Top 10 Investments

INVESCO Perpetual UK Smaller Companies Investment Trust Plc          

HEADING: Top 10 Investments

INVESCO Perpetual UK Smaller Companies Investment Trust Plc announces that, as
at 31 December 2004, its top ten investments were as follows:

Investments over 5% of total assets                      
                                                         
None                                                     
                                                         
Investments under 5% of total assets                     
                                                         
NORTHGATE PLC                                            
                                                         
VT GROUP PLC                                             
                                                         
SIG PLC                                                  
                                                         
MEGGITT PLC                                              
                                                         
MCALPINE (ALFRED) PLC                                    
                                                         
CARE UK PLC                                              
                                                         
CHARLES TAYOR CONSULTING PLC                             
                                                         
SERCO GROUP PLC                                          
                                                         
CARILLION PLC                                            
                                                         
QUINTAIN ESTATES & DEVELOPMENT PLC                       

Ordinary Shares unless otherwise stated.

This information is based on the most recent available valuation, as at 31
December 2004.

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

INVESCO Asset Management Limited

5 January 2005