Interim Management Statement

Standard Life Equity Income Tst PLC
14 February 2008


Standard Life Equity Income Trust PLC

Interim Management Statement (IMS) for the three months ended 31 December 2007

To the members of Standard Life Equity Income Trust PLC

This IMS has been produced solely to provide additional information to
shareholders as a body to meet the relevant requirements of the UK Listing
Authority's Disclosure and Transparency Rules. It should not be relied upon by
any other party or for any other purpose.

This IMS relates to the period from 1 October 2007 to 31 December 2007, and
contains information that covers this period, and up to the date of publication
of this IMS, unless otherwise specified.

Investment objective

The objective of Standard Life Equity Income Trust PLC is to provide
shareholders with an above average income from their equity investment while
also providing real growth in capital and income.

Benchmark
FTSE All-Share Index.


Material events

Following shareholder approval at the Annual General Meeting ('AGM') on 14
December 2007, a final dividend of 7.45 pence per ordinary share was declared in
respect of the year ended 30 September 2007 which was paid on 21 December 2007
to shareholders on the register as at 23 November 2007.  All other resolutions
put to the AGM were approved by shareholders.

The Board is not aware of any significant events or transactions which have
occurred between 31 December 2007 and the date of publication of this IMS which
would have a material impact on the financial position of the Company. For the
Manager's latest Investment Review & Outlook, please refer to the Quarterly
Factsheet which may be found, with other useful information, on the Company's
website at www.standardlifeinvestments.co.uk/its.

Material transactions

As at the date of this IMS, the Company's issued ordinary share capital with
voting rights is 37,930,579 ordinary shares (excluding treasury shares) and
39,737,907 (including treasury shares) ordinary shares.  The number of ordinary
shares held in treasury is 1,807,328 as at the date of this IMS.

Ten largest equity holdings as at 31 December 2007
                                                                                      % of Total     Purchase ('P')
                                                                                        Assets      or Sale ('S') in
                                                                                                        quarter

                                                                     Value - £m
1    BP                                                                 10,753,699       7.7               P
2    Vodafone                                                            8,515,278       6.1               -
3    Royal Dutch Shell                                                   8,327,819       5.9               -
4    Rio Tinto                                                           6,780,132       4.8               -
5    Royal Bank of Scotland                                              5,419,122       3.9               P
6    Glaxosmithkline                                                     4,783,856       3.4               -
7    Anglo American                                                      4,701,127       3.4               -
8    Xstrata                                                             4,052,503       2.9               -
9    HSBC                                                                3,986,575       2.8               -
10   Imperial Tobacco                                                    3,633,104       2.6               P
                                                                                         43.5



Sector allocation as at 31 December 2007
                                             % of Total Assets
Financials                                         22.5
Oil & Gas                                          16.7
Basic Materials                                    13.5
Utilities                                          11.3
Industrials                                         9.9
Telecommunications                                  8.3
Consumer Services                                   8.2
Consumer Goods                                      4.7
Health Care                                         3.4
Cash                                                1.5
Total                                              100.0



General description of Company's financial position and performance as at 31
December 2007

Gross Assets                                 £140.2m
Share price                                  305.5p
Net asset value                              334.7p
Discount                                     8.7%
Yield (net)                                  3.4%
Current equity gearing                       8.7%

Performance for year(s) ended 31 December 2007 *


                                  1 year       2 Years       3 years       4 years       5 years
                                       %        % p.a.        % p.a.        % p.a.        % p.a.
Share price                         -6.7           6.9           9.4           7.8           9.5
NAV                                 -2.7           6.6           9.9           9.9           1.3
FTSE All-Share Index                 2.0           7.4          10.9          10.5           6.3


* The percentage growth figures are calculated over periods to 31 December 2007 and include retained
revenue. Standard Life Investments was appointed to manage the Standard Life Equity Income Trust in
November 2005.
Source: Standard Life Investments and Thomson Financial Datastream

Note: Past performance is not a guide to future performance and that the value
of shares can go down as well as up.

For Standard Life Equity Income Trust PLC
Aberdeen Asset Management PLC, Secretaries
14 February 2008



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