Top Ten 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 30 June 2004, its top ten investments were as follows:

Investments over 5% of total assets                      
                                                         
None                                                     
                                                         
Investments under 5% of total assets                     
                                                         
Northgate                                                
                                                         
VT Group                                                 
                                                         
RAC Ord                                                  
                                                         
McAlpine (Alfred)                                        
                                                         
SIG                                                      
                                                         
Carillion                                                
                                                         
Charles Taylor Cons                                      
                                                         
Serco Group                                              
                                                         
Arriva                                                   
                                                         
Care UK                                                  
                                                         

Ordinary Shares unless otherwise stated.

This information is based on the most recent available valuation, as at 30 June
2004.

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

INVESCO Asset Management Limited

2 July 2004