AIM Investments Announces Changes to AIM Global Value Fund, AIM Opport

    Business Editors

    HOUSTON--(BUSINESS WIRE)--Feb. 28, 2005--AIM Investments(R) announced today changes to the management team of AIM Global Value Fund, and to both the management team and investment style of AIM Opportunities I Fund, AIM Opportunities II Fund and AIM Opportunities III Fund.
    Effective today, Glen Hilton becomes the lead manager of AIM Global Value Fund. Mr. Hilton, who has been part of the fund's management team since joining AIM in 2002, replaces Roger Mortimer, who has left the firm.
    Mr. Mortimer's departure also will prompt pending changes to the AIM Opportunities I, II and III Funds. Effective on or about May 23, 2005, the management team for the funds will consist of Derek Izuel (lead), Eric Thaller and Robert Leslie. Mr. Leslie has been a member of the management team since 2000. Additionally, the AIM Opportunities I, II and III Funds' investment style will change from value to core. Mr. Hilton and Mr. Leslie will continue to manage the funds using their current value investment style until the funds' management team and investment style changes are effected on or about May 23, 2005.
    In seeking a new lead manager and management team for the AIM Opportunities I, II and III Funds, AIM looked for a management team with the best fit to the funds' investment objectives (long-term capital growth) and unique structure (the funds have the ability to use such alternative investment techniques as short sales, leverage and derivatives as risk management tools). AIM sought a management team that could combine a competitive performance record with an investment process that is scaleable.
    Mr. Izuel and his team will use a quantitative core strategy that employs a multi-step, quantitative process to construct the portfolios of the AIM Opportunities I, II and III Funds, a strategy that has helped Mr. Izuel and Mr. Thaller produce competitive results for AIM Global Equity Fund.
    The team first uses computer models to screen a large universe of primarily domestic stocks to identify a group of eligible stocks within that universe. The quantitative analysis screens for various factors, including growth/stability of earnings, valuation, profitability, financial strength and stock price volatility. The portfolio managers then perform risk- and transaction-cost analyses on the stocks that were previously identified. When selecting stocks for the fund, the portfolio managers seek to neutralize the effects of certain macro-economic and market factors in an effort to lower the volatility of the fund's returns. Finally, the portfolio managers conduct a qualitative analysis of the stocks selected for the fund's portfolio to confirm the results of the quantitative analysis.
    The AIM Opportunities I, II and III Funds will continue to be positioned as three separate market-cap specific U.S. domestic funds with AIM Opportunities I Fund focused on small-cap stocks, AIM Opportunities II Fund focused on mid-cap stocks, and AIM Opportunities III Fund focused on large-cap stocks.
    Mr. Izuel began his investment career in 1997 as an equity analyst with GT Global. A native of Redondo Beach, Calif., Mr. Izuel received a B.A. in computer science from the University of California-Berkeley and an M.B.A. from the University of Michigan. He is a Chartered Financial Analyst.
    Mr. Thaller came to AIM in 2001, when he joined the management team of AIM Global Equity Fund. Previously, he worked as an equity analyst at Wilshire Associates and Trust Company of the West. Mr. Thaller graduated magna cum laude from the University of California at San Diego with a B.A. in economics. He also earned an M.B.A. with concentrations in finance and statistics from The Wharton School at the University of Pennsylvania. Additionally, he spent a year studying at the London School of Economics.
    Mr. Leslie joined AIM in 1998. He began his investment career in 1985 as a senior investment advisor with United Mine Workers of America Health & Retirement Funds. Among his responsibilities on the $7 billion pension fund were the development and management of option and derivative strategies, the management of a $500 million government and corporate bond portfolio, and the allocation of retirement assets. In 1995, Mr. Leslie left the pension fund to start his own investment firm, Gamma Investment Management, specializing in option management strategies. In 1996, Gamma merged with Darien Capital Management, where Mr. Leslie served as a portfolio manager and partner until joining AIM in 1998. A native of Silver Spring, Md., Mr. Leslie received a B.A. with honors in music performance from Susquehanna University and an M.B.A. in finance from the University of Maryland. Mr. Leslie is a Chartered Financial Analyst, a member of the Houston Society of Financial Analysts, and a member of the Dallas Securities Dealers Association.
    International investing, as does AIM Global Value Fund and AIM Global Equity Fund, presents certain risks not associated with investing solely in the United States. These include, for instance, risks related to fluctuations in the value of the U.S. Dollar relative to the values of other currencies, custody arrangements made for the fund's foreign holdings, political risks, differences in accounting procedures and the lesser degree of public information required to be provided by non-U.S. companies.
    Investing in emerging markets, as does AIM Global Value Fund and AIM Global Equity Fund, involves greater risk and potential reward than investing in more established markets.
    AIM Opportunities I, II and III Funds' long/short investment techniques, along with other alternative investment strategies (e.g., options), present higher risks but also offer the potential for higher rewards. The funds may not be appropriate for all investors.
    Because the funds use short sales and leveraging, expenses are expected to be higher than for traditional mutual funds.
    Investing in small and mid-cap stocks, as does AIM Global Value Fund, AIM Opportunities I Fund and AIM Opportunities II Fund, involves risks not associated with investing in more established companies, such as business risk, stock-price fluctuations and illiquidity.
    The AIM Opportunities I, II and III Funds are non-diversified, which increase risk as well as potential reward.
    The AIM Opportunities I, II and III Funds can currently leverage, or borrow, up to 33 1/3% of their respective net assets and sell short up to 25% of their respective net assets. Please note that leveraging can magnify changes in the funds' net asset value. The funds also can currently invest up to 25% of their respective assets in foreign securities that present risks not associated with investing solely in the United States.
    The AIM Opportunities I, II and III Funds and AIM Global Value Fund may participate in the initial public offering (IPO) market in some market cycles. Because of the fund's small asset base, any investment the funds may make in IPOs may significantly affect the funds' total returns. As the funds' assets grow, the impact of IPO investments will decline, which may reduce the effect of IPO investments on the funds' total returns.
    AIM Global Equity Fund also may participate in the IPO market in some cycles. A significant portion of the fund's returns during certain periods was attributable to its investments in IPOs. These investments have a magnified impact when the fund's asset base is relatively small. As the fund's assets grow, the impact of IPO investments will decline, which may reduce the effect of IPO investments on the fund's total returns. For additional information regarding the impact of IPO investments on the fund's performance, please see the fund's prospectus.

    About AIM Investments

    Houston-based AIM Investments represents one of the nation's leading investment management companies. It is dedicated to building solutions for its clients with exceptional products and services through multiple investment management styles and a broad range of investment portfolios - mutual funds, retirement products, separately managed accounts for high-net-worth and institutional investors, annuities, cash management, college savings plans, alternative investments and offshore products. Founded in 1976, AIM Investments had $138 billion in assets under management as of December 31, 2004. For more information, visit www.aiminvestments.com. AIM Investments is a service mark of A I M Management Group Inc. A I M Advisors, Inc., A I M Capital Management, Inc., AIM Private Asset Management, Inc., and AIM Alternative Asset Management Company, Inc. are the investment advisors for the products and services represented by AIM Investments. A I M Distributors, Inc. is the distributor for the retail mutual funds and Fund Management Company is the distributor for the institutional money market funds represented by AIM Investments.

    About AMVESCAP

    A I M Management Group Inc. is a subsidiary of AMVESCAP PLC, a leading independent global investment manager, dedicated to helping people worldwide build their financial security. Operating under the AIM, INVESCO and Atlantic Trust brands, AMVESCAP strives to deliver outstanding products and services through a comprehensive array of retail and institutional products for clients around the world. The Company, which had approximately $382 billion in assets under management as of December 31, 2004, is listed on the London, New York and Toronto stock exchanges with the symbol "AVZ." Additional information is available at www.amvescap.com.

    Note to editors -- We are required to include the following information with our news release:
    Consider the investment objectives, risks, and charges and expenses carefully before investing. For this and other important information about any AIM fund, please obtain a prospectus from your financial advisor and read it carefully before investing.

    A I M Distributors, Inc., Distributor.

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CONTACT: AIM, Houston David Bachert, 713-214-1465 david.bachert@aiminvestments.com or James Aber, 713-214-7928 james.aber@aiminvestments.com

KEYWORD: TEXAS INDUSTRY KEYWORD: BANKING MANAGEMENT CHANGES SOURCE: AIM

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