INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 19 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            52.28p             -
                                                                               
INVESCO City & Commercial Trust plc Note 1                 80.30p        82.34p
                                                                               
INVESCO English & International Trust plc                 201.07p             -
                                                                               
City Merchants High Yield Trust plc                       169.53p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 2                                  
                                                                               
- Ordinary                                                 39.20p        97.67p
                                                                               
- Zero Dividend Preference                                151.45p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 3                                         
                                                                               
- Ordinary                                                100.29p             -
                                                                               
- Zero Dividend Preference                                149.04p             -
                                                                               
INVESCO Japan Discovery Trust plc                          67.91p        73.08p

Note 1 Gross assets are �20,336,894

Note 2 Gross assets are �48,539,779

Note 3 Gross assets are �46,268,980

20 November 2003



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