RVYI Recovery Tst.

    RECOVERY TRUST PLC

Further to the announcement made by the Board of Recovery Trust PLC on 1 April
2004 concerning the publication of the Investment Entities (Listing Rules and
Conduct of Business) Instrument 2003, the Board announces that following it's
recent purchase of 2,775,000 Zero Dividend Preference shares for cancellation,
the proportion of the Company's gross assets invested in other listed
investment companies (including listed investment trusts) has risen above 15%.
At 31 May 2004 this figure stood at 17.16 %.

Furthermore while the ongoing policy of the Company will be to reduce the
Company's investments as soon as is practicable to no more than 15% of its
gross assets in other listed investment companies (including listed investment
trusts) this may take some time as the Board believe sales of investments
should only be made when justified.

2 June 2004



END

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