INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 24 December 2003 the unaudited
net asset value per share (AITC Ex Income basis) of the following Investment
Trusts 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                                                100.73p             -
                                                                               
- Zero Dividend Preference                                150.19p             -


Note 3 Gross assets are �46,564,902

29 December 2003



END