Top 10 Investments

Perpetual European Investment Trust plc announces that, as at 31 December 2003,
its top ten investments were as follows:

Company                   Issue       % of gross 
                                          assets*  
                                                                  
Roche Holdings AG      Genusscheine        3.33%                  
                       NPV                                        
                                                                  
Philips Electrics      Eur 0.20            3.07%                  
(Kon)                                                             
                                                                  
Novartis               CHF 0.50            2.96%                  
                                                                  
Nokia                  Euro 0.06           2.80%                  
                                                                  
Gamesa Corp Tecno      Euro 0.50           2.65%                  
                                                                  
ISS A/S                Ord DKK20           2.52%                  
                                                                  
Credit Agricole        Eur 3               2.48%                  
                                                                  
CRH                    Ord 0.32            2.48%                  
                       (Dublin)                                   
                                                                  
Assa Abloy             SEK 1 Ser "B"       2.47%                  
                                                                  
DNB Nor                NOK10               2.34%                  

* 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