INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 3 December 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            53.47p             -
                                                                               
INVESCO City & Commercial Trust plc Note 1                 81.23p        83.17p
                                                                               
INVESCO English & International Trust plc                 205.64p             -
                                                                               
City Merchants High Yield Trust plc                       166.64p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 2                                  
                                                                               
- Ordinary                                                 41.19p        98.94p
                                                                               
- Zero Dividend Preference                                151.89p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 3                                         
                                                                               
- Ordinary                                                102.59p             -
                                                                               
- Zero Dividend Preference                                149.50p             -
                                                                               
INVESCO Japan Discovery Trust plc                          74.45p        78.56p

Note 1 Gross assets are �20,488,564

Note 2 Gross assets are �48,964,854

Note 3 Gross assets are �47,053,497

4 December 2003



END