INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 26 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 26.02.03
                                                                               
                                                        Undiluted       Diluted
                                                                               
INVESCO Continental Smaller Companies Trust plc            38.35p             -
                                                                               
INVESCO City & Commercial Trust plc                        45.03p        50.72p
                                                                               
INVESCO English & International Trust plc                 131.29p             -
                                                                               
City Merchants High Yield Trust plc                       144.63p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 1                                  
                                                                               
- Ordinary                                                      -        63.71p
                                                                               
- Zero Dividend Preference                                143.49p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 2                                         
                                                                               
- Ordinary                                                 35.54p             -
                                                                               
- Zero Dividend Preference                                140.64p             -
                                                                               
INVESCO Japan Discovery Trust plc                          56.89p        63.83p
                                                                               
INVESCO Asia Trust plc                                     46.79p        55.99p

Note 1 Gross assets are �36,355,337

Note 2 Gross assets are �33,988,542

27 February 2003



END