Presented by

Stuart Parks, Head of Asian Equities

Asia grows - grow with itMarch 2006

This presentation is aimed at professional investors and market counterparties and should not be distributed or redistributed to any other persons.

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Table of contents

Section 01 Asian economies and market outlook

Section 02 Valuations

Section 03 Portfolio positioning

Section 04 Performance review

Section 03 Appendix: Investment process

Table of contents

This document is exclusively for use by investment professionals in Continental Europe and is not for consumer use. Data as at February 2006, unless otherwise stated.For information on fund registrations, please refer to the appropriate internet site or your local INVESCO office. This marketing document does not form part of any prospectus. 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. Opinions and forecasts are subject to change without notice. The value of investments and the income from them can go down as well as up (this may partly be the result of exchange rate fluctuations in investments which have an exposure to foreign currencies) and investors may not get back the amount invested. Past performance is not necessarily a guide to the future. The performance data shown does not take account of the commissions and costs incurred on the issue and redemption of units. There is potential for increased volatility in emerging stock markets, and only a modest proportion of investable wealth should be invested in them. Investing in funds focused on specific themes, particular areas of the market or small capitalisation companies may increase the risk associated with them due to the volatility and/or the concentrated nature of these investments. You should read the fund prospectus for specific risk factors and further information. This document is not an invitation to subscribe for shares in the fund and is by way of information only. Asset management services are provided by INVESCO in accordance with appropriate local legislation and regulations. www.invescoeurope.com

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01

Asian Economies and market outlook

4

Source: CSFB as at 1st March 2006

Real GDP (y-y%) 2004 2005

China 10.1 9.5

Hong Kong 8.6 7.3

India 7.1 8.1

Indonesia 4.9 5.6

Korea 4.6 4.0

Malaysia 7.1 5.4

Philippines 6.0 5.1

Singapore 8.9 6.4

Taiwan 6.1 4.1

Thailand 6.2 4.4

2006F

10.1

4.7

8.5

4.3

4.4

6.5

5.1

7.0

5.0

4.7

Forecast Summery

5

Asian economies: exports and domestic demand driving growth

-8

-6

-4

-2

0

2

4

6

8

10

12

00 00 01 02 02 03 04 04 05

(% YoY)

-20

-15

-10

-5

0

5

10

15

20

25

30

35

Asian Industrial Production Asian ExportsSource: UBS, as at February 28, 2006

(% YoY)

(LHS) (RHS)

6

Asia: becoming a region of spenders

0,00

0,20

0,40

0,60

0,80

1,00

1,20

1,40

1,60

1,80

2,00

1950 1960 1970 1980 1990 2000 2010E 2020E 2030E

(bn)

25%

27%

29%

31%

33%

35%

37%

39%

41%

43%

Asia population aged 30-59 as % of total pop (RHS)

Source: CLSA, United Nations. Actual data to & estimates made at 1st April 2005

7

China: cost competitiveness

0

100

200

300

400

500

600

1990 1992 1994 1996 1998 2000 2002 2004

USD/ week

US - weekly wagesChina - weekly wages

Source: Bloomberg; China Statistical Yearbook; BNP Paribas Peregrine to 31st December 2004.

8

100

90

80

70

60

50

19851985 1990 1995 2000 2005

120

115

110

105

100

95

90

Chinese: Unit Labor Costs* (LHS) Export Prices** (RHS)

Low labour costs: Exporting deflation

Source: © BCA Research 2005*BCA calculation, rebased to Jan. 1995 = 100.**defined as U.S. import prices from China. Hong Kong re-export prices prior to December 2003.

9

Central banks are comfortable

China Bank Lending and M2 3m-moving average quarter-on-quarter seasonally adjusted annualised growth

0

5

10

15

20

25

30

35

Dez.00 J un.01 Dez.01 J un.02 Dez.02 J un.03 Dez.03 J un.04 Dez.04 J un.05 Dez.05

M2

Bank loans

Source: CLSA, as at 20th January, 2006

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02

Valutations

11

Asian six-month forward P/E

0

5

10

15

20

25

30

35

40

Jän.95 Jän.96 Jän.97 Jän.98 Jän.99 Jän.00 Jän.01 Jän.02 Jän.03 Jän.04 Jän.05 Jän.06

Source: UBS as at 28th February 2006

12

Asian aggregate price-to-book value vs. ROE

1,0x

1,5x

2,0x

2,5x

3,0x

Jän.95 Jän.96 Jän.97 Jän.98 Jän.99 Jän.00 Jän.01 Jän.02 Jän.03 Jän.04 Jän.05 Jän.06

0%

2%

4%

6%

8%

10%

12%

14%

16%

Asian PBV (LHS)

Asian ROE (RHS)

Source: UBS as at 28th February 2006

13

2006 Asian earnings growth

Source: UBS. Data & estimates as at 1st March 2005

EPS growth 2001 2002 2003 2004 2005 2006E

Banks & Finance 18.1% 0.5% 12.7% 37.3% 13.4% 11.3%

Basic Materials -33.1% 60.4% 71.4% 82.2% 7.6% -16.1%

Consumer Cyclicals -7.5% 82.3% 1.2% 26.2.% -2.8% 17.9%

Consumer Non-cyclicals 5.3% 30.2% 10.0% 3.8% 8.0% 15.9%

Energy -12.4% 13.8% 31.1% 57.5% 23.9% 17.0%

Healthcare 66.6% 48.6% 18.5% -0.7% -7.6% 36.0%

Industrial -10.6% 23.3% 28.7% 18.7% -9.4% 35.8%

Real Estate -5.7% 8.4% 5.5% 29.2% 4.2% 17.5%

Technology -76.7% 156.4% 19.3% 116.0% -19.6% 32.0%

Telecom 16.1% 2.3% 16.6% 28.4% 14.8% 12.1%

Utilities 5.1% 24.5% -1.9% 12.8% 4.4% 9.4%

Asia ex Japan -17.0% 24.9% 20.2% 43.2% 6.4% 14.9%

14

Valuation discount to developed markets

We believe the sharp discount is unwarranted and expect Asia to continue to outperform global equities

Source: UBS estimates as at 1st March 2006

P/E P/B Yield

06 07 06 07 06 07

Asia ex Japan 12.4 10.9 1.8 1.6 3.0 3.4

World 14.3 12.9 2.3 2.1 2.4 2.6

S&P 500 14.6 13.1 2.7 2.5 1.9 2.0

Europe 13.6 12.3 2.1 1.9 3.1 3.3

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03

Portfolio Positioning

16

Sector Feb-06 Benchmark % active

Cash 7.4 0.0 7.4

Cons. Staples 8.0 3.9 4.1

Cons. Discretionary

12.4 8.6 3.8

Industrials 13.0 11.1 1.9

Health Care 1.3 0.8 0.5

Telecomms Svs. 6.1 7.3 -1.2

Utilities 2.2 4.6 -2.4

Materials 3.6 6.2 -2.6

IT 20.3 23.6 -3.3

Financials 23.2 27.3 -4.1

Energy 2.4 6.9 -4.5

INVESCO Asian Equity Fund – Sector over/underweights

Source: INVESCO as at 28th February 2006. Benchmark: MSCI AC Asia Free ex Japan*financials weighting includes positions in conglomerates Jardine Matheson and Jardine Strategic

Active sector weights

-10% -6% -2% 2% 6% 10%

Energy

Financials

IT

Materials

Utilities

Telecomms Svs.

Health Care

Industrials

Cons. Discretionary

Cons. Staples

Cash

17

Country Feb-06Bench-mark

% active

Cash 7.4 0.0 7.4

Hong Kong 16.7 14.6 2.1

Indonesia 3.6 2.2 1.4

Thailand 3.5 2.7 0.8

Singapore 8.2 7.5 0.7

UK 0.7 0.0 0.7

Philippines 1.3 0.7 0.6

Malaysia 4.6 4.2 0.4

India 8.3 8.9 -0.6

Taiwan 16.6 20.1 -3.5

Korea 22.9 26.5 -3.6

China 6.1 12.2 -6.1

INVESCO Asian Equity Fund – Country over/underweights

Source: INVESCO as at 28th February 2006Benchmark: MSCI AC Asia Free ex Japan

Active country weights

-6,0% -4,0% -2,0% 0,0% 2,0% 4,0% 6,0% 8,0%

China

Korea

Taiwan

India

Malaysia

Philippines

UK

Singapore

Thailand

Indonesia

Hong Kong

Cash

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Stock example: United Phosphorus – acquisitive in agrochemicals

Supportive industry backdrop

– Reduction in arable land => increased need for farm inputs

– Shift from branded/patented to generic agrochemicals

– high entry barriers, highly consolidated, distributor controlled Expanding into high margin

export markets

– organically

– acquisitions Attractive valuations

100

150

200

250

300

Dez.04 Jun.05 Dez.05

Share price (Rs)

†

Source: Bloomberg as at 26 February 2006

Purchased here

19

Stock example: Orion Corp.

Leading confectionary manufacturer in Korea with consistently rising market share, plus successful expansion into China

New lottery, management and media businesses significantly exceeding forecasts

Source: Goldman Sachs, Bloomberg as at 28 February 2006

100000

150000

200000

250000

300000

Jän.05 Jul.05 Jän.06

Share price (KRW)

†

Purchased here

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04

Performance Review

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Discrete year performance (%) – INVESCO Asian Equity Fund

Source: Standard & Poor’s on a mid-price, UK non taxpayer basis with gross income reinvested in US dollars. Quartile rank & sector position refer to the S&P Offshore Equity Asia ex Japan sector.As at 31st January 2006.

Past performance is not a guide to the future

1998 1999 2000 2001 2002 2003 2004 2005 2006 ytd

INVESCO Asian EquityFund (%) -3.6 87.8 -28.7 2.3 0.2 50.9 16.6 21.2 8.6

Quartile 2 1 2 1 1 1 2 2 1

Sector position 30/103 19/118 51/138 33/151 21/161 42/171 53/178 65/186 32/194

MSCI AC Asia Freeex Japan (%) -7.8 64.7 -35.2 -3.8 -8.3 47.0 17.7 23.2 7.3

The fund has a track record of outperforming the peer group and benchmark in bull and bear market conditions.

22

Fund awards

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05

Appendix: Investment Philosophy & Process

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Process Overview

Portfolio construction tilts• growth / defensive• large / small cap• sector• market• position size

Top Down

Bottom Up

• liquidity backdrop• country analysis• sector research

• divergence from consensus expectations• valuation• performance catalysts• potential returns

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Liquidity Trend Analysis

Liquidity conditions are the key determinant in shaping the environment for equities

Liquidity is best gauged by changes to balance of payments conditions

Findings of liquidity trend analysis determines the portfolio bias to growth or value stocks, large vs. small caps

A projected deterioration of liquidity conditions will emphasise need for capital preservation

-10

-5

0

5

10

15

20

Okt.97 Aug.98 Jun.99 Apr.00 Feb.01 Dez.01 Okt.02 Aug.03 Jun.04 Apr.05 Feb.0640

50

60

70

80

90

100

110Asia ex China free liquidity (6mma) minus US free liquidityAsia performance relative to US (RHS)

Source: UBS to October 2005

TopTopDownDown

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Company Research

Research aims to– gain intimate understanding of the company (strategy, track record, growth potential,

financial strength)– establish where consensus may be wrong in its assessment of the company’s

prospects

Primary research– company visits in Asia (3-4 trips per annum per fund manager)– conference calls from Henley– company meetings / conferences in London– team coverage: more than 700 company meetings per year

Secondary research– sellside analysis helps to establish where consensus is

BottomBottomUpUp

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Portfolio Construction

If expected investment return of a stock looks attractive compared with the return outlook for the asset class, include in portfolio

If expected investment return of a stock is negative, then zero weight irrespective of benchmark weight

Size of holding in portfolio is determined by diversification, not benchmark considerations:

large cap target weight 2%, small cap target weight 1%

Risk control Bottom up: usually no more than 5% in single holding, 60-85 stocks in

the portfolio, maximum 50% in small caps

Top down: maximum double or half-weighted in core markets or sectors. Maximum 10% cash

BottomBottomUpUp

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Wichtige rechtliche Hinweise

Dieses Dokument dient ausschließlich der Information und stellt weder eine konkrete Anlageempfehlung noch ein Angebot dar.

Die Wertentwicklung der Anteile in der Vergangenheit bietet keine Garantie für den Erfolg in der Zukunft. Der Wert von Anteilen und deren Ertrag können sowohl steigen als auch fallen. Auch Wechselkursänderungen können den Wert einer Anlage sowohl steigen als auch fallen lassen. Es besteht daher die Möglichkeit, dass Sie bei der Rückgabe Ihrer Anteile weniger als den ursprünglich angelegten Betrag zurück erhalten. Fonds, die in Schwellenländern (Emerging markets), in Unternehmen mit geringer Marktkapitalisierung oder nur in bestimmten Regionen oder Industriezweigen anlegen, können verstärkt Wertschwankungen ausgesetzt sein. Diese Fonds empfehlen sich grundsätzlich nur für Anleger, die gewillt und in der Lage sind, das mit derartigen Anlagen verbundene höhere Risiko in Kauf zu nehmen.

Sämtliche Informationen in diesem Dokument wurden von INVESCO Mitarbeitern im Rahmen ihrer Berufsausübung erstellt. Die hier dargestellten Meinungen sind, soweit nicht anders angegeben, die der Autoren zum Stand Februar 2006, die ständigen Änderungen unterworfen sind. Obwohl große Sorgfalt darauf verwendet wurde, sicherzustellen, dass die in diesem Dokument enthaltenen Informationen korrekt sind, kann ebenso wenig eine Verantwortung für Fehler oder Auslassungen irgendwelcher Art übernommen werden, noch für alle Arten von Handlungen, die auf diesen basieren

Dieses Dokument sollte stets im Zusammenhang mit dem Verkaufsprospekt des Fonds, der weitere wichtige Hinweise und Informationen enthält, gelesen werden. Zeichnungen von Anteilen werden nur auf der Grundlage des vollständigen und aktuellen Verkaufsprospektes angenommen. Verkaufsprospekte und Rechenschaftsberichte sind als Druckstücke kostenlos erhältlich bei INVESCO Asset Management Österreich GmbH, Rotenturmstraße 16-18, 1010 Wien, Tel: +43 (0)1 31620-0, Fax -20, www.invesco.at;

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