Document:

Global Partner Agreement

Dear Robert H. Graham:
     ----------------

         A I M Management Group Inc., (the "Company"), part of the AMVESCAP
Group, wishes to employ you as a Global Partner under the terms and conditions
set forth in this letter. The term "Global Partner" is used throughout the
AMVESCAP Group to refer to the most senior group of officers and employees. The
purpose of this letter is to articulate the terms and conditions of your
employment. This letter agreement also extinguishes and replaces your previous
Global Partner Agreement.

         It is important to note at the outset that both the Company and
AMVESCAP Group consider you an important part of its continued success. Further,
please note that under the terms of this letter agreement, which is a binding
contract, neither the Company nor you has any right to terminate the employment
relationship except as set forth below.

          1. Duties Of Employment

          You agree to perform the duties assigned to you by the Company as more
specifically  stated in an  attachment  to this letter.  The  attachment  may be
modified in the future if you and the Company agree in writing.  You  understand
and agree that during your employment relationship with the Company, you are not
allowed,  without proper prior approval,  to perform any business activities for
any person or entity  other than the Company or another  company that is part of
the  AMVESCAP  Group.  Of  course,  if you obtain the  Company's  prior  written
approval, you may perform other business activities.

          It is  your  obligation  to  comply  with  all  Company  policies  and
procedures,  including those set forth in any Code of Ethics and other materials
distributed by the Company to its employees.  Further,  you agree to comply with
all applicable rules and regulations that pertain to the Company's business.

          As a Global Partner you have important duties to the Company: the duty
to refrain from dealing in your self interest above that of the  Company's,  the
duty to disclose any  information  that  indicates  that you may be exposed to a
conflict of interests,  the duty of loyalty,  and the duty to refrain from using
the  Company's  business  opportunities  for your own benefit.  These  fiduciary
obligations  and others  arise  because of the unique trust and  confidence  the
Company places in you as a Global Partner.

          2. Compensation

          Your annual salary is set forth in an  attachment to this letter.  You
will also receive certain bonuses and stock awards as approved from time to time
by the Company.  The  attachment  may be modified in the future as agreed by you
and the Company in writing.

<PAGE>

          3. Term

          The term of your employment relationship with the Company shall be for
one  year  from  the date of your  signature  on this  letter.  This  term  will
automatically  renew at the end of the initial  term for  another  year and will
continue to renew every year,  unless your  employment is terminated in a manner
specified below. In no event will the term of your employment  relationship with
the  Company  be less  than the  unexpired  period  of any  notice  of intent to
terminate  given as set forth below.  Your  employment can only be terminated as
specifically set forth below.

                    A. Termination Effective After Expiration of Notice Period

          Either you or the Company  ma~ate the employment  relationship  at any
time during the initial term or any renewal,  upon 4 * (see Note) months written
notice to the other  party.  Notice of intent to  terminate  will be  considered
given upon mailing or actual receipt, whichever occurs first. Whether you or the
Company give the notice of  termination,  your  employment will continue for the
entire notice period.  The effective  date of the  termination of the employment
relationship will be the last day of the notice period.

[Note:  The Company is willing to agree to a minimum four month  notice  period,
but will accept up to twelve months as a reasonable  notice period.  Please fill
in and initial the notice  period  that you  desire.  If you do not  designate a
number  of  months  in the  blank or if you  designate  a number  less than four
months, you are agreeing to the default notice period of four months.]

                    B. Termination by Mutual Agreement

          You  and  the  Company  can,  effective  immediately,   terminate  the
employment  relationship  without cause or notice, but such a mutual termination
will only be effective if you and the Company both agree to the  termination  in
writing.  Such an agreement must be signed by the Chief Executive Officer of the
Company to be effective.

                    C. Termination with Cause

          Your employment may be terminated  effective  immediately upon written
notice if the Company  believes in good faith that you engaged in the  following
conduct:

          1.        After  written  notice,  any  continuing  violation  of this
                    agreement  or  Company  policies  or  procedures;
          2.        Your conviction of committing a criminal act;
          3.        Any violation of law or  regulation  related to the business
                    of the Company or  affecting  your  ability to perform  your
                    duties;
          4.        Your bankruptcy or insolvency.

                                      -2-
<PAGE>

          You  may  terminate  your  employment  effective  immediately  if  the
Company,  after written notice, has engaged in any continuing  violation of this
letter agreement and has not cured such violation within a reasonable  period of
time.

                              D. Termination Due to Death or Disability

          In the event of your  death,  or  disability  to the  extent  that you
cannot  perform  the  essential  functions  of  your  position  with  reasonable
accommodation,  your employment will be terminated  effective on the last day of
the month that such death or disability  occurs. We mutually  recognize that the
Company has a disability plan that is separate from this letter agreement.

          4. Confidential Information

          A critical  aspect of your  position is your  access to trade  secret,
proprietary,  and confidential  information.  For example, your knowledge of the
exact  amounts  and  holdings  of   Company-related   investment   positions  is
confidential.  While some of that information may eventually be made public, the
information is extremely sensitive and is to be treated as confidential until it
is released.  Likewise, computer models and programs developed by the Company or
purchased by it are proprietary and confidential.  Other information the Company
possesses as trade  secrets or  confidential  information  include its marketing
strategies, marketing plans, compensation arrangements, benefit plans, and ideas
and inventions of its employees.

          These are simply  examples  of the types of  information  the  Company
considers trade secret and/or confidential.  As time passes, the Company will no
doubt develop new  categories of  information  it considers  trade secret and/or
confidential.  As this occurs,  the Company will identify such new categories of
information and remind you of your obligation to treat it as  confidential.  The
importance  of all of the  types  of  information  identified  here is that  the
Company's  competitors do not have permitted  access to this information and are
thus unable to use it to compete with the Company.  Accordingly,  these types of
information create a competitive  advantage for the Company and are economically
valuable.  Thus,  you agree not to  disclose  or use any ofthe  Company's  trade
secret and/or  confidential  information  for your own benefit or the benefit of
anyone  other than the  Company,  during your  employment  or for six (6) months
after the effective date of the termination of your employment relationship with
the Company.

          5. Company Employees And Customers

          You agree  that,  in the event of the  termination  of the  employment
relationship  between  you and the  Company,  you will not  solicit  or hire any
Company employees for a period of six (6) months after the effective date of the
termination of your employment relationship with the Company. Further, you agree
that you will not solicit the business  relationships  you developed or acquired
while working for the Company or another  company  affiliated  with the AMVESCAP
Group for a period of six (6) months after the effective date of the termination
of your employment.

                                      -3-
<PAGE>

          6. Inventions And Ideas

          Since the Company is paying you for your time and  efforts,  you agree
that all  information,  ideas,  and inventions you develop while employed by the
Company related in any way to the Company's  business,  are the sole property of
the Company. This includes all investment models,  processes,  and methodologies
you develop while employed by the Company.  Indeed,  one of the reasons for your
employment is the creation of such ideas.  This  information is confidential and
trade secret information as discussed above. You understand that the Company may
seek to patent or to obtain  trademark or copyright  protection  related to such
information,  ideas, and inventions, and that, if necessary, you will assign any
interest you may have in such information,  ideas, and inventions you develop to
the Company.

          7. Return of Company Property

          Upon the  termination  of your  employment,  you agree to  return  all
property of the Company. To the extent such property is information of which you
have detailed  knowledge but no electronic or other  documents  containing  such
information,  you agree to itemize such  information  in writing for the Company
prior to the effective date of the termination of your employment.

          8. Assignment

          You agree that this  letter  agreement  may be  assigned  to any other
entities in the AMVESCAP  Group,  or to any successor  company by acquisition of
either the Company's  stock or its assets.  In the case of such an assignment by
the Company,  you  understand  and agree that you would  continue to be bound by
this letter agreement.  No such assignment,  without your consent, shall require
you to change your duties or to move from your principal residence.

          9. Choice of Law and Forum

          We agree  that,  in the event of a  disagreement  between  you and the
Company  about any aspect of your  employment  with the  Company or this  letter
agreement,  Texas substantive law, without regard to Texas' choice of law rules,
will govern any litigation or proceeding brought by either party. You also agree
that any litigation or proceeding  shall be brought in Harris County,  Texas, in
either state or federal court, as appropriate.

          10. Notice

          We  agree  that  any  notice  that is to be given  under  this  letter
agreement is properly given when delivered in person,  by certified  mail, or by
over night delivery such as Federal Express.

                                      -4-
<PAGE>

          11. Prior Agreements

          This letter  agreement  extinguishes and replaces any previous written
employment agreement between you and the Company.

          We are very grateful for the significant  contributions you are making
to the Company and look forward to working with you in the future.

                                            Sincerely,

                                            A I M Management Group Inc.

                                            By:     /s/ Gary T. Crum
                                                 -------------------------------
                                                 Executive Vice President

Accepted:  12/27/00
         ---------------

  /s/ Robert H. Graham
------------------------
      Global Partner

<PAGE>

                                  Attachment A
                                       to
                            Global Partner Agreement

         Attachment A to the Global Partner Agreement, dated December 27, 2000,
between Robert H. Graham and A I M Management Group, Inc.

Effective Date of Attachment:       January 1, 2004

Duties:                             Chief Executive Officer of A I M Management
                                    Group, Inc.

Base Salary:                        $500,000

A I M Management Group, Inc.

By:  /s/ Mark H. Williamson
    --------------------------
Typed Name: Mark H. Williamson
Title: CEO

Global Partner:

  /s/ Robert H. Graham
---------------------------
Typed Name: Robert H. GrahamEMPLOYMENT AGREEMENT

          This Employment  Agreement is made and entered into as of the 10th day
of June 1994 by and between Hubert L. Harris.  Jr.  (hereinafter  referred to as
the Global Partner) and INVESCO Group Services.  Inc.  (hereafter referred to as
the Company).

          WHEREAS,   the  Company  desires  to  employ  the  Global  Partner  in
accordance with the terms and conditions  hereinafter set forth,  and the Global
Partner  desires  to  accept  employment  with  the  Company  on the  terms  and
conditions hereinafter set forth; and

          WHEREAS,  the  Company  is a member  of a group of  related  companies
(collectively, the "INVESCO Group");

          WHEREAS,  Global Partner  acknowledges that the proprietary  customer,
operations, financial, and business information that has been learned or will be
learned about the business of the Company and/or the INVESCO Group could be used
to harm the  interests  of the  Company  and/or  the  INVESCO  Group or  compete
unfairly  with the Company  and/or the INVESCO  Group and could also be of great
value to the competitors of the Company and/or the INVESCO Group; and

          WHEREAS,  Global Partner further  acknowledges  that such  proprietary
customer, operations, financial, and business information has been developed and
will be  developed  during the course of Global  Partner's  employment  with the
Company  through  the  expenditure  by Company or other  entities in the INVESCO
Group of substantial effort, time and money;

          NOW,  THEREFORE,  for and in consideration of the mutual covenants and
agreements  hereinafter  set forth and other  good and  valuable  consideration,
receipt, adequacy and sufficiency of which are hereby acknowledged,  the parties
hereto covenant and agree as follows:

          1. Employment and Duties.

          The  Company  agrees to employ  the Global  Partner  to  perform  such
services,  duties  and  responsibilities  as are  assigned  him by the  Board of
Directors   of  the  Company  or  its  duly   authorized   representative   (the
"Employment").  During the term of this Agreement,  the Global Partner agrees to
be a full-time  employee of the Company and to devote his full  exclusive  time,
energy and skill to the  business of the Company and the INVESCO  Group.  During
the term of this Agreement, the Global Partner may engage in personal investment
activity,  charitable  work and,  subject to the prior  written  approval of the
Company, other business activity. The Global Partner will not however, engage in
any business or activity  that is  competitive  with the activity of the Company
and the INVESCO Group, or will result in any violation of the Company's policies
or in a conflict of interest  with .the  Company and the business of the Company
and the INVESCO Group or with the duties of the INVESCO Group to its clients, or
materially affect the Global Partner's ability to perform his duties. The Global
Partner further  undertakes to comply with any applicable  rules and regulations
of or relating to any statutory or regulatory body within whose jurisdiction any
part of the business of the Company or the INVESCO Group falls.

          2. Compensation and Benefits.

          Global Partner shall be entitled to the  compensation and benefits set
forth at Exhibit" A" to this Agreement.  Exhibit "A" may be amended from time to
time, such amended or replacement  Exhibit "A" to take effect when signed by the
Company and the Global Partner.

          3. Termination of Employment by Company or Global Partner.

          Both Company and Global Partner agree that, except as provided in this
Section  and in

Section 4, and except as may be agreed in writing by the parties hereto, the
Employment may be terminated by either party for any reason effective as of a
date one year after receipt of notice of such termination by either party. The
Company may terminate employment under this Agreement immediately by notice in
writing if at any time during the term of this Agreement, the Global Partner:
(a) shall be guilty of or commit any serious misconduct tending, in the
reasonable opinion of the Board of Directors of the Company, to bring the Global
Partner or the Company or any member of the INVESCO Group into disrepute; (b)
shall have committed any breach of the Global Partner's obligations hereunder
which, in the reasonable opinion of the Board of Directors of the Company, is
material or in any way detrimental to the interests of the Company or any member
of the INVESCO Group; (c) has repeated or continued (after warning in writing)
any breach (whether or not material) of the Global Partner's obligations
hereunder; (d) shall commit any act of bankruptcy or become insolvent or; (e)
shall be guilty of persistent insobriety or be convicted of any criminal offence
involving the Global Partner's integrity or honesty.

          Any unpaid salary that has accrued  through the effective  termination
date will be paid to the Global Partner upon the effective  termination date or,
if the Global Partner has given notice for such termination, on the next regular
pay date. Any unpaid bonuses which were awarded prior to the date of termination
will be paid within a reasonable  time.  Following a notice of termination,  the
parties may,  but are not  obligated  to,  enter into an agreement  establishing
transition  compensation  and  employee  obligations  which  differ  from  those
provided by this Agreement.

          4. Termination of Employment Because of Death or Disability.

          Global  Partner's  employment  shall be  terminated as a result of his
death or,  immediately  on notice by the Company to such effect,  his disability
which prevents him from performing the essential duties of the position he holds
at  that  time  with  reasonable  accommodation.  The  Global  Partner,  or  his
beneficiary  or estate,  will be entitled to receive any base salary  accrued or
bonuses  awarded,  if any,  prior to the date the  Global  Partner's  employment
terminates due to disability or death, and any disability or death benefits paid
under any  insurance  plan which may be maintained by the Company at the time of
the Global Partner's disability or death.

          5. Confidentiality.

          Global  Partner agrees that both during the term of this Agreement and
after the termination of this Agreement, Global Partner will hold in a fiduciary
capacity for the benefit of the Company, and will not directly or indirectly use
or disclose  (except as authorized in writing by the Company) any  "Confidential
Information," as defined hereafter. The term "Confidential  Information" as used
in this  Agreement  shall mean and include any  information,  data and  know-how
relating to the business of the Company and the INVESCO  Group that is disclosed
to the Global Partner by the Company (or a member of the INVESCO Group) or known
by him as a result of his  relationship  with the Company and the INVESCO  Group
and not generally  within the public domain  including,  but not limited to, all
intellectual  property  and  proprietary  research  developed by and/or known to
Global  Partner  during his  Employment  with the INVESCO Group  (including  the
Company). The term "Confidential  Information" does not include information that
has become generally  available to the public by act of one who has the right to
disclose such information  through  presentation or otherwise  without violating
any right of the Company, any member of the INVESCO Group or the client to which
such information pertains.

          6. Right to Material: Return of Material.

          Global  Partner  agrees that all records,  files,  memoranda,  data in
machine readable form,  reports,  fee lists,  customer lists,  drawings,  plans,
sketches,  documents  and the like,  relating to the  business

<PAGE>

of the Company, including, but not limited to, all intellectual property and
proprietary research which the Global Partner shall use or develop or come in
contact with in the course of or as the result of his employment with the
Company or any member of the INVESCO Group shall remain the sole property of the
Company and/or the INVESCO Group (as the case may be).

          Upon termination of Global  Partner's  employment with the Company for
any reason or, on request,  at any time, Global Partner will deliver promptly to
Company all materials,  documents,  plans, records, notes, drawings, designs, or
papers and any copies thereof in Global Partner's possession or control relating
in any way to the business of the Company and/or the INVESCO Group, which at all
times shall be the property of Company.

          7. Work for Hire Acknowledgment: Assignment.

          Global Partner  acknowledges  that all of Global Partner's work on and
contributions  to  the  business  of  the  Company  and/or  the  INVESCO  Group,
including,  without limitation,  any and all investment models,  processes,  and
methodology or any other contribution to such business (such as designs, artwork
and other expressions in any tangible medium)  (collectively,  the "Works ") are
within the scope of Global Partner's  employment and are a part of the services,
duties and  responsibilities of Global Partner.  All of Global Partner's work on
and  contributions to the Works will be rendered and made by Global Partner for,
at the instigation of, and under the overall  direction of the Company,  and all
of Global Partner's said work and  contributions,  as well as the Works, are and
at all times  shall be  regarded as "work made for hire" as that term is used in
the  United  States  Copyright  Laws.   Without   curtailing  or  limiting  this
acknowledgment,  Global Partner hereby assigns,  grants and delivers exclusively
to the Company all rights,  titles,  and interests in and to any such Works, and
all copies and versions,  including all copyrights and renewals.  Global Partner
will execute and deliver to Company,  or its successors and assigns,  such other
and further assignments,  instruments and documents as Company from time to time
reasonably  may  request  for  the  purpose  of  establishing,  evidencing,  and
enforcing  or  defending  its  complete,  exclusive,  perpetual,  and  worldwide
ownership of all rights, titles, and copyrights, in and to the Works, and Global
Partner   hereby   constitutes   and   appoints   Company   as  its   agent  and
attorney-in-fact,  with full power of substitution,  to execute and deliver such
assignments,  instruments  or documents as Global  Partner may fail or refuse to
execute and deliver,  this power and agency  being  coupled with an interest and
being irrevocable.

          8. No Solicitation and Non-Competition.

          Except as may be agreed in writing by the parties  hereto,  the Global
Partner  shall  not at any time  prior to one year  after  the date of notice of
termination of the Global Partner's employment with the Company:

          1.        directly or indirectly  hire or employ in any  capacity,  or
                    solicit the  employment of or offer  employment to or entice
                    away or in any other manner  persuade any person employed by
                    the Company or any member of the INVESCO  Group to leave the
                    employ of such company; or

          2.        compete,  directly  or  indirectly,  with the Company or any
                    member  of the  INVESCO  Group.  For  the  purposes  of this
                    Agreement,  "compete  with the  Company or any member of the
                    INVESCO Group" means:

                              to engage in, participate or assist, whether as an
                              employee,  consultant,  agent, director,  officer,
                              trustee.  owner or partial  owner (other than as a
                              passive  investor of publicly  traded

<PAGE>

                              stock which represents less than one percent of
                              the equitable ownership of an enterprise), in or
                              on behalf of any planned or existing business
                              organization (i) that is engaged in the business
                              carried on by the Company, or any member of the
                              INVESCO Group or (ii) whose existing or
                              anticipated activities, services or products are
                              otherwise competitive with the business carried on
                              by the Company, or any member of the INVESCO
                              Group, within the continental United States, or
                              within any area in which the Company or Global
                              Partner has engaged in the business carried on by
                              the Company or any member of the INVESCO Group at
                              any time during Global Partner's employment with
                              the Company.

          9. Relief.

          The parties  acknowledge  that a breach or threat to breach any of the
terms  of this  Agreement  by  Global  Partner  would  result  in  material  and
irreparable  damage and injury to  Company,  and that it would be  difficult  or
impossible  to establish  the full  monetary  value of such  damage.  Therefore,
Company  shall be  entitled  to  injunctive  relief  by a court  of  appropriate
jurisdiction in the event of Global Partner's breach or threatened breach of any
of the  terms  contained  in this  Agreement.  In the  event  of any  breach  or
threatened breach of this Agreement by Global Partner,  if Company should employ
attorneys  or incur other  expenses for the  enforcement  of any  obligation  or
agreement of Global Partner  contained  herein,  Global Partner shall  reimburse
Company for its reasonable attorneys' fees and such other expenses so incurred.

          10. Assignments.

          The terms and provision of this  Agreement  shall inure to the benefit
of and be binding upon the Company and its successors and assigns,  and upon the
Global Partner and his heirs and personal representatives.

          11. Applicable Law.

          This  Agreement  has been entered into in and shall be governed by and
construed under the internal laws of the State of Georgia.

          12. Notice.

          Any  notice  required  or  permitted  to be  given  pursuant  to  this
Agreement  shall be deemed  sufficiently  given when delivered in person or when
deposited in the United States mail or by Federal  Express or similar  overnight
delivery service or by telecopy or fax.

          13. Term.

          Except as provided in Sections 3 and 4, the parties  hereto agree that
this  Agreement  shall be  automatically  renewed and  extended  from day to day
beginning on the date hereof.

          14. Gender.

          All pronouns or any  variations  thereof  contained in this  Agreement
refer to the masculine,  feminine or neuter, singular or plural, as the identify
of the person or the persons may require.

<PAGE>

          15. Non waiver.

          The failure of Company to insist upon strict  performance of the terms
of this Agreement or to exercise any option herein,  shall not be construed as a
waiver or a relinquishment  for the future or such term or option,  but that the
same shall continue in full force and effect.

          16. Interpretation: Severability of Invalid Provisions.

          All  rights  and  restrictions  contained  in  this  Agreement  may be
exercised  and shall be  applicable  and binding only to the extent that they do
not violate  any  applicable  laws and are  intended to be limited to the extent
necessary  so that they will not  render  this  Agreement  illegal,  invalid  or
unenforceable.  If any  term  of this  Agreement  shall  be held to be  illegal,
invalid or  unenforceable  by a court of competent  jurisdiction,  the remaining
terms shall remain in full force and effect. The provisions of this Agreement do
not in any way limit or abridge the  Company's  rights  under the laws of unfair
competition,  trade secret, copyright, patent, trademark or any other applicable
law(s), all of which are in addition to and cumulative of Company's rights under
this  Agreement.  The  existence  of any claim by  Global  Partner  against  the
Company, whether predicated on this Agreement or otherwise, shall not constitute
a defense  to  enforcement  by the  Company of any or all of such  provision  or
covenants.

          17. Entire Agreement.

          This Agreement  constitutes the entire  agreement  between the Company
and Global Partner with respect to the subject matter,  and supersedes any prior
agreements or understanding with respect to the. subject matter.

          IN WITNESS  WHEREOF,  the parties hereto have caused this Agreement to
be executed under seal as oithe day and year first above written.

                                            "Company"

                                            INVESCO Group Services, Inc.

                                            By:     /s/  Charles W. Brady
                                                 -------------------------------

                                            Title:  Chairman
                                                   -----------------------------

                                            "Global Partner"

                                                    /s/  Hubert L. Harris, Jr.
                                            ------------------------------------
                                            Hubert L. Harris, Jr.         (Seal)

<PAGE>

                                    Exhibit A
                                       to
                              Employment Agreement

          Exhibit A to the Employment  Agreement,  dated June 11, 1994,  between
Hubert L. Harris, Jr. and INVESCO Group Services, Inc.

Effective Date of Exhibit: January 1, 2004

Duties:                         Chief Executive Officer of INVESCO North America

Base Salary:                    $441,000

AMVESCAP Group Services, Inc. (f/k/a INVESCO Group Services, Inc.)

By:  /s/ James I. Robertson
   -------------------------------
Typed Name:  James I. Robertson
Title: CEO

Global Partner:

  /s/ Hubert L. Harris, Jr.
---------------------------------
Typed Name: Hubert L. Harris, Jr.

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