INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 3 September 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 3                                         
                                                                               
- Ordinary                                                113.50p             -
                                                                               
- Zero Dividend Preference                                146.56p             -
                                                                               

Note 3 Gross assets are �48,242,182


4 September 2003



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