3rd Qtr results to 30/6/03

Standard Life Euro Pri Eqty Tst PLC
24 September 2003

                'Standard Life European Private Equity Trust PLC'


      Investment update for the period from 31 March 2003 to 30 June 2003


On 2 June 2003 the Company announced its interim results for the six months
ended 31 March 2003. The Company continued to make progress in the quarter to 30
June 2003. The quarter was an active investment period for the private equity
funds in which the Company is invested. The Company also started to see an
increasing number of realisations, either completed or pending. It is hoped that
with a potentially improving European mergers and acquisitions market the pace
of realisation of the Company's underlying investments will increase further.


During the quarter a total of £13.0 million was drawn down by the portfolio of
31 private equity funds in which the Company is invested and a total of £3.8
million was received by way of distributions. Total realised gains and income on
the distributions received in the period were £0.2 million. The sale of the
residue of Morgan Grenfell Equity Partners IV by the manager of that fund as a
secondary transaction resulted in the crystallisation of a £0.9 million loss for
the Company. Excluding this, the gains and income generated in the period were
£1.1 million. The closing value of the Company's portfolio of fund interests was
£114.9 million as at 30 June 2003 (31 March 2003 - £106.1 million).


No new commitments were made during the quarter. 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
slower. The Company's aggregate outstanding commitments to its existing 31
private equity fund interests were £156.0 million as at 30 June 2003 (31 March
2003 - £175.3 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 £33.1
million as at 30 June 2003 (31 March 2003 - £43.0 million). The reduction during
the period largely reflected the net new investment by the Company. During the
period the Company also benefited from a small unrealised foreign currency gain
arising from the continuing appreciation of the euro against sterling. The
closing euro/sterling foreign exchange rate as at 30 June 2003 was £1/€1.4370
(31 March 2003 - £1/€1.4485).


It is anticipated that the Company will release its preliminary announcement for
the year ending 30 September 2003 on or around 1 December 2003. That
announcement will include a formal net asset value per ordinary share as at 30
September 2003. The formal net asset value per ordinary share was 93.1p as at 31
March 2003.


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 conducts 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