Trading Statement

Standard Life Euro Pri Eqty Tst PLC
25 September 2007



                 Standard Life European Private Equity Trust PLC

      Investment update for the period from 31 March 2007 to 30 June 2007

For the quarter ended 30 June 2007 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 12.7% to 231.3p at 30 June 2007 (diluted NAV -
228.0p), up from 205.3p at 31 March 2007 (diluted NAV - 202.1p). As a result,
the Company's NAV for the nine months ended 30 June 2007 has increased by 27.0%,
up from 182.1p at 30 September 2006 (diluted NAV - 179.6p). Net assets were
£369.7 million at 30 June 2007 (31 March 2007 - £326.7 million).

During the quarter ended 30 June 2007 a total of £49.1 million was received by
way of distributions (quarter ended 31 March 2007 - £37.2 million) from the
Company's 48 private equity fund interests. This comprised total realised gains
and income of £30.3 million (quarter ended 31 March 2007 - £23.8 million), which
was equivalent to an average return on the Company's acquisition cost of
realised investments of 2.6 times. This is the highest quantum of distributions
and realised gains and income received in any quarter since the Company's
listing in May 2001.

The closing value of the Company's portfolio of fund interests was £300.4
million at 30 June 2007 (31 March 2007 - £279.9 million). Total unrealised gains
for the quarter ended 30 June 2007 were £13.3 million (quarter ended 31 March
2007 - £8.3 million loss). The unrealised gains reflected the important
semi-annual revaluation of most of the Company's fund interests by their
managers at 30 June 2007 and principally arose from improved trading at many of
the underlying investee companies and the rise in comparable listed company
valuation multiples.

As for new investments, during the quarter the Company's portfolio of private
equity fund interests drew down a total of £26.0 million (quarter ended 31 March
2007 - £36.3 million). New investment activity remained high, reflecting the
strength of the European buy-out market during the period, with €59.4 billion of
buy-out transactions completed across Europe in the second calendar quarter of
2007.

During the quarter to 30 June 2007 the Company made one new fund commitment of
€50.0 million (£33.7 million) to Industri Kapital 2007. At 30 June 2007 the
Company's aggregate outstanding commitments to its existing private equity fund
interests were £357.8 million (31 March 2007 - £353.3 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 £70.5
million at 30 June 2007 (31 March 2007 - £48.9 million). The increase over the
period principally reflected the net cash inflow received by the Company from
distributions less draw downs, particularly in the month of June.
Notwithstanding, at 30 June 2007 the Company continued to have in excess of 80%
of its gross assets invested in private equity assets.

The European private equity sector has for the last few years benefited from a
strong global economy and highly liquid credit markets.  As this quarter's
results indicate, the Company has participated fully in the sector's growth.
Recent loss of confidence and volatility in credit and listed markets makes it
difficult to project, in the short term, the number and scale of private equity
opportunities and their potential return.  The Board and the Manager do,
however, believe that the Company is well positioned and that the funds and
private equity managers to which it has committed are highly experienced and
have access to transactions in attractive market segments.  Accordingly, the
Board remains confident of the Company's future performance.

It is anticipated that the Company will release its preliminary announcement for
the year ending 30 September 2007 on or around 28 November 2007.


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.








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

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