Perpetual Income and Growth Investment Trust plc                

HEADLINE: Conversion of Subscription Shares

Perpetual Income and Growth Investment Trust plc (the `Company') announces that
38,492 ordinary shares of 10p each, which rank pari passu with the existing
ordinary shares in issue, will be allotted on 11 September 2009, following the
conversion of 38,492 of the Company's subscription shares.

As a result of the conversion, with effect from 11 September 2009, the
Company's issued share capital will consist of:

17,682,432 subscription shares

210,051,017 ordinary shares

The above figure for ordinary shares (210,051,017) may be used by shareholders
as the denominator for the calculations by which they should determine whether
they are required to notify their interest in, or a change to their interest
in, the Company under the FSA's Disclosure and Transparency Rules.

Invesco Asset Management Limited

7 September 2009