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Perpetual Inc&Growth (PLI)

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Friday 27 May, 2005

Perpetual Inc&Growth

Statement re Bonus Issue

 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                             

                                  27 May 2005                                  


                  Subscription Price for Subscription Shares                   

Further to the announcement made by PIGIT on 11 May 2005, PIGIT announces that
the Subscription Price payable on the exercise of the subscription rights
conferred by the Subscription Shares to be issued pursuant to the Bonus Issue
is 218.94p, being 110 per cent. of the net asset value of a PIGIT Share as at
the close of business on 26 May 2005.

The Subscription Shares will be issued, for no consideration, on the basis of 1
Subscription Share for every 10 Ordinary Shares held as at the close of
business on 11 May 2005. Fractions of Subscription Shares arising from the
calculation of each Shareholder's entitlement will not be allotted or issued
and will be rounded down to the nearest whole Subscription Share. Therefore,
Shareholders with fewer than 10 Ordinary Shares at the close of business on 11
May 2005 will not be entitled to receive any Subscription Shares.

The Bonus Issue Partial Cash Alternative was conditional on the Increased Offer
becoming unconditional and, as a consequence of the Increased Offer lapsing on
9 May 2005, elections under the Bonus Issue Partial Cash Alternative are no
longer valid and Shareholders who elected for that alternative will be
allocated their full entitlement in Subscription Shares.

The Bonus Issue remains conditional on the admission of the Subscription Shares
to the Official List and to trading on the London Stock Exchange's market for
listed securities becoming effective. Such admission is expected to become
effective on 31 May 2005. The Subscription Shares issued pursuant to the Bonus
Issue are expected to be issued with effect from 31 May 2005. Subscription
Shares held in Uncertificated Form (that is, in CREST) will be credited to the
relevant stock accounts in CREST on 31 May 2005. Certificates in respect of
Subscription Shares held in Certificated Form will be despatched on 13 June

Further information on the Subscription Shares is set out in the Supplementary
Listing Particulars and the Circular to PIGIT Shareholders each dated 18 April


Intelli Corporate Finance Limited            Gordon Neilly       020 7653 6312 
INVESCO Asset Management Limited             Graeme Proudfoot    020 7065 3519 


Terms defined in the supplementary listing particulars dated 18 April 2005
relating to PIGIT and the Subscription Shares 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 Bonus Issue 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 Bonus Issue or the contents of this


a d v e r t i s e m e n t