we are purely focused on investment management...

We are purely focused on investment management for the benefit of clients

Investor Day March 31, 2016

Forward-looking statements

This presentation, and comments made in the associated Web cast today, may include “forward-looking statements.” Forward-looking statements include information concerning future results of our operations, expenses, earnings, liquidity, cash flow and capital expenditures, industry or market conditions, AUM, acquisitions and divestitures, debt and our ability to obtain additional financing or make payments, regulatory developments, demand for and pricing of our products and other aspects of our business or general economic conditions. In addition, words such as “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates,” “projects,” “forecasts,” and future or conditional verbs such as “will,” “may,” “could,” “should,” and “would” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements.

Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. There can be no assurance that actual results will not differ materially from our expectations. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our most recent Form 10-K and subsequent Forms 10-Q, filed with the Securities and Exchange Commission.

You may obtain these reports from the SEC’s website at www.sec.gov. We expressly disclaim any obligation to update the information in any public disclosure if any forward-looking statement later turns out to be inaccurate.

All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. This presentation is provided for informational purposes only and is not to be construed as an offer to buy or sell any financial instruments and should not be relied upon as the sole factor in an investment making decision. As with all investments there are associated inherent risks. Please obtain and review all financial material carefully before investing. This does not constitute a recommendation of the suitability of any investment strategy for a particular investor. The opinions expressed are based on current market conditions and are subject to change without notice. Past performance is not a guarantee of future results. Invesco’s Institutional Separate Accounts and Separately Managed Accounts are offered by affiliated investment advisers, which provide investment advisory services and do not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco’s retail products and collective trust funds. 1

Discussion topics

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Uniquely positioned to meet client needs Marty Flanagan

Factor investing Bernhard Langer Dan Draper

Fixed income Greg McGreevey

Alternatives and multi-asset Colin Meadows

Real estate Scott Dennis

Global Targeted Returns David Millar

Financial overview Loren Starr

Well positioned as a global leader Marty Flanagan

Questions

We’ve built Invesco with a single focus: to help clients achieve their investment objectives

Every client has a unique set of investment objectives, which can be achieved in a variety of ways.

Invesco’s comprehensive range of high-conviction investment capabilities has been constructed over many years to help clients achieve their investment objectives.

Our fundamental and factor-based methodologies aim to deliver positive client outcomes that go beyond the limitations of traditional passive investing and benchmark-centric active management.

This high-conviction approach provides better tools to build portfolios in a more precise and impactful way.

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We are uniquely positioned to meet client needs

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Success driver Invesco position

Deep understanding of client needs

Deep knowledge of clients and their evolving needs

Comprehensive, all-weather, high-conviction fundamental and factor investing product line

Demonstrated ability to combine a broad range of capabilities to construct portfolios aligned with client investment objectives by channel and by region

Pure focus on investment management

No competing lines of business to support

Strong investment reputation

Independence

Infrastructure and client support platforms that enable our investors to spend more time focused on investing

Experienced, stable and accountable investment leadership

Specialized, stable investment teams with discrete investment perspectives and experience across diverse market cycles

Disciplined, repeatable investment philosophy and processes

Strong risk management and oversight

Compensation aligned with performance and client interests

Organizational strength

Broad and deep global presence in key markets

Solid margins, financial strength and resources to ensure long-term investment in the business

6,000+ highly engaged and motivated employees focused on client needs

Proven management team with a solid track record

Our continued investment in the business is fully aligned with client demand trends

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Client demand themes Invesco’s positioning

Search for yield

In 2007, began expansion of global fixed income platform, which today supports the full range of single-sector and multi-sector capabilities

Continue to expand the full range of income-related capabilities, including equities, fixed income and alternatives

“Barbelling” and the shift to passive, beta and ETF products

Continued to expand our comprehensive range of all-weather, high-conviction capabilities

Began factor investing in 1983

Added Invesco PowerShares in 2006 – smart beta line remains broadest, most diverse in the industry

Continue to accelerate our ETF business globally

Multi-asset strategies and absolute return

Introduced risk parity strategy in 2008

Built new Invesco Perpetual multi-asset team beginning in 2012; expanding to new markets

Invesco Quantitative Strategies added global market neutral capability in 2008


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Growing demand for alternatives

Entered direct real estate business in 1991; completed the globalization of our real estate capabilities by adding the Asia team in 2010

Expanded into private equity through WL Ross & Co. in 2006

Continued to broaden our range of alternative strategies with the launch of more than 40 liquid alternatives offerings globally beginning in 2011; today the range represents one of the most comprehensive lineups in the industry

Increasing demand for solutions and new advice models

Invesco Solutions builds and manages goal-oriented, multi-asset strategies aligned to client outcomes

Early entrant into the digital advice space through the addition of Jemstep in 2016

66%

3%

13%

10%

8%

48%

6%

9%

24%

13%

A key strength of the firm is our diversification across geographies, channels and asset classes

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As of December 31, 2015

By client domicile By channel By asset class

$510.7 $21.7

$104.2 $75.4 $63.6

$775.6 Total

U.S. Canada U.K. Europe Asia

(4.0)% (15.9)% (0.9)%

6.0% 9.1%

(2.1)%

1-Yr Change ($ billions)

$514.8 $260.8

$775.6 Total

Retail Institutional

(3.3)% 0.3%

(2.1)%


$370.9 $48.1 $64.6

$187.9 $104.1

Total

Equity Balanced Money Market Fixed Income Alternatives

(3.5)% (4.9)%

(15.6)% 3.5% 4.8%

(2.1)%


$775.6

66%

34%

Our goal is to deliver strong, long-term investment performance for clients through our capabilities

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* Excludes passive products, closed-end funds, private equity limited partnerships, non-discretionary funds, unit investment trusts, fund of funds with component funds managed by Invesco, stable value building block funds and CDOs. Certain funds and products were excluded from the analysis because of limited benchmark or peer group data. Had these been available, results may have been different. These results are preliminary and subject to revision.

Data as of 12/31/15. Includes AUM of $463.6 billion (60% of total IVZ) for one year, $449.5 billion (58% of total IVZ) for three year, and $444.6 billion (57% of total IVZ) for 5 year. Peer group rankings are sourced from a widely-used third party ranking agency in each fund’s market (Lipper, Morningstar, IMA, Russell, Mercer, eVestment Alliance, SITCA, Value Research) and asset-weighted in USD. Rankings are as of prior quarter-end for most institutional products and prior month-end for Australian retail funds due to their late release by third parties. Rankings for the most representative fund in each GIPS composite are applied to all products within each GIPS composite. Performance assumes the reinvestment of dividends. Past performance is not indicative of future results and may not reflect an investor’s experience.

1-Year 3-Year 5-Year

2015

60%

40%

1-Year 3-Year 5-Year

2005

62%

38% 47% 53%

79%

21%

85%

15%

63%

37%

Assets in top half of peer group Assets in bottom half of peer group

Our comprehensive range of investment capabilities are offered in key markets across the globe

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Americas Asia Pacific EMEA Americas Asia Pacific EMEA Equity Allocation Global/ Multi-Region Traditional

Global √ √ √ Global Balanced √ √ √ Global ex Domestic √ √ √ Domestic Balanced √ √ √ Emerging Markets √ √ √ Non-Traditional

Regional/ Single Country Risk Parity √ √ √ Asian/ Asia ex Japan √ √ √ Target Maturity √ Australian √ √ Target Risk √ √ √ Greater China √ √ √ Custom Solutions √ √ √ Japanese √ √ √ European/ UK √ √ √ Alternatives US √ √ √ Directional Strategies Canadian √ Long/Short Equity √ √

Sector-Based √ √ √ Private Equity √ √ √ Bank Loans √ √ √

Fixed Income Inflation-Protection Multi-Sector Commodities √ √ √

Global Agg/ Core Plus √ √ √ Public Real Estate Securities √ √ √ Multi-Sector Credit √ √ √ Private Real Estate √ √ √ Strategic Income √ √ Macro Strategies

Single Sector Global Macro √ √ √ Investment Grade √ √ √ Relative Value/ Absolute Return High Yield √ √ √ Market Neutral Equity √ √ Structured Securities √ √ Unconstrained Bond √ √ Convertibles √ √ √ Financial Structures Municipal Bonds √ Credit Arbitrage √ √ √

Specialty Opportunistic √ √ √ EM Debt √ √ √ Stable Value √ Global Liquidity √ √ √

… And delivered through diverse vehicles to enable key outcomes for clients

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As of Dec. 31, 2015.

Our fundamental and factor investment capabilities …

… to enable key outcomes that help our clients around the world achieve their investment objectives

Income Capital preservation Growth

…are delivered through diverse investment vehicles… Institutional separate accounts

Collective trusts

Mutual funds (open/closed-end, on/offshore)

Exchange-traded funds (ETFs)

Unit investment trusts (UITs)

Private placements

Sub-advised portfolios

Separately managed accounts/ Unified managed accounts

Variable insurance funds Customized solutions

Equity

$371B AUM

Fixed Income and Money Market

$253B AUM

Asset Allocation

$48B AUM

Alternative

$104B AUM

Our investment capabilities are delivered to meet client needs across the globe

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Chinese equities Managed from Hong

Kong and Shenzhen

Introduced to the marketplace in 1992

Invesco Great Wall JV formed in 2003; Approved as QFII manager in 2004

March 2006 Added to US retail fund market

October 2001 Added to UK onshore fund market

July 1992 Added to offshore fund market

June 2009 Added to Japan onshore fund market

1992 Originally introduced to Asia Pacific market

June 2005 Added QFII A-share offshore fund


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Global Targeted Returns Managed from Henley,

part of the Invesco Perpetual investment team

Introduced to the UK marketplace in Sept 2013

Expanded to Continental Europe and US in 2014

Sourced sales from Asia Pacific started in 2015

AUM reached $11 billion in 2015, up $8 billion over the prior year

Canada: Feeder fund Jan 2015 Retail fund May 2016

UK: ICVC Fund Sept 2013 Pension Fund Apr 2014 Feeder Fund Nov 2014 AUM $8.5bn 2015 Net Sales $6.0bn

Japan: (SICAV Select Fund) 2015 Net sales: $95m

Continental Europe: SICAV Fund Jan 2014 SICAV Select Fund Oct 2015 AUM $3.9bn 2015 Net Sales $2.1bn

US: 40 Act Fund Jan 2014 AUM $183m 2015 Net Sales $126m 2 Institutional Trust products (Q1 2016)

Australia: Unit Trust 2015 AUM $250m

Middle East: (SICAV Fund) 2016 Sales: $670m


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Real Estate Securities/ REITs Managed from Dallas

by Invesco Real Estate; sold globally

Team has been managing REITs for over 20 years

Offers US, global, global ex-US, and regional variations 1988

Originally introduced to US institutional and retail markets

November 2008 Launched the first actively managed RE ETF in the US

November 2007 Added to Canadian mutual fund market September 2005

Added to offshore fund market

September 2004 Subadvise open-end fund in Japan onshore market

October 2009 Added to Australian onshore fund market

Today, we will focus on five key areas of opportunity for Invesco in 2016 and beyond

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Invesco is ahead of demand trends and well-positioned to meet client needs


Factor investing

Search for yield Fixed income

Growing demand for alternatives Alternatives and multi-asset strategies

Real estate

Global Targeted Returns

Discussion topics

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Questions

Reframing the active/passive debate

Which is better – active or passive?

Invesco believes this is the wrong question to ask

At Invesco, we believe in striving for a superior client experience through high-conviction investing – going beyond the limitations of traditional passive investing and benchmark-centric active management

High conviction means our fundamental-based active managers trust their research, have confidence in their discipline and build portfolios that are a reflection of their beliefs – not benchmarks

It also means that our factor-based active and smart beta strategies go beyond the traditional, market-cap-weighted passive benchmark approach

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A more important question: “Are you willing to settle for average?”

Factor investing – moving beyond active v. passive

Moving the industry from “mass production” to “mass customization”

Invesco believes this is occurring largely due to

Investors’ behavioral biases

Harvesting of Factor Risk Premium

Stronger expression of investment views

More efficient risk-adjusted performance

Evolution away from cap-weighted benchmarks

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Factor investing supports a better diversified portfolio

Diversification does not guarantee a profit or eliminate the risk of loss.

An introduction to factor investing

What is a Factor? A factor is a quantifiable characteristic of an asset

– Can be directly observable characteristics such as size, momentum or value – Can refer to statistical relationships such as the part of price moves that can be

explained by a variable such as inflation, consumption, etc. They explain the return and risk characteristic of portfolios They are often associated with a risk premium that investors receive for either bearing

an undesirable return profile (i.e. low returns in bad times) or for behavioral reasons that prevent arbitrage of such factors

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What is Factor Investing? Factor investing is to look at the investable world through a particular lens Tradable securities (e.g., stocks) are used as the instruments to achieve the factor

exposures A factor portfolio may target exposure to a single factor or a combination of factors Similar to other investments, factors possess observable risk and return profiles Achieving Improved Diversification and Factor Allocation involves the choice of

allocation across factors in a way that trades off these risk and return profiles to achieve particular investment goals


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Source: Cass Business School “Smart Beta – Academic research” November 2015

Separation of beta and alpha 1964 – Building on Markowitz’s mean variance analysis Sharpe develops the Capital Asset Pricing Model (CAPM)

Low vol 1972 – Haugen and Heins showed that low volatility stocks realized extra risk-adjusted returns

Size 1981 – Banz finds that small cap stocks outperformed large cap stocks Value Basu finds low PE stocks generate higher returns relative to high PE stocks

Practitioners begin to launch investment products based on the academic evidence of “anomalies” Research Affiliates and

Dimensional FA pioneer equity strategies focused on size and value factors

Size and value 1993 – Fama and French develop 3-factor model by adding size and value to CAPM Momentum 1993 – Jagadeesh and Titman found buying past winners and selling past losers was highly profitable 1997 – Carhart develops 4-factor model

The origins of Factor Investing

1960s 1970s 1980s 1990s 2000–2005


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Source: MSCI Research December 2013, Invesco. Past performance is not a guarantee of future results.

Well-known systematic factors from the academic literature


Factor strategies should …

… have a robust investment case

Evidence – empirical evidence must support the Factor

Belief – understand the economic and/or behavioral rational

Sustainability – consider the factor is likely to be competed away in the future

… be implemented using well-designed products

Systematic – a repeatable process that does not require significant discretionary management

Broad – large opportunity set to minimize risk coming from individual securities

Simple – transparent and only as complicated as needed to achieve investment goals

Cost effective – fees and costs should be considered in all stage of the process

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Source: Invesco

An introduction to factor investing (CONTINUED)

22 Source: Boston Consultancy Group - Global Asset Management 2015: Sparking Growth with Go-to-Market Excellence

Norway’s Ministry of Finance commissions an academic review to examine Norges Bank Investment Management’s use of active managers. Paper “Evaluation of Active Management of the

Norwegian Pension Fund – Global” (2009) found that the majority of outperformance in active management is driven primarily by exposure to systemic factors

Recommends risk factor investing using passive-like strategies

What has triggered the demand? Global financial crisis triggered demand for “smarter” equity strategies

Extreme market uncertainty

Record-high volatility

Sharp portfolio drawdowns

Solutions, Alternatives, Passive and Specialties will win a disproportionate share of Future Net Flows

Boston Consultancy Group (BCG) continue to believe that the structural shift from active core products to solutions, alternatives, passive products, and specialties will continue. In particular, solutions and passives are likely to get a disproportionate share of the net flows, relative to their current size. They therefore will remain the fastest-growing categories.

$34.4bn in AUM

Global presence with teams across four continents

Factor-based active since 1983

43 investment professionals

Globally delivered through mutual funds, collective trusts and separate accounts*

$96.2bn in AUM

4th largest ETF provider*

Factor-based smart beta pioneer since 2003


130+ETFs

$19bn in AUM

2nd largest unit trust provider

Factor-based smart beta packaged in unit trusts since 1975


74 unit trusts

What do we stand for in factor investing?

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* Source: US advisor-sold fund family is determined by the majority of a firm’s long-term assets classified in the sales force and ETF distribution channels by ICI. Offered through affiliates of Invesco Ltd. All data as of 4Q 2015.

Invesco is an innovative leader in factor investing with $138B in AUM and 40 years’ experience

Factor Based Investment Strategies

Differentiating Attributes Diverse, time-tested investment strategies

All vehicles available to meet investor needs

Product specialists and field wholesaler depth

Education and thought leadership support

Invesco Quantitative Strategies Invesco PowerShares Invesco Unit Trust

We believe we can add value for our clients through the systematic application of fundamental and behavioral insights.

Invesco Quantitative Strategies A proven philosophy of relevant factors and many applications …

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Salient Points

The best ideas from a team that values independent thinking

An engineered discipline that balances the rigor of quantitative modeling with the insight of fundamental and behavioral analysis

A commitment to renewal and purposeful evolution so that our process continues to capture the right opportunities

Invesco Quantitative Strategy

Pioneers in Factor Investing Managing more than USD 32 billion over four decades

Experienced team of over 40 investment professionals

An actively managed, multi-factor approach that evolves over time

Achieving a balanced factor portfolio may require a more customized approach for clients with plan constraints

The team has a history of tailoring solutions to client needs

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1983 U.S. Quantitative Core Equity

1992 U.S. Small Cap Core; U.S. Mkt Neutral

1995 Equitized U.S. Market Neutral

1996 U.S. Enhanced Index

1999 European Quantitative Core

2000 Eurobloc Quantitative Core

2001 Global Quantitative Core

1991 Financial Futures

2002 Absolute Return (multi-strategy hedge fund approach)

2005 European/ Global Low Volatility

2006 European Market Neutral

2007 Directional Long-Short (130/30)

2008 Global Market Neutral

2009 U.S. Low Volatility

2010 Emerging Markets

2012 European Growth

2013 Dividend Strategies; Liquid Alternatives

2014 Global Small Caps

2003 Global Balanced Solutions

2015 Eurobloc Low Volatility

80

90

100

110

120

130

140

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Money weighted cumulative excess return across product range

Invesco Quantitative Strategy

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Past performance is not a guide to future returns. Source: IQS as of December 31, 2015. The excess returns are gross of fees in the strategy currency. The chart represents the money-weighted average excess returns of our representative strategies such as, Global ex UK Enhanced, US Enhanced Index, US Enhanced Index Value, Eurobloc Enhanced, Global Quantitative Core, US Quantitative Core, US Quantitative Small Value, 2% Risk US Enhanced Index 1000, European Quant Core, Eurobloc Quant Core, Emerging Markets Quant Core, Global Low Volatility, European Low Volatility, US Market Neutral, GARF and Capital Shield, over time. Supplementary to the GIPS-compliant presentation available upon request. For periods before 1992 money weights are not available. The chart shows 35% outperformance since 1992, which translates into an annualized outperformance of 1.3%.

Performance – our results from factor based investing

ETFs have expanded access and application of factor investing

Invesco PowerShares (IPS) brings factor investing to a wide audience via the ETF wrapper that can be accessed by individuals, advisors and institutions from leading index providers

IPS offers passive factor-based strategies providing access to well-established investment factors including low volatility, value, dividend, growth, momentum and quality

The Smart Beta segment is growing faster than the overall industry with a 3-yr growth rate of 23% versus 13%. Some of the largest and fastest growing segments within smart beta are factor-based strategies including low volatility, momentum, quality and dividends. Low Vol, momentum and quality based ETFs have grown over 50% per year over the past 3 years*

Through systematic, transparent and simple methodologies investors can access key investment factors in a tradable, tax efficient and low cost vehicle

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* Source: Invesco PowerShares Research and Bloomberg, as of February 29, 2016. Invesco PowerShares does not provide tax advice. Please consult with your tax advisor for information regarding your own tax situation. While it is not Invesco PowerShares intention, there is no guarantee that the funds will not distribute capital gains to it’s shareholders. Smart Beta is an alternative and selection index based methodology that may outperform a benchmark or reduce portfolio risk, or both.

Invesco PowerShares – factor investing

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Source: Invesco PowerShares as of December 31, 2015. The smart beta category includes ETFs that have an alternative and selection index based methodology that seeks to outperform a benchmark or reduce portfolio risk, or both. Industry remainder represents all ETF products that meet this criteria, excluding PowerShares smart beta products. Smart beta funds may underperform cap-weighted benchmarks and increase portfolio risk. Beta is a measure of risk representing how a security is expected to respond to general market movements.

14%

86%

Smart Beta Assets

20%

80%

Number of ETFs

34%

66%

$37 billion in

smart beta franchise assets

92 smart beta

ETFs

63 smart beta ETFs with at

least a 5-year track record

Number with 5-Year Record

PowerShares

Industry Remainder

# > 5 Years PowerShares: 63

Provider with 2nd Largest Offerings: 33

Seek a high-conviction smart beta management firm A track record of meeting client needs through innovative product offerings

Invesco PowerShares has the largest and broadest set of Smart Beta ETFs with the longest track record

Invesco PowerShares – factor investing (CONTINUED)

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* Represents the number of funds in the PowerShares ETF Family that utilize the corresponding methodology introduced

Smart Beta pioneers since 2003 PowerShares industry leadership in first-to-market ETF innovation:

Year Index Methodology Introduced PowerShares ETF Example (Ticker)

Total Funds in PowerShares

Family*

2003 Quantitative Constructed Dynamic Large Cap Value (PWV) 15

2005 International Dividend International Dividend AchieversTM (PID) 1

Fundamentals Weighted Equity FTSE RAFI US 1000 (PRF) 15

2006 Share Buybacks Buyback AchieversTM (PKW) 2

2007

Emerging Sovereign Debt Emerging Markets Sovereign Debt (PCY) 2

Momentum DWA Momentum (PDP) 15

Options S&P 500® BuyWrite Portfolio (PBP) 1

2010

High Quality Weighted S&P 500® High Quality (SPHQ) 2

Fundamentals Weighted/Fixed-Income Fundamental High YieldTM Corporate Bond (PHB) 3

Yield Weighted REIT KBW Premium Yield Equity REIT Portfolio (KBWY) 1

2011 Volatility-Weighted S&P 500® Low Volatility (SPLV) 10

Beta-Weighted S&P 500® High Beta (SPHB) 3

2014 Multi-Strategy Alternative Multi-Strategy Alternative Portfolio (LALT 1

Laddered Corporate Bond LadderRite 0–5 Year Corporate Bond (LDRI) 1

Invesco PowerShares – factor investing

Competitive advantages

Experienced ETF team with nearly half its employees averaging over 8 years with the firm

ETF brand strength and marketplace recognition

Experienced smart beta ETF team and scalable platform

Leading ETF product and capital markets specialists to support clients and distribution teams

Innovative product development team raising 2nd most AUM ($13.5B) from new products launched in the last 5 years among the top 10 ETF providers*

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* Source: Invesco PowerShares product and research team, February 2016.

Invesco combines scaled, global capabilities to deliver factor investing strategies for clients

31

Source: Invesco PowerShares as of December 31, 2015. The smart beta category includes ETFs that have an alternative and selection index based methodology that seeks to outperform a benchmark or reduce portfolio risk, or both. Industry remainder represents all ETF products that meet this criteria, excluding PowerShares smart beta products. Smart beta funds may underperform cap-weighted benchmarks and increase portfolio risk. Beta is a measure of risk representing how a security is expected to respond to general market movements. * Invesco analysis, includes 16 composites from 1992 to 2015.

A strong foundation in factor research

A systematic investment approach to meet client needs

Ability to deliver a full range of investment products globally

Invesco has been leading the way in rigorous, bottom-up factor research for 40 years

We have developed a broad platform of active and rules-based investment strategies backed by a strong track record of performance* We have the capability to build custom investment solutions where needed

Long-term experience in mutual funds, unit trusts, and separate accounts A pioneering leader in Exchange Traded Funds with an emphasis on Smart Beta Product development capabilities spanning all major regulatory regimes

Discussion topics

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Questions

Invesco Fixed Income is entirely focused on delivering investment excellence to our clients

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A global team of experienced professionals whose knowledge of local markets strengthens the investment process

Global platform

A structured and disciplined process that integrates macro and credit research to uncover value

Research based investment process

An investment approach that is focused on increasing the predictability and consistency of investment returns

Performance-driven

Inclusiveness that compounds expertise by working together effectively to drive results

Collaborative team approach

Our global perspective and local market knowledge help us uncover investment opportunities

34

Source: Invesco, as of December 31, 2015. Subject to change without notice. Invesco Fixed Income does not include all the fixed income entities within Invesco Ltd., and is not limited to those fixed income assets within the GIPS®-compliant firm Invesco Worldwide; therefore, the assets under management reported here for Invesco Fixed Income may not match the fixed income assets reported in the Invesco earnings statement. Offices in Mumbai and Shenzhen represent joint ventures.

Scope of fixed income platform: US $222.3* billion AUM

Depth of resources: 161 investment professionals 223 professionals Global footprint: 11 locations in key markets

Rates 19 Currency 14 Credit 72 PM 77

London

Hong Kong Tokyo

We have a well-resourced investment team with a strong global perspective

San Diego

New York

Atlanta

London

Hong Kong

Chicago Louisville

Shenzhen Mumbai Palm Harbor

Toronto

*AUM is unadjusted and does not include $11.5bn in assets for co-managed and manual adjustments.

IFI’s experienced teams provide broad market coverage and specialized expertise

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Fixed Income Teams Team Members

Average yrs. with Invesco

Average yrs. Industry Experience*

Portfolio Management & Trading 74 12 20

Global Research 87 8 15

Total Investment Professionals 161 10 17

Business Professionals 62 12 19

Total Fixed Income Employees 223 11 18

As of December 31, 2015. Subject to change without notice. * Investment specific experience for investment professionals.

We have made significant progress enhancing our capabilities for the benefit of our clients

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2011 Today Separate locations Independent teams

Global presence/regional hubs Connected teams

Independent processes Limited asset allocation

Consistent research processes Integrated strategy

Multiple systems Underdeveloped risk mgmt

Integrated systems Multi-faceted risk mgmt

Single sector oriented Limited multi-sector capabilities

Range of multi & single sector products

New capabilities

Process

Products

People

Platform

We offer a comprehensive range of single and multi-sector solutions to meet client objectives

37

For illustrative purposes only and does not ensure future results of any product or strategy , nor does it constitute a recommendation of the suitability of any investment strategy for a particular investor.

–

+

+ Return

Cash

Investment Grade

Bank Loans

High Yield

Convertibles

Emerging markets

Municipals Mortgages

Single Sector Disciplines

Beta

Alpha

Core Suite

Strategic Real Return

Absolute Return

Unconstrained Bond

Strategic Income

Multi-Sector Credit

–

Multi-Sector Disciplines

Risk

Stable Value

We will continue to develop products to meet market demands in both single sector and multi-sector disciplines

Global Bond Suite

Understanding client demands are creating opportunities

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Shift to new advice models & solutions

Growing demand for alternatives & multi-asset products

Shift to global & emerging markets

Search for yield

Alternatives Multi- Asset

Our global opportunity set allows us to bring a broad range of solutions to our clients

39

Capabilities:

Deep experience in income oriented strategies

Fundamental analysis to anchor yield focused solutions

Sophisticated risk management tools

Representative Examples:

Strategic Income

High Yield Corporates

Investor trends & client needs

How we address client needs

Search for yield





40

Capabilities:

Interconnected team that leverages local knowledge globally

Experienced global macro economic & credit coverage


Global Aggregate

Asian Bond Strategies



Search for yield





41



Search for yield




Capabilities:

Comprehensive expertise & connected team

Sophisticated portfolio management platform and risk tools


Bank Loans & CLO’s

Absolute Return & Uncorrelated Strategies


42

Capabilities:

Flexible platform and processes to tailor strategies

Broad range of delivery vehicles and packaging capabilities


PPIP & Mortgage Recovery Fund I*

IFI/IQS Balanced Funds



Search for yield




* Closed to new investors.

We have capabilities to address client demands globally

43

Source: eVestment. Based on estimated net flows for 2015 * Includes Asia, Japan & Australia

Key industry trends

EMEA Asia*

North America Core/Core Plus

Private Debt US Mortgages US Municipals

EM Debt Asia Fixed Income

US Bank Loans US High Yield

Global Credit Global High Yield

Cash

Unconstrained Bonds

Global Aggregate

Global Credit EU High Yield EU Corporates US Corporates

We are seeing flows from several different asset classes across the globe

44

Source: eVestment. Based on estimated net flows for 2015 * Includes Asia, Japan & Australia

Recent IFI flows

EMEA Asia*

North America Core/Core Plus

Municipals High Yield

Stable Value Cash

EM Debt US Investment

Grade

US Corporates EU Corporates

Cash

US Corporates Global Credit

US/Global Bank Loans

Global Aggregate

CLOs

Invesco Fixed Income is entirely focused on delivering investment excellence to our clients

45

A global team of experienced professionals whose knowledge of local markets strengthens the investment process

Global platform

A structured and disciplined process that integrates macro and credit research to uncover value

Research based investment process

An investment approach that is focused on increasing the predictability and consistency of investment returns

Performance-driven

Inclusiveness that compounds expertise by working together effectively to drive results

Collaborative team approach

Discussion topics

46









Questions

Invesco has a deep, long-standing set of alternatives and multi-asset capabilities

47

1 Source: Invesco Ltd. as of December 31, 2015. Includes real estate, alternative credit, liquid inflation hedges, hedged and macro strategies, private equity, and risk parity.

2 Source: Invesco Ltd. and Pensions & Investments 2015 Money Managers Rankings; includes US tax-exempt institutional assets for the following categories: real estate equity domestic, real estate equity international, timber, hedge funds, infrastructure, venture capital buyout funds, other private equity domestic, other private equity international, privately placed debt, distressed debt, mezzanine debt, energy, commodities, and MLPs.

$132 billion in alternative assets under management1

More than 350 investment professionals managing alternative strategies around the world

5th largest manager of alternatives for institutions2

Strength and scale in both liquid and long-term alternative strategies

Scope of key capabilities includes: – Bank Loans – Commodities – Infrastructure – Long/Short Equity – Macro – MLPs – Market Neutral – Private Equity – Real Estate – Risk-Balanced

More than 30 years’ experience managing alternative investments

Recognized pioneers and industry leaders across multiple alternative strategies

Institutionalized, repeatable investment processes

Sustainable teams with deep talent bench

One of the world’s leading independent global investment management firms

Global trading and investment execution platform

Robust, independent risk management

Focused operations, compliance, and investment technology tools

Support from regionally-based client engagement teams around the world

Scale and impact Breadth of capability Depth of experience Strong foundation

Our $132 billion alternatives and multi-asset platform is well diversified to meet a variety of investor needs

48

Source: Invesco Ltd. as of December 31, 2015. Note: Includes AUM from various portfolios that are publicly reported as “Balanced” or “Fixed Income”.

Alternatives capabilities

Liquid real assets Commodities Infrastructure Master Limited Partnerships

(MLPs) Real Estate Securities

Private real estate Direct Real Estate

Alternative fixed income

Bank Loans Unconstrained Fixed Income

Alternative equity and macro strategies

Arbitrage Strategies Currency Diversified Alternatives Macro Hedged Equity Long/Short Equity Market Neutral Risk-Balanced

Private equity Direct Private Equity Private Equity Funds of Funds

Invesco Alternatives AUM - $132Bn

Liquid Real Assets $32.0B

Private Real Estate $37.0B

Alternative Fixed Income

$27.8B

Alternative Equity

and Macro Strategies

$29.0B

Private Equity $6.4B

We bring our clients over 30 years of experience managing alternative investments

49

1980s and 1990s 2000s and 2010s Invesco Private Capital 1981: Began investing in Private Equity Partnerships Invesco Real Estate 1983: Began investing in Private Real Estate 1988: Began investing in Real Estate Securities Invesco Quantitative Strategies 1983: Began Equity investing Invesco Fixed Income 1989: Began investing in Bank Loans Invesco Quantitative Strategies 1992: Launched Market Neutral strategy WL Ross & Co. 1997: WLR began investing in Direct Private Equity

Invesco Global Asset Allocation 2000: Began Multi-Asset investing 2008: Launched Balanced-Risk Allocation and Balanced-Risk

Commodity strategies Invesco Multi Asset 2006: Team members launched similar Global Macro strategy 2013: Team joined Invesco Invesco Quantitative Strategies 2007: Began Long/Short Equity investing 2008: Launched Global Market Neutral strategy 2013: Launched Long/Short Equity strategy Invesco Real Estate 2014: Launched MLP and Global Infrastructure strategies Invesco PowerShares 2015: Started managing 11 exchange-traded Commodity pools

1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014

1983 Real Estate

1997 Direct Private

Equity

2013 Multi Alternatives Long/Short Equity

1981 Private Equity

Partnership Investing

1992 Market

Neutral

1989 Bank Loans

2008 Risk-Balanced Commodities Global Market Neutral

2014 MLPs Infrastructure Unconstrained

Fixed Income

2001 Macro

Where appropriate, these teams collaborate to bring unique offerings to market

50

Invesco Mortgage Recovery Fund

WL Ross & Co. (WLR)

Invesco Real

Estate (IRE)

Invesco Fixed

Income (IFI)

Invesco Mortgage Recovery Fund I (IMRF I) was a partnership among WLR, IRE, and IFI to pursue distressed public and private commercial property

IMRF I was one of 9 sponsors selected to partner with the US Treasury on the Public-Private Investment Program (PPIP) in 2009

Fund I raised $1.5bn and, to date, has returned more than 100% of capital at attractive returns

That track record, the demonstrated capabilities of the combined investment committee, and the sourcing advantages of the model allowed us to launch further similar strategies.

Global Balanced Solutions

Invesco Fixed Income (IFI)

Invesco Quantitative

Strategies (IQS)

Building on over a decade of cooperation in the institutional market, IFI and IQS continue to collaborate on innovative balanced asset solutions for retail and institutional investors

These combine the best of IQS’ factor-based equities capabilities and tactical asset allocation models with IFI’s global fixed income capabilities

Strong track records in the underlying asset classes are supplemented with downside risk management features to create customized client solutions

More than $2.3bn jointly managed by IFI and IQS in balanced solutions

New product initiatives are under way to bring these capabilities to retail markets in Europe and Asia

Our capabilities are delivered to investors through diverse investment vehicles

51

Liquid Vehicle Offerings Long-term Vehicle Offerings Liquid Real Assets

Commodities Yes Yes Listed Infrastructure Yes Yes Listed MLPs Yes Yes Real Estate Securities Yes Yes

Private Real Assets Direct Real Estate Yes

Alternative Fixed Income Bank Loans Yes Yes Mezzanine Debt Yes Unconstrained Bond Yes Yes

Alternative Equity and Macro Strategies

Currency Yes Yes Diversified Alternatives Yes Yes Global Macro Yes Yes Hedged Equity Yes Yes Long/Short Equity Yes Yes Market Neutral Yes Yes Risk-Balanced Yes Yes

Private Equity Buyout/Distressed Yes Funds-of-Funds Yes

Note: Not all vehicles are available to all investors or in all jurisdictions.

We developed a framework for investing in alternative strategies – defining the asset classes

52

Client objective:

Inflation hedge

Principal preservation

Portfolio diversification

Equity diversification

Fixed income diversification

Alternative type:

Alternative Assets Relative Value Strategies

Global Investing and Trading Strategies

Alternative Equity Strategies

Alternative Fixed Income Strategies

Asset classes:

Real Estate (REITS) Commodities Infrastructure MLPs

Market Neutral Arbitrage

Strategies

Macro Risk-Balanced Multi-Alternative Currency

Equity Long/Short Unconstrained

Equity Private Equity Option overlay

strategies

Bank Loans Unconstrained

Fixed Income Long/Short Credit

Allocate to: Assets that historically performed well during periods of inflation

Strategies that historically generated positive returns regardless of market environment

Strategies that invest beyond equities and fixed income across the global markets (currencies, commodities, etc.)

Strategies that invest in equities on a long and short and/or unconstrained basis

Strategies that invest in fixed income and/or credit

Seeks to achieve:

Hedge against inflation and generate current income

Preserve capital and produce positive returns

Generate attractive non-correlated returns

Participate in equity market upside with reduced downside risk

Boost yield, protect against rising rates and/or generate returns unique to traditional fixed income investments

Framework applies to liquid alternatives and non-accredited, retail investors. Past performance is not a guarantee of future results.

Our scale, experience and expertise across our alternatives platform allow us to uniquely deliver for our clients

On-the-ground presence in major world markets provides local market intelligence

Enhanced access to deal flow and alternative investment opportunities due to Invesco scale, reputation and access to market participants

Expertise in a broad range of securities and financial instruments (e.g., equities, credit, currencies, commodities, derivatives)

Fully integrated global trading platform with a dedicated alternatives desk

Multi-layered enterprise risk governance framework that spans both business/operational and investment risk across the alternatives platform

53

Discussion topics

54









Questions

Table of contents

55

1 The case for real estate

2 Invesco Real Estate (IRE)

3 IRE’s investment strategies

The case for real estate

Competitive total returns

Diversification

Income yield

Exposure to global markets

56

42.95

32.27

24.76

0

5

10

15

20

25

30

35

40

45

50

Global Bond Global Equity Global Real Estate

Estimated size of major asset classes globally (USD trillions)

Estimated size of major asset classes Real estate is a significant part of the investment universe globally

57

Notes: 1. Size of the global bond market is estimated based on the total market capitalization of the Barclays Global Aggregate Index as at Dec. 31, 2015. 2. Size of the global equity market is estimated based on the total market capitalization of the MSCI World Index USD as at Dec. 31, 2015. 3. Size of the global real estate market size is estimated based on each region’s investable stock as defined by latest DTZ Money into Property

as of December 31, 2015. Sources: Invesco Real Estate using data from Bloomberg and DTZ.

8.7

26.7

19.3

26.6

7.9

1.0

4.5 5.3

8.9

25.5

17.5

27.5

7.8

1.1 6.

8

4.8

8.8

26.4

18.6

22.2

8.5

1.9 6.

7

6.9 8.

5

23.1

17.7

25.0

9.9

1.1

7.3

7.4

0

5

10

15

20

25

30

Real Estate US Stocks ForeignEquities

Fixed Income VC/PrivateEquity

Cash Hedge Funds Other

2013 2014 2015 2016

Percent of total assets (%)

Historical target allocations

58

Source: Kingsley Associates, Institutional Real Estate, Inc. 2016 Annual Investor Study

Non-US Respondents 8.5% 12.8% 22.0% 37.7% 7.8% 2.9% 0.8% 7.4%

Correlations of real estate and other asset classes Direct real estate is a potential diversifier to other asset classes Risk and return profile of selected asset classes (quarterly and local currency)

US UK Australia

Market Sector Index NCREIF IPD IPD MSCI World Index 0.14 0.39 0.11

MSCI USA Index 0.13 0.41 0.05

MSCI Europe Index 0.14 0.35 0.13

MSCI Far East Index 0.05 0.31 0.07

MSCI Australia Index

0.06 0.31 0.09

FTSE EPRA/NAREIT Developed Index 0.13 0.49 0.13

FTSE NAREIT All Equity REITs Index 0.16 0.52 0.05

FTSE EPRA/NAREIT Developed Europe Index 0.26 0.56 0.23

FTSE EPRA/NAREIT Developed Asia 0.08 0.39 0.09

FTSE EPRA/NAREIT Australia Index

0.29 0.63 0.15

Barclays Global Aggregate Bond Index -0.15 -0.12 -0.16

BofA Merrill Lynch Corporate/Government Bond -0.16 -0.16 -0.22

Note: Correlations calculated using the longest available common time period from 1Q 1990 through 4Q 2015, except for IPD-UK from Q1 2001 to Q4 2015, and Barclays Global Aggregate Total Return from Q2 1990 to Q4 2015. Sources: NCREIF (National Council of Real Estate Investment Fiduciaries), IPD (Investment Property Databank), Barclays, Lipper Inc, Bloomberg and FTSE EPRA/NAREIT Index as of Q4 2015 and in local currencies.

59

UK Australia

US Canada

US

UK

Australia

Canada

Canada

Australia US UK

UK

US

Australia

Canada

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

0.0 5.0 10.0 15.0 20.0 25.0 30.0

ave

rage

ann

ual t

otal

ret

urn

(% p

er a

nnum

)

Risk (average annual standard deviation)

Risk and return profile of selected asset classes (annual and local currency)

Risk/return profile of selected asset classes The characteristics of listed and unlisted real estate are different

60

Sources: Invesco Real Estate using data from NCREIF, IPD, NAREIT, Barclays, and Macrobond. Past performance is not indicative of future results. An investment cannot be made in an index.

Countries Government bonds Barclays Aggregate

Equities S&P/ASX 200, FTSE100, S&P 500

Private real estate NCREIF, IPD

Public real estate FTSE/EPRA NAREIT

Australia 1988 – 2015 1980 – 2015 1985 – 2015 1990 – 2015 Canada 2002 – 2015 1978 – 2015 2000 – 2015 1997 – 2015 United Kingdom 1987 – 2015 1986 – 2015 1981 – 2015 1990 – 2015 United States 1978 – 2015 1978 – 2015 1978 – 2015 1990 – 2015

Bonds

Private Real Estate Equities

Public Real Estate

8.3

8.0 8.

8

3.5

10.3

1.1

7.1

8.3 8.5 9.

1

2.7

10.7

1.0

7.1 7.

7

7.4

7.2

4.0

9.4

1.4

6.3

8.7

6.8 7.

6

3.6

10.4

1.1

6.3

0

2

4

6

8

10

12

Real Estate US Stocks ForeignEquities

Fixed Income VC/PrivateEquity

Cash Hedge Funds

2013 2014 2015 2016

Expected nominal total rate of return (%)

Return expectations

61

Source: Kingsley Associates, Institutional Real Estate, Inc. 2016 Annual Investor Study

Non-US Respondents 9.7% 6.6% 7.1% 3.3% 12.3% 1.7% 8.8%

5,935 24%

7,476 30%

11,349 46%

United States

Asia Pacific

Europe

Total investable universe1 (US$ billions) = $24,759 billion

Global real estate investable universe

62

1 Total Investable Universe market size is estimated based on each region’s investable stock as defined by latest DTZ Money into Property as of year-end 2015.

Real estate investment styles Each has a different risk and return profile

63

For illustrative purposes only. Source: Invesco Real Estate.

Core/Stabilized

US Income

Value-Added/Enhanced

High Return/Opportunistic

Risk

Return

Global Securities

Real Estate Debt

Strategies targeted by private real estate investors in the next 12 months as of Q3 2015(%)

Strategies targeted by private real estate investors There continues to be sustained interest across the risk spectrum

64

Source: Invesco Real Estate using data from Preqin as of October 2015

60%

25%

56%

46%

13%

6% 0%

10%

20%

30%

40%

50%

60%

70%

Core Core-Plus Value-Added Opportunistic Debt Distressed

Prop

ortion

of

Fund

Sea

rche

s

Increasing Risk

The 2016 outlook for global real estate rents More varied economic prospects are leading to divergence in fundamentals

65

Note: Market positions are not relative and comparable. Duration of market cycles also varies. This does not constitute investment advice. There is no guarantee that the results will be realized. Source: Invesco Real Estate as of September 2015

Melbourne, Sydney

Office sector Industrial sector Residential sector Retail sector Rents falling

Rental decline slowing

Rental growth slowing

Rents rising

Singapore

Singapore

Washington DC

Houston

Hong Kong, Stockholm

Beijing, Los Angeles, Seattle, Seoul, Shanghai San Francisco

London, Madrid, New York, Washington DC

Houston

Singapore Houston

Washington DC

Los Angeles, Tokyo

Beijing, New York, San Francisco, Shanghai Hong Kong, Seattle

Paris (IdF)

Houston

New York

Sydney, Washington DC

Stockholm, Frankfurt, Melbourne, Munich

Los Angeles

Oakland

Hong, Kong, Riverside

Beijing, Seattle, Shanghai, Singapore London, Tokyo

Paris (CBD)

Melbourne

Madrid, Sydney

Los Angeles

Frankfurt, New York, Tokyo, Seoul

Denver

London City, Beijing, Shanghai

Hong Kong, Stockholm

Invesco Real Estate As of Dec. 31, 2015

66

Source: Invesco Real Estate (IRE) Total employees and assets under management as of December 31, 2015

Americas Direct Real Estate Investments — $25.9 BN Under Management — Since 1983

Global Securities Management — $25.8 BN Under Management — Since 1988

EMEA Direct Real Estate Investments — $7.4 BN Under Management — Since 1996

Asian Direct Real Estate Investments — $5.3 BN Under Management — Since 2006

195 N. America 132 Europe 107 Asia

San Francisco

Newport Beach Dallas

New York

Atlanta

London

Madrid Prague Munich

Hong Kong

Paris Tokyo Shanghai

Luxembourg

Seoul

Singapore

Sydney

Beijing

$64.4 Billion Under Management 434 Employees Worldwide; 21 Offices; 16 Countries

Warsaw

Milan

Hyderabad

Invesco Real Estate vision

67

Global real estate investment management business

One corporate culture

Global perspective

Local expertise/execution

Best practices

Performance driven

68

Source: Institutional Real Estate, Inc. Information for this special report was compiled through industry surveys of participating firms and, in some cases, from public information sources.

Invesco Real Estate ranked in the top 10% of Investment Managers by AUM included in the latest IREI Investment Guide Report

69

Source: Institutional Real Estate, Inc. Information for this special report was compiled through industry surveys of participating firms and, in some cases, from public information sources.

Invesco Real Estate ranked in the top 10% of REIT Managers included in the latest IREI Investment Guide Report

Invesco Real Estate investment strategies

70

North American Direct Real Estate

Strategies Separate Accounts

Commingled & Institutional

Funds Mutual Funds Public Markets Core Income Value Added/Opportunistic Structured Investments

European Direct Real Estate Strategies Core Value Added

Asian Direct Real Estate Strategies Core Value Added/Opportunistic J-REIT

Global Securities Strategies US Real Estate* Global Real Estate** Global Real Estate Income Global (Ex-US) Real Estate Global Infrastructure MLPs

* US: Institutional separate accounts and the Institutional Collective Trust closed to new investors ** Global: Institutional separate accounts closed to new investors As of December 31, 2015. Not all funds/strategies mentioned are registered in all jurisdictions, or available to all investors. Some funds are currently under development.

Three things that distinguish Invesco…

71

1 Senior management is comprised of 5 founding members of the Invesco Real Estate business platform Photographs shown above represent recently acquired core real estate assets. For illustrative purpose only.

1 Stability of People Senior management team

has been together an average of 28 years1

2 Stability of Firm Investment Management

only focus

3 Stability of Investment Process Developed and fine tuned

since 1983

Discussion topics

72









Questions

Invesco Global Targeted Returns Strategy Agenda

73

1 The Invesco Multi Asset team – who we are and why we are here

2 What we do and how we do it – our philosophy and process

3 Why it matters – the opportunity and our performance

4 Conclusion

Who we are and why we are here Invesco Perpetual, a highly regarded investment team – cross asset-class expertise, with a long-term, high-conviction culture

74

Source: Invesco as at 31 December 2015. 1 The Global Equities team is composed of 6 dedicated investment professionals and 14 Portfolio Managers/Analysts drawn from the Invesco Perpetual UK,

European, Emerging, US, Asian and Japan equities teams. 2 Henley investment centre AUM. 3 Global Targeted Returns UK Composite.

Nick Mustoe Chief Investment Officer

66 investment personnel with an average of 16 years’ experience

US$127.5bn1 invested across over 40 countries

UK

Eq

uit

ies

Euro

pea

n

Equ

itie

s

Glo

bal

Eq

uit

ies

Emer

gin

g

Equ

itie

s

US

Eq

uit

ies

Asi

an

Equ

itie

s

Jap

an

Equ

itie

s

Fixe

d

Inte

rest

Mu

lti A

sset

Investment professionals 8 8 202 5 2 5 3 19 10

Average years at Invesco Perpetual 9 10 10 8 4 13 15 9 3

Average years industry experience 17 16 17 15 18 19 21 15 16

Global Targeted Returns Strategy Managed by the Invesco Perpetual Multi Asset team Launched on 9 September 2013 Performance: +16.93% from inception to 29 February 20163 Volatility: 4.00% from inception to 29 February 2016 Assets under management: US$11,093,506 across 3 domiciles at 29 February 2016

43%

9% 10%

16%

24%

4%

17%

18%

21%

24%

49% 65%

0

10

20

30

40

50

60

70

80

90

100

1 year 3 years 5 years4th Quartile 3rd Quartile 2nd Quartile 1st Quartile

Invesco Perpetual ICVCs1 and Invesco SICAVs2 managed by the Henley investment team Asset weighted performance to 29 February 2016

Who we are and why we are here Clear focus on high quality conviction investing – a proven track record

75

Past performance is not a guide to future returns. Source: Invesco, Lipper and © Morningstar 2015 as at 29 February 2016. 1 This makes use of the Investment Association (IA) peer ranking for each ICVCs primary share class. 2 This makes use of the Morningstar peer ranking of the primary share class of Luxembourg and Ireland domiciled funds. Excludes fund-of-funds

and passively managed products. May not sum due to rounding.

Who we are and why we are here An experienced Multi Asset team – core investment team with broad multi discipline support

76

Source: Invesco Perpetual as at 31 December 2015. Years of experience subject to rounding.

A team of macro specialists solely focused on the Invesco Global Targeted Returns strategy

Years of experience

>7

year

s w

orki

ng

toge

ther

David Millar, FIA: Head of Multi Asset 27

Dave Jubb, FIA: Fund Manager 33

Richard Batty, PhD: Fund Manager 21

Gwilym Satchell, PRM: Risk Manager 7

Georgina Taylor: Product Director 15

Clive Emery: Product Director 18

Danielle Singer, CFA: US-based Product Director 14

Saul Shaul: Fund Analyst 9

Steve Hawes: Research Analyst 5

Mike Marshall, CFA: Risk Analyst 9

Invesco: broad multi discipline support

Investment expertise Invesco Ltd.’s Chief Economist

– Monthly economic update 66 Henley-based investment

professionals – Monthly global equity

meetings More than 750 Invesco

investment professionals worldwide – Global investor forum

Invesco infrastructure Governance Dealing Operations Marketing support

Who we are and why we are here Invesco – a global platform committed to investment excellence

77

Source: Invesco as at 31 December 2015. Not all of the capabilities listed are available in all countries, nor are they available on all platforms. Please consult your Invesco representative for more information on any of the capabilities mentioned.

Invesco believes the best investment insights come from specialised investment teams with discrete investment perspectives, operating under a disciplined philosophy & process framework with strong risk oversight.

Corporate access Global product distribution

Independent risk management

Global operating platform

Invesco Asia-Pacific Invesco Canada Invesco Fixed Income

Invesco Fundamental Equity

Invesco Global Core Equity Invesco Perpetual Invesco

PowerShares Invesco Private

Capital

Invesco Real Estate Invesco Unit Investment Trusts WL Ross & Co.

Invesco Global Asset Allocation

Invesco Quantitative Strategies

78

1 27 ideas as at 29 February 2016. 2 MSCI World. * Gross of fees. There is no guarantee this performance target or volatility target will be achieved.

Target return: 3-month LIBOR plus 5% on a rolling, three-year annualised basis*

Target volatility: Less than half global equity2 volatility over a rolling, three-year period*

Portfolio: Typically 20-30 individual investment ideas across asset classes1

with a time horizon of two to three years

Investment philosophy: Unconstrained research combined with a robust risk based management process

For illustrative purposes only.

Portfolio risk

Total independent risk

Div

ersi

ficat

ion

bene

fit

Investing in ideas

What we do and how we do it Our philosophy and process

What we do and how we do it Investing in ideas – a repeatable three-step process

79

For illustrative purposes only.

Approving ideas

Thematic T

Economic E

Analytic A

Managers M

Implementing ideas

Order Comply Execute Review

Combining ideas

Risk Scenarios Structure Liquidity

1 Research

3 Implementation

2 Fund management

Port

folio

rev

iew

and

ove

rsig

ht

What we do and how we do it Approving ideas – targeted ideas across asset classes

80

Source: Invesco as at 29 February 2016. For illustrative purposes only.

Idea 1: The strength of the corporate sector European equities

Idea 2: Interest rates lower for longer

US consumer staples vs discretionary

Idea 3: Diverging economic outlook Chilean peso vs Australian dollar

Idea 4: Market Liquidity UK & US 30-year swap spreads

Currencies

Equities

Government Bonds

1 Research

Alpha Strategies

Equities Corporate Bonds

Commodities Currencies Government Bonds

Inflation Products

Real Estate Volatility Instruments

Alpha Strategies

What we do and how we do it Approving ideas – our central economic thesis

81

Source: Invesco as of 31 December 2015. For illustrative purposes only.

1 Research

Low, but positive, global economic growth

Uncertain market impacts from changing liquidity

Low inflation continues globally

Select opportunities in risk assets

Higher levels of market volatility to persist

What we do and how we do it Combining ideas – achieving diversification

82

Source: Invesco Perpetual as at 29 February 2016. 1There is no guarantee this target will be achieved. For illustrative purposes only. 2Portfolio risk – the expected volatility of the fund as measured by the standard deviation of the current portfolio of ideas over the last three and a half years. 3Independent risk – the expected volatility of an individual idea as measured by its standard deviation over the last three and a half years. 4Global equity risk is the expected volatility of the MSCI World index as measured by its standard deviation over the last three and a half years, 12.23% 29 February 2016.

2 Fund management

0

2

4

6

8

10

12

14

16

Independent risk Portfolio risk

Volatility - UK Equity vs Rates

Volatility - Japanese Yen vs US Dollar

Volatility - Australian Dollar vs US Dollar

Volatility - Asian Equities vs US Equities

Interest Rates - UK

Interest Rates - Sweden vs Europe

Interest Rates - Swap Spreads

Interest Rates - Selective EM Debt

Interest Rates - European Curve Steepener

Interest Rates - Australia vs Europe

Equity - US Staples vs Discretionary

Equity - US Large Cap vs Small Cap

Equity - Japan

Equity - Germany

Currency - US Dollar vs Euro

Currency - US Dollar vs Canadian Dollar

Currency - Norwegian Krone vs UK Pound

Currency - Japanese Yen vs Korean Won

Currency - Indian Rupee vs Chinese Renminbi

Currency - Chilean Peso vs Australian Dollar

Credit - European Curve Flattener

Commodity - Commodity Carry

Credit - Selective Credit

Equity - UK

Equity - Selective Asia Exposure

Equity - Global

Equity - European Divergence

Total portfolio risk 4.02%2

Total independent risk 15.12%3

50% of global equity risk4

Diversification benefit

A portfolio designed to target equity-like returns for less than half the risk of global equities over a rolling, three-year period1

What we do and how we do it Combining ideas – stress testing and scenario analysis

83

For illustrative purposes only. $ = US.

1. Regulatory stress testing of historic events by Invesco’s independent risk function

2. Analysis by the Multi Asset team of possible scenarios going forward

Scenario Characteristics

UK Macro Meltdown GBP trade-weighted index -15%, UK 10yr yield -75bps, UK 2 year yield +50bps

Emerging Markets Dead Stop EM currency index falls 13%, South African 10yr bond yields rise to 15%

US Policy Positive S&P 500 to 2300, US dollar index up (+25%)

Oil Spill Brent to $100, Oil stocks outperform (+20%), LatAm FX strengthens (+20%)

Recession 2016 S&P 500 falls (-50%), US 2yr yield +200bps, US 10yr yield -100bps, Investment grade bond spreads widen (+150bps)

Euro Exit Spanish 10 yr yields +500bps, European bank volatility doubles, EUR weakens (-15%)

Cash is King S&P 500 falls to 1000, yield on US 10yr Treasuries to 5%

Japan’s Third Arrow JPY weakens (-20%), Nikkei rises (+30%)

2 Fund management

What we do and how we do it Implementing ideas – the operational and trading platform

84

Source: Invesco as at 31 December 2015. For illustrative purposes only.

Review and Oversight

A global manager with global derivatives dealing capability

Global Performance Measurement and Risk and Compliance

Integrated global operating platform

3 Implementation

TRADE EXECUTION

85

Global Targeted Returns UK Composite Gross performance (%) Returns 3 months 6 months 1 year Since inception1 Calendar Year

(Cum) (Ann) 2014 2015

Portfolio gross 1.56 2.32 1.14 16.93 6.68 9.54 2.82

3-month sterling LIBOR 0.15 0.29 0.58 1.36 0.56 0.55 0.58

Out/under performance +1.41 +2.03 +0.56 +15.57 +6.12 +8.99 +2.24

Realised volatility2 4.10 4.00 3.42 3.81

Realised volatility of global equities2 15.10 12.48 10.73 13.23

Realised volatility as a percentage of equity volatility 27.13% 32.00% 31.86% 28.78%

Past performance is not a guide to future returns.

Source: Invesco Perpetual as at 29 February 2016. 1 Inception date 30 September 2013. 2 Standard deviation of weekly returns. An Invesco Perpetual Global Targeted Return Representative Account is shown using weekly data versus

the composite data which is provided monthly. Global equities represented by MSCI World Index. Performance figures are shown in sterling on a mid-to-mid basis, inclusive of reinvested income and gross of the Ongoing Charge and portfolio transaction costs. The figures do not reflect the entry charge paid by individual investors. Benchmark and other index information source: Datastream, total return, in sterling. Periods of less than one year are cumulative. This slide is supplemental information to the GIPS-compliant information included in slides 123-125. Performance figures are shown in GBP and are gross of fees.

Why this matters The opportunity and our performance

95

100

105

110

115

120

125

130

135

9/9/2013 12/9/2013 3/9/2014 6/9/2014 9/9/2014 12/9/2014 3/9/2015 6/9/2015 9/9/2015 12/9/2015

Invesco Perpetual Global Targeted Returns Strategy MSCI World Libor 3M + 500bps

Why this matters Global Targeted Returns Strategy* – gross performance versus global equities and target since inception1

86

Past performance is not a guide to future returns. *This is a representative account of the Global Targeted Returns Strategy Source: Invesco Perpetual and Bloomberg as at 31 January 2016. 1 Inception date 9 September 2013. Global equities represented by MSCI World Index (total return, in sterling). Fund performance figures are shown in sterling on a mid-to-mid basis, inclusive of reinvested income and gross of the Ongoing Charge and portfolio transaction costs. The figures do not reflect the entry charge paid by individual investors. An Invesco Perpetual Global Targeted Return Representative Account is shown using weekly data versus the composite data which is provided monthly.

Why this matters Financial performance

87

Source: Strategy AUM - Invesco Perpetual as at 29 February2016.

0

2000

4000

6000

8000

10000

12000

14000

2013 2014 2015

US Canada UK Cross-Border Asia-Pacific

0100020003000400050006000700080009000

2013 2014 2015

US Retail Canada UK Cross-Border Asia-Pacific

63%

26%

2% 9%

UK-domiciled fund

Lux-domiciled fund (RoW)

US-domiciled fund

Segregated accounts

Total strategy AUM – US$11.1bn

Historical AUM (US$M)

Net Flows (US$M)

Why this matters Global pension assets – December 2015

88

Country Total assets 2015 (USD billion) Assets/GDP ratio (%)6

Australia 1,484 119.6 Brazil1 180 10.0 Canada 1,525 97.0 Chile 159 66.4 France 151 6.2 Germany2 427 12.7 Hong Kong 123 39.9 India 94 4.3 Ireland 128 56.1 Japan3 2,746 66.7 Malaysia 190 60.6 Mexico 177 15.2 Netherlands 1,378 183.6 South Africa 181 57.2 South Korea 545 39.1 Spain 41 3.3 Switzerland4 804 118.7 UK 3,204 111.9 US5 21,779 121.2 Total 35,438 80.0

Source: Willis Towers Watson, Global Pensions Asset Study 2016. 1 Only include pension assets from closed entities. 2 Only include pension assets for company pension schemes. 3 Does not include the unfunded benefit obligation of corporate pension plans (account receivables). 4 Only includes autonomous pension funds. Does not consider insurance companies assets. 5 Includes IRAs. 6 Assets/GDP ratio for individual markets are calculated in local currency terms, and total Assets/GDP ratio is calculated in USD.

What is a Diversified Growth Fund (DGF)? Taking a cue from across the pond …

DGFs started as solutions for UK pension plans to de-risk significantly out of equities in 2006 following a significant equity market decline, pension regulation changes and new accounting rules. Today:

Gaining traction: DGFs continue to attract assets in the UK, growing to roughly US$200bn in AUM with expectation to grow beyond US$300bn in AUM by 2019.1

Extending reach: DGFs are spreading across the globe into Continental Europe, Asia, Australia and the United States.

In the US today, strategies like ours are currently considered as ‘liquid alternatives.’2 But with a pensions market in the US >US$20trn vs >US$3trn in the UK there is a significant growth opportunity.

89

Source: Diversified Growth Funds, Market Intelligence. Spence Johnson Ltd. 2015, Invesco. 1 AUM represented by funds defined by Spencer Johnson Ltd., under the DGF brand. 2 As compared to less liquid vehicles such as hedge funds and private equity.

Global Targeted Returns Strategy

Idea generation: Cross fertilization of ideas with Invesco Perpetual and Invesco asset class specialists

Risk management: An experienced Multi Asset team running a highly diversified portfolio

Implementation: Leveraging Invesco’s infrastructure to attain the best expression of investment ideas across asset classes

90

A market with significant growth opportunity

Investing in ideas

Discussion topics

91









Questions

Invesco outlook – discussion topics

92

Benefits of diversification

Capital management policy

66%

3%

13%

10%

8%

48%

6%

9%

24%

13%

We are diversified as a firm Delivering a diverse set of solutions to meet client needs

93

As of December 31, 2015. Source: Invesco Ltd.

By client domicile By channel By asset class

$510.7 $21.7

$104.2 $75.4 $63.6

$775.6 Total

U.S. Canada U.K. Europe Asia

(4.0)% (15.9)% (0.9)%

6.0% 9.1%

(2.1)%


$514.8 $260.8

$775.6 Total

Retail Institutional

(3.3)% 0.3%

(2.1)%


$370.9 $48.1 $64.6

$187.9 $104.1

Total

Equity Balanced Money Market Fixed Income Alternatives

(3.5)% (4.9)%

(15.6)% 3.5% 4.8%

(2.1)%


$775.6

66%

34%

Our strategic focus generated strong financial results

94

*Adjusted share price as of July 29, 2005 **Adjusted diluted EPS Non-GAAP financial measures, please see appendix page 114-115 for reconciliation to most relevant GAAP measure. Source: Invesco Ltd.

Adjusted operating income $ Millions

1,494

513

879 1,046 1,012

1,292

1,495

5 YR CAGR +11.2% (2010 to 2015) -0.1%

2015

2014

2013

2012

2011

2010 2005

Ending AUM $ Billions

776

406

600 607 667

779 792 5 YR CAGR +5.3% (2010 to 2015)

-2.0%

2015

2014

2013

2012

2011

2010

2005 Avg. AUM

384

517

618

645

726

790

795

Adjusted operating margin Percent

41.0

24.1

36.3 37.5 35.7 39.7 41.4

5 YR CAGR +2.7% (2010 to 2015)

-1.0% (-0.4 ppts)

2010 2005 2015

2014

2013

2012

2011

Share Price Dollars

33.48

11.97

24.06 20.09

26.09

36.40 39.52 5 YR CAGR +6.8%

(2010 to 2015)

-15.3%

2015

2014

2013

2012

2011

2010

2005* EPS** 0.74 1.34 1.63 1.65 2.13 2.51 2.44 P/E 19.1 18.0 12.3 15.8 17.1 15.7 13.7

Long-term net flows are diversified across region, asset class & channel

95

Note: Organic Growth is defined as long-term net sales divided by Beginning-of-period AUM. Source: Invesco Ltd.

Annual Long-Term Net flows, by region (US $ billions)

8.9 9.5

2.9 0.5

3.8 7.4

2.2

10.3

-2.5

4.7 3.1 5.5

10.2

21.6

8.2

16.3

Americas EMEA

2014 2013 2012

Annual Long-Term Net flows, by asset class (US $ billions)

6.1 2015

Organic Growth(%) 2.4 2.0 0.5 0.1 3.2 5.3 8.7 5.8 -5.0 9.6 5.7 9.5

Organic Growth(%)

-4.0 2.4 -1.7 -1.4 5.6 1.0 2.8 5.5 45.6 14.0 3.9 2.8 -4.3 7.3 11.1 10.1

Asia Pacific 1.7 3.2 1.1 2.1

Total

1.7 3.2 1.1 2.1

-10.8

6.9

-6.7 -5.2

12.4

2.5 7.2

10 12.4 6.1

-2.1

1.4

-3.8

6.1 9.8 10.1 10.2

21.6

8.2

16.3

Alternatives Balanced Fixed Income Total Equity

10.2

21.3

5.0 2.9

0.0 0.3 3.2

13.4 10.2

21.6

8.2

16.3

Retail Institutional Total Organic Growth(%)

2.7 5.0 1.0 0.5 0.0 0.1 1.2 5.2 1.7 3.3 1.0 2.0

Annual Long-Term Net flows, by channel (US $ billions)

Benefits of diversification Invesco’s global diversification has lead to consistent growth and lower volatility compared to industry average

96

Note: Organic growth is based on average annual net long term flows dividend by beginning period AUM from 2011-2015. Averages exclude IVZ. Companies represented include: Affiliated Managers, AB Global, Ameriprise, BlackRock, Bank of New York Mellon, Eaton Vance, Federated, Franklin Resources, Janus, Legg Mason, T. Rowe Price, and Waddell & Reed. Source: Invesco Ltd.

H

L

F

J

E

D

IVZ B

A

C G

K

I

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0%

Average Organic growth

Standard Deviation

Average Organic Growth = 0.4%

Average Standard Deviation = 3.2%

IVZ Targeted Organic Growth Rate of 3-5%

Benefits of diversification Despite more consistent positive organic growth, Invesco trades at a discount to peers

97

Note: Organic growth is based on FY 2015 net long term flows divided by beginning of period AUM. Averages exclude IVZ. Forward P/E multiple is as of 12/31/2015 on FY 2016 earnings estimates from Factset Companies represented include: Affiliated Managers, AB Global, Ameriprise, BlackRock, Bank of New York Mellon, Eaton Vance, Federated, Franklin Resources, Janus, Legg Mason. T. Rowe Price., and Waddell & Reed.

2015 Organic growth

Forward P/E Multiple

8.0

9.0

10.0

11.0

12.0

13.0

14.0

15.0

16.0

17.0

18.0

-12.0% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0%

A

D

B

E

IVZ

G

K H

C

J

L

I

F

Capital management philosophy

Our capital management priorities support growth of the business while maintaining financial strength

Our capital management priorities have evolved with the growth and success of our business

Our capital management policy is executed in a manner consistent with our desire to maintain a strong, investment-grade credit rating

– Reinvestment in the business – This is primarily in the form of seed capital for new products and co-investments

– Steady annual growth of dividends

– Share repurchase

– Strength of the balance sheet including ~$1 billion cash buffer in excess of European regulatory and liquidity requirements

98

Capital management philosophy

M&A is not an explicit capital priority for Invesco and any potential transaction will have to meet stringent corporate requirements

Enhances our ability to meet client needs

Aligns with Invesco’s long-term strategy

Further leverages Invesco’s global operating platform

Compelling strategic rationale and cultural alignment

Meets financial criteria:

– Internal Rate of Return (IRR) in excess of 20%

– Cash payback within 7 years

– Accretive to earnings in year one

99

3.9%

26.5%

77.1%

12.4%

-0.5% 2011 2012 2013 2014 2015

13% 16% 17% 9% 20%

23% 27%

1%

60% 57%

64% 57%

82%

20% 23%

10%

2011 2012 2013 2014 2015

Equity Fixed Income Alternatives Balanced

Capital management philosophy Invesco’s seed capital composition has changed with the company’s evolution over time

100

Source: Invesco Ltd.

$ of new products seeded (in millions) Growth rate (%) of new product seeding

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

2005 2015

(millions)

Market Cap $5.3B

Market Cap $12.3B

Capital Returned to Shareholders

Since 2005 $6.0B

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Cumulative return of capital Market capitalization comparison

Capital management philosophy A long-term commitment to executing our strategy and delivering consistent results for shareholders

101

(millions)

Dividends Buyback

Cumulative return of capital since 2005: $6.0 billion

New Management Team and Strategy

*Market Capitalization data as of March 16, 2016


Capital management philosophy Total outstanding shares have declined 8% since peaking in 2011 post the Van Kampen acquisition

102


Annual weighted average shares outstanding (millions)

# of shares (in millions) issued

41.5

5.9 5.8 5.2 4.6 4.4 9.4

18.8

11.1 13.9

7.4

15.5

463.2 464.7

453.8 448.5

435.6

429.3

2010 2011 2012 2013 2014 2015

# of shares (in millions) repurchased

30m shares issued as consideration to Morgan Stanley

Capital management philosophy The $1 billion in dividends and buybacks paid out in 2015 represents an increase of 32% over 2014

103

For dividend information reported values represent fiscal year Non-GAAP financial measures, please see appendix page 117 for reconciliation to most relevant GAAP measure. Sources: Invesco Ltd.

$ amount of dividends paid

Total payout ratio (dividends + buyback / cash flow)

$ amount of shares repurchased

$198 $221 $289 $380 $424 $454 $192

$436 $265

$470 $270

$549

70%

82%

62%

78%

65%

97%

2010 2011 2012 2013 2014 2015

Discussion topics

104









Questions


105


Search for yield

In 2007, began expansion of global fixed income platform, which today supports the full range of single-sector and multi-sector capabilities

Continue to expand the full range of income-related capabilities, including equities, fixed income and alternatives


Continued to expand our comprehensive range of all-weather, high-conviction capabilities

Began factor investing in 1983

Added Invesco PowerShares in 2006 – smart beta line remains broadest, most diverse in the industry

Continue to accelerate our ETF business globally

Multi-asset strategies and absolute return

Introduced risk parity strategy in 2008

Built new Invesco Perpetual multi-asset team beginning in 2012; expanding to new markets

Invesco Quantitative Strategies added global market neutral capability in 2008


106



Entered direct real estate business in 1991; completed the globalization of our real estate capabilities by adding the Asia team in 2010

Expanded into private equity through WL Ross & Co. in 2006

Continued to broaden our range of alternative strategies with the launch of more than 40 liquid alternatives offerings globally beginning in 2011; today the range represents one of the most comprehensive lineups in the industry

Increasing demand for solutions and new advice models

Invesco Solutions builds and manages goal-oriented, multi-asset strategies aligned to client outcomes

Early entrant into the digital advice space through the addition of Jemstep in 2016

Invesco Solutions builds and manages goal-oriented, multi-asset strategies

Expertise in evaluating investment strategies and constructing portfolios designed to meet specific client goals

Independent group within Invesco’s broader Investments group

Not affiliated with any one investment team; flexibility to tap into Invesco’s broad range of investment capabilities

Substantial experience working across investment teams globally

Combines rigorous research, quantitative analysis and qualitative capabilities review with a pragmatic assessment of current market dynamics

107

Invesco Solutions has access to a comprehensive array of resources and capabilities around the world

108

Data as of June 30, 2015. Data subject to change. 1 Number in parentheses represents total number of team members.

Invesco Solutions Substantial resources to support investment selection and ongoing monitoring1

US Product Development (9)

Global Performance Measurement & Risk (94)

Product & Market Research (11)

Product Management (26)

Breadth of investment management expertise

Invesco Fixed Income Global liquidity Stable value Global and US

broad fixed Global alternatives

and bank loans

Invesco Global Core Equity Emerging markets International and

global equity US equity

Invesco Perpetual Global and regional

equity: UK, European, Asian, Japanese and emerging markets

Multi-asset Fixed Income

Invesco Real Estate Global direct real

estate Global public real

estate

Invesco Private Capital Private equity

funds of funds Customized

portfolios

Invesco Global Asset Allocation Global macro Risk parity Commodities Active balanced

solutions

Invesco Quantitative Strategies Quantitative equity Enhanced Long/short

strategies

WL Ross & Co. Distressed and

restructuring private equity

Energy private equity

Invesco Asia Pacific Asia Ex-Japan Greater China Japan Australia

Invesco Fundamental Equity US growth equity US value equity International and

global growth Sector equity Balanced portfolios

Invesco Canada Canadian regional,

sector and global equity

Canadian and Global fixed

Balanced Portfolios

Invesco PowerShares Index-based and

actively managed ETFs

Domestic and international

Fixed income Commodities

A strong and growing presence in key markets across the globe

109

A strong and growing presence in the Americas US Canada Top 10 brand equity in US retail and institutional 1

#4 Best Places to Work in Money Management for 2015 from Pensions & Investments

5th largest advisor-sold fund family2

Over 85% of Invesco US open-end mutual funds’ AUM in top half of Morningstar and Lipper peer groups for ten-year time period

Top 5 brand equity Canada retail Top 10 overall Advisor Perception 5th largest ETF provider 11th largest advisor-sold fund family Rank #2 of AUM in Top Half of peers for

3-year and 5-year periods among competitors

A strong and growing presence in EMEA

Top 10 manager in Morningstar’s Offshore Chinese/Greater China Equities Universe of 135 funds Top 7 Japanese equity manager among foreign asset managers5

In Hong Kong, won “Best Institutional House” and the “Regional Best Client Servicing” awards (Asia Asset Management Best of the Best Awards 2015)

71% and 75% of assets rank in the top half of peer group over the respective 3- and 5-years in Asia Pacific Japan Advantage strategy ranks 1st in 5-year performance in the Mercer Universe of 50 funds China JV awarded “Best China A-share Manager” for three-year performance and its CIO was named “CIO of the

Year” in China by Asia Asset Management (Best of the Best Awards 2015)

A strong and growing presence in Asia Pacific

UK Largest retail asset manager in the UK with $64B in

AUM; #1 brand with UK advisors 99% of funds rank in the top half of their peer

group over 3-years3

65% of funds’ assets are in funds with 4 or 5- star Morningstar rating3

Cross Border retail Top 10 manager in European Cross Border Retail, with $49B

in assets; ranked #9 by gross sales, #52 by net sales (Broadridge SalesWatch)4

70% of funds rank in the top half of their peer group over 3-years

Best European Asset Management Companies (European Funds Trophy) in 2016

Any reference to a rating, ranking or an award is not a guarantee of performance and is not consistent over time. For additional information, please see slide 126.


110

Success driver Invesco position

Deep understanding of client needs

Deep knowledge of clients and their evolving needs

Comprehensive, all-weather, high-conviction, fundamental and factor investing product line

Demonstrated ability to combine a broad range of capabilities to construct portfolios aligned with client investment objectives by channel and by region

Focus and experience

A pure focus on investment management

Strong investment reputation

Independence

Proven management team with a solid track record

Delivery of investment excellence

Specialized, stable investment teams with discrete investment perspectives and experience across diverse market cycles

Disciplined, repeatable investment philosophy and processes

Strong risk management and oversight

Compensation aligned with performance and client interests

Organizational strength

Broad and deep global footprint

Solid margins, financial stability, and resources to continue long-term investment in the business

Employee survey results demonstrate highly engaged and motivated staff


111

It is the totality of our organization that makes Invesco highly differentiated in the marketplace and positions us for growth and success over the long term

Channels

Asset classes

Geographies

Independent Depth and breadth of capabilities

Diversification across channels, asset classes and geographies

Search for yield

Barbelling (factor and fundamental investing)

Multi-asset solutions and absolute return


Increasing demand for solutions

Discussion topics

112









Questions

Appendix

113

Reconciliation of US GAAP results to non-GAAP results – 2005, 2010-2015

114

($ millions) 2015 2014 2013 2012 2011 2010 2005 Reconciliation of Operating revenues to Adjusted operating revenues:

Operating revenues, U.S. GAAP basis 5122.9 5147.1 4644.6 4050.4 3982.3 3385.9 2872.6 Proportional share of revenues, net of third-party distribution expenses, from joint venture investments 61 56.7 51.7 37.5 41.4 42.2 - Third party distribution, service and advisory expenses (1579.9) (1630.7) (1489.2) (1308.2) (1279.4) (1051) (753.3) CIP 39.2 35.2 37.9 41 47.3 45 5.5 Other reconciling items - - 7 15.3 - - - Net revenues 3643.2 3608.3 3252 2836 2791.6 2422.1 2124.8

Reconciliation of Operating income to Adjusted operating income:

Operating income, U.S. GAAP basis 1358.4 1276.9 1120.2 842.6 882.1 579.4 407.9

Proportional share of net operating income from joint venture investments 27.4 25.9 21.3 15.7 19.2 22.9 - CIP 63.2 69.8 73 72.5 60.3 54.9 16.3 Acquisition/disposition related adjustments 12.8 12.6 23 31.4 66.7 188 25.9 Compensation expense related to market valuation changes in deferred compensation plans 4.3 11.5 25.1 14.3 5.8 9.3 - Other reconciling items 27.6 98.3 29.5 35.6 12.1 24.2 62.6 Adjusted operating income 1493.7 1495 1292.1 1012.1 1046.2 878.1 512.7

Operating margin* 26.5% 24.8% 24.1% 20.8% 22.2% 17.1% 14.2% Adjusted operating margin** 41.0% 41.4% 39.7% 35.7% 37.5% 36.3% 24.1%

Reconciliation of Net income attributable to Invesco Ltd. to Adjusted net income attributable to Invesco Ltd.: Net income attributable to Invesco Ltd., U.S. GAAP basis 968.1 988.1 940.3 677.1 729.7 465.7 219.8

CIP, eliminated upon consolidation 40.4 (7.8) 8.7 10.7 (20.2) (6.8) - Acquisition/disposition related adjustments, net of tax 14 36.2 (23.8) 21.9 62.3 148.1 31.8 Deferred compensation plan market valuation changes and dividend income less compensation expense, net of tax 5.9 (0.3) (12.6) (7.4) 2.5 (5.3) - Other reconciling items, net of tax 20.3 78.6 40.7 46.3 (15.2) 17.0 48.0 Adjusted net income attributable to Invesco Ltd. 1048.7 1094.8 953.3 748.6 759.1 618.7 299.6

Average shares outstanding - diluted 429.3 435.6 448.5 453.8 464.7 463.2 402.5

Diluted EPS 2.26 2.27 2.10 1.49 1.57 1.01 0.55 Adjusted diluted EPS*** 2.44 2.51 2.13 1.65 1.63 1.34 0.74

*Operating margin is equal to operating income divided by operating revenues.

**Adjusted operating margin is equal to adjusted operating income divided by net revenues.

***Adjusted diluted EPS is equal to adjusted net income attributable to Invesco Ltd. divided by the weighted average shares outstanding amount used in the calculation of diluted EPS.

Reconciliation of US GAAP results to non-GAAP information – 2010-2015

115

($ millions) 2015 2014 2013 Reconciliation of net cash provided by operating activities before consolidation to U>S. GAAP net cash provided by operating activities

Before consolidation (non-GAAP)

Impact of Consolidation

Total (U.S. GAAP)



Total (U.S. GAAP)



Total (U.S. GAAP)

Net Income 1,010.3 (46.1) 964.2 990.0 11.1 1,001.1 946.8 36.0 982.8

(Purchase)/sale of trading investments (159.0) - (159.0) (2.7) - (2.7) 5.4 - 5.4 Other adjustments to reconcile net income to net cash provided by operating activities 224.2 42.6 266.8 163.7 (11.6) 152.1 87.0 (47.6) 39.4 Changes in operating assets and liabilities (34.6) (13.3) (47.9) (76.2) (23.7) (99.9) 35.2 26.4 61.6 (Increase)/decrease in cash held by CIP - 39.9 39.9 - 148.5 148.5 - (298.9) (298.9) (Increase)/decrease in cash held by CSIP (10.5) - (10.5) 1.3 - 1.3 (10.1) - (10.1) Net cash provided by/(used in) operating activities 1,030.4 23.1 1,053.5 1,076.1 124.3 1,200.4 1,064.3 (284.1) 780.2

($ millions) 2012 2011 2010 Reconciliation of net cash provided by operating activities before consolidation to U>S. GAAP net cash provided by operating activities



Total (U.S. GAAP)



Total (U.S. GAAP)



Total (U.S. GAAP)

Net Income 687.9 (100.6) 587.3 709.4 (107.5) 601.9 456.1 181.4 637.5

(Purchase)/sale of trading investments (7.2) - (7.2) (11.0) - (11.0) (60.4) - (60.4) Other adjustments to reconcile net income to net cash provided by operating activities 176.8 106.0 282.8 231.4 159.2 390.6 232.6 (114.0) 118.6 Changes in operating assets and liabilities 14.6 (22.0) (7.4) (127.0) (153.9) (280.9) - 46.8 46.8 (Increase)/decrease in cash held by CIP - (36.2) (36.2) - 264.2 264.2 - (336.2) (336.2) (Increase)/decrease in cash held by CSIP - - - - - - (27.1) - (27.1) Net cash provided by/(used in) operating activities 872.1 (52.8) 819.3 802.8 162.0 964.8 601.2 (222.0) 379.2

5.3% 6.1%

10.4%

12.3%

12.4% 14.5%

19.4%

19.6% Dividend ($1.9B)

Buyback ($2.2B)

Currency/Commodity ($3.8B)

Intellidex ($4.5B)

Momentum ($4.6B)

Other ($5.5B)

Fundamental ($7.1B)

Low Volatility ($7.2B)

Smart Beta Breakdown

56.6 70.1

96.9 96.8 97.9

58.2 72.1

99.7 100.2 101.7

0

40

80

120

2011 2012 2013 2014 2015

Americas Canada EMEA Total

Historical AUM

PowerShares Financial Performance

116

17.6

27.6

17.6 20.9

-11.1

-18.5 -13.0

-18.2

6.5 9.1 4.6 2.7

-30

-20

-10

0

10

20

30

2012 2013 2014 2015

Gross Sales Gross Redemptions Net long-term flows

Long-term Flows ($B)

Total Smart Beta AUM = $36.8B

Ending AUM by Year ($B) (CAGR = 14.95%)

Data as of December 31, 2015 (includes QQQ)

Data as of December 31, 2015 (Ex-QQQ)

Invesco Quantitative Strategies - Financial Performance

117

66% 71% 82%

47% 53% 53%

8% 5%

34%

2nd quartile 1st quartile AUM above benchmark

1 yr. 3 yr. 5 yr.

Investment Performance

2.8

6.3

9.6 12.1

-4.5 -5.4 -6.8 -7.1

-1.7

0.9 2.8

5.0

2012 2013 2014 2015 Gross sales Gross redemptions Net long-term flows

Long-term Flows

11%

16%

1% 3%

32% 1%

1%

23%

14%

IQS Strategy Breakdown

Core

Enhanced

Long Short

Mkt Neutral

Low Vol

Growth

Small Cap

Passive

Balanced

6.8 8.6 10.7 11.3

8.9 13.4

15.4 18.8

3.7

3.9 3.7

4.0

19.5

25.8 29.8

34.1

2012 2013 2014 2015

Asia-Pac EMEA Americas Total

Ending AUM by Year ($B) Total IQS AUM = $34.1b

Historical AUM (Client Domicile)

Long-term Flows ($B)

117

Invesco Fixed Income is focused on delivering strong investment performance for our clients

118

89%

11%

83%

17%

86%

14%

16%

72%

12% 20%

70%

10% 17%

79%

4%

1-Year 3-Year 5-Year December 31, 2015

December 31, 2015

Past performance is not a guide to future returns. Aggregate performance analysis – asset weighted. * Excludes passive products, closed-end funds, fund of funds with component funds managed by Invesco, stable value building block funds and CDOs. Certain

funds and products were excluded from the analysis because of limited benchmark or peer group data. Had these been available, results may have been different. Data as of December 31, 2015. AUM included above represents 29.5% of total IVZ assets, as of December 31, 2015. Peer group rankings are sourced from a widely-used third party ranking agency in each fund’s market (Lipper, Morningstar, Mercer, eVestment Alliance) and asset-weighted in USD. Rankings are as of prior quarter-end for most institutional products. See the AUM Disclosure slide for a further explanation of how composites are measured. Performance assumes the reinvestment of dividends. Past performance is not indicative of future results and may not reflect an investor’s experience. Any reference to a rating, ranking or an award is not a guarantee of investment performance and is not constant over time. Please see slides 127 – 129.

% above benchmark

% below benchmark

Percent of IFI actively managed assets in the first or second quartile*

% in the 2nd quartile of peer group

% in the bottom half of peer group

% in the 1st quartile of peer group

65.5

27.6

13.4 0.9

2.3

16.0

23.6

51.0

22.1 Global Liquidity

Bank Loans

Multi Sector

Emerging Markets

High Yield

Global IG

Municipals

Stable Value

Structures

IFI AUM = $222.3* bn

Invesco Fixed Income offers a comprehensive range of single and multi-sector solutions to meet client objectives

119

*AUM is unadjusted and does not include $11.5bn in assets for co-managed and manual adjustments.

Source: Invesco, as of 12/31/15

Industry vs. Invesco Real Estate Capital flows

120

Source: FPL Advisory Group. Data as of Q4 2015.

Americas 60%

Europe 18%

Middle East 1%

Asia 21%

FPL Peer Comparison (%)

Americas 61%

Europe 24%

Asia 15%

Invesco Real Estate (%)

Inve

stor

Dom

icile

Q

uad

ran

t

Direct Equity 78%

Securities 10%

Direct Debt 12%


Direct Equity 84%

Securities 16%


Financial performance

121

Source: Invesco Real Estate as of December 31, 2015

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

2011 2012 2013 2014 2015

Flow

s ($

in M

illio

ns)

Gross Sales Gross Redemptions Net Long-Term Flows

16.0 14.7 15.3

8.7

11.8

15.3 14.0 14.5

7.9

10.9

15.2 13.6 13.6

6.3 8.5

0

5

10

15

20

1 Year 3 Year 5 Year 10 Year SinceInception

Invesco NCREIF Real Estate (Leveraged)-GrossInvesco NCREIF Real Estate (Leveraged)-NetNFI-ODCE (Equal Weighted)

0

20

40

60

80

2011 2012 2013 2014 2015

North America Direct Global SecuritiesEurope Direct Asia Direct

$25.9 40%

$7.4 12%

$5.3 8%

$25.8 40%

NA Direct

Europe Direct

Asia Direct

Global Securities

Business Line (Total AUM = $64.4 BN) Growth in Our Assets Under Management

48.3 50.7 55.7

64.1 64.4

Long-term Flows Invesco NCREIF Real Estate Composite (Leveraged) (%)

(10/92-12/15)

Industry vs. Invesco Real Estate Capital flows

122 *Direct Real Estate Only Source: FPL Advisory Group. Data as of Q4 2015.

Inve

stm

ent

Str

ateg

y*

Core 73%

High Yield 27%


Core 80%

High Yield 20%


Veh

icle

Typ

e

Open-end Fund 32%

Closed-end Fund 13%

Separate Account

42%

Other 13%


Open-end Fund 38%

Closed-end Fund 9%

Separate Account

37%

Other 16%


Global Targeted Returns Schedule of investment performance (1)

123

Gross rate of return

(%)

Net rate of return

(%)

Benchmark return

(%)

Composite 3-Yr Ann

St Dev (%)

Benchmark 3-Yr Ann

St Dev (%)

No of portfolios

Composite assets

(GBP mn)

% of firm assets

Total firm assets1

(GBP bn)

Composite dispersion

(%)

2015 2.82 1.23 0.58 n/a n/a 1 4733 1.2 390.2 n/a

2014 9.54 7.84 0.55 n/a n/a 1 860 0.2 375.1 n/a

2013 (3 months)

2.84 2.43 0.13 n/a n/a 1 171 0.0 345.9 n/a

Annualised compound rates of return ending 31 December 2015.

1 year 2.82 1.23 0.58

Since inception (30/09/2013)

6.74 5.09 0.56

Past performance is not a guide to future returns.

Invesco Worldwide has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®). The composite creation date is 4 February 2014. 1Refers to Note 1 on next slide.


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 through 31st December 2015. 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. The composite creation date is 4 February 2014.

1. Invesco Worldwide ("The Firm") manages a broad array of investment strategies around the world. The Firm comprises U.S.-based Invesco Advisers, Inc. (excluding Unit Investment Trusts) and all wholly owned Invesco firms outside of North America. All entities within the Firm are directly or indirectly owned by Invesco Ltd. Invesco Canada Ltd. is also a GIPS-compliant firm whose assets are managed by a subsidiary of Invesco Ltd. Invesco Senior Secured Management, Inc. Invesco Private Capital, Inc. and Invesco PowerShares Capital Management LLC are also affiliates of the Firm. Each is an SEC-registered investment adviser and is marketed as a separate entity. Invesco Great Wall Fund Management Co. Ltd is a fund management company established under China Securities Regulatory Commission’s approval. Their assets are excluded from total Firm assets. During 2012 new guidance was issued requiring firm assets be calculated net of leverage. This guidance will be applied for years ending 2012 and forward

2. Portfolios within this composite are in GBP base currency and aim to achieve a positive total return in all market conditions over a rolling 3 year period. The composite portfolios target a gross return of 5% per annum above 3 month UK LIBOR (or an equivalent reference rate) and aim to achieve this with less than half the volatility of global equities, over the same rolling 3 year period. The composite portfolios seek to achieve their objective by using a range of investment strategies and techniques to invest actively in a broad selection of asset classes across all economic sectors worldwide.

3. The composite returns are benchmarked to the BBA LIBOR GBP 3M. 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.

124

Source: Invesco as at 31 December 2015.


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 annualized 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.

7. The representative retail management fee is as follows:

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

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

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

125

Source: Invesco as at 31 December 2015.

Additional Information

126

Americas 1. Source: Cogent Reports 2. September 30, 2015. US advisor-sold fund family is determined by the majority of a firm’s long-term assets classified in the sales force and ETF distribution channels by ICI. Sales force is defined as funds sold primarily through a network of broker-dealers. Sources for the stats are Invesco Canada, Morningstar Research Inc. Source: © 2015 Morningstar Research Inc.; Invesco Canada Calculated by taking the quartile rank for all of a fund company’s stand-alone mutual funds and calculating the percentage of a firm’s assets that are ranked 1st or 2nd quartile. This process was applied to each time period shown. Mutual fund trusts and corporate class versions of the same mandate were included, only one series of the same mutual fund was used in the calculation which is the oldest share class. Money Market funds and fund-of-funds were excluded from the analysis. Trimark Advantage Bond Fund and Trimark Floating Rate Income Fund were also excluded due to lack of comparability in their CIFSC categories (High Yield Category). Analysis based on Canadian-domiciled funds. EMEA All data as of 29 February 2016 unless otherwise stated. Sources: Lipper AssetWatch; Morningstar; Future Thinking (Q4 2015). Funds ranking excludes fund-of-funds and passively managed products. 3 Excludes fund-of-funds and passively managed products. UK funds: This makes use of the Investment Association (IA) peer ranking for each ICVC’s primary share class. Cross-border Funds: This makes use of the Morningstar peer ranking of the primary share class of Luxembourg and Ireland domiciled funds and excludes Money Market funds and ETF’s. Source: Morningstar/Lipper as at 29 February 2016 . Only funds with a Morningstar rating are included. 4 Source: Broadridge SalesWatch as of 31 January 2016 – Third-party Retail only, excludes ETFs, Money Market, Property and Fund of Funds Asia Pacific All data as of February 2016, unless otherwise stated. 5 Data as of September 2015; Source: Internal Data, WIND, Morningstar, Japan Investment Advisers Association, Mercer, Religare AMC

Peer universes

127

All Invesco composites fall under one of three categories. Composites comprised 100% of institutional money, segregated accounts and the like, for the purposes of this exercise, are designated “Institutional Only Composites” and are measured against peers via the appropriate eVestment universe. Similarly, composites comprised solely of open ended funds are deemed “Retail Only Composites” and are compared against the appropriate Morningstar, Lipper or iMoneyNet universe. Composites that include both segregated accounts and open-ended funds are deemed hybrid composites. Hybrid composites in which segregated accounts make up more than half of all assets are measured as “Institutional Only” composites, while composites in which open-ended make up more than half of assets are measured as “Retail Only” composites. All composites measured as “Retail Only” use the performance of the share class with the longest track record. Above is a detailed break out of where each of those composites fall.

Institutional Only Composites Peer Universe1 Year 3 Year 5 Year

US Short Term Government Merrill 1-3 Limited Discretion eVestment: U.S. Short Duration Fixed Income 180 180 180US Short Term Government 1-3 Limited Discretion eVestment: U.S. Short Duration Fixed Income 180 180 180US Mortgage-backed Securities Limited Discretion eVestment: U. S. Mortgage Backed Fixed Income 36 36 36US Intermediate Limited Discretion eVestment: U.S. Intermediate Duration Fixed Income 195 195 195US Intermediate Bond eVestment: U.S. Intermediate Duration Fixed Income 195 195 195US High Quality Core eVestment: U.S. Core Fixed Income 254 254 254US Full Discretion Core Limited eVestment: U.S. Core Plus Fixed Income 159 159 159US Diversif ied Return Intermediate eVestment: U.S. Intermediate Duration Fixed Income 195 195 195US Diversif ied Return Core eVestment: U.S. Core Fixed Income 254 254 254U.S. Mortgage-Backed Securities eVestment: U. S. Mortgage Backed Fixed Income 36 36 36Treasury 1-3 Year Limited Discretion eVestment: U.S. Short Duration Fixed Income 180 180 180Stable Value Investment Grade Strategy - Book Value (Separate Account) eVestment: eA Stable Value Fixed Income 27 27 27Stable Value AAA or Better Strategy - Book Value eVestment: eA Stable Value Fixed Income 27 27 27Stable Value A or Better Strategy - Book Value eVestment: eA Stable Value Fixed Income 27 27 27Invesco US Unconstrained Senior Loan Composite - USD eVestment: U.S. Floating-Rate Bank Loan Fixed Income 87 87 87Invesco Zodiac US Senior Loan Composite - GBP eVestment: U.S. Floating-Rate Bank Loan Fixed Income 87 87 87Invesco Zodiac US Senior Loan Composite - EUR eVestment: U.S. Floating-Rate Bank Loan Fixed Income 87 87 87Invesco Zodiac US Senior Loan Composite - AUD eVestment: U.S. Floating-Rate Bank Loan Fixed Income 87 87 87Invesco Zodiac U.S. Senior Loan Composite - CHF eVestment: U.S. Floating-Rate Bank Loan Fixed Income 87 87 87Invesco Intermediate Insurance eVestment: U.S. Intermediate Duration Fixed Income 195 195 195Invesco Commingled Institutional Loan Composite eVestment: US Floating-Rate Bank Loan Fixed Income 87 87 87Gov/Credit Accounts Limited Discretion eVestment: U.S. Core Fixed Income 254 254 254US Short Term Bond eVestment: U.S. Short Duration Fixed Income 180 180 180

Members in Peer Universe

Hybrid Retail Composites Peer Universe1 Year 3 Year 5 Year

Emerging Market Bond Morningstar: Offshore OE Global Emerging Markets Bond 152 118 76Invesco High Yield Lipper: US OE High Yield 655 531 431Invesco Liquid Assets Composite Lipper: US OE Instl Money Market 254 249 243


Hybrid Institutional Composites Peer Universe1 Year 3 Year 5 Year

NA NA -- -- --


Peer universes

128

Retail Only Composites Peer Universe1 Year 3 Year 5 Year

USD - 1 Week Cash Composite Morningstar: Offshore OE USD Money Market 46 44 41US Corporate Credit Composite Lipper: US OE Corporate Debt Funds BBB-Rated 207 179 155UK Gilt Corporate Bond Composite Morningstar: Offshore OE GBP Diversif ied Bond 45 41 35UK Gilt Composite Morningstar: Offshore OE GBP Government Bond 29 29 22RMB Fixed Income Composite Morningstar: Offshore OE RMB Bond 25 20 1Invesco U.S. Mortgage Composite Lipper: US OE U.S. Mortgage 122 107 89Invesco U.S. Government Composite Lipper: US OE Intermediate U.S. Government 70 69 66Invesco U.S. Dollar Composite iMoneyNet: STIC Global US Dollar Liquidity 148 132 109Invesco Treasury Composite Lipper: US OE Instl U.S. Treasury Money Market 158 150 148Invesco Limited Term Municipal Income Composite Lipper: US OE Short-Intmdt Municipal Debt 58 55 52Invesco Tax-Free Cash Reserve Composite Lipper: US OE Instl Tax-Exempt Money Market 114 113 111Invesco STIC Prime Composite Lipper: US OE Instl Money Market 254 249 243Invesco Sterling Composite iMoneyNet: STIC Global Sterling Liquidity 102 88 70Invesco Short Term Bond Composite Lipper: US OE Short Investment Grade Debt 299 257 210Invesco Premier U.S. Government Money Composite Lipper: US OE U.S. Government Money Market 80 79 79Invesco Premier Tax-Exempt Composite Lipper: US OE Tax-Exempt Money Market 73 73 71Invesco Pennsylvania Tax Free Income Composite Lipper: US OE Pennsylvania Municipal Debt 58 54 54Invesco New York Tax Free Income Composite Lipper: US OE New York Municipal Debt 100 94 86Invesco Municipal Income Composite Lipper: US OE General & Insured Municipal Debt 259 224 208Invesco Money Market Composite Lipper: US OE Money Market 176 175 169Invesco ITM HY Bond - Monthly Income Morningstar: Japan OE World High Yield Bond 65 44 35Invesco Intermediate Term Municipal Income Composite Lipper: US OE Intermediate Municipal Debt 215 191 158Invesco High Yield Municipal Composite Lipper: US OE High Yield Municipal Debt 144 117 110Invesco High Yield Composite Lipper: US CE High Yield Funds (Leveraged) 34 30 25Invesco Government Tax Advantage Composite Lipper: US OE Instl U.S. Government Money Market 183 168 161Invesco Government and Agency Composite Lipper: US OE Instl U.S. Government Money Market 183 168 161Invesco Euro Composite iMoneyNet: STIC Global Euro Liquidity 57 49 39Invesco Emerging Markets Debt Composite - Canada Morningstar: Canada OE Global Fixed Income 265 147 80Invesco Emerging Market Corporate Bond Morningstar: Offshore OE Global Emerging Markets Corporate Bond 69 42 15Invesco Core Plus Bond Composite Lipper: US OE Core Plus Bond 207 189 167Invesco Commingled Retail Loan Composite Lipper: US OE Loan Participation 208 169 111Invesco Canadian Money Market Composite Morningstar: Canada OE Canadian Money Market 220 194 170Invesco California Tax-Free Income Composite Lipper: US OE California Municipal Debt 127 115 109International (ex US) Bond Composite Lipper: US OE International Income 126 104 79Global Investment Grade Corporate Bond Morningstar: Offshore OE Global Corporate Bond - USD Hedged 43 34 18Global High Income Morningstar: Offshore OE Global High Yield Bond 89 65 41Extra Income Bond Composite Morningstar: Austria OE EUR High Yield Bond 58 49 32European Fixed Income Composite Morningstar: Offshore OE EUR Diversif ied Bond 220 201 168


Peer universes

129

Retail Only Composites Peer Universe1 Year 3 Year 5 Year

Euro-Inflation - Linked Bond Composite Morningstar: Offshore OE EUR Inflation-Linked Bond 32 30 26Euro Short Term Bond Composite Morningstar: Offshore OE EUR Diversif ied Bond - Short Term 72 64 56Euro - 1 Week Cash Composite Morningstar: Offshore OE Money Market - Other 72 69 62Emerging Market Bond (Austria Retail) Composite Morningstar: Austria OE Global Emerging Markets Bond - EUR Biased 82 65 47Emerging Local Currencies Debt Unconstrained Morningstar: Offshore OE Global Emerging Markets Bond - Local Currency 97 73 42Emerging Local Currencies Debt Lipper: US OE Emerging Markets Local Currency Debt Fds 102 82 36Australian (Treasury) Bond Active Composite Morningstar: Japan OE Asia/Pacif ic Bond 66 40 25Asian Bond Composite Morningstar: Offshore OE Asia Bond 36 23 13Invesco Strategic Income Composite Lipper: US OE Multi-Sector Income 284 N/A N/AInvesco Strategic Real Return Composite Lipper: US OE Inflation Protected Bond 224 N/A N/AInvesco Active Multi-Sector Credit Euro Hedged Morningstar: Offshore OE Global Flexible Bond-EUR Hedged 77 43 24Invesco Unconstrained Bond Composite Lipper: US OE Alternative Credit Focus 265 N/A N/ATrimark U.S. Money Market Composite Morningstar: Canada OE US Money Market 31 31 29Invesco Global Aggregate Bond – Unhedged Morningstar: Offshore OE Global Bond 168 145 117


Unrated CompositesUS Enhanced Core Index Invesco Non-Investment Grade Convertible Bond Investment Grade Convertible BondUS Enhanced Cash Limited Discretion Invesco Mortgage Backed Agency Focused Invesco Global Investment Grade Corporate EUR HedgedUK Restricted Sterling Gilt Composite Invesco ITM HY Bond - Global High Yield Invesco Active Multi-Sector Credit CompositeTreasury & Agency Invesco Global Investment Grade Credit Invesco Conservative Income CompositeSterling Fixed Income Constrained Bond <15 Year Composite Invesco Emerging Market Bond SRI (Austria Segregated) EUR Hedged Invesco Allocation Fund CompositeStable Value Other Book Value Composite Invesco Corporate Credit Limited Invesco Client Specif ic Corporate CreditStable Value Non-Qualif ied All GIC Composite Book Value Global Bond Synthetic Composite Bank Loan PM Rollup- Constrained 1Invesco Zodiac European Senior Loan Composite - GBP Global Bond Ex-Japan composite Bank Loan PM Rollup- Constrained 2Invesco European Unconstrained Senior Loan Composite - EUR Global Bond - EUR - Aggregate Composite Bank Loans PM Rollup- Constrained 3Invesco US Buy Hold 1 Invesco US High Yield - BB Average Rating Composite Bank Loan PM Rollup- Constrained Hedged JPYInvesco Structured Credit Limited Eurozone Fixed Income Bank Loan PM Rollup- Unconstrained 1Invesco Short Term Investment Composite European Fixed Income Pan European Bond Composite Bank Loan PM Rollup- Unconstrained 2Invesco Private Trust Composite

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