Final Results

Standard Life Euro Pri Eqty Tst PLC
01 December 2003

1 December 2003


                STANDARD LIFE EUROPEAN PRIVATE EQUITY TRUST PLC

                  RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2003

Highlights
          
•    The Company can report a satisfactory result for the year against a
     background of significant political and economic uncertainty. During the 
     year ended 30 September 2003 the Company's net asset value per ordinary 
     share ('NAV') rose 3.7% to 93.6p (30 September 2002 - 90.3p). As at 30 
     September 2003 the Company's net assets were £148.9 million (30 September 
     2002 - £143.8 million). The closing mid-market price of the Company's 
     ordinary shares on 30 September 2003 was 82.0p (30 September 2002 - 82.0p).
          
•    Private equity should be viewed as a long-term asset class. The Company's 
     NAV since listing has materially out-performed the two relevant, major
     stock market indices. Since listing in May 2001, the Company's NAV has 
     fallen by 5.2%, while the FTSE All-Share Index has fallen by 28.9% and the 
     MSCI Europe Index (sterling adjusted) by 31.1%.

•    The Board is recommending a final dividend of 0.55p per ordinary share
     (year ended 30 September 2002 - 1.20p). This dividend will be paid on 5 
     February 2004 to shareholders on the Company's share register as at 9 
     January 2004.

•    As at 30 September 2003 the Company had interests in 30 private equity
     funds with a value of £126.9 million (30 September 2002 - £86.7 million) 
     and held £22.0 million in cash and other net assets (30 September 2002 - 
     £57.1 million).

•    During the year the Company benefited from a 10.4% appreciation of the
     euro against sterling. The closing euro/sterling foreign exchange rate on 
     30 September 2003 was £1/€1.4267 (30 September 2002 - £1/€1.5913). As at      
     30 September 2003 the Company had £72.1 million (sterling equivalent) of 
     euro denominated assets (30 September 2002 - £100.4 million (sterling 
     equivalent).

•    Draw downs made during the year totalled £52.6 million (year ended 30
     September 2002 - £36.0 million), with the quantum of draw downs being 
     evenly spread across the year.  This reflected an attractive pricing and 
     competitive environment for buy-out funds to complete transactions.

•    Distributions received during the year totalled £13.6 million (year ended 
     30 September 2002 - £15.6 million), including £3.4 million of net realised
     gains and income (year ended 30 September 2002 - £5.1 million). In overall
     terms, the pace and quantum of realisations remained slow, although the 
     Company enjoyed a more active second half.

Quote from Scott Dobbie CBE, Chairman:-

'The Company has started to see, in the last few months, an increasing number of
realisations either completed or at least planned. It is hoped that with the
prospect of a better European mergers and acquisitions market the pace of
realisations from the Company's portfolio will increase. Given the generally
conservative valuation methodology used in valuing unrealised private equity
investments, it is largely through such realisations that an uplift in the
Company's NAV will be achieved.'


For further information please contact:-

Jonny Maxwell/ Peter McKellar of Standard Life Investments (Private Equity)
Limited
(on 0131 245 0055)


Chairman's Statement

Performance and dividend

The year to 30 September 2003 began with a period of significant stock market
volatility, reflecting investor concerns about the global political and economic
environment. As the outlook on both these fronts improved, stock markets
generally reacted positively and have subsequently moved in a broadly upward
direction. Against this challenging background, the Company can report a
satisfactory result. As at 30 September 2003 the Company's net asset value per
ordinary share ('NAV') was 93.6p, a 3.7% increase over the NAV of 90.3p reported
as at 30 September 2002.

The income received from the Company's private equity fund interests and from
uninvested cash and money market holdings allows the Board to recommend a final
dividend of 0.55p per ordinary share (year ended 30 September 2002 - 1.20p).
Subject to shareholder approval at the forthcoming Annual General Meeting, this
dividend will be paid on 5 February 2004 to shareholders on the share register
as at 9 January 2004. In line with the Company's dividend policy, the Board did
not declare an interim dividend.

Private equity should be viewed as a long-term asset class. Although the Company
does not have a defined benchmark, the Company's NAV since listing has
materially out-performed the two relevant, major stock market indices. Since
listing in May 2001, the Company's NAV has fallen by 5.2%, while the FTSE
All-Share Index has fallen by 28.9% and the MSCI Europe Index (sterling
adjusted) by 31.1%. The out-performance is attributable to a combination of the
portfolio of private equity fund interests being focused on traditional buy-out,
as opposed to venture capital, funds and on the Company's significant holdings
of cash and money market instruments.

The closing mid-market price of the Company's ordinary shares on 30 September
2003 was 82.0p (30 September 2002 - 82.0p).

Valuation

The value of the Company's portfolio of 30 private equity fund interests was
£126.9 million as at 30 September 2003 (30 September 2002 - £86.7 million). The
unrealised loss on the portfolio over the year was £2.3 million. This comprised
write-downs and write-ups made by fund managers to specific underlying
investments in their respective funds, offset by a £5.4 million unrealised
foreign exchange gain on the portfolio. It is pleasing to see that as the year
has progressed the number of new write-downs and write-offs being reported by
fund managers has fallen. This reflects both the improving economic environment
and the portfolio's emphasis on the buy-out segment of the private equity
market, where investee companies generally operate within traditional business
sectors, are profitable and generate free cash flow.

The Company's aggregate cash and money market holdings were £23.1 million as at
30 September 2003 (30 September 2002 - £60.6 million). The reduction in cash and
money market holdings over the year comprised £39.0 million of net investment
made by the Company, partially offset by a £2.2 million unrealised foreign
exchange gain. It is anticipated that the remaining monies will be invested over
the next year.

During the year the Company benefited from a 10.4 % appreciation of the euro
against sterling. The closing euro/sterling foreign exchange rate as at 30
September 2003 was £1/€1.4267 (30 September 2002 - £1/€1.5913). As at 30
September 2003 the Company had £150.3 million of gross assets, of which £72.1
million (sterling equivalent) comprised euro denominated assets (30 September
2002 - £147.5 million and £100.4 million (sterling equivalent) respectively).

Investment activity

The year ended 30 September 2003 was an active period for new private equity
investment and most fund managers enjoyed a good deal flow, with buyers able to
negotiate attractive pricing against a background of a difficult market for
corporate vendors. In aggregate £52.6 million was drawn down by the Company's
portfolio of fund interests (year ended 30 September 2002 - £36.0 million).

The portfolio generated £13.6 million of distributions during the year (year
ended 30 September 2002 - £15.6 million), of which £2.5 million was net realised
gains and £0.9 was income (year ended 30 September 2002 - net realised gains and
income of £5.1 million). The aggregate distributions received by the Company
were relatively small, reflecting the difficult mergers and acquisitions market
in Europe, although the quantum received did increase quarter on quarter. As
reported in the Company's interim statement, much of the money received came
from underlying investments being releveraged by the relevant fund manager or
being sold via a secondary buy-out to another private equity manager.

No new commitments were made during the year. This is in line with the Company's
previous statements that, having made aggregate new commitments since the
Company's listing in May 2001 of £215.9 million to 12 private equity funds and
having met the Board's target for over-commitment so as to maximise the return
for shareholders, the pace of new commitments will be significantly slower. This
position is consistent with the current fund raising environment for the leading
European private equity managers, with most managers not expected to start
raising new funds before late 2004. The Company's aggregate outstanding
commitments to its existing 30 private equity fund interests amounted to £141.6
million as at 30 September 2003 (30 September 2002 - £191.0 million). Most of
these commitments should be drawn down over the next 3-4 years.

These outstanding commitments will be funded largely from the Company's existing
cash and money market holdings and from distributions received from the
Company's portfolio of private equity fund investments. In May 2003 the Company
negotiated a £40 million five year committed revolving credit facility with The
Royal Bank of Scotland plc. This facility, as foreseen in the Company's listing
particulars, will be utilised to meet any short-term cash flow requirements of
the Company. As at 30 September 2003 this facility remained undrawn.

Corporate governance and regulation

The Board is considering the revised Combined Code issued by the Financial
Reporting Council and incorporating recommendations made by the Higgs Review and
the Smith Report.  The revisions will come into effect for reporting years
beginning on or after 1 November 2003.  The Combined Code provides a template
for the governance of a company which follows a typical UK corporate structure.
This Company, as in the case of many investment trusts, is not a standard UK
corporate vehicle, insofar as the Board comprises only independent directors and
delegates the day-to-day management and control of the business to the Manager.
In considering the revised Combined Code, your Board will be mindful of the
Company's special characteristics.

The FSA conducted a detailed review of investment trusts during 2003.  The
Board, from the perspective of your Company, is satisfied with the outcome of
this review and, in anticipation of changes to the Listing Rules, the Company
announced on 21 October 2003 that it shall not invest more than 15% of its gross
assets in other listed investment companies (including investment trusts).

Outlook

New investment activity in the buy-out segment of the private equity market has
been strong. With a growing expectation of a better global economic environment
and improving financial markets, some fund managers are beginning to report a
reduction in deal flow and in the ability to complete transactions on the
attractive terms apparent over the last eighteen months. Notwithstanding, the
Company is substantially invested and the Board anticipates that the Company's
remaining monies will be invested over the next year.

Pleasingly, the Company has started to see, in the last few months, an
increasing number of realisations either completed or at least planned. It is
hoped that with the prospect of a better European mergers and acquisitions
market the pace of realisations from the Company's portfolio will increase.
Given the generally conservative valuation methodology used in valuing
unrealised private equity investments, it is largely through such realisations
that an uplift in the Company's NAV will be achieved.


Scott Dobbie
Chairman


STATEMENT OF TOTAL RETURN (audited)
for the year ended 30 September 2003
                                                                          Revenue          Capital           Total
                                                                            £'000            £'000           £'000

Net realised gains on investments                                              -            5,672           5,672
Net unrealised depreciation on investments                                     -              (68)            (68)

GAINS ON INVESTMENTS                                                           -            5,604           5,604

Currency gains on cash balances                                                -               47              47
Income from investments                                                    2,036                -           2,036
Interest receivable on cash                                                  109                -             109
Investment management fee                                                   (118)          (1,063)         (1,181)
Administrative expenses                                                     (391)               -            (391)

RETURN ON ORDINARY ACTIVITIES BEFORE INTEREST AND TAXATION                 1,636            4,588           6,224
Interest                                                                     (12)             (58)            (70)

RETURN ON ORDINARY ACTIVITIES BEFORE TAXATION                              1,624            4,530           6,154
Taxation                                                                    (488)             336            (152)

RETURN ON ORDINARY ACTIVITIES AFTER TAXATION                               1,136            4,866           6,002
Dividend in respect of ordinary shares                                      (875)               -            (875)

Transfer to reserves                                                         261            4,866           5,127

RETURN PER ORDINARY SHARE                                                   0.71p            3.06p           3.77p

DIVIDEND PER ORDINARY SHARE                                                 0.55p


STATEMENT OF TOTAL RETURN (audited)
for the year ended 30 September 2002


                                                                          Revenue          Capital           Total
                                                                            £'000            £'000           £'000

Net realised gains on investments                                              -            4,114           4,114
Net unrealised depreciation on investments                                     -          (10,445)        (10,445)

LOSSES ON INVESTMENTS                                                          -           (6,331)         (6,331)

Currency losses on cash balances                                               -             (121)           (121)
Income from investments                                                    3,755                -           3,755
Interest receivable on cash                                                   73                -              73
Investment management fee                                                    (82)            (741)           (823)
Administrative expenses                                                     (291)               -            (291)

RETURN ON ORDINARY ACTIVITIES BEFORE INTEREST AND TAXATION                 3,455           (7,193)         (3,738)
Interest                                                                       -                -               -

RETURN ON ORDINARY ACTIVITIES BEFORE TAXATION                              3,455           (7,193)         (3,738)
Taxation                                                                  (1,037)             223            (814)

RETURN ON ORDINARY ACTIVITIES AFTER TAXATION                               2,418           (6,970)         (4,552)
Dividend in respect of ordinary shares                                    (1,910)               -          (1,910)

Transfer to/(from) reserves                                                  508           (6,970)         (6,462)

RETURN PER ORDINARY SHARE                                                   1.51p          (4.36p)         (2.85p)

DIVIDEND PER ORDINARY SHARE                                                 1.20p



BALANCE SHEET (audited)
as at 30 September


                                                                     2003                        2002
                                                               £'000       £'000           £'000       £'000

FIXED ASSETS
Investments                                                                149,683                     146,862

CURRENT ASSETS
Debtors                                                            316                         191
Cash                                                               329                         463
                                                                   645                         654

CREDITORS: Amounts falling due within one year                  (1,395)                     (3,710)

NET CURRENT LIABILITIES                                                       (750)                     (3,056)

TOTAL ASSETS LESS CURRENT LIABILITIES                                      148,933                     143,806

CAPITAL AND RESERVES
Called up share capital                                                        354                         354
Share premium                                                               77,775                      77,775
Special reserve                                                             79,148                      79,148
Capital redemption reserve                                                       1                           1
Capital reserve - realised                                                   9,394                       4,460
Capital reserve - unrealised                                               (18,654)                    (18,586)
Revenue reserve                                                                915                         654

TOTAL SHAREHOLDERS' FUNDS                                                  148,933                     143,806

ANALYSIS OF SHAREHOLDERS' FUNDS
Equity interests (ordinary shares)                                         148,898                     143,771
Non-equity interests (founder shares)                                           35                          35

                                                                           148,933                     143,806

NET ASSET VALUE PER EQUITY SHARE                                              93.6p                       90.3p


CASHFLOW STATEMENT (audited)
for the year ended 30 September
                                                                     2003                         2002
                                                               £'000       £'000           £'000        £'000

NET CASH INFLOW FROM OPERATING ACTIVITIES                                      755                        2,927

NET CASH OUTFLOW FROM SERVICING OF FINANCE                                      (5)                           -

NET CASH OUTFLOW FROM TAXATION                                              (1,014)                        (519)

FINANCIAL INVESTMENT
Purchase of investments                                        (61,158)                    (111,559)
Disposal of investments                                         63,941                      108,965

NET CASH INFLOW FROM FINANCIAL INVESTMENT                                    2,783                       (2,594)

ORDINARY DIVIDENDS PAID                                                     (1,910)                        (720)

NET CASH INFLOW BEFORE USE OF LIQUID RESOURCES AND                             609                         (906)
FINANCING

FINANCING
Expenses of issue                                                 (605)                        (606)
Buyback of ordinary shares                                        (185)                        (504)
Expenses of share buyback                                            -                           (3)

NET CASH OUTFLOW FROM FINANCING                                               (790)                      (1,113)

DECREASE IN CASH                                                              (181)                      (2,019)


Notes:-
     
1.   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 London 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.
     
2.   The statement of total return (incorporating the revenue account), balance 
     sheet and cashflow statement set out above do not represent full accounts 
     in accordance with section 240 of the Companies Act 1985. The accounts
     have been prepared in accordance with the Statement of Recommended 
     Practice ' Financial Statements of Investment Trust Companies'.
     
3.   The revenue column of the statement of total return represents the revenue 
     account of the Company. No operations were acquired or discontinued during 
     the year ended 30 September 2003. The investment management fee and 
     financing costs are allocated 10% to revenue and 90% to capital. The 
     Company was incorporated on 9 March 2001 and commenced business on 29 May 
     2001.
     
4.   The Directors recommend that a final dividend of 0.55p (2002 - 1.20p) per 
     ordinary share be paid on 5 February 2004 to shareholders on the Company's
     share register as at the close of business on 9 January 2004.  The 
     ex-dividend date for the final dividend is 7 January 2004.
     
5.   As at 30 September 2003 the Company had 159,150,000 ordinary shares in 
     issue (30 September 2002-159,150,000 ordinary shares).
     
6.   The statutory audited accounts for the period ended 30 September 2002, 
     which were unqualified, have been lodged with the Registrar of Companies.
     The statutory accounts for the year ended 30 September 2003 contain an
     unqualified audit report and will be delivered to the Registrar of 
     Companies following the Company's Annual General Meeting, which will be 
     held at 1 George Street, Edinburgh EH2 2LL on 27 January 2004 at 12.30pm.
     
7.   The report and accounts for the year ended 30 September 2003 will be posted 
     to shareholders on 19 December 2003 and copies will be available from the
     Company Secretary - Edinburgh Fund Managers plc, Donaldson House, 97 
     Haymarket Terrace, Edinburgh EH12 5HD.


for Standard Life European Private Equity Trust PLC,
Edinburgh Fund Managers plc,
Company Secretary
END


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