INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 2 April 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:-

                                                   NAV per share as at 02.03.03
                                                                               
                                                        Undiluted       Diluted
                                                                               

INVESCO Geared Opportunities Trust plc Note 1                                  
                                                                               
- Ordinary                                                      -        58.02p
                                                                               
- Zero Dividend Preference                                144.52p             -
                                                                               

Note 1 Gross assets are �36,060,717


3 April 2003

END