INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 30 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            47.90p             -
                                                                               
INVESCO City & Commercial Trust plc                        68.34p        71.62p
                                                                               
INVESCO English & International Trust plc                 176.84p             -
                                                                               
City Merchants High Yield Trust plc                       159.51p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 1                                  
                                                                               
- Ordinary                                                 30.64p        92.22p
                                                                               
- Zero Dividend Preference                                148.05p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 2                                         
                                                                               
- Ordinary                                                 93.36p             -
                                                                               
- Zero Dividend Preference                                145.44p             -
                                                                               
INVESCO Japan Discovery Trust plc                          61.28p        67.51p

Note 1 Gross assets are �46,499,782

Note 2 Gross assets are �44,611,620

31 July 2003



END