Final Results

Deutsche Equity Income Trust PLC
01 November 2004



                        DEUTSCHE EQUITY INCOME TRUST PLC



             PRELIMINARY ANNOUNCEMENT OF RESULTS 30 SEPTEMBER 2004



                     Extract from the Chairman's Statement





In a good year for the UK equity market, and after three years of
outperformance, our net asset value per share underperformed our benchmark
rising 10.5% compared with the FTSE All-Share Index, which rose by 12.0% in
capital terms.



Our gross revenue fell during the financial year, principally due to the absence
of the special dividend from Canary Wharf and a fall in the income paid by some
of our securities. The Board believes that it is appropriate to maintain our
progressive dividend policy by utilising some of our revenue reserves.
Accordingly, we are proposing to pay an increased final dividend of 5.70p per
share which, together with the interim dividend of 2.50p per share already paid,
makes a total dividend per share for the year of 8.20p, 2.5% higher than last
year.



The portfolio remained modestly geared during the year, averaging around 4% of
equity assets compared to our maximum approved level of 10%. Gearing levels
continue to be monitored closely by the Board.





A K Mitchard,

Chairman



The final dividend of 5.70p per share will be paid on 23 December 2004 to
shareholders on the register at the close of business on 12 November 2004



The financial information set out overleaf does not constitute the Company's
statutory accounts for the years ended 30 September 2004 or 2003. The financial
information for 2003 is derived from the statutory accounts for 2003 which have
been delivered to the Registrar of Companies. The Auditors have reported on the
2003 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 2004, 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 Wednesday, 15 December 2004 at 11.00
a.m. One Appold Street, London EC2.



By order of the Board


M Pope


Joint Company Secretary





Registered Office:

One Appold Street

London EC2A 2UU

1 November 2004



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 2004    Year to 30 September 2003
                                                           Revenue   Capital     Total   Revenue   Capital   Total
                                                             £'000     £'000     £'000     £'000     £'000   £'000

Realised and unrealised gains on investments                     -     9,718     9,718         -    10,089  10,089

Income                                                       3,688         -     3,688     4,207         -   4,207
Investment management fee                                    (418)     (418)     (836)     (467)     (200)   (667)
Other expenses                                               (261)         -     (261)     (181)         -   (181)

Net return before finance costs and taxation                 3,009     9,300    12,309     3,559     9,889  13,448
Interest payable                                              (83)      (83)     (166)       (2)         -     (2)

Return on ordinary activities before tax                     2,926     9,217    12,143     3,557     9,889  13,446
Tax on ordinary activities                                       -         -         -      (25)         -    (25)

Return on ordinary activities after tax  for the
financial year attributable to equity shareholders           2,926     9,217    12,143     3,532     9,889  13,421
Dividend in respect of equity shares                       (3,261)         -   (3,261)   (3,181)         - (3,181)
Transfer (from)/to reserves after aggregate dividend
paid and proposed of 8.20p (2003 - 8.00p per share)          (335)     9,217     8,882       351     9,889  10,240


Return per ordinary share                                    7.36p    23.18p    30.54p     8.88p    24.87p  33.75p


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

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 2004                 September 2003
                                                         £'000                          £'000

Fixed assets
Investments                                            100,438                         86,023

Current assets
Debtors                                                  2,496                          1,264
Cash at bank and in hand                                   965                            279

                                                         3,461                          1,543
Creditors: amounts falling due within one year        (10,404)                        (2,953)

Net current liabilities                                (6,943)                        (1,410)

Net assets                                              93,495                         84,613


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

Other reserves
Capital redemption reserve                              12,609                         12,609
Capital reserve - realised                              49,549                         47,784
Capital reserve - unrealised                               757                        (6,695)
Revenue reserve                                            266                            601

Total equity shareholders' funds                        93,495                         84,613

Net asset value per ordinary share:
Basic                                                   235.1p                         212.8p





CASH FLOW STATEMENT (Unaudited)


                                                                             Year ended                 Year ended
                                                                      30 September 2004          30 September 2003
                                                                                  £'000                      £'000

         Operating activities

         Cash received from investments                                           3,651                      4,298
         Interest received                                                           26                         29
         Cash received from stocklending                                              4                          1
         Investment management fees paid                                          (823)                      (683)
         Cash paid to and on behalf of directors                                   (74)                       (54)
         Other cash payments                                                      (171)                      (142)

         Net cash inflow from operating activities                                2,613                      3,449

         Servicing of finance
         Interest paid                                                            (128)                        (2)

         Net cash outflow from servicing of finance                               (128)                        (2)

         Taxation
         Overseas tax paid                                                          -                         (25)

         Taxation paid                                                              -                         (25)

         Financial investment
         Purchase of investments                                               (72,021)                   (60,000)
         Sale of investments                                                     68,903                     58,660

         Net cash outflow from financial investment                             (3,118)                    (1,340)


         Equity dividends paid                                                  (3,181)                    (3,022)

         Financing
         Drawdown of Bank Loan                                                    4,500                        -

         Increase/(decrease) in cash                                                686                      (940)






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