Net Asset Value(s)

    INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 5 November 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            51.95p             -
                                                                               
INVESCO City & Commercial Trust plc Note 1                 78.51p        80.74p
                                                                               
INVESCO English & International Trust plc                 199.25p             -
                                                                               
City Merchants High Yield Trust plc                       166.90p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 2                                  
                                                                               
- Ordinary                                                 42.78p        99.95p
                                                                               
- Zero Dividend Preference                                151.02p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 3                                         
                                                                               
- Ordinary                                                103.99p             -
                                                                               
- Zero Dividend Preference                                148.59p             -
                                                                               
INVESCO Japan Discovery Trust plc                          80.92p        83.99p

Note 1 Gross assets are £20,108,907

Note 2 Gross assets are £49,146,301

Note 3 Gross assets are £46,851,233

6 November 2003



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