Trading Statement

Standard Life Euro Pri Eqty Tst PLC
29 March 2006

                Standard Life European Private Equity Trust PLC

  Investment update for the period from 30 September 2005 to 31 December 2005

In the first quarter of the new financial year the Company continued to make
good progress, enjoying a healthy level of realised and unrealised gains from
its private equity investments. This resulted in the Company's unaudited net
asset value per share ('NAV') increasing by 10.5% to 158.5p at 31 December 2005
from 143.5p at 30 September 2005 (the latter restated under UK GAAP to include
the 1.8p per ordinary share final dividend declared, but not approved, at 31
December 2005). The Company's net assets were £252.2 million at 31 December 2005
(30 September 2005 - £228.3 million, also restated under UK GAAP to include the
£2.9 million final dividend).

During the quarter ended 31 December 2005 a total of £21.8 million was received
by way of distributions (quarter ended 30 September 2005 - £34.9 million) from
the Company's portfolio of 39 private equity fund interests. Realised gains and
income represented £13.1 million of these distributions (quarter ended 30
September 2005 - £22.0 million). The average return on the Company's acquisition
cost of realised investments was again in excess of 2.0X, being 2.5X (quarter
ended 30 September 2005 - 2.7X). This demonstrates the continuing strength of
the market for realisations and re-capitalisations and the ability of managers
to achieve attractive returns on investments.

The closing value of the Company's portfolio of fund interests was £206.8
million at 31 December 2005 (30 September 2005 - £186.6 million). The total
unrealised gains for the quarter ended 31 December 2005 were £10.8 million. This
was the third highest quarterly uplift since the Company's listing and was based
on healthy trading and cashflow at many underlying investee companies, coupled
to rises in listed equity markets.

As for new investment activity, during the quarter the Company's portfolio of
private equity fund interests drew down a total of £18.0 million (quarter ended
30 September 2005 - £19.5 million). The rate of new investment activity remained
strong, reflecting the general trend seen in European private equity throughout
2005, in what was a record year for new buy-out activity.

One new fund commitment was made in the quarter ended 31 December 2005, with the
Company committing a further £20.6 million to Candover 2005, following the
commitment of £20.6 million made to that fund in August 2005. Since 31 December
2005 the Company has continued to make new private equity fund commitments, in
line with its over-commitment strategy. At 31 December 2005 the Company's
aggregate outstanding commitments to its existing private equity fund interests
were £189.3 million (30 September 2005 - £184.8 million). These commitments can
be expected to be drawn down over the next 3-4 years.

The aggregate closing cash and money market holdings of the Company at 31
December 2005 were £46.7 million (30 September 2005 - £42.5 million).

It is anticipated that the Company will release its interim announcement for the
six months ending 31 March 2006 on or around 1 June 2006.

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.


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