. . . [AIM INVESTMENTS LOGO] P.O. BOX 9112 - --Registered Trademark-- FARMINGDALE, NY 11735 999 999 999 999 99 AIM V.I. DEMOGRAPHIC TRENDS FUND (THE "FUND") PROXY SOLICITED BY THE BOARD OF TRUSTEES (THE "BOARD") AN INVESTMENT PORTFOLIO OF AIM VARIABLE INSURANCE FUNDS PROXY FOR SPECIAL MEETING OF SHAREHOLDERS TO BE HELD OCTOBER 31, 2006 The undersigned hereby appoints Robert H. Graham, Phil A. Taylor, John M. Zerr, and Sidney M. Dilgren, and any one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Special Meeting of Shareholders on October 31, 2006, at 3:00 p.m., Central Time, and at any adjournment or postponement thereof, all of the shares of the FUND which the undersigned would be entitled to vote if personally present. IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED "FOR" THE APPROVAL OF THE PROPOSAL. PROXY MUST BE SIGNED AND DATED BELOW. Dated 2006 -------------------- -------------------------------------------------- -------------------------------------------------- Signature(s) (if held jointly) (SIGN IN THE BOX) NOTE: PLEASE SIGN EXACTLY AS YOUR NAME APPEARS ON THIS PROXY CARD. All joint owners should sign. When signing as executor, administrator, attorney, trustee or guardian or as custodian for a minor, please give full title as such. If a corporation, limited liability company, or partnership, please sign in full entity name and indicate the signer's position with the entity. PLEASE FILL IN BOX AS SHOWN USING BLACK OR BLUE INK OR NUMBER 2 PENCIL. [X] PLEASE DO NOT USE FINE POINT PENS. THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD. THE BOARD RECOMMENDS VOTING "FOR" THE PROPOSAL. FOR AGAINST ABSTAIN 1. Approve a Plan of Reorganization under which all of the assets and [ ] [ ] [ ] liabilities of AIM V.I. Demographic Trends Fund (the "Fund"), a portfolio of AIM Variable Insurance Funds ("Trust"), will be transferred to AIM V.I. Capital Appreciation Fund ("Buying Fund"), also a portfolio of Trust, and Trust will issue shares of each class of Buying Fund to shareholders of the corresponding class of shares of the Fund. PROXIES ARE AUTHORIZED TO VOTE ON A PROPOSAL TO ADJOURN THE MEETING, AND, TO VOTE IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENT OR POSTPONEMENT THEREOF. PLEASE VOTE, SIGN AND DATE THIS PROXY CARD AND RETURN IT IN THE ENCLOSED ENVELOPE. ' ------------------------------------------------------------------- FOUR EASY WAYS TO VOTE YOUR VOTING INSTRUCTION CARD INTERNET: Go to WWW.XXXXXX.XXX and follow the online directions. [AIM INVESTMENTS LOGO] TELEPHONE: Call 1-XXX-XXX-XXXX and follow the simple instructions. - --Registered Trademark-- MAIL: Vote, sign, date and return your card by mail. IN PERSON: Vote at the Special Meeting of Shareholders. ------------------------------------------------------------------- EACH CONTRACT OWNER'S VOTE IS IMPORTANT PLEASE VOTE YOUR CARD TODAY VOTING INSTRUCTION CARD VOTING INSTRUCTION CARD 999 999 999 999 99 AIM V.I. DEMOGRAPHIC TRENDS FUND (THE "FUND") VOTING INSTRUCTION CARD AN INVESTMENT PORTFOLIO OF AIM VARIABLE INSURANCE FUNDS PROXY SOLICITED BY THE BOARD OF TRUSTEES (THE "BOARD") INSURANCE COMPANY NAME PRINTS HERE PROXY FOR SPECIAL MEETING OF SHAREHOLDERS ON BEHALF OF AIM VARIABLE INSURANCE FUNDS TO BE HELD OCTOBER 31, 2006 The undersigned hereby appoints the above-reference Insurance Company and hereby authorizes them to represent and to vote, as designated on the reverse, at the Special Meeting of Shareholders on October 31, 2006, at 3:00 p.m., Central Time, and at any adjournments thereof, all of the shares of the fund which the undersigned would be entitled to vote if personally present. IF THIS VOTING INSTRUCTION CARD IS SIGNED AND RETURNED WITH NO CHOICE INDICATED, THE SHARES WILL BE VOTED "FOR" THE APPROVAL OF THE PROPOSAL. VOTING INSTRUCTION CARD MUST BE SIGNED AND DATED BELOW. Dated 2006 -------------------- ------------------------------------------------------- ------------------------------------------------------- Signature(s) (if held jointly) (SIGN IN THE BOX) NOTE: PLEASE SIGN EXACTLY AS YOUR NAME APPEARS ON THIS VOTING INSTRUCTION CARD. All joint owners should sign. When signing as executor, administrator, attorney, trustee or guardian or as custodian for a minor, please give full title as such. If a corporation, please sign in full corporate name and indicate the signer's office. If a partner, please sign in the partnership name. PLEASE FILL IN BOX AS SHOWN USING BLACK OR BLUE INK OR NUMBER 2 PENCIL. [X] PLEASE DO NOT USE FINE POINT PENS. THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD. THE BOARD RECOMMENDS VOTING "FOR" THE PROPOSAL. FOR AGAINST ABSTAIN 1. Approve a Plan of Reorganization under which all of the assets and [ ] [ ] [ ] liabilities of AIM V.I. Demographic Trends Fund (the "Fund"), a portfolio of AIM Variable Insurance Funds ("Trust"), will be transferred to AIM V.I. Capital Appreciation Fund ("Buying Fund"), also a portfolio of Trust, and Trust will issue shares of each class of Buying Fund to shareholders of the corresponding class of shares of the Fund. PROXIES ARE AUTHORIZED TO VOTE ON A PROPOSAL TO ADJOURN THE MEETING, AND, TO VOTE IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENT OR POSTPONEMENT THEREOF. PLEASE VOTE, SIGN AND DATE THIS PROXY CARD AND RETURN IT IN THE ENCLOSED ENVELOPE.