INVESCO PERPETUAL SELECT TRUST PLC

Headline: Conversion of Shares

The Board of Invesco Perpetual Select Trust plc (the `Company') announces that
valid Conversion Notices have been received in respect of:

         18,389 Global Equity Income Shares

         14,962 Balanced Risk Shares

        182,495 Managed Liquidity Shares

The respective Conversion Ratios were as follows:

  * For every Global Equity Income Share converted, holders will receive
    0.984876 UK Equity Shares, 1.316957 Balanced Risk Shares or 1.551106
    Managed Liquidity Shares;

  * For every Balanced Risk Share converted, holders will receive 0.747842 UK
    Equity Shares, 0.759326 Global Equity Income Shares or 1.177795 Managed
    Liquidity Shares;

  * For every Managed Liquidity Share converted, holders will receive 0.634951
    UK Equity Shares, 0.644701 Global Equity Income Shares or 0.849044 Balanced
    Risk Shares.

The Conversion Ratios, which will be effective on 2 February 2015, are based on
the relative net asset values of the Company's Share classes as at close of
business on 22 January 2015.

Individual Shareholders' entitlements on conversion on 2 February 2015 will be
rounded down to the nearest whole number of Shares. Fractional entitlements
will be aggregated and sold in the market. The Shares arising or allotted
pursuant to the conversion will rank pari passu with the existing Shares of the
relevant class and, for the avoidance of doubt, will not rank for the dividends
declared on 15 January 2015 in respect of the UK Equity and Global Equity
Income Shares.

The net changes to the number of shares outstanding following the conversion
and allotments are as follows:

        +48,377 UK Equity Shares

        +79,895 Global Equity Income Shares

        -14,962 Balanced Risk Shares

       -182,495 Managed Liquidity Shares

        +69,190 Deferred Shares

Following the conversion, the total number of listed Shares in issue (excluding
shares held in treasury) will be:

      39,610,257 UK Equity Shares

      31,402,944 Global Equity Income Shares

       7,669,489 Balanced Risk Shares

       5,526,015 Managed Liquidity Shares

The Company has applied for the following numbers of Shares arising or allotted
pursuant to conversion to be admitted to the Official List and to trading on
the London Stock Exchange:

          48,377 UK Equity Shares

          98,284 Global Equity Income Shares

Dealings in such shares are expected to commence at 8.00 a.m. on 3 February
2015. It is expected that Certificates in respect of the Resulting Shares will
be posted by 9 February 2015.

The Deferred Shares arising on the conversion will be cancelled.

.

The remaining conversion dates for 2015 are set out below. Elections for
conversion must be received by close of business ten days prior to the
respective conversion date. Where that day is not a business day, elections by
way of CREST must be transmitted and properly authenticated by 3.00pm on the
last preceding business day. Written elections will be accepted if received by
the first post on the following business day.

Conversion Date             Date by which elections for
                            conversion must be received

1 May 2015                  21 April 2015

3 August 2015               24 July 2015

2 November 2015             23 October 2015

Instructions on how to convert Shares on any conversion date are available on
the web pages of all the share classes on the Investment Manager's website:
www.invescoperpetual.co.uk/investmenttrusts and from the Company Secretary.

28 January 2015

Contact: Angus Pottinger 020 3753 1000