Top 10 Investments

INVESCO Japan Discovery Trust plc announces that, as at 31 December 2003, its
top ten investments were as follows:

Company                                     % of gross  
                                            assets*   
                                                                   
Index Corporation                            6.03%                 
                                                                   
Access                                       5.45%                 
                                                                   
Arrk                                         5.14%                 
                                                                   
Usen                                         5.10%                 
                                                                   
Cyber Agent                                  4.23%                 
                                                                   
Citizen Electronics                          3.42%                 
                                                                   
Sugi Pharmacy                                3.39%                 
                                                                   
Apple International                          3.33%                 
                                                                   
Japan Cash Machine                           3.15%                 
                                                                   
Leopalace 21                                 3.07%                 

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