INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 16 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            47.80p             -
                                                                               
INVESCO City & Commercial Trust plc                        66.53p        69.99p
                                                                               
INVESCO English & International Trust plc                 172.18p             -
                                                                               
City Merchants High Yield Trust plc                       158.80p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 1                                  
                                                                               
- Ordinary                                                 26.84p        89.81p
                                                                               
- Zero Dividend Preference                                147.63p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 2                                         
                                                                               
- Ordinary                                                 89.58p             -
                                                                               
- Zero Dividend Preference                                145.00p             -
                                                                               
INVESCO Japan Discovery Trust plc                          62.63p        68.64p

Note 1 Gross assets are �45,740,210

Note 2 Gross assets are �43,900,759

17 July 2003



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