INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 19 March 2003 the unaudited
net asset value per share (AITC Ex Income basis) of the following Investment
Trust managed by INVESCO Asset Management Limited (Atlantic Wealth Management
Limited in the case of City Merchants High Yield Trust plc) is:-

                                                   NAV per share as at 19.03.03
                                                                               
                                                        Undiluted       Diluted


INVESCO Recovery Trust 2005 plc Note 2                                         
                                                                               
- Ordinary                                                 39.53p             -
                                                                               
- Zero Dividend Preference                                141.28p             -
                                                                               

Note 2 Gross assets are �34,761,698

20 March 2003



END