Holding(s) in Company

    Headline: Holding in Company

            Schedule 10 - Notification of Major Interests in Shares            

1. Name of Company

INVESCO RECOVERY TRUST 2005 PLC

2. Name of shareholder having a major interest

ALLIANZ AG

3. Please state whether notification indicates that it is in respect of holding
of the shareholder named in 2 above or in respect of a non-beneficial interest
or in the case of an individual holder if it is a holding of that person's
spouse of children under the age of 18:

NOTIFICATION IS IN RESPECT OF THE SHAREHOLDER NAMED IN 2 ABOVE

4. Name of registered holder(s) and, if more than one holder, the number of
shares held by each of them:

MERCHANT INVESTORS ASSURANCE COMPANY LIMITED

5. Number of shares/amount of stock acquired:

NONE

6. Percentage of issued class:

-

7. Number of shares/amount of stock disposed:

SEE ADDITIONAL INFORMATION

8. Percentage of issued class:

8.661%

9. Class of security:

ORDINARY SHARES

10. Date of Transaction:

23 DECEMBER 2003

11. Date company informed:

5 JANUARY 2004

12. Total holding following this notification:

NONE

13. Total percentage holding of issued class following this notification:

NONE

14. Contact name for queries:

JO TURNER

15. Contact telephone number:

0207 065 3691

16. Name of company official responsible for making notification:

KARINA BRYANT

FOR INVESCO ASSET MANAGEMENT LIMITED - SECRETARIES

17. Date of notification:

6 JANUARY 2004

Additional Information

Merchant Investors Assurance Company Limited has been transferred out of the
Allianz AG group of companies with effect from 23 December 2003.

Accordingly, Allianz AG group of companies no longer holds a disclosable
material interest.



END