INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 10 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                                                107.49p             -
                                                                               
- Zero Dividend Preference                                146.78p             -


Note 3 Gross assets are �47,230,019

11 September 2003



END