Interim Management Statement

    Invesco Perpetual Select Trust plc

                          Hedge Fund Share Portfolio                           

                         Interim Management Statement                          

                  for the Three Months ended 29 February 2008                  

Material Events

Directors

Michael Mason retired as Chairman and from the Board with effect from 10
January 2008. The Board of Directors subsequently elected Patrick Gifford as
Chairman of the Company.

Sir Michael Bunbury and Alan Clifton were appointed to the Board as
Non-Executive Directors on 4 January 2008.

Authority to Issue Further Shares

The Company has posted a circular to shareholders convening an Extraordinary
General Meeting for 14 April 2008 at which resolutions will be proposed to
renew and extend the authorities to allot shares granted by shareholders at the
Annual General Meeting in September 2007.

Proposed Change of Investment Objective

Following discussions with the investment advisor to the Fauchier Managed
Funds, to the performance of which the Hedge Fund Share Portfolio is linked,
the Directors have concluded that the absolute return objective for the
Fauchier Managed Funds should be changed from LIBOR plus 6% to LIBOR plus 5%
(over rolling 5 year periods).

Performance - Total Return

                                 3 Months    Since Commencement of Trading 23
                                                                Novmeber 2006
                                                                             
Share Price                          7.7%                               39.8%
                                                                             
Net Asset Value                      3.2%                               28.3%
                                                                             
Merrill Lynch 3 month LIBOR          1.7%                                7.5%

Source: Fundamental Data and Merrill Lynch

Share Price and Discount

                                                 For the Three Months Ended    
                                                                               
                                                      29 February 2008         
                                                                               
                                        As at         High       Low    Average
                                                                               
                                  29 February                                  
                                                                               
                                         2008                                  
                                                                               
Ordinary shares mid-market              140.5        140.5     130.0      136.0
price                                                                          
                                                                               
Premium                                  9.5%                                  

Source: Fundamental Data

Assets and Gearing

                                      29 February       30 November      Change
                                                                               
                                             2008              2007            
                                                                               
Total Gross Assets (£m)                      28.2              26.0        8.4%
                                                                               
of which Cash (£m)                            0.1               0.1            
                                                                               
Borrowings (£m)                                 -                 -            
                                                                               
Net Asset Value (pence)                     128.3               124.3*     3.2%
                                                                               
Actual Gearing                                100               100            

* Ex dividend

`Actual Gearing' reflects loans drawn down. A figure of 100 means that the
Portfolio has no gearing.

Breakdown of Portfolio by Strategy

Strategy                                  % of Portfolio        Ranking at
                                                                          
                                                               30 November
                                                                          
                                                                      2007
                                                                          
Macro                                             23.57%            20.60%
                                                                          
Equity Hedged High Volatility                     21.55%            20.20%
                                                                          
Event Driven                                      12.21%            16.20%
                                                                          
Equity Hedged Low Volatility                      11.33%             7.90%
                                                                          
Specialist Credit                                  9.48%             9.30%
                                                                          
Multiple Strategy                                  6.84%             6.00%
                                                                          
Volatility Trading                                 6.47%             5.40%
                                                                          
Equity Long Bias                                   4.30%            10.70%
                                                                          
Short Bias                                         4.25%             3.70%
                                                                          
Fixed Income                                       0.00%             0.00%

All ordinary shares unless otherwise stated.

Changes to Share Capital

                                Ordinary Shares of 1p each  
                                                            
                                       Issued       Treasury
                                                            
As at 30 November 2007             20,933,641              0
                                                            
Ordinary shares bought back                 0              0
                                                            
Ordinary shares issued              1,032,100              0
                                                            
Treasury shares cancelled                   0              0
                                                            
As at 29 February 2008             21,965,741              0

Price and Performance

The Company's Ordinary shares are listed on the London Stock Exchange and the
price is published in the Financial Times under `Investment Companies' and in
the Daily Telegraph under `Investment Trusts'.

The Company's net asset value is calculated on a daily basis and can be viewed
on the London Stock Exchange website at www.londonstockexchange.com.

Further information can be obtained from Invesco Perpetual as follows:

Free Investor Helpline: 0800 085 8677

Internet address: www.invescoperpetual.co.uk/investmenttrusts

The information provided in this statement should not be considered as a
financial promotion.

In future, interim management statements are expected to be published in
September and March each year.

For and on behalf of

Invesco Asset Management Limited

3 April 2008

Registered Office

30 Finsbury Square, London, EC2A 1AG

Telephone: [phone]

Facsimile: 020 7065 3166

Registered in England No 5916642

An Investment Company under Section 266

of the Companies Act 1985



END