Appointment of Administrative Receivers

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

APPOINTMENT OF ADMINISTRATIVE RECEIVERS

On 14 April 2004 St. David's announced that the Shareholder meetings convened in
respect of the proposals to restructure the Company's share capital and amend
the Articles of Association of the Company (the "Proposals") had been adjourned.
The adjournments resulted from the Company receiving objections from a minority
of Shareholders advised by Class Law LLP, claiming that the Proposals were
unfairly prejudicial to some Shareholders including their clients.  Class Law
threatened to petition the court under section 459 of  the  Companies Act 1985
to prevent the Proposals being implemented.

Since 14 April 2004 the Board and its advisers have attempted to resolve the
objections of Class Law and their clients to the Proposals whilst also
maintaining the continuing support of the Company's lending bank, The Royal Bank
of Scotland ("RBS", the "Bank").

Unfortunately, despite negotiations with Class Law, their clients have refused
to withdraw their threat to petition the court under section 459 if the Board
were to proceed with the Proposals.  Legal counsel has advised the Board that
the Company should not seek to implement the Proposals without an undertaking
from Class Law and their clients not to proceed under section 459.

The Board stressed, in the circular dated 19 March 2004 setting out the
Proposals, that if they were "not implemented the Board believes it may
seriously jeopardise its efforts to realise value for Shareholders. At the very
least, failure to implement the Proposals is likely to hamper the Board's
ability to realise the optimal market value for the Company's investment
losses."  It was further emphasised to Class Law and their clients that in
frustrating the implementation of the Proposals they were greatly increasing the
risk of the Company not surviving.   In addition, the Bank was unfortunately not
prepared to contemplate the proposed means of addressing the concerns of Class
Law arising from the restructuring.

As a result of these circumstances, the Board has today invited RBS to appoint
administrative receivers.  Accordingly, Tom Burton and Patrick Brazzill of Ernst
& Young LLP have been appointed joint administrative receivers of the Company.

From today therefore all classes of the Company's securities (including its
Combination Preference Packages) have been suspended from trading on The London
Stock Exchange and from the Official List of the UK Listing Authority.

The Board is extremely disappointed that after more than two years of trying to
re-establish the long-term financial survival of the Company, its efforts to
recover at least some value for Shareholders have been frustrated.

All Shareholder enquiries should now be made directly to the administrative
receivers, the contact details for whom are set out below.

Contacts:
Ernst & Young LLP
Ten George Street
Edinburgh
EH2 2DZ

Telephone: 0131 777 2000
Fax:            0131 777 2213

A copy of this announcement will be sent to all Shareholders.

17 June 2004

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