Recovery Trust plc

Holding(s) in Company


Recovery Trust PLC

The Company was today informed that Merchant Investors Assurance Company
Limited sold 5,905,000 Ordinary Income shares of 1p each in the Company on 20
January 2004.

As a result of this transaction, they no longer hold a notifiable interest in
the Ordinary Income shares of the Company.

Merchant Investors Assurance Company Ltd is owned by Sanlam Netherlands
Holdings BV. Sanlam Netherlands Holdings BV is the European holding company of
the Sanlam Group.