INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 26 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            52.91p             -
                                                                               
INVESCO City & Commercial Trust plc Note 1                 80.90p        82.88p
                                                                               
INVESCO English & International Trust plc                 200.87p             -
                                                                               
City Merchants High Yield Trust plc                       166.75p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 2                                  
                                                                               
- Ordinary                                                 40.56p        98.54p
                                                                               
- Zero Dividend Preference                                151.67p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 3                                         
                                                                               
- Ordinary                                                101.85p             -
                                                                               
- Zero Dividend Preference                                149.27p             -
                                                                               
INVESCO Japan Discovery Trust plc                          74.18p        78.33p

Note 1 Gross assets are �20,278,848

Note 2 Gross assets are �48,819,156

Note 3 Gross assets are �46,897,540

27 November 2003



END