Director Shareholding

    SCHEDULE 11
                                        
          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS
                                        
                                        
        All relevant boxes should be completed in block capital letters.

1. Name of company                            2. Name of director
                                              
Private Investors Capital Trust plc           (1) James Ivory.
                                              (2) Peter Leggate.

3. Please state whether notification          4. Name of the registered
indicates that it is in respect of holding    holder(s) and, if more than
of the shareholder named in 2 above or in     one holder, the number of
respect of a non-beneficial interest or in    shares held by each of them
the case of an individual holder if it is a   (if notified)
holding of that person's spouse or children   
under the age of 18 or in respect of an non-
beneficial interest

As in 2.                                      Adam & Company (Nominees)
                                              Limited

5. Please state whether notification          6. Please state the nature of
relates to a person(s) connected with the     the transaction. For PEP
director named in 2 above and identify the    transactions please indicate
connected person(s)                           whether general/single co PEP
                                              and if discretionary/non
                                              discretionary /non
                                              discretionary
                                              
(1)  The Alex Trust Original Fund.            (1)  Purchase.
(2)  PJA Leggate Marriage Trust.              (2)  Matching sale and
                                              purchase involving transfer
                                              from trust of which director
                                              is beneficiary into own name.

7. Number of       8. Percentage of   9. Number of        10. Percentage of
shares/amount of   issued class       shares/amount of    issued class
stock acquired                        stock disposed      
                                                          
 (1) 2,000         (1) 0.037%         (1)  N/A            (1) N/A
 (2) 3,000         (2) 0.055%         (2)  3,000          (2) 0.055%

11. Class of       12. Price per      13. Date of         14. Date company
security           share              transaction         informed
                                                          
Ordinary £1.00     (1)  £2.63         (1)  30 December    23 September 2004
shares             (2)  £2.85              2003
                                      (2)  26 April 2004
                                      
15. Total holding following           16. Total percentage holding of
this notification                     issued class following this
                                      notification
                                      
(1) 324,462                           (1) 5.97%
(2) 72,500                            (2) 1.33%

If a director  has been granted options by the company please complete the
following boxes.

17. Date of grant                     18. Period during which or date on
                                      which exercisable
                                      

19. Total amount paid (if any)        20. Description of shares or
for grant of the option               debentures involved: class, number
                                      

21. Exercise price (if fixed at       22. Total number of shares or
time of grant) or indication          debentures over which options held
that price is to be fixed at          following this notification
time of exercise                      

23. Any additional information        24. Name of contact and telephone
                                      number for queries
                                      
                                      Judith Wynne 0131 479 4886

25. Name and signature of authorised company official responsible for making
this notification

Martin Currie Investment Management Limited

Date of notification  24 September 2004