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

SANLAM NETHERLANDS HOLDINGS BV

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:

SEE ADDITIONAL INFORMATION

6. Percentage of issued class:

8.815%

7. Number of shares/amount of stock disposed:

-

8. Percentage of issued class:

-

9. Class of security:

ORDINARY SHARES

10. Date of Transaction:

23 DECEMBER 2003

11. Date company informed:

6 JANUARY 2004

12. Total holding following this notification:

1,525,000

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

8.815%

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 was transferred to Sanlam
Netherlands Holdings BV from Allianz AG on 23 December 2003.



END