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Perpetual Inc&Growth (PLI)

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Friday 01 April, 2005

Perpetual Inc&Growth

First Closing Date and Extension of Offer


 Not for release, publication or distribution, in whole or in part, in or into 
 the United States, Canada, Japan or Australia or any other jurisdiction where 
to do so would constitute a violation of the relevant laws of such jurisdiction

                             For Immediate Release                             

                                 1 April 2005                                  

          PERPETUAL INCOME AND GROWTH INVESTMENT TRUST PLC ('PIGIT')           

              OFFER FOR SECURITIES TRUST OF SCOTLAND PLC ('STS')               

                   First Closing Date and Extension of Offer                   

PIGIT announces that, as at 3.00 p.m. (London time) on 31 March 2005, being the
first closing date of the Offer, valid acceptances of the Offer had been
received in respect of, in aggregate, 9,912,614 STS Shares, representing
approximately 3.25 per cent. of the issued share capital of STS, of which valid
elections under the Partial Cash Alternative had been received in respect of,
in aggregate, 1,881,336 STS Shares, representing approximately 0.62 per cent.
of STS's issued share capital.

In addition, as at 3.00 p.m. (London time) on 31 March 2005, (i) acceptances
that are valid but received without or with insufficient cover had been
received in respect of, in aggregate, 712,514 STS Shares, representing
approximately 0.23 per cent. of the issued share capital of STS, and (ii)
acceptances that are technically out of order or in respect of holdings which
cannot be identified on the register of members had been received in respect
of, in aggregate, 1,112,773 STS Shares, representing approximately 0.36 per
cent. of the issued share capital of STS.

The Offer has been extended for a period of 21 days and, therefore, will remain
open for acceptance until 3.00 p.m. (London time) on 21 April 2005. STS
Shareholders who have not yet accepted the Offer, and who wish to do so, should
complete the Form of Acceptance and return it in accordance with the
instructions in the Offer Document and printed on the Form of Acceptance so as
to be received as soon as possible and in any event no later than 3.00 p.m.
(London time) on 21 April 2005. STS Shareholders who hold some or all of their
STS shares in uncertificated form (that is, in CREST) should contact their
CREST sponsor and follow the instructions set out in the Offer Document.

As at 2 March 2005 (the day prior to the commencement of the Offer Period) and
as at the date of this announcement, INVESCO City and Commercial Investment
Trust plc, which is deemed to be acting in concert with PIGIT, held 200,000 STS
Shares (these shares are not included in the acceptances referred to above).
Save for that holding, neither PIGIT nor, so far as PIGIT is aware, any person
acting in concert with PIGIT (i) held any STS Shares or rights over STS Shares
on 2 March 2005 or (ii) has acquired or agreed to acquire any STS Shares or
rights over STS Shares during the Offer Period.

Settlement of the New PIGIT Shares (and/or cash) to which STS Shareholders are
entitled under the Offer (and the Partial Cash Alternative) will be effected
within 14 days of the date on which the Offer becomes or is declared
unconditional in all respects, in the case of valid acceptances received by
that date. In the case of valid acceptances received after the date on which
the Offer becomes or is declared unconditional in all respects but while the
Offer remains open for acceptance, settlement will be effected within 14 days
of such receipt.

Enquiries:

Perpetual Income and Growth Investment Trust Sir Patrick Sheehy  020 7065 3555 
plc                                                                            
                                                                               
Intelli Corporate Finance Limited            Gordon Neilly       020 7653 6312 
                                                                               
INVESCO Asset Management Limited             Graeme Proudfoot    020 7065 3555 
                                                                               
Lansons                                      David Masters/      07786 394688/ 
                                                                               
                                             Tony Langham        07979 692287  

Notes:

Terms defined in the Offer Document and the Listing Particulars, each dated 10
March 2005, have the same respective meanings in this announcement.

Intelli Corporate Finance, which is regulated and authorised in the United
Kingdom by the Financial Services Authority, is acting only for PIGIT and no
one else in connection with the Offer and Admission and will not regard any
other person as its client or be responsible to any person other than PIGIT for
providing the protections afforded to clients of Intelli Corporate Finance, or
for providing advice in relation to the Offer, Admission or the contents of
this announcement.

The law of certain jurisdictions may affect the availability of the Offer to
persons not resident in the United Kingdom. Persons who are not resident in the
United Kingdom, or who are subject to the laws of any jurisdictions other than
the United Kingdom, should inform themselves about, and observe, any applicable
requirements. Further details in relation to overseas STS Shareholders are
contained in the Offer Document.

This announcement does not constitute, or form part of, any offer, or
solicitation of any offer, for securities. Any acceptance or other response to
the Offer should only be made on the basis of the information contained in the
Offer Document and the Listing Particulars.

The Offer will not be made, directly or indirectly, in or into, or by the use
of the mails of, or by any means or instrumentality (including, but not limited
to, facsimile, email, telex or other electronic transmission or telephone) of
interstate or foreign commerce of, or of any facility of a national, state or
other securities exchange of, the United States, Canada, Australia or Japan and
the Offer is not capable of acceptance by any such use, means, instrumentality,
facility or otherwise from within the United States, Canada, Australia or
Japan. Accordingly, copies of the Offer Document, the Listing Particulars and
this announcement must not be mailed or otherwise sent, forwarded or
distributed into, in or from the United States, Canada, Australia or Japan,
including to STS Shareholders with registered addresses in the United States,
Canada, Australia or Japan or to persons whom PIGIT or Intelli Corporate
Finance know to be custodians, nominees or trustees holding STS Shares for
persons with registered addresses in the United States, Canada, Australia or
Japan. Persons receiving or accessing a copy of the Offer Document, the Listing
Particulars or this announcement (including, without limitation, custodians,
nominees and trustees) should not send, forward or distribute them into, in or
from the United States, Canada, Australia or Japan or use such mails or any
such means, instrumentality or facility for any purpose, directly or
indirectly, in connection with the Offer and so doing may invalidate any
acceptance of the Offer.

This announcement is not an offer, or solicitation, of securities, or
solicitation of offers to purchase the New PIGIT Shares in the United States,
Canada, Australia or Japan. The New PIGIT Shares have not been, and will not
be, registered under the US Securities Act or under the securities laws of any
state, district or other jurisdiction of the United States, or of Canada,
Australia, Japan or any other jurisdiction other than the UK and no regulatory
clearances in respect of the New PIGIT Shares have been, or will be, applied
for in any jurisdiction other than the UK. Accordingly, unless an exemption
under the US Securities Act or other relevant securities laws is applicable,
the New PIGIT Shares are not being, and may not be, offered, sold, resold,
delivered or distributed, directly or indirectly, in or into the United States,
Canada, Australia or Japan or to or for the account or benefit of any US Person
or person resident in the United States, Canada, Australia or Japan.


                                                                                                                                                                                   

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