3rd Quarter Results

Standard Life Euro Pri Eqty Tst PLC
22 September 2004





                'Standard Life European Private Equity Trust PLC



      Investment update for the period from 31 March 2004 to 30 June 2004



In the quarter ended 30 June 2004 the Company has made significant progress,
with the Company enjoying a healthy level 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 6.0% to
103.1p at 30 June 2004, up from 97.3p at 31 March 2004. As a result, the
Company's NAV for the nine months ended 30 June 2004 has increased by 10.1%, up
from 93.6p at 30 September 2003.



During the quarter ended 30 June 2004 a total of £14.0 million was received by
way of distributions (quarter ended 31 March 2004 - £9.2 million) from the
Company's 30 private equity fund interests. This comprised total realised gains
and income of £4.2 million (quarter ended 31 March 2004 - £4.4 million). The
Company received more money in distributions during the quarter than in any
quarter since the Company's listing in 2001, reflecting an increasing number of
disposals and re-capitalisations of underlying investments.



The closing value of the Company's portfolio of fund interests was £139.9
million at 30 June 2004 (31 March 2004 - £136.5 million). The total unrealised
gains for the quarter ended 30 June 2004 were £5.9 million (quarter ended 31
March 2004 - £(4.4) million). This was the highest quarterly gain since the
Company's listing and points to an improving macro-economic environment and
better trading at 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 £7.3 million. The level of
new investment activity was slightly lower than in the preceding two quarterly
periods, reflecting a quieter period for deal flow (quarter ended 31 December
2003 - £10.1 million; quarter ended 31 March 2004 - £8.8 million).



No new fund commitments were made during the quarter ended 30 June 2004. The
Company's aggregate outstanding commitments to its existing 30 private equity
fund interests were £104.5 million at 30 June 2004 (31 March 2004 - £116.1
million). These commitments can be expected to be drawn down over the next 3
years. It is anticipated that, in light of actual and projected cash flows, the
Company will start to make new fund commitments in the coming months.



The aggregate closing cash and money market holdings of the Company were £25.3
million at 30 June 2004 (31 March 2004 - £18.8 million). The increase over the
period largely reflected the 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 2004 on or around 29 November 2004.



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 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
The Standard Life Assurance Company.'









                      This information is provided by RNS
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