Interim Results

Deutsche Equity Income Trust PLC
20 May 2004


                        DEUTSCHE EQUITY INCOME TRUST PLC

                      PRELIMINARY ANNOUNCEMENT OF RESULTS
                     FOR THE HALF YEAR ENDED 31 MARCH 2004



Extract from the Chairman's Statement

I am pleased to report a positive start to our financial year with the net asset
value per ordinary share rising 8.8% and the share price 9.0% over the six
months to 31 March 2004. This is slightly better than our benchmark, the FTSE
All-Share Index, which rose 8.4% over the same period. Equity markets continued
their recovery with smaller and mid-sized companies once again outperforming
their larger counterparts. Larger companies suffered as a consequence of their
higher dependency on overseas earnings, which were adversely affected by the
weakening US dollar.



Earnings per ordinary share over the six months to 31 March 2004 were 3.41p, a
fall of 15.8% over the equivalent period in the last financial year. This
difference is mainly due to the special dividend we received last year from
Canary Wharf. The Board has decided to pay an unchanged interim dividend of
2.50p per ordinary share, which will be paid on 25 June 2004 to those
shareholders on the register at the close of business on 28 May 2004.



As heralded in the last annual report and accounts, your Board has introduced a
policy of modestly gearing the portfolio on a flexible basis where we think it
is advantageous for shareholders to do so. At 31 March 2004, your portfolio was
4.2% geared compared your Board's maximum of 10.0%. Gearing levels are closely
monitored by your Board.



Tony Mitchard

Chairman



The financial information for the year ended 30 September 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 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
20 May 2004

For further information please contact:

John Murray at Deutsche Asset Management
Tel: [phone]



STATEMENT OF TOTAL RETURN
(incorporating the revenue account*)

                                 Six months to 31 March 2004     Year to 30 September 2003     Six months to 31 March
                                                                                                        2003
                                  Revenue   Capital      Total     Revenue  Capital    Total   Revenue  Capital   Total
                                    £'000     £'000      £'000       £'000    £'000    £'000     £'000    £'000   £'000

Gains/(losses) on                       -     7,303      7,303           -   10,089   10,089         -  (3,241) (3,241)
investments

Income                              1,728         -      1,728       4,207        -    4,207     1,898        -   1,898
Investment management fee           (210)     (210)      (420)       (467)    (200)    (667)     (209)     (90)   (299)
Other expenses                      (142)         -      (142)       (181)        -    (181)      (79)        -    (79)

Net return before finance           1,376     7,093      8,469       3,559    9,889   13,448     1,610  (3,331) (1,721)
costs and taxation
Interest payable                     (21)      (21)       (42)         (2)        -      (2)       (1)        -     (1)

Return on ordinary                  1,355     7,072      8,427       3,557    9,889   13,446     1,609  (3,331) (1,722)
activities before tax
Tax on ordinary activities              -         -          -        (25)        -     (25)         -        -       -

Return on ordinary
activities after tax  for
the financial year
attributable to equity              1,355     7,072      8,427       3,532    9,889   13,421     1,609  (3,331) (1,722)
shareholders
Dividends in respect of             (994)         -      (994)     (3,181)        -  (3,181)     (994)        -   (994)
equity shares
Transfer to reserves after
interim dividend of 2.50p
(2003 - 2.50p)                        361     7,072      7,433         351    9,889   10,240       615  (3,331) (2,716)


Return per ordinary share           3.41p    17.78p     21.19p       8.88p   24.87p   33.75p     4.05p  (8.38p) (4.33)p


*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.

The statement of total return, balance sheet and cash flow statement are unaudited.  The figures in
respect of the year to 30 September 2003 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 30         as at 31
                                                        March         September            March
                                                         2004              2003             2003
                                                        £'000             £'000            £'000

Fixed assets
Investments                                            96,078            86,023           71,837

Current assets
Debtors                                                 1,442             1,264              649
Cash                                                      604               279              686
                                                        2,046             1,543            1,335

Creditors: amounts falling due within                 (6,078)           (2,953)          (1,515)
one year

Net current liabilities                               (4,032)           (1,410)            (180)

Total assets less current liabilities                  92,046            84,613           71,657


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

Other reserves
Capital redemption reserve                             12,609            12,609           12,609
Capital reserve - realised                             48,543            47,784           49,356
Capital reserve -                                       (382)           (6,695)         (21,487)
unrealised
Revenue reserve                                           962               601              865

Total equity shareholders' funds                       92,046            84,613           71,657

Net asset value per ordinary share                     231.5p            212.8p           180.2p

Mid-market quotation of ordinary shares                230.0p            211.0p           183.0p






CASH FLOW STATEMENT

                                                          Six months to              Year to        Six months to
                                                               31 March         30 September             31 March
                                                                   2004                 2003                 2003
                                                                  £'000                £'000                £'000

Operating activities

Cash received from investments                                    1,344                4,298                1,888
Interest received                                                    11                   29                   75
Cash received from stocklending                                       3                    1                  -
Investment management fees paid                                   (422)                (683)                (342)
Cash paid to and on behalf of directors                            (33)                 (54)                 (26)
Other cash payments                                                (74)                (142)                (100)

Net cash inflow from operating activities                           829                3,449                1,495

Servicing of finance
Interest paid                                                      (21)                  (2)                  (1)

Net cash outflow from servicing of finance                         (21)                  (2)                  (1)

Taxation
Overseas tax paid                                                   -                   (25)                  -

Taxation paid                                                       -                   (25)                  -

Financial investment
Purchase of investments                                        (36,543)             (60,000)               25,266
Sale of investments                                              33,747               58,660             (25,265)

Net cash (outflow)/inflow from financial investment             (2,796)              (1,340)                    1

Equity dividends paid                                           (2,187)              (3,022)              (2,028)

Drawdown of loan facility                                         4,500                  -                    -

Increase/(decrease) in cash                                         325                (940)                (533)






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