Net Asset Value(s)

INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 6 December 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    Pre share   1063.06       -   1068.55       -
Companies Investment Trust plc      split                                    
                                                                             
                               Note 1 & 3                                    
                                                                             
INVESCO Perpetual UK Smaller   Post share    212.61       -    213.71       -
Companies Investment Trust plc      split                                    
                                                                             
                                Note 1, 2                                    
                                      & 3                                    

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.

2. At the EGM held on 6 Dec 2006, the shareholders approved that each ordinary
share of £1 be sub-divided into 5 ordinary shares of 20p each.

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

7 December 2006