INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 20 August 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                                                101.75p             -
                                                                               
- Zero Dividend Preference                                146.11p             -

                                                                               
Note 3 Gross assets are �46,150,299

21 August 2003



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