INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 24 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                                                106.16p             -
                                                                               
- Zero Dividend Preference                                147.23p             -
                                                                               

Note 3 Gross assets are �47,056,084

END