Interim Management Statement

Invesco Perpetual UK Smaller Companies Investment Trust plc          

                         Interim Management Statement                          

                   for the Three Months ended 31 October 2007                    

Material Events

No material events occurred during the period.

Dividends

In the period, an interim dividend of 1.5p per ordinary share was declared and
paid on 26 October 2007 to shareholders on the register as at 28 September
2007.

Performance - Total Return

                              3 Months      1 Year      3 Years      5 Years   
                                                                               
Share Price                    (1.2)%        9.0%        103.8%       219.6%   
                                                                               
Net Asset Value                 2.5%        17.9%        101.2%       214.5%   
                                                                               
Extended Hoare Govett SMC       0.5%        12.9%        82.0%        193.6%   
Index                                                                          
                                                                               
(ex Investment Companies)                                                      

Source: Fundamental Data

Share Price and Discount

                                         For the Three Months Ended 31 October 
                                                          2007                 
                                                                               
                       As at 31 October      High         Low        Average   
                             2007                                              
                                                                               
Share Price (pence)         194.0           198.3        186.0        192.3    
                                                                               
Discount                    18.9%           19.5%        13.3%        16.1%    

Source: Fundamental Data

Assets and Gearing

                                31 October 2007       31 July 2007       Change
                                                                               
Total Gross Assets (£m)                   157.4              149.9         5.0%
                                                                               
Cash (£m)                                   0.0                2.9             
                                                                               
Borrowings (£m)                               9                  0            -
                                                                               
Net Asset Value (pence)                   239.2             235.8†         1.5%
                                                                               
Actual Gearing                              106                100             
                                                                               
Asset Gearing                               106                 98             

† - ex dividend

`Actual Gearing' reflects loans drawn down, whereas `Asset Gearing' reflects
the amount of loans invested in the portfolio. A figure of 100 means that the
Trust has no gearing.

Sector Breakdown of Portfolio

                       31 October 2007    31 July 2007
                                                      
Oil & Gas                         6.5%            6.5%
                                                      
Basic Materials                   4.0%            2.9%
                                                      
Industrials                      48.4%           47.1%
                                                      
Consumer Goods                    3.6%            3.8%
                                                      
Health Care                      10.9%           11.2%
                                                      
Consumer Services                 6.8%            6.2%
                                                      
Utilities                         0.0%            0.0%
                                                      
Financial                        12.5%           15.1%
                                                      
Technology                        6.7%            7.2%
                                                      
Telecommunications                0.6%               -

Top Ten Holdings

Ranking   Top Ten Holdings*           % of Portfolio
                                                    
as at 31                                            
October                                             
2007                                                
                                                    
1         Synergy Healthcare               3.1%     
                                                    
2         Fenner                           2.7%     
                                                    
3         VT                               2.5%     
                                                    
4         Chemring                         2.3%     
                                                    
5         RPS                              2.1%     
                                                    
6         Expro International              2.0%     
                                                    
7         Mouchel Parkman                  2.0%     
                                                    
8         Dignity                          1.9%     
                                                    
9         Northgate                        1.7%     
                                                    
10        Luminar                          1.6%     

* Ordinary shares unless otherwise stated

Changes to Share Capital

                             Ordinary Shares of 20p each
                                                        
                                    Issued   Treasury   
                                                        
As at 31 July 2007              63,145,452       0      
                                                        
Shares bought back             (1,189,523)       0      
                                                        
Share issued                           Nil       0      
                                                        
As at 31 October 2007           61,955,929       0      

Since 31 October 2007, 39,000 ordinary shares of 20p each were bought back and
cancelled on 14 November 2007, leaving 61,916,929 ordinary shares of 20p each
in issue.

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.

Interim management statements are expected to be published in May and November
each year.

For and on behalf of

Invesco Asset Management Limited

15 November 2007