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

    This replaces the earlier announcement Invesco City & Commercial Trust PLC (including note 1).  

INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 12 November 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                 79.14p        81.30p
                                                                               

Note 1 Gross assets are �20,188,938


13 November 2003



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