INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 18 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            46.13p             -
                                                                               
INVESCO City & Commercial Trust plc                        64.77p        68.42p
                                                                               
INVESCO English & International Trust plc                 167.02p             -
                                                                               
City Merchants High Yield Trust plc                       155.89p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 1                                  
                                                                               
- Ordinary                                                 23.13p        87.45p
                                                                               
- Zero Dividend Preference                                146.79p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 2                                         
                                                                               
- Ordinary                                                 85.47p             -
                                                                               
- Zero Dividend Preference                                144.12p             -
                                                                               
INVESCO Japan Discovery Trust plc                          54.48p        61.80p

Note 1 Gross assets are �44,940,444

Note 2 Gross assets are �43,077,783

19 June 2003



END