INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 25th 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:-

                                                   NAV per share as at 25.06.03
                                                                               
                                                        Undiluted       Diluted
                                                                               
                                                                              
INVESCO Geared Opportunities Trust plc Note 1                                  
                                                                               
- Ordinary                                                 17.77p        84.03p
                                                                               
- Zero Dividend Preference                                147.00p             -
                                                                               

Note 1 Gross assets are �43,973,689



26th June 2003



END