Net Asset Value(s)

    INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 25th June 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:-

                                                   NAV per share as at 25.06.03
                                                                               
                                                        Undiluted       Diluted
                                                                               
INVESCO Continental Smaller Companies Trust plc            45.32p             -
                                                                               
INVESCO City & Commercial Trust plc                        62.68p        66.54p
                                                                               
INVESCO English & International Trust plc                 164.63p             -
                                                                               
City Merchants High Yield Trust plc                       155.79p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 1                                  
                                                                               
- Ordinary                                                 17.77p        84.03p
                                                                               
- Zero Dividend Preference                                147.00p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 2                                         
                                                                               
- Ordinary                                                 79.63p             -
                                                                               
- Zero Dividend Preference                                144.34p             -
                                                                               
INVESCO Japan Discovery Trust plc                          54.69p        61.98p

Note 1 Gross assets are £43,973,689

Note 2 Gross assets are £42,094,181

26th June 2003



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