INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 19 February 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:-

                                                   NAV per share as at 19.02.03
                                                                               
                                                        Undiluted       Diluted
                                                                               
INVESCO Continental Smaller Companies Trust plc            39.31p             -
                                                                               
INVESCO City & Commercial Trust plc                        47.32p        52.77p
                                                                               
INVESCO English & International Trust plc                 132.66p             -
                                                                               
City Merchants High Yield Trust plc                       143.63p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 1                                  
                                                                               
- Ordinary                                                      -        63.86p
                                                                               
- Zero Dividend Preference                                143.29p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 2                                         
                                                                               
- Ordinary                                                 43.68p             -
                                                                               
- Zero Dividend Preference                                140.42p             -
                                                                               
INVESCO Japan Discovery Trust plc                          57.29p        64.16p
                                                                               
INVESCO Asia Trust plc                                     47.38p        56.48p

Note 1 Gross assets are �37,600,606

Note 2 Gross assets are �35,371,163

20 February 2003



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