INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 21 January 2004 the unaudited
net asset value per share (AITC Ex Income basis) of the following Investment
Trusts managed by INVESCO Asset Management Limited are:-

                                                        Undiluted       Diluted
                                                                               
INVESCO Continental Smaller Companies Trust plc            55.39p             -
                                                                               
INVESCO City & Commercial Trust plc Note 1                 80.57p        82.58p
                                                                               
INVESCO English & International Trust plc                 225.94p             -
                                                                               
City Merchants High Yield Trust plc                       167.37p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 2                                  
                                                                               
- Ordinary                                                 57.20p       109.13p
                                                                               
- Zero Dividend Preference                                153.40p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 3                                         
                                                                               
- Ordinary                                                119.88p             -
                                                                               
- Zero Dividend Preference                                151.11p             -
                                                                               
INVESCO Japan Discovery Trust plc                          81.10p        84.14p

Note 1 Gross assets are �20,478,583

Note 2 Gross assets are �52,136,595

Note 3 Gross assets are �49,922,685

22 January 2004



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