Portfolio Update

Standard Life Equity Income Tst PLC
03 January 2007



         STANDARD LIFE EQUITY INCOME TRUST PLC - 10 LARGEST INVESTMENTS


The company announces that the ten largest investments as at close of business
on 31 December 2006 were as follows:


Assets With Values Over 5% of Gross Assets
NAME                                                                Market Value    % Ttl Gross Assets
BP ORD USD0.25                                                         9,612,684                  6.51

Top 10 Portfolio Assets
NAME                                                                Market Value    % Ttl Gross Assets
BP                                                                     9,612,684                  6.51
ROYAL DUTCH SHELL                                                      7,369,739                  4.99
ROYAL BANK OF SCOTLAND                                                 6,557,508                  4.44
VODAFONE GROUP                                                         6,449,073                  4.37
HSBC HOLDINGS                                                          6,170,603                  4.18
GLAXOSMITHKLINE                                                        5,995,557                  4.06
HBOS                                                                   4,976,238                  3.37
ANGLO AMERICAN                                                         4,199,776                  2.85
BARCLAYS                                                               3,649,920                  2.47
LLOYDS TSB GROUP                                                       3,118,693                  2.11





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