INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 22 October 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          Note 1        78.98p        81.15p

Note 1 Gross assets are �20,177,126

23 October 2003



END