INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 20 August 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                                                 38.56p        97.26p
                                                                               
- Zero Dividend Preference                                148.68p             -


Note 2 Gross assets are �48,052,621

21 August 2003



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