INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 12 March 2003 the unaudited
net asset value per share (AITC Ex Income basis) of the following Investment
Trust managed by INVESCO Asset Management Limited (Atlantic Wealth Management
Limited in the case of City Merchants High Yield Trust plc) is:-

                                                   NAV per share as at 12.03.03
                                                                               
                                                        Undiluted       Diluted
                                                                               

                                                                               
INVESCO Japan Discovery Trust plc                          52.48p        60.12p
                                                                               

13 March 2003



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