INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 19 November 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                                                 39.20p        97.67p
                                                                               
- Zero Dividend Preference                                151.45p             -
                                                                               

Note 2 Gross assets are �48,539,779

END