Investment Policy

INVESCO Perpetual UK Smaller Companies Investment Trust plc          

HEADLINE: Investment Policy

The Board of INVESCO Perpetual UK Smaller Companies Investment Trust plc ('the
Company') notes the publication of the Investment Entities (Listing Rules and
Conduct of Business) Instrument 2003 and announces that it is the Company's
policy to invest no more than 15% of its gross assets in other listed
investment companies (including listed investment trusts).

Contact: Kerstin Rucht

020 7065 4517

For and on behalf of

INVESCO Asset Management Limited - Secretaries

21 October 2003