AIM and Invesco to Fold Funds, Cut Jobs

June 13, 2003 -- AIM Investments and Invesco Funds Group, both units of AMVESCAP PLCADS (AVZ) are planning to merge away 14 Invesco funds and six AIM funds.

Ivy McLemore, a spokesman for AIM, said the restructuring involves a total of $4.5 billion in mutual fund assets, and will result in Invesco losing six investment professionals, while AIM will lose none.

The spokesman would not name the investment professionals affected by the job losses.

On completion of the reorganization, AIM will have 55 funds down from 61 currently, and Invesco's lineup will comprise 19 portfolios, down from 33 currently.

The spokesman added that this reorganization "will allow both AIM and Invesco to concentrate on managing their core products, their areas of expertise. Invesco will focus primarily on sector funds and U.S. small and mid-cap growth funds."

Separately, Charles P. Mayer, director of value and fixed-income investments for Invesco Funds Group, will leave the firm effective July 15.

Moreover, effective July 1, the management team for INVESCO Core Equity Fund/A (ICEAX) will be Michael Heyman, Sean Katof, Mark Lattis and Jeffrey G. Morris. This portfolio is currently managed by Charles Mayer and Jeffrey Morris.

Also effective July 1, the management team of INVESCO Balanced Fund/A (IBLAX) will be Kenneth R. Bowling, Heyman, Stephen M. Johnson, Richard J. King and Mark Lattis. This portfolio is presently managed by Charles Mayer, Richard Hinderlie and Peter Lovell.

Based in Houston, AIM Investments had $115 billion in assets under management as of March 31.

Based in Denver, Invesco Funds Group had $19 billion in assets under management as of March 31.

The reorganizations are expected to close in November 2003, pending shareholder approval.

FUND TO BE MERGEDACQUIRING FUNDMANAGERS (S) OF SURVIVING FUND

AIM Global Energy Fund/A (GTNAX) INVESCO Energy Fund/A (IENAX) John S. Segner- Invesco

AIM Global Financial Services Fund/A (GFSAX) INVESCO Financial Services Fund/A (IFSAX) Joseph W. Skornicka-Invesco

AIM Global Science & Technology Fund/A (GTTCX) INVESCO Technology Fund/A (ITYAX) William R. Keithler-Invesco

AIM New Technology Fund/A (ANTAX) INVESCO Technology Fund/A (ITYAX) William R. Keithler-Invesco

INVESCO Telecommunications Fund/A (ITLAX) INVESCO Technology Fund/A (ITYAX) William R. Keithler-Invesco

AIM Global Utilities Fund/A (AUTLX) INVESCO Utilities Fund/A (IAUTX) Jeffrey G. Morris-Invesco

AIM International Core Equity Fund/A (IAVAX) INVESCO International Blue Chip Value/A (IBVAX) Team managed by Invesco Global Asset Management (N.A.) Inc.

INVESCO Advantage Fund/A (IADAX) AIM Opportunities III Fund/A (LCPAX) Steven A. Brase, Brant H. DeMuth, Robert C. Leslie, Charles D. Scavone--AIM

INVESCO Balanced Fund/A (IBLAX) INVESCO Total Return Fund/A (IATRX) Kenneth R. Bowling, Michael Heyman, Stephen M. Johnson, Richard J. King, Mark Lattis--Invesco

INVESCO Cash Reserves FundAIM Money Market FundTeam managed by AIM Advisors Inc.

INVESCO European Fund/A (IEUAX) AIM European Growth Fund/A (AEDAX) Jason T. Holzer, Clas G. Olsson-- AIM

INVESCO Growth Fund/A (IAGWX) AIM Large Cap Growth Fund/A (LCGAX) Geoffrey V. Keeling, Robert L. Shoss--AIM

INVESCO Growth & Income Fund/A (IGIAX) AIM Blue Chip Fund/A (ABCAX) Monika H. Degan, Kirk L. Anderson--AIM

INVESCO High Yield Fund/A (IAHYX) AIM High Yield Fund/A (AMHYX) Carolyn L. Gibbs--AIM

INVESCO Real Estate Opportunity Fund/A (IAREX) AIM Real Estate Fund/A (IARAX) Joe V. Rodriguez, Jr., Mark D. Blackburn, James W. Trowbridge-- Invesco

INVESCO Select Income Fund/A (IASIX) AIM Income Fund/A (AMIFX) Robert G. Alley, Jan H. Friedli, Carolyn L. Gibbs, Scot W. Johnson--AIM

INVESCO Tax Free Bond Fund/A (IXBAX) AIM Municipal Bond Fund/A (AMBDX) Richard A. Berry, Stephen D. Turman-- AIM

INVESCO Tax Free Money Fund (FFRXX) AIM Tax Exempt Cash Fund (ACSXX) Team managed by AIM Advisors Inc.

INVESCO US Government Securities Fund/A (IGVAX) AIM Intermediate Government Fund/A (AGOVX) Scot W. Johnson, Clint W. Dudley--AIM

INVESCO Value Equity Fund/A (IAVEX) AIM Large Cap Basic Value Fund/A (LCBAX) Bret W. Stanley, R. Canon Coleman II, Matthew W. Seinsheimer, Michael J. Simon--AIM

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