INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 4 June 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            46.23p             -
                                                                               
INVESCO City & Commercial Trust plc                        60.25p        64.36p
                                                                               
INVESCO English & International Trust plc                 154.66p             -
                                                                               
City Merchants High Yield Trust plc                       153.86p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 1                                  
                                                                               
- Ordinary                                                 16.89p        83.48p
                                                                               
- Zero Dividend Preference                                146.38p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 2                                         
                                                                               
- Ordinary                                                 78.81p             -
                                                                               
- Zero Dividend Preference                                143.68p             -
                                                                               
INVESCO Japan Discovery Trust plc                          54.85p        62.12p
                                                                               
INVESCO Asia Trust plc                                     48.71p        57.58p

Note 1 Gross assets are �43,728,420

Note 2 Gross assets are �41,868,415

5 June 2003



END