Net Asset Value(s)

INVESCO Asset Management Limited                        

HEADLINE: Net Asset Values

It is announced that at the close of business on 8 August 2006, the unaudited
net asset values per share (AITC 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      936.54       -    944.34       -
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.