Net Asset Value(s)

    INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 29 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            51.82p             -
                                                                               
INVESCO City & Commercial Trust plc Note 1                 78.33p        80.58p
                                                                               
INVESCO English & International Trust plc                 197.60p             -
                                                                               
City Merchants High Yield Trust plc                       166.21p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 2                                  
                                                                               
- Ordinary                                                 44.61p       101.11p
                                                                               
- Zero Dividend Preference                                150.81p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 3                                         
                                                                               
- Ordinary                                                108.94p             -
                                                                               
- Zero Dividend Preference                                148.36p             -
                                                                               
INVESCO Japan Discovery Trust plc                          82.02p        84.92p

Note 1 Gross assets are £20,035,257

Note 2 Gross assets are £49,456,921

Note 3 Gross assets are £47,681,303

30 October 2003



END