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    Invesco perpetual Invesco perpetual Presentation Transcript

    • Less chartered waters – Global smallcompany investingPresented byNick HamiltonHead of Global Equity Products,Invesco PerpetualDateJune 2012
    • Where do mid-sizedand smaller companies fit? MSCI World index Largest 70% of global stock 1610 members, US$28.25 trillion market cap markets MSCI Emerging Markets index 820 members, US$6.59 trillion market cap MSCI Frontier Markets index Smallest 30% MSCI World Mid-Cap index to smallest 155 members, 15% of global 860 members, US$4.86 trillion market cap stock markets US$0.39 trillion Corporate growth Global smaller companies strategy market cap MSCI AC World Small-Cap index Smallest 15% of global stock 6397 members, US$5.91 trillion market cap markets Economic growth Developed EmergingSource: Invesco Perpetual / Bloomberg 5 April 2012.2
    • Indices – shifting sandsSource: Bloomberg as at 29 December 20113
    • The index and the stock market – 1990s S&P 500 Index December 31, 1989 to December 31, 1999 450% 400% 350%Return multiplier (x) 300% 250% 200% 150% 100% 50% 0% Jul-94 Jul-90 Jul-91 Jul-92 Jul-93 Jul-95 Jul-96 Jul-97 Jul-98 Jul-99 Jan-90 Jan-91 Jan-92 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 S&P 500 Index market-cap weighted S&P 500 Index equal weighted Source: Bloomberg LP, as at December 29, 2011. 4
    • The index and the stock market – since 1999 250% S&P 500 Index equal weighted S&P 500 Index market-cap weightedS&P 500 200% Index Return multiplier (x) 150% 100% 50% 0% Aug-99 May-00 Feb-01 Nov-01 Aug-02 May-03 Feb-04 Nov-04 Aug-05 May-06 Feb-07 Nov-07 Aug-08 May-09 Feb-10 Nov-10 Aug-11 250% 200% MSCI All Return multiplier (x) CountryWorld Index 150% 100% 50% MSCI AC World Index equal weighted MSCI AC World Index 0% Aug-99 May-00 Feb-01 Nov-01 Aug-02 May-03 Feb-04 Nov-04 Aug-05 May-06 Feb-07 Nov-07 Aug-08 May-09 Feb-10 Nov-10 Aug-11 Sources: MSCI, Standard & Poors, as at December 29, 2011. 5
    • Large-cap & small-cap long-term performance MSCI World Large Cap Index versus Small Cap Index January 4, 1993 to March 26, 2012 400% 350% 300%Cumulative return (%) 250% 200% 150% 100% 50% 0% Jan-93 Jan-95 Jan-94 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-12 Jan-11 MSCI World Index MSCI World Small Cap Index Source: Bloomberg LP, as at March 26, 2011.6
    • Asset class volatility and performance Long-term returns and historic performance range 10-year real (1926 to 2008) 10-Year standard 31% 41% 41% 52% 52% deviationSource: Choi, B.P. and Mukherji, S., “Optimal Portfolios for Different Holding Periods,”Journal of Business & Economics Research, Vol. 8, No. 10, October 2010.7
    • Smaller company diversification potential 5-year correlation Treasury Intermediate Long gov’t Long corp. Large-cap (1926 to 2007) bills gov’t bonds bonds bonds stocks Intermediate 0.85 gov’t bonds Long gov’t bonds 0.68 0.93 Long corporate 0.70 0.95 0.98 bonds Large company -0.03 0.03 0.13 0.13 stocks Small company -0.37 -0.28 -0.19 -0.17 0.63 stocksSource: Choi, B.P. and Mukherji, S., “Optimal Portfolios for Different Holding Periods,”Journal of Business & Economics Research, Vol. 8, No. 10, October 2010.8
    • Growth: corporate and economic 7 Earnings Growth (Rebased) 6 5 S&P500 S&P600 4 3 2 1 0Corporate Growth Jan-95 Jan-97 Jan-99 Jan-01 Jan-03 Jan-05 Jan-07 Jan-09 Jan-11 GDP Growth (2011 Year-on-Year) 10 8 6 4 2 0 -2 Japan Eurozone USA South Singapore Brazil Indonesia China Africa Economic Growth Source: Invesco Perpetual/Bloomberg January 2012. 9
    • Research coverage Sell-side Research Coverage by Market Decile (1=Largest) 35 30Research analyst coverage 25 20 15 10 5 0 1 2 3 4 5 6 7 8 9 10 MSCI World Large Cap MSCI World Small Cap Index Source: Invesco Perpetual, Bloomberg LP, as at 31 January 2012. 10
    • Accessing structural growth opportunities Index Exposure - Emerging Markets 25 Index weight (%) 21.6 20 14.2 15 10 6.9 5 0.7 0 MSCI EM Energy MSCI EM Materials MSCI EM Industrials MSCI EM Cons. Discretionary Long-term Earnings Growth - 7 years 30MSCI Long-term earnings 25.6 25 growth (%) 20 15 9.9 10 7.4 7.1 5 0 MSCI EM Energy MSCI EM Materials MSCI EM Industrials MSCI EM Cons. Discretionary Source: Bloomberg, MSCI as at 31 December 2011. Please refer to the Appendix for the complete MSCI disclosure. 11
    • Global reduces single-country volatility MSCI Return to Risk GBP - Small Cap Indices versus Large Cap (Jan 1995 to April 2012) Risk = volatility 12.0% IP Global Smaller Canada Small Cap Companies Fund 10.0% US Small Cap 8.0% Australian Small Caps World Small Caps 6.0% UK Small Cap Emerging Markets (large- cap) 4.0%Return World Large-Cap Singapore Small Caps 2.0% Hong Kong Small Caps 0.0% German Small Cap 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% -2.0% Japan Small Caps -4.0% Risk Past performance is not a guide to future returnsSources: Invesco Perpetual, Bloomberg LP, as at April 30, 2012.Index performance (MSCI World, MSCI World Small Cap, MSCI US Small Cap, MSCI Canada Small Cap, MSCI UK Small Cap, MSCI Germany SmallCap, MSCI Australia Small Cap, MSCI Hong Kong Small Cap, MSCI Singapore Small Cap, MSCI Japan Small Cap, MSCI Emerging Markets) is on a total-returns basis. Please refer to slide 31 for the complete MSCI disclosure. The return to risk is the annualized and weighted return and standard deviationfor the period shown.12
    • Small-cap and large-cap performance out ofrecessionSource: MSCI, as at April 2012.The return to risk is the annualized and weighted return and standard deviation for the period shown.13
    • Small-cap performance when markets crash Peak-to-trough performance 2000-03110100 90 80 70 60 50 40 Mar-00 Sep-00 Mar-01 Sep-01 Mar-02 Sep-02 MSCI World Small Cap Index MSCI World Small Cap MSCI World Large-Cap Index MSCI World large-Cap Index Peak-to-trough performance 2007-09 120 100 80 60 40 20 0 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 MSCI World Small Cap MSCI World Small Cap Index MSCI World Large-Cap Index MSCI World large-CapSource: MSCI as at 31 January 2012.14
    • Valuations Today Region PE Yr +1 P/B EV / EBITDA EV / Sales FCF Yield Global 14.8x 2.1x 10.9x 2.2x 0.9% US / Canada 18.2x 2.5x 10.7x 2.5x 1.2% Europe 12.0x 1.8x 8.4x 1.6x 3.9% Japan 13.4x 1.0x 6.5x 0.6x 7.8% Australia / NZ 12.7x 2.7x 9.8x 3.9x 0.1% CEEMEA 10.9x 2.0x 9.3x 2.0x 1.6% Asia ex-Japan 15.4x 2.5x 13.7x 2.6x -2.4% Latin America 15.4x 2.0x 10.0x 2.1x 0.8%Source: JP Morgan as at 31 May 2012.15
    • A wave of M&A?M&A Transactions — Annual Deal volumes 2,500 47% 47% Total Mkt Target <$5Bill Average Premium Large Cash to SMid Mkt Cap 50% 45% 2,021 42% 45% Average Premium / Cash to Mkt Cap 1,824 38% 1,780 2,000 35% 40% 1,752 36% 37% 37% 41% 1,536 32% 33% 33% 35% 1,269 31% 31% 30% Deal Value ($ Bill) 1,500 27% 24% 23% 31% 30% 31% 19% 22% 25% 987 977 930 899 878 1,000 844 20% 815 789 757 743 642 623 620 15% 583 554 534 531 518 476 438 434 421 393 383 361 500 10% 337 305 283 201 169 155 148 146 138 114 114 114 5% 94 94 74 0 0% 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012M&A Transactions — Annual # of Deals 2,500 Total M kt Target <$5Bill 1,942 1,926 1,898 1,894 1,874 1,818 2,000 1,665 1,653 1,609 1,602 1,586 1,560 1,554 1,541 1,505 1,503 1,474 1,456 1,448 1,413 1,413 1,401 1,393 1,388 1,375 1,375 1,366 1,356Deal Value ($ MM) 1,500 1,228 1,212 1,199 1,196 976 962 1,000 778 774 611 608 561 561 496 494 494 494 500 209 203 0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Source: JP Morgan as at 31 May 2012. Global M&A Activity.16
    • Summary • Small-cap investing has its origins in the first equity markets • History of diversification to other asset classes and large-cap equities continues • Stock factors are a critical driver to performance • Long-term potential for strong returns, absolute and relative to other asset classes17
    • Fund Strategy
    • Invesco Perpetual global small cap strategyprofile Aims to achieve capital growth through a portfolio of investments in international securities. The strategy 30 Invesco Perpetual Global Investment objective intends to invest mainly in shares of Smaller Companies % smaller companies quoted on the Fund** world’s stockmarkets. 25 MSCI World Small Cap index September 1984 (27 year track Inception date record) 20 Benchmark MSCI World Small Cap index 15 Strategy assets £907 million Strategy management Global Smaller Companies Group 10 team Investment Pragmatic bottom-up investment philosophy and approach, actively managed on a 5 process geographic carve-out basis Typical number of Diversified 0 holdings US$250 million (£161 million) to Market cap range* US$6 billion (£3.9 billion) -5 (Median market cap £0.9 billion) Q1 2012 1 year 3 years*** 5 years*** Average holding 3 years periodPast performance is not a guide to future returns.Source: Invesco as at 31 March 2012. Fund performance figures are shown in sterling on a mid-to-mid basis, inclusive of reinvested income and gross of the annualmanagement charge and all other fund expenses for the accumulation share class. The figures do not reflect the entry charge paid by individual investors. Benchmarksource: Invesco, total return, in sterling. *USD/GBP exchange rate of 1.5978 used. ** The Invesco Perpetual Global Smaller Companies Fund is managed in accordancewith the Invesco Perpetual global small cap strategy. *** Three and five year performance is annualised.19
    • Global Smaller Companies Group (GSCG)Invesco Perpetual Asset allocation & stock selection Senior management Regional specialists Richard Smith1 UK equities Chief Investment Officer, Nick Mustoe1 Invesco Perpetual – Chair Stephanie Butcher1 Europe equities Erik Esselink1 Senior Managing Director, Bob Yerbury1 Ian Hargreaves1 Asia equities Invesco Ltd. – Co Chair Paul Chesson1 Japan equities + Strategy Juliet Ellis1 US equities Head of Global Equity Nick Hamilton Products, Invesco Perpetual Dean Newman1 LATAM + EMEA equities Martin Weiss Investment Strategist Matt Booker1 Australia equities Arwel Green Product ManagerSource: Invesco as at 31 March 2012. Invesco Perpetual’s global smaller companies strategy is managed as a series of regional sub-portfolios, with asset allocation driven by our Global Smaller Companies Group which is chaired by Invesco Perpetual’s CIO Nick Mustoe.Day-to-day discretion for stock selection lies with a team of eight regional specialists.20
    • Invesco Perpetual Global Smaller Companies Fund Geographic allocation UK European US Japan Asia Australia EMEA LATAM 35 30Asset allocation (%) 25 20 15 10 5 0 Feb-… Feb-… Feb-… Feb-… Feb-… Feb-… May… May… Aug… May… Aug… May… Aug… Aug… May… Aug… May… Aug… Nov… Nov… Nov… Nov… Nov… Nov… Jan-… Source: Invesco Perpetual as at 18 April 2012. 21
    • Invesco PerpetualGlobal Smaller Companies FundRegional weightings 70 62.7 IP Global Smaller Companies Fund MSCI World Small Cap index 60 50% 40 29.8 30 22.2 20 13.0 13.8 10.7 11.9 10.4 10 7.7 3.8 4.0 4.7 1.9 2.0 0.4 0.1 0 North Europe ex- United Asia ex- Japan Australasia EMEA* Latin America UK Kingdom Japan America Source: Invesco Perpetual as at 31 March 2012. * Emerging Europe, Middle East and Africa.22
    • Invesco PerpetualGlobal Smaller Companies FundSector weightings 25 22.9 20.4 20 17.8 18.8 17.9 IP Global Smaller Companies Fund MSCI World Small Cap index 15.6 14.4 15 13.3 8.7 9.5 10 7.0 6.7 6.7 5.5 4.8 5 3.8 3.2 0.5 0.6 0.9 0 Industrials Financials Consumer Discretionary IT Health Care Materials Consumer Staples Energy Utilities Telecoms Top five overweight Fund Index1 Active +/- Top five underweight Fund Index1 Active +/- sub-sectors (%) (%) (%) sub-sectors (%) (%) (%) (%)Transportation 7.53 2.19 +5.34 Real Estate 4.69 8.73 -4.03Banks 6.97 5.28 +1.69 Utilities 0.51 3.25 -2.73Technology Hardware & 6.45 4.76 +1.69 Materials 6.74 9.47 -2.73EquipmentFood Beverage & Tobacco 3.76 2.44 +1.32 Energy 4.78 6.74 -1.96Commercial & Professional 4.48 3.17 +1.31 Capital Goods 10.85 12.44 -1.59ServicesSource: Invesco Perpetual as at 31 March 2012. 1 MSCI World Small Cap index.23
    • Invesco PerpetualGlobal Smaller Companies FundTop 10 holdings Market cap Top 10 Country Industry Fund (%) (£ billion)Post NL Netherlands Industrials 1.51 0.87Security Bank Philippines Financials 1.05 0.84HAL Trust Netherlands Financials 5.00 0.84Virbac France Health Care 0.87 0.80Daphne International China Consumer Discretionary 1.40 0.78Total Gabon France Energy 1.36 0.76SIAS Italy Industrials 1.09 0.76Pioneer Japan Consumer Discretionary 1.05 0.76Eurotunnel France Industrials 3.00 0.68Cfao Npv France Consumer Discretionary 1.65 0.67Source: Invesco Perpetual as at 31 March 2012.24
    • Invesco PerpetualGlobal Smaller Companies FundNet performance (%)Calendar year returns 2007 2008 2009 2010 2011IP Global Smaller Companies Fund 7.60 -28.53 45.52 31.39 -14.26MSCI World Small Cap index -0.58 -19.14 28.88 30.55 -8.03Out/underperformance +8.18 -9.39 +16.64 +0.84 -6.23 Annualised returns Q1 2012 1 year 3 years 5 years IP Global Smaller Companies Fund 13.76 -3.90 25.71 6.26 MSCI World Small Cap index 10.52 -2.10 23.94 5.54 Out/underperformance +3.24 -1.80 +1.77 +0.72Past performance is not a guide to future returns.Source: Lipper as at 31 March 2012. Fund performance figures are shown in sterling on a mid-to-mid basis, inclusive of reinvested incomeand net of the annual management charge and all other fund expenses for the accumulation share class. The figures do not reflect theentry charge paid by individual investors. Benchmark source: Thomson Reuters Datastream, total return, in sterling.25
    • Invesco PerpetualGlobal Smaller Companies FundNet performance (%) Past performance is not a guide to future returns. Source: Lipper as at 30 May 2012. Fund performance figures are shown in sterling on a mid-to-mid basis, inclusive of reinvested income and net of the annual management charge and all other fund expenses for the accumulation share class. The figures do not reflect the entry charge paid by individual investors. Benchmark source: Thomson Reuters Datastream, total return, in sterling.26
    • Global Small Cap Core Equity CompositeRisk return profileSource: Mercer Insight database from 1 October 2006 to 31 December 2011.The risk return profile is shown for Invesco Perpetual’s Global Small Cap Core Equity Composite in GBP. Performance is calculated ona total return basis and is gross of management fees. Net returns will be lower.This slide is supplemental information to the GIPS compliance presentation included in the Appendix.IGGGES: Global Small Cap Core Equity Composite. Past performance is not a guide to future returns.27
    • Global Small Cap Core Equity CompositeSchedule of investment performance (1) Gross rate of Net rate Benchmark Composite Benchmark Composite Percentage Total firm Composite return of return return 3-Yr Ann 3-Yr Ann Number of assets of firm assets1 dispersion (%) (%) (%) St Dev (%) St Dev (%) portfolios (GBP mn) assets (%) (GBP bn) (%)2011 (12.81) (14.32) (8.03) 19.22 20.27 2 428 0.1 308.7 n/a2010 33.16 30.83 30.55 23.99 24.79 2 454 0.1 303.6 n/a2009 47.18 44.63 28.88 22.55 22.98 2 301 0.2 184.6 n/a2008 (26.97) (28.24) (19.14) 19.43 18.80 2 208 0.1 177.1 n/a2007 9.22 7.33 (0.58) 12.23 13.02 2 325 0.2 165.1 n/a2006 16.75 14.73 3.12 11.72 12.83 2 317 0.3 124.6 n/a2005 27.01 24.83 29.82 11.94 13.67 2 301 0.3 101.7 n/a2004 17.25 15.29 16.31 15.01 17.83 1 196 0.2 87.5 n/a2003 42.69 40.20 42.46 19.58 20.97 1 174 0.2 90.1 n/a2002 (18.14) (19.57) (23.78) 19.15 22.17 1 126 0.4 32.6 n/a2001 (7.73) (9.22) 3.90 19.56 19.71 1 163 0.4 40.1 n/a2000 (1.60) (3.05) 4.54 18.10 20.64 1 191 0.4 46.3 n/a1999 52.93 50.67 29.36 17.98 19.08 1 201 0.4 47.9 n/a1998 9.07 7.46 (1.68) n/a n/a 1 149 0.4 34.5 n/a1997 9.63 8.01 (1.94) n/a n/a 1 162 0.6 29.0 n/aAnnualised compound rates of return ending 31 March 2012:1 year (2.45) (4.14) (2.10)3 years 27.70 25.48 23.905 years 7.99 6.11 5.5410 years 11.45 9.52 8.06Since 11.50 9.65 7.81inception(31.12.1996)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 May 14, 2002. 1 Refers to Note 1 on next slide.28
    • Global Small Cap Core Equity CompositeSchedule of investment performance (2)Invesco Worldwide claims compliance with the Global Investment Performance Standards (GIPS) and has prepared and presented thisreport in compliance with the GIPS standards. Invesco Worldwide has been independently verified for the periods 1st January 2003 thru31st December 2010. The legacy firms that constitute Invesco Worldwide have been verified since 2001 or earlier. The verification reportsare available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of theGIPS standards on a firm-wide basis and (2) the firms policies and procedures are designed to calculate and present performance incompliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. 1. Invesco Worldwide (“The Firm”) manages a broad array of investment strategies around the world. The Firm comprises U.S. -based Invesco Advisers, Inc. and all wholly owned Invesco firms outside of North America. All entities within the Firm are directly or indirectly owned by Invesco Ltd. Affiliated GIPS-compliant firms of Invesco Ltd. include Invesco Trimark Ltd. and Atlantic Trust. Affiliated non-GIPS-compliant firms of Invesco Ltd. include Invesco Senior Secured Management, Inc. Invesco Private Captial, Inc. and Invesco PowerShares Capital Management LLC. Each is an SEC- registered investment adviser and is marketed as a separate entity. Invesco Great Wall Fund Management Co. Ltd (IGW) is a fund management company established under China Securities Regulatory Commissions approval. All affiliated assets are excluded from total Firm assets. On December 31, 2009, Invesco Aim Advisors, Inc. (AIM), Invesco AIM Capital Management, Inc. (ACM), Invesco AIM Private Asset Management, Inc. (APAM) and Invesco Global Asset Management (N.A.), Inc. merged into Invesco Institutional (N.A.), Inc, which was then renamed Invesco Advisers, Inc. Prior to 2010, AIM, ACM and APAM were part of separate GIPS firms and not included in the Firm. On June 1, 2010, Invesco acquired Morgan Stanley Investment Managements (MSIM) retail asset business, including Van Kampen Investments. Through this transaction, Invesco acquired approximately $119 billion in assets under management. Prior to the acquisition, MSIM was GIPS compliant and verified by and independent verifier through December 31, 2008. Assets under management prior to 2010 have not been restated to reflect either the above-referenced investment adviser merger or the MSIM acquisition. Composite history and Firm assets prior to January 1, 2010, are those of its respective components. 2. The Global Small Cap Core Equity Composite includes all discretionary fee paying portfolios that are measured against a recognised, publish global small cap index. Portfolios in this composite are invested in Global Small Cap Equities managed under the Henley investment process. As of 1st October 2003, the Global Small Cap - Core Equity Composite was renamed the Global Small Cap Core Equity Composite. The composite name change does not reflect a changed in investment strategy, but is for marketing purposes only.Source: Invesco as at 31 March 2012.29
    • Global Small Cap Core Equity CompositeSchedule of investment performance (3) 3. The composite returns are benchmarked to the MSCI THE WORLD INDEX SMALL CAP - total return index. The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product. Investments made by the Firm for the portfolios it manages according to respective strategies may differ significantly in terms of security holdings, industry weightings, and asset allocation from those of the benchmark. Accordingly, investment results and volatility will differ from those of the benchmark. From 31-Dec-1996 to 31-Dec-2000 the benchmark was MSCI THE WORLD INDEX SMALL CAP - price index. This changed to the MSCI THE WORLD INDEX SMALL CAP - total return index , as it is a more representative benchmark. 4. Valuations and portfolio total returns are computed and stated in Pound Sterling. The Firm consistently values all portfolios each month on a trade date basis. Accrual accounting is used for all interest and dividend income. Past performance is not an indication of future results. 5. Composite dispersion is measured by the standard deviation across asset-weighted portfolio returns represented within the composite for the full year. The three-year annualised standard deviation measures the variability of the composite and the benchmark returns over the preceding 36- month period. The standard deviation is not presented where there is less than 36 months or fewer than five portfolios in the composite. 6. Gross-of-fee performance results are presented before management and custodial fees and are net of trading expenses, non-reclaimable withholding tax on dividends (where material), interest income and capital gains. The representative retail management fee is as follows: 1.50% 7. The minimum portfolio size for the composite is USD 5,000,000. 8. A complete list and description of Firm composites and performance results is available upon request. 9. Additional information regarding policies for valuing portfolios, calculating performance, and preparing compliant presentations is available upon request.Source: Invesco as at 31 March 2012.30
    • MSCI disclosureSource: MSCI Inc.Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any expressor implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and allsuch parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for aparticular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of itsaffiliates or any third party involved in or related to compiling, computing or creating the data have any liability for anydirect, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibilityof such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express writtenconsent.31
    • Important informationThis presentation is for Professional Clients in the UK only and is not for consumer use.The value of investments and the income from them will fluctuate (this may partly be the result of exchange ratefluctuations) and investors may not get back the full amount invested.Past performance is not a guide to future returns.Where Nick Hamilton has expressed opinions, they are based on current market conditions and are subject tochange without notice. These opinions may differ from those of other Invesco Perpetual investment professionals.Where securities are mentioned in this document they do not necessarily represent a specific portfolio holding anddo not constitute a recommendation to purchase or sell.Smaller company funds are higher risk than funds that can invest in larger company sizes. Market conditions,such as a decrease in market liquidity, may mean that it is not easy to buy or sell securities.Please refer to the most up to date relevant fund and share class-specific Key Investor Information Document formore information on our funds. Further information on our products is available using the contact details shown.Issued by Invesco Fund Managers Limited and Invesco Asset Management Limited.Perpetual Park, Perpetual Park Drive, Henley-on-Thames,Oxfordshire RG9 1HH, UK.Authorised and regulated by the Financial Services Authority.32