Final Results

Deutsche Equity Income Trust PLC
30 October 2000


DEUTSCHE EQUITY INCOME TRUST PLC

PRELIMINARY ANNOUNCEMENT OF RESULTS

EXTRACT FROM THE CHAIRMAN'S STATEMENT


I am pleased to report that the Company has had a successful year. The Company's
net asset value per share increased by a respectable 9.2% outperforming the
capital increase in the UK equity market, which rose by 7.2%, as measured by the
FT-SE All Share Index. Although the returns, in absolute and relative terms, did
not match those achieved in 1999, they were achieved in very volatile and
challenging market conditions, the details of which are summarised in the
manager's report. The share price reflected this achievement rising by 15.0% and
over the year the discount to net asset value narrowed from 9.8% to 5.0%.

The year did not see one consistent trend in the market but a series of cycles
or 'fashions', beginning with an exceptionally strong performance from
technology and growth stocks in the first 5 months of the year, followed by a
move towards more lowly rated 'value' stocks, and finishing with a period where
both struggled to make progress. Naturally the early part of the year was a very
difficult environment for Income funds in general and with regard to this the
Board, together with the manager, have kept a careful eye on achieving the right
balance between capital return and income. Indeed, this has been a subject of
some debate over the past two years. The fact that your Company's net asset
value per share has grown by 51.9%* over the last two years compared with 30.2%*
from the Income Growth investment trust sector and 24.0%** from comparable unit
trusts, suggests that we have been right to pay attention to capital growth.

To give us the flexibility to do this we have deliberately pursued a policy of
very modest dividend growth and have been less aggressive in our quest for
revenue generation. As a result revenue return per share was below last year,
falling 13.0%. We have however no hesitation in using some of the reserves
accumulated in previous years and the Board is proposing an unchanged final
dividend of 4.90p per share, which together with the interim dividend of 2.45p
per share already paid, gives a total dividend for the year of 7.35p per share.
The dividend will be paid on 29 December 2000 to those shareholders on the
register at the close of business on 17 November 2000.

* Source AITC (assumes net income reinvested)
** Source Lipper Hindsight (offer/offer, net income reinvested)
 
                                                       J. Leigh Pemberton
                                                       Chairman

The final dividend of 4.90p per share will be paid on 29 December 2000 to
shareholders on the register at the close of business on 17 November 2000.

The financial information set out overleaf does not constitute the Company's
statutory accounts for the years ended 30 September 2000 or 1999. The financial
information for 1999 is derived from the statutory accounts for 1999 which have
been delivered to the Registrar of Companies. The Auditors have reported on the
1999 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 2000, 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 Friday, 15 December 2000 at 11.00
a.m. at Winchester House, 1 Great Winchester Street, London EC2.

By order of the Board                                   Registered Office:
M Pope                                                  One Appold Street
Joint Company Secretary                                 London EC2A 2UU
                                                        27 October 2000

For further information please contact James Fox or Adrian Frost at Deutsche
Asset Management Tel: [phone]

mins/mgeit/prelim10.doc


                                 30th September 2000      30th September 1999   
           
Net Asset Value Per 
 Ordinary Share            Basic:             262.0p                   245.1p   
                           Fully Diluted:     262.0p                   239.9p   
      
                                        
Statement of total return (incorporating the revenue account *)                 
for the year ended 30th September                                        
                                                               Restated**       
  
                                           
                         Revenue   Capital   Total     Revenue  Capital   Total 
                           2000     2000     2000        1999     1999   1999   
                         £'000    £'000    £'000       £'000    £'000   £'000   
 
                                        
Gains on investments           -    8,999    8,999           -   22,238  22,238 
                                        
Income                     3,876        -    3,876       4,004        -   4,004 
    
Investment management fee   (928)       -     (928)       (808)       -   (808) 
   
Other expenses              (198)       -     (198)       (132)       -   (132) 
   
                                        
Net return before finance 
 costs and taxation        2,750    8,999   11,749       3,064   22,238  25,302 
    
Interest payable             (32)       -      (32)        (26)       -    (26) 
   
                                        
Return on ordinary 
 activities before tax     2,718    8,999   11,717       3,038   22,238  25,276 
    
Tax on ordinary activities   (10)       -      (10)          -        -       - 
    
                                        
Return on ordinary 
activities after tax for 
the financial year 
attributable to equity 
  shareholders             2,708    8,999   11,707       3,038   22,238  25,276 
    
Dividends in respect of 
 equity shares            (2,922)       -   (2,922)     (2,817)       - (2,817) 
   
Cancellation of warrants       -        -        -           -     (660)  (660) 
                                           
Transfer (from)/to reserves 
 after aggregate dividends 
 paid and proposed of 7.35p 
 per share                                        
 (1999 -7.35p per share)    (214)   8,999    8,785         221   21,578  21,799 
    
                                        
Return per ordinary share:                                        
Basic                       6.91p   22.95p   29.86p       7.94p   58.15p 66.09p 
Diluted                     6.91p   22.95p   29.86p       7.75p   56.71p 64.46p 
   
                                        
*The revenue column of this statement is the profit and loss account of the
Company.                                        
                                        
**In accordance with Financial Reporting Statement 16 (current taxation)
dividend income has been shown net of attributable                              
          
tax (1999 figures have been restated to reflect this change).                   
                    
All revenue and capital items in the above statement derive from continuing
operations.                                        
No operations were acquired or discontinued in the year.