Net Asset Value(s)

    INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 3 September 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            50.86p             -
                                                                               
INVESCO City & Commercial Trust plc Note 1                 78.50p        80.72p
                                                                               
INVESCO English & International Trust plc                 200.55p             -
                                                                               
City Merchants High Yield Trust plc                       163.82p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 2                                  
                                                                               
- Ordinary                                                 49.43p       104.19p
                                                                               
- Zero Dividend Preference                                149.11p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 3                                         
                                                                               
- Ordinary                                                113.50p             -
                                                                               
- Zero Dividend Preference                                146.56p             -
                                                                               
INVESCO Japan Discovery Trust plc                          71.81p        76.35p

Note 1 Gross assets are £20,061,721

Note 2 Gross assets are £50,126,467

Note 3 Gross assets are £48,242,182

4 September 2003



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