Invesco perpetual

Presented byNick HamiltonHead of Global Equity Products, Invesco Perpetual

DateJune 2012

Less chartered waters – Global small company investing

Where do mid-sized and smaller companies fit?

Source: Invesco Perpetual / Bloomberg 5 April 2012.

Smallest 30% to smallest 15% of global stock markets

Smallest 15% of global stock markets

EmergingDeveloped

Co

rpo

rate

gro

wth

MSCI World index

1610 members, US$28.25 trillion market cap

MSCI World Mid-Cap index


MSCI AC World Small-Cap index


MSCI

Emerging

Markets index

820 members,

US$6.59 trillion

market cap

MSCI

Frontier

Markets index

155 members,

US$0.39 trillion

market capGlobal smaller companies strategy

Economic growth

Largest 70% of global stock markets

2

Indices – shifting sands

3

Source: Bloomberg as at 29 December 2011

4

The index and the stock market – 1990s

Jan-9

0

Jul-90

Jan-9

1

Jul-91

Jan-9

2

Jul-92

Jan-9

3

Jul-93

Jan-9

4

Jul-94

Jan-9

5

Jul-95

Jan-9

6

Jul-96

Jan-9

7

Jul-97

Jan-9

8

Jul-98

Jan-9

9

Jul-99

Jan-0

0

0%

50%

100%

150%

200%

250%

300%

350%

400%

450%

S&P 500 Index December 31, 1989 to December 31, 1999

S&P 500 Index market-cap weighted S&P 500 Index equal weighted

Retu

rn m

ultip

lier

(x)

Source: Bloomberg LP, as at December 29, 2011.

The index and the stock market – since 1999

Aug-99 May-00 Feb-01 Nov-01 Aug-02 May-03 Feb-04 Nov-04 Aug-05 May-06 Feb-07 Nov-07 Aug-08 May-09 Feb-10 Nov-10 Aug-11

0%

50%

100%

150%

200%

250%

S&P 500 Index equal weighted S&P 500 Index market-cap weighted

Re

turn

mu

ltip

lier

(x)

5

Aug-99 May-00 Feb-01 Nov-01 Aug-02 May-03 Feb-04 Nov-04 Aug-05 May-06 Feb-07 Nov-07 Aug-08 May-09 Feb-10 Nov-10 Aug-11

0%

50%

100%

150%

200%

250%

MSCI AC World Index equal weighted MSCI AC World Index

Re

turn

mu

ltip

lier

(x)

S&P 500 Index

MSCI All Country

World Index

Sources: MSCI, Standard & Poor's, as at December 29, 2011.

6

Large-cap & small-cap long-term performance

Source: Bloomberg LP, as at March 26, 2011.

Jan

-93

Jan

-94

Jan

-95

Jan

-96

Jan

-97

Jan

-98

Jan

-99

Jan

-00

Jan

-01

Jan

-02

Jan

-03

Jan

-04

Jan

-05

Jan

-06

Jan

-07

Jan

-08

Jan

-09

Jan

-10

Jan

-11

Jan

-12

0%

50%

100%

150%

200%

250%

300%

350%

400%

MSCI World Large Cap Index versus Small Cap IndexJanuary 4, 1993 to March 26, 2012

MSCI World Index MSCI World Small Cap Index

Cu

mu

lativ

e r

etu

rn (

%)

Asset class volatility and performance

Source: Choi, B.P. and Mukherji, S., “Optimal Portfolios for Different Holding Periods,” Journal of Business & Economics Research, Vol. 8, No. 10, October 2010.

Long-term returns and historic performance range10-year real (1926 to 2008)

52% 52%10-Year

standard deviation

7

41% 41% 31%

5-year correlation (1926 to 2007)

Treasury bills

Intermediate gov’t bonds

Long gov’t bonds

Long corp. bonds

Large-cap stocks

Intermediate gov’t bonds

0.85

Long gov’t bonds 0.68 0.93

Long corporate bonds

0.70 0.95 0.98

Large company stocks

-0.03 0.03 0.13 0.13

Small company stocks

-0.37 -0.28 -0.19 -0.17 0.63

Smaller company diversification potential

Source: Choi, B.P. and Mukherji, S., “Optimal Portfolios for Different Holding Periods,” Journal of Business & Economics Research, Vol. 8, No. 10, October 2010.

8

Growth: corporate and economic

0

1

2

3

4

5

6

7

Jan-95 Jan-97 Jan-99 Jan-01 Jan-03 Jan-05 Jan-07 Jan-09 Jan-11

Earn

ings

Gro

wth

(R

ebase

d)

S&P500 S&P600

- 2

0

2

4

6

8

10

J apan Eurozone USA SouthAfrica

Singapore Brazil Indonesia China

GD

P G

row

th (

2011 Y

ear-

on-Y

ear)

9

Source: Invesco Perpetual/Bloomberg January 2012.

Cor

pora

te G

row

th

Economic Growth

Research coverage

10

Source: Invesco Perpetual, Bloomberg LP, as at 31 January 2012.

0

5

10

15

20

25

30

35

1 2 3 4 5 6 7 8 9 10

Rese

arc

h a

naly

st c

overa

ge

MSCI World Large Cap MSCI World Small Cap Index

Sell-side Research Coverageby Market Decile (1=Largest)

11

Accessing structural growth opportunities

Source: Bloomberg, MSCI as at 31 December 2011. Please refer to the Appendix for the complete MSCI disclosure.

Long-term Earnings Growth - 7 years

7.1 7.49.9

25.6

0

5

10

15

20

25

30

MSCI EM Energy MSCI EM Materials MSCI EM Industrials MSCI EM Cons. Discretionary

Index Exposure - Emerging Markets

21.6

14.2

0.7

6.9

0

5

10

15

20

25

MSCI EM Energy MSCI EM Materials MSCI EM Industrials MSCI EM Cons. Discretionary

Index w

eig

ht

(%)

MSC

I Lo

ng-t

erm

earn

ings

gro

wth

(%

)

Sources: Invesco Perpetual, Bloomberg LP, as at April 30, 2012. Index performance (MSCI World, MSCI World Small Cap, MSCI US Small Cap, MSCI Canada Small Cap, MSCI UK Small Cap, MSCI Germany Small Cap, MSCI Australia Small Cap, MSCI Hong Kong Small Cap, MSCI Singapore Small Cap, MSCI Japan Small Cap, MSCI Emerging Markets) is on a total-returns basis. Please refer to slide 31 for the complete MSCI disclosure. The return to risk is the annualized and weighted return and standard deviation for the period shown.

Global reduces single-country volatility

12

Past performance is not a guide to future returns

5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

IP Global Smaller Companies Fund

World Large-Cap

Emerging Markets (large-cap)

World Small Caps

Japan Small Caps

Singapore Small Caps

Hong Kong Small Caps

Australian Small Caps

German Small Cap

UK Small Cap

Canada Small Cap

US Small Cap

MSCI Return to Risk GBP - Small Cap Indices versus Large Cap (Jan 1995 to April 2012)Risk = volatility

Risk

Ret

urn

Small-cap and large-cap performance out of recession

13

Source: MSCI, as at April 2012. The return to risk is the annualized and weighted return and standard deviation for the period shown.

Small-cap performance when markets crash

14

Source: MSCI as at 31 January 2012.

Mar-00 Sep-00 Mar-01 Sep-01 Mar-02 Sep-0240

50

60

70

80

90

100

110Peak-to-trough performance 2000-03

MSCI World Small Cap MSCI World Large-Cap Index

Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-090

20

40

60

80

100

120

Peak-to-trough performance 2007-09

MSCI World Small Cap MSCI World Large-Cap

MSCI World Small Cap Index MSCI World large-Cap Index

MSCI World Small Cap Index MSCI World large-Cap Index

Valuations Today

15

Source: JP Morgan as at 31 May 2012.

Region PE Yr +1 P/B EV / EBITDA EV / Sales FCF Yield

Global 14.8x 2.1x 10.9x 2.2x 0.9%

US / Canada 18.2x 2.5x 10.7x 2.5x 1.2%

Europe 12.0x 1.8x 8.4x 1.6x 3.9%

Japan 13.4x 1.0x 6.5x 0.6x 7.8%

Australia / NZ 12.7x 2.7x 9.8x 3.9x 0.1%

CEEMEA 10.9x 2.0x 9.3x 2.0x 1.6%

Asia ex-Japan 15.4x 2.5x 13.7x 2.6x -2.4%

Latin America 15.4x 2.0x 10.0x 2.1x 0.8%

A wave of M&A?

16

Source: JP Morgan as at 31 May 2012. Global M&A Activity.

M&A Transactions — Annual Deal volumes

M&A Transactions — Annual # of Deals

155

114

94 146 20

1

421 51

8

743

1,53

6

2,02

1

1,82

4

789

434 53

4

878

1,26

9

1,75

2

1,78

0

987

642 81

5 899

138

148

114

94 114 169 28

3 337 47

6 623

844 93

0

531

305 36

1

383

620 75

7

977

438

393 55

4

583

74

42%

47% 47%

38%

31%

36%

32% 33%

35%

41%37%

33%

30%27%

19% 22%

24% 23%

31%

37%

31%31%

45%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

500

1,000

1,500

2,000

2,500

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Ave

rag

e P

rem

ium

/ Cas

h to

Mkt C

ap

Dea

l Val

ue

($ B

ill)

Total Mkt Target <$5Bill Average Premium Large Cash to SMid Mkt Cap

496 56

1

494 61

1

778

976

1,21

2 1,37

5

1,65

3

1,92

6

1,94

2

1,58

6

1,38

8

1,41

3

1,22

8

1,50

5 1,66

5 1,89

4

1,45

6

1,55

4

1,50

3

1,40

1

209

494 56

1

494 60

8

774

962

1,19

9 1,35

6

1,60

9

1,87

4

1,89

8

1,56

0

1,37

5

1,39

3

1,19

6

1,44

8 1,60

2 1,81

8

1,41

3 1,54

1

1,47

4

1,36

6

203

0

500

1,000

1,500

2,000

2,500

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Dea

l Val

ue

($ M

M)

Total Mkt Target <$5Bill

17

Summary

• Small-cap investing has its origins in the first equity markets

• History of diversification to other asset classes and large-cap equities continues

• Stock factors are a critical driver to performance

• Long-term potential for strong returns, absolute and relative to other asset classes

Fund Strategy

19

Invesco Perpetual global small cap strategy profile

Investment objective

Aims to achieve capital growth through a portfolio of investments in international securities. The strategy intends to invest mainly in shares of smaller companies quoted on the world’s stockmarkets.

Inception date September 1984 (27 year track record)

Benchmark MSCI World Small Cap index

Strategy assets £907 million

Strategy management team

Global Smaller Companies Group

Investment philosophy and process

Pragmatic bottom-up investment approach, actively managed on a geographic carve-out basis

Typical number of holdings

Diversified

Market cap range*US$250 million (£161 million) to US$6 billion (£3.9 billion)(Median market cap £0.9 billion)

Average holding period

3 years

Source: Invesco as at 31 March 2012. Fund performance figures are shown in sterling on a mid-to-mid basis, inclusive of reinvested income and gross of the annual management charge and all other fund expenses for the accumulation share class. The figures do not reflect the entry charge paid by individual investors. Benchmark source: Invesco, total return, in sterling. *USD/GBP exchange rate of 1.5978 used. ** The Invesco Perpetual Global Smaller Companies Fund is managed in accordance with the Invesco Perpetual global small cap strategy. *** Three and five year performance is annualised.

%

-5

0

5

10

15

20

25

30

Q1 2012 1 year 3 years** * 5 years** *

I nvesco Perpetual GlobalSmaller CompaniesFund**MSCI World Small Capindex

Past performance is not a guide to future returns.

20

Source: Invesco as at 31 March 2012. Invesco Perpetual’s global smaller companies strategy is managed as a series of regional sub-portfolios, with asset allocation driven by our Global Smaller Companies Group which is chaired by Invesco Perpetual’s CIO Nick Mustoe. Day-to-day discretion for stock selection lies with a team of eight regional specialists.

Global Smaller Companies Group (GSCG)Invesco Perpetual

Nick Mustoe1 Chief Investment Officer, Invesco Perpetual – Chair

Bob Yerbury1 Senior Managing Director, Invesco Ltd. – Co Chair

Strategy

Nick HamiltonHead of Global Equity Products, Invesco Perpetual

Martin Weiss Investment Strategist

Arwel Green Product Manager

Richard Smith1 UK equities

Stephanie Butcher1

Erik Esselink1 Europe equities

Ian Hargreaves1 Asia equities

Paul Chesson1 Japan equities

Juliet Ellis1 US equities

Dean Newman1 LATAM + EMEA equities

Matt Booker1 Australia equities

Senior managementAsset allocation & stock selectionRegional specialists

+

21

Invesco Perpetual Global Smaller Companies FundGeographic allocation

Source: Invesco Perpetual as at 18 April 2012.

Jan-0

6

May-0

6

Aug-0

6

Nov-0

6

Feb-0

7

May-0

7

Aug-0

7

Nov-0

7

Feb-0

8

May-0

8

Aug-0

8

Nov-0

8

Feb-0

9

May-0

9

Aug-0

9

Nov-0

9

Feb-1

0

May-1

0

Aug-1

0

Nov-1

0

Feb-1

1

May-1

1

Aug-1

1

Nov-1

1

Feb-1

2

0

5

10

15

20

25

30

35

UK European US Japan Asia Australia EMEA LATAM

Ass

et

allo

cati

on (

%)

22

Invesco PerpetualGlobal Smaller Companies FundRegional weightings

Source: Invesco Perpetual as at 31 March 2012. * Emerging Europe, Middle East and Africa.

North Amer-ica

Europe ex-UK

United Kingdom

Asia ex-Japan

Japan Australasia EMEA* Latin Amer-ica

0

10

20

30

40

50

60

70

29.8

22.2

10.713.8

11.9

2.04.0 4.7

62.7

13.0

7.7

1.9

10.4

3.80.4 0.1

IP Global Smaller Companies Fund MSCI World Small Cap index

%

Invesco Perpetual Global Smaller Companies FundSector weightings

23

Top five overweight sub-sectors

Fund(%)

Index1

(%)Active +/-

(%)

Transportation 7.53 2.19 +5.34

Banks 6.97 5.28 +1.69

Technology Hardware & Equipment 6.45 4.76 +1.69

Food Beverage & Tobacco 3.76 2.44 +1.32

Commercial & Professional Services 4.48 3.17 +1.31

Top five underweight sub-sectors (%)

Fund(%)

Index1

(%)Active +/-

(%)

Real Estate 4.69 8.73 -4.03

Utilities 0.51 3.25 -2.73

Materials 6.74 9.47 -2.73

Energy 4.78 6.74 -1.96

Capital Goods 10.85 12.44 -1.59

Source: Invesco Perpetual as at 31 March 2012. 1 MSCI World Small Cap index.

Industrials Financials Consumer Discretionary

IT Health Care Materials Consumer Staples

Energy Utilities Telecoms0

5

10

15

20

25 22.9

18.8 17.9

14.4

7.0 6.75.5 4.8

0.5 0.6

17.820.4

15.613.3

8.7 9.5

3.86.7

3.20.9

IP Global Smaller Companies Fund MSCI World Small Cap index

Invesco Perpetual Global Smaller Companies FundTop 10 holdings

24

Source: Invesco Perpetual as at 31 March 2012.

Top 10 Country IndustryMarket cap

(£ billion)Fund (%)

Post NL Netherlands Industrials 1.51 0.87

Security Bank Philippines Financials 1.05 0.84

HAL Trust Netherlands Financials 5.00 0.84

Virbac France Health Care 0.87 0.80

Daphne International China Consumer Discretionary 1.40 0.78

Total Gabon France Energy 1.36 0.76

SIAS Italy Industrials 1.09 0.76

Pioneer Japan Consumer Discretionary 1.05 0.76

Eurotunnel France Industrials 3.00 0.68

Cfao Npv France Consumer Discretionary 1.65 0.67

25

Invesco Perpetual Global Smaller Companies FundNet performance (%)

Calendar year returns 2007 2008 2009 2010 2011

IP Global Smaller Companies Fund 7.60 -28.53 45.52 31.39 -14.26

MSCI World Small Cap index -0.58 -19.14 28.88 30.55 -8.03

Out/underperformance +8.18 -9.39 +16.64 +0.84 -6.23

Annualised returns Q1 2012 1 year 3 years 5 years

IP Global Smaller Companies Fund 13.76 -3.90 25.71 6.26

MSCI World Small Cap index 10.52 -2.10 23.94 5.54

Out/underperformance +3.24 -1.80 +1.77 +0.72

Source: Lipper as at 31 March 2012. Fund performance figures are shown in sterling on a mid-to-mid basis, inclusive of reinvested income and net of the annual management charge and all other fund expenses for the accumulation share class. The figures do not reflect the entry charge paid by individual investors. Benchmark source: Thomson Reuters Datastream, total return, in sterling.


26

Invesco Perpetual Global Smaller Companies FundNet performance (%)

Source: Lipper as at 30 May 2012. Fund performance figures are shown in sterling on a mid-to-mid basis, inclusive of reinvested income and net of the annual management charge and all other fund expenses for the accumulation share class. The figures do not reflect the entry charge paid by individual investors. Benchmark source: Thomson Reuters Datastream, total return, in sterling.


27

Global Small Cap Core Equity CompositeRisk return profile

Source: Mercer Insight database from 1 October 2006 to 31 December 2011.The risk return profile is shown for Invesco Perpetual’s Global Small Cap Core Equity Composite in GBP. Performance is calculated on a total return basis and is gross of management fees. Net returns will be lower. This slide is supplemental information to the GIPS compliance presentation included in the Appendix.IGGGES: Global Small Cap Core Equity Composite. Past performance is not a guide to future returns.

Global Small Cap Core Equity CompositeSchedule of investment performance (1)

Gross rate of return

(%)

Net rate of return

(%)

Benchmark return

(%)

Composite 3-Yr Ann

St Dev (%)

Benchmark

3-Yr Ann St Dev (%)

Number of portfolios

Composite assets

(GBP mn)

Percentage of firm

assets (%)

Total firm assets1

(GBP bn)

Composite dispersion

(%)

2011 (12.81) (14.32) (8.03) 19.22 20.27 2 428 0.1 308.7 n/a

2010 33.16 30.83 30.55 23.99 24.79 2 454 0.1 303.6 n/a

2009 47.18 44.63 28.88 22.55 22.98 2 301 0.2 184.6 n/a

2008 (26.97) (28.24) (19.14) 19.43 18.80 2 208 0.1 177.1 n/a

2007 9.22 7.33 (0.58) 12.23 13.02 2 325 0.2 165.1 n/a

2006 16.75 14.73 3.12 11.72 12.83 2 317 0.3 124.6 n/a

2005 27.01 24.83 29.82 11.94 13.67 2 301 0.3 101.7 n/a

2004 17.25 15.29 16.31 15.01 17.83 1 196 0.2 87.5 n/a

2003 42.69 40.20 42.46 19.58 20.97 1 174 0.2 90.1 n/a

2002 (18.14) (19.57) (23.78) 19.15 22.17 1 126 0.4 32.6 n/a

2001 (7.73) (9.22) 3.90 19.56 19.71 1 163 0.4 40.1 n/a

2000 (1.60) (3.05) 4.54 18.10 20.64 1 191 0.4 46.3 n/a

1999 52.93 50.67 29.36 17.98 19.08 1 201 0.4 47.9 n/a

1998 9.07 7.46 (1.68) n/a n/a 1 149 0.4 34.5 n/a

1997 9.63 8.01 (1.94) n/a n/a 1 162 0.6 29.0 n/a

Annualised compound rates of return ending 31 March 2012:1 year (2.45) (4.14) (2.10)

3 years 27.70 25.48 23.90

5 years 7.99 6.11 5.54

10 years 11.45 9.52 8.06Since inception (31.12.1996)

11.50 9.65 7.81

28

Invesco Worldwide has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®). The composite creation date is May 14, 2002. 1 Refers to Note 1 on next slide.


29


Source: Invesco as at 31 March 2012.

1. Invesco Worldwide (“The Firm”) manages a broad array of investment strategies around the world. The Firm comprises U.S. -based Invesco Advisers, Inc. and all wholly owned Invesco firms outside of North America. All entities within the Firm are directly or indirectly owned by Invesco Ltd.

Affiliated GIPS-compliant firms of Invesco Ltd. include Invesco Trimark Ltd. and Atlantic Trust. Affiliated non-GIPS-compliant firms of Invesco Ltd. include Invesco Senior Secured Management, Inc. Invesco Private Captial, Inc. and Invesco PowerShares Capital Management LLC. Each is an SEC-registered investment adviser and is marketed as a separate entity. Invesco Great Wall Fund Management Co. Ltd (IGW) is a fund management company established under China Securities Regulatory Commission's approval. All affiliated assets are excluded from total Firm assets.

On December 31, 2009, Invesco Aim Advisors, Inc. (AIM), Invesco AIM Capital Management, Inc. (ACM), Invesco AIM Private Asset Management, Inc. (APAM) and Invesco Global Asset Management (N.A.), Inc. merged into Invesco Institutional (N.A.), Inc, which was then renamed Invesco Advisers, Inc. Prior to 2010, AIM, ACM and APAM were part of separate GIPS firms and not included in the Firm.

On June 1, 2010, Invesco acquired Morgan Stanley Investment Management's (MSIM) retail asset business, including Van Kampen Investments. Through this transaction, Invesco acquired approximately $119 billion in assets under management. Prior to the acquisition, MSIM was GIPS compliant and verified by and independent verifier through December 31, 2008. Assets under management prior to 2010 have not been restated to reflect either the above-referenced investment adviser merger or the MSIM acquisition.

Composite history and Firm assets prior to January 1, 2010, are those of its respective components.

2. The Global Small Cap Core Equity Composite includes all discretionary fee paying portfolios that are measured against a recognised, publish global small cap index. Portfolios in this composite are invested in Global Small Cap Equities managed under the Henley investment process. As of 1st October 2003, the Global Small Cap - Core Equity Composite was renamed the Global Small Cap Core Equity Composite. The composite name change does not reflect a changed in investment strategy, but is for marketing purposes only.

Invesco Worldwide claims compliance with the Global Investment Performance Standards (GIPS) and has prepared and presented this report in compliance with the GIPS standards. Invesco Worldwide has been independently verified for the periods 1st January 2003 thru 31st December 2010. The legacy firms that constitute Invesco Worldwide have been verified since 2001 or earlier. The verification reports are available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

30

3. The composite returns are benchmarked to the MSCI THE WORLD INDEX SMALL CAP - total return index. The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product. Investments made by the Firm for the portfolios it manages according to respective strategies may differ significantly in terms of security holdings, industry weightings, and asset allocation from those of the benchmark. Accordingly, investment results and volatility will differ from those of the benchmark.

From 31-Dec-1996 to 31-Dec-2000 the benchmark was MSCI THE WORLD INDEX SMALL CAP - price index. This changed to the MSCI THE WORLD INDEX SMALL CAP - total return index , as it is a more representative benchmark.

4. Valuations and portfolio total returns are computed and stated in Pound Sterling. The Firm consistently values all portfolios each month on a trade date basis. Accrual accounting is used for all interest and dividend income. Past performance is not an indication of future results.

5. Composite dispersion is measured by the standard deviation across asset-weighted portfolio returns represented within the composite for the full year. The three-year annualised standard deviation measures the variability of the composite and the benchmark returns over the preceding 36-month period. The standard deviation is not presented where there is less than 36 months or fewer than five portfolios in the composite.

6. Gross-of-fee performance results are presented before management and custodial fees and are net of trading expenses, non-reclaimable withholding tax on dividends (where material), interest income and capital gains.

The representative retail management fee is as follows: 1.50%

7. The minimum portfolio size for the composite is USD 5,000,000.

8. A complete list and description of Firm composites and performance results is available upon request.

9. Additional information regarding policies for valuing portfolios, calculating performance, and preparing compliant presentations is available upon request.


Source: Invesco as at 31 March 2012.

31

MSCI disclosure

Source: MSCI Inc.

Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.

32

Important information

This presentation is for Professional Clients in the UK only and is not for consumer use.

The value of investments and the income from them will fluctuate (this may partly be the result of exchange rate fluctuations) and investors may not get back the full amount invested.


Where Nick Hamilton has expressed opinions, they are based on current market conditions and are subject to change without notice. These opinions may differ from those of other Invesco Perpetual investment professionals.

Where securities are mentioned in this document they do not necessarily represent a specific portfolio holding and do not constitute a recommendation to purchase or sell.

Smaller company funds are higher risk than funds that can invest in larger company sizes. Market conditions, such as a decrease in market liquidity, may mean that it is not easy to buy or sell securities.

Please refer to the most up to date relevant fund and share class-specific Key Investor Information Document for more information on our funds. Further information on our products is available using the contact details shown.

Issued by Invesco Fund Managers Limited and Invesco Asset Management Limited. Perpetual Park, Perpetual Park Drive, Henley-on-Thames, Oxfordshire RG9 1HH, UK. Authorised and regulated by the Financial Services Authority.