INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 21 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            43.59p             -
                                                                               
INVESCO City & Commercial Trust plc                        54.77p        59.44p
                                                                               
INVESCO English & International Trust plc                 148.05p             -
                                                                               
City Merchants High Yield Trust plc                       150.84p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 1                                  
                                                                               
- Ordinary                                                  3.37p        74.87p
                                                                               
- Zero Dividend Preference                                145.96p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 2                                         
                                                                               
- Ordinary                                                 64.28p             -
                                                                               
- Zero Dividend Preference                                143.24p             -
                                                                               
INVESCO Japan Discovery Trust plc                          54.56p        61.87p
                                                                               
INVESCO Asia Trust plc                                     44.25p        53.89p

Note 1 Gross assets are �41,165,465

Note 2 Gross assets are �39,296,773

22 May 2003



END