Real Estate Opportunities Limited

HEADLINE: Monthly portfolio disclosure

Real Estate Opportunities Limited announces that, as at 31 December 2003, it
held the following investments in listed investment companies (including
investment trusts) that have not declared a policy to invest less than 15% in
other listed investment companies.

Security                                            % of income  % of gross 
                                                     portfolio*    assets*  
                                                                            
Investment Trust of Investment Trusts Pref Inc         0.43%        0.02%   
Shares 1p                                                                   
                                                                            
Morley Absolute Growth Ord 1p                          0.15%        0.01%   
                                                                            
Britannic UK Income Ord 1p                             0.08%        0.00%   
                                                                            
Framlington Global Financial & Income Fund Ord 25p     0.03%        0.00%   
                                                                            
Investment Trust of Investment Trusts Ord 5p           0.03%        0.00%   
                                                                            
Enhanced Zero Trust Ord 1p                             0.02%        0.00%   
                                                                            
Edinburgh Leveraged Income Trust Ord 1p                0.01%        0.00%   
                                                                            
Exeter Selective Assets Ord 1p                         0.00%        0.00%   

* Subject to successful settlement of trades outstanding on the relevant date.

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



END