INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 21 January 2004 the unaudited
net asset value per share (AITC Ex Income basis) of the following Investment
Trust managed by INVESCO Asset Management Limited is:-

                                                        Undiluted       Diluted
                                                                               

INVESCO Japan Discovery Trust plc                          81.10p        84.14p

END