INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 10 September 2003 the
unaudited net asset value per share (AITC Ex Income basis) of the following
Investment Trusts 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      Note 1            79.09p        81.25p

Note 1       Gross assets are �20,137,336

11 September 2003



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