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MULTI ASSET 2.0 Investing in ideas can improve the results of investors

1

March 2016

Clive Emery This presentation is for Professional Clients in Belgium only and is not for consumer use. Please do not redistribute.

Product Director

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Invesco Global Targeted Returns Fund Investment proposition

2

126 ideas as at 31 January 2016. 2MSCI World.

Target return: 3-month EURIBOR 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 fund management process

For illustrative purposes only.

Portfolio risk

Total independent risk

Div

ers

ific

ation b

enefit

Investing in ideas

*Gross of fees. There is no guarantee this performance target or volatility target will be achieved.

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Credit - European Curve Flattener Credit - Selective CreditCurrency - Chilean Peso vs Australian Dollar Currency - Indian Rupee vs Chinese RenminbiCurrency - Japanese Yen vs Korean Won Currency - Norwegian Krone vs UK PoundCurrency - US Dollar vs Canadian Dollar Currency - US Dollar vs EuroEquity - European Divergence Equity - GermanyEquity - Global Equity - JapanEquity - Selective Asia Exposure Equity - UKEquity - US Large Cap vs Small Cap Equity - US Staples vs DiscretionaryInterest Rates - Australia vs Europe Interest Rates - European Curve SteepenerInterest Rates - Selective EM Debt Interest Rates - Swap SpreadsInterest Rates - Sweden vs Europe Interest Rates - UKVolatility - Asian Equities vs US Equities Volatility - Australian Dollar vs US DollarVolatility - Japanese Yen vs US Dollar Volatility - UK Equity vs Rates

Invesco Global Targeted Returns Fund Current positioning

3

Source: Invesco. For illustrative purposes only. This information relates to the portfolio based on market conditions as at 31 January 2016, subject to change. There is no guarantee this target will be achieved.

26 ideas

Each idea is sized to deliver an estimated 25-50 bps contribution to return

5 asset classes

No one asset class should constitute more than 50% of total risk

15 regions

Reduce risk of concentration to a particular country/region

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Seeking additional drivers of return Complementing your holdings of stocks and bonds

4

0

10

20

30

40

50

60

70

80

90

100

Global balanced portfolio* Invesco Global Targeted Returns

% r

isk a

llo

cati

on

Equity risk Interest rate risk Other risks

Source: Invesco as at 31 December 2015. For illustrative purposes only. Subject to change. *Global balanced portfolio comprises of 60% global equities, 40% global bonds. Equity risk is represented by % volatility of MSCI World Index, interest rate risk represented by % volatility of 10 year US government bond, other risks, may include, but are not limited to currency risk, credit risk. **Factor analysis decomposes a portfolio into uncorrelated statistical factors using principal components analysis. This enables us to see how much the returns of a portfolio are driven by a small number of factors. An investment cannot be made directly in an index. Past performance is not a guide to future returns.

Equities and interest rates explain

77% of the risk in

a Global Balanced Portfolio

21% of the risk in

Invesco Global Targeted Returns

30 independent

factors** help explain the risk in Invesco Global Targeted Returns

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Our approach to multi asset investing Discard asset class labels, invest in ideas

5

Source: Invesco as at 31 January 2016. For illustrative purposes only. *Ideas shown are examples and subject to change.

Step 2: choose the right asset type to represent that idea

Step 1: Search for good investment ideas*

Strength of the corporate sector

Changing Central Bank policy

Weakening Australian

Economy

“We believe that one way to achieve true diversification is to break away from the focus on asset class constraints which often distract from fundamental longer term thinking. Instead, we focus on good investment ideas.” David Millar, Head of Multi Asset Team

Equities Corporate Bonds

Commodities Currencies Government Bonds

Inflation Products

Real Estate Volatility Instruments

Alpha Strategies

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Invesco A global platform committed to investment excellence

6

Source: Invesco as at 31 December 2015. Not all of the Invesco brands 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 brands mentioned.

Invesco believe 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

AUM US$775.6bn/£526.2bn More than 750 investment professionals and

more than 6,000 employees

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54%

18%

1% 1%

5%

25%

22% 12%

27%

41%

23%

28%

14% 16%

54% 59%

0

10

20

30

40

50

60

70

80

90

100

YTD 1 year 3 years 5 years

4th Quartile 3rd Quartile 2nd Quartile 1st Quartile

Invesco Perpetual A world class centre of investment excellence

€117.4bn assets under management

66 Investment Professionals

– > 16yrs average experience

– > 8yrs average tenure at Invesco

– Heads of teams 28 years and 16 years

respectively

9 Investment Teams

– Equities – Asian, Emerging, Europe,

Japanese, UK & US, Global

– Fixed Interest

– Multi Asset

Based in Henley-on-Thames

– Away from the noise

7

The data relates to a past period and past returns are not a guarantee of future returns. Source: Invesco as at 31 December 2015. RHC source: Lipper and © Morningstar 2015 as at 31 January 2016. Excludes fund-of-funds and passively managed products. May not sum due to rounding.

Committed to high conviction, long term, non benchmark active investing across diverse range of asset classes.

Funds managed by the Henley investment team Asset Weighted Performance to 31 January 2016

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Investment Team Experienced core investment team

8

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

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

Years of experience

David Millar, FIA: Head of Multi Asset, Fund Manager 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

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Idea – Global Equities Outlook may be muted but there is still global growth

9

2,5

3,0

3,5

4,0

4,5

5,0

10 11 12 13 14 15 16

2011 2012 2013

2014 2015 2016

Consensus global GDP forecasts by year (% annual change)

Source: ASR, Bloomberg and Invesco, all data as at 31 December 2015. For illustrative purposes only.

Equity Earnings Yield

90

95

100

105

110

115

jan/15 apr/15 jul/15 okt/15 jan/16

Equally weighted basket of two Invesco global strategies

MSCI World (TR Net) index

Invesco global strategies vs MSCI World

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Global ‘safe’ income has declined Our Fixed Interest team expect search for yield continuing

10

Market Size Dec 07

Size today

Rate Dec 2007

Rate now

US Deposits $6.7 trillion $10.7 trillion 4.38% 0.21%

US Money Funds $3.1 trillion $2.7 trillion 3.24% 0.07%

US Treasury Bills $0.5 trillion $1.0 trillion 3.19% 0.12%

US Govt Bonds 1-5 yrs $1.2 trillion $3.9 trillion 3.16% 0.99%

Eurozone Deposits $4.6 trillion $3.9 trillion 4.38% -0.18%

Eurozone Govt Bonds 1-5 yrs $2.1 trillion $2.5 trillion 4.10% -0.02%

UK Deposits $2.5 trillion* $2.3 trillion 5.70% 0.33%

UK Govt Bonds 1-5 yrs $0.2 trillion $0.5 trillion 4.40% 0.89%

Total Market $20.9 trillion $27.5 trillion Grown 32%

Total Income $0.89 trillion $0.07 trillion Declined 92%

Source: Government bonds and bills, Barclays, 31 Oct 2015. US Money Funds, ICI Factbook, 2015. US Deposits, Federal Deposit Insurance Corporation, 30 June 2015. UK Deposits, Bank of England, 30 September 2015. Eurozone Deposits, ECB, September 2013. Calculation of lost income assumes size unchanged (lost income = 2007 assets x (2007 rate – rate now). *UK 2007 is based on British Banking Association data – discontinued. $ = USD.

More than $800bn fall in annual income

from these assets since Dec 2007*

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Idea – Selective Credit Widening yields suggest some selective opportunities

11

Source: Macrobond, BoAML as at 30 November 2015.

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Central bank co-ordination turning competitive? Implication – competitive devaluation. Is China the reluctant outlier?

12

Source: Bloomberg as at 11 January 2016. Rebased to 100 at 2 July 2010.

60

70

80

90

100

110

120

2010 2011 2012 2013 2014 2015

EURUSD Currency JPYUSD Currency CNYUSD Currency FXJPEMCS Index

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Idea – Japanese Yen vs Korean Won Competitive devaluation

13

Korea has lost competitiveness

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

60

70

80

90

100

110

120

2011 2012 2013 2014 2015 2016T

rad

e w

eig

hte

d i

nd

ex (

10

0)

Japanese Yen Korean Won

Because of the strength of the Korean Won

-20

-15

-10

-5

0

5

10

15

20

25

30

35

2011 2012 2013 2014 2015

Yoy %

Japan Export Growth South Korea Export Growth

Idea added to the fund

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Volatility has been very low relative to history 2014 saw the most depressed levels

Source: BofA Merrill Lynch Global Research. Implied volatility data from: 5-Jan-90 for Equity (VIX Index) and Rates (MOVE Index); 1-Jan-99 for FX (avg. 3m implied vol on EUR/USD, USD/JPY, USD/CHF); 4-May-07 for Commodity (Merrill Lynch Commodity 3 month volatility Index). 6M realized volatility data from: 3-Jan-95 for FX (EUR/USD, USD/JPY), Equity (S&P500) and Rates (10 Year US Swap Rate); 1-Jul-97 for Credit (US High Grade Corporate, US HY Corporate); 6-Jul-00 for Commodity (DJ UBS). All data through 8-Jan-16.

-3

-2

-1

0

1

2

3

4

5

Jan-

95

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-

11

Jan-

12

Jan-

13

Jan-

14

Jan-

15

Jan-

16

Average Z-Score of Equity, Rates, FX, Credit and Commodity Realized VolatilityAverage Z-Score of Equity, Rates, FX and Commodity Implied Volatility

Previous to 2014, the largest historical depression in

volatility recorded was in 2007 as liquidity flooded

markets and leverage ran rampant pre GFC

Both average cross-asset implied and realized volatility hit an all time low in the summer

of 2014, and the recent "bounce" has just taken us back to long-term normal levels

14

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Idea – Asian equity volatility vs US equity volatility Expect higher levels to persist

15

0

10

20

30

40

50

60

70

80

90

sep/0

5

sep/0

6

sep/0

7

sep/0

8

sep/0

9

sep/1

0

sep/1

1

sep/1

2

sep/1

3

sep/1

4

sep/1

5

HSI Volatility index

Hang Seng index implied volatility is low versus history

Source: Bloomberg as at 6 January 2016.

Spread between HSI & S&P500 1y Implied Volatility

-8

-6

-4

-2

0

2

4

6

8

10

feb 1

0

jun 1

0

okt

10

feb 1

1

jun 1

1

okt

11

feb 1

2

jun 1

2

okt

12

feb 1

3

jun 1

3

okt

13

feb 1

4

jun 1

4

okt

14

feb 1

5

jun 1

5

okt

15

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Investing in ideas A repeatable, three-step process

16

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

32 ideas approved

53 ideas researched

14 ideas implemented

2015

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0

2

4

6

8

10

12

14

16

Independent risk³ Portfolio risk²

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

Credit - Selective Credit

Equity - UK

Equity - Selective Asia Exposure

Equity - Global

Equity - European Divergence

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

Combining ideas Achieving diversification

17

Source: Invesco as at 31 January 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, 12.45% on 31 January 2016.

Total portfolio risk 4.20%²

Total independent risk 14.60%³

50% of global equity risk4

Diversification benefit

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0

50

100

150

200

Bin -7.50% -6.75% -6.00% -5.25% -4.50% -3.75% -3.00% -2.25% -1.50% -0.75% 0.00% 0.75% 1.50% 2.25% 3.00%

Sim

ula

tion

co

un

t

Fund returns

Combining ideas Scenario analysis – focus on not getting it wrong

18

1Green line indicates probability-weighted best estimate, red line indicates worst case using lower quartile outcomes. For illustrative purposes only.

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 US$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%)

Distribution of potential fund returns for a given scenario1

Source: Invesco as at 31 January 2016.

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Our approach to risk Fund managers are also risk managers

19

For illustrative purposes only.

Idea

Return Risk

Risk management is embedded in:

1. The targets of the fund

2. The concept of Investing in Ideas

3. Our fund management process

4. Our forward looking scenario analysis

5. Crash protection in some ideas

6. Two risk managers

7. Three fund managers

8. Invesco’s independent risk function

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Invesco Global Targeted Returns Fund Performance (%)

20

Source: Invesco Perpetual as at 31 January 2016. 1Inception date 18 December 2013. 2Performance figures are shown in euro on a mid-to-mid basis, inclusive of net reinvested income and gross of ongoing charges and portfolio transaction costs. The figures do not reflect the entry charge paid by individual investors. Benchmark source: Bloomberg, total return, in euro. 3Fund (A Accumulation share class) performance figures are shown in euro on a mid-to-mid basis, inclusive of net reinvested income and net of ongoing charges and portfolio transaction costs. The figures do not reflect the entry charge paid by individual investors. Benchmark source: Invesco Perpetual, total return, in euro. 4Standard deviation of weekly returns. Global equities represented by MSCI World Index.

A share

Returns 3 months

6 months

1 year Since inception1 2014 2015

(Cum.) (Ann.) (Calendar year)

(Calendar year)

Portfolio gross returns2 -0.25 1.01 -1.70 12.84 5.87 9.62 2.28

3-month Euribor -0.03 -0.04 -0.04 0.19 0.09 0.21 -0.02

Out/under performance -0.22 +1.05 -1.66 +12.65 +5.78 +9.41 +2.30

Portfolio net returns3 -0.59 0.36 -2.90 9.88 4.55 8.25 1.04

3-month Euribor -0.03 -0.04 -0.04 0.19 0.09 0.21 -0.02

Out/under performance -0.56 +0.40 -2.86 +9.69 +4.46 +8.04 +1.06

Realised volatility4 3.76 3.97 3.38 4.01

Realised volatility of global equities4 14.53 12.64 10.73 13.23

Realised volatility as a percentage of equity volatility 25.86% 31.43% 31.49% 30.30%

Past performance is not a guide to future returns.

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Invesco Global Targeted Returns Fund Gross performance versus equities (since inception)

21

Past performance is not a guide to future returns. Source: Invesco and Bloomberg as at 31 January 2016. MSCI World, in euros, total return. Inception date 18 December 2013. Fund performance figures are shown in euro on a mid-to-mid basis, inclusive of net reinvested income and gross of ongoing charges and portfolio transaction costs. The figures do not reflect the entry charge paid by individual investors.

95

100

105

110

115

120

125

dec 13 mrt 14 jun 14 sep 14 dec 14 mrt 15 jun 15 sep 15 dec 15

Invesco Global Targeted Returns Fund MSCI World index

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A closing thought….. What is a reasonable investment return? Is experience skewed by the 80s & 90s?

22

Past performance is not a guide to future returns. Source: Ibbotson. Period represented: 1940 – 2015, as at 30 September 2015. Stocks are represented by S&P 500 Index, bonds are represented by Ibbotson U.S. Long-Term Government Bond Index.

1940's

1950's

1960's 1970's

1980's 1990's

2000's

Last 10 years

2%

4%

6%

8%

10%

12%

14%

16%

18%

2% 4% 6% 8% 10% 12% 14%

Averag

e R

etu

rn

(A

nn

ualized

)

Standard deviation

Risk and return of a 60% US stocks / 40% US bonds portfolio over time

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Important information

This marketing document is for Professional Clients in Belgium only and is not for consumer use. Data as at 31.01.2016, unless otherwise stated. Please do not redistribute.

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. Where Invesco has expressed views and opinions, these may change. 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 fund managers at the time this material was completed, and is subject to change without notice.

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. This document should not be construed as investment advice.

Past performance is not a guide to future returns.

The fund may hold debt instruments which are exposed to credit risk which is the ability of the borrower to repay the interest and capital on the redemption date..

The fund will invest in derivatives (complex instruments) which will be significantly leveraged resulting in large fluctuations in the value of the fund.

The fund may hold debt instruments which are of lower credit quality and may result in large fluctuations of the value of the fund.

The attribution and contribution figures are estimates and should be used for indicative purposes only. Data cleansing and retrospective information availability may cause changes.

The distribution and the offering of the fund or its share classes in certain jurisdictions may be restricted by law. Persons into whose possession this document may come are required to inform themselves about and to comply with any relevant restrictions. This is not investment advice and does not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to

any person to whom it is unlawful to make such an offer or solicitation. 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. The fund is available only in jurisdictions where its promotion and sale is permitted.

Please refer to the most up to date relevant fund and share class-specific Key Investor Information Document for more information on our funds. 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. As with all investments, there are associated risks. This document is not financial advice and is by way of information only. Asset management services are provided by Invesco in accordance with appropriate local legislation and regulations. 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. There may be differences in fee structures, in minimum investment amounts, etc. 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. Please be advised that the information provided in this document is referring to Class A (accumulation- EUR) exclusively.

Issued in Belgium by Invesco Asset Management S.A. Belgian Branch (France) situé Avenue Louise 235 - 1050 Bruxelles, Belgique.

23