10 Largest Investments

Standard Life Euro Pri Eqty Tst PLC
05 January 2004

STANDARD LIFE EUROPEAN PRIVATE EQUITY TRUST PLC



Disclosure of ten largest holdings at 31 December 2003 as required by the
Listing Rules, Chapter 21, paragraph 20 l.





At 31 December the ten largest portfolio holdings of the Company were as follows -


                                                             Valuation £000   % gross assets

    The Alchemy Investment Plan                                        14,234             9.5
    CVC Europe III                                                     10,927             7.3
    Candover 2001 Fund                                                 10,921             7.3
    Charterhouse VI                                                     9,592             6.4
    CVC Europe II                                                       9,554             6.4
    Third Cinven Fund                                                   9,202             6.1
    Barclays Private Equity European Fund                               7,319             4.9
    Apax Europe IV                                                      7,228             4.8
    Advent Global Private Equity IV                                     6,400             4.3
    Phildrew Fifth                                                      5,764             3.8

    Total                                                              91,141            60.6

    Gross assets                                                      150,328





As an investor in private equity funds, the Company carries out a formal
valuation of its unquoted fund investments on a six monthly basis.  The above
table reflects the last valuation carried out as of 30 September 2003.






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