Trading Statement

Standard Life Euro Pri Eqty Tst PLC
24 September 2002


                Standard Life European Private Equity Trust PLC

      Investment update for the period from 31 March 2002 to 30 June 2002


On 30 May 2002, the Company announced its interim results for the six months
ended 31 March 2002. In the quarter to 30 June 2002 the Company has continued to
make steady progress, against a background of weak global investment markets.
The Company's £74.2 million of cash and money market holdings as at 30 June 2002
continue to protect the trust's net asset value.

During the quarter to 30 June 2002 a total of £10.3 million was drawn down by
the portfolio of 30 private equity funds in which the Company is invested and a
total of £6.2 million was received by way of distributions. This is a higher
quantum of draw downs and distributions than in any previous quarter since the
Company's listing in May 2001. Total realised gains and income from the
distributions received in the period were £3.0 million, giving an average return
on the cost to the Company of the realised investments of around 1.94 times. The
closing value of the Company's portfolio of fund interests was £79.1 million as
at 30 June 2002 (£76.6 million as at 31 March 2002).

New commitments were made in the quarter to 30 June 2002 to four private equity
funds. A commitment of €25 million was made to Duke Street Capital V, €25
million to Barclays Private Equity European Fund, US$20 million to Pomona
Capital V, and US$30 million to Coller International Partners IV. Duke Street
Capital V and Barclays Capital European Fund are European mid-market buy-outs
funds, while Pomona Capital V and Coller International Partners IV are global
funds focused on acquiring secondary private equity fund interests.

The above new fund commitments bring the Company's aggregate new commitments
made since listing to £200.4 million (£133.4 million as at 31 March 2002). This
is in line with the Board's target of the Company committing in excess of £200
million to new private equity funds in the period from listing to 30 September
2002.

The Company's aggregate outstanding commitments to its entire portfolio of 30
private equity fund interests were £191.9 million as at 30 June 2002 (£135.0
million as at 31 March 2002). These outstanding 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 £74.2
million as at 30 June 2002 (£74.8 million as at 31 March 2002). The small
reduction during the period reflected the increased net investment by the
Company, offset by an unrealised foreign currency gain arising from the
appreciation of the euro against sterling. As at 30 June 2002, £68.6 million of
the Company's cash and money market holdings were held in euro denominated
accounts and funds.

It is anticipated that the Company will release its preliminary announcement for
the year ending 30 September 2002 on or around 2 December 2002. That
announcement will include a net asset value per ordinary share as at 30
September 2002. The last published net asset value per ordinary share was 93.8p
as at 31 March 2002.



For further information please contact:-

Peter McKellar/David Currie 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




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