Top 10 Investments

INVESCO City & Commercial Trust plc announces that, as at 31 December 2003, its
top ten investments were as follows:

Company              Issue                   % of  
                                             gross 
                                            assets*
                                                                 
Foreign & Colonial  Ord 25p                 6.73%                
Investment Trust                                                 
                                                                 
3i Group            Ord 50p                 5.62%                
                                                                 
Murray Income Trust Ord 25p                 4.98%                
                                                                 
British Empire      Ord 10p                 4.81%                
Securities &                                                     
General                                                          
                                                                 
Investors Capital   UTS (1 ZDP & 1          4.48%                
Trust               INC and 1 ORD)                               
                                                                 
JP Morgan Fleming   Inc 12.5p               4.40%                
Income & Growth                                                  
                                                                 
Fleming Japan       Ord 25p                 4.29%                
                                                                 
Electra Investment  Ord 25p                 4.26%                
Trust                                                            
                                                                 
Fleming Mercantile  Ord 25P                 4.17%                
Investment Trust                                                 
                                                                 
Lowland Investment  Ord 25p                 3.65%                

* 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



END