Monthly Portfolio Disclosure

INVESCO Perpetual UK Smaller Companies Investment Trust plc

Monthly portfolio disclosure

INVESCO Perpetual UK Smaller Companies Investment Trust plc announces that, as
at 31 January 2004, it held the following investment in a listed investment
company that has not declared a policy to invest less than 15% in other listed
investment companies (including investment trusts).

Company                                      Issue      % of gross  
                                                          assets*   
                                                                    
Medical Property Investment Fund            Ord 10p        0.39%    

* Subject to successful settlement of trades outstanding on the relevant date.

This announcement is made in accordance with Paragraph 21.20(l)(i) of the
Listing Rules.