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 13 August 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                        71.79p        74.71p
                                                                               

END