INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 2 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            45.74p             -
                                                                               
INVESCO City & Commercial Trust plc                        61.91p        65.85p
                                                                               
INVESCO English & International Trust plc                 163.85p             -
                                                                               
City Merchants High Yield Trust plc                       156.62p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 1                                  
                                                                               
- Ordinary                                                 15.57p        82.64p
                                                                               
- Zero Dividend Preference                                147.21p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 2                                         
                                                                               
- Ordinary                                                 77.19p             -
                                                                               
- Zero Dividend Preference                                144.56p             -
                                                                               
INVESCO Japan Discovery Trust plc                          57.76p        64.56p

Note 1 Gross assets are �43,593,911

Note 2 Gross assets are �41,698,580

3 July 2003



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