INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 1 October 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            50.25p             -
                                                                               
INVESCO City & Commercial Trust plc Note 1                 73.79p        76.50p
                                                                               
INVESCO English & International Trust plc                 187.43p             -
                                                                               
City Merchants High Yield Trust plc                       164.92p             -
                                                                               
INVESCO Geared Opportunities Trust plc Note 2                                  
                                                                               
- Ordinary                                                 34.28p        94.54p
                                                                               
- Zero Dividend Preference                                149.96p             -
                                                                               
INVESCO Recovery Trust 2005 plc Note 3                                         
                                                                               
- Ordinary                                                 97.79p             -
                                                                               
- Zero Dividend Preference                                147.46p             -
                                                                               
INVESCO Japan Discovery Trust plc                          74.45p        78.56p

Note 1 Gross assets are �19,455,203

Note 2 Gross assets are �47,427,109

Note 3 Gross assets are �45,634,720

2 October 2003



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