Final Results

Deutsche Equity Income Trust PLC
26 October 2005


                        DEUTSCHE EQUITY INCOME TRUST PLC



             PRELIMINARY ANNOUNCEMENT OF RESULTS 30 SEPTEMBER 2005
                     Extract from the Chairman's Statement


In this my final year as Chairman, I look back over what has been an eventful
year for your trust.


In another good year for the UK equity market, performance against our benchmark
over the financial year was slightly disappointing with our net asset value per
share rising 19.4% compared with the 20.9% gain in the FTSE All-Share Index and
the 19.8% gain in the FTSE 350 Higher Yield Index over the same period.


Our gross revenue rose by a third during the financial year, principally due to
a strong growth in our underlying income stream together with rigorous
management of the revenue account by the manager.


With regard to the year under review, the Board believes it is appropriate to
maintain our progressive dividend policy. Accordingly, we are proposing to pay
an increased final dividend of 6.00p per share which, together with the interim
dividend of 2.60p per share already paid, makes a total dividend per share for
the year of 8.60p, 4.9% higher than last year. The final dividend will be paid
on 22 December 2005 to those shareholders on the register at the close of
business on 11 November 2005.


This has enabled us to rebuild our revenue reserves substantially, leaving
retained revenue reserves carried forward of £841,000.


During the year, Deutsche Asset Management announced its intention to sell part
of its business in London. This did not include your manager, DWS Investment
Trust Managers (DWSITM), but involved the transfer of a number of staff. As a
result the Board gave protective notice to DWSITM on 26 May 2005. Subsequently
the Board, after consulting its advisers, conducted a manager search and, after
a thorough due diligence process, have appointed Standard Life Investments to be
its new manager on the terms set out below.


The new management contract with Standard Life Investments provides for an
annual management fee of 0.65 per cent. of total assets payable quarterly in
arrears (compared with an annual management fee under the existing contract of
0.75 per cent. of total assets).  In addition, no management fees will be
payable for the first six months of the contract. The contract is for an initial
period of 12 months and can be terminated at any time thereafter by either party
on 6 months' notice. I am pleased to inform shareholders that the termination of
the contract with DWSITM was achieved at no cost to shareholders. There will,
however, be certain legal and advisory fees associated with the change of
management.


Under its new manager your Board will maintain its traditional focus on high
quality companies. We continue to see strong growth in dividends from our
investments together with low inflation and a positive background to the economy
generally.


A K Mitchard,
Chairman



The financial information set out overleaf does not constitute the Company's
statutory accounts for the years ended 30 September 2005 or 2004. The financial
information for 2004 is derived from the statutory accounts for 2004 which have
been delivered to the Registrar of Companies. The Auditors have reported on the
2004 accounts; their report was unqualified and did not contain a statement
under section 237(2) or (3) of the Companies Act 1985. The statutory accounts
for 2005, which have not yet been reported on by the Auditors, will be finalised
on the basis of the financial information presented by the Directors in this
preliminary announcement and will be delivered to the Registrar of Companies
following the Company's Annual General Meeting.


The annual report will be sent to shareholders and will also be made available
to the public at the Company's registered office.


ANNUAL GENERAL MEETING

The Annual General Meeting will be held on Tuesday, 20 December 2005 at 11.00
a.m. One Appold Street, London EC2.


By order of the Board
M Pope
Joint Company Secretary
26 October 2005


Registered Office:
One Appold Street
London EC2A 2UU



For further information please contact John Murray at Deutsche Asset Management
Tel: [phone]



STATEMENT OF TOTAL RETURN (Unaudited)
(incorporating the revenue account*)

                                                   Year to 30 September 2005          Year to 30 September 2004
                                                 Revenue    Capital      Total       Revenue     Capital       Total
                                                   £'000      £'000      £'000         £'000       £'000       £'000

Realised and unrealised gains on                       -     18,125     18,125             -       9,718       9,718
investments

Income                                             4,917          -      4,917         3,688           -       3,688
Investment management fee                          (459)      (459)      (918)         (418)       (418)       (836)
Other expenses                                     (317)          -      (317)         (261)           -       (261)

Net return before finance costs and                4,141     17,666     21,807         3,009       9,300      12,309
taxation
Interest payable                                   (149)      (149)      (298)          (83)        (83)       (166)

Return on ordinary activities before tax           3,992     17,517     21,509         2,926       9,217      12,143
Tax on ordinary activities                             -          -          -             -           -           -

Return on ordinary activities after tax for the
financial year attributable to equity 
shareholders                                       3,992     17,517     21,509         2,926       9,217      12,143
Dividend in respect of equity shares             (3,417)          -    (3,417)       (3,261)           -     (3,261)
Transfer to / (from) reserves after
aggregate dividend paid and proposed 
of 8.60p (2004 - 8.20p per share)                   575     17,517     18,092         (335)       9,217       8,882
 
Return per ordinary share                         10.04p     44.06p     54.10p         7.36p      23.18p      30.54p

*The revenue column of this statement is the profit and loss account of the
Company.

Earnings per ordinary share have been calculated using the weighted average
number of shares in issue in the year to 30th September 2005 (39,753,523) and
during 2004 (39,762,907).

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

No operations were acquired or discontinued in the period.




BALANCE SHEET (Unaudited)


                                                                    as at 30                       as at 30
                                                              September 2005                 September 2004
                                                                       £'000                          £'000

Fixed assets
Investments                                                          119,914                        100,438

Current assets
Debtors                                                                  609                          2,496
Cash at bank and in hand                                                 472                            965

                                                                       1,081                          3,461
Creditors: amounts falling due within one year                       (9,463)                       (10,404)

Net current liabilities                                              (8,382)                        (6,943)

Net assets                                                           111,532                         93,495


Capital and reserves
Called-up share capital                                                9,935                          9,941
Share premium account                                                 20,373                         20,373

Other reserves
Capital redemption reserve                                            12,615                         12,609
Capital reserve - realised                                            53,879                         49,549
Capital reserve - unrealised                                          13,889                            757
Revenue reserve                                                          841                            266

Total equity shareholders' funds                                     111,532                         93,495

Net asset value per ordinary share:
Basic                                                                 280.7p                         235.1p



CASH FLOW STATEMENT (Unaudited)


                                                                         Year ended                  Year ended
                                                                  30 September 2005           30 September 2004
                                                                              £'000                       £'000

    Operating activities

    Cash received from investments                                            4,871                       3,651
    Interest received                                                            73                          26
    Cash received from stocklending                                               4                           4
    Investment management fees paid                                           (879)                       (823)
    Cash paid to and on behalf of directors                                    (94)                        (74)
    Other cash payments                                                       (233)                       (171)

    Net cash inflow from operating activities                                 3,742                       2,613

    Servicing of finance
    Interest paid                                                              (99)                       (128)

    Net cash outflow from servicing of finance                                 (99)                       (128)

    Financial investment
    Purchase of investments                                                (86,099)                    (72,021)
    Sale of investments                                                      83,318                      68,903

    Net cash outflow from financial investment                              (2,781)                     (3,118)


    Equity dividends paid                                                   (3,300)                     (3,181)

    Financing
    Payments on share redemption                                               (55)                         -
    Drawdown of Bank Loan                                                     2,000                       4,500

    (Decrease)/increase in cash                                               (493)                         686





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