INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 23 July 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                                                 26.70p        89.72p
                                                                               
- Zero Dividend Preference                                147.84p             -
                                                                               
Note 1 Gross assets are �45,741,006

24 July 2003



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