Interim Results

Deutsche Equity Income Trust PLC
22 May 2002



                        DEUTSCHE EQUITY INCOME TRUST PLC

                      PRELIMINARY ANNOUNCEMENT OF RESULTS

                     FOR THE HALF YEAR ENDED 31 MARCH 2002


Extract from the Chairman's Statement


Performance for the first six months of our financial year was satisfactory,
with our net asset value per share increasing by 12.5% whereas the FT-SE
All-Share Index rose by 9.3%. Our share price rose less, by 8.4% over the
period, as the discount of the share price to net asset value widened from 3.4%
to 6.9%.

The period was generally a good one for income funds as the technology and
telecommunications-related sectors of the market, which typically offer little
in the way of dividend yield, resumed their poor performance of the past two
years following a brief post-11 September rally. Stocks with above average
yields, relatively secure earnings or with high cyclical exposure fared much
better.

However, the downturn in the global economy has had an adverse effect on the
profitability and cash generation of a number of companies. As a result many
have been forced to reduce their dividend payouts to shareholders. In addition
many companies with surplus capital have decided to undertake share buybacks
rather than pay special dividends, and our revenue available to shareholders
fell 4.3% compared to the same period last year. We are paying an unchanged
interim dividend of 2.50p per share.

                                                              J. Leigh Pemberton

                                                                        Chairman

The interim dividend of 2.50p per share will be paid on 26 June 2002 to
shareholders on the register at the close of business on 31 May 2002.

The financial information for the year ended 30 September 2001 is derived from
the statutory accounts for 2001 which have been delivered to the Registrar of
Companies. The Auditors have reported on the 2001 accounts; their report was
unqualified and did not contain a statement under section 237(2) or (3) of the
Companies Act 1985.

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



By order of the Board

M Pope

Secretary



Registered Office:

One Appold Street

London EC2A 2UU

22 May 2002

For further information please contact:

Graham Ashby or James Fox, at Deutsche Asset Management

Tel: [phone]



Statement of total return (incorporating the revenue account * )
                                                                                                                        
 **Restated
                       Six months to 31 March 2002       Year ended 30 September 2001      Six months to 31 March 2001
                    Revenue     Capital       Total     Revenue     Capital       Total   Revenue     Capital      Total
                      £'000       £'000       £'000       £'000       £'000       £'000     £'000       £'000      £'000
------------------------------------------------------------------------------------------------------------------------

Gains/(Losses) 
on investments            -      11,008      11,008           -     (13,933)    (13,933)        -     (2,337)    (2,337)
Income                1,735           -       1,735       4,041           -       4,041     1,844          -      1,844
Investment 
management fee         (305)       (131)       (436)       (628)       (269)       (897)     (324)      (139)      (463)
Other expenses          (62)          -         (62)       (172)          -        (172)      (84)         -        (84)
------------------------------------------------------------------------------------------------------------------------
Net return before 
finance costs and     1,368      10,877      12,245       3,241     (14,202)    (10,961)    1,436     (2,476)    (1,040)
taxation
Interest payable         (1)          -          (1)         (3)          -          (3)       (3)         -         (3)
------------------------------------------------------------------------------------------------------------------------
Return on ordinary 
activities before     1,367      10,877      12,244       3,238    (14,202)     (10,964)    1,433     (2,476)    (1,043)
tax
Tax on ordinary 
activities               (1)          -          (1)        (10)         -          (10)       (5)         -         (5)
------------------------------------------------------------------------------------------------------------------------
Return on ordinary 
activities after
tax for the period 
attributable to       1,366      10,877      12,243       3,228    (14,202)    (10,974)     1,428     (2,476)    (1,048)
equity shareholders
Dividend in respect 
of equity shares       (994)          -        (994)     (3,002)         -      (3,002)      (994)         -       (994)
------------------------------------------------------------------------------------------------------------------------
Transfer to/(from) 
reserves after
interim dividend of 
2.50p (2001 -
2.50p)                  372      10,877      11,249         226    (14,202)    (13,976)       434     (2,476)    (2,042)
------------------------------------------------------------------------------------------------------------------------
Return per ordinary 
share:                 3.44p      27.35p      30.79p       8.12p   (35.72p)    (27.60p)      3.59p    (6.23p)    (2.64p)
------------------------------------------------------------------------------------------------------------------------
* The revenue column of this statement is the profit and loss account of the 
  Company.
**Comparative figures for 31 March 2001 have been restated to reflect the change 
  in accounting policy whereby 30% of the investment management fee has been 
  capitalised.


All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the period. The
statement of total return and balance sheet are unaudited. The comparative
figures in respect of the year to 30 September 2001 are derived from the full
accounts which have been delivered to the Registrar of Companies and which
contain an unqualified audit report.


Balance Sheet
                                                                          
                                         as at 31               as at 31                    as at 30 
                                       March 2001             March 2002              September 2001 
                                            £'000                  £'000                       £'000 
                      ------------------------------------------------------------------------------------------------

Fixed assets                               99,427                 90,149                     101,997
Net current assets                          2,013                     41                         127
------------------------------------------------------------------------------------------------------------------------
                                          101,440                 90,190                     102,124
------------------------------------------------------------------------------------------------------------------------
Called-up share capital                     9,941                  9,941                       9,941
Reserves                                   91,499                 80,249                      92,183
------------------------------------------------------------------------------------------------------------------------
                                          101,440                 90,190                     102,124
------------------------------------------------------------------------------------------------------------------------
Net Asset Value per Ordinary Share
Basic                                       255.1p                 226.8p                     256.8p
Mid-market quotation of ordinary shares     237.5p                 219.0p                      245.0p
Dividend yield (%)                            3.2                    3.4                         3.0
------------------------------------------------------------------------------------------------------------------------
The number of ordinary shares in issue on 31 March 2002 was 39,762,907

The net asset value has been calculated in accordance with the Statement of
Recommended Practice regarding the financial statements of investment
trust companies.

Cash flow statement
                                              Six months to                Year ended            Six months to
                                              31 March 2002         30 September 2001            31 March 2001
                                                      £'000                     £'000                    £'000
                                   -------------------------------------------------------------------------------------

Reconciliation of operating profit to net 
cash inflow from operating activities
Cash received from investments                        1,604                     3,957                   1,866
Interest received                                        22                       155                     136
Cash received from stock lending and underwriting         2                        46                      21
Investment management fees paid                        (418)                     (928)                   (474)
Cash paid to and on behalf of directors                 (25)                      (49)                    (24)
Other cash payments                                     (68)                     (122)                    (92)
------------------------------------------------------------------------------------------------------------------------
Net cash inflow from operating activities             1,117                    3,059                    1,433
------------------------------------------------------------------------------------------------------------------------
Returns on investments and servicing of finance
Interest paid                                            (1)                      (3)                      (3)
------------------------------------------------------------------------------------------------------------------------
Taxation
Overseas tax refunded/(paid)                             18                      (19)                     (12)
Income tax refunded/(paid)                               13                       17                      (10)
------------------------------------------------------------------------------------------------------------------------
Total tax refunded/(paid)                                31                       (2)                     (22)
------------------------------------------------------------------------------------------------------------------------
Financial investment
Purchase of investments                             (31,751)                 (71,337)                 (36,385)
Sales of investments                                 33,226                   74,072                   39,272
------------------------------------------------------------------------------------------------------------------------
Net cash inflow from financial investment             1,475                    2,735                    2,887
------------------------------------------------------------------------------------------------------------------------
Equity dividends paid                                (2,008)                  (2,942)                  (1,948)
------------------------------------------------------------------------------------------------------------------------
Increase in cash                                        614                    2,847                    2,347
------------------------------------------------------------------------------------------------------------------------


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