INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 23 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            41.94p             -
                                                                               
INVESCO City & Commercial Trust plc                        49.15p        54.41p
                                                                               
INVESCO English & International Trust plc                 135.31p             -
                                                                               
City Merchants High Yield Trust plc                       147.11p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 1                                  
                                                                               
- Ordinary                                                      -        68.25p
                                                                               
- Zero Dividend Preference                                145.13p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 2                                         
                                                                               
- Ordinary                                                 53.63p             -
                                                                               
- Zero Dividend Preference                                142.37p             -
                                                                               
INVESCO Japan Discovery Trust plc                          56.89p        63.83p
                                                                               
INVESCO Asia Trust plc                                     45.13p        54.62p

Note 1 Gross assets are �39,126,241

Note 2 Gross assets are �37,294,976

24 April 2003



END