Interim Management Statement

Invesco Perpetual UK Smaller Companies

                                                           Investment Trust plc

                         Interim Management Statement                          

                   for the Three Months ended 31October 2008                   

Material Events

No material events occurred during the period.

Dividends

In the period, an interim dividend of 1.6p per ordinary share was declared and
paid on 24 October 2008 to shareholders on the register as at 26 September
2008.

Performance - Total Return

                             3 Months     1 Year      3 Years      5 Years   
                                                                             
Share Price                      -31.6%      -44.6%       -15.9%        25.5%
                                                                             
Net Asset Value                  -28.5%      -41.2%        -6.9%        36.3%
                                                                             
Extended Hoare Govett SMC        -27.4%      -47.1%       -21.4%        10.1%
                                                                             
Index (ex Investment                                                         
Companies)                                                                   

Source: Fundamental Data

Share Price and Discount

                                             For the Three Months Ended      
                                                                             
                                                  31 October 2008            
                                                                             
                     As at 31 Oct 2008     High         Low        Average   
                                                                             
Share Price (pence)        105.0          164.8         99.0        143.1    
                                                                             
(Discount)/Premium        -24.9%                                             

Assets and Gearing

                                   31 October           31 July        Change
                                                                             
                                         2008              2008              
                                                                             
Total Gross Assets (£m)                  81.8             116.1        -29.5%
                                                                             
of which cash (£m)                        2.7               4.5              
                                                                             
Borrowings (£m)                             -                 -             -
                                                                             
Cum Income Net Asset Value per          139.8              196.0†      -28.7%
share (pence)                                                                
                                                                             
Actual Gearing                            100               100              
                                                                             
Asset Gearing                              98                97              

† - 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

                         31 October       31 July
                                                 
                               2008          2008
                                                 
Industrials                   51.2%         52.2%
                                                 
Financial                     11.4%          9.4%
                                                 
Healthcare                    10.4%         11.5%
                                                 
Consumer Services              7.7%          6.1%
                                                 
Technology                     6.1%          6.0%
                                                 
Basic Materials                5.2%          6.4%
                                                 
Oil & Gas                      4.4%          4.9%
                                                 
Consumer Goods                 3.6%          3.1%
                                                 
Telecommunications             0.0%          0.4%

Top Ten Holdings

Ranking  Top Ten Holdings*             % of     
                                     Portfolio  
now                                             
                                                
1        VT                            3.9%     
                                                
2        Chemring                      3.2%     
                                                
3        Mouchel Parkman               3.2%     
                                                
4        Synergy Healthcare            3.0%     
                                                
5        Dignity                       2.5%     
                                                
6        Fenner                        2.3%     
                                                
7        Croda                         2.2%     
                                                
8        Dechra                        2.2%     
                                                
9        Serco                         2.1%     
                                                
10       Hiscox                        1.7%     

* Ordinary shares unless otherwise stated

Changes to Share Capital

                            Ordinary Shares of 20p 
                                     each          
                                                   
                                Issued   Treasury  
                                                   
As at 31 July 2008          58,742,629      0      
                                                   
Shares bought back           (275,000)      0      
                                                   
Share issued                       Nil      0      
                                                   
As at 31 October 2008       58,467,629      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.

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

17 November 2008

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