Portfolio Update

Standard Life Equity Income Tst PLC
04 July 2006

         STANDARD LIFE EQUITY INCOME TRUST PLC - 10 LARGEST INVESTMENTS

The company announces that the ten largest investments as at close of business
on 30 June 2006 were as follows:

Quarterly Disclosure for STANDARD LIFE EQUITY INCOME TRUST PLC

Assets With Values Over 5% of Gross Assets
NAME                                                                        Market Value       % Ttl Gross Assets
BP ORD USD0.25                                                                      10,121,852                    7.63
HSBC HOLDING ORD USD0.50 (UK REGD)                                                   8,515,944                    6.42
ROYAL DUTCH SHELL A & B SHARES                                                       7,763,278                    5.85
GLAXOSMITHKLINE ORD GBP0.25                                                          6,740,541                    5.08

Top 10 Portfolio Assets
NAME                                                                        Market Value       % Ttl Gross Assets
BP ORD USD0.25                                                                      10,121,852                    7.63
HSBC HOLDING ORD USD0.50 (UK REGD)                                                   8,515,944                    6.42
ROYAL DUTCH SHELL A & B SHARES                                                       7,763,278                    5.85
GLAXOSMITHKLINE ORD GBP0.25                                                          6,740,541                    5.08
VODAFONE GROUP ORD USD0.10 (UK REGD)                                                 6,003,075                    4.53
ROYAL BANK OF SCOTLAND GROUP ORD GBP0.25                                             5,562,686                    4.19
ANGLO AMERICAN ORD USD0.50                                                           4,141,139                    3.12
HBOS ORD GBP0.25                                                                     3,835,219                    2.89
LLOYDS TSB GROUP ORD GBP0.25                                                         2,900,411                    2.19
AVIVA ORD GBP0.25                                                                    2,387,809                    1.80



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