INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 14 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            43.83p             -
                                                                               
INVESCO City & Commercial Trust plc                        55.05p        59.69p
                                                                               
INVESCO English & International Trust plc                 145.10p             -
                                                                               
City Merchants High Yield Trust plc                       150.02p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 1                                  
                                                                               
- Ordinary                                                  1.19p        73.48p
                                                                               
- Zero Dividend Preference                                145.75p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 2                                         
                                                                               
- Ordinary                                                 62.15p             -
                                                                               
- Zero Dividend Preference                                143.02p             -
                                                                               
INVESCO Japan Discovery Trust plc                          57.82p        64.61p
                                                                               
INVESCO Asia Trust plc                                     45.56p        54.97p

Note 1 Gross assets are �40,732,265

Note 2 Gross assets are �38,899,560

15 May 2003



END