INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 18 June 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                                                 23.13p        87.45p
                                                                               
- Zero Dividend Preference                                146.79p             -


Note 1 Gross assets are �44,940,444

19 June 2003



END