Acquisition

    Amvescap PLC

        AMVESCAP to Purchase Stein Roe Investment Counsel LLC.
      Plans To Integrate Into Private Wealth Management Division

AMVESCAP PLC announced today that it has agreed to acquire Stein Roe
Investment Counsel LLC (SRIC) from senior management and Putnam Lovell
Equity Partners L.P. SRIC, with offices in Chicago, New York, Southern
California and San Francisco, will become a part of the Atlantic
Wealth Management Group, the private wealth management division of
AMVESCAP, which includes Atlantic Trust. Upon integration, SRIC will
add an anticipated $7.3 billion in assets under management to the
Atlantic Wealth Management Group. The purchase price includes a
payment of $117.5 million, comprised of 60 percent in cash and 40
percent in AMVESCAP ordinary shares, plus additional payments of up to
$43.0 million that are contingent upon meeting certain client
retention and revenue growth goals.

Stein Roe Investment Counsel traces its origins to 1932 when a wealthy
Chicago family became the first clients of Sydney Stein, Jr. and
Frederick Roe. Today, Stein Roe Investment Counsel LLC is one of the
largest US-based independent investment counseling firms, focused on
managing capital and providing advisory services for high-net-worth
individuals and families, charities and other institutions.

"This combination brings together a distinguished investment
counseling firm with our integrated private wealth management and
trust capabilities," said Donald J. Herrema, chairman and CEO of
Atlantic Wealth Management Group. "Once integrated, we will be even
better positioned to provide current and future clients a unique and
superior approach to managing their wealth through 13 offices across
the United States."

William E. Rankin, President and CEO, Stein Roe Investment Counsel
LLC, added: "This is a compelling opportunity because it allows us to
bring together the unique tradition, skills and capabilities of our
two firms. We believe this merger of skills combined with a deep
coast-to-coast presence exceeding $15 billion in assets under
management will position us as a significant presence in the wealth
management marketplace."

About Atlantic Wealth Management Group

Atlantic Wealth Management Group, Inc., a division of AMVESCAP, is a
leading wealth management firm that provides comprehensive asset
management and financial advisory services to private clients around
the world. With $9 billion in assets under management (as of September
30, 2003), Atlantic Wealth Management Group manages wealth for
individuals and families, and provides asset management services to
foundations and endowments. Atlantic Trust Private Wealth Management
provides investment management, asset allocation, trust, custody and
family office services. Atlantic Trust has offices in New York,
Boston, Atlanta, Houston, Palm Beach, Austin, North Carolina,
Baltimore, Denver, and Washington, D.C. For more information, please
visit http://www.atlantictrust.com/.

About AMVESCAP

AMVESCAP is a leading independent global investment manager, dedicated
to helping people worldwide build their financial security. Operating
under the Atlantic Trust, AIM, and INVESCO brands, AMVESCAP strives to
deliver outstanding investment performance and service through a
comprehensive array of retail and institutional products for clients
in more than 100 countries. The company is listed on the London, New
York, Paris, and Toronto stock exchanges with the symbol "AVZ". For
more information, please visit http://www.amvescap.com/.

AMVESCAP will apply, following closing, to the UK Listing Authority,
for admission of shares to the Official List. Cambridge International
Partners, Inc. acted as financial advisor to AMVESCAP in this
transaction.

About Putnam Lovell Equity Partners LP

Putnam Lovell Equity Partners LP is managed by Putnam Lovell NBF
Private Equity, a private equity firm that provides growth capital to
developing companies in the financial services industry. Portfolio
companies of Putnam Lovell NBF Private Equity manage nearly $30
billion on behalf of institutional investors, high net worth
individuals and mutual fund clients. With offices in Los Angeles and
New York, Putnam Lovell NBF Private Equity sponsors and manages
partnerships totalling $150 million for qualified private and
institutional investors and co-manages $700 million in public
securities. Putnam Lovell NBF Private Equity is a trade name of Putnam
Lovell Capital Partners Inc., which is an affiliate of National Bank
Financial Inc. and the National Bank of Canada. For more information
regarding Putnam Lovell NBF Private Equity visit
www.PutnamLovellCapital.com.