(IPA.L) Invesco Perpetual AIM VCT PLC Buy/Sell

Historical Record Since Launch on 2 August 2004

PERIOD ENDED DIVIDEND NET ASSETS SHARE

31 MAY RATE £`000 PRICE

2005 - 25,228 95.0p

2006 5p 45,790 101.0p

2007 5p 48,366 97.5p

2008 5p 28,350 46.0p

2009 5p 15,965 27.5p

to 30 Nov 2009 2p 15,812 26.0p

INTERIM MANAGEMENT REPORT INCORPORATING THE CHAIRMAN'S STATEMENT

Financial Markets and Performance

The period under review has witnessed a recovery in confidence amongst financial market participants. Asset markets have responded in a positive way to the huge liquidity injection and to expectations of economic recovery during 2011. Indeed, the third quarter of 2009 was the best quarter in terms of performance for the FTSE 100 in its history. Over the six months, small companies modestly outperformed large companies with the FTSE Small Cap Index (excluding investment trusts) gaining 20.4% and the FTSE 100 increasing by 17.5%.

Over the six months, the net asset value per share (NAV) of Invesco Perpetual AiM VCT plc declined by 1.0%. However, taking account of the 3p dividend paid during the period the return was a positive 7.8%. The under-performance of the Company has been caused, in part, by a lack of exposure to the more cyclical areas of the stock market which have led the market rise as investors have sought exposure to companies that they expect to benefit most from economic recovery. The Manager believes that a weak economic recovery will mean that these types of businesses will struggle to deliver the levels of profit that the market is expecting, and that, the price rises seen will prove, in time, to have been unsustainable. The Company has some exposure to unquoted private companies where the valuations do not tend to move in line with quoted share prices and, therefore, lag a rising market.

The Board and the Manager have been cautious on the outlook for the UK economy for some time and the Manager has attempted to invest in businesses which will be able to grow, even if the economic backdrop remains difficult.

Dividend

The Directors are pleased to declare an interim dividend for the period ended 30 November 2009, of 2p per share, payable on 12 March 2010 to Ordinary Shareholders on the register on 5 February 2010. The shares will be quoted ex-dividend on 3 February 2010.

Portfolio

The Company has easily met the hurdle of 70% invested in VCT-qualifying investments for some time, and therefore there has been relatively modest turnover in the portfolio. A new holding was purchased in Synchonica. This VCT-qualifying company owns technology which allows network operators to deliver email to basic mobile handsets, and is growing quickly, especially in developing countries. The Company participated in fund raisings by existing investments Tristal and Innovision Research & Technology, as both companies raised capital to fund their growth. In terms of sales, Research Now, the internet marketing services business, was taken over by a US competitor at a healthy premium and at an excellent profit for the Company. Further profits were taken in Healthcare Locums, the health recruitment specialist, but this remains an important holding. Just Retirement, the UK market leader in enhanced annuities, has agreed to be taken over at a good premium to the pre-bid price. By the period end, the bulk of the holding had been sold to the bidder and the balance of the holding was sold when the deal was completed shortly after the period end.

Some strong share price performances were seen over the six months with Sabien Technology, the manufacturer of devices which improve the efficiency of boilers, increasing by over 400% on the back of strong order intake. Software Radio Technology and Byotrol both more than doubled over the period. More disappointingly, but perhaps unsurprisingly, a number of companies experienced trading difficulties against a weak economic backdrop, including Enfis, Landkom and Amino, all of which fell by more than 50%.

Outlook

While economic growth is likely to be subdued in the UK for some time to come, it will be possible to make good profits from equities which are reasonably valued and which are able to grow in a slow growth environment. The portfolio is made up of a number of robust businesses, able to deliver such growth and also a number of potentially exciting earlier stage businesses, which could deliver exceptional returns, albeit with a higher degree of risk. The Board, therefore, believes that the portfolio will make progress over the coming twelve months and over the remaining life of the Company.

Julian Avery

Chairman

15 January 2010

Related Parties

Invesco Asset Management Limited (`IAML'), a wholly owned subsidiary of Invesco Limited, acts as Manager, Company Secretary and Administrator to the Company. Details of IAML's services and fees are given in the latest annual financial report, which is available on the Company's website at www.invescoperpetual.co.uk/investmenttrusts.

Principal Risks and Uncertainties

The principal risks and uncertainties that could affect the Company's business can be divided into various areas:

A detailed explanation of these principal risks and uncertainties can be found on pages 13 and 14 of the latest annual financial report, which is available on the Company's website.

In the view of the Board, these principal risks and uncertainties are equally applicable to the remaining six months of the financial year as they were to the six months under review.

DIRECTORS' RESPONSIBILITY STATEMENT

The Directors are responsible for preparing the half-yearly financial report using accounting policies consistent with applicable law and UK Accounting Standards.

The Directors confirm that to the best of their knowledge:

* the condensed set of financial statements contained within the half-yearly

financial report have been prepared in accordance with the Accounting

Standards Board`s Statement 'Half-Yearly Financial Report`; * the interim management report includes a fair review of the information

required by the FSA`s Disclosure and Transparency Rules; and * the interim management report includes a fair review of the information

required on related party transactions. The half-yearly financial report has not been audited or reviewed by the Company's auditors.

Signed on behalf of the Board of Directors.

Julian Avery

Chairman

15 January 2010

TOP FIFTY INVESTMENTS AT 30 NOVEMBER 2009

All investments are ordinary shares and quoted on AIM unless otherwise indicated.

COMPANY NATURE OF BUSINESS COST VALUATION NET ASSETS

£'000 £'000 %

Oxford Nanopore Healthcare, equipment and 550 937 5.9
TechnologiesUQ services

Ilika Science led materials 750 855 5.4
TechnologiesUQ discovery focusing on urology

EnergetixPQ Alternative energy products 600 705 4.5

Healthcare Locums Recruitment consultant 110 531 3.4

CohortPQ Defence technical services 443 503 3.2

Tristel Infection control in hospitals 350 495 3.1

ByotrolPQ Infection control products 545 479 3.0

FDM IT services 274 474 3.0

Brooks Macdonald Financial services 126 465 2.9

Kiotech Pharmaceuticals 550 407 2.6

International
CyanPQ Semi-conductor 830 400 2.5

Landkom Food Producer/Processor 648 374 2.4

InternationalPQ
Inditherm Manufacturer of high 400 360 2.3
technology temperature control
materials

Brulines Beer pump monitors 323 355 2.3

System C Healthcare software 324 354 2.2

Healthcare
A J BellUQ Financial services 251 344 2.2

Zamano Mobile telecommunication 398 323 2.0
services

Publishing Publishing technology 442 308 2.0

Technology
Infrared Digital recognition system 300 300 1.9

Integrated SystemsUQ
Proactis Software and computer services 344 288 1.8

Software Radio Marine radio communications 1,077 273 1.7

Technology
AntenovaUQ - High performance antennae 625 268 1.7

ordinary and preference shares
Sabien Technology Energy efficient boiler 439 266 1.7
technology

Innovision RFID chips supplier 570 257 1.6

Research & Technology
Mount Engineering Industrial machinery 350 255 1.6

Brainjuicer Online market research 216 254 1.6

FFastFill Application services provider 182 241 1.5
for trading

Shieldtech Manufacturer of detection and 650 234 1.5
protection equipment

DM Premium rate phone based games 357 214 1.4

Proximagen Biotechnology 296 210 1.3

Neuroscience
Mission Marketing Regionally based advertising 750 188 1.2
services

Telephonetics Software and computer services 625 188 1.2

Syntopix Drug research 400 163 1.0

Staffline Blue collar recruitment 200 163 1.0

Recruitment
Mears Housing maintenance and 140 162 1.0
domiciliary care

Futura Medical Innovative products for the 150 160 1.0
consumer healthcare market

Hasgrove Marketing and PR consultancy 440 158 1.0

Legion Security services 300 150 1.0

Neutrahealth Dietary supplements 289 146 0.9

EnfisPQ Manufacturer of high power 485 144 0.9
LEDs

Managed Support Suppliers of quality building 150 136 0.9
Services solutions

Synchronica Mobile e-mail and 100 130 0.8
synchronization solutions

SarantelPQ Antennae for mobile devices 438 113 0.7

Just RetirementNQ Equity release and enhanced 143 89 0.6
annuities

GetechPQ Oil services 254 85 0.5

BrookwellNQ Value realisation fund 504 83 0.5

Petards Electronic security products 158 79 0.5

WINPQ Mobile phone communication 205 78 0.5
services

Oxford Catalysts Clean fuels research 250 75 0.5

Sanderson Information technology 200 72 0.5

Top fifty 19,501 14,291 90.4

investments
Other investments 11,440 511 3.2

Total value of 30,941 14,802 93.6

all investments
Net current 1,010 6.4

assets less provisions
Net assets 15,812 100.0

NQ: Non-qualifying investments PQ: Part-qualifying investments UQ: Unquoted (excluding stocks listed on AIM)

CONDENSED INCOME STATEMENT

£'000 £'000 £'000 £'000 £'000 £'000 £'000

Losses on - (1,904) (1,904) - (599) (599) (3,490)

realisation of investments
Gains/(losses) on - 3,197 3,197 - (9,543) (9,543) (6,852)

revaluation of investments
UK dividends 66 - 66 177 - 177 245

Overseas dividends 4 - 4 45 - 45 56

Interest on VAT - - - - - - 23

recovered on management fees
Deposit interest - - - 1 - 1 1

70 1,293 1,363 223 (10,142) (9,919) (10,017)

Investment (29) (84) (113) (37) (110) (147) (259)

management fee - note 2
VAT recovered on - - - - - - 317

management fees
Other expenses (87) (10) (97) (136) (1) (137) (250)

Return on ordinary (46) 1,199 1,153 50 (10,253) (10,203) (10,209)

activities before taxation
Tax on ordinary - - - - - - -

activities - note 3
Return on ordinary (46) 1,199 1,153 50 (10,253) (10,203) (10,209)

activities after tax for the period
Return per (0.1)p 2.8p 2.7p 0.1p (23.6)p (23.5)p (23.5)p

ordinary share basic - note 4

The total column of this statement represents the Company's profit and loss account prepared in accordance with UK Accounting Standards. The Company has no other gains or losses, hence no statement of Total Recognised Gains and Losses is presented. All items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period.

The supplementary revenue and capital columns are both prepared on a memorandum basis by applying the principles of the Statement of Recommended Practice, published by the Association of Investment Companies.

CONDENSED BALANCE SHEET

Registered Number 5121438 AT AT AT

£'000 £'000 £'000

Fixed assets
Investments held at fair value 14,802 14,997 15,742

Current assets
Amounts due from brokers 2 145 -

Prepayments and accrued income 25 66 113

Cash and short-term deposits 1,309 1,079 1,356

1,336 1,290 1,469

Creditors: amounts falling due within one year
Amounts due to brokers (48) - (12)

Accruals and deferred income (99) (105) (148)

Trail commission payable (11) (49) (12)

Net current assets 1,178 1,136 1,297

Total assets less current liabilities 15,980 16,133 17,039

Provisions - note 5 (168) (168) (198)

Net assets 15,812 15,965 16,841

Capital and reserves
Share capital - note 7 4,353 4,353 4,353

Share premium - - 19,525

Capital redemption reserve 23 23 23

Special reserve 33,967 35,273 16,618

Profit and loss account (22,531) (23,684) (23,678)

Total Shareholders' funds 15,812 15,965 16,841

Net asset value per share - note 6 36.3p 36.7p 38.7p

CONDENSED CASH FLOW STATEMENT

£'000 £'000 £'000

Net return before finance costs 1,153 (10,209) (10,203)

and taxation
Gains/(losses) on investments (1,293) 10,342 10,142

Decrease/(increase) in debtors 41 (4) (51)

Increase/(decrease) in creditors 5 (46) (23)

and provisions (excluding trail commission)
Cashflow from operating (94) 83 (135)

activities Capital expenditure and financial investment
Purchase of investments (698) (1,358) (823)

Sale of investments 2,377 3,320 2,398

Equity dividends paid (1,306) (2,176) (1,306)

Increase/(decrease) in cash 279 (131) 134

before financing
Management of liquid resources (235) 175 (107)

Financing
Trail commission paid to IFAs (49) (61) (49)

Movement in net funds in period (5) (17) (22)

Cash inflow/(outflow) from 235 (175) 107

movement in liquid resources
Net funds at beginning of period 1,079 1,271 1,271

Net funds at end of period 1,309 1,079 1,356

Analysis of changes in net funds Brought forward:
Cash 9 26 26

Short term deposits 1,070 1,245 1,245

Net funds brought forward 1,079 1,271 1,271

Movements in the period:
Cash outflow from bank (5) (17) (22)

Cash inflow/(outflow) from short 235 (175) 107

term deposits
Net funds at end of period 1,309 1,079 1,356

CONDENSED RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

CAPITAL PREMIUM REDEMPTION RESERVE AND LOSS £'000

£'000 £'000 RESERVE £'000 ACCOUNT

£'000 £'000

For the six months ended 30 November 2008
At 1 June 2008 4,353 19,525 23 17,924 (13,475) 28,350

Final dividend - - - (1,306) (1,306)

Return for the period - - - - (10,203) (10,203)

from the income statement
At 30 November 2008 4,353 19,525 23 16,618 (23,678) 16,841

For the year ended 31 May 2009
At 1 June 2008 4,353 19,525 23 17,924 (13,475) 28,350

Cancellation of share - (19,525) - 19,525 - -

premium
Dividends - - - (2,176) - (2,176)

Return for the year from - - - - (10,209) (10,209)

the income statement
At 31 May 2009 4,353 - 23 35,273 (23,684) 15,965

For the six months ended 30 November 2009
At 1 June 2009 4,353 - 23 35,273 (23,684) 15,965

Final dividend - - - (1,306) - (1,306)

Return for the period - - - - 1,153 1,153

from the income statement
At 30 November 2009 4,353 - 23 33,967 (22,531) 15,812

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

1. Accounting Policies

The condensed financial statements use the same accounting policies as those adopted in the 2009 annual financial report. They have been prepared under the historical cost convention and are consistent with applicable UK Accounting Standards. To reflect better the activities of the Company as a venture capital trust, they are also consistent, wherever possible, with the Statement of Recommended Practice: `Financial Statements of Investment Companies and Venture Trust Companies'.

2. Management Fees

The investment management fee is allocated 75% to capital and 25% to revenue.

3. Tax

The Company pays no tax.

4. Basis of Returns

Returns after tax:
Revenue (£46,000) £50,000 £103,000

Capital £1,199,000 (£10,253,000) (£
10,312,000)

Total £1,153,000 (£10,203,000) (£
10,209,000)

Number of ordinary shares in 43,526,171 43,526,171 43,526,171

issue throughout the period

5. Provisions

a) The following provision relates to trail commission payable on the issue of the ordinary shares:

£'000 £'000 £'000

Opening provision 149 210 210

Charge for period (11) (12) (61)

Closing provision 138 198 149

b) Deferred management fee:

£'000 £'000 £'000

Opening provision 19 - -

Charge for period 11 - 19

Closing provision 30 - 19

6. Basis of Basic Net Asset Values:

Shareholders' funds £15,812,000 £16,841,000 £15,965,000

Ordinary shares in issue 43,526,171 43,526,171 43,526,171

7. Dividends

An interim dividend of 2p per share will be paid on 12 March 2010 to Shareholders on the register on 5 February 2010. A final dividend of 3p for the year ended 31 May 2009, totalling £1,306,000, was paid on 23 October 2009.

8. Status of Half-Yearly Financial Report

The financial information contained in this half-yearly report, which has not been reviewed or audited, does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The financial information for the half years ended 30 November 2009 and 30 November 2008 has not been audited. The figures and financial information for the year ended 31 May 2009 are extracted and abridged from the latest published accounts. Those accounts have been delivered to the Registrar of Companies and include the Report of the Independent Auditors, which was unqualified and did not include a statement under section 498 of the Companies Act 2006.

By order of the Board

Invesco Asset Management Limited,

Secretary

15 January 2010

wwwinvescoperpetual.co.uk/investmenttrusts

END