Top 10 Investments

Real Estate Opportunities Trust Ltd announces that, as at 31 December 2003, its
top ten investments were as follows:

Company                         % of income  % of gross  
                                 portfolio      assets*   
                                                                    
ABB International 10% 2009        10.01%      0.46%                 
                                                                    
Preem Holdings 10.625% 2011       9.11%       0.41%                 
                                                                    
Ono Finance 14% 2010              7.76%       0.35%                 
                                                                    
Aberdeen Global Inc Fund          7.69%       0.35%                 
                                                                    
County Hotels Group 8.5% 2007     7.17%       0.32%                 
                                                                    
AES 8.375% 2011                   5.32%       0.24%                 
                                                                    
BCO Hipotecario 10.75% 2004       5.08%       0.23%                 
                                                                    
London International Exhibition   4.22%       0.19%                 
7.710% 2015                                                         
                                                                    
Premier Pacific                   3.96%       0.17%                 
                                                                    
Colt Telecom 7.625% 2009          3.56%       0.15%                 

Ordinary shares unless otherwise stated.

* 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