Net Asset Value(s)

    INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 29 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     124.91       -    Note 1       -
plc                                                                             
                                                                                
Perpetual Japanese Investment Trust plc          44.13   49.39    Note 1       -
                                                                                
INVESCO Perpetual UK Smaller Companies          543.28       -    549.35       -
Investment Trust plc                                                            
                                                                                
Perpetual Income and Growth Investment Trust    165.02  157.52    166.72  159.02
plc                                                                             
                                                                                
INVESCO Income Growth Trust plc                 159.23  159.32    Note 2       -
                                                                                
INVESCO Asia Trust plc                           57.53   64.87    Note 2        
                                                                                
Keystone Investment Trust plc                   771.79       -    778.15       -

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.

30 December 2003



END