Interim Results

Standard Life Euro Pri Eqty Tst PLC
30 May 2002


30 May 2002


                STANDARD LIFE EUROPEAN PRIVATE EQUITY TRUST PLC

             INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2002


Highlights


•    The Company's investment objective is to achieve long term capital gains 
     through investment in a diversified portfolio of private equity funds 
     investing predominantly in Europe. The Company's ordinary shares were 
     admitted to the London Stock Exchange on 29 May 2001.

•    Against a challenging macro-economic and market background the Company has 
     performed well. Over the six months ended 31 March 2002 the net asset value 
     per ordinary share declined 0.6% to 93.8p (30 September 2001 - 94.3p). The 
     Company's net asset value was £149.7 million as at 31 March 2002 (30 
     September 2001 - £151.0 million).

•    Excluding the impact of unrealised euro/sterling exchange rate losses, 
     which since 31 March 2002 have been eliminated, the net asset value per 
     ordinary share was 95.0p.

•    Although the Company does not have a defined benchmark, the Company's net 
     asset value performance has out-performed the relevant stock market indices 
     in the period from listing to 31 March 2002. The Company's net asset value 
     per ordinary share fell by 5.0% over this period, compared to respective 
     falls of 10.4% and 10.9% in the FTSE All-Share index and the MSCI Europe 
     index (sterling adjusted).

•    In line with the Company's dividend policy, the Board has not declared an 
     interim dividend.

•    As at 31 March 2002, the Company had interests in 26 European private 
     equity funds with a value of £76.6 million (30 September 2001 - £71.6 
     million) and held £73.1 million in cash and other net assets (30 September 
     2001 - £79.4 million).

•    The Company is pursuing an over commitment strategy to allow it to become 
     fully invested on a cash basis. The Company is well placed to meet its 
     target of committing in excess of £200 million to new funds in the period 
     from listing to 30 September 2002. The Company's aggregate outstanding 
     commitments were £135.0 million as at 31 March 2002 (30 September 2001 - 
     £117.4 million).


Quote from Scott Dobbie, CBE Chairman:-

'The six month period saw a weak European merger and acquisition market
resulting in lower private equity activity. Since the period end, however, there
have been signs of greater activity by fund managers and we expect to see an
increased rate of cash draw down by the funds in which the Company is invested.

The Company also enjoys the benefit of having a mature portfolio of private
equity fund interests. We are aware that fund managers are looking to realise a
number of successful underlying investments within these funds over the coming
months. Among the larger underlying investments held by the Company, full or
partial exits have, or are anticipated to take place in Focus Wickes, Intertek
Testing Services, William Hill, Yell, Inveresk Research and Regional Independent
Media.'


For further information please contact:-

Jonny Maxwell/ Peter McKellar (0771 248 5331 and 0771 516 0690 on 30 May 2002
and thereafter on 0131 245 0055)



                              Chairman's Statement

Results and performance

The six months ended 31 March 2002 was a period of uncertainty, both at a macro-
economic level and for listed markets, with global investment activity affected
by a general lack of investor confidence. During this period the Company
continued to commit to private equity funds and, notwithstanding a slow down in
buy-out activity, invested £8.8 million of cash in its portfolio of 26 European
private equity fund interests and generated £4.0 million of distributions.  As
at 31 March 2002 the Company's net asset value per ordinary share was 93.8p, a
0.6% decrease over the net asset value per ordinary share of 94.3p as at 30
September 2001.  In line with the Company's dividend policy, the Board has not
declared an interim dividend.

Private equity is a long-term investment class.  Although the Company does not
have a defined benchmark, it is useful to review the change in net asset value
relative to the movement of the two major stock indices in the period since the
Company's listing on the London Stock Exchange on 29 May 2001.  The Company's
net asset value per ordinary share has fallen by 5.0% over the period from
listing to 31 March 2002. This compares to respective falls of 10.4% and 10.9%
in the FTSE All-Share index and the MSCI Europe index (sterling adjusted) over
the same period. The Company's out-performance continues to be attributable
mainly to its significant cash and money market holdings and the focus of the
portfolio of private equity fund interests on traditional buy-out as opposed to
venture capital funds.


Distributions, draw downs and commitments

The period under review saw a weak European merger and acquisition market
resulting in lower private equity activity, both in terms of new investments
made and realised. Against this background, the Board is pleased to report that
the Company continued to receive distributions, although small, from its
portfolio of fund interests.

In the six months ended 31 March 2002 the portfolio generated £4.0 million of
distributions, of which £1.0 million was realised gains and £0.2 million was
income. This gave an average return on the Company's acquisition cost of the
realised investments of 1.4 times; this compares with an average of 1.2 times in
the period to 30 September 2001. The distributions came from the full, or
partial, disposal of 19 underlying investments within the Company's portfolio.
As at 31 March 2002 the Company had interests in a total of 271 underlying
investments through its portfolio of private equity fund interests (30 September
2001 - 280 underlying investments). The Board believes that such diversification
is a strength.

In the period under review £8.8 million was drawn down by the Company's
portfolio of fund interests.  This was less than we had anticipated due to the
lower private equity activity.  On the other hand, it has been encouraging to
see that the pricing for new buy-out transactions has fallen to more attractive
levels.

A new commitment was made during the six months to one private equity fund, The
Alchemy Investment Plan, the focus of which is complex management buy-outs and
restructurings. The Alchemy Investment Plan is an annual investment plan and the
Company has made an annual commitment of £10 million to this fund. On the basis
that the Company invests in this fund for a period of three years, this
commitment, together with the commitments made to six private equity funds in
the period to 30 September 2001, brings the Company's aggregate commitments made
since listing to £133.4 million (30 September 2001 - £104.4 million).  With the
inclusion of a small number of additional commitments to funds acquired at
listing, the Company's aggregate outstanding commitments to its portfolio of 26
private equity fund interests were £135.0 million as at 31 March 2002 (30
September 2001 - £117.4 million).

The Company is currently in the final stages of due diligence on a number of
other new fund commitments. Subject to suitable investment opportunities being
identified and the Board and the Manager being satisfied with on-going cash
flows, the Board believes it can meet its target to commit in excess of £200
million to new funds in the period from listing to 30 September 2002.  These
commitments can be expected to be drawn down over the next 3-4 years in pursuit
of the Company's objective of becoming fully invested on a cash basis.


Valuation and cash and money market holdings

In undertaking the valuation of the Company's private equity fund interests, the
Company uses the most recent valuation of each fund prepared by the relevant
fund manager, adjusted where necessary for subsequent cash flows. Of the 26 fund
interests held by the Company, 19 of the funds, equating to 82% of the portfolio
by value, were valued by their respective fund managers as at 31 March 2002 and
99% of the portfolio by value was valued no earlier than 31 December 2001. The
closing value of the Company's portfolio as at 31 March 2002 was £76.6 million
(30 September 2001 - £71.6 million).

The movement in the unrealised value of the portfolio over the period was a
decline of £0.9 million. This reflected a number of specific write-downs and
write-ups made by fund managers to particular underlying investments in their
respective funds and a £0.3 million unrealised foreign exchange loss on the
portfolio.

The aggregate cash and money market holdings held by the Company as at 31 March
2002 were £74.8 million (30 September 2001 - £81.6 million). The decline in cash
and money market holdings over the period principally reflected the £4.8 million
of net investment made by the Company. In addition, in December  2001 the
Company switched £75.0 million of its money market holdings from sterling to
euro denominated AAA money market funds to match more closely its future funding
commitments, which  are principally to euro denominated private equity funds. As
a result of euro/sterling exchange rate movements, the unrealised value of the
Company's AAA euro denominated funds had depreciated by £1.7 million as at 31
March 2002. Since the period end this unrealised foreign exchange loss has been
eliminated as the euro has strengthened against sterling.


Share buy-back authority

At the Company's annual general meeting in January 2002, shareholders renewed
the Company's authority to make market purchases of up to 14.99% of the ordinary
shares in issue. As previously stated, in considering whether to utilise this
authority, the Board has regard to the supply and demand balance in the
Company's ordinary shares in the market, the prevailing level of the Company's
share price relative to its net asset value and the volatility of any discount.
In support of this policy the Company purchased 475,000 ordinary shares,
representing 0.3% of the ordinary shares in issue, for cancellation on 27 March
2002.


Marketing

The Board wishes to make the ordinary shares of the Company available to as wide
a potential  investor base as possible. In early February 2002 Standard Life
Investments (Mutual Funds) Limited launched an ISA in the Company's ordinary
shares.  The Board is also pleased that other ISA providers have made the
Company's ordinary shares available through their schemes.


Outlook

Since the period end there have been signs of greater private equity activity by
fund managers. Given the Company's over-commitment strategy, its substantial
holding of liquid assets and the lower pricing environment for new transactions,
we believe the Company is well placed to benefit from such increased activity.
Equally, the Company enjoys the benefit of having a mature portfolio of private
equity fund interests acquired on listing. We are aware that fund managers are
looking to realise a number of successful underlying investments within these
funds over the coming months.  Among the larger underlying investments held by
the Company, full or partial exits have, or are anticipated to take place in
Focus Wickes, Intertek Testing Services, William Hill, Yell, Inveresk Research
and Regional Independent Media.

Finally, I am pleased to report that Hamish Buchan, a non-executive director,
was appointed deputy chairman of the Association of Investment Trust Companies
in December 2001.



Scott Dobbie CBE Chairman


STATEMENT OF TOTAL RETURN
For the 6 months to 31 March 2002
(unaudited)
                                                                             Revenue      Capital        Total
                                                                               £'000        £'000        £'000

Net realised gains on investments and AAA Money Market Funds                       -          954          954
Unrealised depreciation on investments                                             -        (933)        (933)
Unrealised depreciation on AAA Money Market Funds                                  -      (1,688)      (1,688)

TOTAL CAPITAL LOSSES ON INVESTMENTS                                                -      (1,667)      (1,667)

Currency losses on cash balances                                                   -         (17)         (17)
Income from investments                                                          159            -          159
Income from AAA Money Market Funds                                             1,399            -        1,399
Interest receivable on short term deposits                                        45            -           45
Investment management fee                                                       (33)        (297)        (330)
Administrative expenses                                                        (153)            -        (153)

RETURN ON ORDINARY ACTIVITIES BEFORE TAXATION                                  1,417      (1,981)        (564)
Taxation                                                                       (416)           80        (336)

RETURN ON ORDINARY ACTIVITIES AFTER TAXATION                                   1,001      (1,901)        (900)
Dividend payable in respect of ordinary shares                                     -            -            -

TRANSFER TO/(FROM) RESERVES                                                    1,001      (1,901)        (900)


RETURN PER ORDINARY SHARE                                                      0.63p      (1.19p)      (0.56p)

DIVIDEND PER ORDINARY SHARE                                                        -



STATEMENT OF TOTAL RETURN
For the period 9 March 2001 to 30 September 2001


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

Net realised gains on investments and AAA Money Market Funds                       -        1,151        1,151
Unrealised depreciation on investments                                             -      (8,141)      (8,141)
Unrealised depreciation on AAA Money Market Funds                                  -            -            -

TOTAL CAPITAL LOSSES ON INVESTMENTS                                                -      (6,990)      (6,990)

Currency losses on cash balances                                                   -         (12)         (12)
Income from investments                                                           35            -           35
Income from AAA Money Market Funds                                             1,233            -        1,233
Interest receivable on short term deposits                                       105            -          105
Investment management fee                                                       (22)        (195)        (217)
Administrative expenses                                                        (116)         (16)        (132)

RETURN ON ORDINARY ACTIVITIES BEFORE TAXATION                                  1,235      (7,213)      (5,978)
Taxation                                                                       (369)           57        (312)

RETURN ON ORDINARY ACTIVITIES AFTER TAXATION                                     866      (7,156)      (6,290)
Dividend payable in respect of ordinary shares                                 (720)            -        (720)

TRANSFER TO/(FROM) RESERVES                                                      146      (7,156)      (7,010)


RETURN PER ORDINARY SHARE                                                      0.54p      (4.47p)      (3.93p)

DIVIDEND PER ORDINARY SHARE                                                    0.45p



BALANCE SHEET
(unaudited)
                                                                              As at                    As at
                                                                           31 March             30 September
                                                                               2002                     2001
                                                                              £'000                    £'000
FIXED ASSETS
Unlisted investments                                                         76,593                   71,599
AAA Money Market Funds                                                       73,515                   79,000
                                                                            150,108                  150,599
CURRENT ASSETS
Debtors                                                                         203                      303
Cash and short term deposits                                                  1,325                    2,603
                                                                              1,528                    2,906

CREDITORS: Amounts falling due within one year                              (1,654)                  (1,940)

NET CURRENT ASSETS                                                            (126)                      966

TOTAL ASSETS LESS CURRENT LIABILITIES                                       149,982                  151,565

CREDITORS: Amounts falling due after more than one year                       (303)                    (605)
                                                                            149,679                  150,960


CAPITAL AND RESERVES
Called up share capital - equity                                                319                      320
Other reserves                                                              149,325                  150,605
TOTAL EQUITY SHAREHOLDERS' FUNDS                                            149,644                  150,925

TOTAL NON-EQUITY SHAREHOLDERS' FUNDS                                             35                       35

TOTAL SHAREHOLDERS' FUNDS                                                   149,679                  150,960


NET ASSET VALUE PER EQUITY SHARE                                             93.81p                   94.33p



CASHFLOW STATEMENT
(unaudited)
                                                                   6 months to             9 March 2001 to
                                                                 31 March 2002           30 September 2001
                                                            £'000        £'000           £'000       £'000

Net revenue on ordinary activities before taxation                       1,417                       1,235
Decrease/(increase) in accrued income                                       96                       (299)
Decrease/(increase) in other debtors                                         4                         (4)
(Decrease)/increase in creditors                                           (7)                         302
Expenses charged to capital reserve - realised                           (297)                       (211)

NET CASH INFLOW

FROM OPERATING ACTIVITIES                                                1,213                       1,023

NET CASH OUTFLOW FROM TAXATION                                           (275)                           -

FINANCIAL INVESTMENT
Purchase of investments                                  (84,084)                     (84,082)
Disposal of investments                                    82,907                        7,238

NET CASH OUTFLOW FROM FINANCIAL INVESTMENT

                                                                       (1,177)                    (76,844)

ORDINARY DIVIDENDS PAID                                                  (720)                           -

NET CASH OUTFLOW BEFORE FINANCING                                        (959)                    (75,821)

FINANCING
Issue of ordinary shares                                        -                       79,255
Issue of founder shares                                         -                           35
Expenses of issue                                           (302)                        (854)

NET CASH (OUTFLOW)/INFLOW

FROM FINANCING                                                           (302)                      78,436

(DECREASE)/INCREASE IN CASH                                            (1,261)                       2,615


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 is wholly 
     independent of the Manager and The Standard Life Assurance Company.
     
2.   The Company was incorporated on 9 March 2001 and commenced business on 29 
     May 2001.

3.   The accounts have been prepared in accordance with applicable accounting 
     standards and the Statement of Recommended Practice 'Financial Statements 
     of Investment Trust Companies' on the assumption that approval as an 
     investment trust will be granted.  The accounting policies used for the 
     period ended 30 September 2001 have been consistently applied in the 
     interim accounts.

4.   Rates of exchange to sterling as at 31 March 2002 were: €1.6323 and 
     US$1.4240 (30 September 2001 - € 1.6138 and USS$1.4697).

5.   The number of ordinary shares in issue as at 31 March 2002 was 159,525,000 
     (30 September 2001 - 160,000,000).  The return per ordinary share is based 
     on the weighted average number of ordinary shares in issue.  The Company 
     bought back for cancellation 475,000 ordinary shares on 27 March 2002 at a 
     cost of £380,000.

6.   No interim dividend has been declared.

7.   The statement of total return, balance sheet and cashflow statement set out 
     above do not represent full accounts in accordance with section 240 of the 
     Companies Act 1985.

8.   The revenue column of the statement of total return represents the revenue 
     account of the Company. All revenue and capital items in the statement of 
     total return derive from continuing operations. No operations were acquired 
     or discontinued in the period.

9.   The financial information for the period ended 30 September 2001 has been 
     extracted from the report and accounts of the Company which have been filed 
     with the Registrar of Companies.  The auditors' report on those accounts 
     was unqualified.

10.  The interim report and accounts will be posted to shareholders and copies 
     will be available from the Manager - Standard Life Investments 
     (Private Equity) Ltd, 1 George Street, Edinburgh EH2 2LL. 


     for Standard Life European Private Equity Trust PLC,
     Edinburgh Fund Managers plc, SECRETARY

     END


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