Net Asset Value(s)

    INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 24 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         124.11       -    Note 1        -
Trust plc                                                                      
                                                                               
Perpetual Japanese Investment Trust plc        43.87   49.16    Note 1        -
                                                                               
INVESCO Perpetual UK Smaller Companies        541.96       -    547.94        -
Investment Trust plc                                                           
                                                                               
Perpetual Income and Growth Investment        164.43  156.99    166.06   158.43
Trust plc                                                                      
                                                                               
INVESCO Income Growth Trust plc               158.79  158.89    Note 2        -
                                                                               
INVESCO Asia Trust plc                         57.21   64.61    Note 2         
                                                                               
Keystone Investment Trust plc                 769.18            775.55         

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 and
INVESCO Asia Trust plc.

29 December 2003



END