Standard Life Private Equity Trust announces interim results

As at 31 March 2004, Standard Life European Private Equity Trust's NAV was 97.3p, a 4% increase over the NAV of 93.6p as at 30 September 2003. The increase in NAV was the result of aggregate realised and unrealised gains for the period of 7.3p (£11.6m), offset by an unrealised foreign exchange loss of 3.8p (£6.1m). The value of its portfolio of private equity fund interests was £136.5m as at 31 March 2004 (30 September 2003 - £126.9m). The movement in the unrealised value of the portfolio over the six-month period showed an increase of £100,000. This reflected a number of write-ups, partially offset by a few specific company write-downs, made by underlying fund managers and a £4.4m unrealised foreign exchange loss on the portfolio.

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• Southern Europe