Board Changes and Succession Planning

    Invesco Perpetual Select Trust plc                       

HEADLINE: Board Changes and Succession Planning

Michael Mason has retired as Chairman and from the Board with effect from 10
January 2008. He has been Chairman of the Company and its predecessor Merrill
Lynch Asset Allocator plc (MLAA) since the latter's launch in 1999. He
considers that this is an appropriate time to retire following the successful
implementation of the change in structure and investment policy over the last
18 months. Mr Mason is pleased to pass the Chairmanship of the Company, with
effect from 10 January 2008, to Patrick Gifford who has been filling the roles
of Senior Non-Executive Director and Chairman of the Audit Committee.

Other changes will take place during 2008 including the retirement of Peter
Stormonth Darling in April and Stephen Zimmerman in September.  The
appointments of three new Directors, David Rosier, Sir Michael Bunbury and Alan
Clifton have already been announced. Mr Mason said "I am very confident that
their relevant experience and expertise will be of great value to the Company.
I wish Patrick Gifford and the Board every success in the future". 

On behalf of the Board, Mr Gifford expressed his sincere thanks to Mr Mason,
stating that "in his role as Chairman of both MLAA and the Company, Michael has
led the company very effectively through major changes in structure and policy.
He has been an invaluable Chairman and member of the Board and I would like to
wish him all the best for the future"

As a result of his appointment as Chairman of the Company, Mr Gifford has
resigned as Audit Committee Chairman and has been replaced by Sir Michael
Bunbury. Mr Mason has been replaced as Chairman of the Nomination Committee by
Mr Gifford. These changes are effective as at 10 January 2008.

Karina Bryant

for and on behalf of

Invesco Asset Management Limited

- Company Secretary

11 January 2008



END