PVI Private Inv.

    PRIVATE INVESTORS CAPITAL TRUST PLC ("PICT" OR THE "COMPANY")

RESULTS  OF  THE FIRST EXTRAORDINARY GENERAL MEETING OF THE COMPANY RELATING  TO
SCHEME OF RECONSTRUCTION

An extraordinary general meeting of the Company was held today (the "First EGM")
to approve the implementation of a scheme for the reconstruction and liquidation
of  PICT  under section 110 of the Insolvency Act 1986 described in the circular
to  shareholders of PICT dated 15 October 2004 (the "Scheme").   The  resolution
proposed at the First EGM (to amend the articles of association of PICT for  the
purposes   of   the  Scheme,  to  approve  the  Scheme  and  to  authorise   its
implementation  by  the  directors of the Company and the Company's  liquidators
(when  appointed))  was passed.  Proxies in favour of the  resolution  had  been
received from shareholders representing 83.6% of the shares in the Company.

As  at  the  close  of business on 5 November 2004 (being the  record  date  for
entitlements of PICT shareholders to make elections under the Scheme):

-    holders of 26.6% of the issued share capital of the Company had elected (or
  been  deemed  to elect) to roll over their holding in PICT into  units  in  CF
  Stewart Ivory Managed Equity Fund (the "MEF Option");

-    holders of 13.3% of PICT's issued share capital had validly elected to roll
  over their holding in the Company into new shares in Personal Assets Trust plc
  (the "PAT Option"); and

-    holders of 60.1% of the issued share capital of the Company had elected (or
  been  deemed  to elect) for an amount in cash equivalent to their  entitlement
  under the Scheme (the "Cash Option").

The  Scheme  will  not  become effective until a special  resolution  is  passed
placing  PICT in members' voluntary liquidation.  A second extraordinary general
meeting  of  PICT  is to be held on Monday, 22 November 2004, at  which  such  a
resolution will be proposed.  A further announcement will be made following that
extraordinary general meeting which, assuming that the Scheme becomes effective,
will  include details of the entitlements under the MEF Option, PAT  Option  and
Cash  Option  for each PICT ordinary share in respect of which a valid  election
has been received.

Enquiries:
Isobel Hunter      Adam & Company          0131 225 8484
Richard Ramsay     Intelli Corporate Finance Limited   020 7653 6300

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