Aberdeen Standard Equity Income Trust plc Equity income using an index-agnostic approach focusing on our best ideas from the full UK market cap spectrum Investment Trust Performance Data and Analytics to 31 August 2021

Investment objective Morningstar Analyst RatingTM To provide shareholders with an above average income from their equity investment while also providing real growth in capital and income. Benchmark FTSE All-Share Index. Features of the Trust B Morningstar Analyst Rating™ Morningstar analysts assign the ratings globally on a Objective of increasing the dividend in real terms. five-tier scale with three positive ratings of Gold, Silver and Bronze. Cumulative performance (%) Morningstar RatingTM as at 31/08/21 1 month 3 months 6 months 1 year 3 years 5 years Share Price 359.0p 1.4 (1.6) 15.0 44.7 (11.0) 12.6 NAV 391.9p 2.3 1.3 15.9 38.4 (4.8) 15.2 B Morningstar RatingTM for Funds Morningstar rates funds from one to five stars based FTSE All-Share Index 2.7 3.4 13.3 26.9 11.4 33.3 on how well they’ve performed (after adjusting for risk FTSE 350 Higher Yield Index 1.5 0.5 9.3 31.9 (0.3) 17.4 and accounting for all sales charges) in comparison to similar funds. Discrete performance (%) Twenty largest equity holdings (%) 31/08/21 31/08/20 31/08/19 31/08/18 31/08/17 BHP 4.0 Rio Tinto 3.8 Share Price 44.7 (20.0) (23.1) 7.7 17.6 CMC Markets 3.5 NAV 38.4 (19.0) (15.1) 4.4 15.8 Close Brothers 3.5 FTSE All-Share Index 26.9 (12.6) 0.4 4.7 14.3 Vistry 3.1 FTSE 350 Higher Yield Index 31.9 (22.3) (2.7) 4.2 13.1 SSE 2.9 Source: Aberdeen Standard Investments, total returns. The percentage growth figures are calculated over periods on a mid to BP 2.8 mid basis. Past performance is not a guide to future results. Royal Dutch Shell 2.8 Glencore 2.7 1 year Premium/(Discount) Chart (%) Premier Miton 2.7 % 2.4 0 British American Tobacco 2.3 2.3 -5 Entain 2.2 OSB Group 2.1 DFS Furniture 2.0 -10 Chesnara 1.9 Randall & Quilter 1.9 -15 River & Mercantile 1.7 Legal & General 1.7 -20 Total 52.3 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Sector allocation (%) Financials 38.3 Any data contained herein which is attributed to a third party (“Third Party Data”) is the property of (a) third party Basic Materials 13.3 supplier(s) (the “Owner”) and is licensed for use by abrdnA. Third Party Data may not be copied or distributed. Third Party Data is provided “as is” and is not warranted to be accurate, complete or timely. To the extent permitted by applicable law, none Consumer Goods 12.1 A of the Owner, abrdn or any other third party (including any third party involved in providing and/or compiling Third Party Industrials 10.2 Data) shall have any liability for Third Party Data or for any use made of Third Party Data. Past performance is no guarantee of future results. Neither the Owner nor any other third party sponsors, endorses or promotes the fund or product to which Consumer Services 9.6 Third Party Data relates. Oil & Gas 8.0 Utilities 4.7 A abrdn means the relevant member of the abrdn group, being abrdn plc together with its subsidiaries, subsidiary undertakings Telecommunications 2.6 and associated companies (whether direct or indirect) from time to time. B © 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its Health Care 1.3 content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Cash & Other (0.1) Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about Morningstar’s Analyst Rating, Total 100.0 including its methodology, please go to: http://corporate.morningstar.com/us/documents/MethodologyDocuments/ AnalystRatingforFundsMethodology.pdf All sources (unless indicated): The Morningstar Analyst Rating for Funds is a forward-looking analysis of a fund. Morningstar has identified five key areas Aberdeen Standard Investments: 31 August 2021. crucial to predicting the future success of a fund: People, Parent, Process, Performance, and Price. The pillars are used in determining the Morningstar Analyst Rating for a fund. Morningstar Analyst Ratings are assigned on a five-tier scale running Private investors 0808 500 0040 from Gold to Negative. The top three ratings, Gold, Silver, and Bronze, all indicate that our analysts think highly of a fund; the difference between them corresponds to differences in the level of analyst conviction in a fund’s ability to outperform its Institutional investors benchmark and peers through time, within the context of the level of risk taken over the long term. Neutral represents funds in which our analysts don’t have a strong positive or negative conviction over the long term and Negative represents funds InvestmentTrustInvestorRelations-UK that possess at least one flaw that our analysts believe is likely to significantly hamper future performance over the long term. Long term is defined as a full market cycle or at least five years. Past performance of a security may or may not be sustained in @aberdeenstandard.com future and is no indication of future performance. For detailed information about the Morningstar Analyst Rating for Funds, +44 (0)20 7463 5971 | +44 (0)13 1222 1863 please visit http://global.morningstar.com/managerdisclosures.

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Ten largest positions relative to the benchmark (%) Key information Overweight Stocks Portfolio Benchmark Relative Calendar CMC Markets 3.5 0.0 3.5 Launch Date 14 Nov 1991 Close Brothers 3.5 0.1 3.4 Accounts Published December Vistry 3.1 0.1 3.0 Annual General Meeting February Premier Miton 2.7 – 2.7 Dividends Paid March, June, Tyman 2.4 0.0 2.4 September, December Diversified Energy 2.3 0.0 2.3 Trust information SSE 2.8 0.7 2.1 DFS Furniture 2.1 0.0 2.1 Trust Managers Aberdeen Standard Investments OSB Group 2.0 0.1 1.9 Fund Manager Thomas Moore Randall & Quilter 1.9 – 1.9 Gross Assets £214.5 million Fund managers’ report Borrowing £25.0 million Yield (Net) 5.7% Market review Current Annual Dividend 20.6p UK equities advanced strongly over August, with the FTSE All-Share Index rising by 2.7%. In Rate (Per Share) a month of relatively quiet news flow, UK stocks performed well, helped by company Market Capitalisation £173.5 million earnings and further easing of restrictions. However, Covid-19, the resulting ‘pingdemic’ (Discount)/Premium (8.4)% and Brexit have caused staff shortages and supply chain issues that peaked in August, 12 Month High (2.0)% hindering the UK hospitality and retail sectors. 12 Month Low (15.3)% Current Equity Net 11.6% Small and mid-sized companies once again beat larger companies, as supply chain Gearing disruption across the UK and Europe affected the share prices of blue-chip firms. Software Potential Gearing 5% to 25% and technology hardware companies outperformed, due to their sensitivity to changes in Trust Annual 0.65% per annum of Management Fee net assets up to £175 the economy. Insurance companies also did well, following a rise in bond yields over million, 0.55% per August. By contrast, the materials, banks and consumer staples sectors underperformed. annum of net assets above £175 million Performance Ongoing ChargesC 0.87% The Trust delivered a NAV total return of 2.3%, compared with the FTSE All-Share Index Active Share 84.8% total return of 2.7%. Over the financial year to date, performance is almost 10% ahead of percentageB the index return. Composition by market capitalisation Despite waning economic optimism, many of our holdings reported positive results and (Ex Cash) (%) gave confident outlook statements. FTSE 100 43.1 Holding Litigation Capital Management weighed on returns, retracing recent gains despite FTSE 250 31.0 no new company-specific news. Elsewhere, our holdings in mining companies Rio Tinto and FTSE AIM 8.3 BHP also held back performance, as both declined on weaker iron-ore pricing concerns. Other 17.7 Total 100.0 On the upside, we benefited from holding thermal coal exporter Thungela Resources, which rallied on good results and continued commodity price strength. Pension and life insurance business Chesnara also outperformed after investors responded positively to its results. Management gave a confident outlook statement, supporting investor confidence in its ability to make accretive acquisitions while continuing to grow the dividend. Lastly, not owning Unilever helped relative returns, as it underperformed on concern that input cost pressures would drag on its earnings.

Fund managers’ report continues overleaf Receive the factsheet by email as soon as it is available by registering at B The ‘Active Share’ percentage is a measure used to describe what portion of the Trust’s holdings differ from the benchmark index holdings. www.invtrusts.co.uk/ITemail C Expressed as a percentage of average daily net assets for the year ended 31 January 2021. The Ongoing Charges Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management www.aberdeenstandardequity Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and incometrust.com selling stocks within the Company. The OCF can help you compare the annual operating expenses of different Companies.

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Fund managers’ report – continued AIFMD Leverage Limits Activity Gross Notional 3x We started a new holding in alcoholic drinks business Diageo. The company is well placed Commitment 2x to deliver earnings upgrades as lockdowns ease and from increasing on-trade volumes. The pricing power of the business sets it apart from other defensive stocks. Meanwhile, Capital structure we topped up wealth management group Quilter, where earnings dilution from the Ordinary shares 48,327,960 divestment of its international division is obscuring positive operational momentum. The Treasury shares 850,807 firm is seeing mid-single digit growth in organic net fund-flow. On sales, we reduced as our conviction levels are relatively low. Lastly, we also reduced our Allocation of management fees and exposure to motor insurer Sabre Insurance Group, which is suffering from a difficult finance costs trading backdrop. Recent results indicated a slow recovery in motor insurance pricing and Capital 70% new driver numbers. Revenue 30%

Outlook and strategy Trading details We are encouraged by the strength of recent company results, which we expect to act as a Reuters/Epic/: ASEI.L catalyst for the recognition of the robust fundamentals and low valuations of our holdings. Bloomberg code: ASEI:LN Our proprietary screening tool Matrix shows that the Trust is heavily weighted towards ISIN code GB0006039597 earnings momentum and low valuation. Given that earnings drive dividends, we expect Sedol code 0603959 high earnings momentum to accelerate dividend growth, while low valuations should J.P. Morgan Cazenove provide scope for share prices to rise via compression of dividend yields. Market makers CENK, JPMS, NUMS, PEEL, WINS By sector, we continue to favour financials, resources and consumer cyclicals. These sectors stand out as opportunities given the market’s scepticism over the recovery. We continue to see the market backdrop as supportive of our Focus-on-Change investment process, which tends to perform best in the long sweeps of stable market conditions when bottom-up analysis is rewarded. While the economic recovery will not be a straight line, we remain highly confident in our holdings given the strength of their corporate fundamentals. We expect many of our holdings to emerge from the crisis with increased market share, enhancing their dividend and capital prospects. The reinstatement of dividends underlined the increased confidence of management teams in their capital position and profit outlook. After a long period of economic turmoil, the recovery in sentiment can be prolonged as good news is gradually absorbed. Corporate earnings are a key driver of portfolio performance, allowing investors to shift their focus away from top-down geopolitical concerns. We are convinced that many of our holdings are materially mispriced and do not reflect their robust fundamentals. There are echoes with the period following the 2008 global financial crisis when economic recovery was the catalyst for very strong performance of our holdings. All of this bodes well for future performance.

Receive the factsheet by email as soon as it is available by registering at www.invtrusts.co.uk/ITemail www.aberdeenstandardequity incometrust.com Important information overleaf

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Important information Risk factors you should consider prior to investing: • The value of investments and the income from them can fall and investors may get back less than the amount invested.

• Past performance is not a guide to future results.

• Investment in the Company may not be appropriate for investors who plan to withdraw their money within 5 years.

• There is no guarantee that the market price of the Company’s shares will fully reflect their underlying Net Asset Value.

• As with all investments the value of the Company’s shares purchased will immediately fall by the difference between the buying and selling prices, the bid-offer spread. If trading volumes fall, the bid-offer spread can widen.

• The Company may borrow to finance further investment (gearing). The use of gearing is likely to lead to volatility in the Net Asset Value (NAV) meaning that any movement in the value of the company’s assets will result in a magnified movement in the NAV.

• The Company may accumulate investment positions which represent more than normal trading volumes which may make it difficult to realise investments and may lead to volatility in the market price of the Company’s shares.

• Yields are estimated figures and may fluctuate, there are no guarantees that future dividends will match or exceed historic dividends and certain investors may be subject to further tax on dividends.

• The Company may charge expenses to capital which may erode the capital value of the investment.

• The Alternative Investment Market (AIM) is a flexible, international market that offers small and growing companies the benefits of trading on a world-class public market within a regulatory environment designed specifically for them. AIM is owned and operated by the Stock Exchange. Companies that trade on AIM may be harder to buy and sell than larger companies and their share prices may move up and down very sharply because they have lower trading volumes and also because of the nature of the companies themselves. In times of economic difficulty, companies listed on AIM could fail altogether and you could lose all your money.

• The Company invests in the securities of smaller companies which are likely to carry a higher degree of risk than larger companies.

Other important information: An investment trust should be considered only as part of a balanced portfolio. The information contained in this document should not be considered as an offer, solicitation or investment recommendation to deal in the shares of any securities or financial instruments. It is not intended for distribution or use by any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication or use would be prohibited. Nothing herein constitutes investment, legal, tax or other advice and is not to be relied upon in making an investment or other decision. No recommendation is made, positive or otherwise, regarding individual securities mentioned. This is not an invitation to subscribe for shares and is by way of information only. Subscriptions will only be received and shares issued on the basis of the current Key Information Document (KID). These can be obtained free of charge from Aberdeen Asset Managers Limited, PO Box 11020, Chelmsford, Essex, CM99 2DB or available on www.invtrusts.co.uk. Any data contained herein which is attributed to a third party (“Third Party Data”) is the property of (a) third party supplier(s) (the “Owner”) and is licensed for use by abrdn*. Third Party Data may not be copied or distributed. Third Party Data is provided “as is” and is not warranted to be accurate, complete or timely. To the extent permitted by applicable law, none of the Owner, abrdn* or any other third party (including any third party involved in providing and/or compiling Third Party Data) shall have any liability for Third Party Data or for any use made of Third Party Data. Neither the Owner nor any other third party sponsors, endorses or promotes the fund or product to which Third Party Data relates. * abrdn means the relevant member of abrdn group, being abrdn PLC together with its subsidiaries, subsidiary undertakings and associated companies (whether direct or indirect) from time to time. Issued by Aberdeen Standard Fund Managers Limited, registered in and Wales (740118) at Bow Bells House, 1 Bread Street, London, EC4M 9HH. Aberdeen Asset Managers Limited, registered in (No. 108419), 10 Queen’s Terrace, Aberdeen AB10 1XL. Both companies are authorised and regulated by the Financial Conduct Authority in the UK. FTSE International Limited (‘FTSE’) © FTSE 2021. ‘FTSE®’ is a trade mark of the Group companies and is used by FTSE International Limited under licence. RAFI® is a registered trademark of Research Affiliates, LLC. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

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