EGM Statement

RNS Number:7163T
M&G Recovery Investment Trust PLC
27 March 2002



27 March 2002


                      M&G Recovery Investment Trust P.L.C.

                    Rollover Result and Terminal Asset Value


Following the second Extraordinary General Meeting of M&G Recovery Investment
Trust P.L.C. ("the Company") held on 27 March 2002 at 10.00am, the Company was
placed in members' voluntary liquidation with Mssrs. R V Y Setchim and I C
Oakley Smith of PricewaterhouseCoopers being appointed liquidators of the
Company.

Final Entitlements

Income Shareholders will receive a final capital entitlement of 0.132297p per
Income Share. This represents a final capital entitlement of 0.1p per Income
Share plus a pro rata entitlement to the amount standing to the credit of the
Company's revenue reserves and the amount of the undistributed profits of the
Company which are available for distribution. This is in addition to a final
interim dividend of 1.75p per Income Share declared and paid on 26 March 2002.

Zero Dividend Preference Shareholders will receive a final capital entitlement
of 150p per Share. This represents their full final capital entitlement.

Capital Shareholders have a Terminal Net Asset Value of 48.445836p, which
represents their entitlement to the residual net assets of the Company following
the payment of the final capital entitlements to the Zero Dividend Preference
Shares and Income Shares and payment of any undistributed revenue to the Income
Shareholders.

Rollover Results

The Scheme of Reconstruction offered Shareholders the choice, in full or in
part, of a cash exit, (via a CashCo), a rollover of their investment into the M&
G Corporate Bond Fund or a rollover into M&G Recovery Investment Company
Limited, a Guernsey domiciled, London listed closed-end investment company.

All of the elections under the Scheme have been satisfied in full and there will
consequently be no scaling back of any elections.

A further announcement will be made in relation to M&G Recovery Investment
Company Limited on Wednesday 3 April 2002.

Timetable

28 March 2002                          12 Noon       M&G Corporate Bond Fund Shares issued pursuant to the Scheme

4 April 2002                           8.00am        Dealings in M&G Recovery Zero Dividend Shares, M&G Recovery
                                                     Ordinary Shares and M&G Recovery Package Units offered pursuant to
                                                     the Scheme commence

4 April 2002                                         Cheques expected to be despatched and CREST participants to be
                                                     credited through the CREST system in respect of the Cash Option

4 April 2002                                         Certificates expected to be despatched in respect of M&G Recovery
                                                     Ordinary Shares, M&G Recovery Zero Dividend Shares and M&G Recovery
(or as soon as possible thereafter)                  Package Units issued in certificated form, CREST accounts credited
                                                     in respect of M&G Recovery Ordinary Shares, M&G Recovery Zero
                                                     Dividend Shares and M&G Recovery Package Units issued in
                                                     uncertificated form and allocation acknowledgements expected to be
                                                     despatched in respect of M&G Corporate Bond Fund Shares.


Cancellation of the Third Extraordinary General Meeting to be held on 3 April
2002

Given that the Company's shareholders have voted in favour of placing the
Company into liquidation, the Directors confirm that, pursuant to Article 143 of
the Company's Articles of Association, the Third Extraordinary General Meeting
to be held on 3 April 2002, the sole purpose of which was to put forward
resolutions to place the Company into liquidation, is cancelled and will not be
held.



Enquiries

M&G

Richard Hughes     020 7548 3830

Jonathan McClelland     020 7548 3027

UBS Warburg Ltd.

Will Rogers     020 7568 2939

Nick Rucker     020 7568 8574

John Korwin-Szymanowski     020 7568 4219



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