Director/PDMR Shareholding

Standard Life Euro Pri Eqty Tst PLC
27 December 2007



   NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL
                      RESPONSIBILITY OR CONNECTED PERSONS


     

1)   Name of company

     Standard Life European Private Equity Trust PLC


2)   State whether notification is in respect of a transaction notified in
     accordance with DR 3.1.4R(1)(a) or DR 3.1.4R(1)(b) or both

     DR 3.1.4R (1) (a)


3)   Name of director/person discharging managerial responsibility

     Peter McKellar - Director of SL Capital Partners LLP which is the Manager 
     of the Company

     
4)   State whether notification relates to a person(s) connected with a person 
     discharging managerial responsibilities/director named in 3 above and
     identify the connected person(s)

     N/A


5)   Indicate whether notification is in respect of a holding of the person
     named in 3 or 4 above or in respect of a non-beneficial interest

     As in 3


6)   Class of security

     Ordinary 0.2p shares


7)   State the nature of the transaction.

     Conversion of 100,000 Founder A shares into 100,000 Ordinary 0.2p shares

     
8)   Number of shares/amount of stock acquired

     100,000 Ordinary 0.2p shares


9)   Percentage of issued class acquired

     0.06%


10)  Number of shares/amount of stock disposed

     -


11)   Percentage of issued class disposed

      -


12)  Price per share

     99.9p (see section 15)



13)  Date of transaction

     28 December 2007 (see section 15)


14)  Total holding and percentage holding of issued class following this
     notification


     100,000 Ordinary shares, 0.06% of issued class.


15)  Other information

     In accordance with the articles of association, the Company received notice 
     from Mr McKellar to convert 100,000 Founder A shares into new Ordinary 
     shares on 10 December 2007 at a conversion price of 100p per Ordinary share 
     less the amount already paid up on the Founder A shares.  Application has 
     been made for the 100,000 new Ordinary shares resulting from the conversion 
     to be admitted to trading on the London Stock Exchange and to the Official 
     List of the UK Listing Authority.  It is expected that dealings will 
     commence and admission will become effective on 28 December 2007.  The new 
     Ordinary shares will rank pari passu in all respects with the existing 
     Ordinary shares and, following admission, there will be 159,922,567 
     Ordinary shares in issue.


Name of contact and telephone number for queries
Valerie Mackenzie (Tel: [phone])


Date of Notification - 27 December 2007



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