INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 15 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                                                113.78p             -
                                                                               
- Zero Dividend Preference                                147.91p             -

Note 3 Gross assets are �48,462,286

16 October 2003



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