INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 15 October 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) are:-

                                                        Undiluted       Diluted

INVESCO City & Commercial Trust plc        Note 1          80.21p        82.26p

Note 1 Gross assets are �20,274,944

16 October 2003



END