INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 21 January 2004 the unaudited
net asset value per share (AITC Ex Income basis) of the following Investment
Trust managed by INVESCO Asset Management Limited is:-

                                                        Undiluted       Diluted
                                                                               
                                                   
INVESCO Recovery Trust 2005 plc Note 3                                         
                                                                               
- Ordinary                                                119.88p             -
                                                                               
- Zero Dividend Preference                                151.11p             -
                                                                               

Note 3 Gross assets are �49,922,685

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