Interim Management Statement

Standard Life Euro Pri Eqty Tst PLC
29 January 2008



                Standard Life European Private Equity Trust PLC



      Interim management statement for the quarter ended 31 December 2007



Standard Life European Private Equity Trust PLC ('the Company') presents its
interim management statement for the period from 1 October 2007 to 31 December
2007. This announcement constitutes the Company's first interim management
statement for the year ending 30 September 2008 in accordance with rule 4.3 of
the UK Listing Authority's Disclosure and Transparency Rules. This interim
statement summarises information as at 31 December 2007 and any material
developments up to 28 January 2008.



Investment objective



To achieve long-term capital gains through investment in a diversified portfolio
of private equity funds investing predominantly in Europe.



Benchmark



The Company has no defined benchmark.



Performance



The Company's audited net asset value per ordinary share ('NAV') was 241.3p as
at 30 September 2007 (diluted - 237.7p). The Company's NAV as at 31 December
2007 will be announced on or around 18 March 2008. The share price of the
Company's ordinary shares was 217.5p as at 31 December 2007, compared to 226.5p
as at 30 September 2007, a decline of 4.0% over the quarter. Over the same
period the MSCI Europe Index (sterling adjusted) rose 1.5% and the FTSE All
Share Index fell 0.9%.



Financial position



During the quarter ended 31 December 2007 the Company received distributions
from its private equity fund interests of £21.2 million (quarter ended 30
September 2007 - £38.1 million) and funded £43.0 million of draw downs (quarter
ended 30 September 2007 - £44.7 million). The Company had aggregate outstanding
commitments to its private equity fund interests of £338.8 million as at 31
December 2007 (30 September 2007 - £366.0 million).



As at 31 December 2007 the Company held aggregate cash and money market balances
of £43.2 million (30 September 2007 - £64.2 million). As at 31 December 2007 the
Company's £60 million committed revolving credit facility was undrawn (30
September 2007 - nil).



Material events and transactions



During the quarter the Company made no new private equity fund commitments.



On 28 December 2007 the Company issued 100,000 ordinary shares, following the
conversion of 100,000 Founder A shares by a member of the Company's manager, SL
Capital Partners LLP. As at 31 December 2007 the Company's issued ordinary share
capital was 159,922,567 ordinary shares of 0.2p each.



On 28 January 2008 shareholders approved a final dividend for the year ended 30
September 2007 of 3.5p per ordinary share at the Company's annual general
meeting. This final dividend will be paid on 1 February 2008.





For further information please contact:-



Peter McKellar of SL Capital Partners LLP (0131 245 0055)



Note:-

Standard Life European Private Equity Trust PLC is an investment company managed
by SL Capital Partners LLP, the ordinary shares of which are admitted to listing
by the UK Listing Authority and to trading on the 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 Standard Life plc










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