INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 13 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            48.50p             -
                                                                               
INVESCO City & Commercial Trust plc                        71.79p        74.71p
                                                                               
INVESCO English & International Trust plc                 187.95p             -
                                                                               
City Merchants High Yield Trust plc                       161.01p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 1                                  
                                                                               
- Ordinary                                                 33.19p        93.85p
                                                                               
- Zero Dividend Preference                                148.47p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 2                                         
                                                                               
- Ordinary                                                 96.39p             -
                                                                               
- Zero Dividend Preference                                145.89p             -
                                                                               
INVESCO Japan Discovery Trust plc                          61.42p        67.62p

Note 1 Gross assets are �47,029,604

Note 2 Gross assets are �45,193,309

14 August 2003



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