INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 9 July 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:-

                                                        Undiluted       Diluted
                                                                               
INVESCO Continental Smaller Companies Trust plc            46.83p             -
                                                                               
INVESCO City & Commercial Trust plc                        65.02p        68.63p
                                                                               
INVESCO English & International Trust plc                 167.48p             -
                                                                               
City Merchants High Yield Trust plc                       158.35p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 1                                  
                                                                               
- Ordinary                                                 24.16p        88.10p
                                                                               
- Zero Dividend Preference                                147.42p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 2                                         
                                                                               
- Ordinary                                                 86.47p             -
                                                                               
- Zero Dividend Preference                                144.78p             -
                                                                               
INVESCO Japan Discovery Trust plc                          60.73p        67.05p

Note 1 Gross assets are �45,215,412

Note 2 Gross assets are �43,334,224

10 July 2003



END