Abstract: A recuperative heat exchanger for gas turbine engines having an annular configuration with the air and exhaust gases, respectively, passing through the axial faces of the recuperator in counterflow relationship. The recuperator is formed by stacking a plurality of individual plates one against another about a circular form which corresponds to the inner diameter of the annular recuperator. The primary or main body of the plates are involutely curved in the radial direction and an edge extends laterally from this surface. A shoulder formed in the edge engages a portion of the next adjacent plate to space the plates one from another a given predetermined distance. The axially facing edge portions of every other plate is recessed or cut back at a radially inner location to form and inlet an outlet opening for air. Likewise, alternate plates have edge portions which are recessed near a radially outward location to form inlet and outlet openings for exhaust gases.