AMVESCAP PLC -"AMVESCAP"- Recommended Cash and Share Offer For Perpetual plc -"Perpetual"-; Extension of Offer and Level of Acceptances.

Business Editors

LONDON--(BUSINESS WIRE)--Nov. 24, 2000

AMVESCAP (NYSE:AVZ) (TSE:AVZ.)(LSE:AVZ.) announces that, as at 3.00 p.m. on Thursday 23rd November 2000, being the first closing date of the recommended cash and share offer for Perpetual, valid acceptances of the Offer had been received in respect of a total of 23,396,065 Perpetual Shares, representing approximately 79.5 per cent. of the issued share capital of Perpetual. These acceptances include acceptances received pursuant to the irrevocable undertakings to accept the Offer given by the directors of Perpetual and trustees of the Martyn Arbib 1979 Settlement prior to the announcement of the Offer in respect of a combined total of 12,341,519 Perpetual Shares, representing approximately 41.9 per cent. of the issued share capital of Perpetual as at 2nd November 2000.

Of these valid acceptances, elections for the Loan Note Alternative had been received in respect of 12,607,234 Perpetual Shares representing approximately 42.8 per cent. of the issued share capital of Perpetual.

The regulatory conditions to the Offer are being progressed in the normal way and are currently outstanding from the Investment Management Regulatory Organisation ("IMRO"), the Department of Trade and Industry ("DTI") and the Personal Investment Authority ("PIA"). AMVESCAP is confident that these conditions and approvals will be met.

The board of directors of AMVESCAP announces that the Offer has been extended and will remain open for acceptance until 3.00 p.m. on 7th December 2000.

Perpetual Shareholders who have not yet accepted the Offer are urged to complete and return their Forms of Acceptance as soon as possible. If any Perpetual Shareholders require another Form of Acceptance they should contact Capita IRG Plc on 020 8639 2083.

Save as disclosed above and in the Offer Document, neither AMVESCAP nor any person acting, or deemed to be acting, in concert with AMVESCAP held any Perpetual Shares or rights over Perpetual Shares prior to the Offer Period and neither AMVESCAP nor any person acting, or deemed to be acting, in concert with AMVESCAP has acquired or agreed to acquire any Perpetual Shares or rights over Perpetual Shares during the Offer period.

The Offer Document containing the full terms and conditions of the Offer was posted to Perpetual Shareholders on 2nd November 2000.

Unless the context otherwise requires, the definitions contained in the Offer Document also apply in this announcement.

AMVESCAP is one of the world's largest independent investment managers, operating under the AIM and INVESCO brand names. AMVESCAP is a holding company offering a broad array of investment products and services to institutions and individuals across all distribution channels. The Company is listed on the London, New York, Paris and Toronto Stock Exchanges with the symbol "AVZ."

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA OR JAPAN

Schroder Salomon Smith Barney, which is regulated by The Securities and Futures Authority Limited, is acting for AMVESCAP in connection with the Offer and no-one else and will not be responsible to anyone other than AMVESCAP for providing the protections afforded to customers of Schroder Salomon Smith Barney, or for providing advice in relation to the Offer.