Conversion of A Shares

    INVESCO PERPETUAL SELECT TRUST PLC                       

                                                                             

Headline: Conversion of A Shares
 

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

Elections for UK Equity Shares                                    4,043,742
                                                                           
Elections for Global Equity Shares                                2,248,319
                                                                           
Elections for Hedge Fund Shares                                   1,083,079
                                                                           
Elections for Managed Liquidity Shares                            3,250,809
                                                                           
Total                                                            10,625,949

The respective Conversion Ratios mean that, for each A share converted,
shareholders will receive:

 

          1.0067 UK Equity Shares                
                                                 
          0.9843 Global Equity Shares            
                                                 
          0.9748 Hedge Fund Shares; or           
                                                 
          1.0717 Managed Liquidity Shares        

The Conversion Ratios are based on the relative net asset values of the
Company's Share classes as at close of business on 25 May 2007.

  

Individual Shareholders' entitlements on conversion will be rounded down to the
nearest whole number of Shares. Fractional entitlements will aggregated and
sold in the market. The Shares arising on 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 17 May in respect of the UK Equity,
Global Equity and Managed Liquidity Shares.

Following the conversion, the total number of listed Shares in issue will be:

 

      48,823,719 UK Equity Shares                
                                                 
      39,808,789 Global Equity Shares            
                                                 
      20,643,255 Hedge Fund Shares; and          
                                                 
      21,870,401 Managed Liquidity Shares        

 

 The Company has applied for the Shares arising on conversion 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 1 June 2007.  It is expected
that Certificates in respect of the Resulting Shares will be posted by 8 June
2007.

                                                                               

31 May 2007

Contact: Angus Pottinger 020 7065 3714

CFD-#5080566-v1



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