INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 20 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            49.08p             -
                                                                               
INVESCO City & Commercial Trust plc Note 1                 75.11p        77.69p
                                                                               
INVESCO English & International Trust plc                 192.19p             -
                                                                               
City Merchants High Yield Trust plc                       161.75p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 2                                  
                                                                               
- Ordinary                                                 38.56p        97.26p
                                                                               
- Zero Dividend Preference                                148.68p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 3                                         
                                                                               
- Ordinary                                                101.75p             -
                                                                               
- Zero Dividend Preference                                146.11p             -
                                                                               
INVESCO Japan Discovery Trust plc                          65.07p        70.69p

Note 1 Gross assets are �19,613,151

Note 2 Gross assets are �48,052,621

Note 3 Gross assets are �46,150,299

21 August 2003



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