CT PRIVATE EQUITY TRUST PLC

Quarterly Report • Mar 31, 2012

Standard Life European Private Equity Trust PLC

Interim Report and Accounts for the six months ended 31 March 2012

Contents

	Page
Objective	1
Company Summary	1
Financial Summary	2
Ten Year Historical Record	3
Chairman's Statement	4
Manager's Review	6
Fund Investments	9
Ten Largest Fund Investments	10
Top 30 Underlying Investments	12
Principal Risks and Uncertainties	13
Directors' Responsibility Statement	13
Income Statement	14
Reconciliation of Movements in Shareholders' Funds	16
Balance Sheet	17
Cashflow Statement	18
Notes to the Accounts	19
Independent Auditors' Review	23
Information for Investors	24
Financial Calendar	24
Corporate Information	Inside back cover

Objective

To achieve long-term capital gains through holding a diversified portfolio of private equity funds investing predominantly in Europe.

Company Summary

Investment policy	Full details of the Company's investment policy can be found on page 6 of the Annual Report.
Investment manager	SL Capital Partners LLP (''The Manager'')
Shareholders' funds	»381.9 million at 31 March 2012
Market capitalisation	»237.1 million at 31 March 2012
Capital structure	162,378,566 ordinary shares of 0.2p each. Each ordinary shareholder is entitled to one vote on a show of hands and, on a poll, to one vote for every ordinary share held. 3,596,981 founder A shares of 0.2p each. The above founder shares do not carry any right to vote, except in the case of changes to class rights. The above founder shares confer rights to convert into an equivalent number of ordinary shares.
Management and incentive fees	The base management fee is 0.8% per annum of the net assets of the Company. In addition, there is an incentive fee payable, which is calculated on the basis of 10% of the growth in the diluted net asset value total return in excess of an 8% hurdle rate, measured over the five year period ending 30 September 2016 (more details are provided in note 5). The notice period is twelve months.
ISA status	The Company's ordinary shares are eligible for Individual Savings Accounts (ISAs).
AIC membership	The Company is a member of The Association of Investment Companies.

Financial Summary

	At 31 March	At 30 September
Performance (Capital Only)	2012	2011	% Change
Net asset value per ordinary share (''NAV'') (undiluted)	235.2p	228.7p	2.8%
NAV (diluted)	232.3p	225.9p	2.8%
Share price	146.0p	134.0p	9.0%
FTSE All-Share Index(1)	2,987.1	2,654.4	12.5%
MSCI Europe Index (in euros)(1)	91.0	78.4	16.1%
Discount (difference between share price and diluted net asset value)	37.2%	40.7%	^
Gearing (ratio of borrowing to shareholders' funds)	4.1%	8.6%	^

Performance (Total Return)(2)	Six months %	1 year %	Annualised 5 year %	Annualised since launch %
Share price	10.0	(5.5)	(8.8)	4.5
NAV (diluted)	3.4	6.0	3.3	9.1
FTSE All-Share Index(1)	15.0	1.4	1.8	4.0
MSCI Europe Index (in euros)(1)	17.7	(0.8)	(3.4)	0.5

High/low for the six months ended 31 March 2012	High	Low
Share price (mid)	151.0p	113.5p

(1)The Company has no defined benchmark; the indices above are solely for comparative purposes. (2)Includes dividends reinvested.

Summary financial information since the Company's listing

NAV and share price	Net assets »m	NAV (undiluted) p	NAV (diluted) p	Share price p	Premium/ (discount) to diluted NAV %
At 30 September 2002	143.8	90.3	90.3	82.00	(9.2)
At 30 September 2003	148.9	93.6	93.6	82.00	(12.4)
At 30 September 2004	168.6	105.9	105.9	94.50	(10.8)
At 30 September 2005	228.3	143.5	143.5	156.25	8.9
At 30 September 2006	289.8	182.1	179.6	183.50	2.1
At 30 September 2007	385.7	241.3	237.7	226.50	(4.7)
At 30 September 2008	375.5	234.8	231.4	161.00	(30.4)
At 30 September 2009	265.6	164.9	163.4	112.25	(31.3)
At 30 September 2010	315.2	195.3	193.3	113.75	(41.2)
At 30 September 2011	369.4	228.7	225.9	134.00	(40.7)
At 31 March 2012	381.9	235.2	232.3	146.00	(37.2)

Performance and dividends	NAV total return %	Share price total return1 %	Dividend paid2 »m	Dividend paid per ordinary share p	Expense ratio3 %
Year to 30 September 2002	(3.8)	(14.6)	0.7	0.45	0.754
Year to 30 September 2003	5.0	1.6	1.9	1.20	1.07
Year to 30 September 2004	13.8	16.0	0.9	0.55	1.04
Year to 30 September 2005	36.9	67.3	1.9	1.20	1.01
Year to 30 September 2006	26.6	18.7	2.9	1.80	1.01
Year to 30 September 2007	35.4	24.8	3.8	2.40	0.97
Year to 30 September 2008	(1.3)	(27.8)	5.6	3.50	0.94
Year to 30 September 2009	(29.2)	(29.5)	0.6	0.70	0.92
Year to 30 September 2010	18.4	1.4	0.1	0.10	1.02
Year to 30 September 2011	17.0	18.0	0.2	0.20	1.02
Six months to 31 March 2012	3.4	10.0	1.0	1.30	1.055

¹ Data supplied by Fundamental Data.

² Represents the cash dividend paid during the year, declared for the previous financial year.

³ The expense ratios have been re-calculated to follow the AIC's recommended methodology for calculating Ongoing Charges.

⁴ For the period from the Company's listing until 1 July 2002 no management fee was charged on the Company's cash or money market holdings.

⁵ Annualised for 2012.

		Fund manager as a % of net assets		Fund investments as a % of net assets
Investment exposure	Top 5 %	Top 10 %	Top 10 %	Top 20 %	Top 30 %
At 30 September 2002	36.6	51.8	42.0	55.5	60.3
At 30 September 2003	49.1	72.3	61.3	81.9	85.2
At 30 September 2004	48.6	76.1	64.9	86.7	89.1
At 30 September 2005	44.9	75.5	60.7	78.3	81.4
At 30 September 2006	40.9	67.4	50.3	74.0	81.4
At 30 September 2007	41.0	66.5	42.5	64.8	80.4
At 30 September 2008	54.5	84.6	55.1	84.0	102.4
At 30 September 2009	55.5	87.2	61.1	93.8	109.0
At 30 September 2010	62.1	96.4	67.9	101.0	116.2
At 30 September 2011	57.9	89.1	69.0	95.4	106.8
At 31 March 2012	56.5	86.0	68.1	93.4	102.7

Chairman's Statement

The six months ended 31 March 2012 saw ^a challenging environment for European private equity. While many underlying investee companies continued to report rising earnings and listed equity markets rose over the period, transactional activity, notably for new investments, declined.

Scott Dobbie, CBE

Results and performance

Against this background the Company's net asset value per ordinary share (''NAV'') rose by 2.8% to 235.2p (diluted ^ 232.3p), from 228.7p at 30 September 2011 (diluted ^ 225.9p). At 31 March 2012 the Company's net assets were »381.9 million (30 September 2011 ^ »369.4 million).

The 6.5p rise in NAV during the period comprised 9.3p of net realised gains and income from the Company's portfolio of 37 private equity fund interests and 8.0p of unrealised gains on the portfolio on a constant exchange rate basis, offset by 7.5p of negative exchange rate movements on the portfolio and 3.3p of costs and other movements.

The closing mid-market price of the Company's ordinary shares on 31 March 2012 was 146.0p, an increase of 9.0% over the period and a discount of 37.2% to the diluted NAV. This compares to rises in the FTSE All-Share Index and the MSCI Europe Index (in euros) over this period of 12.5% and 16.1% respectively.

In line with the Company's dividend policy, the Board has not declared an interim dividend.

Portfolio and valuation

The Company's portfolio comprises 37 private equity fund interests. At 31 March 2012 the value of this portfolio was »396.0 million, of which net unrealised gains arising during the period were »0.8 million. 99.3% by value of the Company's private equity fund interests were valued by the relevant fund manager at 31 March 2012. In undertaking the valuations the fund managers have followed the International Private Equity and Venture Capital Valuation Guidelines.

In terms of the breakdown of net unrealised gains, unrealised gains on a constant exchange rate basis were »12.9 million (3.2% of the opening portfolio valuation), while negative exchange rate movements contributed an unrealised loss of »12.1 million (3.0% of the opening portfolio valuation). The uplift in unrealised gains on a constant exchange rate basis arose principally from a combination of increased earnings at many underlying investee companies and a rise in listed comparable valuation multiples.

Investment activity and cashflows

The value and volume of all European private equity investments undertaken during the six months to 31 March 2012 fell, with a total of k19.9 billion of transactions by enterprise value reported during the period (six months ended 31 March 2011 and six months ended 30 September 2011 ^ k40.7 billion and k46.4 billion respectively). This followed the trend seen since summer 2011, as political uncertainty in Europe and broader macroeconomic weakness dominated financial markets and impacted the willingness of private equity managers to acquire, and the ability to obtain debt finance for, new investments. Most of the activity by value took the form of buy-out transactions, principally in the mid market segment of the market: this is transactions with an enterprise value of between k100 million and k1.0 billion and is one of the principal areas of investment focus for the Company.

In line with the decline in activity levels in the European private equity market, the Company funded »16.1 million of draw downs and received »33.4 million of distributions during the period. Importantly, this resulted in a net cash inflow from investment activities of »17.3 million. The distributions received generated net realised gains and income of »15.1 million, which was equivalent to an average return on the Company's acquisition cost of the realised investments of 1.8 times.

In October 2011 the Company made one new fund commitment, with a commitment of k35.0 million to BC European Capital IX, a k6.5 billion pan-European large buy-out fund. At 31 March 2012 the Company had »133.9 million of outstanding commitments.

At 31 March 2012 the Company's net indebtedness had fallen to »14.4 million. The Company has a »120 million syndicated revolving credit facility, led by The Royal Bank of Scotland plc. This facility expires on 31 December 2013.

In the period from 31 March 2012 to 28 May 2012 the Company received »4.5 million of distributions and funded »3.4 million of draw downs. At 28 May 2012 the Company's total outstanding commitments were »126.1 million and its net indebtedness was »13.2 million.

The Board

I announced at the Annual General Meeting that Jo Taylor had been appointed to a full time post which was considered incompatible with membership of the Board and, accordingly, he had resigned with immediate effect. Although Jo's period of office was relatively short he made a strong contribution to the Company and he leaves with our best wishes for his future career.

Chairman's Statement

Outlook

The Company has made satisfactory progress in growing its NAV and improving cashflows during the six months ended 31 March 2012, against a challenging background in Europe. Although at an investee company level direct exposure to businesses headquartered in southern Europe is minimal, the Company's focus on Europe and the euro, which is the reporting currency of most of the fund interests, is clearly a source of uncertainty.

Despite this difficult background, the Board believes that the Company's portfolio, which is broadly mature, is well placed to generate strong future returns.

Scott Dobbie CBE Chairman

29 May 2012

Manager's Review

Investment strategy

The Company's investment strategy is to invest in the leading European private equity funds focused on mid to large sized buy-outs, which can be categorised as transactions with enterprise values ranging between k200 million and k2.0 billion.

The private equity funds in the Company's portfolio principally invest in countries in Europe, which the Manager defines as EU Member States, EU Associate Member States and other western European countries. The Company has the flexibility to invest up to 20% of its gross assets, at the time of purchase, in private equity funds which invest principally outside Europe. At 31 March 2012 the Company had five fund investments ^ Coller International Partners IV, Coller International Partners V, Pomona Capital V Fund, Pomona Capital VI Fund and Towerbrook Investors II ^ which are likely to invest a majority of their capital outside Europe. In total these funds represented 11.1% of the Company's gross assets by valuation and 10.8% by cost at 31 March 2012.

Portfolio composition and performance

At 31 March 2012 the Company's portfolio comprised 37 private equity fund interests with a value of »396.0 million which, together with its current assets less liabilities, resulted in the Company having net assets of »381.9 million. This represented an undiluted NAV of 235.2p (diluted NAV ^ 232.3p).

The split of the Company's portfolio by type of private equity fund is set out in the pie chart below. Details of all of the Company's private equity fund investments, and more detailed information on the ten largest fund investments, are shown on pages 9 to 12 of this report.

The valuation of the Company's private equity fund interests at 31 March 2012 was carried out by the Manager and has been approved by the Board in accordance with the Company's accounting policies. In undertaking the valuation, the most recent valuation of each fund prepared by the relevant fund manager has been used, adjusted where necessary for subsequent cashflows. The fund valuations are prepared in accordance with the International Private Equity and Venture Capital Valuation guidelines. These guidelines require investments to be valued at ''fair value''.

Of the 37 private equity funds in which the Company is invested, 36 of the funds, or 99.3% of the portfolio by value, were valued by their fund managers at 31 March 2012. The Manager continues to believe that the use of such timely valuation information is important.

The value of the Company's portfolio of private equity fund interests decreased during the period from »397.4 million at 30 September 2011 to »396.0 million at 31 March 2012. A breakdown of the »1.4 million movement in the Company's portfolio during the period is detailed in the valuation bridge shown above. The decrease in value was driven by »32.6 million of realisation proceeds and »12.1 million of unrealised foreign exchange losses. The above decrease was offset by unrealised gains on the investment portfolio, at constant foreign exchange rates, of »12.9 million, together with »16.1 million of new investments and »14.3 million of realised gains. During the period to 31 March 2012 sterling appreciated by 3.3% relative to the euro and by 2.6% relative to the US Dollar.

Investment activity

European private equity activity levels remained subdued during the six month period as a result of inter alia the ongoing European sovereign debt crisis. This was reflected in the relatively low level of drawdowns by, and to an extent distributions from, the Company's portfolio of fund interests, which resulted in a net cash inflow of »17.3 million from investment activities. This lower level of new investment activity is expected to continue given the current macro-economic and political uncertainty in Europe. Notwithstanding, the maturity of the underlying portfolio should see realisation activity continue.

Fund commitments

The Company made one new private equity fund commitment during the six month period, with a k35.0 million commitment to BC European Capital IX, a k6.5 billion private equity fund focused on European buyouts. The new commitment and its quantum was made in light of the Company's positive net cashflow, the low level of outstanding commitments and a continued cautious approach on the part of the Board and the Manager.

Manager's Review

It is envisaged that further new commitments will be made during 2012, as the Company continues to receive positive net cashflows from its investment portfolio and as net indebtedness declines. New commitments are likely to be in the form of new primary fund commitments and possibly the purchase of selective secondary interests. Secondary interests could enable the Company to gain exposure to attractive funds which are already partially invested, thus potentially widening the Company's vintage year diversification whilst adding a lower quantum of outstanding commitments.

At 31 March 2012 the Company had »133.9 million of outstanding commitments. After adjusting for excess available liquid resources, such outstanding commitments were equivalent to 7.5% of the Company's net assets.

Analysis of underlying investments

At 31 March 2012 the Company's 37 private equity fund interests were collectively invested in a total of 531 underlying investments. The diversification of the underlying investments at 31 March 2012 and 30 September 2011 is set out in the four bar charts on page 8.

The bar charts demonstrate the broad diversification that applies by geography and by sector within the Company's underlying portfolio of investments at 31 March 2012. The UK still remains the single largest geographic exposure, although it has fallen from 64.0% at the time of the Company's listing in 2001 to 25.0% at 31 March 2012, as other European private equity markets have continued to develop. The broad sector diversification across a wide range of industries, including industrials, consumer services and financials, helps to mitigate the effect of volatility in any individual sector.

The bar chart showing the maturity exposure of underlying investments highlights the increasing maturity of the portfolio, as a result of the reduced level of new private equity investment over the last two to three years. The bar chart showing value relative to the original cost of underlying investments illustrates that, the portfolio remains healthy with 83.0% of the portfolio valued at or above cost.

Valuation and leverage multiple analysis

The bar charts below show the valuation and leverage multiples of the fifty largest underlying portfolio companies held by the Company's private equity fund interests at 31 December 2011, which in aggregate represented 53.7% of the Company's then net assets. This analysis is at 31 December 2011 due to the fact that most private equity funds provide detailed information on the underlying portfolio companies twice a year, in June and December, rather than quarterly.

The valuation multiples of each underlying portfolio company are derived using the relevant listed comparable companies, adjusted where appropriate, in line with the International Private Equity and Venture Capital Valuation guidelines.

The median valuation and leverage multiples for the top fifty underlying portfolio companies are 8-9x EV/EBITDA and 4-5x Debt/EBITDA respectively. These compare to the valuation and leverage multiples for the top fifty underlying portfolio companies at 30 June 2011 of 9-10x EV/EBITDA and 3-4x Debt/EBITDA. The Manager believes that these valuation and leverage multiples are in line with the European private equity market for similar sized deals and vintages.

Manager's Review

at 31 March 2012 Fund Investments

The private equity funds in which the Company invests usually take the form of limited partnerships. Contractual commitments are made to the funds and these are drawn down by the managers of the funds as required for investment over time. Details of all of the Company's fund investments, by valuation, and a description of the ten largest fund investments follow:

					Outstanding
Year of			Number of	Valuation	commitments	Cost	Valuation	% of
commitment	Fund	Type	investments	date*	»'000	»'000		»'000 net assets
2007	Equistone Partners Europe Fund III	Buy-out	30	31.03.12	5,540	36,444	43,628	11.4
2006	Charterhouse Capital Partners VIII	Buy-out	11	31.03.12	7,110	36,285	38,909	10.2
2007	Industri Kapital 2007	Buy-out	14	31.03.12	6,137	32,929	35,863	9.4
2007	Apax Europe VII	Buy-out	27	31.03.12	4,585	23,300	30,309	7.9
2005	Candover 2005 Fund	Buy-out	9	31.03.12	1,818	38,872	21,756	5.7
2005	Advent Global Private Equity V	Buy-out	13	31.03.12	1,313	6,551	20,808	5.4
2008	CVC European Equity Partners V	Buy-out	17	31.03.12	11,534	17,322	20,611	5.4
2006	Cinven Fourth Fund	Buy-out	14	31.03.12	3,390	12,596	16,424	4.3
2006	Coller International Partners V	Secondary	54	31.03.12	5,645	10,696	15,982	4.2
2006	3i Eurofund V	Buy-out	26	31.03.12	3,216	25,048	15,628	4.1
2006	Permira IV	Buy-out	16	31.03.12	1,575	14,339	13,606	3.5
2005	Pomona Capital VI Fund	Secondary	40	31.03.12	1,709	9,724	11,364	3.0
2005	CVC European Equity Partners IV	Buy-out	14	31.03.12	1,776	6,056	11,006	2.9
2006	HgCapital 5	Buy-out	11	31.03.12	2,771	9,820	10,582	2.8
2006	Terra Firma Capital Partners III	Buy-out	4	31.03.12	6,202	19,856	10,350	2.7
2008	Advent Global Private Equity VI	Buy-out	22	31.03.12	2,813	7,475	9,424	2.5
2006	Towerbrook Investors II	Buy-out	7	31.03.12	3,694	6,461	8,673	2.3
2000	CVC European Equity Partners III	Buy-out	7	31.03.12	920	5,155	7,840	2.1
2002	Charterhouse Capital Partners VII	Buy-out	6	31.03.12	2,710	7,755	7,507	2.0
2005	Equistone Partners Europe Fund II	Buy-out	18	31.03.12	1,789	10,206	6,331	1.7
2006	CVC Tandem Fund	Buy-out	14	31.03.12	822	4,383	5,698	1.5
2002	Coller International Partners IV	Secondary	37	31.03.12	2,629	270	5,670	1.5
2001	Cinven Third Fund	Buy-out	5	31.03.12	967	7,198	4,716	1.2
2004	Industri Kapital 2004	Buy-out	5	31.03.12	14	7,343	4,599	1.2
2001	Scottish Equity Partners II	Venture capital	11	31.12.11	^	3,955	2,886	0.8
2011	BC European Capital IX	Buy-out	1	31.03.12	26,080	3,239	2,830	0.7
2001	Pomona Capital V Fund	Secondary	75	31.03.12	106	6,542	2,744	0.7
2001	Alchemy Investment Plan	Buy-out	3	31.03.12	^	7,001	2,420	0.6
2001	Candover 2001 Fund	Buy-out	3	31.03.12	^	7,492	2,128	0.6
2011	Montagu IV	Buy-out	1	31.03.12	22,838	2,294	1,968	0.5
1998	CVC European Equity Partners II	Buy-out	8	31.03.12	1,082	2,725	1,584	0.4
2002	Equistone Partners Europe Fund	Buy-out	3	31.03.12	1,395	1,399	1,246	0.3
1999	Apax Europe IV	Balanced	2	31.03.12	-	7,417	517	0.1
2001	MUST 4	Buy-out	2	31.03.12	1,758	3,246	352	0.1
1995	Phildrew Fourth	Buy-out	1	31.03.12	^	499	19	^
1998	Phildrew Fifth	Buy-out	0	31.03.12	^	5,864	9	^
1998	Candover 1997 Fund	Buy-out	0	31.03.12	^	511	^	^
	Total portfolio investments		531		133,938	408,268	395,987	103.7
	Current assets less liabilities						(14,049)	(3.7)
	Shareholders' funds						381,938	100.0

* valuation date refers to the date of the last valuation prepared by the manager of the relevant fund.

the 531 underlying investments represent holdings in 504 separate companies. Equistone Partners Europe Fund III Equistone Partners Europe Fund III is a g1.8 billion private equity fund focused on European middle market buy-outs. The fund is managed, alongside g800 million from Barclays Bank, by Equistone Partners Europe, the former private equity arm of Barclays PLC. The manager operates from offices in London, Paris, Munich, Zurich, Birmingham and Manchester with a focus on sourcing investments in the UK, France and Germany. 31 March 30 September 2012 2011 Value (»'000) 43,628 38,811 Cost (»'000) 36,444 36,195 Commitment (g'000) 60,000 60,000 Amount Funded 88.9% 87.5% Holding in Fund 3.3% 3.3% Income (»'000) 89 797

Charterhouse Capital Partners VIII		31 March 2012	30 September 2011
Charterhouse Capital Partners VIII is a g4.0 billion private equity fund focused on European	Value (»'000)	38,909	38,880
buy-outs. The fund is managed by Charterhouse Capital Partners, one of the oldest private	Cost (»'000)	36,285	36,192
equity firms in the UK. The manager operates across western Europe from its London office	Commitment (g'000)	60,000	60,000
and has a long track record of delivering superior returns for investors. The investment
strategy is to target large corporate buy-outs with an equity requirement of g200 million to	Amount Funded	85.8%	84.0%
g450 million per transaction.	Holding in Fund	1.5%	1.5%
	Income (»'000)	11	^

Industri Kapital 2007		31 March 2012	30 September 2011
Industri Kapital 2007 is a g1.7 billion private equity fund focused on northern European buy	Value (»'000)	35,863	37,207
outs. The fund is managed by IK Investment Partners, which is headquartered in Stockholm,	Cost (»'000)	32,929	33,639
Sweden with further offices in the UK, Norway, France and Germany. IK targets the buy-out of businesses with enterprise values of between g100 million and g500 million.	Commitment (g'000)	50,000	50,000
	Amount Funded	85.3%	81.4%
	Holding in Fund	3.0%	3.0%
	Income (»'000)	^	^

Apax Europe VII		31 March 2012	30 September 2011
Apax Europe VII is a g11.1 billion private equity fund predominantly focused on the European	Value (»'000)	30,309	27,231
market. The fund is managed by Apax Partners, one of the leading and most experienced	Cost (»'000)	23,300	22,265
private equity managers in Europe. Apax operates from offices in London, Munich, Milan,	Commitment (g'000)	41,385	41,385
Stockholm and Barcelona in Europe, with further offices in New York, Tel Aviv and across Asia.
Apax Europe VII focuses on buy-outs and targets Apax Partners' six chosen sectors of	Amount Funded	86.7%	82.5%
information technology, telecommunications, healthcare, media, financial services and retail.	Holding in Fund	0.4%	0.4%
	Income (»'000)	^	565

Candover 2005 Fund		31 March 2012	30 September 2011
The Candover 2005 Fund is a g3.5 billion private equity fund focused on European buy-outs.	Value (»'000)	21,756	26,068
The fund is managed by Arle Capital Partners. Historically, Candover concentrated on larger	Cost (»'000)	38,872	40,487
buy-outs in the UK market, however, investments in continental Europe are a significant part of this fund's strategy.	Commitment (g'000)	60,000	60,000
	Amount Funded	96.4%	95.9%
	Holding in Fund	1.7%	1.7%
	Income (»'000)	^	^

Ten Largest Fund Investments

at 31 March 2012

Advent Global Private Equity V		31 March 2012	30 September 2011
Advent Global Private Equity V is a g2.5 billion private equity fund focused on global buy-outs.	Value (»'000)	20,808	17,430
The Company's commitment is to the euro denominated partnership that only invests in	Cost (»'000)	6,551	7,037
European transactions. The fund is managed by Advent International, which has a strong track record in Europe, where it operates from offices in London, Paris, Frankfurt, Milan and Madrid. Advent targets middle market buy-out transactions across a range of sectors.	Commitment (g'000)	22,500	22,500
	Amount Funded	93.0%	93.0%
	Holding in Fund	8.0%	8.0%
	Income (»'000)	^	^

CVC European Equity Partners V		31 March 2012	30 September 2011
CVC European Equity Partners V is a g10.7 billion private equity fund predominantly focused	Value (»'000)	20,611	18,347
on European buy-outs. The fund is managed by CVC Capital Partners Europe, one of the	Cost (»'000)	17,322	16,153
leading European private equity managers. CVC operates primarily from offices in London, Paris, Frankfurt, Amsterdam, Brussels, Copenhagen, Madrid, Stockholm, Zurich and Milan in	Commitment (g'000)	35,000	35,000
Europe, with further offices in New York and across Asia. CVC targets medium and large sized	Amount Funded	60.5%	56.4%
buy-out transactions.	Holding in Fund	0.4%	0.4%
	Income (»'000)	32	107

Cinven Fourth Fund	31 March 2012	30 September 2011
Cinven Fourth Fund is a g6.5 billion private equity fund, targeting large buy-outs of European	Value (»'000)	16,424	12,786
headquartered companies. Cinven, the manager, operates from offices in London, Frankfurt,	Cost (»'000)	12,596	10,776
Milan and Paris. The team applies a sector based approach by focusing on the business	Commitment (g'000)	21,000	21,000
services, consumer, healthcare, industrials, retail & leisure, and telecoms/media/technology
sectors. The enterprise value of target companies is generally in excess of g500 million.	Amount Funded	80.6%	70.2%
	Holding in Fund	0.8%	0.8%
	Income (»'000)	^	585

Coller International Partners V	31 March 2012	30 September 2011
Coller International Partners V is a \$4.5 billion private equity fund focused on secondary	Value (»'000)	15,982	18,211
private equity opportunities. The fund is managed by Coller Capital, one of the most	Cost (»'000)	10,696	12,829
established managers of secondary funds, which was founded in 1990 and is led by Jeremy Coller. The manager operates from offices in London and New York and targets secondary	Commitment (\$'000)	40,000	40,000
positions, which may be either limited partner positions in private equity funds or portfolios of	Amount Funded	77.5%	74.9%
direct investments in private companies.	Holding in Fund	0.8%	0.8%
	Income (»'000)	^	^

3i Eurofund V		31 March 2012	30 September 2011
3i Eurofund V is a g5.0 billion private equity fund, including a commitment of g2.8 billion	Value (»'000)	15,628	17,962
from 3i Group plc, focused on mid to large sized European buy-outs. The fund is managed by	Cost (»'000)	25,048	25,438
3i Private Equity, a division of 3i Group plc, an investment company listed on the London	Commitment (g'000)	40,000	40,000
Stock Exchange. 3i is one of the oldest and most experienced private equity managers in
Europe and operates from a network of offices, including Amsterdam, London, Madrid, Paris	Amount Funded	90.4%	87.5%
and Stockholm. 3i targets buy-out transactions with enterprise values of between	Holding in Fund	0.8%	0.8%
g100 million and g1.0 billion, across a wide range of sectors.	Income (»'000)	^	^

Top 30 Underlying Investments

at 31 March 2012

The table below summarises the top 30 underlying investments, by value, in the Company's portfolio of private equity funds. The valuations are gross, before any carry provision.

Entity	Description	Fund	Year of	% of Investment net assets
Global Blue	Travel related payment services	Equistone Partners Europe Fund III	2007	3.3
Acromas	Travel assistance and financial services	Charterhouse Capital Partners VII & VIII, CVC European Equity Partners IV & CVC Tandem	2004	2.5
Elior	Catering provider	Charterhouse Capital Partners VII & VIII	2006	2.3
Stork	Manufacturing and engineering conglomerate	Candover 2005 Fund	2008	1.9
Parques Reunidos	Amusement parks	Candover 2005 Fund	2007	1.9
bpost	Belgian postal service	CVC European Equity Partners III, V & CVC Tandem	2006	1.7
ista	Heat and water metering	Charterhouse Capital Partners VIII	2007	1.7
Not disclosed	Supplier of oxo chemicals and derivatives	Advent Global Private Equity V	2007	1.5
Evonik Industries	Chemicals, power generation, real estate	CVC European Equity Partners V & CVC Tandem	2008	1.5
Vivarte	Footwear and apparel retailer	Charterhouse Capital Partners VIII	2007	1.5
Vistra	Trust, fiduciary, corporate and fund services	Industri Kapital 2007	2009	1.3
AWAS/Pegasus	Aircraft lessor	Terra Firma Capital Partners III	2007	1.3
Schenck Process	Provides industrial weighing and measuring systems	Industri Kapital 2007	2007	1.1
GHD GesundHeits Deutschland	Home care product sales	Industri Kapital 2007	2010	1.1
Bankrate	Internet based banking and finance network	Apax Europe VII	2009	1.1
Cengage Learning	Publisher of books for the higher education sector	Apax Europe VII	2007	1.1
Hugo Boss & Valentino	Fashion group	Permira IV	2007	1.1
Starbev	Leading brewer in Central and Eastern Europe	CVC European Equity Partners V & CVC Tandem	2009	1.1
Not disclosed	Provider of extended warranties	Advent Global Private Equity V	2007	1.0
SHL	UK market leader in psychometric testing	HgCapital 5	2006	0.9
Flabeg	Manufacturer of industrial mirror glass components	Industri Kapital 2007	2008	0.9
Formula One	Organiser of leading motor racing championship	CVC European Equity Partners IV	2006	0.9
PHS	UK business services	Charterhouse Capital Partners VII	2005	0.9
Not disclosed	Producer of refractory metals	Advent Global Private Equity V	2007	0.9
Tunstall Healthcare	Social alarms and telecare systems provider	Charterhouse Capital Partners VIII	2008	0.9
Savena	Functional, nutritional and culinary solutions	Industri Kapital 2007	2011	0.9
Nume¤ricable/Completel	French cable operator	Cinven Third Fund	2005	0.9
NDS	Provider of digital pay-TV solutions	Permira IV	2009	0.9
A-Plan Holdings	Retail insurance broking	Equistone Partners Europe Fund III	2008	0.8
Minimax	Producer of fire suppression systems	Industri Kapital 2004 & 2007	2006	0.8
Total of Top 30 Underlying Investments				39.7

Principal Risks and Uncertainties

The principal risks facing the Company relate to the Company's investment activities and include the following:-

• * market risk;
• * currency risk;
• * over-commitment risk;
• * liquidity risk;
• * credit risk;
• * interest rate risk; and
• * operating and control environment risk

Information on each of these risks, and an explanation of how they are managed, is contained in the Company's Annual Report for the year ended 30 September 2011.

The Company's principal risks and uncertainties have not changed materially since the date of that Report and are not expected to change materially for the remaining six months of the Company's financial year.

Directors' Responsibility Statement

The Directors are responsible for preparing the half-yearly financial report, in accordance with applicable laws and regulations. The Directors confirm that to the best of their knowledge:-

• * the condensed set of financial statements within the halfyearly financial report has been prepared in accordance with the UK Accounting Standards Board's Statement ''Half-yearly financial reports'';
• * the Chairman's Statement and Manager's Review (together constituting the interim management report) includes a fair view of the information required by 4.2.7R of the FSA's Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year;
• * the Statement of Principal Risks and Uncertainties shown above is a fair review of the information required by DTR 4.2.7R; and
• * in accordance with 4.2.8R of the FSA's Disclosure and Transparency Rules there have been no changes in the nature or magnitude of related party transactions during the first six months of the financial year and, therefore, nothing to report on any material effect by such a transaction on the financial position or the performance of the Company during that period.

The half-yearly financial report was approved by the Board on 29 May 2012.

Signed on behalf of the Board of Directors of Standard Life European Private Equity Trust PLC

Scott Dobbie CBE Chairman Edinburgh

29 May 2012

Income Statement

		For the six months to 31 March 2012 (unaudited)
	Notes	Revenue	Capital	Total
		»'000	»'000	»'000
Gains on investments		^	15,087	15,087
Currency gains/(losses)		^	537	537
Income	4	948	^	948
Investment management fee	5	(151)	(1,357)	(1,508)
Administrative expenses		(451)	^	(451)
Net return on ordinary activities before finance costs and		A	A	A
taxation		346	14,267	14,613
Finance costs		(106)	(964)	(1,070)
Return on ordinary activities before taxation		A 240	A 13,303	A 13,543
Taxation		(64)	55	(9)
Return on ordinary activities after taxation		A A 176	A A 13,358	A A 13,534
Net return per ordinary share	7	A 0.11p	A 8.26p	A 8.37p
Diluted net return per ordinary share	7	0.11p	8.23p	8.34p
		A	A	A

The Total column of this statement represents the profit and loss account of the Company.

A Statement of Total Recognised Gains and Losses has not been prepared as all gains and losses are recognised in the Income Statement.

All revenue and capital items in the above statement are derived from continuing operations.

No operations were acquired or discontinued in the period.

Income Statement

	For the six months to 31 March 2011 (unaudited)			For the year ended 30 September 2011 (audited)
Revenue	Capital	Total	Revenue	Capital	Total
»'000	»'000	»'000	»'000	»'000	»'000
ç	46,577	46,577	ç	56,281	56,281
ç	(950)	(950)	ç	(4)	(4)
2,588	ç	2,588	4,521	ç	4,521
(141)	(1,271)	(1,412)	(294)	(2,644)	(2,938)
(374)	^	(374)	(714)	ç	(714)
A	A	A	A	A	A
2,073	44,356	46,429	3,513	53,633	57,146
(144)	(1,294)	(1,438)	(285)	(2,565)	(2,850)
A 1,929	A 43,062	A 44,991	A 3,228	A 51,068	A 54,296
A (334)	A 317	A (17)	A (565)	A 547	A (18)
1,595	43,379	44,974	2,663	51,615	54,278
A A 0.99p	A A 26.87p	A A 27.86p	A A 1.65p	A A 31.97p	A A 33.62p
0.98p	26.72p	27.70p	1.64p	31.74p	33.38p
A	A	A	A	A	A

For the six months ended 31 March 2012 (unaudited)

		Share		Capital
	Share	premium	Special	redemption	Capital	Revenue
	capital	account	reserve	reserve	reserves	reserve	Total
	»'000	»'000	»'000	»'000	»'000	»'000	»'000
Balance at 30 September 2011	357	79,817	79,148	3	202,037	8,002	369,364
Total recognised gains	ç	ç	ç	ç	13,358	176	13,534
Scrip issue of ordinary shares	2	1,137	ç	ç	ç	ç	1,139
Dividends paid	ç	ç	ç	ç	ç	(2,099)	(2,099)
Balance at 31 March 2012	A A 359	A A 80,954	A A 79,148	A A 3	A A 215,395	A A 6,079	A A 381,938

For the six months ended 31 March 2011 (unaudited)

		Share		Capital
	Share	premium	Special	redemption	Capital	Revenue
	capital	account	reserve	reserve	reserves	reserve	Total
	»'000	»'000	»'000	»'000	»'000	»'000	»'000
Balance at 30 September 2010	357	79,650	79,148	3	150,422	5,662	315,242
Total recognised gains	ç	ç	ç	ç	43,379	1,595	44,974
Scrip issue of ordinary shares	ç	167	ç	ç	ç	ç	167
Dividends paid	ç	ç	ç	ç	ç	(323)	(323)
Balance at 31 March 2011	A A 357	A A 79,817	A A 79,148	A A 3	A A 193,801	A A 6,934	A A 360,060

For the year ended 30 September 2011 (audited)

		Share		Capital
	Share	premium	Special	redemption	Capital	Revenue
	capital	account	reserve	reserve	reserves	reserve	Total
	»'000	»'000	»'000	»'000	»'000	»'000	»'000
Balance at 30 September 2010	357	79,650	79,148	3	150,422	5,662	315,242
Total recognised gains	ç	ç	ç	ç	51,615	2,663	54,278
Scrip issue of ordinary shares	ç	167	ç	ç	ç	ç	167
Dividends paid	ç	ç	ç	ç	ç	(323)	(323)
Balance at 30 September 2011	A A 357	A A 79,817	A A 79,148	A A 3	A A 202,037	A A 8,002	A A 369,364

Balance Sheet

		At	At	At
		31 March 2012	31 March 2011	30 September 2011
		(unaudited)	(unaudited)	(audited)
	Notes	»'000	»'000	»'000
Non-current assets
Investments at fair value through profit or loss	8	395,987	410,889	397,433
Current assets
Debtors		736	865	709
Cash and short term deposits		1,475	4,380	3,384
		A 2,211	A 5,245	A 4,093
Creditors: amounts falling due within one year
Bank loan	10	(15,836)	(55,774)	(31,868)
Other creditors		(424)	(300)	(294)
		(16,260)	(56,074)	(32,162)
Net current liabilities		A (14,049)	A (50,829)	A (28,069)
Total assets less current liabilities		A A 381,938	A A 360,060	A A 369,364
Capital and reserves
Called up share capital		359	357	357
Share premium		80,954	79,817	79,817
Special reserve		79,148	79,148	79,148
Capital redemption reserve		3	3	3
Capital reserves		215,395	193,801	202,037
Revenue reserve		6,079	6,934	8,002
Total shareholders' funds		A 381,938	A 360,060	A 369,364
Analysis of shareholders' funds		A	A	A
Equity interests (ordinary shares)		381,904	360,026	369,330
Non-equity interests (founder shares)		34	34	34
Total shareholders' funds		A A 381,938	A A 360,060	A A 369,364
Net asset value per equity share	9	A 235.2p	A 222.9p	A 228.7p
	9	A 232.3p	A 220.3p	A 225.9p

Cashflow Statement

	Six months to	Six months to	Year to
	31 March 2012	31 March 2011	30 September 2011
	(unaudited)	(unaudited)	(audited)
	»'000	»'000	»'000
Net return before finance costs and taxation	14,613	46,429	57,146
Adjusted for:
Gains on disposal of unquoted investments	(14,290)	(8,884)	(31,094)
Revaluation of unquoted investments	(797)	(37,693)	(25,187)
Currency (gains)/losses	(537)	950	4
Increase in debtors	(28)	(757)	(601)
Increase in creditors	104	57	41
Tax deducted from non ^ UK income	(9)	(17)	(18)
Net cash (outflow)/inflow from operating activities	(944)	85	291
Net cash outflow from servicing of finance	(1,043)	(1,449)	(2,851)
Net cash flow from taxation	ç	ç	ç
Financial investment
Purchase of investments	(16,096)	(28,968)	(49,604)
Disposal of underlying investments	32,629	34,286	78,082
Net cash inflow from financial investment	16,533	5,318	28,478
Ordinary dividend paid	A (954)	A (150)	A (156)
Net cash inflow before financing	13,592	3,804	25,762
Net costs of issue of ordinary shares	(6)	(6)	ç
Net repayment of loan	(16,032)	(4,871)	(28,777)
Net cash outflow from financing	A (16,038)	A (4,877)	A (28,777)
Decrease in cash and cash equivalents	A (2,446)	A (1,073)	A (3,015)
Reconciliation of net cash flow to movement in net debt	A	A	A
Decrease in cash as above	(2,446)	(1,073)	(3,015)
Net repayment of loan	16,032	4,871	28,777
Currency movements	537	(950)	(4)
Movement in net debt in the period	14,123	2,848	25,758
Opening net debt	A (28,484)	A (54,242)	A (54,242)
Closing net debt	A (14,361)	A (51,394)	A (28,484)
Represented by:	A	A	A
Cash and short term deposits	1,475	4,380	3,384
Bank loans	(15,836)	(55,774)	(31,868)
	(14,361)	(51,394)	A A (28,484)
	A A	A A

1. Financial Information

The financial information in this report comprises non-statutory accounts as defined in sections 434^436 of the Companies Act 2006. The financial information for the year ended 30 September 2011 has been extracted from the published accounts that have been delivered to the Registrar of Companies and on which the report of the auditors was unqualified under section 498 of the Companies Act 2006.

The auditors have reviewed the financial information for the six months ended 31 March 2012 in accordance with the applicable standards issued by the Auditing Practices Board for use in the United Kingdom. The independent auditors review report is on page 23.

2. Basis of preparation and going concern

The financial statements have been prepared under the historical cost convention, as modified to include the revaluation of investments, and in accordance with applicable UK Accounting Standards and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' (issued in January 2009). They have also been prepared on the assumption that approval as an investment trust will continue to be granted by HM Revenue & Customs. The financial statements have been prepared on a going concern basis. The financial statements, and the net asset value per equity share figures, have been prepared in accordance with UK Generally Accepted Accounting Principles (''UK GAAP''). The Directors consider the Company's functional currency to be sterling, as the Company is registered in Scotland, the Company's shareholders are predominantly based in the UK and the Company is subject to the UK's regulatory environment. The interim accounts have been prepared using the same accounting policies as the preceding Annual Accounts. In addition, they have been prepared in accordance with the Statement ''Half-yearly financial reports'' issued by the UK Accounting Standards Board and the applicable guidance within the Disclosure and Transparency Rules of the Financial Services Authority.

							At	At		At
						31 March		31 March		30 September
3.	Exchange rates						2012	2011		2011
	Rates of exchange to sterling were:
	Euro					1.1998		1.1296		1.1611
	US Dollar					1.5978		1.6030		1.5578
						Six months		Six months		Year
						ended		ended		ended
						31 March		31 March		30 September
							2012	2011		2011
4.	Income					»'000		»'000		»'000
	Income from unquoted investments						946	2,587		4,514
	Interest receivable on cash						2	1		7
	Total income						948	2,588		4,521
			Six months ended 31 March 2012			Six months ended 31 March 2011			Year ended 30 September 2011
		Revenue	Capital	Total	Revenue	Capital	Total	Revenue	Capital	Total
		»'000	»'000	»'000	»'000	»'000	»'000	»'000	»'000	»'000
5.	Investment management and incentive fees
	Investment management fee	151	1,357	1,508	141	1,271	1,412	294	2,644	2,938

The investment management fee payable to the Manager is 0.8% per annum of the investments and other assets of the Company and any subsidiaries less the aggregate of the liabilities of the Company and any subsidiaries. The investment management fee is allocated 90% to the realised capital reserve and 10% to the revenue account. The management agreement between the Company and the Manager is terminable by either party on twelve months' written notice.

For an incentive fee to be payable at the end of the five year period, the Company's net asset value total return must grow by more than 8% compound per annum (before any accrual for the incentive fee) over the period to 30 September 2016. Should this hurdle rate be achieved, the Manager will be entitled to an incentive fee of 10% of the growth in NAV (before any accrual for the incentive fee) in excess of the hurdle rate, multiplied by the number of ordinary shares in issue on 1 October 2011 (adjusted in certain circumstances to reflect subsequent share issuance and/or a material reduction in the Company's issued share capital). No provision is required in respect of the incentive fee at 31 March 2012.

6. Dividend on Ordinary shares

A dividend of 1.30p per ordinary share, declared as a final dividend, was paid on 6 February 2012 in respect of the year ended 30 September 2011 (dividend of 0.20p per ordinary share paid on 28 January 2011).

The Company issued 881,969 ordinary shares of 0.2p as a result of elections received following a scrip dividend offer in respect of the 2011 final dividend. One new ordinary share was issued for every 129.9p otherwise payable as a cash dividend.

There will be no interim dividend for the six months ended 31 March 2012. Shareholders are reminded that the objective of the Company is longterm capital appreciation.

		Six months ended 31 March 2012 p »'000		p	Six months ended 31 March 2011 »'000	Year ended 30 September 2011 p »'000
7.	Net return per ordinary share
	The net return per ordinary share is based on the following
	figures:
	Revenue net return	0.11	176	0.99	1,595	1.65	2,663
	Capital net return	8.26	13,358	26.87	43,379	31.97	51,615
	Total net return	8.37	13,534	27.86	44,974	33.62	54,278
	Weighted average number of ordinary shares in issue		161,771,309		161,414,968		161,455,894
		Six months ended 31 March 2012 p »'000		Six months ended 31 March 2011 p »'000		Year ended 30 September 2011 p »'000
	The fully diluted net return per ordinary share is based on the
	following figures:
	Revenue net return (fully diluted)	0.11	176	0.98	1,595	1.64	2,663
	Capital net return (fully diluted)	8.23	13,358	26.72	43,379	31.74	51,615
	Total net return (fully diluted)	8.34	13,534	27.70	44,974	33.38	54,278

Fully diluted net returns have been calculated on the basis set out in Financial Reporting Standard 22 'Earnings per share' ('FRS 22'). For the six months ended 31 March 2012, this is based on 162,590,484 shares, comprising the weighted average 161,771,309 ordinary shares and 819,175 founder A shares deemed to be issued for no consideration on exercise of all founder A shares by reference to the average share price of the ordinary shares during the period. For the six months ended 31 March 2011, this is based on 162,374,866 shares, comprising the weighted average 161,414,968 ordinary shares and 959,898 founder A shares capable of conversion. For the year ended 30 September 2011, this is based on the weighted average of 162,597,933 ordinary shares, comprising the weighted average 162,455,894 ordinary shares and 1,142,039 founder A shares capable of conversion.

		At 31 March 2012 »'000	At 31 March 2011 »'000	At 30 September 2011 »'000
8.	Fixed asset investments
	Fair value through profit or loss:
	Opening market value	397,433	369,630	369,630
	Opening investment holding losses	13,078	38,265	38,265
	Opening book cost	410,511	407,895	407,895
	Movements in the period:
	Additions at cost	16,096	28,968	49,604
	Disposals of underlying investments by funds	(32,629)	(34,286)	(78,082)
		393,978	402,577	379,417
	Gains on disposal of underlying investments	14,290	11,285	35,157
	Losses on disposal of fund investments	ç	(2,401)	(4,063)
	Closing book cost	408,268	411,461	410,511
	Closing investment holding losses	(12,281)	(572)	(13,078)
	Closing market value	395,987	410,889	397,433
9.	Net asset value per ordinary share	At 31 March 2012	At 31 March 2011	At 30 September 2011
	Basic:
	Ordinary shareholders' funds	»381,903,457	»360,026,000	»369,330,320
	Number of ordinary shares in issue	162,378,566	161,496,597	161,496,597
	Net asset value per ordinary share	235.2p	222.9p	228.7p
	Diluted:
	Ordinary shareholders' funds	»385,500,438	»363,622,981	»372,927,301
	Number of ordinary shares in issue	165,975,547	165,093,578	165,093,578
	Net asset value per ordinary share	232.3p	220.3p	225.9p

During the period the Company issued 881,969 ordinary shares of 0.2p as a result of elections received following a scrip dividend offer in respect of the 2011 final dividend. One new ordinary share was issued for every 129.9p otherwise payable as a cash dividend.

For the six months ended 31 March 2012, the diluted NAV per ordinary share is based on the number of shares in issue of 165,975,547, being 162,378,566 ordinary shares and 3,596,981 founder A shares.

The net asset value per ordinary share and ordinary shareholders' funds are calculated in accordance with the Company's articles of association.

10.	Bank loans	At 31 March 2012 »'000	At 31 March 2011 »'000	At 30 September 2011 »'000
	Unsecured bank loans repayable within one year:
	g16,000,000 at 2.923% repayable 30 April 2012	13,336	ç	ç
	g3,000,000 at 2.958% repayable 20 April 2012	2,500	ç	ç
	g37,000,000 at 3.857% repayable 31 October 2011	ç	ç	31,868
	g63,000,000 at 3.448% repayable 28 April 2011	ç	55,774	ç
		15,836	55,774	31,868

At 31 March 2012, the Company had a »120 million committed, multi-currency syndicated revolving credit facility led by The Royal Bank of Scotland plc of which »15.8m has been drawn down in euros. The facility expires on 31 December 2013. The interest rate on this facility is LIBOR plus 2.5% and the commitment fee payable on non-utilisation is 1.0% per annum.

11. Parent undertaking and related party transactions

The ultimate parent undertaking of the Company is Standard Life PLC. The accounts of the ultimate parent undertaking are the only group accounts incorporating the accounts of the Company.

There are no changes in the nature or magnitude of the related parties' transactions described in the last Annual Report that have had a material effect on the financial position or performance of the Company during the period ended 31 March 2012.

Independent review report to Standard Life European Private Equity Trust PLC

Introduction

We have been engaged by Standard Life European Private Equity Trust PLC (the ''Company'') to review the condensed set of financial statements in the half-yearly financial report for the six months ended 31 March 2012, which comprise the Income Statement, the Reconciliation of Movements in Shareholders' Funds, the Balance Sheet, the Cashflow Statement and related notes. We have read the other information contained in the halfyearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

Directors' responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

As disclosed in note 2, the annual financial statements of the Company are prepared in accordance with applicable law and United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice). The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with the Statement ''Half-yearly financial reports'' issued by the UK Accounting Standards Board.

Our responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review. This report, including the conclusion, has been prepared for and only for the Company for the purpose of the Disclosure and Transparency Rules of the Financial Services Authority and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come, save where expressly agreed by our prior consent in writing.

Scope of review

We conducted our review in accordance with the International Standard on Review Engagements (UK and Ireland) 2410, ''Review of Interim Financial Information Performed by the Independent Auditor of the Entity'' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 31 March 2012 is not prepared, in all material respects, in accordance with the Statement ''Half-yearly financial reports'' issued by the UK Accounting Standards Board and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

PricewaterhouseCoopers LLP

Chartered Accountants Edinburgh 29 May 2012

Information for Investors

Registered address

This report has been mailed to shareholders at the address shown on the Company's share register. Any change of address should be advised to the Registrars at the following address under the signature of the shareholder:

Equiniti Limited 34 South Gyle Crescent South Gyle Business Park Edinburgh EH12 9EB United Kingdom

Registrars' shareholder helpline: 0871 384 2618* Registrars' broker helpline: 0906 559 6025

* Calls to this number are charged at 8p per minute from a BT landline. Other telephone providers costs may vary.

If your shares are held via nominees you should contact them with any change of address.

Ordinary share price and net asset value

The Company's ordinary share price is published in the Financial Times.

The Stock Exchange code for the Company's ordinary shares is SEP. The Company's Sedol number is 3047468 and the ISIN number is GB0030474687.

In view of the unlisted nature of the Company's investment portfolio, the NAV is announced to the Stock Exchange quarterly.

ISA (Individual Savings Accounts)

Lump sum and regular savings ISAs in the Company's ordinary shares are offered by Standard Life Savings Limited. These provide a tax efficient vehicle for investors wishing to invest up to »11,280 in the tax year 2012/2013. There is no initial charge and no annual management charge for the plans. Further details are available from Standard Life Savings Limited, 12 Blenheim Place, Edinburgh EH7 5ZR, or by telephoning 0845 602 4247.

Investment Manager

SL Capital Partners LLP 1 George Street Edinburgh EH2 2LL

Telephone: 0131 245 0055 Fax: 0131 245 6105

SL Capital Partners LLP is authorised and regulated by the Financial Services Authority and is a subsidiary of Standard Life Investments Limited. Standard Life Investments Limited may record and monitor telephone calls to help improve customer service.

Financial Calendar

September ^ Quarterly trading statement announced December ^ Preliminary results for the year announced December ^ Annual report and accounts published January ^ Annual General Meeting March ^ Quarterly trading statement announced May ^ Interim results announced June ^ Interim report published

Corporate Information

Directors

Scott Dobbie CBE, Chairman Alastair Barbour Edmond Warner David Warnock Donald Workman

Registered Office

1 George Street Edinburgh EH2 2LL United Kingdom

Investment Manager

SL Capital Partners LLP 1 George Street Edinburgh EH2 2LL United Kingdom

Company Secretary

Personal Assets Trust Administration Company Limited 10 St. Colme Street Edinburgh EH3 6AA United Kingdom

Company Administrator

BNP Paribas Securities Services S.A. 55 Moorgate London EC2R 6PA United Kingdom

Company Broker

Collins Stewart Europe Limited 88 Wood Street London EC2V 7QR United Kingdom

Solicitors

Dickson Minto WS 16 Charlotte Square Edinburgh EH2 4DF United Kingdom

Independent Auditors

PricewaterhouseCoopers LLP PO Box 90 Erskine House 68^73 Queen Street Edinburgh EH2 4NH United Kingdom

Tax Advisers

Ernst & Young LLP Ten George Street Edinburgh EH2 2DZ United Kingdom

Bankers

The Royal Bank of Scotland plc Level 5 135 Bishopsgate London EC2M 3UR United Kingdom

JPMorgan Chase Bank 125 London Wall London EC2Y 5AJ United Kingdom

Registrars

Equiniti Limited 34 South Gyle Crescent South Gyle Business Park Edinburgh EH12 9EB United Kingdom

Standard Life European Private Equity Trust PLC

Registered in Scotland no. 216638 1 George Street Edinburgh EH2 2LL United Kingdom

Managed by SL Capital Partners LLP

1 George Street Edinburgh EH2 2LL United Kingdom