Interim Results

Standard Life Equity Income Tst PLC
21 May 2007

                     STANDARD LIFE EQUITY INCOME TRUST PLC



             INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2007





Chairman's Statement



The Continuation of the Trust

At the Annual General Meeting last December over 98% of shareholders voting
supported the continuation of the Company for the next five years.  The Board is
encouraged by this level of support for the Company and its investment
objectives.



Performance

During the six months ended 31 March 2007, net asset value per share (excluding
net revenue) increased by 8.9%, compared to a capital return of 7.6% for the
FTSE All-Share Index, the Company's benchmark.



The price of the Company's ordinary shares rose 9.9% from 297.5 pence per share
to end the period at 327.0 pence per share.  This represented a 5.6% discount to
the net asset value per share (excluding net revenue) of 346.3 pence.



Earnings and Interim Dividend

Revenue return per share increased to 5.08 pence, compared to 4.83 pence for the
equivalent period last year and accordingly the Board is pleased to declare an
interim dividend of 3.00 pence per ordinary share.  This is an increase of 15.4%
on the previous interim dividend as the Board is making an adjustment this year
in the proportion paid between the interim and final.  The Company's investment
objectives include the aim of providing shareholders with an above average
income which grows at least in line with the Consumer Prices Index which, for
comparison, rose by 3.1% in the year ended 31 March 2007. The interim dividend
will be paid on 22 June 2007 to shareholders on the register at 1 June 2007. The
ex-dividend date is 30 May 2007.



Gearing

At 31 March 2007, the Company had bank borrowings of £14 million and
consequently gearing of 11%. During the period, the Company changed the provider
of its fully flexible £20m revolving Sterling credit facility from The Royal
Bank of Scotland plc to Lloyds TSB on more advantageous terms.  Since 31 March
2007, this bank loan has been repaid and the Company has no borrowings.



Share Buybacks

During the period the Company bought back 1,777,328 ordinary shares into
treasury, representing 4.5% of the share capital, at a weighted average discount
of 6.1% to net asset value. The cumulative effect of the buybacks undertaken in
the period was an uplift in net asset value per share of 0.88 pence.



Marketing and Shareholder Communications

The number of marketing presentations to private client and wealth managers
increased during the first quarter of the current financial year as the
continuation vote approached. Marketing activities will continue throughout 2007
both to private client groups and to private investors. The Manager intends to
repeat its 'meet the manager' event in London later in the year at which
individual shareholders can attend and ask questions directly on the Company's
investment activities.



Outlook

Due to rising UK interest rates, recent excessive mergers' and acquisitions'
speculation and the nearer term risks of a slowing US economy, the gearing of
the Company has been reduced.  However, UK equity markets remain attractive for
the long term, particularly large capitalisation stocks, and dividend growth is
expected to stay comfortably ahead of inflation.



Charles Wood OBE

Chairman

21 May 2007


INCOME STATEMENT



FOR THE PERIOD ENDED 31 MARCH 2007


                                                             Six months ended 31 March 2007
                                                        (unaudited)       (unaudited)    (unaudited)
                                                            Revenue           Capital          Total
                                                              £'000             £'000          £'000

Realised gains on investments at fair value through               -             5,659          5,659
profit or loss
Unrealised gains on investments at fair value                     -             5,843          5,843
through profit or loss
Currency losses                                                   -                 -              -
Income                                                        2,414                 -          2,414
Investment management fee                                     (173)             (404)          (577)
Administrative expenses                                       (153)                 -          (153)
Net return before finance costs and taxation                  2,088            11,098         13,186
Interest payable                                              (113)             (250)          (363)
Return on ordinary activities before taxation                 1,975            10,848         12,823
Taxation on ordinary activities                                   -                 -              -
Return on ordinary activities after taxation                  1,975            10,848         12,823

Return per Ordinary share                                     5.08p            27.90p         32.98p



_________________________________________________________________________________


                                                             Six months ended 31 March 2006
                                                         (unaudited)     (unaudited)     (unaudited)
                                                             Revenue         Capital           Total
                                                               £'000           £'000           £'000

Realised gains on investments at fair value through                -           8,991           8,991
profit or loss
Unrealised gains on investments at fair value                      -           6,328           6,328
through profit or loss
Currency losses                                                    -            (29)            (29)
Income                                                         2,265               -           2,265
Investment management fee                                       (50)           (117)           (167)
Administrative expenses                                        (235)               -           (235)
Net return before finance costs and taxation                   1,980          15,173          17,153
Interest payable                                                (67)           (138)           (205)
Return on ordinary activities before taxation                  1,913          15,035          16,948
Taxation on ordinary activities                                    8               -               8
Return on ordinary activities after taxation                   1,921          15,035          16,956

Return per Ordinary share                                      4.83p          37.84p          42.67p





                                                             Year ended 30 September 2006
                                                        (audited)       (audited)       (audited)
                                                          Revenue         Capital           Total
                                                            £'000           £'000           £'000
Realised gains on investments at fair value through             -          11,792          11,792
profit or loss
Unrealised gains on investments at fair value                   -           3,627           3,627
through profit or loss
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
Interest payable                                            (150)           (324)           (474)
Return on ordinary activities before taxation               4,159          14,709          18,868
Taxation on ordinary activities                                 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 has no recognised gains or losses other than those recognised in the
Income Statement above.

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




BALANCE SHEET
As at 31 March 2007
                                             As at 31    As at 31      As at 30
                                           March 2007  March 2006     September
                                                                           2006
                                          (unaudited) (unaudited)     (audited)
                                                £'000       £'000         £'000
Non-current assets
Investments at fair value through profit      146,419     137,408     138,347
or loss

Current assets
Debtors and prepayments                         1,169       1,112       1,265
AAA money market funds                            266           -           -
Cash at bank and in hand                           54         619         895
                                                1,489       1,731       2,160

Creditors: amounts falling due within one
year
Bank loan                                    (14,000)    (10,500)    (10,500)
Other creditors                                 (466)       (349)       (836)
                                             (14,466)    (10,849)    (11,336)

Net current liabilities                      (12,977)     (9,118)     (9,176)
Net assets                                    133,442     128,290     129,171

Capital and reserves
Called-up share capital                         9,490       9,935       9,935
Share premium account                          20,373      20,373      20,373
Capital redemption reserve                     13,060      12,615      12,615
Capital reserve - realised                     64,138      62,586      64,960
Capital reserve - unrealised                   23,162      20,019      17,319
Revenue reserve                                 3,219       2,762       3,969
Equity Shareholders' funds                    133,442     128,290     129,171

Net asset value per Ordinary share            351.53p     322.84p     325.06p



Standard Life Equity Income Trust
Reconciliation of Movements in Shareholders' Funds
As at 31 March 2007


  Six months ended 31 March 2007                     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 2006              9,935     20,373      12,615      64,960       17,319      3,969    129,171
Return on ordinary activities after           -          -           -       5,005        5,843      1,975     12,823
taxation
Dividends paid (6.90p)                        -          -           -           -            -    (2,725)    (2,725)
Purchase of own shares                    (445)          -         445     (5,827)            -          -    (5,827)
Balance at 31 March 2007                  9,490     20,373      13,060      64,138       23,162      3,219    133,442

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
(restated)
Return on ordinary activities after           -          -           -      11,081        3,628      4,161     18,870
taxation
Dividends paid (8.60p)                        -          -           -           -            -    (3,417)    (3,417)
Balance at 30 September 2006              9,935     20,373      12,615      64,960       17,319      3,969    129,171

Six months ended 31 March 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
(restated)
Return on ordinary activities after           -          -           -       8,707        6,328      1,921     16,956
taxation
Dividends paid (6.00p)                        -          -           -           -            -    (2,384)    (2,384)
Balance at 31 March 2006                  9,935     20,373      12,615      62,586       20,019      2,762    128,290




CASHFLOW STATEMENT
For the period ended 31 March 2007
                                                               Six months ended   Six months ended       Year ended
                                                                  31 March 2007      31 March 2006     30 September
                                                                    (Unaudited)        (Unaudited)             2006
                                                                                                          (Audited)
                                                                          £'000              £'000            £'000

Net return on ordinary activities before finance costs and                                  
taxation                                                                 13,186             17,153           19,342
Adjustments for:
Gains on investments                                                   (11,502)           (15,319)         (15,419)
Currency losses                                                               -                 29               27
Expenses charged to capital                                                 404                117              359
Revenue before finance costs and taxation                                 2,088              1,980            4,309
Increase in accrued income                                                (454)              (512)            (159)
Decrease/(increase) in other debtors                                          6                (4)                3
Increase/(decrease) in other creditors                                      272              (227)            (118)
Expenses charged to capital                                               (654)              (255)            (684)
Net cash inflow from operating activities                                 1,258                982            3,351
Net cash outflow from servicing of finance                                (143)              (287)            (329)
Net tax paid                                                                  -                  -             (10)
Net cash inflow/(outflow) from financial investment                       3,096            (2,135)          (3,145)
Equity dividends paid                                                   (2,725)            (2,384)          (3,417)
Net cash inflow/(outflow) before financing                                1,486            (3,824)          (3,550)
Net cash (outflow)/inflow from financing                                (2,327)              4,000            4,000
(Decrease)/increase in cash                                               (841)                176              450

Reconciliation of net cash flow to movement in net debt
Decrease/(increase) in cash as above                                      (841)                176              450
Cash inflow from drawdown of loans                                      (3,500)            (4,000)          (4,000)
Change in net debt resulting from cash flows                            (4,341)            (3,824)          (3,550)
Exchange movements                                                            -               (29)             (27)
Movement in net debt in the period                                      (4,341)            (3,853)          (3,577)
Opening net debt                                                        (9,605)            (6,028)          (6,028)
Closing net debt                                                       (13,946)            (9,881)          (9,605)

Represented by:
Cash at bank and in hand                                                     54                619              895
Bank loan                                                              (14,000)           (10,500)         (10,500)
                                                                       (13,946)            (9,881)          (9,605)








NOTES TO THE FINANCIAL STATEMENTS



1.  Accounting policies

(a)   Basis of accounting

The accounts have been prepared in accordance with United Kingdom Generally
Accepted Accounting Practice (UK GAAP) and with the Statement of Recommended
Practice for 'Financial Statements of Investment Trust Companies' issued in
December 2005. They have also been prepared on the assumption that approval as
an investment trust will continue to be granted.



The interim accounts have been prepared using the same accounting policies as
the preceding annual accounts.



(b)   Dividends payable

       Dividends are recognised in the period in which they are paid.



2.  The Board has declared an interim dividend in respect of the
year ending 30 September 2007 of 3.00p per share (2006 - interim dividend of
2.60p per share).  The dividend will have a record date of 1 June 2007 and will
be paid on 22 June 2007 to Ordinary Shareholders on the register at the record
date.  The ex-dividend date will be 30 May 2007.



3.  The revenue return per Ordinary share is based on net
revenue on ordinary activities after taxation of £1,975,000 (30 September 2006 -
£4,161,000; 31 March 2006 - £1,921,000) and on 38,878,278 (30 September 2006 -
39,737,907; 31 March 2006 - 39,737,907) Ordinary Shares, being the weighted
average number of Ordinary shares in issue for the period.



4.  The capital return per Ordinary share is based on net
capital gains for the period of £10,848,000
(30 September 2006 - £14,709,000; 31 March 2006 - £15,035,000) and on 38,878,278
(30 September 2006 - 39,737,907; 31 March 2006 - 39,737,907) Ordinary Shares,
being the weighted average number of Ordinary Shares in issue for the period.



5.  The net asset value per Ordinary share is based on total
Shareholders' funds of £133,442,000 (30 September 2006 - £129,171,000; 31 March
2006 - £128,290,000) and on 37,960,579 (30 September 2006 - 39,737,907; 31 March
2006 - 39,737,907) Ordinary Shares, being the number of Ordinary shares in issue
at the period end.



6.  There were 1,777,328 ordinary shares bought back by the
Company into treasury in the period.



7.  The financial information for the year ended 30 September
2006 has been extracted from the Annual report and accounts of the company which
have been filed with the Registrar of Companies.  The auditor's report on those
accounts was unqualified.



8.  The financial statements for the six months ended 31 March
2007 and 31 March 2006 comprise non-statutory financial statements within the
meaning of Section 240 of the Companies Act 1985.  The interim financial
statements have been prepared on the same basis as the annual financial
statements with the exception of the disclosures in Note 1.



2.  The interim report will be posted to shareholders in June
2007 and will be available from the Secretaries and the Managers, Standard Life
Investments (www.sli.co.uk/its).



For Aberdeen Asset Management PLC

SECRETARIES



21 May 2007



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.


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