Portfolio Reorganisation

Deutsche Equity Income Trust PLC
09 December 2005

                        DEUTSCHE EQUITY INCOME TRUST PLC



Having assumed management responsibility for the assets of the Deutsche Equity
Income Trust on 25/11/2005, Standard Life Investments announces that it has
completed the initial portfolio reorganisation. The reorganisation was
implemented at minimal cost, the Trust's bond holdings have been sold and the
portfolio is now fully invested in UK equities, well positioned to benefit from
the managers confidence in markets. Top 15 holdings are detailed below:



HSBC Holdings

Vodafone Group

GlaxoSmithKline

BP

Royal Bank of Scotland

Anglo American Corp

Barclays

HBoS

Marks and Spencer

BT Group

Royal Dutch

BAE Systems

Lonmin

Aviva

Rio Tinto


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