Final Results

Standard Life Euro Pri Eqty Tst PLC
05 December 2005

5 December 2005

                STANDARD LIFE EUROPEAN PRIVATE EQUITY TRUST PLC
                 RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2005

Highlights

  • The Company's net asset value per ordinary share ('NAV') rose by 33.8% to
    141.7p (30 September 2004 - 105.9p) during the year ended 30 September 2005.


  • The closing mid-market price of the Company's ordinary shares on 30
    September 2005 was 156.2p (30 September 2004 - 94.5p), a rise of 65.3% over
    the year.


  • The Board is recommending a final dividend of 1.8p per ordinary share
    (year ended 30 September 2004 - 1.2p).


  • Private equity is a long-term asset class. Since listing in May 2001, the
    Company's share price has materially out-performed the two most relevant
    major stock market indices, rising by 56.2% while the FTSE All-Share Index
    has fallen by 3.7% and the MSCI Europe Index (sterling adjusted) has fallen
    by 4.1%. Over the same period the Company's NAV has increased by 43.6%.


  • As at 30 September 2005 the Company's net assets were £225.5 million (30
    September 2004 - £168.6 million). The Company had interests in 39 private
    equity funds with a value of £186.6 million (30 September 2004 - £150.3
    million) and held £38.9 million in cash and other net assets (30 September
    2004 - £18.3 million).


  • The valuation of the Company's private equity fund interests reflected a
    strong performance, with unrealised gains during the year of £16.6 million
    (year ended 30 September 2004 - £10.0 million).


  • Distributions received during the year totalled £85.0 million (year ended
    30 September 2004 - £40.6 million), including £45.6 million of net realised
    gains and income (year ended 30 September 2004 - £15.2 million).
    Distributions represented an average multiple of 2.2 times the original
    investment (year ended 30 September 2004 - 1.6 times).


  • Draw downs made during the year totalled £59.1 million (year ended 30
    September 2004 - £39.9 million).


  • During the year the Company made significant new fund commitments, with
    £148.7 million committed to nine funds (year ended 30 September 2004 - no
    new fund commitments).




Quote from Scott Dobbie, Chairman:-

'The Company has enjoyed an excellent year of growth in share price, NAV and
distributions received. In the period since the year end, exits and
re-capitalisations from the portfolio have continued at a satisfactory level. In
the absence of unforeseen changes to the macro-economic and political climate,
the Board and Manager are confident about the prospects for further NAV growth
in the current financial year.'



For further information please contact:-

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


                              Chairman's Statement



Performance and dividend



Against a background of a strong European private equity market, the Company has
performed very well.  In the financial year to 30 September 2005 the Company's
NAV increased by 33.8% to 141.7p.  Over the same period, the mid-market price of
the Company's ordinary shares rose by 65.3%, from 94.5p on 30 September 2004 to
156.2p on 30 September 2005.



Although the Company has no defined benchmark, it is notable that in the period
since the Company's listing in May 2001, both the NAV and the share price have
materially out-performed the two most relevant stock market indices. Since
listing the Company's share price has risen by 56.2%, while the FTSE All-Share
Index and the MSCI Europe Index (sterling adjusted) have fallen by 3.7% and 4.1%
respectively.  The Company's NAV has increased by 43.6% over the same period.



The strong NAV performance has been driven by, inter alia, a strong market for
private equity realisations, robust trading at many of the underlying investee
companies and rising financial markets.



The income received by the Company during the year leads the Board to recommend
a final dividend of 1.8p per ordinary share, an increase of 50.0% on the 1.2p
final dividend declared for the previous financial year. Subject to shareholder
approval, this dividend will be paid on 8 February 2006 to shareholders on the
Company's share register as at 6 January 2006.





Valuation



The increase in the valuation of the Company's portfolio of 39 private equity
fund interests over the year was the result of net new investment activity and
unrealised gains. As at 30 September 2005 the portfolio was valued at £186.6
million (30 September 2004 - £150.3 million), of which unrealised gains arising
during the year represented £16.6 million (30 September 2004 - £10.0 million).
The uplift from unrealised gains can be attributed principally to better trading
conditions and cashflow generation at many of the underlying investee companies.



The Company's aggregate cash and money market holdings were £42.5 million as at
30 September 2005 (30 September 2004 - £20.9 million). The rise during the year
arose largely in the final quarter and was driven by a number of significant
realisations. Notwithstanding, at the year end 81.4% of the Company's gross
assets (30 September 2004 - 87.8%) were invested in private equity assets, a
proportion higher than most other private equity investment trusts.



During the year sterling appreciated by 0.7% relative to the euro and
depreciated by 2.2% relative to the US dollar. Overall these currency movements
had a marginally negative impact on NAV. As at 30 September 2005, 55.3% and
19.5% of the Company's gross assets were invested in euro and US dollar
denominated assets respectively.





Investment activity



The year ended 30 September 2005 was an active period for new investment by the
managers of the Company's private equity fund interests, with significant draw
downs being made in the first and third quarters of the financial year. A total
of £59.1 million was drawn down by the Company's portfolio of fund interests
(year ended 30 September 2004 - £39.9 million).



The Company's portfolio generated £85.0 million of distributions during the year
(year ended 30 September 2004 - £40.6 million), of which £40.5 million
represented net realised gains and £5.1 million income (year ended 30 September
2004 - net realised gains of £11.7 million and income of £3.5 million). The
quanta of distributions, realised gains and income were again higher than in any
year since listing. Distributions represented an average multiple of 2.2 times
the original investment (year ended 30 September 2004 - 1.6 times). The
distributions arose from the continuing strong market for the disposal and
re-capitalisation of private equity investments. It was also pleasing to see an
increase in the number of exits by way of trade sales.



The Company's aggregate outstanding commitments to its existing private equity
fund interests were £184.8 million as at 30 September 2005 (30 September 2004 -
£92.1 million). Most of these commitments should be drawn down over the next 3-4
years. These commitments will be funded from the Company's existing cash and
money market holdings, distributions received from the Company's portfolio of
private equity fund investments and, if necessary, the use of bank borrowings.
As at 30 September 2005 the Company's £40 million committed revolving credit
facility with The Royal Bank of Scotland plc remained undrawn.



During the year the Company made significant new fund commitments, with £148.7
million committed to nine funds. All of these funds, with the exception of a
£14.1 million commitment to Pomona Capital VI, which is focused on global
secondary private equity opportunities, are European buy-out funds. The Company
has previously invested with the managers of six of these nine funds. Given the
strength of the Company's actual and projected cashflows, the Board intends that
the Company should continue to make significant new fund commitments in the
current financial year.





Amendments to the Company's authorised and issued share capital and Articles of
Association



At the Annual General Meeting the Company will seek approval from shareholders
to increase the authorised share capital from 160 million to 200 million
ordinary shares and to grant authority to the Directors to allot and issue new
ordinary shares. The Board has no present intention of using these powers, if
granted, but believes that they will provide flexibility should new share
capital be considered desirable at some future time. The proposed authority to
issue shares also encompasses the power to re-issue ordinary shares should these
be held in treasury. In utilising such authority the Board will seek to re-issue
ordinary shares only at a premium to the Company's last published NAV.



Following a review of the Company's Articles of Association the Board is also
proposing a number of minor amendments, largely to ensure that the Articles
reflect changing best practice in corporate governance. An explanation of the
proposed changes will be set out in a circular accompanying the Company's report
and accounts.





Outlook



The European private equity market continues to grow in terms of the total value
of transactions completed. This is against a background of a greater acceptance
of private equity as a financing option, notably in continental Europe, and an
increase in the size and number of opportunities being seen by private equity
managers. Together with the new fund commitments made by the Company in the last
year, such demand should result in an uplift in aggregate draw downs.



In the period since the year end, exits and re-capitalisations from the
portfolio have continued at a satisfactory level. In the absence of unforeseen
changes to the macro-economic and political climate, the Board and Manager are
confident about the prospects for further NAV growth in the current financial
year.



Scott Dobbie CBE
Chairman






STATEMENT OF TOTAL RETURN (audited)
for the year ended 30 September 2005
                                                                           Revenue          Capital          Total
                                                                             £'000            £'000          £'000

GAINS ON INVESTMENTS                                                            -           57,036         57,036
Currency gains on cash balances                                                 -              151            151
Income from investments                                                     5,800                -          5,800
Interest receivable on cash                                                   146                -            146
Other income                                                                    9                -              9
Investment management fee                                                    (165)          (1,482)        (1,647)
Administrative expenses                                                      (375)               -           (375)
                                                                        __________       __________     __________

RETURN ON ORDINARY ACTIVITIES BEFORE INTEREST AND TAXATION                  5,415           55,705         61,120
Interest                                                                      (19)            (171)          (190)
                                                                        __________       __________     __________
RETURN ON ORDINARY ACTIVITIES BEFORE TAXATION                               5,396           55,534         60,930
Taxation                                                                   (1,707)             496         (1,211)
                                                                        __________       __________     __________
RETURN ON ORDINARY ACTIVITIES AFTER TAXATION                                3,689           56,030         59,719
Dividend in respect of ordinary shares                                     (2,865)               -         (2,865)
                                                                        __________       __________     __________
Transfer to reserves                                                          824           56,030         56,854
                                                                        __________       __________     __________
RETURN PER ORDINARY SHARE                                                    2.32p           35.21p         37.53p

DIVIDEND PER ORDINARY SHARE                                                   1.8p




STATEMENT OF TOTAL RETURN (audited)
for the year ended 30 September 2004
                                                                          Revenue          Capital          Total
                                                                            £'000            £'000          £'000

GAINS ON INVESTMENTS                                                           -           20,143         20,143
Currency losses on cash balances                                               -              (31)           (31)
Income from investments                                                    3,887                -          3,887
Interest receivable on cash                                                   89                -             89
Other income                                                                   -                -              -
Investment management fee                                                   (129)          (1,162)        (1,291)
Administrative expenses                                                     (360)               -           (360)
                                                                       __________       __________     __________
RETURN ON ORDINARY ACTIVITIES BEFORE INTEREST AND TAXATION                 3,487           18,950         22,437
Interest                                                                     (19)            (172)          (191)
                                                                       __________       __________     __________
RETURN ON ORDINARY ACTIVITIES BEFORE TAXATION                              3,468           18,778         22,246
Taxation                                                                  (1,040)             400           (640)
                                                                       __________       __________     __________
RETURN ON ORDINARY ACTIVITIES AFTER TAXATION                               2,428           19,178         21,606
Dividend in respect of ordinary shares                                    (1,910)               -         (1,910)
                                                                       __________       __________     __________
Transfer to reserves                                                         518           19,178         19,696
                                                                       __________       __________     __________
RETURN PER ORDINARY SHARE                                                   1.53p           12.05p         13.58p

DIVIDEND PER ORDINARY SHARE                                                  1.2p




BALANCE SHEET (audited)
as at 30 September

                                                                     2005                        2004
                                                               £'000       £'000           £'000       £'000

FIXED ASSETS
Investments                                                                227,014                     170,967

CURRENT ASSETS
Debtors                                                              87                         71
Cash                                                              2,152                        242
                                                             __________                  __________
                                                                  2,239                        313

CREDITORS: Amounts falling due within one year                  (3,770)                     (2,651)
                                                             __________                  __________
NET CURRENT LIABILITIES                                                     (1,531)                     (2,338)
                                                                         __________                  __________
TOTAL ASSETS LESS CURRENT LIABILITIES                                      225,483                     168,629
                                                                         __________                  __________
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                                                  60,107                      20,011
Capital reserve - unrealised                                                 5,841                     (10,093)
Revenue reserve                                                              2,257                       1,433
                                                                         __________                  __________
TOTAL SHAREHOLDERS' FUNDS                                                  225,483                     168,629
                                                                         __________                  __________
ANALYSIS OF SHAREHOLDERS' FUNDS
Equity interests (ordinary shares)                                         225,448                     168,594
Non-equity interests (founder shares)                                           35                          35
                                                                         __________                  __________
                                                                           225,483                     168,629
                                                                         __________                  __________
NET ASSET VALUE PER EQUITY SHARE                                             141.7p                      105.9p



CASHFLOW STATEMENT (audited)
for the year ended 30 September
                                                                    2005                        2004
                                                              £'000       £'000           £'000       £'000

NET CASH INFLOW FROM OPERATING ACTIVITIES                                   3,827                       2,415

NET CASH OUTFLOW FROM SERVICING OF FINANCE                                   (238)                       (191)

NET CASH OUTFLOW FROM TAXATION                                               (909)                       (264)

FINANCIAL INVESTMENT
Purchase of investments                                      (110,777)                    (52,181)
Disposal of investments                                       111,766                      51,040
                                                            __________                  __________
NET CASH INFLOW/ (OUTFLOW) FROM FINANCIAL INVESTMENT                          989                      (1,141)

ORDINARY DIVIDENDS PAID                                                    (1,910)                       (875)
                                                                        __________                  __________
NET CASH INFLOW/ (OUTFLOW) BEFORE USE OF LIQUID RESOURCES                   1,759                         (56)
AND FINANCING

NET CASH OUTFLOW FROM FINANCING                                                 -                            -
                                                                        __________                  __________
INCREASE/(DECREASE) IN CASH                                                 1,759                         (56)
                                                                        __________                  __________



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' issued in January 2003.

3. The revenue column of the statement of total return represents the profit and 
   loss account of the Company. No operations were acquired or discontinued 
   during the year ended 30 September 2005. 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 1.8p (2004 - 1.2p) per
   ordinary share be paid on 8 February 2006 to shareholders on the Company's 
   share register as at the close of business on 6 January 2006.  The 
   ex-dividend date for the final dividend is 4 January 2006.

5. As at 30 September 2005 the Company had 159,150,000 ordinary shares in
   issue (30 September 2004 -159,150,000 ordinary shares).

6. The statutory audited accounts for the year ended 30 September 2004, which 
   were unqualified, have been lodged with the Registrar of Companies.  The
   statutory accounts for the year ended 30 September 2005 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 The 
   Balmoral Hotel, 1 Princes Street, Edinburgh EH2 2EQ on 30 January 2006 at 
   12.30pm.

7. The report and accounts for the year ended 30 September 2005 will be
   posted to shareholders on 22 December 2005 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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