RNS Number:4455S
Amvescap PLC
24 November 2003

Contact:    Douglas Kidd
            (404) 479-2922
            Doug_Kidd@amvescap.com


               AMVESCAP ISSUES STATEMENT ON SEC AND NYAG ACTIONS

London, November 24, 2003 --

AMVESCAP PLC is the parent company of INVESCO Funds Group (IFG), a Denver based
manager of retail mutual funds.  IFG has, like many other fund companies,
received detailed requests for information on shareholder trading activities
from the United States Securities and Exchange Commission (SEC) and the Office
of the New York State Attorney General (NYAG), among other regulators.  IFG is
cooperating fully with these regulators and at the same time is conducting an
internal review of these issues, which is ongoing.  Based on this review, we
continue to believe that the actions taken by our Funds have been consistent at
all times with the best interests of Fund shareholders.

IFG has been advised by the staff of the SEC and of the NYAG of their intentions
to recommend civil enforcement actions against IFG based on "market timing"
activities by certain investors in its mutual fund shares.  Under the SEC's
procedures, IFG has an opportunity (so-called Wells submission) to present its
views in support of its position that such action is unwarranted.  IFG intends
to respond with a brief that contains facts, information on industry practices,
and public policy considerations that demonstrate compliance with its
prospectuses, legal obligations, and most importantly, its fiduciary duty to
clients.

IFG has never knowingly permitted late trading in fund shares and supports
actions that can be taken to strengthen protection of funds against late trading
by intermediaries. Furthermore, IFG has policies in place to prevent the
inappropriate distribution of confidential information regarding fund portfolio
holdings. IFG also has policies in place designed to detect harmful personal
trading by portfolio managers and senior management.  Our internal review has
found that these policies have been effective.

Asset allocation strategies, which result in market timing, have been a very
complicated issue for the mutual fund industry to manage for some time.  IFG,
like many fund companies, recognized the challenge of supporting the legitimate
investment style of asset allocation while preventing short-term trading where
it could be harmful.  The collective judgment of IFG's management was that Fund
shareholders' best interests were served by trying to monitor all investors
utilizing investment models calling for frequent asset allocation, rather than
remaining vulnerable to uncontrolled short-term traders who would go in and out
of the funds when they chose, in dollar amounts they chose, and at a frequency
and velocity they chose, all with the potential harm that such uncontrolled
trading could cause.

To accomplish this IFG determined it could better control certain asset
allocators and momentum investors by restricting them to certain funds which, in
its judgment, would not be adversely affected by their activities. This was done
after consultation with investment professionals and included restrictions and
limitations designed to protect the Funds and their shareholders.

IFG's Fund prospectuses include guideline limits on the number of exchanges Fund
shareholders may make.  These guidelines were constantly monitored.  Where
exceptions were made for legitimate asset allocation strategies, restrictions,
consistent with our overall policies designed to protect the Funds from harmful
activity, were imposed.  These restrictions included limitations on the dollar
amount and frequency of exchanges, restrictions on the Funds in which exchanges
could be made, restrictions on when exchanges could be made, and reservation of
the right to reject any exchange. In addition, it was IFG's practice to have
these exceptions reviewed by the investment department.

Any investor subject to restricted trading capacity who violated those
restrictions was further reduced in scope or quickly terminated.  During the
last 12 months, IFG has terminated trading privileges for clients representing
over $500 million in assets.

These limitations and restrictions were adjusted whenever IFG thought it
necessary to protect the Funds and their shareholders in light of changing
market conditions, investment strategies, or the portfolio manager's
reassessment of what could be appropriately handled.  In applying these
standards, there was never a requirement that any investor maintain other
investments in exchange for additional trading capacity.

These industry-wide issues have yet to be resolved by regulators, and both the
SEC and the fund industry continue to study the feasibility of new regulations
that will further clarify this important topic. Meanwhile, IFG has terminated
all such arrangements.

AMVESCAP is committed to taking all prudent steps both on its own and as part of
an industry-wide effort to remedy the issues that stem from short-term trading
transactions of mutual fund shares.  For many years, AMVESCAP has worked hard to
earn and maintain the confidence and trust of millions of Fund shareholders.
AMVESCAP pledges to maintain that trust by continuing to conduct its business in
accordance with the highest legal and ethical standards.

ABOUT AMVESCAP

AMVESCAP PLC 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.  AMVESCAP had
$345 billion in assets under management as of September 30, 2003.  The company
is listed on the London, New York, Paris, and Toronto stock exchanges with the
symbol 'AVZ'.  For more information, please visit www.amvescap.com.






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