Net Asset Value(s)

INVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business 29 July 2005, the unaudited net
asset value per share (AITC basis) of the following investment trust company
managed by INVESCO Asset Management Limited is:-

                                         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, 3,4    778.84       -    783.54       -
Companies Investment Trust plc                                                        

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.

4. The NAV for INVESCO Perpetual UK Smaller Companies Investment Trust plc
shown above is on a mid market basis. The effect on the undiluted capital NAV
above of valuing the investments on a fair value (bid basis) would be a
reduction of 4.6p or 0.6%.