INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 23 July 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:-

                                                        Undiluted       Diluted

INVESCO Recovery Trust 2005 plc Note 2                                         
                                                                               
- Ordinary                                                 89.28p             -
                                                                               
- Zero Dividend Preference                                145.22p             -


Note 2 Gross assets are �43,877,178

24 July 2003



END