Share Issuance and Investment Objective

    Invesco Perpetual Select Trust plc                       

                                (the `Company')                                

HEADLINE:

Renewal and extension of authority to issue further shares.

Proposed changes to investment objective of Hedge Fund Shares.

Background

In the Company's prospectus dated 13 October 2006 the Directors expressed the
view that the structure of the Company, which gives investors the opportunity
to switch between different share classes, is likely to be attractive to a wide
range of investors. The Directors continue to hold this view and believe that
it is in the Company's interests to be able to issue further shares from time
to time when opportunities arise.

In addition, 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 per cent to LIBOR
plus 5 per cent (over rolling 5-year periods).

It is not proposed that the respective investment objectives of the UK Equity
Share Portfolio, the Global Equity Share Portfolio and the Managed Liquidity
Share Portfolio be changed.

Authority to Issue Further Shares

The Company announces that it is preparing a circular to shareholders convening
an Extraordinary General Meeting 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.

These authorities, if approved, may be used from time to time to issue new
Shares to existing Shareholders and/or new investors at times when the
Directors consider such issuance to be in the best interests of existing
Shareholders. New Shares will only be issued on terms which, after payment of
the costs of the issue and costs of investing the proceeds of the issue, will
not dilute the interests of existing Shareholders.

The proceeds of any issue of new Shares pursuant to the authorities to be
sought will be invested in accordance with the investment policies of the
portfolios underlying the relevant share classes.

Hedge Fund Shares - Proposed Change of Investment Objective

Fauchier Partners LLP, the investment adviser to the Fauchier Managed Funds, to
the performance of which the Hedge Fund Share Portfolio is linked, has advised
the Directors of the Company that it believes that it is appropriate to change
the return objective of the Fauchier Managed Funds from LIBOR plus 6 per cent
to LIBOR plus 5 per cent (over rolling 5-year periods). This is based on the
view that, were the Hedge Fund Portfolio to increase in size, it would be
necessary to increase the number of funds in the Portfolio which could affect
returns.

There is no intention by Fauchier Partners to change the investment or fund
selection processes used in relation to the portfolio construction of the
Fauchier Managed Funds.

Contact:

Angus Pottinger - 020 7065 3714

13 March 2008



END