INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 10 September 2003 the
unaudited net asset value 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            51.11p             -
                                                                               
INVESCO City & Commercial Trust plc Note 1                 79.09p        81.25p
                                                                               
INVESCO English & International Trust plc                 197.94p             -
                                                                               
City Merchants High Yield Trust plc                       164.18p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 2                                  
                                                                               
- Ordinary                                                 43.34p       100.31p
                                                                               
- Zero Dividend Preference                                149.32p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 3                                         
                                                                               
- Ordinary                                                107.49p             -
                                                                               
- Zero Dividend Preference                                146.78p             -
                                                                               
INVESCO Japan Discovery Trust plc                          71.49p        76.07p

Note 1 Gross assets are �20,137,336

Note 2 Gross assets are �49,023,560

Note 3 Gross assets are �47,230,019

11 September 2003



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