INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 9 April 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 2                                         
                                                                               
- Ordinary                                                 42.27p             -
                                                                               
- Zero Dividend Preference                                141.93p             -
 
Note 2 Gross assets are �35,317,566

10 April 2003



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