Net Asset Value(s)

    INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 31 December 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            54.02p             -
                                                                               
INVESCO City & Commercial Trust plc Note 1                 78.58p        80.80p
                                                                               
INVESCO English & International Trust plc                 208.71p             -
                                                                               
City Merchants High Yield Trust plc                       165.39p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 2                                  
                                                                               
- Ordinary                                                 42.64p        99.86p
                                                                               
- Zero Dividend Preference                                152.75p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 3                                         
                                                                               
- Ordinary                                                104.31p             -
                                                                               
- Zero Dividend Preference                                150.41p             -
                                                                               
INVESCO Japan Discovery Trust plc                          75.15p        79.15p

Note 1 Gross assets are £20,224,873

Note 2 Gross assets are £49,348,337

Note 3 Gross assets are £47,139,494

2 January 2004



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