Net Asset Value(s)

    INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 12 November 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            53.23p             -
                                                                               
INVESCO City & Commercial Trust plc Note 1                 79.14p        81.30p
                                                                               
INVESCO English & International Trust plc                 202.38p             -
                                                                               
City Merchants High Yield Trust plc                       168.76p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 2                                  
                                                                               
- Ordinary                                                 44.45p       101.01p
                                                                               
- Zero Dividend Preference                                151.24p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 3                                         
                                                                               
- Ordinary                                                106.87p             -
                                                                               
- Zero Dividend Preference                                148.82p             -
                                                                               
INVESCO Japan Discovery Trust plc                          77.23p        80.90p

Note 1 Gross assets are £20,188,938

Note 2 Gross assets are £49,483,882

Note 3 Gross assets are £47,524,955

13 November 2003



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