INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 23 April 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 1                                  
                                                                               
- Ordinary                                                      -        68.25p
                                                                               
- Zero Dividend Preference                                145.13p             -
                                                                               


Note 1 Gross assets are �39,126,241


24 April 2003



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