Top Ten Holdings

Standard Life Euro Pri Eqty Tst PLC
03 January 2006

               Standard Life European Private Equity Trust PLC

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


As at 31 December 2005 the ten largest portfolio holdings of the Company by
value were as follows -


                                          Valuation £000          % Gross Assets
The Alchemy Investment Plan                       23,112                  10.08%
Advent Global Private Equity IV                   18,293                   7.98%
CVC Europe III                                    15,586                   6.80%
Charterhouse VI                                   14,896                   6.50%
Candover 2001 Fund                                14,768                   6.44%
Barclays Private Equity European Fund             12,574                   5.48%
Duke Street Capital V Fund                        12,533                   5.47%
Third Cinven Fund                                 10,754                   4.69%
MUST 4                                             8,528                   3.72%
Apax Europe IV                                     7,771                   3.39%

Total of ten largest portfolio holdings          138,815                  60.55%


Gross assets                                     229,253



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 2005.


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