10 Largest Holdings

Standard Life Euro Pri Eqty Tst PLC
01 April 2004


                STANDARD LIFE EUROPEAN PRIVATE EQUITY TRUST PLC


 Disclosure of ten largest holdings at 31 March 2004 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 

   The Alchemy Investment Plan                       14,234              9.5%
   CVC Europe III                                    10,927              7.3%
   Candover 2001 Fund                                10,921              7.3%
   Charterhouse VI                                    9,592              6.4%
   CVC Europe II                                      9,554              6.4%
   Third Cinven Fund                                  9,202              6.1%
   Barclays Private Equity European Fund              7,319              4.9%
   Apax Europe IV                                     7,228              4.8%
   Advent Global Private Equity IV                    6,400              4.3%
   Phildrew Fifth                                     5,764              3.8%
                                                    -------           -------
   Total                                             91,141             60.6%
   Gross assets                                     150,328     

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 30 September 2003.






                      This information is provided by RNS
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