INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 7 January 2004 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            54.13p             -
                                                                               
INVESCO City & Commercial Trust plc Note 1                 78.97p        81.14p
                                                                               
INVESCO English & International Trust plc                 212.65p             -
                                                                               
City Merchants High Yield Trust plc                       166.44p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 2                                  
                                                                               
- Ordinary                                                 44.22p       100.87p
                                                                               
- Zero Dividend Preference                                152.97p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 3                                         
                                                                               
- Ordinary                                                106.10p             -
                                                                               
- Zero Dividend Preference                                150.64p             -
                                                                               
INVESCO Japan Discovery Trust plc                          77.70p        81.29p

Note 1 Gross assets are �20,273,486

Note 2 Gross assets are �49,671,670

Note 3 Gross assets are �47,809,107

8 January 2004



END