SAR - The Recovery Trust PLC

RNS Number:1824J
Dresdner Klein. Wasserstein Grp Ltd
25 March 2003

                                                                      FORM SAR 3



Lodge with a RIS or Newstrack if appropriate and the Takeover Panel.
A copy must also be sent to the company the shares of which are acquired.

Date of disclosure

25 March 2003

DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING
SUBSTANTIAL ACQUISITIONS OF SHARES ("SARs")

Date of acquisition

21 March 2003

Acquisition in (name of company)

The Recovery Trust PLC

1. Class of voting shares (eg ordinary shares)

Ordinary Income

Number of shares/rights over shares acquired

2,900,000                  Shares       -                            Rights

If rights over shares acquired, as opposed to the shares themselves, specify
nature of rights

-

2. Resultant total holding of voting shares (and % of total voting shares in
issue)

5,905,000                                            19.68%

Resultant total holding of rights over shares (and % of total voting shares in
issue)

-                                                        %

Total percentage

19.68%

3. Party making disclosure

Dresdner Kleinwort Wasserstein Group Limited

4. (a) Name of person acquiring shares or rights over shares

Merchant Investors Assurance Company Limited

and, if different, beneficial owner

-

(b) Names of any other persons acting by agreement or understanding (see SAR 5)

-

Signed, for and on behalf of the party named in (3) above



(Also print name of signatory)

P.L. Longcroft/M. Amey

Telephone and extension number

0207 475 5617

Note.   Under SAR 5, the holdings of and acquisitions by persons acting by
agreement or understanding must be aggregated and treated as a holding of or
acquisition by one person. Note 3 on SAR 5 requires persons who must aggregate
holdings to disclose certain disposals.



For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs.  If in doubt, contact the Panel on Takeovers and Mergers, Monitoring
Section.  Tel. No: 020 7638 0129.

Email:[e-mail]




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