Portfolio Update

Standard Life Equity Income Tst PLC
05 January 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 December 2005 were as follows:


Assets With Values Over 5% of Gross Assets

NAME                                                                            Market Value  % Ttl Gross Assets

HSBC HOLDINGS ORD USD0.50 (UK REGD)                                                7,286,590                5.90
ROYAL DUTCH SHELL EUR0.07 'B' SHS                                                  7,021,140                5.68


Top 10 Portfolio Assets

NAME                                                                            Market Value  % Ttl Gross Assets

HSBC HOLDINGS ORD USD0.50 (UK REGD)                                                7,286,590                5.90
ROYAL DUTCH SHELL EUR0.07 'B' SHS                                                  7,021,140                5.68
GLAXOSMITHKLINE ORD GBP0.25                                                        6,016,422                4.87
VODAFONE GROUP ORD USD0.10 (UK REGD)                                               5,789,225                4.68
BP ORD USD0.25                                                                     5,427,305                4.39
ROYAL BANK OF SCOTLAND GROUP ORD GBP0.25                                           4,967,247                4.02
ANGLO AMERICAN ORD USD0.50                                                         4,243,154                3.43
BARCLAYS ORD GBP0.25                                                               4,065,398                3.29
HBOS ORD GBP0.25                                                                   4,051,460                3.28
MARKS & SPENCER ORD GBP0.25                                                        2,504,421                2.03









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