Net Asset Value(s)

HEADLINE: Net Asset Values

It is announced that at the close of business on 1 November 2006 the unaudited
net asset values per share (AIC basis) of the following investment trust
companies managed by INVESCO Asset Management Limited are:-

                                          NAVs with Debt at Par & Fair Value 
                                                                             
Company                                   Undiluted Diluted Undiluted Diluted
                                                                             
                                            Capital Capital       Cum     Cum
                                                                             
                                                               Income  Income
                                                                             
                                            (pence) (pence)   (pence) (pence)
                                                                             
INVESCO Perpetual UK Smaller   Note 1, 3    1032.39       -   1036.76       -
Companies Investment Trust plc                                                         
                                                                             
All the above NAVs have been calculated using the fair value (bid) prices for
the underlying investments.

Note:

1. For these Companies the fair value of debt is not materially different from
the carrying value.

3. The NAVs above include a provision for performance fee where applicable.

2 November 2006