We discuss the exhaustion″ problem in the context of the periodic Anderson model using iterated perturbation theory (IPT) within the dynamical mean-field theory. WE find that, despite its limitations, IPT captures the exhaustion physics, which manifests itself as a dramatic, strongly energy-dependent, suppression of the effective hybridization of the self consistent Anderson impurity problem. As a consequence, low-energy scales in the lattice case are strongly suppressed compared to the Kondo scale″ in the single impurity picture. The IPT results are in qualitative agreement with recent Quantum Monte Carlo results for the same problem.