Trading Statement

Standard Life Euro Pri Eqty Tst PLC
28 September 2005




                Standard Life European Private Equity Trust PLC



      Investment update for the period from 31 March 2005 to 30 June 2005



For the quarter ended 30 June 2005 the Company continued to make good progress,
again enjoying record levels of distributions and realised and unrealised gains
from its private equity fund interests. This has resulted in the Company's
unaudited net asset value per share ('NAV') increasing by 13.5% to 137.4p at 30
June 2005, compared to 121.1p at 31 March 2005. The Company's NAV for the nine
months ended 30 June 2005 has thus increased by 29.7%, up from 105.9p at 30
September 2004. Net assets at 30 June 2005 were £218.7 million (31 March 2005 -
£192.8 million).



During the quarter ended 30 June 2005 a total of £18.5 million was received by
way of distributions (quarter ended 31 March 2005 - £17.8 million) from the
Company's 37 private equity fund interests. This comprised total realised gains
and income of £8.5 million (quarter ended 31 March 2005 - £7.9 million).
Distributions received in the quarter under review were higher than in any
quarter since the Company's listing in 2001, reflecting the positive market for
the sale and re-capitalisation of private equity companies.



The closing value of the Company's portfolio of fund interests was £191.7
million at 30 June 2005 (31 March 2005 - £167.2 million). Total unrealised gains
for the quarter ended 30 June 2005 were £17.8 million (quarter ended 31 March
2005 - £2.5 million loss). This increase can be attributed principally to the
strong trading experienced by many underlying investee companies and the
continued improvement in financial markets.



As for new investment activity, during the quarter the Company's portfolio of
private equity fund interests drew down a total of £16.7 million (quarter ended
31 March 2005 - £7.6 million). The level of new investment activity was high and
reflected the buoyant market in Europe for buy-outs in the second calendar
quarter of 2005.



Since 31 March 2005 the Company has continued to make new private equity fund
commitments, in line with its over-commitment strategy. During the quarter the
Company made new commitments of £15.2 million to BC European Capital VIII and
£15.2 million to Montagu III, both European buy-out funds. At 30 June 2005 the
Company's aggregate outstanding commitments to its existing private equity fund
interests were £156.4 million (31 March 2005 - £142.7 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 £27.6
million at 30 June 2005 (31 March 2005 - £26.9 million). The increase over the
period principally reflected the small net cash inflow received by the Company
from distributions less draw downs.



It is anticipated that the Company will release its preliminary announcement for
the year ending 30 September 2005 on or around 5 December 2005.



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
Stock Exchange and which seeks to 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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