INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 10 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                                                 36.80p        96.14p
                                                                               
- Zero Dividend Preference                                152.10p             -

Note 2 Gross assets are �48,178,814

11 December 2003



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