INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 27 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            49.18p             -
                                                                               
INVESCO City & Commercial Trust plc Note 1                 76.12p        78.59p
                                                                               
INVESCO English & International Trust plc                 195.53p             -
                                                                               
City Merchants High Yield Trust plc                       162.15p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 2                                  
                                                                               
- Ordinary                                                 41.19p        98.94p
                                                                               
- Zero Dividend Preference                                148.89p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 3                                         
                                                                               
- Ordinary                                                104.67p             -
                                                                               
- Zero Dividend Preference                                146.34p             -
                                                                               
INVESCO Japan Discovery Trust plc                          68.08p        73.21p

Note 1 Gross assets are �19,741,869

Note 2 Gross assets are �48,569,105

Note 3 Gross assets are �46,683,375

28 August 2003



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