Quarterly Investment Update

Standard Life Euro Pri Eqty Tst PLC
19 March 2004

                Standard Life European Private Equity Trust PLC

    Investment update for the period from 1 October 2003 to 31 December 2003

On 1 December 2003 the Company announced its audited results for the year ended
30 September 2003. In line with the comments made in the Chairman's Statement
accompanying the results, in the quarter ended 31 December 2003 the Company
witnessed its most active period for realisations since listing in May 2001. In
addition, new investment activity remained relatively strong as private equity
managers continued to invest against a background of an attractive pricing
environment for executing transactions.

During the quarter ended 31 December 2003 a total of £7.7 million was received
by way of distributions (quarter ended 31 December 2002 - £1.4 million) from the
Company's 30 private equity fund interests, generating total realised gains and
income of £3.2 million. This was equivalent to a return of 1.69 times the
acquisition cost of the investments sold (quarter ended 31 December 2002 - 1.14
times). The closing value of the Company's portfolio of fund interests was
£136.9 million as at 31 December 2003 (30 September 2003 - £126.9 million).  As
for new investment activity, during the quarter the private equity funds in
which the Company is invested drew down a total of £10.1 million from the
Company.

No new fund commitments were made during the period. The Company's aggregate
outstanding commitments to its existing 30 private equity fund interests were
£129.4 million as at 31 December 2003 (30 September 2003 - £141.6 million).
These commitments can be expected to be drawn down over the next 3 years.

The aggregate closing cash and money market holdings of the Company were £20.1
million as at 31 December 2003 (30 September 2003 - £23.1 million). The
reduction principally reflected the net investment by the Company during the
quarter. The Company continues to have available to it a £40 million five year
committed revolving credit facility, which facility remained undrawn during the
quarter.

It is anticipated that the Company will release its interim announcement for the
period ending 31 March 2003 to the Stock Exchange on or around 1 June 2004. That
announcement will include a formal net asset value per ordinary share as at 31
March 2004. The Company's net assets were £148.9 million and its net asset value
per ordinary share was 93.6p as at 30 September 2003.

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
            The company news service from the London Stock Exchange                   BZ