Net Asset Value(s)

    INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 26 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 Trust     130.19       -    Note 1       -
plc                                                                             
                                                                                
Perpetual Japanese Investment Trust plc          45.06   50.18    Note 1       -
                                                                                
INVESCO Perpetual UK Smaller Companies          571.27       -    577.85       -
Investment Trust plc                                                            
                                                                                
Perpetual Income and Growth Investment Trust    168.40  160.53    170.48  162.37
plc                                                                             
                                                                                
INVESCO Income Growth Trust plc                 159.23  159.33    Note 2       -
                                                                                
INVESCO Asia Trust plc                           62.40   68.90    Note 2        
                                                                                
Keystone Investment Trust plc                   783.32       -    791.10       -

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.

27 January 2004



END