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AMVESCAP PLC Reports Results for Year Ended December 31, 2003; Dr. Thomas R. Fischer Joins Board of Directors.


Business Editors

LONDON--(BUSINESS WIRE)--Feb. 3, 2004

AMVESCAP reported that profit before tax, goodwill amortization and exceptional items
Exceptional Item
Charges incurred that must be noted on a company's balance sheet, in accordance with GAAP principles. Even though they are considered to be part of ordinary business charges, exceptional items must be disclosed due to their sheer size or frequency.

Notes:
Don't confuse exceptional items with extraordinary items: the latter are not part of a company's ordinary business dealings.
 amounted to GBP270.3 million ($481.1 million) compared to GBP320.9 million ($516.6 million) in 2002. Diluted earnings per share before goodwill amortization and exceptional items was 23.2p for the 2003 year (2002: 27.2p). Revenues amounted to GBP1 GBP1 - Guanylate Binding Protein 1,158.1 million ($2,061.4 million) compared to GBP1,345.3 million ($2,165.9 million) in 2002 (NYSE: AVZ).

                                     Results for Year Ended
                                2003        2002    2003++     2002++
                          ----------- ----------- --------- ----------
Revenues                  GBP1,158.1m GBP1,345.3m $2,061.4  $2,165.9m
Profit before tax,
 goodwill amortization
   and exceptional items    GBP270.3m   GBP320.9m  $481.1m    $516.6m
Earnings per share before
 goodwill amortization:
   --basic                     16.4p       20.5p    $0.58+     $0.66+
   --diluted                   16.3p       20.3p    $0.58+     $0.65+
Earnings per share before
 goodwill amortization and
 exceptional items:
   --basic                     23.4p       27.5p    $0.83+     $0.89+
   --diluted                   23.2p       27.2p    $0.83+     $0.88+
Dividends per share            11.5p       11.5p    $0.41+     $0.37+
----------------------------------------------------------------------


+ Per American Depositary Share equivalent to 2 ordinary shares.

++ For the convenience of the reader, pounds sterling for the year ended December 31, 2003 have been translated to US dollars using $1.78 per GBP1.00 (2002: $1.61 per GBP1.00).

AMVESCAP reported that profit before tax, goodwill amortization and exceptional items for the three months ended December 31, 2003 increased 6% to GBP82.2 million ($146.3 million) compared to GBP77.2 million ($128.2 million) in the third quarter of 2003 and 42% from the GBP57.7 million ($92.9 million) in the fourth quarter of 2002. Diluted earnings per share before goodwill amortization and exceptional items amounted to 7.0p for the 2003 period, an increase of 6% from the 6.6p reported in the third quarter of 2003. Diluted earnings per share before goodwill amortization and exceptional items totaled 5.0p per share in the fourth quarter of 2002. Revenues for the fourth quarter of 2003 amounted to GBP301.2 million ($536.1 million) compared to GBP291.1 million ($468.7 million) for the same period of 2002 and GBP304.3 million ($505.1 million) in 2003's third quarter.

"AMVESCAP accomplished many important objectives in 2003. Strategic changes implemented during the year, including the move to a unified distribution force for our US retail mutual funds and integration of company operating platforms, have increased our competitiveness. Investment performance of our US retail funds improved during the second half of the year adding to the strength of our comprehensive range of global investment products. Our client service continues to be recognized as among the best in the industry," said Mr. Charles W. Brady, executive chairman.

"These positive factors, however, have been overshadowed by pending regulatory investigations in the United States, which we are working to resolve expeditiously in 2004," noted Mr. Brady. "In addition to providing full restitution to any mutual fund investors who may have been harmed, we have underway a comprehensive independent review of our mutual fund policies, procedures, and practices to insure that they will rank among the strongest and most effective in the industry. While the regulatory investigations will have implications for our company, we remain confident about the outlook for the asset management industry and the future for AMVESCAP."

Funds under management totaled $370.6 billion (GBP208.2 billion) at December 31, 2003 compared to $332.6 billion at December 31, 2002. Institutional money market funds, included above, amounted to $50.9 billion at December 31, 2003 compared to $57.0 billion at the end of the prior year. Approximately 55% of the total funds under management was invested in equity securities and 45% was invested in fixed income and other securities at December 31, 2003. The equity securities were invested in the following disciplines at December 31, 2003: 32% in growth, 41% in core and 27% in value styles (September 30, 2003: 33% in growth, 42% in core and 25% in value styles).

Average funds under management amounted to $340.8 billion for 2003 compared to $365.8 billion for the prior year. Average funds under management amounted to $356.7 billion for the fourth quarter compared to $346.9 billion for the preceding quarter, an increase of $9.8 billion. The average money market fund levels totaled $48.7 billion for the fourth quarter and $51.5 billion for the 2003 year ($59.6 billion for 2002).

Net debt at December 31, 2003 amounted to GBP576.6 million (excluding client cash) compared to GBP652.4 million at December 31, 2002. Earnings before interest, taxes, depreciation, amortization and exceptional items ("EBITDA") reached GBP107.4 million ($191.2 million) and GBP386.6 million ($688.1 million) for the fourth quarter and full year 2003.

The results for the fourth quarter of 2003 include an exceptional charge of GBP22.8 million (GBP16.1 million after tax or 2.0p per share) related to legal and other costs incurred during the investigations underway by the US Securities and Exchange Commission and the Attorney Generals from Colorado and New York.

The Board has recommended a final dividend of 6.5p, resulting in a total dividend of 11.5p for 2003 (2002: 11.5p). This dividend, if approved by the shareholders at the Annual General Meeting in April, will be paid on April 30, 2004 to shareholders on the register on April 2, 2004. The ex-dividend date for the dividend will be March 31, 2004.

DR. THOMAS R. FISCHER JOINS BOARD OF DIRECTORS

Dr. Thomas Fischer, 56, has been elected a non-executive member of the Board of Directors. Dr. Fischer is Chairman of WestLB. He previously was Chief Operating Officer of Deutsche Bank. He is also a member of the Boards of Audi and TUI.

"Thomas Fischer is a highly respected financier with exceptional knowledge of risk management and the European markets. We welcome the perspective and insight he brings to the Board of Directors," said Charles W. Brady.

With the addition of Dr. Fischer, the Board will consist of 13 members, eight of whom are independent directors.

He will be joining the Audit, Remuneration and Nomination and Corporate Governance Committees. There is nothing further to disclose for Dr. Fischer pursuant to Rule 16.4 of the Listing Rules of the UK Listing Authority. Dr. Fischer will be standing for election for a full term at the next Annual General Meeting in April 2004. At the date of his appointment, Dr. Fischer held no AMVESCAP PLC ordinary shares.

THE YEAR IN REVIEW

The 2003 year included many important accomplishments. Several of those are as follows:

-- We completed the integration of INVESCO Funds Group into AIM

resulting in the creation of a unified support and

distribution function in the US retail marketplace and

strengthened and further diversified one of the US retail

industry's most comprehensive product lines through the

addition of 14 INVESCO retail funds and the addition of three

funds from our Canadian affiliate, AIM Trimark Investments.

-- Sixty per cent of the long-term assets (equity and fixed

income) managed by AIM in the US were in the top half of their

peer group for 2003. Also, 41% of the equity rated funds

managed by AIM in the US were 4 or 5 stars at the end of 2003.

Several changes have been made in the investment function to

further strengthen the disciplines of our investment process.

-- The 1-year absolute performance for the combined fund

offerings of AIM and INVESCO ranked 12th in 2003 among the

fifty largest firms.

-- The AIM Institutional money market had nine portfolios reach

record assets during 2003, and remains as the fifth largest

complex of institutional-rated money market funds. All six of

our S&P AAA-rated funds ranked in the top among their Lipper

categories over one year periods.

-- Twenty-seven of AIM Trimark funds (82% of total rated assets)

received 4-5 star ratings from Morningstar Canada.

-- AIM Investment Services was cited for superior customer

service throughout the year by the National Quality Review,

receiving a 5-star rating for transaction processing and Best

in Class for shareholder services.

-- AIM Trimark was recognized for "Best Reputation", "Best

Customer Service" and "Best Communication" by Advisor's Edge

magazine in 2003. AIM Trimark's Contact Center retained its #1

service ranking among its high-volume contact centre peer

group according to Environics Research Group. Advisors rate

AIM Trimark Best in Reputation, Service and Communication.

-- Over 50% of INVESCO's equity assets outperformed their

benchmarks and 70% of fixed income products (excluding stable

value) outperformed their benchmarks over the three-year

period. In the UK, better than 90% of equity and fixed income

products outperformed benchmarks. In Asia Pacific more than

50% of equity products outperformed benchmarks in all time

periods.

-- INVESCO UK successfully completed its migration to the Global

Fund Administration System (GFAS GFAS - Global Fund Administration System) platform and converted 43

unit trusts into investment companies with variable capital.

This 18-month project is the largest conversion of its type

ever in the UK and we now use the same administration

processing platform in 10 countries.

-- We completed the acquisition of the Hypo-und Vereinsbank's

institutional real estate funds management business, bringing

$2.9 billion in assets under management to INVESCO and

completing the footprint for our European real estate

business. The US real estate business continued with strong

investment performance.

-- INVESCO developed several unique structured products for

distribution including a $1.16 billion leveraged structure,

our first investment grade synthetic Collateralized Debt

Obligation (CDO), and an asset-backed security CDO.

-- INVESCO Great Wall, AMVESCAP's joint venture company in China,

launched its first fund in early September. China has 80

million stock investors - second in number only to the US.

-- Our Private Wealth Management business expanded its US

footprint with the acquisition of Whitehall Asset Management

and the proposed acquisition of Stein Roe Investment Counsel

LLC. Atlantic Trust was included in Barron's list of Top

Wealth Managers in the United States for the second

consecutive year.

AIM

The AIM US business reported revenues of GBP476.8 million during 2003 compared to GBP619.0 million for the prior year. Operating profits were GBP182.7 million, compared to GBP244.9 million in 2002. The group generated approximately $23.2 billion of gross sales and had net redemptions of $6.2 billion in 2003. Market gains of $20.3 billion led to an increase in funds under management for the year. Funds under management amounted to $149.4 billion at December 31, 2003, including $50.9 billion of money market funds.

The AIM Canada business reported revenues of GBP154.8 million during 2003 compared to GBP151.3 million for the prior year. Operating profits were GBP77.6 million in both 2003 and 2002. The group generated approximately $3.8 billion of gross sales in 2003. Market gains were $3.2 billion for the year. Funds under management amounted to $28.7 billion at December 31, 2003.

INVESCO North America

The INVESCO North American business reported revenues and operating profits of GBP191.5 million and GBP49.0 million in the 2003 period. This group generated approximately $20.0 billion in gross sales during 2003; market gains and net redemptions were $12.8 billion and $0.8 billion, respectively for the year. Funds under management amounted to $120.2 billion at December 31, 2003.

INVESCO UK

INVESCO UK's revenues amounted to GBP174.2 million for 2003 compared to GBP196.6 million in 2002. Operating profit totaled GBP29.4 million for the year ended December 31, 2003 versus GBP31.1 million for the prior year. Funds under management were $39.0 billion at December 31, 2003. Gross sales for 2003 totaled approximately $16.4 billion; market gains totaled $6.0 billion and net redemptions were $0.4 billion for the year.

INVESCO Europe/Asia

INVESCO Europe/Asia's revenues amounted to GBP77.7 million for 2003 compared to GBP85.6 million in 2002. Operating profit totaled GBP340,000 for the year ended December 31, 2003 versus GBP884,000 for the prior year. Funds under management were $23.8 billion at December 31, 2003. Gross sales for 2003 totaled approximately $10.7 billion; market gains totaled $2.2 billion, and net redemptions were $2.8 billion for the year.

Private Wealth Management/Retirement

Revenues and operating losses for these businesses totaled GBP83.1 million and GBP3.3 million for 2003. Funds under management were $9.5 billion at December 31, 2003.

AMVESCAP Retirement's assets under administration were $27.7 billion at December 31, 2003. Net redemptions for the group amounted to $0.4 billion for 2003. This group services 1,200 plans with 624,000 participants at December 31, 2003.

OUTLOOK

"AMVESCAP's success has been built by dedicated employees serving our clients. This core mission has not changed. We are working diligently to resolve constructively all regulatory issues as soon as possible. I am confident that once this goal is achieved, AMVESCAP will continue the successful momentum we built in 2003," added Mr. Brady. "Growing corporate earnings and consumer confidence continue to support robust global equity markets. In this environment, AMVESCAP's global scale and truly diversified range of products are ideally suited for our investors and their financial advisors, consultants, and plan sponsors."

AMVESCAP is a leading independent global investment manager, dedicated to helping people worldwide build their financial security. Operating under the AIM, INVESCO and Atlantic Trust brands, AMVESCAP strives to deliver outstanding investment performance and service through a comprehensive array of retail and institutional products for clients in over 100 countries. The Company is listed on the London, New York, Paris and Toronto stock exchanges with the symbol "AVZ."

Members of the investment community and general public are invited to listen to the conference call today, Tuesday, February 3, 2004 at 9:30 a.m. EST (2:30 p.m. GMT), by dialing one of the following numbers: 1-888-201-4990 for US callers or 610-769-9391 for international callers. An audio replay of the conference call will be available until Tuesday, February 10, 2004 at 5:00 pm Eastern Time by calling 1-800-945-9366 for US callers or 402-220-3463 for international callers. The presentation slides that will be reviewed during the conference call are available on AMVESCAP's Web site at www.amvescap.com.

                             AMVESCAP PLC
                     Group Profit and Loss Account
                            (in thousands)

                                              Year Ended December 31,
                                             -------------------------
                                                    2003         2002
                                             ------------ ------------
Revenues                                     GBP1,158,070 GBP1,345,263
Expenses:
   Operating                                    (847,220)    (978,338)
   Exceptional                                   (84,943)     (69,248)
   Goodwill amortization                        (148,982)    (149,415)
                                             ------------ ------------
Operating profit                                  76,925      148,262
Investment income                                  7,740        6,561
Interest expense                                 (48,270)     (52,558)
                                             ------------ ------------
Profit before taxation                            36,395      102,265
Taxation                                         (53,676)     (85,372)
                                             ------------ ------------
Profit after taxation                            (17,281)      16,893
Dividends                                        (93,627)     (93,479)
                                             ------------ ------------
Retained profit for the period               GBP(110,908)  GBP(76,586)
                                             ============ ============

Earnings per share before
   goodwill amortization and
   exceptional items:
   --basic                                         23.4p        27.5p
   --diluted                                       23.2p        27.2p
                                             ------------ ------------
Earnings per share:
   --basic                                        (2.2)p         2.1p
   --diluted                                      (2.2)p         2.1p
                                             ------------ ------------
Average shares outstanding:
   --basic                                       802,885      810,042
   --diluted                                     802,885      819,518
                                             ------------ ------------

                             AMVESCAP PLC
                     Group Profit and Loss Account
                            (in thousands)

                                                Three Months Ended Dec
                                                          31,
                                                ----------------------
                                                     2003        2002
                                                ---------- -----------
Revenues                                        GBP301,219  GBP291,099
Expenses:
   Operating                                     (211,649)   (220,273)
   Exceptional                                    (22,849)    (49,181)
   Goodwill amortization                          (37,049)    (38,927)
                                                ---------- -----------
Operating profit                                   29,672     (17,282)
Investment income                                   3,038        (905)
Interest expense                                  (10,417)    (12,189)
                                                ---------- -----------
Profit before taxation                             22,293     (30,376)
Taxation                                          (18,535)    (10,684)
                                                ---------- -----------
Profit after taxation                             GBP3,758 GBP(41,060)
                                                ========== ===========

Earnings per share before
   goodwill amortization and
   exceptional item:
   --basic                                           7.1p        5.0p
   --diluted                                         7.0p        5.0p
                                                ---------- -----------
Earnings per share:
   --basic                                           0.5p      (5.1)p
   --diluted                                         0.5p      (5.1)p
                                                ---------- -----------
Average shares outstanding:
   --basic                                        800,941     806,238
   --diluted                                      810,311     806,238
                                                ---------- -----------

                             AMVESCAP PLC
                          Group Balance Sheet
                            (in thousands)

                                             Dec 31, 2003 Dec 31, 2002
                                             ------------ ------------
Fixed assets
    Goodwill                                 GBP2,411,803 GBP2,542,306
    Investments                                  230,567      248,408
    Tangible assets                              170,598      197,060
                                             ------------ ------------
                                               2,812,968    2,987,774
Currents assets
    Debtors                                      903,955      725,547
    Investments                                   74,652       69,195
    Cash                                         318,713      355,111
                                             ------------ ------------
                                               1,297,320    1,149,853
Current liabilities
    Current maturities of long-term debt              --     (222,089)
    Creditors                                 (1,070,393)    (917,216)
                                             ------------ ------------
                                              (1,070,393)  (1,139,305)

Net current assets                               226,927       10,548
                                             ------------ ------------

Total assets less current liabilities          3,039,895    2,998,322

Long-term debt                                  (730,041)    (595,600)
Provisions for liabilities and charges           (77,601)    (119,234)
                                             ------------ ------------
Net assets                                   GBP2,232,253 GBP2,283,488
                                             ============ ============

Capital and reserves
    Called up share capital                    GBP200,264   GBP198,614
    Share premium account                        675,755      619,250
    Exchangeable shares                          330,629      383,105
    Profit and loss account                      498,390      609,298
    Other reserves                               527,215      473,221
                                             ------------ ------------
Shareholders' funds, equity interests        GBP2,232,253 GBP2,283,488
                                             ============ ============

                             AMVESCAP PLC
                       Group Cash Flow Statement
                            (in thousands)

                                                      Year Ended
                                                ----------------------
                                                 Dec 31,     Dec 31,
                                                    2003       2002
                                                ----------- ----------

Operating profit                                  GBP76,925 GBP148,262
Amortization and depreciation                      217,007    209,647
Change in debtors, creditors and other              20,337     68,609
                                                ----------- ----------
Net cash inflow from operating activities          314,269    426,518
                                                ----------- ----------
Interest paid, net of investment income            (42,143)   (41,558)
Taxation                                          (120,760)  (105,557)
Capital expenditures, net of sales                 (36,585)   (54,584)
Net disposals/(purchases) of fixed asset
 investments                                         4,464    (37,322)
Acquisitions                                       (28,039)        --
Dividends paid                                     (93,369)   (93,531)
Net repayment of debt                              (17,946)   (54,304)
Change in bank overdraft                            (5,112)    (5,656)
Foreign exchange on cash at bank and in hand       (11,177)   (29,873)
                                                ----------- ----------
(Decrease)/increase in cash at bank and in hand GBP(36,398)   GBP4,133
                                                =========== ==========

                             AMVESCAP PLC
                         Segmental Information
                            (in thousands)

                                        Year Ended Dec 31, 2003
                                  ------------------------------------
                                    Revenues     Expenses     Profit
                                  ------------ ------------ ----------
AIM
    US                              GBP476,804 GBP(294,093) GBP182,711
    Canada                            154,758      (77,177)    77,581
                                  ------------ ------------ ----------
                                      631,562     (371,270)   260,292
                                  ------------ ------------ ----------
INVESCO
    North America                     191,513     (142,470)    49,043
    UK                                174,164     (144,741)    29,423
    Europe/Asia                        77,725      (77,385)       340
                                  ------------ ------------ ----------
                                      443,402     (364,596)    78,806
                                  ------------ ------------ ----------

Private Wealth/Retirement              83,106      (86,368)    (3,262)
Corporate                                  --      (24,986)   (24,986)
                                  ------------ ------------ ----------
                                  GBP1,158,070  GBP(847,220)GBP310,850
                                  ============ ============ ==========

                                        Year Ended Dec 31, 2002
                                  ------------------------------------
                                    Revenues     Expenses     Profit
                                  ------------ ------------ ----------
AIM
    US                              GBP618,968 GBP(374,046) GBP244,922
    Canada                            151,345      (73,702)    77,643
                                  ------------ ------------ ----------
                                      770,313     (447,748)   322,565
                                  ------------ ------------ ----------
INVESCO
    North America                     202,445     (151,918)    50,527
    UK                                196,618     (165,555)    31,063
    Europe/Asia                        85,628      (84,744)       884
                                  ------------ ------------ ----------
                                      484,691     (402,217)    82,474
                                  ------------ ------------ ----------

Private Wealth/Retirement              90,259      (95,688)    (5,429)
Corporate                                  --      (32,685)   (32,685)
                                  ------------ ------------ ----------
                                  GBP1,345,263 GBP(978,338) GBP366,925
                                  ============ ============ ==========


Notes

1. The taxation charge is primarily made up from overseas taxation. After adjusting for the amortization of goodwill and the exceptional items, the effective tax rate for 2003 and 2002 was 30.6%.

2. The calculation of earnings per share is as follows:

                                                                 2003
                            ------------------------------------------
                                                  Number of
                            Profit after taxation    shares  Per share
                                          GBP'000     '000      Amount
                            --------------------- --------- ----------
Basic and diluted earnings
     per share                           (17,281)  802,885     (2.2)p
                                                            ==========

                                                                 2002
                          --------------------------------------------
                                                 Number of
                          Profit after taxation      shares  Per share
                                        GBP'000       '000      Amount
                          --------------------- ----------- ----------
Basic earnings per share                16,893     810,042       2.1p
                                                            ==========
Dilutive effect of options                  --       9,476
                          --------------------- -----------
Diluted earnings per share              16,893     819,518       2.1p
                          ===================== =========== ==========


Profit before go odwill amortization and exceptional items is a more appropriate basis for the calculation of earnings per share since this represents a more consistent measure of the year-by-year performance of the business. Basic earnings per share is based on the weighted average number of ordinary and exchangeable shares outstanding during the respective periods. Diluted earnings per share takes into account the effect of dilutive potential ordinary and exchangeable shares outstanding during the period.

                                                                 2003
                            ------------------------------------------
                                   Profit before
                                        goodwill
                                amortization and  Number of
                                exceptional items    shares  Per share
                                          GBP'000     '000      Amount
                            --------------------- --------- ----------
Basic earnings per share                 187,602   802,885      23.4p
                                                            ==========
Dilutive effect of options                    --     7,486
                            --------------------- ---------
Diluted earnings per share               187,602   810,371      23.2p
                            ===================== ========= ==========


                                                                 2002
                           -------------------------------------------
                                 Profit before
                                      goodwill
                              amortization and   Number of
                              exceptional items     shares   Per share
                                        GBP'000      '000       Amount
                           -------------------- ---------- -----------
Basic earnings per share               222,724    810,042       27.5p
                                                           ===========
Dilutive effect of options                  --      9,476
                           -------------------- ----------
Diluted earnings per share             222,724    819,518       27.2p
                           ==================== ========== ===========


3. The consolidated profit and loss includes exceptional charges in 2003 and 2002 as follows:

GBP'000                                                   2003   2002
----------------------------------------------------------------------
Redundancy                                              31,054 44,544
US Retail reorganization                                17,413     --
US Regulatory investigations                            17,371     --
Lease costs                                              9,620  5,144
Acquisitions                                             2,326     --
Project costs & other                                    7,159 19,560
                                                        --------------
Total exceptional items                                 84,943 69,248
                                                        --------------
Total exceptional items net of tax                      55,901 56,416
                                                        ==============
Diluted per share impact                                  6.9p   6.9p
                                                        ==============


The US regulatory investigation charge includes the legal and other costs incurred through the end of 2003 plus an estimate of such costs for the first half of 2004 relating to the investigations underway by the US Securities and Exchange Commission and the Attorney Generals from Colorado and New York. The cost of any settlement would be recorded as an exceptional charge at the time such settlement is finalized. Some part of these costs may ultimately be recovered through insurance claims in the future.

4. Dividends for 2003 and 2002 were as follows:

                                                         2003    2002
                                                       GBP'000 GBP'000
                                                       ------- -------

Interim paid: 5.0p per share (2002: 5.0p)              40,835  40,823
Final proposed: 6.5p per share (2002: 6.5p)            52,792  52,656
                                                       ------- -------
                                                       93,627  93,479
                                                       ======= =======


5. Whitehall Asset Management was acquired for GBP13.6 million in February, 2003. The transaction was accounted for as an acquisition and results have been included from the date of purchase. In December, 2003, 75.1% of the real estate asset management business of Hypo-und Vereinsbank was acquired for GBP21.4 million. Results will be included from January 1, 2004.

6. The financial information set out above does not constitute the Company's statutory accounts for the years ended December 31, 2003 or 2002. Statutory accounts for 2002 have been reported on by the Company's Auditors and delivered to the Registrar of Companies. The report of the Auditors was unqualified and did not contain a statement under Section 237 (2) or (3) of the Companies Act 1985.

                             AMVESCAP PLC
                        Funds Under Management
                             (in billions)

                                                            AIM
                                                      ---------------
                                              Total     US    Canada
                                             -------- ------- -------
Dec 31, 2002                                  $332.6  $144.1   $22.0
Market gains/(loss)                             45.4    20.3     3.2
Net new (lost)     business
                                               (10.6)   (6.2)     --
Change in Money Market Funds
                                               (10.7)  (10.1)     --
Transfers                                         --     1.3      --
Acquisitions                                     4.0      --      --
Foreign currency                                 9.9      --     3.5
                                             -------- ------- -------
Dec 31, 2003                                  $370.6  $149.4   $28.7
                                             -------- ------- -------
Dec 31, 2003 +                               GBP208.2 GBP83.9 GBP16.1
                                             ======== ======= =======


                                            INVESCO
                                  ----------------------------
                                   North
                                   America   UK    Europe/Asia   PWM
                                  -------- ------- ----------- -------
Dec 31, 2002                       $103.5   $34.0       $21.1    $7.9
Market gains/(loss)                  12.8     6.0         2.2     0.9
Net new (lost)     business
                                     (0.8)   (0.4)       (2.8)   (0.4)
Change in Money Market Funds
                                       --    (0.5)       (0.1)     --
Transfers                             1.7    (2.9)         --    (0.1)
Acquisitions                          2.9      --          --     1.1
Foreign currency                      0.1     2.8         3.4     0.1
                                  -------- ------- ----------- -------
Dec 31, 2003                       $120.2   $39.0       $23.8    $9.5
                                  -------- ------- ----------- -------
Dec 31, 2003 +                     GBP67.5 GBP21.9     GBP13.4  GBP5.4
                                  ======== ======= =========== =======


+ Translated at $1.78 per GBP1.00.

Note 1: AMVESCAP Retirement has $27.7 billion in assets under administration as of December 31, 2003, compared to $30.9 billion as of December 31, 2002.

Note 2: The INVESCO Funds Group funds under management are reflected with AIM US in this analysis. Previous presentations included these amounts with the INVESCO US business.

Note 3: Institutional money market funds amounted to $50.9 billion at December 31, 2003 compared to $57.0 billion at December 31, 2002.

                             AMVESCAP PLC
              Reconciliation to US Accounting Principles
                            (in thousands)

                                              Year Ended December 31,
                                             -------------------------
                                                    2003         2002
                                             ------------ ------------
Net profit under UK GAAP                      GBP(17,281)    GBP16,893
US GAAP Adjustments:
    Acquisition accounting                       141,880      137,790
    Redundancy and reorganizations                30,085       11,961
    Taxation                                     (14,801)      (5,198)
    Other                                           (743)         420
                                             ------------ ------------
Net income under US GAAP                       GBP139,140   GBP161,866
                                             ============ ============

Earnings per share before amortization:
    --basic                                        17.8p        20.4p
    --diluted                                      17.6p        20.2p
Earnings per share:
    --basic                                        17.3p        20.0p
    --diluted                                      17.2p        19.8p

                                             Dec 31, 2003 Dec 31, 2002
                                             ------------ ------------
Shareholders' funds under UK GAAP            GBP2,232,253 GBP2,283,488
US GAAP Adjustments:
    Acquisition accounting                     1,095,839    1,034,168
    Redundancy and reorganizations                44,649       11,961
    Treasury stock                              (184,922)    (162,104)
    Dividends                                     52,914       52,656
    Other                                        (23,779)     (11,934)
                                             ------------ ------------
Shareholders' equity under US GAAP           GBP3,216,954 GBP3,208,235
                                             ============ ============
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Publication:Business Wire
Geographic Code:4EUUK
Date:Feb 3, 2004
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