INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 11 December 2003, the
unaudited net asset value per share (AITC basis) of the following investment
trust companies managed by INVESCO Asset Management Limited are:-

Company                                      Undiluted Diluted Undiluted Diluted
                                                                                
                                               Capital Capital       Cum     Cum
                                                                                
                                               (pence) (pence)    Income  Income
                                                                                
                                                                 (pence) (pence)
                                                                                
INVESCO Perpetual European Investment Trust     121.93       -    Note 1       -
plc                                                                             
                                                                                
Perpetual Japanese Investment Trust plc          43.53   48.88    Note 1       -
                                                                                
INVESCO Perpetual UK Smaller Companies          534.37       -    540.11       -
Investment Trust plc                                                            
                                                                                
Perpetual Income and Growth Investment Trust    162.07  154.91    165.61  158.04
plc                                                                             
                                                                                
INVESCO Income Growth Trust plc                 155.00  155.20    Note 2       -
                                                                                
INVESCO Asia Trust plc                           58.50   65.68    Note 2        
                                                                                
Keystone Investment Trust plc                                     762.03        

Note:

1. The NAV including pro rata income for the financial year is not announced as
there is currently no expectation that there will be any income to distribute.

2. No cum income NAV is published for INVESCO Income Growth Trust plc or
INVESCO Asia Trust plc.

12 December 2003



END