Interim Management Statement

Invesco Perpetual UK Smaller Companies Investment Trust plc
                                                           
                         Interim Management Statement                          

                   for the Three Months ended 31 October 2012                   

Material Events

No material events occurred during the period.

Dividends

During the period, an interim dividend of 1.6 pence per ordinary share was
declared on 14 September 2012. The dividend was paid on 24 October 2012 to
shareholders on the register on 28 September 2012.

Performance - Total Return

                             3 Months     1 Year      3 Years      5 Years   
                                                                             
Share Price                        9.8%       22.5%        59.0%        31.1%
                                                                             
Net Asset Value                    9.0%       19.4%        49.9%        23.0%
                                                                             
Numis Smaller Companies           10.4%       20.3%        49.7%        22.6%
                                                                             
Index (ex Investment                                                         
Companies)                                                                   

Source: Thomson Reuters Datastream

Share Price and Discount

                                             For the Three Months Ended      
                                                                             
                                                  31 October 2012            
                                                                             
                     As at 31-Oct-2012     High         Low        Average   
                                                                             
Share Price (pence)       221.25          222.5        204.3        213.6    
                                                                             
(Discount)               (16.79%)                                            

Assets and Gearing

                                  31-Oct-2012
                                             
Total Gross Assets (£m)                 141.5
                                             
of which cash (£m)                        5.7
                                             
Borrowings (£m)                             -
                                             
Cum Income Net Asset Value per          265.9
                                             
share (pence)                                
                                             
Gross Gearing                            0.0%
                                             
Net Cash                                 4.0%

`Gross Gearing' reflects the amount of gross borrowings in use by a company and
takes no account of any cash balances. It is calculated from the aggregate of
shareholders' funds and all borrowings as a percentage of shareholders' funds.

`Net Cash' reflects the Company's net exposure to cash and cash equivalents expressed as
a percentage of shareholders' funds after any offset against its gearing.

Sector Breakdown of Portfolio

                             31 Oct
                                   
                               2012
                                   
Industrials                   35.8%
                                   
Financials                    12.8%
                                   
Healthcare                    11.1%
                                   
Consumer Services             10.2%
                                   
Technology                    10.1%
                                   
Oil & Gas                      7.4%
                                   
Consumer Goods                 5.9%
                                   
Base Materials                 5.3%
                                   
Telecommunications             1.4%
                                   

Changes to Portfolio

Top Ten Holdings*             % of Portfolio    
                                                
Dechra Pharmaceuticals             4.3%         
                                                
Synergy Healthcare                 3.9%         
                                                
RPC                                2.5%         
                                                
Paypoint                           2.0%         
                                                
Diploma                            1.9%         
                                                
RPS                                1.8%         
                                                
Bellway                            1.7%         
                                                
Micro Focus (incl. C               1.6%         
Shares)                                         
                                                
Dunelm                             1.6%         
                                                
Mears                              1.6%         

* Ordinary shares unless otherwise stated.

Changes to Share Capital

                            Ordinary Shares of 20p each 
                                                        
                                  Issued    Treasury    
                                                        
As at 31-Jul-2012             53,209,084        -       
                                                        
Shares bought back and               -          -       
cancelled                                               
                                                        
Shares issued                        -          -       
                                                        
As at 31- Oct-2012            53,209,084        -       

Since 31 October 2012, no further ordinary shares were bought back and no
ordinary shares were issued.

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 December
each year.

For and on behalf of

Invesco Asset Management Limited

14 December 2012



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