INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 29 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            78.33p        80.58p

Note 1 Gross assets are �20,035,257

30 October 2003



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