INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 16 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            40.93p             -
                                                                               
INVESCO City & Commercial Trust plc                        47.35p        52.79p
                                                                               
INVESCO English & International Trust plc                 130.73p             -
                                                                               
City Merchants High Yield Trust plc                       146.77p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 1                                  
                                                                               
- Ordinary                                                      -        64.51p
                                                                               
- Zero Dividend Preference                                144.93p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 2                                         
                                                                               
- Ordinary                                                 47.02p             -
                                                                               
- Zero Dividend Preference                                142.15p             -
                                                                               
INVESCO Japan Discovery Trust plc                          55.87p        62.97p
                                                                               
INVESCO Asia Trust plc                                     46.75p        55.96p

Note 1 Gross assets are �38,008,786

Note 2 Gross assets are �36,167,850

17 April 2003



END