Net Asset Value(s)

    INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 7 January 2004, 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         125.76       -    Note 1        -
Trust plc                                                                      
                                                                               
Perpetual Japanese Investment Trust plc        44.36   49.59    Note 1        -
                                                                               
INVESCO Perpetual UK Smaller Companies        553.16       -    559.39        -
Investment Trust plc                                                           
                                                                               
Perpetual Income and Growth Investment        165.72  158.15    167.54   159.76
Trust plc                                                                      
                                                                               
INVESCO Income Growth Trust plc               160.05  160.13    Note 2        -
                                                                               
INVESCO Asia Trust plc                         59.46   66.47    Note 2         
                                                                               
Keystone Investment Trust plc                 775.15            781.56         

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.

8 January 2004



END