Adam & Company Investment Management Limited, the managers of
Private Investors Capital Trust (PICT)announce the unaudited 
net asset value of PICT ordinary shares as at 22 October 2004 was 330.00p.
This assumes conversion of the Convertible Bonds and, in line with previous weekly nav announcements in the current
financial year, is calculated on a going concern basis, and does not include 
any income retention for the year - to - date.


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