Ten Largest Holdings

Standard Life Euro Pri Eqty Tst PLC
01 July 2004

                STANDARD LIFE EUROPEAN PRIVATE EQUITY TRUST PLC



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


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

                                        Valuation £000       % gross assets

The Alchemy Investment Plan                     17,714                11.4%
Advent Global Private Equity IV                 10,627                 6.8%
CVC Europe III                                  10,200                 6.6%
Barclays Private Equity European Fund            9,876                 6.4%
Charterhouse VI                                  9,810                 6.3%
Third Cinven Fund                                9,327                 6.0%
Candover 2001 Fund                               9,163                 5.9%
CVC Europe II                                    8,152                 5.2%
MUST 4                                           6,675                 4.3%
Pomona Capital V Fund                            6,634                 4.3%
                               
Total of ten largest portfolio holdings         98,178                 6.3%
                                              
Gross assets                                   155,372



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 31 March 2004.





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