Net Asset Value(s)

    INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 5 March 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 05.03.03
                                                                               
                                                        Undiluted       Diluted
                                                                               
INVESCO Continental Smaller Companies Trust plc            37.95p             -
                                                                               
INVESCO City & Commercial Trust plc                        44.30p        50.06p
                                                                               
INVESCO English & International Trust plc                 128.99p             -
                                                                               
City Merchants High Yield Trust plc                       144.13p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 1                                  
                                                                               
- Ordinary                                                      -        62.23p
                                                                               
- Zero Dividend Preference                                143.70p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 2                                         
                                                                               
- Ordinary                                                 33.31p             -
                                                                               
- Zero Dividend Preference                                140.85p             -
                                                                               
INVESCO Japan Discovery Trust plc                          56.45p        63.46p
                                                                               
INVESCO Asia Trust plc                                     44.80p        54.34p

Note 1 Gross assets are £35,796,292

Note 2 Gross assets are £33,629,067

6 March 2003



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