Net Asset Value(s)

    INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 8 October 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            52.31p             -
                                                                               
INVESCO City & Commercial Trust plc Note 1                 76.88p        79.27p
                                                                               
INVESCO English & International Trust plc                 195.26p             -
                                                                               
City Merchants High Yield Trust plc                       165.90p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 2                                  
                                                                               
- Ordinary                                                 41.70p        99.27p
                                                                               
- Zero Dividend Preference                                150.17p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 3                                         
                                                                               
- Ordinary                                                105.71p             -
                                                                               
- Zero Dividend Preference                                147.68p             -
                                                                               
INVESCO Japan Discovery Trust plc                          75.87p        79.75p

Note 1 Gross assets are £19,849,458

Note 2 Gross assets are £48,833,132

Note 3 Gross assets are £47,036,015

9 October 2003



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