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Universal Salvage (UVS)

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Thursday 26 April, 2001

Universal Salvage

Holding in Company

Universal Salvage PLC
26 April 2001


COMPANIES ACT 1985 - SECTION 198
DISCLOSURE OF INTERESTS IN SHARES

Universal Salvage plc (the 'Company') received today a notification under
Companies Act 1985 (the 'Act') from Gartmore Investment Limited in respect of
the beneficial interest of BNY GIL A/C Nominees Ltd A/C NWSC which has decreased
following the sale of 236,118 ordinary 10 pence shares in the Company on 24
April 2001. The resultant holding is 1,019,378 ordinary 10 pence shares
representing 3.76% of the issued share capital of the Company.


LETTER TO: UNIVERSAL SALVAGE PLC
DATED: 25TH APRIL 2001

Re: Universal Salvage Plc

In accordance with the provisions of Section 198 of the Companies Act 1985 as
amended by the Disclosure of Interest in Shares (Amendment) Regulations 1993, we
write to inform you that BNY GIL CLT A/C NOMS LTD A/C NWSC has decreased the
interest in your company by virtue of selling 236,118 ordinary shares on 24th
April 2001. As a result, an entry in the Company's Register of Interests should
be made as follows:

Registered holder name:    BNY GIL CLT A/C NOMS LTD A/C NWSC
Beneficial owner name:     Gartmore Growth Opportunities
Fund Manager name:         Gartmore Investment Limited
Amount of holding:         1,019,378 ordinary 10p Shares
Percentage holding:        3.76%

These shares are held by Gartmore Investment Limited for investment purposes
only, on behalf of a client/fund. The percentage holding is based on the number
of shares in issue, 27,081,771 as supplied to us by Extel Financial Limited.


LETTER FROM: Alan Buddles,
             Head of Restrictions & Disclosures Unit, 
             GARTMORE INVESTMENT LIMITED