Final Results

Standard Life Euro Pri Eqty Tst PLC
29 November 2004

29 November 2004



                STANDARD LIFE EUROPEAN PRIVATE EQUITY TRUST PLC

RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2004

Highlights

  • The Company's net asset value per ordinary share ('NAV') rose by 13.1% to
    105.9p (30 September 2003 - 93.6p) over the year ended 30 September 2004.


  • The closing mid-market price of the Company's ordinary shares on 30
    September 2004 was 94.5p (30 September 2003 - 82.0p), a rise of 15.2% over
    the year.


  • The Board is recommending a final dividend of 1.20p per ordinary share
    (year ended 30 September 2003 - 0.55p).


  • Private equity is a long-term asset class. Since listing in May 2001, the
    Company's NAV has materially out-performed the two relevant major stock
    market indices, rising by 7.3% while the FTSE All-Share Index has fallen by
    20.4% and the MSCI Europe Index (sterling adjusted) by 22.6%.


  • As at 30 September 2004 the Company's net assets were £168.6 million (30
    September 2003 - £148.9 million). The Company had interests in 30 private
    equity funds with a value of £150.3 million (30 September 2003 - £126.9
    million) and held £18.3 million in cash and other net assets (30 September
    2002 - £22.0 million).


  • The valuation of the Company's private equity fund interests included
    unrealised gains arising during the year of £10.0 million, which marked a
    significant improvement on the previous financial year (year ended 30
    September 2003 - unrealised loss £2.3 million).


  • Distributions received during the year totalled £40.6 million (year ended
    30 September 2003 - £13.6 million), including £15.2 million of net realised
    gains and income (year ended 30 September 2003 - £3.4 million). The Company
    received more money by way of distributions than in any year since its
    listing.


  • Draw downs made during the year totalled £39.9 million (year ended 30
    September 2003 - £52.5 million). The slow down in new investment activity
    was attributable to a reduction generally in the number of deals in the
    early part of 2004 and a greater emphasis by private equity managers on
    achieving realisations.


  • No new fund commitments were made during the year. However, the Company
    has made two new fund commitments, totalling £20.6 million, since the
    financial year end.



Quote from Scott Dobbie, Chairman:-

'The Company has made good progress over the last year and continues to enjoy a
steady flow of distributions. This pattern is expected to continue, subject to
macro-economic and political events.'


For further information please contact:-

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


                              Chairman's Statement

Performance and dividend

In a stronger macro-economic environment the year ended 30 September 2004 saw
positive returns for the major stock market indices and an improving market for
private equity realisations. Against this background, the Company has made good
progress. As at 30 September 2004 the Company's NAV was 105.9p, a 13.1% increase
over the NAV of 93.6p reported as at 30 September 2003.


The income received by the Company during the year allows the Board to recommend
a final dividend of 1.20p per ordinary share (year ended 30 September 2003 -
0.55p). Subject to shareholder approval, this dividend will be paid on 3
February 2005 to shareholders on the share register as at 7 January 2005.


Although the Company does not have a defined benchmark, the Company's NAV since
listing has materially out-performed the two most relevant stock market indices.
Since listing in May 2001, the Company's NAV has risen by 7.3%, while the FTSE
All-Share Index has fallen by 20.4% and the MSCI Europe Index (sterling
adjusted) by 22.6%.


The closing mid-market price of the Company's ordinary shares on 30 September
2004 was 94.5p (30 September 2003 - 82.0p) an increase of 15.2%. The share price
was at a 10.8% discount to the Company's NAV as at that date (30 September 2003
- 12.4%).


Valuation

The value of the Company's portfolio of 30 private equity fund interests rose
over the year, through a combination of new investment activity less
distributions and unrealised gains. As at 30 September 2004 the portfolio was
valued at £150.3 million (30 September 2003 - £126.9 million). The unrealised
gains on the portfolio over the year were £10.0 million. The uplift from
unrealised gains can be attributed principally to the improving economic climate
and better trading conditions and cashflow generation at the underlying investee
companies. Encouragingly, nearly all of the private equity funds represented in
the Company's portfolio reported net valuation uplifts for the year.


The Company's aggregate cash and money market holdings were £20.9 million as at
30 September 2004 (30 September 2003 - £23.1 million).


During the year the 2.1% appreciation in sterling versus the euro and the 8.9%
appreciation in sterling versus the US dollar had a marginally negative impact
on NAV. As at 30 September 2004 £114.1 million, or 66.6%, of the Company's gross
assets were invested in euro or US dollar denominated assets (30 September 2003
- £99.3 million or 66.0%).


Investment activity

The year ended 30 September 2004 was a quieter period for new investment by the
managers of the Company's private equity fund interests, when compared to the
strong deal flow seen in the period from early 2002 to late 2003. This slow-down
can be attributed to a reduction in the number of vendors in the early part of
2004, as the economic and financial environment improved, and a greater emphasis
by private equity managers on achieving realisations. Nevertheless, a total of
£39.9 million was drawn down by the Company's portfolio of fund interests (year
ended 30 September 2003 - £52.5 million).


The Company's portfolio generated £40.6 million of distributions during the year
(year ended 30 September 2003 - £13.6 million), of which £11.7 million was net
realised gains and £3.5 million was income (year ended 30 September 2003 - net
realised gains and income of £3.4 million). The Company received more money in
distributions than in any year since its listing, reflecting a healthier market
for the disposal and re-capitalisation of private equity investments. During the
year 27 of the 30 private equity funds held by the Company distributed proceeds
by way of gains and/or income.


The Company's aggregate outstanding commitments to its existing private equity
fund interests were £92.1 million as at 30 September 2004 (30 September 2003 -
£141.6 million). Most of these commitments should be drawn down over the next
2-3 years. These outstanding commitments will be funded from the Company's
existing cash and money market holdings, distributions received from the
Company's portfolio of private equity fund investments and, if necessary, the
use of bank borrowings. As at 30 September 2004 the Company's £40 million
committed revolving credit facility with The Royal Bank of Scotland plc remained
undrawn.


No new fund commitments were made during the year. However, given the Company's
actual and projected cashflows, the Board has decided that the Company should
start to make new commitments again. This complements the current fund raising
position of the leading European private equity managers, with most beginning to
raise new funds or planning to do so within the next 18 months. Accordingly, the
Company has made two new fund commitments, totalling £20.6 million, since the
financial year end.


Outlook

The Company continues to enjoy a steady flow of distributions, from a mixture of
disposals and re-capitalisations. Subject to macro-economic performance and
political events, this pattern is expected to continue, while ongoing
improvements in trading and cashflow at underlying investee companies should
benefit unrealised valuations. Deal flow and the number of new transactions
being completed by the private equity managers represented in the Company's
portfolio have risen since mid 2004 and this should provide a good opportunity
for the profitable deployment of the Company's remaining liquid resources.


Scott Dobbie CBE
Chairman


STATEMENT OF TOTAL RETURN (audited)
for the year ended 30 September 2004


                                                                          Revenue          Capital          Total
                                                                            £'000            £'000          £'000

GAINS ON INVESTMENTS                                                           -           20,143         20,143

Currency losses on cash balances                                               -              (31)           (31)
Income from investments                                                    3,887                -          3,887
Interest receivable on cash                                                   89                -             89
Investment management fee                                                   (129)          (1,162)        (1,291)
Administrative expenses                                                     (360)               -           (360)
                                                                          _______          _______        _______
RETURN ON ORDINARY ACTIVITIES BEFORE INTEREST AND TAXATION                 3,487           18,950         22,437
Interest                                                                     (19)            (172)          (191)
                                                                          _______          _______        _______
RETURN ON ORDINARY ACTIVITIES BEFORE TAXATION                              3,468           18,778         22,246
Taxation                                                                  (1,040)             400           (640)
                                                                          _______          _______        _______
RETURN ON ORDINARY ACTIVITIES AFTER TAXATION                               2,428           19,178         21,606
Dividend in respect of ordinary shares                                    (1,910)               -         (1,910)
                                                                          _______          _______        _______
Transfer to reserves                                                         518           19,178         19,696
                                                                          _______          _______        _______
RETURN PER ORDINARY SHARE                                                   1.53p           12.05p         13.58p

DIVIDEND PER ORDINARY SHARE                                                 1.20p


STATEMENT OF TOTAL RETURN (audited)
for the year ended 30 September 2003


                                                                          Revenue          Capital          Total
                                                                            £'000            £'000          £'000

GAINS ON INVESTMENTS                                                           -            5,604          5,604

Currency gains on cash balances                                                -               47             47
Income from investments                                                    2,036                -          2,036
Interest receivable on cash                                                  109                -            109
Investment management fee                                                   (118)          (1,063)        (1,181)
Administrative expenses                                                     (391)               -           (391)
                                                                          _______          _______        _______
RETURN ON ORDINARY ACTIVITIES BEFORE INTEREST AND TAXATION                 1,636            4,588          6,224
Interest                                                                     (12)             (58)           (70)
                                                                          _______          _______        _______
RETURN ON ORDINARY ACTIVITIES BEFORE TAXATION                              1,624            4,530          6,154
Taxation                                                                    (488)             336           (152)
                                                                          _______          _______        _______
RETURN ON ORDINARY ACTIVITIES AFTER TAXATION                               1,136            4,866          6,002
Dividend in respect of ordinary shares                                      (875)               -           (875)
                                                                          _______          _______        _______
Transfer to reserves                                                         261            4,866          5,127
                                                                          _______          _______        _______
RETURN PER ORDINARY SHARE                                                   0.71p            3.06p          3.77p

DIVIDEND PER ORDINARY SHARE                                                 0.55p



BALANCE SHEET (audited)
as at 30 September


                                                                     2004                        2003
                                                               £'000       £'000           £'000       £'000

FIXED ASSETS
Investments                                                                170,967                     149,683

CURRENT ASSETS
Debtors                                                             71                         316
Cash                                                               242                         329
                                                                _______                     _______
                                                                   313                         645

CREDITORS: Amounts falling due within one year                  (2,651)                     (1,395)
                                                                _______                     _______
NET CURRENT LIABILITIES                                                     (2,338)                       (750)
                                                                            _______                     _______
TOTAL ASSETS LESS CURRENT LIABILITIES                                      168,629                     148,933
                                                                            _______                     _______
CAPITAL AND RESERVES
Called up share capital                                                        354                         354
Share premium                                                               77,775                      77,775
Special reserve                                                             79,148                      79,148
Capital redemption reserve                                                       1                           1
Capital reserve - realised                                                  20,011                       9,394
Capital reserve - unrealised                                               (10,093)                    (18,654)
Revenue reserve                                                              1,433                         915
                                                                            _______                     _______
TOTAL SHAREHOLDERS' FUNDS                                                  168,629                     148,933
                                                                            _______                     _______
ANALYSIS OF SHAREHOLDERS' FUNDS
Equity interests (ordinary shares)                                         168,594                     148,898
Non-equity interests (founder shares)                                           35                          35
                                                                            _______                     _______
                                                                           168,629                     148,933
                                                                            _______                     _______
NET ASSET VALUE PER EQUITY SHARE                                             105.9p                       93.6p




CASHFLOW STATEMENT (audited)
for the year ended 30 September

                                                                     2004                        2003
                                                               £'000       £'000           £'000       £'000

NET CASH INFLOW FROM OPERATING ACTIVITIES                                    2,415                         755

NET CASH OUTFLOW FROM SERVICING OF FINANCE                                    (191)                         (5)

NET CASH OUTFLOW FROM TAXATION                                                (264)                     (1,014)

FINANCIAL INVESTMENT
Purchase of investments                                        (52,181)                    (61,158)
Disposal of investments                                         51,040                      63,941
                                                                _______                     _______
NET CASH (OUTFLOW) / INFLOW FROM FINANCIAL INVESTMENT                       (1,141)                      2,783

ORDINARY DIVIDENDS PAID                                                       (875)                     (1,910)
                                                                            _______                     _______
NET CASH (OUTFLOW) / INFLOW BEFORE USE OF LIQUID RESOURCES                     (56)                        609
AND FINANCING

FINANCING
Expenses of issue                                                    -                        (605)
Buyback of ordinary shares                                           -                        (185)
                                                                _______                     _______
NET CASH OUTFLOW FROM FINANCING                                                  -                        (790)
                                                                            _______                     _______
DECREASE IN CASH                                                               (56)                       (181)
                                                                            _______                     _______


Notes:-



1.  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.

2.  The statement of total return (incorporating the revenue account),
balance sheet and cashflow statement set out above do not represent full
accounts in accordance with section 240 of the Companies Act 1985. The accounts
have been prepared in accordance with the Statement of Recommended Practice '
Financial Statements of Investment Trust Companies'.

3.  The revenue column of the statement of total return represents the
revenue account of the Company. No operations were acquired or discontinued
during the year ended 30 September 2004. The investment management fee and
financing costs are allocated 10% to revenue and 90% to capital. The Company was
incorporated on 9 March 2001 and commenced business on 29 May 2001.

4.  The Directors recommend that a final dividend of 1.20p (2003 - 0.55p)
per ordinary share be paid on 3 February 2005 to shareholders on the Company's
share register as at the close of business on 7 January 2005.  The ex-dividend
date for the final dividend is 5 January 2005.

5.  As at 30 September 2004 the Company had 159,150,000 ordinary shares
in issue (30 September 2003-159,150,000 ordinary shares).

6.  The statutory audited accounts for the period ended 30 September
2003, which were unqualified, have been lodged with the Registrar of Companies.
The statutory accounts for the year ended 30 September 2004 contain an
unqualified audit report and will be delivered to the Registrar of Companies
following the Company's Annual General Meeting, which will be held at 1 George
Street, Edinburgh EH2 2LL on 25 January 2005 at 12.00 noon.

7.  The report and accounts for the year ended 30 September 2004 will be
posted to shareholders on 17 December 2004 and copies will be available from the
Company Secretary - Edinburgh Fund Managers plc, Donaldson House, 97 Haymarket
Terrace, Edinburgh EH12 5HD.


for Standard Life European Private Equity Trust PLC,

Edinburgh Fund Managers plc,

Company Secretary

END


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