Top 10 Investments

Top 10 Investments

INVESCO Perpetual UK Smaller Companies Investment Trust plc announces that, as
at 31 December 2003, its top ten investments were as follows:

Company                         Issue       % of gross 
                                              assets*  
                                                                   
RAC                            Ord 25p        2.28%                
                                                                   
Northgate                      Ord 10p        2.07%                
                                                                   
Go-Ahead                       Ord 10p        1.79%                
                                                                   
Westbury                       Ord 10p        1.74%                
                                                                   
Johnston Press                 Ord 10p        1.63%                
                                                                   
Arriva                         Ord 5p         1.62%                
                                                                   
VT                             Ord 5p         1.59%                
                                                                   
SIG                            Ord 10p        1.37%                
                                                                   
Care UK                        Ord 10p        1.35%                
                                                                   
Merchant Retail                Ord 10p        1.32%                

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

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

INVESCO Asset Management Limited

5 January 2004