INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 30 July 2003 the unaudited net
asset value per share (AITC Ex Income basis) of the following Investment
Trust managed by INVESCO Asset Management Limited (Atlantic Wealth Management
Limited in the case of City Merchants High Yield Trust plc) is:-

                                                        Undiluted       Diluted
                                                                               
INVESCO Geared Opportunities Trust plc Note 1                                  
                                                                               
- Ordinary                                                 30.64p        92.22p
                                                                               
- Zero Dividend Preference                                148.05p             -
                                                                               
Note 1 Gross assets are �46,499,782

31 July 2003



END