Final Results

Standard Life Equity Income Tst PLC
02 November 2007


                     STANDARD LIFE EQUITY INCOME TRUST PLC

Standard Life Equity Income Trust PLC, the investment trust with an investment
objective to provide shareholders with an above average income from their equity
investment while also providing real growth in capital and income, announces its
preliminary results for the year ended 30 September 2007.


       UNAUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2007



For further information, please contact:

Gordon Humphries
Head of Investment Companies, Standard Life Investments      Tel. [phone]

Richard England
Press Manager, Standard Life Investments                     Tel. [phone]




Please note that past performance is not necessarily a guide to the future and
that the value of investments and the income from them may fall as well as rise.
Investors may not get back the amount they originally invested.




Standard Life Equity Income Trust PLC

Extract from Chairman's Statement

Despite weakness caused by the US sub-prime mortgage crisis and the period of
uncertainty about world growth in the spring, it is pleasing to report that your
Company has continued to meet its long term objectives of providing an above
average income which grows in real terms.  The UK equity market recovered by the
end of the Company's financial year; economic stability and robust corporate
earnings growth have been supportive, with increased dividends and share
buybacks reviving investor sentiment. In addition, merger and acquisition
activity over the last twelve months has continued at a high level.

Income and Dividends

Revenue return per ordinary share increased to 11.99 pence in respect of the
financial year ending 30 September 2007 which compares with 10.47 pence for the
comparative period. You may remember that your Board decided to increase the
level of the interim dividend to adjust the proportions paid between the interim
and final dividends. Your Board is now recommending an increase of 8 per cent.
in the final dividend per ordinary share to 7.45 pence, which takes total
dividends for the year to 10.45 pence per ordinary share. Total dividends per
share therefore have been increased by 10 per cent. for the year ended 30
September 2007. Subject to approval at the Annual General Meeting, the final
dividend will be paid to shareholders on 21 December 2007 with a record date of
23 November 2007 and an associated ex-dividend date of 21 November 2007.

I am pleased to report that over the ten-year period ended 30 September 2007,
total dividends have increased by 49.3 per cent. compared with inflation of 30.6
per cent., as measured by the Retail Prices Index. The prospective dividend
yield based upon the year end share price of 311p is now 3.4 per cent. Your
Company has therefore delivered an above average income whilst at the same time
providing its shareholders with real growth in dividends over the long term.

Performance

For the year ended 30 September 2007, your Company's net asset per value per
share increased by 7.3 per cent. compared with a capital return of 8.7 per cent.
for the FTSE All-Share Index and 3.9 per cent for the FTSE 350 High Yield Index.
The second half of the financial year proved difficult with the out-performance
of the first six months being lost particularly during July and August 2007 when
the recent credit crisis was at its most pronounced.

Since the appointment of Standard Life as Manager in November 2005, net asset
value per share has increased by 25.2 per cent. and the FTSE All Share Index has
increased by 24.5 per cent.

Your Company has also delivered real growth in capital over the ten-year period
ended 30 September 2007 with net asset value per share increasing by 71.9 per
cent. compared with inflation of 30.6 per cent. Over the same period the UK
stockmarket, as measured by the FTSE All-Share Index, has increased by 35.1 per
cent.

Gearing

Your Company has employed gearing of approximately 8 per cent of net assets for
most of the year with a year end figure of 9.8 per cent. Gearing was actively
managed during the year and made a positive contribution enhancing the relative
net asset value performance by approximately 0.3 per cent. Gearing was reduced
to zero in April 2007 due to concern over inflationary pressures in the UK and
the potential consequent impact on UK interest rates, evidence of further
weakening of US economy, especially the US housing market, and the fact that
some valuations, in particular the FTSE 250 index were looking stretched.
Gearing was re-introduced at the end of July following weakness in the market,
as sentiment had changed with regard to the expected direction of interest rates
in the UK, UK corporate earnings had remained strong, and the US concerns
appeared to be priced in. During the period in which the Company was de-geared
the UK stock market fell by approximately 4 per cent.

Discount Control and Share Buybacks

The Company's discount to net asset value increased from 6.2 per cent. at the
start of the year to 8.5 per cent. by 30 September 2007. These calculations are
based upon net asset values, excluding net revenue, which are consistent both
with the guidelines of The Association of Investment Companies and also the
daily announcements made by the Company to the London Stock Exchange. The
increase in the discount level was consistent with movements in the Company's
peer group with the average discount level for UK Growth & Income trusts
increasing from 4.9 per cent. to 6.0 per cent. over the year.

The Board and the Manager review regularly the level of the Company's discount
and consider making use of the powers granted to the Board by shareholders to
buy back shares into treasury. The renewal of these powers is sought from
shareholders at the forthcoming Annual General Meeting. During the year the
Company bought back 1,807,328 ordinary shares into treasury, representing 4.5
per cent. of the share capital, at a weighted average discount of 6.1 per cent.
to net asset value. The cumulative effect of the buybacks undertaken in the year
was an uplift in net asset value per share of 0.88 pence.

VAT on Investment Management Fees

In June 2007, the European Court of Justice (ECJ) found in favour of the case
brought against HM Revenue & Customs (HMRC) in which it was claimed that it was
incorrect for VAT to be charged on the investment management fees paid by trusts
to their managers.  The Company is advancing the process of recovery for the
amounts due, however this process is not sufficiently advanced to enable
recognition of any recoveries in the Company's financial statements.

Marketing

Marketing activities have continued during 2007 mainly targeted at private
client managers. The Managers will make a presentation on the Company and its
portfolio at the Annual General Meeting and I would encourage shareholders to
attend this meeting.

Outlook

While the global economic outlook remains unclear, the UK market may remain
subject to bouts of volatility and risk aversion. Combined with the loss of
liquidity witnessed in global credit markets, there are grounds for caution in
the short term.

However, the long-term outlook for UK equities remains positive, supported by
high free cash flow yields, generally strong balance sheets, and an anticipated
benign growth and inflation outlook. The key triggers for further market
strength would be a reduction in interest rates and resolution of the current
credit market turmoil, which would help to support consumer spending.

Charles Wood OBE
Chairman

1 November 2007


Income Statement (unaudited)
                                                                           Year ended 30 September 2007
                                                                            Revenue     Capital       Total
                                                                              £'000       £'000       £'000
Net gains on investments at fair value                                            -       9,519       9,519
Currency losses                                                                   -           -           -
Income                                                                        5,404           -       5,404
Investment management fee                                                     (336)       (783)     (1,119)
Administrative expenses                                                       (280)           -       (280)
                                                                           ________    ________    ________
Net return before finance costs and taxation                                  4,788       8,736      13,524

Finance costs                                                                 (176)       (390)       (566)
                                                                           ________    ________    ________
Return on ordinary activities before taxation                                 4,612       8,346      12,958

Taxation                                                                        (6)           -         (6)
                                                                           ________    ________    ________
Return on ordinary activities after taxation                                  4,606       8,346      12,952
                                                                           ________    ________    ________

Return per ordinary share                                                    11.99p      21.73p      33.72p
                                                                           ________    ________    ________


The total column of this statement represents the profit and loss account of the
Company.

The Company had no recognised gains or losses other than those recognised in the
Income Statement.

All revenue and capital items in the above statement derive from continuing
operations.

The accompanying notes are an integral part of the financial statements.



Income Statement

                                                                       Year ended 30 September 2006
                                                                        Revenue       Capital       Total
                                                                          £'000         £'000       £'000
Net gains on investments at fair value                                        -        15,419      15,419
Currency losses                                                               -          (27)        (27)
Income                                                                    4,843             -       4,843
Investment management fee                                                 (154)         (359)       (513)
Administrative expenses                                                   (380)             -       (380)
                                                                       ________      ________    ________
Net return before finance costs and taxation                              4,309        15,033      19,342

Finance costs                                                             (150)         (324)       (474)
                                                                       ________      ________    ________
Return on ordinary activities before taxation                             4,159        14,709      18,868

Taxation                                                                      2             -           2
                                                                       ________      ________    ________
Return on ordinary activities after taxation                              4,161        14,709      18,870
                                                                       ________      ________    ________

Return per ordinary share                                                10.47p        37.02p      47.49p
                                                                       ________      ________    ________

The total column of this statement represents the profit and loss account of the
Company.

The Company had no recognised gains or losses other than those recognised in the
Income Statement.

All revenue and capital items in the above statement derive from continuing
operations.

The accompanying notes are an integral part of the financial statements.



Balance Sheet
at 30 September                                                       (unaudited)
                                                                             2007                 2006
                                                                            £'000                £'000
Fixed assets
Investments at fair value through profit or loss                          141,018              138,347
                                                                         ________             ________
Current assets
Debtors and prepayments                                                       882                1,265
AAA money market funds                                                      3,713                    -
Cash and short term deposits                                                   50                  895
                                                                         ________             ________
                                                                            4,645                2,160
                                                                         ________             ________
Creditors: amounts falling due within one year                           (13,330)             (11,336)
                                                                         ________             ________
Net current liabilities                                                   (8,685)              (9,176)
                                                                         ________             ________
Net assets                                                                132,333              129,171
                                                                         ________             ________
Capital and reserves
Called-up share capital                                                     9,935                9,935
Share premium account                                                      20,373               20,373
Capital redemption reserve                                                 12,615               12,615
Capital reserve - realised                                                 68,758               64,960
Capital reserve - unrealised                                               15,941               17,319
Revenue reserve                                                             4,711                3,969
                                                                         ________             ________
Equity Shareholders' funds                                                132,333              129,171
                                                                         ________             ________
Net asset value per Ordinary share                                         348.9p               325.1p
                                                                         ________             ________



Reconciliation of Movements in Shareholders' Funds


For the year ended 30 September 2007               Share       Capital    Capital      Capital
(unaudited)                              Share   premium    redemption  reserve -    reserve -   Revenue
                                       capital   account       reserve   realised   unrealised   reserve     Total
                                         £'000     £'000         £'000      £'000        £'000     £'000     £'000
Balance at 30 September 2006             9,935    20,373        12,615     64,960       17,319     3,969   129,171
Return on ordinary activities after          -         -             -      9,724      (1,378)     4,606    12,952
taxation
Dividends paid                               -         -             -          -            -   (3,864)   (3,864)
Purchase of own shares                       -         -             -    (5,926)            -         -   (5,926)
                                        ______  ________   ___________  _________    _________  ________  ________
Balance at 30 September 2007             9,935    20,373        12,615     68,758       15,941     4,711   132,333
                                        ______  ________   ___________  _________    _________  ________  ________

For the year ended 30 September 2006               Share       Capital    Capital      Capital
                                         Share   premium    redemption  reserve -    reserve -   Revenue
                                       capital   account       reserve   realised   unrealised   reserve     Total
                                         £'000     £'000         £'000      £'000        £'000     £'000     £'000
Balance at 30 September 2005             9,935    20,373        12,615     53,879       13,691     3,225   113,718
Return on ordinary activities after          -         -             -     11,081        3,628     4,161    18,870
taxation
Dividends paid                               -         -             -          -            -   (3,417)   (3,417)
                                        ______  ________   ___________  _________    _________  ________  ________
Balance at 30 September 2006             9,935    20,373        12,615     64,960       17,319     3,969   129,171
                                        ______  ________   ___________  _________    _________  ________  ________



Cash Flow Statement
for the year ended 30 September
                                                                     (unaudited)
                                                                        2007                      2006
                                                                     £'000        £'000        £'000        £'000
NET RETURN BEFORE FINANCE COSTS AND TAXATION                                     13,524                    19,342
Adjustments for:
Realised gains on investments at fair value                       (10,897)                  (11,791)
Unrealised losses/ (gains) on investments                            1,378                   (3,628)
Effect of foreign exchange rate losses                                   -                        27
Capitalised expenses taken to non-distributable reserves               783                       359
                                                              ____________              ____________
                                                                                (8,736)                  (15,033)
                                                                           ____________              ____________
REVENUE RETURN BEFORE FINANCE COSTS AND TAXATION                                  4,788                     4,309

Increase in accrued income                                           (157)                     (159)
Decrease in other debtors                                                1                         3
Increase/(decrease) in other creditors                                  24                     (118)
Capitalised expenses taken to non-distributable reserves             (783)                     (359)
                                                              ____________              ____________
                                                                                  (915)                     (633)
                                                                           ____________              ____________
NET CASH INFLOW FROM OPERATING ACTIVITIES                                         3,873                     3,676
NET CASH OUTFLOW FROM SERVICING OF FINANCE                                        (485)                     (654)
TAXATION
Net overseas tax paid                                                              (11)                      (10)
EQUITY DIVIDENDS PAID                                                           (3,864)                   (3,417)

FINANCIAL INVESTMENT
Purchases of investments                                          (70,094)                 (139,645)
Sales of investments                                                76,875                   136,500
                                                              ____________              ____________
NET CASH INFLOW/ (OUTFLOW) FROM FINANCIAL INVESTMENT                              6,781                   (3,145)
MANAGEMENT OF LIQUID RESOURCES                                                    (487)                     (405)
Net purchase of AAA money market funds                                          (3,713)                         -
                                                                           ____________              ____________
NET CASH INFLOW/(OUTFLOW) BEFORE FINANCING                                        2,581                   (3,550)
FINANCING
Purchase of own shares                                             (5,926)                        -
Net drawdown of loan                                                 2,500                     4,000
                                                              ____________              ____________
NET CASH (OUTFLOW)/INFLOW FROM FINANCING                                        (3,426)                     4,000
                                                                           ____________              ____________
(DECREASE)/INCREASE IN CASH                                                       (845)                       450
                                                                           ____________              ____________
RECONCILIATION OF NET CASH FLOW TO MOVEMENTS IN NET DEBT
(Decrease)/increase in cash as above                                 (845)                       450
Net change in liquid resources                                       3,713                        -
Net drawdown of loan                                               (2,500)                   (4,000)
Exchange movements                                                       -                      (27)
                                                              ____________              ____________
MOVEMENT IN NET DEBT IN YEAR                                                        368                   (3,577)
Opening net debt                                                                (9,605)                   (6,028)
                                                                           ____________              ____________
CLOSING NET DEBT                                                                (9,237)                   (9,605)
                                                                           ____________              ____________



Notes to the Financial Statements
For the year ended 30 September 2007

1.      Accounting policies

         (a)     Basis of accounting

The financial statements have been prepared on the historical cost basis, except
for the measurement at fair value of investments, in accordance with applicable
UK Accounting Standards and with the Statement of Recommended Practice for '
Financial Statements of Investment Trust Companies' (issued January 2003 and
revised in December 2005). They have also been prepared on the assumption that
approval as an investment trust will continue to be granted.

The financial statements and the net asset value per share figures have been
prepared in accordance with UK Generally Accepted Accounting Principles (UK
GAAP).

         (b)     Valuation of investments

                  The Company's business is investing in financial assets with a
view to profiting from their total return in the form of income and capital
growth.  This portfolio of financial assets is managed and its performance
evaluated on a fair value basis, in accordance with a documented investment
strategy, and information about the portfolio is provided internally on that
basis to the Company's Board.  Accordingly, upon initial recognition the Company
designates investments as 'at fair value through profit or loss'.  They are
included initially at fair value, which is taken to be their cost (excluding
expenses incidental to the acquisition which are written off in the income
statement, and allocated to capital at the time of acquisition).  Subsequent to
initial recognition, investments are valued at fair value through profit or
loss. For listed investments, this is deemed to be bid market prices or closing
prices for SETS stocks sourced from the London Stock Exchange. SETS is the
London Stock Exchange electronic trading service covering most of the market
including all FTSE 100 constituents and most liquid FTSE 250 along with some
other securities. Gains and losses arising from changes in fair value are
included in net profit or loss for the period as a capital item in the income
statement and are ultimately recognised in the unrealised capital reserve.

         (c)     Income

                  Income from equity investments (other than special dividends),
including taxes deducted at source, is included in revenue by reference to the
date on which the investment is quoted ex-dividend. Special dividends are
credited to revenue or capital according to the circumstances. Foreign income is
converted at the exchange rate applicable at the time of receipt. Interest
receivable on short term deposits is accounted for on an accruals basis.

         (d)     Expenses and interest payable

                  Expenses are accounted for on an accruals basis. Expenses are
charged to capital when they are incurred in connection with the maintenance or
enhancement of the value of investments. In this respect, the investment
management fee and relevant finance costs are allocated between revenue and
capital in line with the Board's expectation of returns from the Company's
investments over the long term in the form of revenue and capital respectively.

                  Transaction costs incurred on the purchase and disposal of
investments are recognised as a capital item in the income statement.

         (e)     Dividends payable

                  In accordance with FRS 21, dividends payable by the Company
after the balance sheet date have not been recognised as a liability of the
Company at the balance sheet date.

         (f)      Realised capital reserve

                  Realised gains and losses on realisation of investments held
at fair value are recognised in the income statement and are ultimately
transferred to the realised capital reserve. In addition, any prior unrealised
gains or losses on such investments are transferred from the unrealised capital
reserve to the realised capital reserve on disposal of the investment. The
capital element of the management fee along with the associated irrecoverable
VAT and relevant finance costs are charged to this reserve. Any associated tax
relief is credited to this reserve.

         (g)     Unrealised capital reserve

                  Increases and decreases in the valuation of investments held
at fair value are recognised in the income statement and are ultimately
transferred to the unrealised capital reserve.

         (h)     Taxation

                  Deferred taxation is recognised in respect of all temporary
differences that have originated but not reversed at the balance sheet date
where transactions or events that result in an obligation to pay more or a right
to pay less tax in future have occurred at the balance sheet date measured on an
undiscounted basis and based on enacted tax rates. This is subject to deferred
tax assets only being recognised if it is considered more likely than not that
there will be suitable profits from which the future reversal of the underlying
temporary differences can be deducted. Temporary differences are differences
arising between the Company's taxable profits and its results as stated in the
accounts which are capable of reversal in one or more subsequent periods.

Owing to the Company's status as an investment trust company, and the intention
to continue meeting the conditions required to obtain approval in the
foreseeable future, the Company has not provided deferred tax on any capital
gains and losses arising on the revaluation or disposal of investments.

         (i)      Foreign currency

                  Overseas monetary assets and liabilities are converted into
Sterling at the rate of exchange ruling at the balance sheet date.  Transactions
during the year involving foreign currencies are converted at the rate of
exchange ruling at the transaction date.  Any gain or loss arising from a change
in exchange rates subsequent to the date of the transaction is included as an
exchange gain or loss in the income statement.

2                    The final dividend, subject to shareholder approval at the
Annual General Meeting on 14 December 2007, will be paid on 21 December 2007 to
shareholders on the register at the close of business on 23 November 2007. The
ex-dividend date will be 21 November 2007.

3                    This preliminary announcement is not the Company's
statutory accounts.  The statutory accounts for the year ended 30 September 2006
have been delivered to the Registrar of Companies and received an audit report
which was unqualified, did not include a reference to any matters to which the
auditors drew attention by way of emphasis without qualifying the report, and
did not contain statements under section 237(2) and (3) of the Companies Act
1985.

The statutory financial statements for the year ended 30 September 2007 have not
yet been approved, audited or filed with the Registrar of Companies. After
completion of the audit and sign-off by the auditors, these statutory financial
statements will be delivered to the Registrar of Companies following the
Company's Annual General Meeting which will be held at The Great Eastern Hotel,
40 Liverpool Street, London EC2M 7QN at 11.00am on Friday 14 December 2007.

4                    The Annual Report and Financial Statements will be posted
to shareholders in November 2007 and copies will be available from the
investment manager (www.standardlifeinvestments.co.uk/its) and Secretaries.

For Standard Life Equity Income Trust PLC

Aberdeen Asset Management PLC, Secretaries

END








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