Document:

Global Partner Agreement

Mr. Robert McCullough

Dear Bob:

         AMVESCAP Group Services, Inc. (the "Company"), part of the AMVESCAP
Group, wishes to employ you as a Global Partner under the terms and conditions
set forth in this letter. The term "Global Partner" is used throughout the
AMVESCAP Group to refer to the most senior group of officers and employees. The
purpose of this letter is to articulate the terms and conditions of your
employment. This letter agreement also extinguishes and replaces your previous
Global Partner Agreement.

         It is important to note at the outset that both the Company and
AMVESCAP Group consider you an important part of its continued success. Further,
please note that under the terms of this letter agreement, which is a binding
contract, neither the Company nor you has any right to terminate the employment
relationship except as set forth below.

         1. Duties Of Employment

         You agree to perform the duties assigned to you by the Company as more
specifically stated in an attachment to this letter. The attachment may be
modified in the future if you and the Company agree in writing. You understand.
and agree that during your employment relationship with the Company, you are not
allowed, without proper prior approval, to perform any business activities for
any person or entity other than the Company or another company that is part of
the AMVESCAP Group. Of course, if you obtain the Company's prior written
approval, you may perform other business activities.

         It is your obligation to comply with all Company policies and
procedures, including those set forth in any Code of Ethics and other materials
distributed by the Company to its employees. Further, you agree to comply with
all applicable rules and regulations that pertain to the Company's business.

         As a Global Partner you have important duties to the Company: the duty
to refrain from dealing in your self interest above that of the Company's, the
duty to disclose any information that indicates that you may be exposed to a
conflict of interests, the duty of loyalty, and the duty to refrain from using
the Company's business opportunities for your own benefit. These fiduciary
obligations and others arise because of the unique trust and confidence the
Company places in you as a Global Partner.

<PAGE>

         2. Compensation

         Your annual salary is set forth in an attachment to this letter. You
will also receive certain bonuses and stock awards as approved from time to time
by the Company. The attachment may be modified in the future as agreed by you
and the Company in writing.

         3. Term

         The term of your employment relationship with the Company shall be for
one year from the date of your signature on this letter. This term will
automatically renew at the end of the initial term for another year and will
continue to renew every year, unless your employment is terminated in a manner
specified below. In no event will the term of your employment relationship with
the Company be less than the unexpired period of any notice of intent to
terminate given as set forth below. Your employment can only be terminated as
specifically set forth below.

                  A. Termination Effective After Expiration of Notice Period

         Either you or the Company may terminate the employment relationship at
any time during the initial term or any renewal, upon 12* (see Note) months
written notice to the other party. Notice of intent to terminate will be
considered given upon mailing or actual receipt, whichever occurs first. Whether
you or the Company give the notice of termination, your employment will continue
for the entire notice period. The effective date of the termination of the
employment relationship will be the last day of the notice period.

[Note: The Company is willing to agree to a minimum four month notice period,
but will accept up to twelve months as a reasonable notice period. Please fill
in and initial the notice period that you desire. If you do not designate a
number of months in the blank or if you designate a number less than four
months, you are agreeing to the default notice period of four months.]

                  B. Termination by Mutual Agreement

         You and the Company can, effective immediately, terminate the
employment relationship without cause or notice, but such a mutual termination
will only be effective if you and the Company both agree to the termination in
writing. Such an agreement must be signed by the Chief Executive Officer of the
Company to be effective.

                  C. Termination with Cause

         Your employment may be terminated effective immediately upon written
notice if the Company believes in good faith that you engaged in the following
conduct:

          1.        After  written  notice,  any  continuing  violation  of this
                    agreement or Company policies or procedures;
          2.        Your conviction of committing a criminal act;

                                      -2-
<PAGE>

          3.        Any violation of law or  regulation  related to the business
                    of the Company or  affecting  your  ability to perform  your
                    duties;
          4.        Your bankruptcy or insolvency.

          You may terminate your employment effective immediately if the
Company, after written notice, has engaged in any continuing violation of this
letter agreement and has not cured such violation within a reasonable period of
time.

                  D. Termination Due to Death or Disability

         In the event of your death, or disability to the extent that you cannot
perform the essential functions of your position with reasonable accommodation,
your employment will be terminated effective on the last day of the month that
such death or disability occurs. We mutually recognize that the Company has a
disability plan that is separate from this letter agreement.

         4. Confidential Information

         A critical aspect of your position is your access to trade secret,
proprietary, and confidential information. For example, your knowledge of the
exact amounts and holdings of Company-related investment positions is
confidential. While some of that information may eventually be made public, the
information is extremely sensitive and is to be treated as confidential until it
is released. Likewise, computer models and programs developed by the Company or
purchased by it are proprietary and confidential. Other information the Company
possesses as trade secrets or confidential information include its marketing
strategies, marketing plans, compensation arrangements, benefit plans, and ideas
and inventions of its employees.

          These are simply examples of the types of information the Company
considers trade secret and/or confidential. As time passes, the Company will no
doubt develop new categories of information it considers trade secret and/or
confidential. As this occurs, the Company will identify such new categories of
information and remind you of your obligation to treat it as confidential. The
importance of all of the types of information identified here is that the
Company's competitors do not have permitted access to this information and are
thus unable to use it to compete with the Company. Accordingly, these types of
information create a competitive advantage for the Company and are economically
valuable. Thus, you agree not to disclose or use any of the Company's trade
secret and/or confidential information for your own benefit or the benefit of
anyone other than the Company, during your employment or for six (6) months
after the effective date of the termination of your employment relationship with
the Company.

         5. Company Employees And Customers

         You agree that, in the event of the termination of the employment
relationship between you and the Company, you will not solicit or hire any
Company employees for a period of six (6) months after the effective date of the
termination of your employment relationship with the Company. Further, you agree
that you will not solicit the business relationships you developed or acquired
while working for the Company or another company affiliated with the AMVESCAP

                                      -3-

<PAGE>

Group for a period of six (6) months after the effective date of the termination
of your employment.

         6. Inventions And Ideas

          Since the Company is paying you for your time and efforts, you agree
that all information, ideas, and inventions you develop while employed by the
Company related in any way to the Company's business, are the sole property of
the Company. This includes all investment models, processes, and methodologies
you develop while employed by the Company. Indeed, one of the reasons for your
employment is the creation of such ideas. This information is confidential and
trade secret information as discussed above. You understand that the Company may
seek to patent or to obtain trademark or copyright protection related to such
information, ideas, and inventions, and that, if necessary, you will assign any
interest you may have in such information, ideas, and inventions you develop to
the Company.

         7. Return of Company Property

         Upon the termination of your employment, you agree to return all
property of the Company. To the extent such property is information of which you
have detailed knowledge but no electronic or other documents containing such
information, you agree to itemize such information in writing for the Company
prior to the effective date of the termination of your employment.

         8. Assignment

         You agree that this letter agreement may be assigned to any other
entities in the AMVESCAP Group, or to any successor company by acquisition of
either the Company's stock or its assets. In the case of such an assignment by
the Company, you understand and agree that you would continue to be bound by
this letter agreement. No such assignment, without your consent, shall require
you to change your duties or to move from your principal residence.

         9. Choice of Law and Forum

         We agree that, in the event of a disagreement between you and the
Company about any aspect of your employment with the Company or this letter
agreement, Georgia substantive law, without regard to Georgia's choice of law
rules, will govern any litigation or proceeding brought by either party. You
also agree that any litigation or proceeding shall be brought in Fulton County,
Georgia in either state or federal court, as appropriate.

         10. Notice

         We agree that any notice that is to be given under this letter
agreement is properly given when delivered in person, by certified mail, or by
over night delivery such as Federal Express.

                                      -4-

<PAGE>

         11. Prior Agreements

         This letter agreement extinguishes and replaces any previous written
employment agreement between you and the Company.

         We are very grateful for the significant contributions you are making
to the Company and look forward to working with you in the future.

                                   Sincerely,

                                   AMVESCAP Group Services, Inc.

                                   By:      /s/ Charles W. Brady
                                       ------------------------------

                                              [Title]

Accepted       3/1/01
         ---------------------------
                  Date

  /s/ Robert F. McCullough
------------------------------------
         Global Partner

<PAGE>

                                  Attachment A
                                       to
                            Global Partner Agreement

         Attachment A to the Global Partner Agreement, dated January 5, 2001,
between Robert F. McCullough and AMVESCAP Group Services, Inc.

Effective Date of Attachment:       January 1, 2005

Duties:                             Chief Financial Officer of AMVESCAP PLC

Base Salary:                        $300,000

AMVESCAP Group Services, Inc.

By:  /s/ James I. Robertson
   -------------------------------
Typed Name:  James I. Robertson
Title:

Global Partner:

  /s/ Robert F. McCullough
----------------------------------
Typed Name: Robert F. McCulloughAMVESCAP PLC
                                                30 Finsbury Square
                                                London, EC2A 1AG
                                                Telephone: 020 7638 0731
                                                Facsimile: 020 7065 3962

[ Date ]

Dear

Re: AMVESCAP PLC - Terms of Appointment as Non-Executive Director

As you are aware, AMVESCAP PLC ("AMVESCAP" or the "Company") is required by
provisions of the United Kingdom Combined Code on Corporate Governance of July
2003 (the "Combined Code") to adopt terms of appointment applicable to all of
its non-executive directors. This letter confirms the terms of your appointment
to this office. You should be aware that your appointment is subject to, inter
alia, the Company's Articles of Association, as amended from time to time (the
"Articles"). If there is a conflict between the terms of this letter and the
Articles then the Articles shall prevail.

ROLE

1.   You are already aware of the manner in which the Company's Board of
     Directors ("Board") is structured and what powers have been retained by the
     Board or delegated by it to the Company's Executive Management Committee.

2.   Non-executive directors have the same general legal responsibilities to the
     Company as any other director. The Board is collectively responsible for
     promoting the success of the Company by directing and supervising the
     Company's affairs. The Board's role is inter alia to:

     a.   provide entrepreneurial leadership to the Company within a framework
          of prudent and effective controls which enable risk to be assessed and
          managed;

                                                Registered in England & Wales
                                                Company Number: 308372
                                                Registered Office:
                                                30 Finsbury Square
                                                London EC2A 1AG

<PAGE>

     b.   determine the Company's strategic objectives, ensure that the
          necessary financial and human resources are in place for the Company
          to meet its objectives, and review management performance; and

     c.   determine the Company's values and standards and ensure that its
          obligations to its shareholders and others are understood and met.

3.   In your role as a non-executive director, you are required to:

     a.   together with the other members of the Board, take decisions
          objectively and in the interests of the Company;

     b.   constructively challenge and contribute to the development of the
          Company's business strategy;

     c.   scrutinise the performance of management in meeting agreed goals and
          objectives and monitor its reporting of the Company's performance;

     d.   satisfy yourself that financial controls and systems of risk
          management are robust and defensible and use reasonable endeavours to
          satisfy yourself that financial information is accurate; and

     e.   assume responsibility for determining appropriate levels of
          remuneration of executive directors and have a prime role in
          appointing, and where necessary removing, senior management and in
          determining appropriate management succession planning.

4.   You will also be required to:

     a.   exercise relevant powers under the Company's Memorandum of Association
          and Articles;

     b.   perform your duties faithfully, efficiently and diligently and use all
          reasonable endeavours to promote the interests and reputation of the
          Company;

     c.   serve to the extent requested by the Board on the Board's Audit
          Committee, the Nomination and Corporate Governance Committee, and the
          Remuneration Committees and attend wherever possible all meetings of
          such committees. The committees' respective terms of reference are
          contained in the AMVESCAP Corporate Governance Manual, as in effect
          from time to time (the "CGM") which will be circulated to you
          separately by the Company Secretary;

     d.   attend wherever possible all general meetings of shareholders of the
          Company;

     e.   attend wherever possible all meetings of the Board, which generally
          meets at least five times a year. (A detailed schedule of the Board
          calendar for the year will be sent to you separately by the Company
          Secretary.);

<PAGE>

     f.   consider all relevant papers in advance of each Board meeting in order
          to ensure that you can play a full part in the work of the Board and
          its committees;

     g.   bring independent judgement to bear on issues of strategy, policy,
          resources, performance and standards of conduct;

     h.   make yourself available (on reasonable notice) to provide ad hoc
          advice to individual directors of the Company;

     i.   provide guidance and direction in planning, developing and enhancing
          the future strategic direction of the Company;

     j.   share responsibility with the other directors for effective control of
          the Company; and

     k.   comply with the Financial Services Authority's Model Code for
          Securities Transactions by Directors of Listed Companies and with any
          code of conduct relating to securities transactions by directors and
          specified employees issued by the Company from time to time.

5.   The Company generally anticipates that you will need to spend 2-3 days per
     month on average fulfilling your duties to the Company. This will include
     the regular Board meetings, annual general meetings of shareholders, and
     Board away-day(s) each year. In addition you will be expected to spend an
     appropriate period of time preparing for each meeting. By accepting this
     appointment you undertake that you will have sufficient time to devote to
     the role to meet the Company's expectations.

6.   As a UK-incorporated company with securities listed on the New York Stock
     Exchange, the Company seeks to adhere to all applicable UK and U.S. laws
     and regulations, including applicable codes of corporate governance. You
     will be expected to carry out your duties in accordance with the principles
     set out in these documents, which principles are generally reflected in the
     terms of reference of our Board, the various Board committees, and in other
     corporate governance guidelines issued by the Company, including the CGM.

7.   The performance of the Board and its committees, and of individual
     directors, is evaluated annually.

8.   If you have any concerns which cannot be resolved about the running of the
     Company or a proposed action, you should ensure that those concerns are
     recorded in the minutes of meetings of the Board or of the applicable
     committee.

9.   You shall, in pursuance of your duties hereunder, be entitled to request
     such information from the Company, its "subsidiary undertakings" (as
     defined in section 258 of the Companies Act 1985, as amended from time to
     time) or its or their employees, consultants or professional advisers, as
     may be reasonably necessary to enable you to perform your role effectively.
     The Company shall use its reasonable endeavours to provide such information
     promptly.

<PAGE>

CODE OF CONDUCT AND CONFIDENTIALITY

By accepting your appointment as a director you also agree to be bound by the
AMVESCAP Directors' Code of Conduct, which contains certain policies and
standards defining the conduct required of all representatives of the Company. A
copy of the Directors' Code of Conduct is contained in the CGM.

During the course of your duties you will also have access to confidential
information belonging to the Company and its subsidiary undertakings (including,
but not limited to, details of suppliers, customers, margins, know-how,
marketing, potential acquisitions and dispositions and other relevant business
information). Unauthorised disclosure of this information could seriously damage
the Company and/or its subsidiary undertakings. You therefore agree not to use
or disclose such information (during your appointment or following termination
by whatever means) save in pursuance of your duties or in accordance with any
statutory obligation or court or similar order.

Your attention is drawn to the rules relating to the disclosure of "price
sensitive information" as generally described in the CGM. You must not make any
statement or do anything which may be a breach of these rules without prior
clearance from one or more of the persons identified in the Company's "Policies
and Guidelines for Dissemination of Price Sensitive Information to the Market,"
which forms a part of the CGM.

OUTSIDE INTERESTS

The agreement of the Company's Executive Chairman and Nomination and Corporate
Governance Committee should be obtained before you accept any new outside
interests or vary any existing commitments which you have already disclosed
which might affect the time that you are able to devote to this appointment.

In accordance with the principles set out in the Combined Code, you must inform
the Company Secretary of any interests which you have, or acquire, which might
reasonably be thought to jeopardise your independence from the Company or which
might create a potential conflict of interest for you.

Following your appointment to the Board, and except as expressly approved in
advance by the Board, you must not take up any management or other employment
position with, or have any material interest (with respect to shareholdings, an
interest of one percent (1%) or more) in, any firm or company which is in direct
or indirect competition with the Company.

The Board has determined you to be independent of the Company for purposes of
your membership on the Board.

INSURANCE

During the period of your appointment as a director, you will be covered by the
Company's directors' and officers' liability insurance on the terms currently in
place for other members of the Board. The Company does not guarantee to maintain
this insurance cover after the termination of your appointment, but you will
continue to be covered by the policy or any replacement on the same basis as the
rest of the Board.

<PAGE>

APPOINTMENT

These terms will apply until the earlier of your retirement or removal from the
Board or your failure to be re-elected by vote of the Company's shareholders on
any occasion when you stand for re-election. Your appointment is terminable by
three months' notice from either the Company or yourself. However, it is
envisaged that it will continue for a period of 36 months. Non-executive
directors are typically expected to serve two three-year terms, although the
Board may invite you to serve an additional period. The continuation of your
appointment depends upon satisfactory performance and re-election at forthcoming
Annual General Meetings by the shareholders of the Company. It is the policy of
the Board that (a) directors will seek re-election not less frequently than
every three years, (b) directors will seek annual re-election after (i)
attaining the age of 70 years or (ii) having served for a period of nine
consecutive years, and (c) effective from May 1, 2004, directors will retire
from the Board at the next Annual General Meeting following their 72nd birthday.

All appointments and reappointments to the Board are, of course, subject to the
Articles. If you are not re-elected to your position by the shareholders at any
time or for any reason, then this appointment shall terminate automatically and
with immediate effect.
On termination of the appointment you shall only be entitled to such fees as may
have accrued to the date of termination together with reimbursement in the
normal way of any expenses properly incurred prior to that date.

REMUNERATION

For your service as a director, the Company will pay you a fee of US$100,000 per
annum (subject to applicable income tax and statutory withholding and
deductions) payable in four equal instalments quarterly in arrears. You will
also be entitled to elect to receive some or all of your fees in the form of
shares in the Company pursuant to the AMVESCAP Deferred Fees Share Plan. The
Company encourages all of its directors to have a personal shareholding in the
Company. It is not the policy of the Company, however, to award share options to
non-executive directors or to facilitate their participation in other
Company-sponsored share incentive arrangements. If circumstances are such that
you spend materially more time fulfilling the duties of the appointment than is
specified in paragraph 5 above, the Board, in its absolute discretion, may
determine that it is appropriate to pay additional fees to you in respect of
that work.

EXPENSES

The Company will reimburse you for any expenses that you may incur properly and
reasonably in performing your duties and which are properly documented.

ACCESS TO THE COMPANY SECRETARY AND GENERAL COUNSEL

You will have access to the advice and services of the Company Secretary and
General Counsel.

INDEPENDENT PROFESSIONAL ADVICE

In some circumstances you may conclude that you need professional advice in
order to discharge your duties as a director. It may also be appropriate for you
to seek advice from independent advisers at the Company's expense. A copy of the
Board's procedures under which directors may obtain such

<PAGE>

independent advice is contained in the CGM. The Company will reimburse the full
cost of any expenditure reasonably incurred in accordance with those procedures.

DATA PROTECTION

By signing this letter you consent to the Company holding and processing
information about you which you may provide or which it may acquire during the
course of your service as a director, provided such use is in accordance with
the UK Data Protection Act 1998 (the "DPA"). In particular you consent to the
Company holding and processing:

a.   personal data relating to you, for administrative and management purposes;
     and

b.   "sensitive personal data" (as defined in the DPA) relating to you.

You also consent to the Company making such information available to:

a.   its affiliated companies in order to further its business interests; and

b.   entities that provide products or services to the Company, regulatory
     authorities, governmental or quasi-governmental organisations and potential
     purchasers of the Company or its business.

THIRD PARTY RIGHTS

The Contracts (Rights of Third Parties) Act 1999 shall not apply to this letter,
except that the confidentiality obligations set out under "Code of Conduct and
Confidentiality" may be enforced (with the consent of the Company and subject to
such conditions as it may impose) by the Company's subsidiary undertakings.
Other than in such a case, no person other than the parties to this letter shall
have any rights under it and it will not be enforceable by any person other than
the parties to it.

GOVERNING LAW

The provisions of this letter shall be governed by and construed in accordance
with English law.

Please sign and return the enclosed copy of this letter to confirm your
agreement to the above terms.

The Company looks forward to working with you in the future.

Yours sincerely,
For and on Behalf of AMVESCAP PLC

/s/ Michael S Perman

Michael S Perman
Company Secretary

<PAGE>

I hereby agree to the above terms of appointment as a non-executive director of
AMVESCAP PLC.

Name .............................

Typed name: ......................

Date .............................

<PAGE>

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