Trading Statement

Standard Life Euro Pri Eqty Tst PLC
27 September 2006



                Standard Life European Private Equity Trust PLC

      Investment update for the period from 31 March 2006 to 30 June 2006


For the quarter ended 30 June 2006 the Company made good progress, receiving
significant distributions and realised and unrealised gains from its private
equity fund interests. This resulted in the Company's unaudited net asset value
per share ('NAV') increasing by 9.4% to 173.9p at 30 June 2006, from 159.0p at
31 March 2006. As a result, the Company's NAV for the nine months ended 30 June
2006 has increased by 21.2%, from 143.5p at 30 September 2005 (restated under UK
GAAP to add back the 1.8p per ordinary share final dividend that was declared,
but not approved, as at 30 September 2005). The Company's net assets were £276.9
million at 30 June 2006 (31 March 2006 - £253.1 million).

During the quarter ended 30 June 2006 a total of £23.0 million was received by
way of distributions (quarter ended 31 March 2006 - £21.6 million) from the
Company's 43 private equity fund interests. This comprised total realised gains
and income of £13.9 million (quarter ended 31 March 2006 - £9.9 million).

The closing value of the Company's portfolio of fund interests was £230.5
million at 30 June 2006 (31 March 2006 - £208.8 million). Total unrealised gains
for the quarter ended 30 June 2006 were £12.1 million (quarter ended 31 March
2006 - £5.9 million loss). The gains reflected the important semi-annual
revaluation of most of the Company's fund interests by their managers at 30 June
2006 and arose principally from better trading and cashflow generation at many
of the underlying investee companies.

As for new investment activity, during the quarter the Company's portfolio of
private equity fund interests drew down a total of £18.7 million (quarter ended
31 March 2006 - £19.6 million). This occurred against a background of strong
industry investment activity, with a record €38.9 billion of buy-out
transactions completed across Europe in the second calendar quarter of 2006.

During the quarter to 30 June 2006 the Company made no new fund commitments, but
has subsequently committed £27.7 million (sterling equivalent) to 3i Eurofund V
and £31.1 million (sterling equivalent) to Permira IV. At 30 June 2006 the
Company's aggregate outstanding commitments to its existing private equity fund
interests were £274.7 million (31 March 2006 - £297.6 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 £48.0
million at 30 June 2006 (31 March 2006 - £45.4 million). The increase over the
period principally reflected the net cash inflow received by the Company from
distributions less draw downs, however, at the quarter end the Company continued
to have in excess of 80% of its gross assets invested in private equity assets.

In terms of the foreign exchange exposure of the Company's £278.7 million of
gross assets, £154.8 million (sterling equivalent) comprised euro denominated
assets and £45.0 million (sterling equivalent) comprised dollar denominated
assets (31 March 2006 - £142.8 million and £49.9 million respectively). The
exchange rates at 30 June 2006 were £1/€1.4465 and £1/$1.84955 compared to rates
of  £1/€1.43335 and £1/$1.73455 at 31 March 2006. Since the quarter end sterling
has continued to appreciate against these two currencies.

It is anticipated that the Company will release its preliminary announcement for
the year ending 30 September 2006 on or around 4 December 2006.


For further information please contact:-

Peter McKellar 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 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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