RNS Number:8219G
Royal London UK Eqty&Income Tst PLC
23 December 2004



ROYAL LONDON UK EQUITY & INCOME TRUST PLC (the "Company")

Amendments to Investment Management Agreement

The Company is pleased to announce a change in the Investment Manager's fee,
which will take retrospective effect from 1 September 2004.

The Company has agreed a reduction in the management fee payable to Royal London
Asset Management Limited (the "Manager"), from 1.0% per annum of the gross
assets (less current liabilities) of the Company and its subsidiary Royal London
UK Equity & Income Securities plc, to 0.75% per annum.

In order to incentivise the Manager, the Company has agreed to pay the Manager a
performance related fee. The performance fee will be the cash equivalent, in net
asset value ("NAV") terms, of 50,000 ordinary shares for every penny that the
Company's NAV per share exceeds 10p on 14 September 2008, provided that the
performance fee shall not exceed the lower of (i) the cash equivalent of 1
million ordinary shares (in NAV terms) or (ii) #2 million. The Company's NAV per
ordinary share as at close of business on 17 December 2004 excluding current
year revenue items was 14.28p per share with debt marked at par value (12.66p
per share with debt marked at fair value).



For further information please contact:

Victoria Muir

Royal London Asset Management Limited

Tel: 020 7506 6758





23 DECEMBER 2004


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