Portfolio Update

Standard Life Euro Pri Eqty Tst PLC
04 October 2005

                     Standard Life European Private Equity Trust PLC



       Disclosure of ten largest holdings at 30 September 2005 as required by the
                       Listing Rules, Chapter 21 paragraph 20 l.



As at 30 September 2005 the ten largest portfolio holdings of the Company by
value were as follows -


                                                                   Valuation £000          % Gross Assets
Advent Global Private Equity IV                                            26,537                   12.09
The Alchemy Investment Plan                                                23,136                   10.54
Candover 2001 Fund                                                         18,062                    8.23
CVC Europe III                                                             15,811                    7.21
Barclays Private Equity European Fund                                      14,013                    6.39
Duke Street Capital V Fund                                                 13,873                    6.32
Third Cinven Fund                                                          13,305                    6.06
Charterhouse VII                                                            9,170                    4.18
MUST 4                                                                      8,569                    3.91
Apax Europe IV                                                              7,932                    3.62

Total of ten largest portfolio holdings                                   150,408                  68.55%


Gross assets                                                              219,411



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 2005.


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