ICT Accelerated Return Bear Market Notes Linked TO The Amex Energy Select Sector Index

    INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 12 March 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:-

                                                   NAV per share as at 12.03.03
                                                                               
                                                        Undiluted       Diluted
                                                                               
                                                                               
INVESCO City & Commercial Trust plc                        38.90p        45.21p
                                                                               

13 March 2003


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