REG-Invesco Perp Sel Tst: Conversion of Securities

INVESCO PERPETUAL SELECT TRUST PLC

Headline: Conversion of Shares

The Board of Invesco Perpetual Select Trust plc (the `Company') announces that
valid Conversion Notices have been received or deemed to have been received in
respect of:

3,683,261 UK Equity Shares

2,361,879 Global Equity Shares

769,928 Elected Hedge Fund Shares

899,373 Managed Liquidity Shares

The respective Conversion Ratios were as follows:

* For every UK Equity Share converted, holders will receive 0.77996 Global
Equity Shares, 0.73332 Hedge Fund Shares or 0.83251 Managed Liquidity
Shares;

* For every Global Equity Share converted, holders will receive 1.28212 UK
Equity Shares, 0.94020 Hedge Fund Shares or 1.06738 Managed Liquidity
Shares;

* For every Elected Hedge Fund Share converted, holders will receive 1.36366
UK Equity Shares, 1.06360 Global Equity Shares or 1.13527 Managed Liquidity
Shares;

* For every Managed Liquidity Share converted, holders will receive 1.20118
UK Equity Shares, 0.93687 Global Equity Shares or 0.88085 Hedge Fund
Shares.

The Conversion Ratios are based on the relative net asset values of the
Company's Share classes as at close of business on 23 October 2009.

Individual Shareholders' entitlements on conversion will be rounded down to the
nearest whole number of Shares. Fractional entitlements will be aggregated and
sold in the market. The Shares arising or allotted pursuant to the conversion
will rank pari passu with the existing Shares of the relevant class and, for
the avoidance of doubt, will not rank for the dividends declared on 14 October
2009 in respect of the UK Equity, Global Equity and Managed Liquidity Shares.

The net changes to the number of shares outstanding following the conversion
and allotments are as follows:

-3,151,883 UK Equity Shares

+653,313 Global Equity Shares

-761,834 Hedge Fund Shares

+2,791,533 Managed Liquidity Shares

+801,121 Deferred Shares

Following the conversion, the total number of listed Shares in issue (excluding
shares held in treasury) will be:

42,009,585 UK Equity Shares

35,982,781 Global Equity Shares

14,835,226 Hedge Fund Shares; and

21,547,770 Managed Liquidity Shares

The Company has applied for following numbers of Shares arising or allotted
pursuant conversion (other than the Deferred Shares) to be admitted to the
Official List and to trading on the London Stock Exchange. Dealings in such
shares are expected to commence at 8.00 a.m. on 30 October 2009. It is
expected that Certificates in respect of the Resulting Shares will be posted by
10 November 2009.

531,378 UK Equity Shares

3,015,192 Global Equity Shares

8,094 Hedge Fund Shares; and

3,690,906 Managed Liquidity Shares

The Deferred Shares, which have negligible economic value, will be purchased by
the Company for a nominal sum and cancelled.

29 October 2009

Contact: Angus Pottinger 020 7065 3714

END