Invesco Denies It Knowingly Permitted Market Timin

Nov. 25, 2003 -- AMVESCAP PLC (AVZ), the parent of Denver-based Invesco Funds, said Invesco "never knowingly permitted late trading in fund shares" in response to requests for information on trading activities from the Securities and Exchange Commission, the New York Attorney General, and other regulators.

Amvescap also said that Invesco supports actions that can be taken to strengthen protection of funds against late trading by intermediaries, adding that the retail fund complex has "policies in place to prevent the inappropriate distribution of confidential information regarding fund portfolio holdings," and "to detect harmful personal trading by portfolio managers and senior management."

Invesco, which has been advised by regulators of their intentions to recommend civil enforcement actions against the firm based on "market timing" activities by certain investors in its mutual fund shares, noted it is cooperating fully with these regulators, and is also conducting an ongoing internal review of these issues.

Invesco said it believes that such enforcement actions are "unwarranted."

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