RECOVERY TRUST PLC

Further to the announcement made by t he Board of Recovery Trust PLC on 31
October 2003 concerning the publication of the Investment Entities (Listing
Rules and Conduct of Business) Instrument 2003, the Board announces that
following the drawdown and investment of the new bank facility the proportion
of the Company's gross assets invested in other listed investment companies
(including listed investment trusts) has fallen below 15%. At 31 March 2004
this figure stood at 14.6 %.

Furthermore the ongoing policy of the Company will be to invest no more than
15% of its gross assets in other listed investment companies (including listed
investment trusts).

1 April 2004



END
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