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Perpetual Inc&Growth (PLI)

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Friday 11 January, 2008

Perpetual Inc&Growth

Interim Management Statement


               Perpetual Income and Growth Investment Trust plc                

                         Interim Management Statement                          

                   for the Three Months ended 31 December 2007                   

Material Events

No material events occurred during the period.

Dividends

During the period, the first interim dividend of 3.1p (2006: 2.75p) per share
in respect of the six months to 30 September 2007 was paid on 28 December 2007
to shareholders on the register on 14 December 2007.

Performance - Total Return

                              3 Months      1 Year      3 Years      5 Years   
                                                                               
Share Price                    -1.3%         0.0%        36.5%        142.5%   
                                                                               
Net Asset Value (diluted)       1.5%         5.1%        54.5%        157.1%   
                                                                               
FTSE All-Share Index           -0.3%         5.3%        50.1%        104.6%   

Source: Fundamental Data

Share Price and Discount

                                         For the Three Months Ended 31 Dec 2007
                                                                               
                       As at 31 Dec 07       High         Low        Average   
                                                                               
Ordinary shares            244.25p         261.75p      234.25p       250.3p   
mid-market                                                                     
                                                                               
price (pence)                                                                  
                                                                               
Discount                    10.1%           11.7%         5.7%         7.9%    
                                                                               
Subscription shares         60.0p           58.0p        68.25p       63.2p    
mid-                                                                           
                                                                               
market price (pence)                                                           

Source: Datastream

Assets and Gearing

                                        31 Dec 2007  30 Sept 2007        Change
                                                                               
Total Gross Assets (£m)                       690.3         672.6          2.6%
                                                                               
Cash (£m)                                         -             -              
                                                                               
Borrowings (£m)                               117.7          92.1              
                                                                               
Net Asset Value - diluted (pence)             271.8          272.2†       -0.2%
                                                                               
Actual Gearing                                  121           116              
                                                                               
Asset Gearing                                   122           116              

† - 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
Company has no gearing.

Sector Breakdown of Portfolio

                           31 Dec 2007    30 Sept 2007
                                                      
                                     %               %
                                                      
Consumer Goods                    20.8            19.0
                                                      
Utilities                         13.5            12.2
                                                      
Industrials                       13.1            13.7
                                                      
Consumer Services                 12.6            12.5
                                                      
Oil & Gas                         11.8            10.5
                                                      
Health Care                       10.9            11.8
                                                      
Telecommunications                 8.3             9.4
                                                      
Financial                          5.6             6.6
                                                      
Technology                         2.6             2.7
                                                      
Basic Materials                    0.8             1.6

Top Ten Holdings

Ranking   Investment                % of Portfolio  Bought/Sold    Ranking at  
                                                                               
Now                                                  in Period    30 Sept 2007 
                                                                               
1         British American Tobacco       5.7             -             2       
                                                                               
2         Reynolds American              5.5             B             3       
                                                                               
          (US Common Stock)                                                    
                                                                               
3         Imperial Tobacco               5.4             -             8       
                                                                               
4         Royal Dutch Shell              5.1             S             1       
                                                                               
5         BP                             5.0            B/S            4       
                                                                               
6         GlaxoSmithKline                4.7             -             5       
                                                                               
7         Vodafone                       4.3             S             6       
                                                                               
8         BT                             4.0             -             7       
                                                                               
9         Tesco                          3.6             S             9       
                                                                               
10        National Grid                  3.5             -             10      

All Ordinary shares unless otherwise stated

Changes to Share Capital

                               Ordinary Shares of 10p   Subscription 
                                        each                         
                                                           Shares    
                                                                     
                                   Issued   Treasury                 
                                                                     
As at 30 September 2007       207,229,981       0        17,767,023  
                                                                     
Ordinary shares bought back             0       0             -      
                                                                     
Ordinary shares issued                  0       0             -      
                                                                     
Subscription shares                     0                     -      
exercised                                                            
                                                                     
As at 31 December 2007        207,229,981       0        17,767,023  

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 with specified limits. The Company expects to renew those authorities each
year.

Price and Performance

The Company's Ordinary and Subscription 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 January and July
each year.

For and on behalf of

Invesco Asset Management Limited

11 January 2008


                                                                                                                                                                                                          

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