PJI Perpetual Jap.

    Not for release, publication or distribution in or into Australia, Canada,   
                          China or the United States                           

                                3 December 2008                                

                    PERPETUAL JAPANESE INVESTMENT TRUST PLC                    
                                (THE "COMPANY")                                

                RESULT OF FIRST EXTRAORDINARY GENERAL MEETING,                 
                       RESULT OF SHAREHOLDER ELECTIONS,                        
                      RECLASSIFICATION OF ORDINARY SHARES                      
                                      AND                                      
                       SUSPENSION OF RECLASSIFIED SHARES                       

Result of First EGM

Further to the announcement made on 24 October 2008 regarding proposals for the
reconstruction and winding up of the Company, the Directors are pleased to
announce that at the First Extraordinary General Meeting held earlier today
both special resolutions relating to the Proposals were passed. Copies of those
resolutions have been submitted to the UK Listing Authority and will shortly be
available for inspection at the UK Listing Authority's Document Viewing
Facility, which is situated at:

Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS

Tel: 020 7066 1000

Result of Elections under the Scheme

The result of Elections under the Scheme is as follows:

  * Elections for the ICVC Rollover Option were made in respect of 21,832,646
    Ordinary Shares; and
   
  * Elections for the Cash Option were made in respect of 70,332,687 Ordinary
    Shares.
   
Reclassification of Ordinary Shares

As a result of the Elections referred to above, 21,832,646 Ordinary Shares will
be reclassified as Ordinary Shares with "A" rights and 70,332,687 Ordinary
Shares will be reclassified as Ordinary Shares with "B" rights.

Application has been made to the UK Listing Authority and the London Stock
Exchange for the listing in respect of the Ordinary Shares to be amended to
provide for the listing of the Reclassified Shares. It is expected that such
amendment will become effective from 7.30 a.m. on Thursday, 11 December 2008
and that dealings in the Reclassified Shares will commence with effect from
8.00 a.m. on Thursday, 11 December 2008.

Suspension of Reclassified Shares

It is expected that the listing of the Reclassified Shares will be suspended at
7.30 a.m. on Friday, 12 December 2008.

General

The Proposals remain conditional on the passing of the special resolution for
the winding-up of the Company, which will be proposed at the extraordinary
general meeting of the Company convened for Friday, 12 December 2008. The
Proposals will not become effective unless that resolution is passed.

Enquiries

Guy Short/Andrew Watkins Invesco Asset Management Limited   T: 020 7065 3555 
                                                                             
Sue Inglis               Intelli Corporate Finance Limited  T: 020 7653 6300 

Notes

Words and expressions defined in the circular issued by the Company dated 24
October 2008 have the same meanings when used in this announcement unless the
context requires otherwise.

Intelli Corporate Finance Limited, which is authorised and regulated in the
United Kingdom by the Financial Services Authority, is acting for the Company
and for no one else in connection with the Proposals and will not be
responsible to any person other than the Company for providing the protections
afforded to clients of Intelli Corporate Finance Limited or for affording
advice in relation to the Proposals.

                                       2                                       



END

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