INVESCO PERPETUAL SELECT TRUST PLC

    LEI: 549300JZQ39WJPD7U596

    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:

           430,094 UK Equity Shares            
                                               
             7,838 Global Equity Income Shares 
                                               
            25,692 Balanced Risk Shares        
                                               
            55,209 Managed Liquidity Shares    

    The respective Conversion Ratios were as follows:

      * For every UK Equity Share converted, holders will receive 0.924324 Global
        Equity Income Shares, 1.331183 Balanced Risk Shares or 1.699099 Managed
        Liquidity Shares;
      * For every Global Equity Income Share converted, holders will receive
        1.081872 UK Equity Shares, 1.440169 Balanced Risk Shares or 1.838207
        Managed Liquidity Shares;
      * For every Balanced Risk Share converted, holders will receive 0.751212 UK
        Equity Shares, 0.694363 Global Equity Income Shares or 1.276383 Managed
        Liquidity Shares;
      * For every Managed Liquidity Share converted, holders will receive 0.588547
        UK Equity Shares, 0.544008 Global Equity Income Shares or 0.783464 Balanced
        Risk Shares.

    The Conversion Ratios, which will be effective on 1 February 2017, are based on
    the relative net asset values of the Company's Share classes as at close of
    business on 26 January 2017.

    Individual Shareholders' entitlements on conversion on 1 February 2017 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 18 January 2017 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:

          -421,615 UK Equity Shares                                 
                                                                    
          +418,335 Global Equity Income Shares                      
                                                                    
            +2,025 Balanced Risk Shares                             
                                                                    
           -55,209 Managed Liquidity Shares                         
                                                                    
           +64,003 Deferred Shares                                  

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

        38,626,063 UK Equity Shares               
                                                  
        33,113,505 Global Equity Income Shares    
                                                  
         7,101,885 Balanced Risk Shares           
                                                  
         5,396,265 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:

             8,479 UK Equity Shares               
                                                  
           426,173 Global Equity Income Shares    
                                                  
            27,717 Balanced Risk Shares           
                                                  
              zero Managed Liquidity Shares       

    Dealings in such shares are expected to commence at 8.00 a.m. on 2 February
    2017. It is expected that Certificates in respect of the Resulting Shares will
    be posted by 10 February 2017.

    The Deferred Shares arising on the conversion will be cancelled.

    The remaining conversion dates for 2017 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 6.00pm 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
                                                         
    2 May 2017                22 April 2017              
                                                         
    1 August 2017             22 July 2017               
                                                         
    1 November 2017           22 October 2017            

    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.

    31 January 2017

    Contact:       Angus Pottinger        020 3753 1000