AM19 Morg.st.b.v 26

RNS Number:9905T
M&G Recovery Investment Trust PLC
3 April 2002


3 April 2002


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

                                Rollover Result

                     (* In members' voluntary liquidation)

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 M&G
Corporate Bond Fund (an open ended investment company) or a rollover into M&G
Recovery Investment Company Limited, a Guernsey domiciled, London listed
closed-end investment company.

The results of the Shareholders' elections were as follows:


Election for:                                                         Per Cent.

M&G Recovery Investment Company Limited                                   42.32
M&G Corporate Bond Fund                                                    2.85
Cash via CashCo.                                                          54.83
                                                                         100.00

All elections will be satisfied in full and there has been no scaling back.

Placing and Offer for Subscription

4,310,000 M&G Recovery Zero Dividend Shares, 100,000 M&G Recovery Ordinary
Shares and 116,000 M&G Recovery Package Units have been allotted under the
Placing and Offer for Subscription.

M&G Recovery Investment Company Limited

As a result of elections received under the reconstruction of the Company, the
Offer for Subscription and the Placing, the initial gross assets of M&G Recovery
Investment Company Limited will be approximately £180.37 million.

These gross assets comprise the following:
                                              Per Cent. of Gross Assets       No. of shares           £m (approx.)
Bank Debt*                                    16.00                           -                       28.86
M&G Recovery Zero Dividend Shares             38.45                           203,988,561             69.36
M&G Recovery Ordinary Shares                  45.55                           248,954,266             82.15

*Estimated Bank Debt

Richard Hughes, the director of Investment Trusts at M&G commented;

"We are delighted that so many shareholders in M&G Recovery Investment Trust PLC
have elected to continue their investment in the new company. Our aim is to
continue to deliver shareholder value within the new vehicle."

Timetable

4 April 2002                        Allocation acknowledgements in respect of 
                                    M&G Corporate Bond Fund Shares despatched

4 April 2002                        Dealings in M&G Recovery Investment Company 
                                    Limited commence

4 April 2002 (or as soon as         Cheques despatched and CREST participants 
possible thereafter)                credited through CREST in respect of the 
                                    Cash Option

4 April 2002 (or as soon as         Certificates despatched in respect of M&G 
possible thereafter)                Recovery Ordinary Shares, M&G Recovery Zero 
                                    Dividend Shares and M&G Recovery Package 
                                    Units

Enquiries

M&G

Richard Hughes          020 7548 3830

Jonathan McClelland     020 7548 3027

Jeffrey Mushens         020 7548 3810

UBS Warburg Ltd.

Will Rogers             020 7568 2939

Nick Rucker             020 7568 8574

John Korwin-Szymanowski 020 7568 4219



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