INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 29 October 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 2                                  
                                                                               
- Ordinary                                                 44.61p       101.11p
                                                                               
- Zero Dividend Preference                                150.81p             -


Note 2 Gross assets are �49,456,921

30 October 2003



END