INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 24 September 2003 the
unaudited net asset value 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            50.07p             -
                                                                               
INVESCO City & Commercial Trust plc Note 1                 76.92p        79.31p
                                                                               
INVESCO English & International Trust plc                 194.06p             -
                                                                               
City Merchants High Yield Trust plc                       163.87p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 2                                  
                                                                               
- Ordinary                                                 42.15p        99.55p
                                                                               
- Zero Dividend Preference                                149.74p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 3                                         
                                                                               
- Ordinary                                                106.16p             -
                                                                               
- Zero Dividend Preference                                147.23p             -
                                                                               
INVESCO Japan Discovery Trust plc                          71.58p        76.15p

Note 1 Gross assets are �19,861,116

Note 2 Gross assets are �49,860,004

Note 3 Gross assets are �47,056,084

25 September 2003



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