INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 6 August 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            48.08p             -
                                                                               
INVESCO City & Commercial Trust plc                        67.75p        71.08p
                                                                               
INVESCO English & International Trust plc                 181.30p             -
                                                                               
City Merchants High Yield Trust plc                       160.87p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 1                                  
                                                                               
- Ordinary                                                 30.25p        91.98p
                                                                               
- Zero Dividend Preference                                148.26p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 2                                         
                                                                               
- Ordinary                                                 92.58p             -
                                                                               
- Zero Dividend Preference                                145.67p             -
                                                                               
INVESCO Japan Discovery Trust plc                          61.10p        67.36p

Note 1 Gross assets are �46,456,408

Note 2 Gross assets are �44,504,942

7 August 2003



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