REG-Invesco Perp Sel Tst: Hedge Fund Portfolio

Invesco Perpetual Select Trust plc

HEADLINE: Hedge Fund Portfolio

The Company's Hedge Fund Share portfolio principally consists of two debt
securities, the return on each of which is directly linked to the performance
of the Fauchier Allocator Funds (`FAFs'), two exempt open-ended investment
companies incorporated in Bermuda and listed on the Irish Stock Exchange. The
Fauchier Allocator Funds together are invested in a diversified portfolio of
hedge funds.

The Board has been reviewing the Hedge Fund Share Portfolio and believes that
shareholders interests would be better served by making a change to the funds
of hedge funds underlying the portfolio's assets. This is because of the
relatively small size of the FAFs, which means that periodic flows into and out
of the FAFs resulting from conversion elections can be difficult to manage.

Following discussions with Fauchier Partners, the investment manager to the
FAFs, it has been agreed that the performance of the Hedge Fund Share portfolio
will in future be referenced to the performance of Paragon Capital Appreciation
Fund Ltd (`Paragon'), an open-ended investment company with assets of £193m as
at 30 September 2009 which is domiciled in Guernsey and listed on the Irish
Stock Exchange. Fauchier Partners acts as investment manager to Paragon, using
the same team as is responsible for the portfolio of the FAFs. Paragon's
investment objective is to deliver consistent and superior capital appreciation
with low volatility and its targeted return is LIBOR + 5% per annum. The
objective and targeted return are thus the same as the FAFs'. There is
considerable commonality between the composition of the respective portfolios
of the FAFs and Paragon and the change is not expected to give rise to any
material difference to the way in which the underlying portfolio of hedge funds
is managed, or to any period of under-investment in hedge funds.

Arrangements for the transfer are under way and are expected to be completed in
the first quarter of 2010.

Holders of Hedge Fund Shares should note that the redemption procedures for
Paragon will require longer notice to be given that is the case for the FAFs.
Accordingly notices for the exercise of conversion rights in respect of Hedge
Fund Shares will require to be returned in December rather than January each
year for conversion the following April; and June rather than July for
conversion the following October. Letters reminding Hedge Fund shareholders of
their conversion rights and forms to exercise such rights are being posted
today. Elections must be returned by 14 December 2009 for the conversion on 29
April 2010.

Invesco Asset Management Limited

12 November 2009

END