Invesco Asia Opportunities Equity Fund

This marketing document is exclusively for use by Professional Clients in Belgium, Luxembourg, Netherlands, Finland, Sweden, Norway. This document is not for consumer use, please do not redistribute.

Mike Shiao Chief Investment Officer, Asia ex Japan December 2016

Overview

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1. Invesco Asia Opportunities Equity Strategy Summary

2. Investment Philosophy and Process

3. Performance and Characteristics

1. Invesco Asia Opportunities Equity Strategy Summary

4

Invesco’s Franchise in Asian Equities

1 Asia Regional Assets Under Management (Managed) as of 30 June 2016. AUM of portfolios managed by Invesco Fixed Income team in Asia Pacific, Direct Real Estate products managed by Invesco Real Estates in Asia Pacific, and Global Quantitative Equity products managed by IGS team in Japan are excluded. Reflects 49% of the AUM via Invesco Great Wall. AUM of Invesco Asset Management (India) Private Limited was not included.

2 Through 49% owned joint venture in China (Invesco Great Wall) 3 In 2013, Invesco acquired 49% stake in a joint venture with Religare Enterprises Limited. On 8 April 2016, Invesco Ltd announced the completion of the transaction under which

Invesco has increased its shareholding to 100% in the Indian asset management joint venture with Religare Enterprises Ltd – Religare Invesco Asset Management Company Private Limited is now renamed as Invesco Asset Management (India) Private Limited.

4 The investment platform in Asia includes 19 investment professionals from Invesco Equity Investment Team in Asia, 7 members from Asian Fixed Income and 1 Solutions Strategist, 43 portfolio managers and analysts from Invesco Great Wall and 9 investment professionals from Invesco Asset Management (India) Private Limited.

Source (AUM): Invesco, as at 30 June 2016, unless otherwise specified. Team data as at 30 September 2016.

Strong local presence

Over 50 years experience investing in Asia Pacific. Currently managing US$28.6bn1

Invesco Equity Investment Team in Asia managing US$9.4bn investing in Asia Pacific ex Japan markets, including

− US$3.1bn in Asia Pacific ex Japan regional funds

− US$4.8bn in Chinese equities

Investment team of 19 covering Asia Pacific ex Japan equities

A pioneer in Chinese equities, with dedicated funds since 1992;

Strong investment platform in Asia

− Around 80 dedicated professionals on-the-ground covering Asian equities and fixed income4

Dedication in core regional, thematic and single country funds

Tokyo

Singapore

Melbourne

Beijing

Shanghai

Hyderabad

Mumbai3

Sydney

Invesco Equity Investment Team in Asia

Shenzhen2

Hong Kong

Taipei

Invesco’s China Joint Venture: Invesco Great Wall (IGW)

Guangzhou

Investment Locations

Business Locations

Invesco Equity Investment Team in Asia Organisation structure

Source: Invesco, as of 22 September 2016. 1 Covering Australia, China, Hong Kong, India, Japan, Singapore and Taiwan.

Anna Tong1

Regional Head of Investments, Asia Pacific

Asian Fixed Income

Wing Hei Wong Regional Head of Investment Risk Management & Quantitative Research Desmond Young David Yu Clarence Yuen Cecilia Tam

Ken Hu

CIO, Fixed Income,

Asia Pacific

Jackson Leung Chris Lau

Senior Portfolio Manager

Yi Hu

Cosmo Zhang Senior Credit

Analyst

Yifei Ding Rick Wen

Fixed Income Analyst

Katrina Ma Head of Taiwan Fixed Income Acting Head of Investments

Corinna Lau Head of Asian Products

Benjamin Chan CK Huang

Michael Lockrow Yvonne Ngai

Linda Lam

Product Specialists

Centralized Trading

Stanley Luk Head of Trading, Asia Pacific

Chris Chan Parco Chang

Tim Wong Fiona Wong

Edmund Lui

Simon Jeong

Shekhar Sambhshivan Aditya Ahluwalia

Jalil Rasheed Gary Ng Wei Liang

Andy Wong

Regional Equities

Korea

India

ASEAN, Australia & New Zealand

William Yuen

Lorraine Kuo

Yoshihiko (Hiko) Kawashima

Eric Cheng

Elsa Yang

Hong Kong/China Equities

Hong Shen

Jennifer Chi

Patricia Chung

Taiwan Equities

Edward Cheng Dora Tu

Risk Management & Quantitative Research

5

Mike Shiao CIO, Asia ex Japan

Paul Chan Head of Multi-Asset & Hong Kong Pensions

Nixon Mak Solutions Strategist

4,34%

5,36%

7,13%

0,29%

3,48%

6,89%

Since current team

management on

1 July 2014^

3 years^ 5 years^

Asia Opportunitites Equity Fund Index*

Invesco Asia Opportunities Equity Fund Fund Highlights

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Past performance is not an indication of future performance, provides no guarantee for the future and is not constant over time. The data shown relates to a representative account of the Invesco Asia Opportunities Equity Strategy. Each portfolio may differ due to specific investment restrictions and guidelines. 1Originally launched in June 1987 as a Cayman Fund under BVI Trust Laws. 2Active share over 80% during most periods under management of the current team * Index reflects the performance of MSCI AC Far East ex Japan to 31 January 2010 and thereafter MSCI AC Asia ex Japan. Performance of the current index applies retrospectively. Source: Invesco. Net of fees performance in USD terms. Fund performance refers to A-class (USD)-Accumulation share-class, gross income reinvested in fund currency.

^ Annualized figures, as at 30 Sep 2016

Invesco Asia Opportunities Equity Fund Long-term track record

Investment Objective

Aims to provide long-term capital growth from Asia ex Japan companies

Track Record Since

19991

Reference index MSCI AC Asia ex Japan Index

Team Mike Shiao (lead manager), Simon Jeong (co-manager)

Key Highlights Active management with high conviction

Strong emphasis on bottom-up opportunities2 with no market cap bias

Focus on companies with sustainable leadership & competitive advantages

Long-term investors

No. of holdings 50 – 70

Net-of-fee returns in USD%

Portfolio Management Team

Key Personnel Name Title

Years of Industry

exp. Tenure at Invesco Roles/ Specialization

Mike Shiao CIO, Asia ex Japan

24 14 Lead manager

Asset / tactical allocation

Country portfolio – Greater China markets

Simon Jeong Investment Director

29 10 Co-manager

Country portfolio – South Korea

Source: Invesco, as at September 2016

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2. Investment Philosophy and Process

Investment Philosophy & Approach

Our goal is to take advantage of market inefficiencies through a bottom-up stock selection process

Selective approach:

Focus on companies with sustainable leadership & competitive advantages

Original ideas:

Act before consensus is formed

Look for under-researched ideas

Valuation focus:

Utilize a disciplined fundamental analysis driven process

Long-term investment horizon:

Focus on both dividend income & capital appreciation

Identify companies that can deliver steady and above average earnings over business cycles

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Source: Invesco, September 2016. The information provided on the investments and investment strategy (including current investment themes, the research and investment process, and portfolio characteristics, weightings, and allocation) represents the views of the portfolio manager at the time this material was completed and is subject to change without notice.

Investment Process

For illustrative purposes only.

Strategic Focus

Country Allocation

Stock Selection

Portfolio Tactical

Rebalancing

China, India Rebalancing based on the results of the semi-annual regional meeting

Stock selection is done by Greater China, India, South Korea and ASEAN specialists

Daily flow managed by lead manager

Constantly monitor valuation of holdings

Tactical adjustments if required

Top-Down Bottom-Up

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Top-Down: Invesco Asia Opportunities Equity Strategy Country Allocation Process

Background

Over 10 years of implementation on the country allocation process by the Asian investment team

Allocations reviewed semi-annually, attended by all team members

Dedicated full-day of in-depth discussions

Process

Combination of quantitative inputs with qualitative discussions on Asia ex Japan countries

Consideration of fundamental and momentum factors:

– Fundamental– Earnings growth, valuation factors, nominal GDP growth, money supply, earnings revision, real interest rate, consumer confidence index

– Momentum– Rate of change of earnings and fundamental macro factors

Output

Country allocation reference for Asia ex Japan in terms of over/underweights

May maintain country neutral if output preference is not significant

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Source: Invesco, September 2016. For illustrative purposes only.

Top-Down: Invesco Asia Opportunities Equity Strategy Country Allocation Process (CONTINUED)

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Source: Invesco, as at 20 October 2016. Country rankings and overall scores are updated semi-annually. The data shown relates to a representative account of the Invesco Asia Opportunities Equity Strategy. Each portfolio may differ due to specific investment restrictions and guidelines. Portfolio weightings are subject to change without notice. There is no guarantee that the representative account will keep these countries within its portfolio in the future.

Ranking Country

Overweight India

Overweight Philippines

Overweight South Korea

Overweight Taiwan

Overweight China

Underweight Thailand

Underweight Hong Kong

Underweight Indonesia

Underweight Malaysia

Underweight Singapore

Latest Ranking Overall Score (Fundamental + Momentum Factors)

0,0

10,0

20,0

30,0

40,0

50,0

60,0

70,0

80,0

90,0

India

Philip

pin

es

Kore

a

Taiw

an

Chin

a

Thailand

Hong K

ong

Indonesia

Mala

ysia

Sin

gapore

Bottom-Up: Stock Selection Criteria

Qualitative Assessment:

Industries with medium to long-term growth trends

Strong competitive positioning and advantages

Sustainable business model/franchise, competitive products/services, superior brand/distribution/technology, innovation/ R&D

Financial discipline and capital management

Management quality, ownership and corporate

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For illustrative purposes only.

Source: Invesco, September 2016. ROE = Return on Equity; ROIC = Return on Invested Capital.

Quantitative Assessment:

Proprietary models (earnings projections, balance sheet, cash flow)

Sustainable earnings growth

Stable/ improving margins

Stable/ increasing free cash flows

Stable/ rising ROE/ROIC

Sound balance sheet

Valuation analysis

Portfolio Construction

Focusing on bottom-up stock selection

Position size determined by conviction, not benchmark

Country specialists accountable for stock selection

Risk control

Top down: maximum double or half weighted in “key” markets

Bottom-up:

– Maximum 10% in single stock holding

– Single stock active weight normally not exceeding 3%

– 50-70 stock holdings

– Prefer companies with market cap over US$400m

– Maximum 10% cash

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The information presented represents how the portfolio management team generally applies their investment process under normal market conditions. For illustrative purposes only. The data shown relates to a representative account of the Invesco Asia Opportunities Equity Strategy. Each portfolio may differ due to specific investment restrictions and guidelines.

Source: Invesco, September 2016.

Risk Management Quality Control Through Diligent Oversight

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For illustrative purposes only.

Source: Invesco, September 2016.

Process Description Shared Responsibility for Risk Management

1. Risk Budgeting Set performance and risk objectives

Set risk budget for portfolios

Investment Team/ Client

2. Ongoing Risk & Performance Monitoring

Monitor portfolio performance versus benchmark and peer group

Identify & monitor sources of risk and performance

Monitor tracking error, active stock, sector and

country bets through BARRA and FactSet reports

Monitor portfolio and stock liquidity

Regional Head of Investments, Asia Pacific/ Regional Head of Investment Risk Management & Quantitative Research

3. Quarterly Portfolio Review

Facilitate investment quality and product integrity assurance

Review performance & risk versus objectives/target

Review performance & risk attribution analysis

Review portfolio strategy, risk profile & characteristics

Review rationales for major buy/sell transactions and significant active positions

Regional Head of Investments, Asia Pacific/ Regional Head of Investment Risk Management & Quantitative Research/ Chief Investment Officer/Portfolio Manager

3. Performance and Characteristics

Invesco Asia Opportunities Equity Fund Performance

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Calendar Years in USD 2015 2014 2013 2012 2011 2010 2009

Invesco Asia Opportunities Equity Fund A

-2.66 8.90 0.47 19.45 -20.07 16.86 59.25

Index* -9.17 4.80 3.07 22.36 -17.31 19.62 72.08

Peer Group Quartile Ranking** 1 1 3 3 3 3 4

* Index reflects the performance of MSCI AC Far East ex Japan to 31 January 2010 and thereafter MSCI AC Asia ex Japan. Performance of the current index applies retrospectively. ^ Annualized figures

% returns as at 30/11/16 in USD 3 mths YTD 1 yr^ 3 yrs^ 5 yrs^

Invesco Asia Opportunities Equity Fund A -5.82 2.70 2.02 2.19 5.86

Index* -2.79 7.65 7.14 0.45 5.38

Peer Group Quartile Ranking** 4 3 3 1 2

Past performance is not an indication of future performance, provides no guarantee for the future and is not constant over time.

Source: Morningstar, NAV to NAV, A-class (USD)-Accumulation share-class net of fees returns; gross income reinvested in fund currency as at 30 November 2016. **Peer Group refers to Offshore Funds under Asia ex Japan Equity categorized by Morningstar

© 2016 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be

copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Invesco Asia Opportunities Equity Fund Fund Characteristics vs MSCI AC Asia ex Japan

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Portfolio Characteristics

Source: Invesco, FactSet P/BV and ROE estimates. Index statistics represent the average consensus for regional markets weighted by the relative market capitalization of these markets as per the MSCI AC Asia ex Japan.

Top 10 Holdings

Holdings Wgt (%)

Tencent Holdings Ltd. 7.75

Alibaba Group Holding Ltd. 5.36

Samsung Electronics Co., Ltd. 4.74

Taiwan Semiconductor Manufacturing Co., Ltd. 4.62

China Mobile Limited 3.74

New Oriental Education & Technology Group, Inc. 3.56

Ctrip.com International Ltd. 3.38

Sun Art Retail Group Limited 2.99

Hengan International Group Co., Ltd. 2.80

Zhuzhou CRRC Times Electric Co., Ltd. 2.33

Portfolio Characteristics P/BV ROE

Portfolio 2.6x 13.1%

Index 1.4x 10.1%

Portfolio Turnover

(Lesser of Purchase or Sales divided by Average AUM) ~69% per annum, i.e. 1 round trip every 18 months

Risk Summary

Tracking Error vs. Index* 4.43

Beta vs. Index* 0.91

Total Portfolio Risk: 15.21

Benchmark Risk: 15.99

Past performance is not an indication of future performance, provides no guarantee for the future and is not constant over time. Summary as of 30 November 2016 Source: FactSet, Barra & Invesco. Fund characteristics are subject to change without notice. There is no guarantee that the abovementioned securities are currently held or will be held by Invesco funds in the future nor is there a recommendation to buy, sell or hold the securities. It must not be seen as an investment advice. * Reference Index: MSCI AC Asia ex Japan ND Index.

Market Capitalization Comparison

Portfolio Index*

Over US$10 Billion 40.6% 71.3%

US$5-10 Billion 25.3% 15.6%

US$1-5 Billion 28.7% 13.0%

US$400 Million - $1 Billion 4.9% 0.1%

Weighted Avg. Cap. (US$Billion) 64.4 57.5

Invesco Asia Opportunities Equity Fund Country Weights (%)

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1 Representative portfolio refers to Invesco Asia Opportunities Equity Fund 2 MSCI AC Asia ex Japan index Source: Invesco. 30 November 2016 For illustrative purposes only. Holdings may change without notice. There is no guarantee that securities of the regions mentioned above are currently held or will be held by Invesco funds in the future nor a recommendation to buy/sell/ hold the securities. It must not be seen as an investment advice.

Country (%)

Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Nov-16 Nov-16

Portfolio1 Portfolio1 Portfolio1 Portfolio1 Portfolio1 Portfolio1 Portfolio1 Portfolio1 Portfolio1 Portfolio1 Index2

China 31.8 38.9 37.1 36.3 39.7 42.0 37.4 38.4 39.6 45.6 32.1

Hong Kong 10.8 10.0 11.8 12.3 13.2 11.5 8.1 9.7 8.5 5.8 12.5

India 10.8 15.4 11.5 10.3 14.0 12.2 13.0 12.5 10.3 9.1 9.5

Indonesia 2.7 1.0 3.6 2.9 1.8 2.2 3.4 4.1 3.9 2.8 2.9

Korea 21.6 13.9 14.6 15.2 12.9 16.6 15.6 17.6 19.4 17.9 17.0

Malaysia 0.0 0.0 1.5 1.3 1.2 1.3 1.4 1.2 1.2 1.2 2.9

Philippines 0.0 1.0 1.6 1.4 1.8 1.9 2.5 2.4 2.0 1.4 1.4

Singapore 4.0 0.0 0.0 0.0 1.2 1.4 2.3 2.6 3.0 2.9 4.6

Taiwan 14.9 18.8 16.6 14.6 10.0 9.1 10.0 9.4 11.3 11.5 14.5

Thailand 2.8 0.0 0.0 0.0 1.3 1.2 0.0 0.0 -- -- 2.6

Cash 0.6 1.0 1.8 5.7 3.0 0.7 6.4 2.0 0.7 1.7 --

Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Invesco Asia Opportunities Equity Fund Sector Weights (%)

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Sector (%)

Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Nov-16 Nov-16

Portfolio1 Portfolio1 Portfolio1 Portfolio1 Portfolio1 Portfolio1 Portfolio1 Portfolio1 Portfolio1 Portfolio1 Index2

Consumer Discretionary 21.8 20.0 23.2 25.1 25.2 24.6 21.2 23.6 25.7 21.7 9.7

Consumer Staples 12.8 12.9 10.4 13.5 17.5 16.8 16.6 17.2 17.4 18.2 5.0

Energy 1.8 2.0 0.0 0.0 0.6 1.7 0.0 0.0 - -- 4.2

Financials 14.0 21.5 19.3 14.8 14.9 16.5 7.0 8.4 5.1 4.1 24.2

Health Care 4.7 3.8 3.6 5.2 4.3 5.8 9.1 6.4 6.3 4.4 2.4

Industrials 7.2 1.0 3.7 2.9 9.0 9.8 11.5 10.7 7.8 8.9 7.9

Information Technology 21.8 26.2 23.4 23.2 17.1 17.4 20.3 18.9 24.3 29.0 27.3

Materials 3.4 4.7 2.2 0.5 0.3 0.3 0.4 0.3 0.4 0.5 4.4

Real Estate - - - - - - - - 2.0 1.4 5.8

Telecommunication Services 5.2 4.3 7.0 4.2 5.6 4.1 5.1 9.6 7.3 7.0 5.5

Utilities 6.7 2.7 5.5 4.9 2.4 2.4 2.5 2.9 3.0 3.0 3.6

Cash 0.6 1.0 1.8 5.7 3.0 0.7 6.4 2.0 0.7 1.7 --

Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

1 Representative portfolio refers to Invesco Asia Opportunities Equity Fund 2 MSCI AC Asia ex Japan index Source: Invesco. 30 November 2016. Note: Effective 31 Aug 2016, real estate, which has been grouped under Financials sector, is now a stand-alone sector under GICS definition. For illustrative purposes only. Holdings may change without notice. There is no guarantee that securities of the regions mentioned above are currently held or will be held by Invesco funds in the future nor a recommendation to buy/sell/ hold the securities. It must not be seen as an investment advice.

Important information

This marketing document is exclusively for use by Professional Clients in Belgium, Luxembourg, Netherlands, Finland, Sweden, Norway. This document is not for consumer use, please do not redistribute. Data as at 30.09.2016, unless otherwise stated. Past performance is not a guide to future returns. Where Invesco has expressed views and opinions, these may change and are not to be construed as investment advice. The value of investments and any income will fluctuate (this may partly be the result of exchange-rate fluctuations) and investors may not get back the full amount invested. As a large portion of the fund is invested in less developed countries, you should be prepared to accept significantly large fluctuations of the value of the fund. Investments in small and medium sized companies involve greater risks than those customarily associated with larger

companies. Where securities are mentioned in this document they do not necessarily represent a specific portfolio holding and do not constitute a recommendation to purchase, hold or sell. For more information on our fund, please refer to the most up to date relevant fund and share class-specific Key Investor Information Documents, the latest Annual or Interim Reports and the latest Prospectus, and constituent documents. This information is available using the contact details of the issuer and is without charge. Further information on our products is available using the contact details shown. Whilst great care has been taken to ensure that the information contained herein is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. This marketing document is not an invitation to subscribe for shares in the fund and is by way of information only, it should not be considered financial advice. The performance data shown does not take account of the commissions and costs incurred on the issue and redemption of units. Any reference to a ranking, a rating or an award provides no guarantee for future performance results and is not constant over time. Persons interested in acquiring the fund should inform themselves as to (i) the legal requirements in the countries of their nationality, residence, ordinary residence or domicile; (ii) any foreign exchange controls and (iii) any relevant tax consequences. As with all investments, there are associated risks. This document is by way of information only. Asset management services are provided by Invesco in accordance with appropriate local legislation and regulations. The fund is available only in jurisdictions where its promotion and sale is permitted. Not all share classes of this fund may be available for public sale in all jurisdictions and not all share classes are the same nor do they necessarily suit every investor. Fee structure and minimum investment levels may

vary dependent on share class chosen. Please check the most recent version of the fund prospectus in relation to the criteria for the individual share classes and contact your local Invesco office for full details of the fund registration status in your jurisdiction. This fund is domiciled in Luxembourg. This document is issued in Issued in Sweden by Invesco Asset Management S.A. Swedish Filial (France), Stureplan 4c, 4th Floor, Stockholm, SE - 114 35 Stockholm, Sweden, Issued in Belgium by Invesco Asset Management SA Belgium Branch, 235 Avenue Louise, 1050 Brussels, Belgium , Issued in the Netherlands by Invesco Asset Management S.A Dutch Branch, UN Studio Building, c/o The Office Operators, Office 9.13, Parnassusweg 819, NL-1082 LZ, Amsterdam, Netherlands and Issued in Luxembourg, Finland and Norway by Invesco Asset Management SA, 18, rue de Londres, F-75009, Paris, France. Subscriptions of shares are only accepted on the basis of the most up to date legal offering documents. The legal offering documents (fund & share class specific Key Investor Information Document, prospectus, annual & semi-annual reports, articles and trustee deed) are available free of charge at our website www.invescoeurope.com