INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 7 January 2004 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                                                 44.22p       100.87p
                                                                               
- Zero Dividend Preference                                152.97p             -
   
Note 2 Gross assets are �49,671,670
                                                                            
END