INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 28 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            44.89p             -
                                                                               
INVESCO City & Commercial Trust plc                        57.35p        61.76p
                                                                               
INVESCO English & International Trust plc                 150.93p             -
                                                                               
City Merchants High Yield Trust plc                       150.67p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 1                                  
                                                                               
- Ordinary                                                  8.77p        78.31p
                                                                               
- Zero Dividend Preference                                146.17p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 2                                         
                                                                               
- Ordinary                                                 70.13p             -
                                                                               
- Zero Dividend Preference                                143.46p             -
                                                                               
INVESCO Japan Discovery Trust plc                          55.15p        62.36p
                                                                               
INVESCO Asia Trust plc                                     46.70p        53.89p

Note 1 Gross assets are �42,193,206

Note 2 Gross assets are �40,337,121

29 May 2003



END