CT PRIVATE EQUITY TRUST PLC

Interim / Quarterly Report • Mar 31, 2016

Standard Life European Private Equity Trust PLC

Interim Report and Accounts for the six months ended 31 March 2016

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
Going Concern	13
Directors' Responsibility Statement	13
Condensed Statement of Comprehensive Income	14
Condensed Statement of Financial Position	15
Condensed Statement of Changes in Equity	16
Cashflow Statement	17
Notes to the Accounts	18
Independent Auditors' Review	22
Information for Investors	23
Financial Calendar	23
Corporate Information	24

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 17 of the 2015 Annual Report.
Investment manager	SL Capital Partners LLP (''The Manager'')
Shareholders' funds	£480.2 million at 31 March 2016
Market capitalisation	£315.7 million at 31 March 2016
Capital structure	154,776,294 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.
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% per annum 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

Performance (Capital Only)	At 31 March 2016	At 30 September 2015	% Change
Net asset value per ordinary share (''NAV'')	310.2p	281.6p	10.2
Share price	204.0p	214.0p	(4.7)
FTSE All-Share Index(2)	3,395.2	3,335.9	1.8
MSCI Europe Index (in euros)(2)	113.6	117.3	(3.2)
Discount (difference between share price and net asset value)	34.2%	24.0%

Performance (Total Return)(1)	Six months %	1 year %	Annualised 5 year %	Annualised since launch(3) %
Share price	(3.1)	(5.8)	7.5	6.3
NAV	11.3	17.4	8.5	9.0
FTSE All-Share Index(2)	3.5	(3.9)	5.7	4.7
MSCI Europe Index (in euros)(2)	(2.0)	(13.3)	7.3	2.8

High/low for the six months ended 31 March 2016	High	Low
Share price (mid)	218.0p	191.0p

(1) Includes dividends reinvested.

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

(3) The Company was listed on the London Stock Exchange in May 2001.

Summary financial information

NAV and share price	Net assets £m	NAV (undiluted) p	NAV (diluted) p	Share price p	Premium/ (discount) to diluted NAV %
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 30 September 2012	369.7	227.6	224.9	162.38	(27.8)
At 30 September 2013	401.2	244.2	243.4	198.00	(18.6)
At 30 September 2014	409.1	257.4	257.4	230.00	(10.6)
At 30 September 2015	438.7	281.6	281.6	214.00	(24.0)
At 31 March 2016	480.2	310.2	310.2	204.00	(34.2)

Performance and dividends	NAV total return %	Share price total return1 %	Dividend paid2 £m	Dividend per ordinary share p	Expense ratio3 %
Year to 30 September 2006	26.6	18.7	2.9	2.40	1.01
Year to 30 September 2007	35.4	24.8	3.8	3.50	0.97
Year to 30 September 2008	(1.3)	(27.8)	5.6	0.70	0.94
Year to 30 September 2009	(29.2)	(29.5)	0.6	0.10	0.92
Year to 30 September 2010	18.4	1.4	0.1	0.20	1.02
Year to 30 September 2011	17.0	18.0	0.2	1.30	1.02
Year to 30 September 2012	0.1	22.4	1.0	2.00	0.97
Year to 30 September 2013	9.1	23.4	1.3	5.00	0.99
Year to 30 September 2014	7.7	19.1	8.2	5.00	0.96
Year to 30 September 2015	11.9	(4.0)	10.6	5.25	0.98
Six months to 31 March 2016	11.3	(3.1)	5.5	1.80	0.994

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 follow the AIC's recommended methodology for calculating Ongoing Charges.

⁴ Annualised for 2016.

		Fund manager as a % of net assets		Fund investments as a % of net assets
	Top 5	Top 10	Top 10	Top 20	Top 30
Investment exposure	%	%	%	%	%
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 30 September 2012	51.2	80.2	63.5	87.4	97.9
At 30 September 2013	44.9	68.4	51.7	76.5	86.8
At 30 September 2014	43.2	65.0	52.9	74.0	82.7
At 30 September 2015	42.4	65.2	48.6	71.4	80.2
At 31 March 2016	39.8	64.2	44.2	66.4	77.3

Chairman's Statement

Results and performance

In the six month period to 31 March 2016 the Company continued to benefit from strong exit activity across the portfolio, with significant cashflows to the Company and meaningful realised gains. Furthermore, the Company has benefitted from the appreciation of the euro versus sterling during Q1 2016, reversing some of the negative foreign exchange impact of the last two years. This has been against a background of significant volatility in listed financial markets and a slight decline in private equity activity in Europe during Q1 2016. The net asset value total return for the period was 11.3%. At 31 March 2016 the Company's net assets were £480.2 million (30 September 2015 – £438.7 million).

The net asset value per ordinary share ("NAV") at 31 March 2016 rose 10.2% to 310.2p (30 September 2015 – 281.6p). The increase in NAV during the period comprised 10.4% of net realised gains and income from the Company's portfolio of 47 private equity fund interests, 5.1% of unrealised losses on a constant exchange rate basis and 5.8% of positive exchange rate movements on the portfolio, 0.4% of other items, fees and costs, partially offset by the payment of the final dividend of 3.5p per ordinary share for the year ended 30 September 2015.

The closing mid-market price of the Company's ordinary shares on 31 March 2016 was 204.0p, a decrease of 4.7% over the period and a discount of 34.2% to the NAV. This compares to an increase in the FTSE All-Share Index over this period of 1.8%, and a decrease in the MSCI Europe Index (in euros) of 3.2%. The share price has subsequently risen and at 25 May 2016 was 224.0p, representing a 27.8% discount to the NAV at 31 March 2016.

Edmond Warner, OBE

The Board has declared an interim dividend of 1.80p to be paid on 15 July 2016 to shareholders on the Company's share register at 10 June 2016 (2015 – interim dividend 1.75p). On 29 January 2016 the Company paid a final dividend for the year ended 30 September 2015 of 3.5p per ordinary share. It remains the Board's intention, subject to unforeseen circumstances, to maintain, at least, the real value of last year's 5.25p dividend for the full year, when the amount of the interim dividend is combined with the final dividend. The Company also offers a Dividend Reinvestment Plan ("DRIP"), giving shareholders the option of reinvesting their dividend payments to buy more ordinary shares in the Company. Shareholders who wish to use their dividends to purchase further shares in the Company by participating in the Company's DRIP may complete a mandate form, which can be obtained via the Company's website (www.slcapital.com/slepet), or from Equiniti Limited at their address on page 23. The final date for DRIP elections is 24 June 2016.

Investment activity

The value of all private equity investments undertaken in Europe during the six months to 31 March 2016 was marginally lower than the corresponding period in 2015, with €51.9 billion of transactions by enterprise value announced (six months ended 31 March 2015 – €52.6 billion). Whilst the number and aggregate value of large buy-out transactions is volatile quarter on quarter, middle market buy-out transactions with an enterprise value between €100 million and €1 billion continues to be the core market segment. Just under €25.8 billion of deals during the period were middle market transactions and this market segment has, and continues to be, one of the Company's primary areas of focus.

As a result of strong exit activity, which reflects the maturity of the Company's portfolio, the Company received £80.4 million of distributions and it funded £34.4 million of draw downs during the period. The Manager is aware of the increased use of short term debt facilities by underlying managers to fund new investments, in order to reduce the frequency of draw downs from investors and enhance the underlying funds' IRRs. As a result, the Manager anticipates further draw downs and the associated reduction in outstanding commitments later in the year as these annual facilities are repaid. Overall, the Company generated a net cash inflow from portfolio activities, excluding secondary transactions, of £46.0 million. The distributions received generated net realised gains and income of £45.5 million, equivalent to an average return on the acquisition cost of

Chairman's Statement

the realised investments of 2.3 times (year ended 30 September 2015 – 1.9 times).

In support of the Company's investment strategy, one new fund commitment was made during the period, with a commitment of €45.0 million to Advent International GPE VIII in February 2016.

Reflecting the disciplined approach to the use of the Company's capital resources and the continuing cash inflow, the Company also undertook one secondary fund purchase. The Company acquired an original commitment of \$60.0 million to TowerBrook Investors III in December 2015. Details of the transaction are provided in the Manager's Review.

In addition, the Company acquired one million ordinary shares through a share buy-back transaction for £2.0 million. The ordinary shares were acquired at a price of 204.0p and at a discount to the prevailing NAV of 32.3%. The ordinary shares acquired have been cancelled.

The Company had liquid resources of £94.0 million at 31 March 2016, comprising a cash balance of £54.6 million and £39.4 million invested at value (£39.4 million at cost) in UK and European equity index tracker funds. The Company has an undrawn £80 million syndicated revolving credit facility, provided by Citibank and Societe Generale, which expires in December 2020. At 31 March 2016 the Company had £271.5 million of outstanding commitments (30 September 2015 – £245.8 million). After undertaking a detailed review, the Manager believes that up to £55 million of the Company's existing outstanding commitments are unlikely to be drawn.

Valuation

The Company's portfolio comprises 47 private equity fund interests. At 31 March 2016 the value of this portfolio was £390.6 million, of which net unrealised gains arising during the period were £3.0 million. 98.3% by value of the Company's private equity fund interests were valued by the relevant fund manager at 31 March 2016.

While unrealised losses on a constant exchange rate basis were £22.4 million (6.1% of the opening portfolio valuation), the loss primarily reflected a movement from unrealised to realised gains. With the latter generating gains and income of £45.5 million, a material uplift on exit is implied. In addition, exchange rate movements contributed unrealised gains of £25.4 million (6.9% of opening portfolio valuation), largely as a result of the 7.1% appreciation in the euro versus sterling in Q1 2016.

Recent activity

During the period from 31 March 2016 to 25 May 2016 the Company received £9.7 million of distributions and funded £3.5 million of draw downs. The Company made a new fund commitment of €26.0 million to the Sixth Cinven Fund.

At 25 May 2016 the Company had liquid resources of £95.9 million, comprising a cash balance of £56.5 million and £39.4 million invested at value (£39.4 million at cost) in UK and European equity index tracker funds. The Company had outstanding commitments of £277.5 million at 25 May 2016.

Outlook

Overall, the European private equity market remains competitive with a significant amount of capital having been raised, however, the funds in the Company's portfolio are predominately focused on the mid and large segments of the buy-out market where historically managers have been able to generate value through operational improvements and strategic repositioning.

The managers of many of the funds in the Company's portfolio continue to report positive earnings growth across their portfolio companies. In addition, notwithstanding the recent listed market volatility and an increasingly challenging global macro-economic environment, the Company continues to benefit from strong levels of exit activity across the portfolio and, subject to exogenous shocks, the Manager would expect this to continue over the course of the year. These strong levels of exit activity should result in further realised and unrealised gains being generated enabling the Company to continue to build on the robust performance of the past three years.

The Board remains committed to maintaining capital discipline and the positive cash inflow is being invested in a mix of new fund commitments, secondary fund purchases and, when appropriate, share buy-backs.

Edmond Warner OBE Chairman

26 May 2016

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 €100 million and €2.0 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 2016 the Company had seven fund investments – Coller International Partners IV, Coller International Partners V, Pomona Capital V Fund, Pomona Capital VI Fund, TowerBrook Investors II, TowerBrook Investors III and TowerBrook Investors IV – which are likely to invest a majority of their capital outside Europe. In total these funds represented 9.6% of the Company's gross assets by valuation and 8.2% by cost at 31 March 2016.

Portfolio composition and performance

At 31 March 2016 the Company's portfolio comprised 47 private equity fund interests with a value of £390.6 million which, together with its current assets less liabilities, resulted in the Company having net assets of £480.2 million. This represented a NAV of 310.2p per ordinary share.

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 2016 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 cash flows. 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 47 private equity funds in which the Company is invested, 44 of the funds, or 98.3% of the portfolio by value, were valued by their fund managers at 31 March 2016. 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 increased during the period from £369.0 million at 30 September 2015 to £390.6 million at 31 March 2016. A breakdown of the £21.6 million movement in the Company's portfolio during the period is detailed in the valuation bridge shown above. The increase in value was driven by £38.9 million of realised gains on the investment portfolio on a constant exchange rate basis, £34.4 million of draw downs from fund investments, £19.1 million of secondary purchases and £25.4 million from favourable foreign exchange rate movements. This increase was partially offset by £73.8 million of realisation proceeds from the Company's underlying investment interests and £22.4 million of unrealised losses on the investment portfolio on a constant exchange rate basis. During the period to 31 March 2016 sterling depreciated by 7.1% relative to the euro and depreciated by 5.1% relative to the US dollar.

Investment activity

The Company had £34.4 million of draw downs by, and £80.4 million of distributions from, the Company's portfolio of fund interests, which resulted in a net cash inflow of £46.0 million from investment activities during the period. The strong level of distribution activity reflected the attractive exit environment together with the maturity of the Company's investment portfolio.

Secondary activity

During the six month period the Company purchased a secondary position in TowerBrook Investors III, which had an original fund commitment of \$60.0 million. The secondary purchase was acquired at a 6.1% discount to the 30 September 2015 valuation of the fund. The purchase price for the fund interest was £19.1 million and the Company assumed outstanding commitments of £10.4 million on acquisition.

Manager's Review

Fund commitments

During the six month period the Company made a single fund commitment of €45.0 million to Advent International GPE VIII, a global manager focused on mid to large market buyout transactions. Post the period end the Company made a commitment of €26.0 million to the Sixth Cinven Fund, a pan-European manager focused on upper mid-market buyouts.

Given the level of primary fund commitments it is unlikely that the Company will make further primary fund commitments until later in 2016. Secondary fund purchases are, however, expected to continue to be a feature of the Company's commitment plan in the short to medium term. Secondary fund interests allow 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 2016 the Company had £271.5 million of outstanding commitments. After adjusting for excess available liquid resources, outstanding commitments were equivalent to 20.5% of the Company's net assets.

Analysis of underlying investments

At 31 March 2016 the Company's 47 private equity fund interests were collectively invested in a total of 491 underlying investments. The diversification of the underlying investments at 31 March 2016 and 30 September 2015 is set out in the four bar charts at the bottom of page 8.

The bar charts demonstrate the diversification that applies by geography and by sector within the Company's underlying portfolio of investments at 31 March 2016. The broad geographic and sector diversification across a wide range of industries, including industrials, consumer services and financials, helps to mitigate the effect of volatility in any individual geography or sector.

The bar chart showing the maturity exposure of underlying investments highlights that the portfolio has an appropriate spread of investment vintages, however, it also continues to benefit from having a sizable proportion of the portfolio which is mature and likely to drive distribution activity going forward. The bar chart showing value relative to the original cost of underlying investments illustrates that the portfolio remains healthy with 84% of the portfolio valued at or above cost.

Valuation and leverage multiple analysis

The two bar charts at the top of page 8 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 2015, which in aggregate represented 44.8% of the Company's then net assets.* This analysis is at 31 December 2015 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 10-11x 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 2015 of 10-11x EV/EBITDA and 3-4x Debt/EBITDA. The increase in the median leverage multiple in part reflects the fact that a number of underlying managers have taken advantage of the current debt markets to refinance companies on more advantageous terms. Overall the Manager believes that these valuation and leverage multiples are in line with the European private equity market for similar sized deals and vintages.

*In the case of five investments it has not been possible to calculate meaningful multiples due to the nature of the underlying businesses.

Manager's Review

Value relative to original cost (% of valuation)

Fund Investments at 31 March 2016

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:

Vintage year of fund	Fund	Type	Number of investments	Valuation date*	Outstanding commitments £'000	Cost £'000	Valuation multiple† £'000	Net GBP (X)	% of net assets
2006	3i Eurofund V	Buy-out	11	31.03.16	1,954	20,131	35,398	1.6	7.4%
2012	IK VII	Buy-out	12	31.03.16	4,538	22,679	25,720	1.1	5.4%
2011	Equistone Partners Europe Fund IV	Buy-out	23	31.03.16	1,805	20,283	22,931	1.5	4.8%
2011	BC European Capital IX	Buy-out	15	31.03.16	5,347	17,866	21,834	N/D	4.5%
2008	TowerBrook Investors III	Buy-out	12	31.03.16	10,776	19,095	20,502	1.1	4.3%
2008	Advent Global Private Equity VI	Buy-out	19	31.03.16	624	15,332	20,039	1.7	4.2%
2011	Montagu IV	Buy-out	12	31.03.16	2,395	16,231	17,875	1.3	3.7%
2014	Permira V	Buy-out	14	31.03.16	8,028	14,855	17,001	1.1	3.5%
2008	CVC European Equity Partners V	Buy-out	18	31.03.16	1,280	14,293	15,555	1.6	3.2%
2012	Advent Global Private Equity VII	Buy-out	23	31.03.16	3,814	11,027	15,399	1.4	3.2%
2006	Terra Firma Capital Partners III	Buy-out	6	31.03.16	107	24,663	15,095	0.6	3.1%
2007	Industri Kapital 2007	Buy-out	7	31.03.16	1,376	15,790	13,672	1.4	2.8%
2008	Nordic Capital Fund VII	Buy-out	16	31.03.16	1,162	11,280	13,633	1.3	2.8%
2005	Candover 2005 Fund	Buy-out	5	31.03.16	–	39,239	13,172	0.6	2.7%
2013	Nordic Capital Fund VIII	Buy-out	11	31.03.16	12,202	11,484	11,597	1.0	2.4%
2007	Equistone Partners Europe Fund III	Buy-out	8	31.03.16	1,325	15,700	8,534	1.6	1.8%
2014	PAI Europe VI	Buy-out	7	31.03.16	19,324	7,880	8,063	1.1	1.7%
2014	CVC Capital Partners VI	Buy-out	12	31.03.16	15,204	8,015	7,826	1.0	1.6%
2015	Exponent Private Equity Partners III	Buy-out	4	31.03.16	19,742	8,271	7,665	0.9	1.6%
2015	Equistone Partners Europe Fund V	Buy-out	8	31.03.16	16,563	6,799	7,175	1.1	1.5%
2006	Coller International Partners V	Secondary	48	31.03.16	6,067	–	6,976	1.6	1.5%
2014	Altor Fund IV	Buy-out	4	31.03.16	37,014	6,298	6,485	1.0	1.4%
2006	Permira IV	Buy-out	15	31.12.15	510	5,784	6,217	1.2	1.3%
2013	TowerBrook Investors IV	Buy-out	5	31.03.16	19,664	4,110	6,166	1.5	1.3%
2005	Pomona Capital VI Fund	Secondary	30	31.03.16	1,899	6,893	5,656	1.6	1.2%
2006	TowerBrook Investors II	Buy-out	5	31.03.16	3,983	3,828	5,479	2.1	1.1%
2012	Bridgepoint Europe IV	Buy-out	16	31.03.16	920	5,554	4,795	1.3	1.0%
2006	Cinven Fourth Fund	Buy-out	7	31.03.16	2,668	10,316	4,211	1.5	0.9%
2014	Bridgepoint Europe V	Buy-out	5	31.03.16	24,518	3,173	3,230	1.0	0.7%
2006	HgCapital 5	Buy-out	3	31.03.16	213	7,485	3,192	1.8	0.7%
2005	Equistone Partners Europe Fund II	Buy-out	4	31.03.16	172	7,738	3,064	1.7	0.6%
2005	Advent Global Private Equity V	Buy-out	5	31.03.16	937	1,876	3,041	2.7	0.6%
2005	CVC European Equity Partners IV	Buy-out	4	31.03.16	1,614	3,840	2,852	2.2	0.6%
2009	Charterhouse Capital Partners IX	Buy-out	8	31.03.16	607	3,330	2,537	1.4	0.5%
2004	Industri Kapital 2004	Buy-out	2	31.03.16	13	4,226	1,836	2.4	0.4%
2002	Charterhouse Capital Partners VII	Buy-out	3	31.03.16	2,408	6,089	1,348	1.9	0.3%
2001	Pomona Capital V Fund	Secondary	43	31.03.16	118	5,726	1,054	1.4	0.2%
2000	Scottish Equity Partners II	Venture capital	1	31.03.16	–	3,159	972	0.9	0.2%
2001	Coller International Partners IV	Secondary	23	31.03.16	209	270	821	1.4	0.2%
2000	CVC European Equity Partners III	Buy-out	1	31.03.16	1,022	3,455	659	2.7	0.1%
2007	CVC Tandem Fund	Buy-out	8	31.03.16	583	1,817	569	1.6	0.1%
2004	Permira Europe III	Buy-out	6	31.12.15	–	437	294	1.2	0.1%
2001	Cinven Third Fund	Buy-out	1	31.03.16	230	4,399	229	2.1	0.1%
1998	CVC European Equity Partners II	Buy-out	1	31.03.16	1,204	2,180	206	2.0	0.0%
1995	Phildrew Fourth	Buy-out	—	31.03.16	–	–	17	0.3	0.0%
2001	MUST 4	Buy-out	—	31.12.15	1,705	–	7	2.0	0.0%
2015	Advent International GPE VIII	Buy-out	—	31.03.16	35,678	–	–	N/A	0.0%
	Total portfolio investments‡		491		271,522	422,896	390,599		81.3%
	Non-portfolio assets less liabilities						89,583		18.7%
	Shareholders' funds						480,182		100.0%

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

† the net multiple has been calculated by SL Capital Partners LLP in GBP on the basis of the total realised and unrealised return for the interest held in each fund investment. (N/D – not disclosed due to legal limitations).

‡ the 491 underlying investments represent holdings in 476 separate companies.

Ten Largest Fund Investments

at 31 March 2016

3i Eurofund V		31 March 2016	30 September 2015
3i Eurofund V is a €5.0 billion private equity fund, including a commitment of €2.8 billion	Value (£'000)	35,398	34,461
from 3i Group plc, focused on mid to large sized European buy-outs. The fund is managed	Cost (£'000)	20,131	21,708
by 3i Private Equity, a division of 3i Group plc, an investment company listed on the London
Stock Exchange. 3i is one of the oldest and most experienced private equity managers in	Commitment (€'000)	60,000	60,000
Europe and operates from a network of offices, including Amsterdam, London, Madrid, Paris	Amount Funded	95.9%	95.9%
and Stockholm. 3i targets buy-out transactions with enterprise values of between €100	Holding in Fund	1.2%	1.2%
million and €1.0 billion, across a wide range of sectors.	Income (£'000)	–	600

IK VII		31 March 2016	30 September 2015
IK VII is a €1.4 billion private equity fund focused on northern European buy-outs. The fund	Value (£'000)	25,720	16,606
is managed by IK Investment Partners, which has offices in London, Stockholm, Paris and	Cost (£'000)	22,679	16,214
Hamburg. IK targets the buy-out of businesses with enterprise values of between €100 million and €500 million.	Commitment (€'000)	36,000	36,000
	Amount Funded	84.1%	60.5%
	Holding in Fund	2.6%	2.6%
	Income (£'000)	–	–

Equistone Partners Europe Fund IV		31 March 2016	30 September 2015
Equistone Partners Europe Fund IV is a €1.5 billion private equity fund focused on European	Value (£'000)	22,931	24,014
middle market buy-outs. The fund is the first fund raised by Equistone Partners Europe,	Cost (£'000)	20,283	21,215
following the spin-out from Barclays PLC. The manager operates from offices in London, Paris,	Commitment (€'000)	30,000	30,000
Munich, Zurich, Birmingham and Manchester with a focus on sourcing investments in the UK, France and Germany.	Amount Funded	92.4%	91.4%
	Holding in Fund	2.0%	2.0%
	Income (£'000)	298	284

BC European Capital IX		31 March 2016	30 September 2015
BC Partners is a leading European buy-out firm with a track record that goes back to 1986.	Value (£'000)	21,834	19,756
The team operates from offices in London, Paris, Hamburg and New York. BC European	Cost (£'000)	17,866	18,325
Capital IX held its final close in February 2012 with total commitments of €6.7 billion. The	Commitment (€'000)	35,000	35,000
fund focuses primarily on buy-outs of larger companies, with typical enterprise values	Amount Funded	80.7%	76.3%
between €300 million and €2 billion.
	Holding in Fund	0.5%	0.5%
	Income (£'000)	89	566

TowerBrook Investors III		31 March 2016	30 September 2015
TowerBrook Investors III is a US\$2.75 billion private equity fund which is managed by	Value (£'000)	20,502	–
TowerBrook Investors, a transatlantic private equity firm. TowerBrook pursues control-oriented	Cost (£'000)	19,095	–
investments in North American and European middle market companies in partnership with	Commitment (US\$'000)	60,000	–
management teams and in situations branded by complexity. The firm has offices in London,
New York and Munich.	Amount Funded	74.2%	–
	Holding in Fund	2.2%	–
	Income (£'000)	40	–

Ten Largest Fund Investments at 31 March 2016

Advent Global Private Equity VI		31 March 2016	30 September 2015
Advent Global Private Equity VI is a €6.6 billion private equity fund predominantly focused on	Value (£'000)	20,039	22,907
mid-market buyouts in Europe and North America. The fund is managed by Advent	Cost (£'000)	15,332	17,224
International, one of the leading private equity managers globally. Advent operates from offices
in London, Paris, Frankfurt, Milan, Madrid, Boston and New York. Advent's target sectors include	Commitment (€'000)	25,400	25,400
business and financial services, media and telecommunications, retail and consumer, healthcare	Amount Funded	96.9%	96.2%
and industrials.	Holding in Fund	0.8%	0.8%
	Income (£'000)	–	11

Montagu IV		31 March 2016	30 September 2015
Montagu IV is a €2.5 billion private equity fund focused predominantly on northern Europe,	Value (£'000)	17,875	17,770
targeting middle market buy-outs. The fund focuses on buy-outs of businesses with enterprise	Cost (£'000)	16,231	17,138
values between €100 million and €1billion. Montagu Private Equity has been in existence
since 1968 and prior to a spin-out in 2003, Montagu was the sole private equity arm of HSBC	Commitment (€'000)	30,000	30,000
Group. The manager operates from offices in London, Paris, Frankfurt, Amsterdam and	Amount Funded	89.9%	89.9%
Warsaw.	Holding in Fund	1.2%	1.2%
	Income (£'000)	254	1,013

Permira V		31 March 2016	30 September 2015
Permira V is a €5.0 billion private equity fund predominantly focused on mid-market and	Value (£'000)	17,001	13,723
large cap buy-outs in Europe and North America. The fund is managed by Permira, which	Cost (£'000)	14,855	13,990
operates from a network of offices including London, Frankfurt, Paris, Milan, New York and	Commitment (€'000)
California. Permira's five core target sectors are consumer, TMT, industrials, healthcare and		30,000	30,000
financial services.	Amount Funded	66.3%	62.3%
	Holding in Fund	0.6%	0.6%
	Income (£'000)	–	–

CVC European Equity Partners V		31 March 2016	30 September 2015
CVC European Equity Partners V is a €10.7 billion private equity fund predominantly focused	Value (£'000)	15,555	17,760
on European buy-outs. The fund is managed by CVC Capital Partners Europe, one of the	Cost (£'000)	14,293	15,989
leading European private equity managers. CVC operates primarily from offices in London,	Commitment (€'000)	35,000	35,000
Paris, Frankfurt, Amsterdam, Brussels, Copenhagen, Madrid, Stockholm, Zurich and Milan in
Europe, with further offices in New York and San Francisco in the US, and across Asia. CVC	Amount Funded	95.4%	94.2%
targets medium and large sized buy-out transactions.	Holding in Fund	0.3%	0.3%
	Income (£'000)	390	1,027

Advent Global Private Equity VII		31 March 2016	30 September 2015
Advent Global Private Equity VII is a €8.5 billion private equity fund predominantly focused	Value (£'000)	15,399	11,730
on mid-market buy-outs in Europe and North America. The fund is managed by Advent	Cost (£'000)	11,027	10,205
International, one of the leading private equity managers globally. Advent operates from
offices in London, Paris, Frankfurt, Milan, Madrid, Boston and New York. Advent's target	Commitment (€'000)	20,000	20,000
sectors include business and financial services, media and telecommunications, retail and	Amount Funded	76.0%	70.3%
consumer, healthcare and industrials.	Holding in Fund	2.0%	2.0%
	Income (£'000)	–	–

Top 30 Underlying Investments

at 31 March 2016

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 Investment net assets	% of
Action	Non-food discount retailer	3i Eurofund V	2011	4.0%
Parques Reunidos	Amusement parks	Candover 2005 Fund	2007	1.7%
Scandlines	Northern European ferry operator	3i Eurofund V	2007	1.6%
Schenck Process	Provides industrial weighing and measuring systems	Industri Kapital 2007	2007	1.2%
AWAS/Pegasus	Aircraft lessor	Terra Firma Capital Partners III	2007	1.2%
Not Disclosed	Information and risk management solutions	Advent Global Private Equity VI	2012	0.9%
Amor	Retailer of affordable jewellery	3i Eurofund V	2010	0.9%
Technogym	Provides fitness equipment and wellness products	Candover 2005 Fund	2008	0.9%
Cérélia	Manufacturer of ready to use dough	IK VII	2015	0.9%
Lindorff	Debt collection and accounting services	Nordic Capital VIII	2014	0.9%
ConvaTec	Ostomy, wound care and hospital products	Nordic Capital Fund VII	2008	0.8%
Not Disclosed	Recovery audit services	Advent Global Private Equity VI	2012	0.8%
Not Disclosed	Card payment services	Advent Global Private Equity VI	2010	0.8%
Not Disclosed	Mattress manufacturer	Advent Global Private Equity VI, Advent Global Private Equity VII	2012	0.8%
Vemedia	Over the counter medicines	Industri Kapital 2007	2012	0.8%
Vistage	Membership organisation of CEOs	TowerBrook Investors III	2012	0.7%
Trigo	Sub-assemblies and parts quality inspection services	Industri Kapital 2007	2011	0.7%
Jerrold Holdings	UK secured lender	Equistone Partners Europe Fund II	2006	0.7%
Not Disclosed	Specialty retailer of services and solutions for pets	BC European Capital IX	2015	0.7%
Wilton	Food and paper crafting company	TowerBrook Investors III	2009	0.7%
Norican	Metallic parts formation and preparation industry	Altor Fund IV	2015	0.7%
Not Disclosed	Academic and scientific information provider	BC European Capital IX	2013	0.6%
Quironsalud	Spanish private Healthcare provider	CVC European Equity Partners V	2011	0.6%
EverPower	Wind energy development	Terra Firma Capital Partners III	2009	0.6%
Volution	Ventilation products supplier	TowerBrook Investors III	2012	0.6%
Element	Materials testing	Bridgepoint Europe V	2016	0.6%
Ladder Capital Finance	Commercial real estate finance company	TowerBrook Investors II	2008	0.6%
Achilles	Provider of supply chain risk management networks and services	HgCapital 5	2008	0.6%
Arkopharma	Pharmaceutical company	Montagu IV	2014	0.6%
Hornschuch Konzern	Producer of premium film and artificial leather	Equistone Partners Europe Fund III	2008	0.6%
Grand Total				27.9%

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 2015.

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.

Going Concern

The Audit Committee considered the Board's obligation to satisfy itself as to the appropriateness of the adoption of the going concern assumption as a basis for preparing the financial statements, taking into account: the £80 million committed, syndicated revolving credit facility with a maturity date in December 2020; the future cashflow projections; the Company's cashflows during the period; and the Company's net liquid resources at the period end. The Audit Committee concluded that the adoption of the going concern basis was appropriate.

The Directors believe that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they have adopted the going concern basis in preparing the accounts.

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 half-yearly 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 FCA'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 FCA'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, there is 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 26 May 2016.

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

Edmond Warner OBE

Edinburgh 26 May 2016

Chairman

Condensed Statement of Comprehensive Income

	For the six months For the six months
		to 31 March 2016				to 31 March 2015
			(unaudited)			(unaudited)
	Notes	Revenue	Capital	Total	Revenue	Capital	Total
		£'000	£'000	£'000	£'000	£'000	£'000
Total capital gains on investments		—	43,700	43,700	—	24,089	24,089
Currency gains/(losses)		—	3,511	3,511	—	(543)	(543)
Income	4	7,346	—	7,346	3,966	—	3,966
Investment management fee	5	(187)	(1,686)	(1,873)	(169)	(1,518)	(1,687)
Incentive fee	5	—	(2,425)	(2,425)	—	—	—
Administrative expenses		(401)	—	(401)	(341)	—	(341)
Net return on ordinary activities before
finance costs and taxation		6,758	43,100	49,858	3,456	22,028	25,484
Finance costs		(39)	(350)	(389)	(53)	(478)	(531)
Net return on ordinary activities before taxation		6,719	42,750	49,469	3,403	21,550	24,953
Taxation		(1,667)	1,136	(531)	(592)	579	(13)
Net return on ordinary activities after taxation		5,052	43,886	48,938	2,811	22,129	24,940
Net return per ordinary share	7	3.24p	28.17p	31.41p	1.78p	14.04p	15.82p

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

There are no items of other comprehensive income, therefore this statement is the single statement of comprehensive income of the Company.

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

No operations were acquired or discontinued in the period.

Condensed Statement of Financial Position

		At	At
		31 March 2016	30 September 2015
		(unaudited)	(audited)
	Notes	£'000	£'000
Non-current assets
Investments at fair value through profit or loss	8	429,953	406,332
Current assets
Receivables		641	729
Cash and cash equivalents		54,575	32,099
		55,216	32,828
Creditors : amounts falling due within one year
Payables		(4,987)	(420)
Net current assets		50,229	32,408
Total assets less current liabilities		480,182	438,740
Capital and reserves
Called up share capital		310	312
Share premium		86,485	86,485
Special reserve		53,980	56,024
Capital redemption reserve		91	89
Capital reserves		324,266	280,380
Revenue reserve		15,050	15,450
Total shareholders' funds		480,182	438,740
Net asset value per equity share	9	310.2p	281.6p

Condensed Statement of Changes in Equity

For the six months ended 31 March 2016 (unaudited)

				Capital
	Share	Share	Special	redemption	Capital	Revenue
	capital	premium	reserve	reserve	reserves	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 1 October 2015	312	86,485	56,024	89	280,380	15,450	438,740
Total recognised gains	—	—	—	—	43,886	5,052	48,938
Buy back of ordinary shares	(2)	—	(2,044)	2	—	—	(2,044)
Dividends paid	—	—	—	—	—	(5,452)	(5,452)
Balance at 31 March 2016	310	86,485	53,980	91	324,266	15,050	480,182

For the six months ended 31 March 2015 (unaudited)

				Capital
	Share	Share	Special	redemption	Capital	Revenue
	capital	premium	reserve	reserve	reserves	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 1 October 2014	318	86,485	62,947	83	242,135	17,134	409,102
Total recognised gains	—	—	—	—	22,129	2,811	24,940
Buy back of ordinary shares	(3)	—	(3,614)	3	—	—	(3,614)
Dividends paid	—	—	—	—	—	(7,884)	(7,884)
Balance at 31 March 2015	315	86,485	59,333	86	264,264	12,061	422,544

Cashflow Statement

	Six months to	Six months to
	31 March 2016	31 March 2015
	(unaudited)	(unaudited)
	£'000	£'000
Net return after taxation	48,938	24,940
Adjusted for:
Finance costs	389	531
Taxation on ordinary activities	531	13
Gains on disposal of investments	(38,972)	(11,864)
Revaluation of investments	(4,728)	(12,225)
Currency (gains)/losses	(3,511)	543
(Increase)/decrease in debtors	(22)	17
Increase in creditors	2,523	181
Tax deducted from non – UK income	(531)	(13)
Net cash inflow from operating activities	4,617	2,123
Investing activities
Purchase of investments	(53,767)	(71,378)
Disposal of underlying investments by funds	73,846	54,600
Disposal of fund investments by way of secondary sales	—	21,660
Net cash inflow from investing activities	20,079	4,882
Financing activities
Finance costs	(279)	(233)
Ordinary dividends paid	(5,452)	(7,884)
Buy back of ordinary shares	—	(4,013)
Net cash outflow from financing activities	(5,731)	(12,130)
Increase/(decrease) in cash and cash equivalents	18,965	(5,125)
Analysis of changes in cash and cash equivalents
Opening cash and cash equivalents	32,099	21,575
Increase/(decrease) in cash and cash equivalents	18,965	(5,125)
Currency movements	3,511	(543)
Closing cash and cash equivalents	54,575	15,907

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 2015 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 2016 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 22.

2. Basis of preparation and going concern

The condensed financial statements have been prepared in accordance with Financial Reporting Standard 104 (Interim Financial Reporting) and with the Statement of Recommended Practice for 'Financial Statements of Investment Trust Companies and Venture Capital Trusts'. They have also been prepared on a going concern basis and on the assumption that approval as an investment trust will continue to be granted.

These condensed financial statements are the first since FRS 102 (The Financial Reporting Standard applicable in the UK and Republic of Ireland) came into effect for accounting periods beginning on or after 1 January 2015. The impact of adopting FRS 102 did not require any restatement of balances as at the transition date, 1 January 2014, or comparative figures in the Condensed Statement of Financial Position or the Condensed Statement of Comprehensive Income. The Company has chosen to early adopt the Amendments to FRS 102, paragraph 34.22 which revise the disclosure requirements for financial institutions, specifically in relation to the fair value hierarchy as presented within note 11. These amendments were approved for issue on 3 March 2016 and are effective for accounting periods beginning on or after 1 January 2017.

The half-year financial statements have been prepared using the same accounting policies as the preceding annual accounts.

3.	Exchange rates	At 31 March 2016	At 30 September 2015
	Rates of exchange to sterling were:
	Euro	1.2613	1.3570
	US Dollar	1.4373	1.5148
		Six months ended 31 March 2016	Six months ended 31 March 2015
4.	Income	£'000	£'000
	Income from fund investments	7,063	3,796
	Income from index tracker funds	276	162
	Interest from money market funds	7	8
	Total income	7,346	3,966

			Six months ended 31 March 2016			Six months ended 31 March 2015
5.	Transactions with the Manager	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000
	Investment management fee	187	1,686	1,873	169	1,518	1,687
	Incentive fee	–	2,425	2,425	–	–	–
		187	4,111	4,298	169	1,518	1,687

5. Transactions with the Manager (continued)

Under the terms of the Company's investment management agreement with the Manager, the Company pays the Manager a quarterly fee, equal to 0.8% per annum of shareholders' funds at the end of the relevant quarter. The investment management fee is allocated 90% to realised capital reserve and 10% to the revenue account. The Manager's appointment may be terminated by either party giving to the other not less than 12 months' written notice. The balance due to the Manager for investment management fees at 31 March 2016 was £373,000 (31 March 2015 – £187,000).

An incentive fee arrangement is in place in respect of the period from 1 October 2011 to 30 September 2016. For an incentive fee to be payable, 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 five year 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). At 31 March 2016 the net asset value total return was 334.1p which exceeds the 8% per annum compound growth hurdle rate at the same date of 319.4p. As such, a provision of £2,425,000 has been made in respect of the incentive fee as at 31 March 2016.

The Company appointed SL Capital Partners LLP as its Alternative Investment Fund Manager on 1 July 2014.

6. Dividend on ordinary shares

A dividend of 3.5p per ordinary share, declared as a final dividend, was paid on 29 January 2016 in respect of the year ended 30 September 2015 (2014 – dividend of 5.0p per ordinary share paid on 30 January 2015).

A proposed interim dividend of 1.8p per ordinary share is due to be paid on 15 July 2016 (2015 – 1.75p paid on 10 July 2015).

			Six months ended 31 March 2016	Six months ended 31 March 2015
7.	Net return per ordinary share	p	£'000	p	£'000
	The net return per ordinary share is based on the following
	figures:
	Revenue net return	3.24	5,052	1.78	2,811
	Capital net return	28.17	43,886	14.04	22,129
	Total net return	31.41	48,938	15.82	24,940
	Weighted average number of ordinary shares in issue		155,776,294		157,620,316

Notes to the Accounts

		At 31 March 2016
8.	Investments	Index tracker funds £'000	Fund investments £'000	Total £'000	At 30 September 2015 £'000
	Fair value through profit or loss:
	Opening market value	37,339	368,993	406,332	387,623
	Opening investment holding losses	1,817	35,258	37,075	47,785
	Opening book cost	39,156	404,251	443,407	435,408
	Movements in the period/year:
	Additions at cost	—	34,420	34,420	105,522
	Secondary purchases	—	19,099	19,099	—
	Dividends reinvested	248	—	248	785
	Disposals of underlying investments by funds	—	(73,846)	(73,846)	(106,283)
	Disposals of fund investments by way of secondary sales	—	—	—	(21,661)
		39,404	383,924	423,328	413,771
	Gains on disposal of underlying investments	—	39,529	39,529	41,040
	Losses on liquidation of fund investments	—	(557)	(557)	(11,966)
	Gains on disposal of fund investments by way
	of secondary sales	—	—	—	562
	Closing book cost	39,404	422,896	462,300	443,407
	Closing investment holding losses	(50)	(32,297)	(32,347)	(37,075)
	Closing market value	39,354	390,599	429,953	406,332
9.	Net asset value per ordinary share			At 31 March 2016	At 30 September 2015
	Ordinary shareholders' funds			£480,181,644	£438,740,232
	Number of ordinary shares in issue			154,776,294	155,776,294
	Net asset value per ordinary share			310.2p	281.6p

During the six months ended 31 March 2016 the Company bought for cancellation 1,000,000 ordinary shares (31 March 2015 – 1,625,000 ordinary shares) at a cost of £2,044,000 including expenses (31 March 2015 – £3,614,000).

The NAV and ordinary shareholders' funds are calculated in accordance with the Company's articles of association.

10. Bank loans

At 31 March 2016, the Company had an £80 million (2015 – £80 million led by The Royal Bank of Scotland plc) committed, multi-currency syndicated revolving credit facility provided by Citibank and Societe Generale of which nil (2015 – nil) had been drawn down. The facility expires on 31 December 2020. The interest rate on this facility is LIBOR plus 1.5% rising to 1.7% depending on utilisation, and the commitment fee payable on non-utilisation is 0.7% per annum.

11. Fair Value hierarchy

FRS 104 requires an entity to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy shall have the following classifications:

• Level 1: The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date.
• Level 2: Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly.
• Level 3: Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.

The Company's financial assets and liabilities measured at fair value in the Statement of Financial Position are grouped into the following fair value hierarchy at the reporting date:

Financial assets at fair value through profit or loss at 31 March 2016

	Level 1 £000	Level 2 £000	Level 3 £000	Total £000
Unquoted investments	—	—	390,599	390,599
Quoted investments	—	39,354	—	39,354
Net fair value	—	39,354	390,599	429,953

Financial assets at fair value through profit or loss at 30 September 2015

	Level 1 £000	Level 2 £000	Level 3 £000	Total £000
Unquoted investments	—	—	368,993	368,993
Quoted investments	—	37,339	—	37,339
Net fair value	—	37,339	368,993	406,332

Unquoted investments

Unquoted investments are stated at the Directors' estimate of fair value and follow the recommendations of the EVCA and the BVCA. The estimate of fair value is normally the latest valuation placed on a fund by its manager as at the balance sheet date. The valuation policies used by the manager in undertaking that valuation will generally be in line with the joint publication from the EVCA and the BVCA, 'International Private Equity and Venture Capital Valuation guidelines'. Where formal valuations are not completed as at the balance sheet date the last available valuation from the fund manager is adjusted for any subsequent cash flows occurring between the valuation date and the balance sheet date. The Manager may further adjust such valuations to reflect any changes in circumstances from the last manager's formal valuation date to arrive at the estimate of fair value.

Quoted investments

The Company's investments include two index tracker funds (2015 – two) which are actively traded on recognised stock exchanges, with their fair value being determined by reference to their quoted bid prices at the reporting date.

12. 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.

Details of the related party transactions with the Manager can be found in note 5.

There were no new related party transactions in the six months to 31 March 2016 over and above those disclosed in the Annual Report and Accounts.

Independent Auditors' Review

Independent review report to Standard Life European Private Equity Trust PLC

Report on the condensed set of financial statements Our conclusion

We have reviewed Standard Life European Private Equity Trust PLC's condensed set of financial statements (the "interim financial statements") in the half yearly financial report of Standard Life European Private Equity Trust PLC for the 6 month period ended 31 March 2016. Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with FRS 104 "Interim Financial Reporting" issued by the Financial Reporting Council and the Disclosure Rules and Transparency Rules of the United Kingdom's Financial Conduct Authority.

What we have reviewed

The interim financial statements comprise:

• the Condensed Statement of Financial Position as at 31 March 2016;
• the Condensed Statement of Comprehensive Income for the period then ended;
• the Cashflow Statement for the period then ended;
• the Condensed Statement of Changes in Equity for the period then ended; and
• the explanatory notes to the interim financial statements.

The interim financial statements included in the half yearly financial report have been prepared in accordance with FRS 104 "Interim Financial Reporting" issued by the Financial Reporting Council and the Disclosure Rules and Transparency Rules of the United Kingdom's Financial Conduct Authority.

As disclosed in note 2 to the interim financial statements, the financial reporting framework that has been applied in the preparation of the full annual financial statements of the Company is applicable law and United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and the Republic of Ireland".

Responsibilities for the interim financial statements and the review Our responsibilities and those of the directors

The half yearly financial report, including the interim financial statements, 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 Rules and Transparency Rules of the United Kingdom's Financial Conduct Authority.

Our responsibility is to express a conclusion on the interim 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 complying with the Disclosure Rules and Transparency Rules of the United Kingdom's Financial Conduct Authority and for no other purpose. We do not, in giving this conclusion, 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.

What a review of interim financial statements involves

We conducted our review in accordance with 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.

We have read the other information contained in the half yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements.

PricewaterhouseCoopers LLP

Chartered Accountants Edinburgh 26 May 2016

• Notes:
• (a) The maintenance and integrity of the Standard Life European Private Equity Trust PLC website is the responsibility of the directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the interim financial statements since they were initially presented on the website.
• (b) Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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 Aspect House Spencer Road Lancing West Sussex BN99 6DA

Registrars' shareholder helpline: 0371 384 2618 Registrars' broker helpline: 0906 559 6025*

* Calls cost £1.10 per minute plus your phone company's access charge.

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

Dividends

Ordinary dividends are paid in January and July each year. Shareholders who wish to have dividends paid directly into a bank account rather than by cheque to their registered address can complete a mandate form for the purpose. Mandates may be obtained from Equiniti Limited, Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA on request. The Company operates the BACS system for the payment of dividends. Where dividends are paid directly to shareholders' bank accounts, dividend tax vouchers are sent to shareholders' registered addresses.

Dividend Reinvestment Plan

Shareholders who wish to use their dividends to purchase further shares in the Company by participating in the Company's Dividend Reinvestment Plan can complete a mandate form which may be obtained from Equiniti Limited at the above address.

Ordinary share price and net asset value

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

The Company's ordinary share capital is admitted to trading on the London Stock Exchange. 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. The Company also issues estimated NAV's on a monthly basis.

Buying Shares in the Company

The Company's shares are traded on the London Stock Exchange and can be bought and sold through a stock broker, financial adviser or via an investment platform.

Savings Scheme and ISA

The Standard Life Investment Trust Savings Scheme and ISA was closed on 5 June 2015 and transferred to Alliance Trust Savings. Investor enquiries about administration and applications should now be directed to Alliance Trust Savings on 01382 573737 or contact@alliancetrust.co.uk.

Regulatory Status – Non Mainstream Pooled Investments

The Board confirms that it conducts its affairs, and intends to continue to conduct its affairs, so that the Company's shares are excluded securities under the FCA's restrictions which apply to non-mainstream investment products. The Company's shares are excluded securities because the Company carries on business as an investment trust.

Investment Manager

SL Capital Partners LLP 1 George Street Edinburgh EH2 2LL

Telephone: 0131 245 0055

SL Capital Partners LLP is authorised and regulated by the Financial Conduct 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

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

Corporate Information

Directors

Edmond Warner OBE, Chairman Alastair Barbour Alan Devine Christina McComb David Warnock

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 and Depositary

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

Company Broker

Canaccord Genuity Limited 88 Wood Street London EC2V 7QR United Kingdom

Solicitors

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

Independent Auditors and Tax Advisers

PricewaterhouseCoopers LLP Atria One 144 Morrison Street Edinburgh EH3 8EX United Kingdom

Bankers

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

Registrars

Equiniti Limited Aspect House Spencer Road Lancing West Sussex BN99 6DA

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