INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 22 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                                                108.66p             -
                                                                               
- Zero Dividend Preference                                148.13p             -

Note 3 Gross assets are �47,603,505

23 October 2003



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