Standard Life European Private Equity Trust plc

24 June 2003

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As at 31 March 2003 the company's net asset value per ordinary share (NAV) was 93.1p, a 3.1% increase over the NAV of 90.3p as at 30 September 2002, and the company's net assets were Â£148.2m (30 September 2002 - Â£143.8m). The closing mid-market price of the company's ordinary shares on 31 March 2003 was 76.5p (30 September 2002 - 82.0p). The company's NAV has materially out-performed the two relevant major stock market indices. Since the company's listing on 29 May 2001, the company's NAV has fallen by 5.7%, compared to falls of 39.2% in the FTSE All-Share index and 41.9% in the MSCI Europe index (sterling adjusted). In line with the company's dividend policy, the board has not declared an interim dividend. As at 31 March 2003 the company had interests in 31 private equity funds with a value of Â£106.1m (30 September 2002 - Â£86.7m) and held Â£42.1m in cash and other net assets (30 September 2002 - Â£57.1m). During the period the company benefited from the 9.0% appreciation of the euro against sterling. The closing euro/sterling foreign exchange rate on 31 March 2003 was Â£1/â‚¬1.4485 (30 September 2002 - Â£1/â‚¬1.5913). As at 31 March 2003 the company had Â£94.1m (sterling equivalent) of euro denominated assets (30 September 2002 - Â£100.4m (sterling equivalent). Draw downs made during the period totalled Â£24.6m (year ended 30 September 2002 - Â£36.0m). Most fund managers are reporting an active deal flow for new investments, driven in many cases by corporate vendors wishing to degear or focus on increasing shareholder value. Distributions received during the period totalled Â£5.0m (year ended 30 September 2002 - Â£15.6m) of which Â£0.3m was realised gains and Â£0.8m was income (year ended 30 September 2002 - Â£3.9m and Â£1.2m respectively).