RECOVERY TRUST PLC (the "Company")

In accordance with UKLA Listing Rule 21.20(l)(i), the following list represents
the Company's investments, as at 30th November 2003, in other UK listed
investment companies (including investment trusts) which themselves do not have
a stated investment policy to invest no more than 15% of their gross assets in
other UK listed investment companies (including investment trusts):

Name of company                              Class of share 
                                                            
BFS Managed Properties                       Ordinary       
                                                            
Britannic UK Income Trust                    Ordinary       
                                                            
Exeter Smaller Companies                     Ordinary       
                                                            
Framlington Global Financial & Income        Ordinary       
                                                            
Gartmore Distribution Trust                  Ordinary       
                                                            
Investec High Income Trust                   Ordinary       
                                                            
Investment Trust of Investment Trusts        Preferred      
                                             Income         
                                                            
Jove Investment Trust                        Income         
                                                            
Jupiter Financial Trust                      Ordinary       
                                                            
Morley Absolute Growth                       Ordinary       

2 December 2003



END