INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 3 December 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                                                 41.19p        98.94p
                                                                               
- Zero Dividend Preference                                151.89p             -



Note 2 Gross assets are �48,964,854

4 December 2003



END