INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 11 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                        62.57p        66.44p
                                                                               
INVESCO English & International Trust plc                 159.22p             -
                                                                               
City Merchants High Yield Trust plc                       154.36p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 1                                  
                                                                               
- Ordinary                                                 19.01p        84.82p
                                                                               
- Zero Dividend Preference                                146.58p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 2                                         
                                                                               
- Ordinary                                                 81.15p             -
                                                                               
- Zero Dividend Preference                                143.90p             -
                                                                               
INVESCO Japan Discovery Trust plc                          54.10p        61.48p

Note 1 Gross assets are �44,148,001

Note 2 Gross assets are �42,301,265

12 June 2003



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