INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 24 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            53.15p             -
                                                                               
INVESCO City & Commercial Trust plc Note 1                 76.08p        78.55p
                                                                               
INVESCO English & International Trust plc                 206.48p             -
                                                                               
City Merchants High Yield Trust plc                       168.64p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 2                                  
                                                                               
- Ordinary                                                 37.80p        96.78p
                                                                               
- Zero Dividend Preference                                152.53p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 3                                         
                                                                               
- Ordinary                                                100.73p             -
                                                                               
- Zero Dividend Preference                                150.19p             -
                                                                               
INVESCO Japan Discovery Trust plc                          70.89p        75.58p

Note 1 Gross assets are �19,831,809

Note 2 Gross assets are �48,421,908

Note 3 Gross assets are �46,564,902

29 December 2003



END