INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 23 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            47.99p             -
                                                                               
INVESCO City & Commercial Trust plc                        66.63p        70.09p
                                                                               
INVESCO English & International Trust plc                 173.64p             -
                                                                               
City Merchants High Yield Trust plc                       159.18p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 1                                  
                                                                               
- Ordinary                                                 26.70p        89.72p
                                                                               
- Zero Dividend Preference                                147.84p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 2                                         
                                                                               
- Ordinary                                                 89.28p             -
                                                                               
- Zero Dividend Preference                                145.22p             -
                                                                               
INVESCO Japan Discovery Trust plc                          62.36p        68.42p

Note 1 Gross assets are �45,741,006

Note 2 Gross assets are �43,877,178

24 July 2003



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