Investment Policy

Standard Life Euro Pri Eqty Tst PLC
21 October 2003


               STANDARD LIFE EUROPEAN PRIVATE EQUITY TRUST PLC


                       CONFIRMATION OF INVESTMENT POLICY

In anticipation of changes to the Listing Rules which come into force on 1st
November 2003, the board of Standard Life European Private Equity Trust PLC
announces that the Company shall not invest more than 15% of its gross assets in
other listed investment companies (including investment trusts). The Company's
investment policy is to invest in private equity funds the majority of which are
structured as limited partnerships.


For Standard Life Private Equity Trust plc,
Edinburgh Fund Managers plc, SECRETARY



Enquiries to:

Peter McKellar at Standard Life Investments (Private Equity) Ltd
Telephone: [phone]


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