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Perpetual Inc&Growth (PLI)

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Wednesday 20 April, 2005

Perpetual Inc&Growth

Offer Update


 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                             

                                 20 April 2005                                 

                                INCREASED OFFER                                

                                      by                                       

                       Intelli Corporate Finance Limited                       

                                 on behalf of                                  

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

                                      for                                      

                   SECURITIES TRUST OF SCOTLAND PLC ('STS')                    

                                      and                                      

         BONUS ISSUE OF SUBSCRIPTION SECURITIES TO PIGIT SHAREHOLDERS          

Following its announcement of the Increased Offer on 8 April 2005 and the
subsequent article which appeared in 'Fund Strategy' on 18 April 2005, PIGIT is
pleased to clarify that, whilst PIGIT does not anticipate increasing its
Increased Offer, it has not declared the Increased Offer final for the purposes
of Rule 32.2 of the City Code on Takeovers and Mergers.

Notes:

Terms defined in the Increased Offer Document and the Supplementary Listing
Particulars, each dated 18 April 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 Increased Offer, the Bonus Issue 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 Increased
Offer, the Bonus Issue, Admission or the contents of this announcement.

The law of certain jurisdictions may affect the availability of the Increased
Offer and/or the Bonus Issue 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 will be contained in the Increased Offer
Document.

Neither the Increased Offer nor the Bonus Issue will 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 Increased 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 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 and/or PIGIT Shareholders and/or
Existing Warrantholders 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 and/or PIGIT Shares
and/or Existing PIGIT Warrants for persons with registered addresses in the
United States, Canada, Australia or Japan. Persons receiving or accessing a
copy of this announcement (including, without limitation, custodians, nominees
and trustees) should not send, forward or distribute it 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 Increased Offer or the Bonus Issue and, in the case of the
Increased Offer, so doing may invalidate any acceptance of the Increased Offer.

This announcement is not an offer, or solicitation, of securities, or
solicitation of offers to purchase the New PIGIT Shares and/or Subscription
Securities in the United States, Canada, Australia or Japan. Neither the PIGIT
Shares nor the Subscription Securities have been, or will 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 and/or Subscription Securities 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, neither the New PIGIT Shares nor the Subscription Securities are
being, or may 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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