INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 2 April 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 02.03.03
                                                                               
                                                        Undiluted       Diluted

INVESCO Japan Discovery Trust plc                          54.37p        61.71p
                                                                               

3 April 2003


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