INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 28 May 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) is:-

                                                        Undiluted       Diluted
                                                                               

                                                                             
INVESCO Geared Opportunities Trust plc Note 1                                  
                                                                               
- Ordinary                                                  8.77p        78.31p
                                                                               
- Zero Dividend Preference                                146.17p             -
                                                                               


Note 1 Gross assets are �42,193,206


29 May 2003



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