Ten Largest Holdings

Standard Life Euro Pri Eqty Tst PLC
04 April 2005


               Standard Life European Private Equity Trust PLC

     Disclosure of ten largest holdings at 31 March 2005 as required by the
                    Listing Rules, Chapter 21 paragraph 20 l.


As at 31 March 2004 the ten largest portfolio holdings of the Company by value
were as follows -

                                             Valuation £000       % Gross Assets

Advent Global Private Equity IV                      19,650                10.27
The Alchemy Investment Plan                          17,915                 9.36
Candover 2001 Fund                                   15,704                 8.21
CVC Europe III                                       14,737                 7.70
Barclays Private Equity European Fund                14,413                 7.53
Third Cinven Fund                                    11,023                 5.76
Duke Street Capital V Fund                            9,046                 4.73
Apax Europe IV                                        8,688                 4.54
CVC Europe II                                         8,609                 4.50
MUST 4                                                8,482                 4.43

Total of ten largest portfolio holdings             128,267               67.03%

Gross assets                                        191,342


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 31 December 2004.



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