Top 10 Investments

INVESCO Recovery Trust 2005 plc announces that, as at 31 December 2003, its top
ten investments were as follows:

Company                        Issue         % of gross 
                                              assets*  
                                                                   
GlaxoSmithKline                Ord 25p        7.64%                
                                                                   
Lloyds TSB Group               Ord 25p        7.24%                
                                                                   
Prudential                     Ord 25p        3.94%                
                                                                   
MSDW Equity (UK) PERQ          01 Oct         3.52%                
(Vodafone)                     2004                                
                                                                   
Rolls Royce                    Ord 20p        3.15%                
                                                                   
Premier Farnell                Pfd 89.2p      2.98%                
                               Cum                                 
                                                                   
LogicaCMG                      Ord 10p        2.68%                
                                                                   
Countrywide Assured            Ord 5p         2.65%                
                                                                   
Estates & General              Ord 10p        2.64%                
                                                                   
Yule Catto                     Ord 10p        2.40%                

* Subject to successful settlement of trades outstanding on the relevant date.

This announcement is made in accordance with Paragraph 21.20(l)(ii) of the
Listing Rules.

INVESCO Asset Management Limited

5 January 2004



END