INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 18 June 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 City & Commercial Trust plc                        64.77p        68.42p


19 June 2003



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