Invesco Asia Opportunities Equity Fund

Mike Shiao
Chief Investment Officer, Asia ex Japan

December 2016

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.
Overview

1. Invesco Asia Opportunities Equity Strategy Summary

2. Investment Philosophy and Process

3. Performance and Characteristics

2
1. Invesco Asia Opportunities Equity
Strategy Summary
Invesco’s Franchise in Asian Equities

Strong local presence

 Over 50 years experience investing in Asia Beijing

Pacific. Currently managing US$28.6bn1 Tokyo

Shanghai
 Invesco Equity Investment Team in Asia
managing US$9.4bn investing in Asia Pacific Shenzhen2
Taipei
ex Japan markets, including Mumbai3 Guangzhou
Hong Kong
− US$3.1bn in Asia Pacific ex Japan
regional funds Hyderabad

− US$4.8bn in Chinese equities Singapore

 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 Sydney

− Around 80 dedicated professionals on- Melbourne

the-ground covering Asian equities and
fixed income4
Invesco Equity Investment Team in Asia
 Dedication in core regional, thematic and
Invesco’s China Joint Venture: Invesco Great Wall (IGW)
single country funds
Investment Locations
Business Locations
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.
4
Invesco Equity Investment Team in Asia
Organisation structure
Anna Tong1
Regional Head of Investments,
Asia Pacific

Mike Shiao Paul Chan Nixon Mak Risk Management Asian Fixed
CIO, Asia ex Japan Head of Multi-Asset & Solutions & Quantitative Income
Hong Kong Pensions Strategist Research

Wing Hei Wong Ken Hu

Hong Kong/China Equities Regional Equities Regional Head of CIO, Fixed
William Yuen Hong Shen Simon Jeong Korea Investment Risk Income,
Management & Asia Pacific
Lorraine Kuo Jennifer Chi Shekhar Sambhshivan India Quantitative
Aditya Ahluwalia Research Jackson Leung
Yoshihiko (Hiko) Patricia Chung Chris Lau
Kawashima Jalil Rasheed ASEAN, Desmond Young
Senior Portfolio
Gary Ng Australia Manager
David Yu
Eric Cheng Wei Liang & New Clarence Yuen Yi Hu
Zealand Cecilia Tam
Elsa Yang Andy Wong Cosmo Zhang
Senior Credit
Taiwan Equities Analyst

Edward Cheng Dora Tu Yifei Ding

Rick Wen
Fixed Income
Product Specialists Analyst

Corinna Lau Benjamin Chan Michael Lockrow Linda Lam

Head of Asian Products CK Huang Yvonne Ngai Katrina Ma
Head of Taiwan
Fixed Income
Centralized Trading Acting Head of
Stanley Luk Chris Chan Tim Wong Edmund Lui Investments
Head of Trading, Asia Pacific Parco Chang Fiona Wong

Source: Invesco, as of 22 September 2016.

1 Covering Australia, China, Hong Kong, India, Japan, Singapore and Taiwan.

5
Invesco Asia Opportunities Equity Fund
Fund Highlights

Investment Aims to provide long-term capital Invesco Asia Opportunities Equity Fund
Objective growth from Asia ex Japan companies Long-term track record

Track Record 19991 Net-of-fee returns in USD%

Since
7,13%
6,89%
Reference index MSCI AC Asia ex Japan Index

Team Mike Shiao (lead manager), Simon 5,36%

Jeong (co-manager)
4,34%
3,48%
Key Highlights  Active management with high
conviction
 Strong emphasis on bottom-up
opportunities2 with no market cap
bias 0,29%
 Focus on companies with sustainable
leadership & competitive advantages Since current team 3 years^ 5 years^
 Long-term investors management on
1 July 2014^

No. of holdings 50 – 70 Asia Opportunitites Equity Fund Index*

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

6
Portfolio Management Team

Years of
Key Industry Tenure at
Personnel Name Title exp. Invesco Roles/ Specialization
Mike Shiao CIO, Asia ex 24 14  Lead manager
Japan  Asset / tactical allocation
 Country portfolio – Greater China
markets

Simon Jeong Investment 29 10  Co-manager

Director  Country portfolio – South Korea

Source: Invesco, as at September 2016

7
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

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.

9
Investment Process

Top-Down Bottom-Up

Strategic Country Stock Tactical

Portfolio
Focus Allocation Selection Rebalancing

 China, India  Rebalancing  Stock  Daily flow  Constantly

based on the selection is managed by monitor
results of the done by lead manager valuation of
semi-annual Greater holdings
regional China, India,
meeting South Korea  Tactical
and ASEAN adjustments if
specialists required

For illustrative purposes only.

10
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

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

11
Top-Down:
Invesco Asia Opportunities Equity Strategy Country
Allocation Process (CONTINUED)

Latest Ranking Overall Score (Fundamental + Momentum Factors)

Ranking Country 90,0

Overweight India 80,0

Overweight Philippines 70,0

Overweight South Korea 60,0

Overweight Taiwan 50,0

40,0
Overweight China

30,0
Underweight Thailand
20,0
Underweight Hong Kong
10,0
Underweight Indonesia
0,0
Underweight Malaysia
Philippines
India

Taiwan

Hong Kong

Malaysia
China

Singapore
Indonesia
Korea

Thailand
Underweight Singapore

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.

12
Bottom-Up:
Stock Selection Criteria

Qualitative Assessment: Quantitative Assessment:

 Industries with medium to Proprietary models (earnings
long-term growth trends projections, balance sheet, cash
flow)
 Strong competitive positioning
and advantages  Sustainable earnings growth

 Sustainable business  Stable/ improving margins

model/franchise, competitive  Stable/ increasing free cash
products/services, superior flows
brand/distribution/technology,
innovation/ R&D  Stable/ rising ROE/ROIC

 Financial discipline and capital  Sound balance sheet

management
 Valuation analysis
 Management quality,
ownership and corporate

For illustrative purposes only.

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

13
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

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.

14
Risk Management
Quality Control Through Diligent Oversight

Shared Responsibility for

Process Description Risk Management
1. Risk Budgeting  Set performance and risk objectives Investment Team/ Client
 Set risk budget for portfolios
2. Ongoing Risk &  Monitor portfolio performance versus benchmark and peer group Regional Head of
Performance Investments, Asia Pacific/
 Identify & monitor sources of risk and performance
Monitoring Regional Head of
 Monitor tracking error, active stock, sector and Investment Risk
Management & Quantitative
 country bets through BARRA and FactSet reports
Research
 Monitor portfolio and stock liquidity
3. Quarterly  Facilitate investment quality and product integrity assurance Regional Head of
Portfolio Review Investments, Asia Pacific/
 Review performance & risk versus objectives/target
Regional Head of
 Review performance & risk attribution analysis Investment Risk
Management & Quantitative
 Review portfolio strategy, risk profile & characteristics
Research/ Chief Investment
 Review rationales for major buy/sell transactions and significant Officer/Portfolio Manager
active positions

For illustrative purposes only.

Source: Invesco, September 2016.

15
3. Performance and Characteristics
Invesco Asia Opportunities Equity Fund
Performance

% 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

Calendar Years in USD 2015 2014 2013 2012 2011 2010 2009

Invesco Asia Opportunities Equity Fund

-2.66 8.90 0.47 19.45 -20.07 16.86 59.25
A

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
© 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.

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

17
Invesco Asia Opportunities Equity Fund
Fund Characteristics vs MSCI AC Asia ex Japan

Portfolio Characteristics Portfolio Turnover

Portfolio Characteristics P/BV ROE
(Lesser of Purchase or Sales divided by Average AUM)
Portfolio 2.6x 13.1% ~69% per annum, i.e. 1 round trip every 18 months
Index 1.4x 10.1%

Source: Invesco, FactSet P/BV and ROE estimates. Index

Market Capitalization Comparison
statistics represent the average consensus for regional markets
weighted by the relative market capitalization of these markets Portfolio Index*
as per the MSCI AC Asia ex Japan.
Over US$10 Billion 40.6% 71.3%

Top 10 Holdings US$5-10 Billion 25.3% 15.6%

Holdings Wgt (%) US$1-5 Billion 28.7% 13.0%
Tencent Holdings Ltd. 7.75
US$400 Million - $1 Billion 4.9% 0.1%
Alibaba Group Holding Ltd. 5.36
Samsung Electronics Co., Ltd. 4.74 Weighted Avg. Cap. (US$Billion) 64.4 57.5
Taiwan Semiconductor Manufacturing Co., Ltd. 4.62
China Mobile Limited 3.74 Risk Summary
New Oriental Education & Technology Group, Inc. 3.56
Ctrip.com International Ltd. 3.38
Tracking Error vs. Index* 4.43

Sun Art Retail Group Limited 2.99 Beta vs. Index* 0.91
Hengan International Group Co., Ltd. 2.80 Total Portfolio Risk: 15.21
Zhuzhou CRRC Times Electric Co., Ltd. 2.33 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.
18
Invesco Asia Opportunities Equity Fund
Country Weights (%)

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

Country (%) 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

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.

19
Invesco Asia Opportunities Equity Fund
Sector Weights (%)

Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Nov-16 Nov-16
Sector (%) 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.
20
 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 performa nce 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
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