Net Asset Value(s)

NVESCO Asset Management Limited                        

HEADLINE: Net Asset Value

It is announced that at the close of business 8 August 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    791.98       -    796.94       -
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 5.1p or 0.6%.

9 August 2005