INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 8 October 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                                                105.71p             -
                                                                               
- Zero Dividend Preference                                147.68p             -
                                                                               

Note 3 Gross assets are �47,036,015

END