Net Asset Value(s)

    INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 22 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            52.09p             -
                                                                               
INVESCO City & Commercial Trust plc Note 1                 78.98p        81.15p
                                                                               
INVESCO English & International Trust plc                 200.97p             -
                                                                               
City Merchants High Yield Trust plc                       168.28p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 2                                  
                                                                               
- Ordinary                                                 44.39p       100.97p
                                                                               
- Zero Dividend Preference                                150.60p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 3                                         
                                                                               
- Ordinary                                                108.66p             -
                                                                               
- Zero Dividend Preference                                148.13p             -
                                                                               
INVESCO Japan Discovery Trust plc                          79.89p        83.13p

Note 1 Gross assets are £20,177,126

Note 2 Gross assets are £49,387,821

Note 3 Gross assets are £47,603,505

23 October 2003



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