Trading Statement

Standard Life Euro Pri Eqty Tst PLC
18 March 2008

                Standard Life European Private Equity Trust PLC


  Investment update for the period from 30 September 2007 to 31 December 2007


In the first quarter of the Company's new financial year the European private
equity market witnessed a significant reduction in new investment and
realisation activity, as a result of credit market turbulence, the reduced
availability of debt and concerns about a macro-economic slow down.  Against
this background, the Company saw lower realised and unrealised gains than in
recent quarters from its private equity investments. The Company's unaudited net
asset value per share ('NAV') increased by 5.4% to 254.5p (diluted - 250.6p) as
at 31 December 2007, from 241.3p (diluted - 237.7p) as at 30 September 2007. The
Company's net assets were £406.9 million as at 31 December 2007 (30 September
2007 - £385.7 million).


During the quarter ended 31 December 2007 a total of £21.2 million was received
by way of distributions (quarter ended 30 September 2007 - £38.1 million) from
the Company's portfolio of 48 private equity fund interests. The fall in
distributions received, to the lowest quarterly total since June 2005, reflected
the significant slow down in the European private equity market. Realised gains
and income represented £16.3 million of distributions received (quarter ended 30
September 2007 - £27.5 million). On a positive note, the average return on the
Company's acquisition cost of realised investments was 4.3X (quarter ended 30
September 2007 - 3.6X) reflecting some exceptional gains.


The closing value of the Company's portfolio of private equity fund interests
was £364.6 million as at 31 December 2007 (30 September 2007 - £322.6 million).
The total unrealised gains for the quarter ended 31 December 2007 were £3.8
million (quarter ended 30 September 2007 - £11.7 million unrealised loss),
comprising an unrealised foreign exchange gain of £13.9 million, a movement from
unrealised gains to realised gains of £11.3 million and an underlying unrealised
gain on the portfolio of £1.2 million.


As for new investment activity, during the quarter the Company's portfolio of
private equity fund interests drew down a total of £43.0 million (quarter ended
30 September 2007 - £44.7 million). The level of new investment activity
remained relatively high, reflecting to an extent the completion of transactions
which had been in negotiation prior to, and during, the initial credit market
turbulence.


No new fund commitments were made in the quarter ended 31 December 2007. Since
31 December 2007 the Company has continued to make, and to undertake due
diligence on, new private equity fund commitments. As at 31 December 2007 the
Company's aggregate outstanding commitments to its private equity fund interests
were £338.8 million (30 September 2007 - £366.0 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 as at 31
December 2007 were £43.2 million (30 September 2007 - £64.2 million), with the
reduction in the quarter reflecting the slow down in distributions received.


It is anticipated that the Company will release its interim announcement for the
six months ending 31 March 2008 on or around 30 May 2008.



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 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.


                      This information is provided by RNS
            The company news service from the London Stock Exchange