INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 9 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:-

                                                        Undiluted       Diluted
                                                                               
INVESCO Continental Smaller Companies Trust plc            40.63p             -
                                                                               
INVESCO City & Commercial Trust plc                        45.32p        50.98p
                                                                               
INVESCO English & International Trust plc                 125.32p             -
                                                                               
City Merchants High Yield Trust plc                       145.59p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 1                                  
                                                                               
- Ordinary                                                      -        61.81p
                                                                               
- Zero Dividend Preference                                144.72p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 2                                         
                                                                               
- Ordinary                                                 42.27p             -
                                                                               
- Zero Dividend Preference                                141.93p             -
                                                                               
INVESCO Japan Discovery Trust plc                          55.21p        62.42p
                                                                               
INVESCO Asia Trust plc                                     44.72p        54.28p

Note 1 Gross assets are �37,166,632

Note 2 Gross assets are �35,317,566

10 April 2003



END