1st Quarter to 31/12/02

Standard Life Euro Pri Eqty Tst PLC
26 March 2003


                Standard Life European Private Equity Trust PLC


Investment update for the period from 1 October 2002 to 31 December 2002


On 2 December 2002 the Company announced its audited results for the year ended
30 September 2002. In the quarter to 31 December 2002 the Company continued to
make steady progress against a background of a difficult macro-economic
environment and volatile financial markets. New investment activity remained
relatively strong as managers sought to benefit from a lower pricing environment
for executing transactions, while the continuing weak European mergers and
acquisitions market resulted in a smaller number of realisations of underlying
investments.

During the quarter to 31 December 2002 a total of £8.9 million was drawn down by
the portfolio of 31 private equity funds in which the Company is invested and a
total of £1.4 million was received by way of distributions. Total realised gains
and income received in the period from the Company's private equity fund
interests were £0.2 million. The closing value of the Company's portfolio of
fund interests was £93.7 million as at 31 December 2002 (30 September 2002 -
£86.7 million).

No new commitments were made during the period. This is in line with the
Company's position that, having made aggregate new commitments since the
Company's listing in May 2001 of £215.9 million to 12 private equity funds and
having met the Board's target for over-commitment so as to maximise the
opportunity for returns to shareholders, the pace of new commitments will be
significantly slower. The Company's aggregate outstanding commitments to its
existing 31 private equity fund interests were £184.5 million as at 31 December
2002 (30 September 2002 - £191.0 million). These commitments can be expected to
be drawn down over the next 3-4 years.

The aggregate closing cash and money market holdings of the Company were £54.3
million as at 31 December 2002 (30 September 2002 - £60.6 million). The
reduction reflected the net investment by the Company during the quarter, offset
by an unrealised foreign exchange gain arising from the appreciation of the euro
against sterling.

As at 31 December 2002, the Company had £95.1 million (sterling equivalent) of
euro denominated assets held in private equity fund interests, cash and money
market holdings (30 September 2002 - £100.4 million (sterling equivalent)). The
closing euro/sterling foreign exchange rate as at 31 December 2002 was £1/
€1.5342 (30 September 2002 - £1/€1.5913). Since 31 December 2002 the euro has
appreciated further against sterling.

It is anticipated that the Company will release its interim announcement for the
period ending 31 March 2003 on or around 2 June 2003. That announcement will
include a formal net asset value per ordinary share as at 31 March 2003. As at
30 September 2002, the Company's net assets were £143.8 million and its net
asset value per ordinary share was 90.3p.


For further information please contact:-

Peter McKellar/Jonny Maxwell of Standard Life Investments (Private Equity)
Limited (0131 245 0055)


Note:-

Standard Life European Private Equity Trust PLC is an investment company managed
by Standard Life Investments (Private Equity) Limited, the ordinary shares of
which are admitted to listing by the UK Listing Authority and to trading on the
London Stock Exchange and which seeks to conduct its affairs so as to qualify as
an investment trust under section 842 of the Income and Corporation Taxes Act
1988. The Board of Standard Life European Private Equity Trust PLC is
independent of The Standard Life Assurance Company.


                      This information is provided by RNS
            The company news service from the London Stock Exchange   D
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