Interim Management Statement

Invesco Perpetual UK Smaller Companies

                                                           Investment Trust plc

                         Interim Management Statement                          

                   for the Three Months ended 30 April 2010                    

Material Events

No material events occurred during the period.

On 21 May 2010, the Board appointed Jonathan Brown alongside Richard Smith as
co-portfolio manager of Invesco Perpetual UK Smaller Companies Investment Trust
plc.

Dividends

In the period, a second interim dividend of 2.7 pence per ordinary share was
declared and was paid on 31 March 2010 to shareholders on the register on 12
March 2010.

Performance - Total Return

                               3 Months      1 Year      3 Years      5 Years   
                                                                             
Share Price                       13.0%       40.8%        -9.9%        61.3%
                                                                             
Net Asset Value                    9.9%       39.9%        -6.2%        66.3%
                                                                             
Extended Hoare Govett SMC         11.0%       43.8%        -9.3%        51.3%
                                                                             
Index (ex Investment                                                         
Companies)                                                                   

Source: Fundamental Data

Share Price and Discount

                                             For the Three Months Ended      
                                                                             
                                                   30 April 2009             
                                                                             
                     As at 30 April 20     High         Low        Average   
                            10                                               
                                                                             
Share Price (pence)        167.0          170.0        147.5        156.1    
                                                                             
(Discount)/Premium        -20.0%                                             

Assets and Gearing

                                30 April 2010       31 Jan 2010        Change
                                                                             
Total Gross Assets (£m)                 119.7             111.3          7.5%
                                                                             
of which cash (£m)                        3.0               1.9              
                                                                             
Borrowings (£m)                             -                 -             -
                                                                             
Cum Income Net Asset Value per          208.7               191.0†       9.3%
                                                                             
share (pence)                                                                
                                                                             
Actual Gearing                            100               100              
                                                                             
Asset Gearing                              97                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

                           30 April        31 Jan
                                                 
                               2010          2010
                                                 
Industrials                   45.0%         47.8%
                                                 
Technology                    11.6%          6.7%
                                                 
Consumer Services             10.4%          7.8%
                                                 
Financials                     9.4%         12.4%
                                                 
Healthcare                     8.9%         12.5%
                                                 
Oil & Gas                      5.6%          4.7%
                                                 
Basic Materials                5.2%          4.1%
                                                 
Consumer Goods                 3.9%          4.0%
                                                 
Telecommunications             0.0%          0.0%

Top Ten Holdings

Ranking now     Top Ten Holdings*             % of Portfolio    
                                                                
1               Chemring                           4.1%         
                                                                
2               Synergy Healthcare                 3.8%         
                                                                
3               Fenner                             3.0%         
                                                                
4               VT                                 2.9%         
                                                                
5               Croda                              2.2%         
                                                                
6               Dignity                            1.9%         
                                                                
7               Homeserve                          1.9%         
                                                                
8               Domino Printing                    1.8%         
                                                                
9               Mears                              1.8%         
                                                                
10              Dechra Pharma                      1.6%         

* Ordinary shares unless otherwise stated

Changes to Share Capital

                            Ordinary Shares of 20p each 
                                                        
                                  Issued    Treasury    
                                                        
As at 31 Jan 2010             57,459,629        0       
                                                        
Shares bought back and          (95,000)        0       
cancelled                                               
                                                        
Share issued                         Nil        0       
                                                        
As at 30 April 2010           57,364,629        0       

The Company has authority to buy back shares (for cancellation or into
Treasury) and to issue new shares (disapplying pre-emption rights), in each
case within specified limits. The Company expects to renew these authorities
each year.

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

21 May 2010

Registered Office

30 Finsbury Square, London, EC2A 1AG

Telephone: [phone]

Facsimile: 020 7065 3166

Registered in England No 2129187

An Investment Company under Section 833

of the Companies Act 2006