INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 28 May 2003 the unaudited net
asset value 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) is:-

                                                        Undiluted       Diluted
                                                                               

                                                                               
INVESCO Japan Discovery Trust plc                          55.15p        62.36p
                                                                               

29 May 2003



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