INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 8 October 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 2                                  
                                                                               
- Ordinary                                                 41.70p        99.27p
                                                                               
- Zero Dividend Preference                                150.17p             -
                                                                               

Note 2 Gross assets are �48,833,132

END