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 17 September 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                 79.02p        81.19p


Note 1 Gross assets are �20,127,916


18 September 2003



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