Interim Management Statement

INVESCO Perpetual UK Smaller Companies Investment Trust plc          

                         Interim Management Statement                          

                    for the Three Months ended 30 April 2007                     

Material Events

At the Company's AGM held on 9 May 2007, a resolution was passed to adopt a new
investment objective for the Company of achieving long-term total returns
rather than capital growth alone.

Dividends

In the period, a dividend of 1.75p per ordinary share was declared and will be 
paid on 10 May 2007 to shareholders on the register as at 13 April 2007.       

Performance - Total Return

                              3 Months      1 Year      3 Years      5 Years   
                                                                               
Share Price                     4.7%        23.2%        122.7%       137.8%   
                                                                               
Net Asset Value                 7.3%        24.9%        107.0%       125.1%   
                                                                               
Extended Hoare Govett SMC       7.0%        23.5%        94.1%        124.4%   
Index                                                                          
                                                                               
(ex Investment Companies)                                                      

Source: Fundamental Data

Share Price and Discount

                                          For the Three Months Ended 30 April  
                                                          2007                 
                                                                               
                        As at 30 April       High         Low        Average   
                                                                               
Share Price                 203.0p          205.5p       186.5p       198.9p   
                                                                               
Discount                    15.2%           15.9%        13.4%        14.6%    

Source: Fundamental Data

Assets and Gearing

                         30 April 2007 31 January 2007        Change
                                                                    
Total Gross Assets (£          157,732         151,165          4.3%
'000)                                                               
                                                                    
Cash (£'000)                     2,779           2,580          7.7%
                                                                    
Borrowings (£'000)                   0               0             -
                                                                    
Net Asset Value (pence)          239.3          224.6†          6.5%
                                                                    
Actual Gearing                     100             100              
                                                                    
Asset Gearing                      100              99              

† - ex final 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 2007 31 January 2007
                                                      
Oil & Gas                         6.4%            5.9%
                                                      
Basic Materials                   2.2%            1.6%
                                                      
Industrials                      44.1%           44.4%
                                                      
Consumer Goods                    4.6%            5.4%
                                                      
Health Care                      11.4%           10.9%
                                                      
Consumer Services                 7.5%            8.3%
                                                      
Utilities                         0.0%            0.6%
                                                      
Financial                        17.2%           16.3%
                                                      
Technology                        6.6%            6.6%

Changes to Portfolio

Ranking  Top Ten Holdings* % of Portfolio  Bought/Sold    Ranking at   
                                                                       
Now                                         in Period   31 January 2007
                                                                       
1        Synergy                3.1%            B              1       
         Healthcare                                                    
                                                                       
2        Chemring               2.2%            S              4       
                                                                       
3        VT                     2.1%            B              6       
                                                                       
4        RPS                    2.1%            S              3       
                                                                       
5        Fenner                 2.1%            -              2       
                                                                       
6        Dignity                1.9%            S              8       
                                                                       
7        Northgate              1.8%            B              7       
                                                                       
8        Spectris               1.8%            -             13       
                                                                       
9        SIG                    1.7%            S              5       
                                                                       
10       Mouchel Parkman        1.5%            S             10       

* Ordinary shares unless otherwise stated

Changes to Share Capital

                             Ordinary Shares of 20p each
                                                        
                                    Issued   Treasury   
                                                        
As at 31 January 2007           66,796,725       0      
                                                        
Shares bought back and           (870,904)       0      
cancelled                                               
                                                        
Share issued                           Nil       0      
                                                        
As at 30 April 2007             65,925,821       0      

Since 30 April 2007, 350,000 ordinary shares of 20p each were bought back and
cancelled on 2 May 2007, 127,000 ordinary shares of 20p each were bought back
and cancelled on 4 May 2007 and 38,750 ordinary shares of 20p each were bought
back and cancelled on 8 May 2007, leaving 65,410,071 ordinary shares of 20p
each in issue.

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.

For and on behalf of

INVESCO Asset Management Limited

9 May 2007