Director Shareholding

Deutsche Equity Income Trust PLC
31 December 2003

RNS
London Stock Exchange Tower
Courier Delivery Entrance
Old Broad Street
London
EC2

31 December 2003


Dear Sirs

We wish to inform you that we have today been notified that Mrs A M Rowlands,
the wife of Mr C J Rowlands a director of the Company, purchased 4,453 of the
Company's ordinary shares on 29 December 2003 through the Company's savings
scheme at a price of 223p per share.

Yours faithfully


M Pope
Company Secretary


                      This information is provided by RNS
            The company news service from the London Stock Exchange