TIDMSLET

Standard Life Equity Income Tst PLC

07 August 2017

London, UK, 7 August 2017

Edison issues review on Standard Life Equity Income Trust (SLET)

Standard Life Equity Income Trust (SLET) aims to generate above-average income and real capital and income growth from a relatively concentrated portfolio of c 50-70 UK equities. Since 2011, SLET has been managed by Thomas Moore, who says that the trust's strong revenue growth is leading to higher dividend growth. The board has indicated that the FY17 annual dividend will be at least 9.1% higher than in FY16. Following a tough period of relative performance surrounding the Brexit vote, as companies with domestic businesses underperformed those with overseas operations, the manager is now more positive on the outlook. SLET's performance is improving versus both the FTSE All-Share benchmark and its peer group. Moore is placing greater emphasis on higher-growth smaller companies that are reasonably valued and have faster-than-average dividend growth.

In recent months, SLET's share price discount to cum-income NAV has narrowed meaningfully from abnormally wide levels, which occurred during a period of heightened investor risk aversion ahead of the US presidential election. Its current 5.4% discount to cum-income NAV is narrower than the 6.4% average of the last 12 months (range of 2.8% to 11.3%), but modestly wider than its average discounts of 3.4%, 2.9% and 4.1% for the last three, five and 10 years respectively.

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For more information please contact Edison:

Mel Jenner, +44 (0)20 3077 5720

Sarah Godfrey, +44 (0)20 3681 2519

Investmenttrusts@edisongroup.com

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