INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business on 14 January 2004 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                 79.66p        81.76p
                                                                              
Note 1 Gross assets are �20,362,095


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