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Standard Life Equity Income Trust NAV up 6.8 per cent

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Standard Life Equity Income Trust’s net asset value rose 6.8 per cent during the year ended 30 September 2009.

This compares with the FTSE All-Share Index rise of 6.1 per cent.

The trust’s final dividend rose seven per cent and total dividend is up five per cent, compared with 1.4 per cent decrease in RPI.

Revenue reserves further strengthened to GBP6.1m, representing a dividend cover of 1.4 (2008:1.3)

Karen Robertson, fund manager – Standard Life Equity Income Trust, Standard Life Investments, says: "Despite the sharp rise in UK equities since mid-March, we believe that the market can make further progress, as earnings forecasts increase, investor risk appetite returns and the economic recovery becomes self-sustaining as countries wean themselves off policy stimuli. Although there has been a re-rating of various early cyclical sectors, there is still value in large parts of the market, including some of the larger stocks by market capitalisation. Our Focus on Change approach to investing leaves us well positioned to take advantage of individual stock opportunities as they arise.”

Charles Wood, chairman of Standard Life Equity Income Trust, says: "The board believes that shareholders should continue to be well served by the company’s positions in large and cyclical stocks that are set to emerge from the recession with strong market positions, as well as in solid defensive businesses that may have been overlooked by the market in the recent rally. The manager’s focus on robust businesses with dependable cash flows and dividends should continue to provide good protection for the revenue account.

"The company has also built up significant revenue reserves, providing further protection to shareholders’ dividend payout. Your board remains confident of providing attractive long term returns.”

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