Ten largest holdings

Standard Life Euro Pri Eqty Tst PLC
01 July 2005


               Standard Life European Private Equity Trust PLC

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

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

                                                                   Valuation £000          % Gross Assets

Advent Global Private Equity IV                                            20,798                   10.71
The Alchemy Investment Plan                                                18,867                    9.72
CVC Europe III                                                             16,164                    8.33
Candover 2001 Fund                                                         13,520                    6.96
Barclays Private Equity European Fund                                      13,257                    6.83
Third Cinven Fund                                                          12,499                    6.44
Duke Street Capital V Fund                                                  9,654                    4.97
MUST 4                                                                      8,332                    4.29
CVC Europe II                                                               7,807                    4.02
Charterhouse VI                                                             7,634                    3.93

Total of ten largest portfolio holdings                                   128,532                  66.20%

Gross assets                                                              194,144


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 March 2005.




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