Net Asset Value(s)

    INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 15 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            52.51p             -
                                                                               
INVESCO City & Commercial Trust plc Note 1                 80.21p        82.26p
                                                                               
INVESCO English & International Trust plc                 203.08p             -
                                                                               
City Merchants High Yield Trust plc                       167.39p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 2                                  
                                                                               
- Ordinary                                                 49.18p       104.03p
                                                                               
- Zero Dividend Preference                                150.38p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 3                                         
                                                                               
- Ordinary                                                113.78p             -
                                                                               
- Zero Dividend Preference                                147.91p             -
                                                                               
INVESCO Japan Discovery Trust plc                          82.95p        85.69p

Note 1 Gross assets are £20,274,944

Note 2 Gross assets are £50,249,053

Note 3 Gross assets are £48,462,286

16 October 2003



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