INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 10 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            53.00p             -
                                                                               
INVESCO City & Commercial Trust plc Note 1                 79.64p        81.74p
                                                                               
INVESCO English & International Trust plc                 205.67p             -
                                                                               
City Merchants High Yield Trust plc                       168.47p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 2                                  
                                                                               
- Ordinary                                                 36.80p        96.14p
                                                                               
- Zero Dividend Preference                                152.10p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 3                                         
                                                                               
- Ordinary                                                 97.96p             -
                                                                               
- Zero Dividend Preference                                149.73p             -
                                                                               
INVESCO Japan Discovery Trust plc                          68.41p        73.50p

Note 1 Gross assets are �20,286,123

Note 2 Gross assets are �48,178,814

Note 3 Gross assets are �46,280,274

11 December 2003



END