INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 26 March 2003 the unaudited
net asset values 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) are:-

                                                   NAV per share as at 26.03.03
                                                                               
                                                        Undiluted       Diluted
                                                                               
INVESCO Continental Smaller Companies Trust plc            38.48p             -
                                                                               
INVESCO City & Commercial Trust plc                        44.04p        49.83p
                                                                               
INVESCO English & International Trust plc                 124.75p             -
                                                                               
City Merchants High Yield Trust plc                       143.55p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 1                                  
                                                                               
- Ordinary                                                      -        63.24p
                                                                               
- Zero Dividend Preference                                144.31p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 2                                         
                                                                               
- Ordinary                                                 37.15p             -
                                                                               
- Zero Dividend Preference                                141.50p             -
                                                                               
INVESCO Japan Discovery Trust plc                          54.77p        62.05p
                                                                               
INVESCO Asia Trust plc                                     44.88p        54.41p

Note 1 Gross assets are �36,275,594

Note 2 Gross assets are �34,377,274

27 March 2003



END