Result of EGM

    ST. DAVID'S INVESTMENT TRUST PLC (the "Company" or St. David's)

Proposal to restructure the Company's share capital and amend the Articles of
Association of the Company (the "Proposals")

Further to the announcement by the Company on 19 March 2004 regarding the
Proposals, the associated separate extraordinary general meeting and general
meetings of the Zero Dividend Preference 2004 Shareholders, Zero Dividend
Preference 2008 Shareholders, Preferred Annuity Shareholders and Ordinary
Shareholders (the "Meetings") convened today have been adjourned.

The decision to adjourn the Meetings follows an approach on behalf of a minority
of Shareholders indicating that they may petition the court under section 459 of
the Companies Act on the grounds that they believe the Proposals are unfairly
prejudicial to some classes of Shareholder.  The Board on the advice of its
legal advisers has decided to adjourn the Meetings whilst it tries to resolve
these concerns within acceptable cost and time constraints.

The Board notes that 95% of the total proxy votes received in respect of each of
the Meetings were cast in favour of the Proposals.

14 April 2004



Contacts:

Martin Kinney - 020 7436 0950
Director

Robert Hoskin - 020 7463 6000
On behalf of the Secretary