Ten Largest Holdings

Standard Life Euro Pri Eqty Tst PLC
04 January 2005


                 Standard Life European Private Equity Trust PLC

    Disclosure of ten largest holdings at 31 December 2004 as required by the
                    Listing Rules, Chapter 21 paragraph 20 l.


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

                                              Valuation £000      % Gross Assets

The Alchemy Investment Plan                           17,505               10.2%
Advent Global Private Equity IV                       15,414                9.0%
CVC Europe III                                        13,420                7.8%
Barclays Private Equity European Fund                 12,788                7.5%
Candover 2001 Fund                                     9,266                5.4%
CVC Europe II                                          9,009                5.3%
Charterhouse VI                                        8,592                5.0%
Duke Street Capital V Fund                             8,469                4.9%
Apax Europe IV                                         7,573                4.4%
MUST 4                                                 7,516                4.4%
Total of ten largest portfolio holdings              109,552               63.9%

Gross assets                                         171,280

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 September 2004.


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