Private Equity Investor plc (the 'Company')

Annual General Meeting Results and Appointment of Directors

The Board of the Company is pleased to announce that all the resolutions tabled at the Annual General Meeting of the Company held on Friday 22 October have been passed.

Accordingly, on 25 October 2004, the Company will repurchase the Convertible Loan Notes from Chamelle for £1,295,000 cash and will pay Chamelle £14,338.75 (plus VAT) in respect of costs. Immediately following the repurchase, Timothy Childs, Andrew de Candole and Keith Young will resign as directors of the Company. Barbara Thomas has entered into a new non-executive director’s letter of appointment. David Quysner, Colin Kingsnorth and Rory Macnamara have been appointed non-executive directors of the Company.

Directorships in other publicly quoted companies in the previous five years for David Quysner, Colin Kingsnorth and Rory Macnamara are as follows:

• David Quysner
  ANGLE plc*, Comino Group plc*, Enterprise Capital PLC, Finsbury Technology Trust PLC*, Prelude Trust plc*, Quester VCT 3 plc*, Daniel Stewart Securities plc, Enterprise Capital Trust PLC
• Colin Kingsnorth
  Novestra AB*, Ceiba Finance Limited*, East European Development Fund Ltd, Alpine Select AG, Siberian Investment Company Plc, Tea Plantation Investment Trust plc*, Izodia plc
• Rory Macnamara
  Raven Mount plc*, Raven Mount Holdings plc, Izodia plc*

* Indicates current directorship

Colin Kingsnorth was a director of Izodia plc until his resignation on 20 May 2004, and Rory Macnamara remains a director of Izodia plc. Izodia plc entered into a Company Voluntary Arrangement in May 2004.

It is confirmed that there are no other details to be disclosed concerning David Quysner, Colin Kingsnorth and Rory Macnamara under paragraph 6.F.2 (b) to (g) of the UK Listing Rules.

Enquiries:

• Peter Dicks
  020 7930 5600
  Private Equity Investor PLC
• Julian Cazalet/Angus Gordon Lennox
  020 7588 2828
  Cazenove & Co. Ltd
• Jeremy King
  Insinger de Beaufort
  020 7377 6161