REAL ESTATE OPPORTUNITIES LIMITED                       

HEADLINE: Net Asset Values

The Board of Real Estate Opportunities Limited announces that the basic net
asset value per share at the close of business on Friday, 15 August 2003 was as
follows:-

                                              NAV
                                                 
Ordinary                                  49.874p
                                                 
Zero Dividend Preference                 120.344p

for and on behalf of

INVESCO Asset Management Limited

20 August 2003



END