INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 2 April 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 02.03.03
                                                                               
                                                        Undiluted       Diluted
                                                                               
INVESCO Continental Smaller Companies Trust plc            38.87p             -
                                                                               
INVESCO City & Commercial Trust plc                        43.38p        49.24p
                                                                               
INVESCO English & International Trust plc                 123.21p             -
                                                                               
City Merchants High Yield Trust plc                       143.73p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 1                                  
                                                                               
- Ordinary                                                      -        58.02p
                                                                               
- Zero Dividend Preference                                144.52p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 2                                         
                                                                               
- Ordinary                                                 35.89p             -
                                                                               
- Zero Dividend Preference                                141.72p             -
                                                                               
INVESCO Japan Discovery Trust plc                          54.37p        61.71p
                                                                               
INVESCO Asia Trust plc                                     43.01p        52.87p

Note 1 Gross assets are �36,060,717

Note 2 Gross assets are �34,185,996

3 April 2003



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