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 21 January 2004 the unaudited
net asset value per share (AITC Ex Income basis) of the following Investment
Trust managed by INVESCO Asset Management Limited is:-

                                                        Undiluted       Diluted
                                                                               
                                                                              
INVESCO City & Commercial Trust plc Note 1                 80.57p        82.58p
                                                                               
Note 1 Gross assets are �20,478,583


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