Net Asset Value(s)

Invesco Perpetual UK Smaller Companies Trust plc                                                 
                                                                                                 
As at close of business on 23-June-2017                                                          
                                                                                                 
NAV per Ordinary share (unaudited) with Debt at Par & Fair Value                                 
                                                                                                 
EXCLUDING undistributed current year revenue                                496.46p              
                                                                                                 
INCLUDING current year revenue                                              502.99p              
                                                                                                 
The fair value of debt is not materially different from the carrying value.                      
                                                                                                 
The NAV includes a provision for any performance fee applicable.                                 
                                                                                                 
The above NAVs are those of the Continuing shares, and are after deducting the                   
fixed costs of the Tender Offer and taking into account the exit charge                          
calculated as 1.5% of the Tender Offer Formula Asset Value (which is applied                     
for the benefit of the Continuing shareholders).                                                 
In addition, the unaudited Net Asset Value of the Tender Pool as at the close                    
of business on the date above divided by the number of shares validly tendered                   
was 491.14p, and includes the 1.5% exit charge, portfolio realisation costs to                   
date, and ongoing charges incurred to date.  The cash and cash equivalents at                    
that date represented 64 per cent. of the Tender Pool.                                           
                                                                                                 
LEI: 549300K1D1P23R8U4U50                                                                        
                                                                                                 
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