10 Largest Holdings

Standard Life Euro Pri Eqty Tst PLC
04 October 2004

                STANDARD LIFE EUROPEAN PRIVATE EQUITY TRUST PLC



   Disclosure of ten largest holdings at 30 September 2004 as required by the
                   Listing Rules, Chapter 21, paragraph 20 l.


As at 30 September 2004 the ten largest portfolio holdings of the Company by
value were as follows -


                                              Valuation £000    % Gross Assets
The Alchemy Investment Plan                           17,981          10.9%
Advent Global Private Equity IV                       14,308           8.7%
Barclays Private Equity European Fund                 11,056           6.7%
CVC Europe III                                        10,074           6.1%
CVC Europe II                                          9,725           5.9%
Candover 2001 Fund                                     8,133           4.9%
Charterhouse VI                                        8,050           4.9%
Apax Europe IV                                         7,460           4.5%
MUST 4                                                 7,409           4.5%
Third Cinven Fund                                      7,288           4.4%

Total of ten largest portfolio holdings              101,484           61.5%

Gross assets                                         164,944


As an investor in private equity funds, the Company carries out a valuation of
its unquoted fund investments on a quarterly basis.  The above table reflects
the last valuation carried out as of 30 June 2004.




                      This information is provided by RNS
            The company news service from the London Stock Exchange