Portfolio Update

Standard Life Equity Income Tst PLC
04 April 2006

         STANDARD LIFE EQUITY INCOME TRUST PLC - 10 LARGEST INVESTMENTS





The company announces that the ten largest investments as at close of business
on 31 March 2006 were as follows:


Assets With Values Over 5% of Gross Assets
NAME                                                            Market Value     % Ttl Gross Assets
BP                                                              9,925,192.62                   7.25
HSBC HOLDINGS                                                   7,803,607.60                   5.70
ROYAL DUTCH SHELL                                               7,074,044.64                   5.17

Top 10 Portfolio Assets
NAME                                                            Market Value     % Ttl Gross Assets
BP                                                              9,925,192.62                   7.25
HSBC HOLDINGS                                                   7,803,607.60                   5.70
ROYAL DUTCH SHELL                                               7,074,044.64                   5.17
GLAXOSMITHKLINE                                                 6,163,862.95                   4.50
ROYAL BANK OF SCOTLAND GROUP                                    5,859,905.26                   4.28
VODAFONE GROUP                                                  5,534,851.79                   4.04
ANGLO AMERICAN                                                  4,755,591.62                   3.47
BARCLAYS                                                        4,481,253.48                   3.27
HBOS                                                            3,920,899.22                   2.86
LLOYDS TSB GROUP                                                2,576,483.13                   1.88









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