Net Asset Value(s)

    INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 14 January 2004 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            54.29p             -
                                                                               
INVESCO City & Commercial Trust plc Note 1                 79.66p        81.76p
                                                                               
INVESCO English & International Trust plc                 219.05p             -
                                                                               
City Merchants High Yield Trust plc                       166.84p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 2                                  
                                                                               
- Ordinary                                                 50.79p       105.05p
                                                                               
- Zero Dividend Preference                                153.19p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 3                                         
                                                                               
- Ordinary                                                113.22p             -
                                                                               
- Zero Dividend Preference                                150.87p             -
                                                                               
INVESCO Japan Discovery Trust plc                          78.83p        82.24p

Note 1 Gross assets are £20,362,095

Note 2 Gross assets are £50,918,593

Note 3 Gross assets are £48,741,094

15 January 2004



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