INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 7 May 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            44.68p             -
                                                                               
INVESCO City & Commercial Trust plc                        53.16p        57.99p
                                                                               
INVESCO English & International Trust plc                 140.79p             -
                                                                               
City Merchants High Yield Trust plc                       148.86p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 1                                  
                                                                               
- Ordinary                                                  0.95p        73.33p
                                                                               
- Zero Dividend Preference                                145.54p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 2                                         
                                                                               
- Ordinary                                                 61.94p             -
                                                                               
- Zero Dividend Preference                                142.80p             -
                                                                               
INVESCO Japan Discovery Trust plc                          59.49p        66.01p
                                                                               
INVESCO Asia Trust plc                                     46.54p        55.79p

Note 1 Gross assets are �40,660,278

Note 2 Gross assets are �38,835,591

8 May 2003



END