Interim Management Statement

Invesco Perpetual UK Smaller Companies Investment Trust plc

                                                           

                         Interim Management Statement                          

                   for the Three Months ended 30 April 2012                    

Material Events

No material events occurred during the period.

Dividends

In the period, a final dividend of 3.4 pence per ordinary share was declared
and approved by shareholders at the AGM held on 22 May 2012. The dividend will
be paid on 24 May 2012 to shareholders on the register on 27 April 2012.

Performance - Total Return

                             3 Months     1 Year      3 Years      5 Years   
                                                                             
Share Price                       12.4%        7.1%        83.5%        17.4%
                                                                             
Net Asset Value                    9.5%        3.1%        77.9%        18.4%
                                                                             
Numis (formerly Hoare              7.7%        0.5%        75.6%        10.8%
Govett) Smaller Companies                                                    
                                                                             
Index (ex Investment                                                         
Companies)                                                                   

Source: Thomson Reuters and Morningstar

Share Price and Discount

                                             For the Three Months Ended      
                                                                             
                                                   30 April 2012             
                                                                             
                     As at 30 April 20     High         Low        Average   
                            12                                               
                                                                             
Share Price (pence)       207.25          216.0        181.0        205.8    
                                                                             
Discount                  18.57%                                             

Assets and Gearing

                                30 April 2012
                                             
Total Gross Assets (£m)                 135.4
                                             
of which cash (£m)                        0.0
                                             
Borrowings (£m)                           6.0
                                             
Cum Income Net Asset Value per         254.5*
                                             
share (pence)                                
                                             
Gross Gearing                            4.4%
                                             
Net Gearing                              4.4%

* Ex dividend

`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 Gearing' reflects the amount of net borrowings invested, i.e. borrowings
less cash. It is calculated from the aggregate of shareholders' funds and net
borrowings as a percentage of shareholders' funds.

Sector Breakdown of Portfolio

                           30 April
                                   
                               2012
                                   
Industrials                   37.9%
                                   
Technology                    11.1%
                                   
Financials                    10.8%
                                   
Healthcare                     9.2%
                                   
Consumer Services              9.1%
                                   
Basic Materials                8.7%
                                   
Oil & Gas                      7.1%
                                   
Consumer Goods                 5.2%
                                   
Telecommunications             0.9%
                                   

Changes to Portfolio

Top Ten Holdings*             % of Portfolio    
                                                
Synergy Healthcare                 3.2%         
                                                
Fenner                             2.4%         
                                                
Babcock International              2.4%         
                                                
Dechra Pharmaceuticals             2.4%         
                                                
Diploma                            2.0%         
                                                
RPC                                2.0%         
                                                
Elementis                          1.8%         
                                                
Micro Focus                        1.7%         
                                                
RPS                                1.7%         
                                                
BTG                                1.7%         

* Ordinary shares unless otherwise stated.

Changes to Share Capital

                            Ordinary Shares of 20p each 
                                                        
                                  Issued    Treasury    
                                                        
As at 31 Jan 2012             53,346,084        0       
                                                        
Shares bought back and         (137,000)        0       
cancelled                                               
                                                        
Shares issued                        Nil        0       
                                                        
As at 30 April 2012           53,209,084        0       

Since 30 April 2012, no further ordinary shares have been bought back and no
ordinary shares have been 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 November
each year.

For and on behalf of

Invesco Asset Management Limited

22 May 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