,041        -    4,041   3,876       -   3,876
Investment management fee       (628)    (269)    (897)   (650)   (278)   (928)
Other expenses                  (172)        -    (172)   (198)       -   (198)

Net return before finance       3,241 (14,202) (10,961)   3,028   8,721  11,749
costs and taxation
Interest payable                  (3)        -      (3)    (32)       -    (32)

Return on ordinary activities   3,238 (14,202) (10,964)   2,996   8,721  11,717
before tax
Tax on ordinary activities       (10)        -     (10)    (10)       -    (10)

Return on ordinary activities
after tax for the
financial year attributable     3,228 (14,202) (10,974)   2,986   8,721  11,707
to equity shareholders
Dividends in respect of       (3,002)        -  (3,002) (2,922)       - (2,922)
equity shares

Transfer to/(from) reserves
after aggregate dividends
paid and proposed of 7.55p
per share
(2000 -7.35p per share)           226 (14,202) (13,976)      64   8,721   8,785

Return per ordinary share:
Basic                           8.12p (35.72)p (27.60)p   7.62p  22.24p  29.86p

*The revenue column of this statement is the profit and loss account of the
Company.

**The accounting policy has been changed as from 1 October 2000, whereby 30% of
investment management fees are charged to the capital reserve (2000 figures
have been restated to reflect this change).

All revenue and capital items in the above statement derive from continuing
operations.
No operations were acquired or discontinued in the year.