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Asia Infrastructure & Asia Consumer Demand – Back to focus

Presentation byCorinna LauHead of Asian Products

1. Asia in a Snapshot

3

Stronger Asian economic recovery expected for 2009 and 2010

Source: Invesco. Data and estimates as at September 2009

Asia2008A

(%)2009F

(%)2010F

(%)

China 9.0 8.2 8.0India 9.0 6.4 7.1Indonesia 6.1 4.0 5.5Philippines 4.6 1.5 3.7Australia 2.1 0.3 1.8South Korea 2.5 0.0 4.5New Zealand 0.4 -0.6 2.0Hong Kong 2.5 -2.6 5.3Malaysia 4.7 -3.0 4.0Thailand 2.6 -3.0 5.0Singapore 1.3 -3.0 4.5Taiwan 0.5 -4.3 3.6

US 0.4 -2.7 1.5EU-12 0.7 -3.8 1.5Japan -0.7 -5.6 0.9

GDP Growth

4

-55

-41

-55 -53

-33

-60-51 -55

-39-33

92

5665

73

31

48

85

75

9

25

-80

-60

-40

-20

0

20

40

60

80

100

Cons

umer

Disc

retio

nary

Cons

umer

Sta

ples

Ener

gy

Finan

cials

Healt

h Ca

re

Indu

stria

ls

Info

rmat

ion

Tech

nolo

gy

Mater

ials

Tele

com

mun

icatio

n Se

rvice

s

Utilit

ies

Returns in USD (%)

2008 YT - Oct 2009

Source: Invesco, Factset, as of 31 October 2009

Asian markets – is the rally sustainable?

MSCI AC Asia Pacific ex Japan – Returns by Sectors

-55 -52 -48

-64-58 -56

-42

-52 -55-49 -47 -49 -52 -48

-37 -40

65

54 51

73

100

5144

40

55 5561 58

63

36

1823

-80

-60

-40

-20

0

20

40

60

80

100

120

Aust

ralia

(ASX

)

Chin

a (M

SCI C

hina

)

Hong

Kong

(HSI

)

Indi

a (B

SE 1

00)

Indo

nesia

(JCI

)

Kore

a (K

OSPI)

Mala

ysia

(KLC

I)

New Z

ealan

d (N

ZSE

50)

Philip

pine

s (P

COMP)

Sing

apor

e (S

TI)

Taiw

an (T

WSE

)

Thail

and

(SET

)

MSCI A

C As

ia Pa

cific

ex Ja

pan

MSCI U

KMSC

I USA

MSCI W

orld

Returns in USD (%)

2008 YT - Oct 2009

MSCI AC Asia Pacific ex Japan – Returns by Countries

5

Risk appetite is coming backRisk premium not far from historical lows

JPMorgan EMBI Plus Sovereign Spread

Source: Bloomberg, as at 26 October 2009

100

200

300

400

500

600

700

800

900

03/07 06/07 09/07 12/07 03/08 06/08 09/08 12/08 03/09 06/09 09/09

basis points

100

200

300

400

500

600

700

800

900basis points

Before the financial crisis

Lehman collapse @865bp

6

Abundant liquidity likely to continue

-10

-5

0

5

10

15

20

25

1984 1988 1992 1996 2000 2004 2008-60

-40

-20

0

20

40

60

80

100

120

140Asian Domestic Excess Liquidity %YoY (LHS)

MSCI AC Asia ex-Jp US$ Index 12-m % Chg (RHS)

Source (LHS): CEIC, MSCI, Citi Estimates, Oct 2009Source (RHS): Datastream, EIU, UBS Estimates, Oct 2009

Asia – Indicators of domestic liquidity conditions

-2%

-1%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Asia: others Asia: Energy

Asia: Food Asia: CPI (%y/y)

Contribution to CPI growth

7

External environment is stabilizing globally

Standardized leading indicators

Source: Bloomberg, CEIC, UBS WMR, as at 24 June 2009

 (5)

 (4)

 (3)

 (2)

 (1)

0

1

2

1998 2000 2002 2004 2006 2008

CN: manufacturing PMI

JP: Tankan surveyEurozone: EC business climate indicator

US: ISM manufacturing PMI

8

China’s stimulus policy is working

China electricity generation growthChina PMI, new orders and input prices

Source (top left): CEIC, Deutsche Bank, as of 19 October 2009.Source (top right): Haver, Citi Investment Research and Analysis as at 5 Nov 2009. SA = seasonally adjusted Note: data for January 2007, Jan 2008, and Jan 2009 were not released due to the holiday effects from Chinese New Year.Source (bottom left): Bloomberg, 11 September 2009. Source (bottom right): National Bureau of Statistics, Citi, 11 September 2009. Note: Average growth for Jan-Feb. Source: CEIC Data.

-10%

-5%

0%

5%

10%

15%

20%

25%

Jun 0

7Ju

l 07

Aug

07

Sep

07

Oct

07

Nov

07

Dec

07

Jan -

Feb

08

Mar

08

Apr

08

May

08

Jun 0

8Ju

l 08

Aug

08

Sep

08

Oct

08

Nov

08

Dec

08

Jan -

Feb

09

Mar

09

Apr

09

May

09

Jun 0

9Ju

l 09

Aug

09

YoY

20

30

40

50

60

70

80

1/05 10/05 7/06 4/07 1/08 10/08 7/09

Input Prices

New Orders

PMI

4

6

8

10

12

14

16

18

20

2006 2006 2007 2007 2008 2008 2009 2009

%YoY SA

Industry production GrowthNew Fixed Asset Investment Projects (RMB bn)

9

Asian Exports Picking Up Asian Exports y-o-y

Source: Invesco, Datastream, as of September 2009 for China, Taiwan, and Japan; as of October 2009 for Korea.

-60%

-40%

-20%

0%

20%

40%

60%

2002 2003 2004 2005 2006 2007 2008 2009

ChinaTaiwanKoreaJapan

%YOY(US$)

10

Stimulatory monetary policy across the regionLower interest rates to support economic recovery

Source: Bloomberg, as at 4 November 2009*Reserve Bank of Australia (RBA) started to increase rates by 0.25% each on 6 October and 4 November to 3.5%.

Country/CityInterest rates

(latest)Interest rates

(lower by)

Australia* Sep-08 7.25% 3.50% -3.75%

China Sep-08 7.47% 5.31% -2.16%

Hong Kong Oct-08 3.50% 0.50% -3.00%

India Oct-08 9.00% 4.75% -4.25%

Indonesia Oct-08 9.50% 6.50% -3.00%

Korea Sep-08 5.25% 2.00% -3.25%

Malaysia Nov-08 3.50% 2.00% -1.50%

New Zealand Jun-08 8.25% 2.50% -5.75%

Philippines Nov-08 6.00% 4.00% -2.00%

Singapore Sep-08 2.23% 0.69% -1.54%

Taiwan Jun-08 3.63% 1.25% -2.38%

Thailand Oct-08 3.75% 1.25% -2.50%

Interest Rate(before easing)

11

Asian economies offer growth vs. worldQuarter-on-Quarter GDP Growth in Asia Trend GDP growth in a world of slower globalization

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

Aust

ralia

New Z

ealan

d**

Hong

Kong

Indo

nesia

Mala

ysia

Philip

pine

sSi

ngpo

reSo

uth

Kore

aTa

iwan

*Th

aila

ndIn

dia*

Chin

a*

4Q081Q092Q093Q09

QoQ, seasonally-adjusted

Source (top left): Bloomberg, the government, 9 Nov 2009. Note: *China, India, Taiwan - only yoy data available. **New Zealand -data for 3Q 2008, 4Q 2008 & 1Q 2009. All other data on qoq.Source (top right): UBS, September 2009. Note: Projected trend growth figures are estimated using data on historical relationships between investment share of GDP, population, savings and GDP per capita. Source (bottom left & right): Datastream, EIU, OECD Outlook, UBS Estimates, August 2009. Estimates for 2009 and 2010

Real GDP growth % y-o-y Asia GDP as % of World GDP

-8.0

-4.0

0.0

4.0

8.0

12.0

1996 1998 2000 2002 2004 2006 2008 2010E

8%

10%

12%

14%

16%

18%

20%

1996 1998 2000 2002 2004 2006 2008 2010E

Japan

USEU

OECD

Asia ex-Japan (2007 Nominal GDP weighted)

Asia ex-Japan

12

Asia Pacific ex Japan Earnings gathering momentum – next driver

Source: Merrill Lynch Asia Pacific Quantitative Strategy, MSCI, IBES. As at 28 October 2009.

Earnings revision ratio by country – last 3 months

2.52.4

1.81.7 1.7

1.6 1.6 1.61.5 1.5

1.31.2

1.1

0.8

0.0

0.5

1.0

1.5

2.0

2.5

3.0

Sin

gapore

Thailand

Kore

a

Mala

ysi

a

Taiw

an

Asi

a P

ac

ex-J

apan

Indonesi

a

India

Hong K

ong

Chin

a

Aust

ralia

Japan

Philip

pin

es

New

Zeala

nd

3m

Earn

ings

Revis

ion R

atio

13

Asia ex-Japan trailing PBAsia ex-Japan trailing PE

Source: DataStream, Goldman Sachs, as at 11 Nov 2009

Asia ex Japan PE and PB valuations

+1 SD

-1 SD

Average

+1 SD

-1 SD

Average

(X)

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Nov-

95

Nov-

96

Nov-

97

Nov-

98

Nov-

99

Nov-

00

Nov-

01

Nov-

02

Nov-

03

Nov-

04

Nov-

05

Nov-

06

Nov-

07

Nov-

08

Nov-

09

(X)

5

7

9

11

13

15

17

19

21

23

25

Dec

-94

Dec

-95

Dec

-96

Dec

-97

Dec

-98

Dec

-99

Dec

-00

Dec

-01

Dec

-02

Dec

-03

Dec

-04

Dec

-05

Dec

-06

Dec

-07

Dec

-08

14

Asia - Earnings and valuation summary

Source: Invesco – as at 31 December 2008 , Citigroup Investment Research – as at 6 November 2009*India: Year ended March 31; 2008F = FY09, 2009F = FY10

177.128.423.7

17.272.116.815.61.5

14.934.815.321.011.620.012.752.0

2010F

5-yr average PER (x)

(Historical)

PER (x)EPS Growth (%)

17.019.353.538.7-84.7MSCI Japan14.913.817.7-8.4-29.7MSCI AC World15.514.117.5-2.3-27.5MSCI USA

10.910.612.518.113.9Thailand15.817.630.224.2-67.3Taiwan14.315.017.5-19.8-13.2Singapore15.014.216.417.4-13.2Philippines15.214.114.3-21.4-17.5New Zealand15.315.618.0-9.6-21.8Malaysia10.310.013.545.4-38.0Korea12.113.615.7-0.1-1.6Indonesia18.216.519.85.9-7.5India*15.817.219.20.7-33.1Hong Kong14.914.217.013.1-10.9China17.215.217.1-13.5-13.7Australia12.416.124.48.8-25.1MSCI Asia Pacific ex Japan

2010F2009F2009F2008F

2. Infrastructure is happening

16

Huge potential in Asia infrastructure developmentInfrastructure spending by country (ex-Japan, ex-Middle East)

Asia will spend over US$1tn, 2008-12e

Source: CLSA Asia-Pacific Markets as at 31 March 2008

Estimates US$800bn, 2009-10e

Source: CLSA Asia-Pacific Markets as at April 2009

India23%

Hong Kong 1%

Indonesia 6%

Korea 5%

Malaysia 4%

Philippines 2%

Singapore 1%

Taiwan 4%

Thailand 4%

China48%

Vietnam 2%

Hong Kong 2%

India 12%

Indonesia 1%

Korea 5%

Malaysia 2%

Philippines 1%

Taiwan 4%

Singapore 1%

Thailand 3%

China 69%

17

Rising urbanisation to drive infrastructureAsia’s urban population grows non-stop

Source: Asian Development Bank, 16 December 2008

Urban population growth (%)

2.04 2.182.332.7World

1.4 1.461.521.52Oceania

1.37 1.510.571.24North America

0.13 0.140.370.78Europe

3.08 3.523.775.04China

3.4 3.843.994.11South-East Asia

2.61 2.883.093.78Asia

2000-2005 1995-2000 1990-1995 1985-1990 Region/country

18

Transport Infrastructure on a fast trackDeveloping Asia ranks high in passenger density, but low per capita

0 500 1000 1500

Canada

USA

Russia

Germany

UK

France

China

India

Japan

Source: China Railway Yearbook 2007e, Credit Suisse, December 08

Density of passenger transportation China and India rank low by rail length per capita

0 3 6 9 12 15 18

China

India

Japan

UK

Germany

France

Russia

USA

Canada

10,000 person.km/kmRailway density by populationkm/10 k person

19

China - US$1.2tr infrastructure spending under the current 5-year plan

Source: Ministry of Communication China, Deutsche Bank, 6 July 2007.RMB-USD rate at 6.83 for the projection

8,550

463

2,800

5,287

140

507

2,940

200

1,500

2006-2010 Plan (RMB bn)

2001-2005 Actual (RMB bn)

1,71064%5,252Grand total

9328%363Water

56043%1,965Power

1,05782%2,898Total transportation

2847%95Airports

101207%165Port / Waterway

58851%1,950Roads

400%200Metro / City Rail

300207%488Railway

Average p.a. (RMB bn)Growth %Sector

20

China – additional fiscal stimulus on infrastructure

Source: SCMP, National Development and Reform Commission, as at 19 May 2009

Key Infrastructure ProjectsRmb 1.5 trillion

Agricultural Infrastructure Projects

Rmb 370 billionLow-income group housingRmb 400 billion

Earthquake recovery & reconstructionRmb 1 trillion

Innovation &Technology upgradingRmb 370 billion

Energy conservation& emission reductionRmb 210 billion

Social programmesRmb 150 billion

Rmb 4 trillionStimulus Package

Supported industries by government:

Steel, Auto, Shipyards, Petrochemical, Textiles, Light industries, Non-ferrous metals, Equip manufacturing,

Information Technology, Properties

21

China - Beneficiary of railway spending

Monthly railway capex

Source: Ministry of Railway, JP Morgan as at 13 August 2009 *USD29bn = Rmb201bn in 1H 2009

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Rmb 'm

2006 2007 2008 2009

CAPEXRailway

Rmb800bn2011E

Rmb700bn2010E

Rmb600bn2009E

Source: CARS, MOR, CLSA September 2009.*Picture source: site.ourail.com, CLSA September 2009.

Rail network density – China remains low

22

Australia - CAPEX to benefit E&C and resources sectors

E&C = Engineering & ConstructionSource: Merrill Lynch, "Global Energy-Playing the Australian Capex Wave", 17 August 2009

0

20

40

60

80

100

120

2008 2009 2010 2011 2012 2013

Base load Gov ernment stimulus Resources capex Risked LNG capex Priv ate sector E&C

Australian E&C capex profile, US$300bn+

23

Supportive government policiesKorea - US$37.1 bn economic stimulus package

Source: Ministry of Strategy and Finance, BNP Paribas 7 January 2009

The Green New Deal - Project name

9 core projects

4 Rivers Maintenance 14,478

Green transportation system 9,654

Nationwide building & structure information system 372

Anti-flood system and dam construction 942

Green car & clean energy 2,053

Waste water purification system 930

Green Forest 2,417

Green buildings 8,050

Urban stream rehabilitation 484

27 affiliates programs

Total

39,378

10,671

50,049

Total (KRW bn)

24

India infrastructure sector Ride on improving macro and easing liquidity conditions

0

500

1,000

1,500

2,000

2,500

3,000

05/0

7

08/0

7

12/0

7

02/0

8

05/0

8

08/0

8

12/0

8

02/0

9

05/0

9

Amount

(Rs bn)

Bank credit to the infrastructure sector

Source: Anand Rathi Research, RBI, September 2009.

Under XIth Plan (2008-2012)

Source: India Plan documents, UBS estimates, September 2009. “Cross the wall of worry to join the herd”

Sector FY10 FY11 FY12 Total %

Power 716 915 1,041 2,672 29

Roads & Bridges 645 779 874 2,298 25

Railways 389 437 645 1,471 16

Irrigation 316 348 383 1,047 11

Water supply & sanitation

294 324 356 974 11

Ports 113 142 157 412 5

Airports 45 125 70 240 3

Total 2,517 3,071 3,525 9,113 100

In US$ bn 52 64 73 189

25

Supportive government policiesTaiwan – add to the US$132bn `i-Taiwan’ projects64% increase in infrastructure spending in 2009

Source: Directorate-General of Budget, Accounting and Statistics (Executive Yuan), January 2009

151 147 144 149157

134 139132

215

0

50

100

150

200

250

2001 2002 2003 2004 2005 2006 2007 2008 2009

NT$bn

+64% yoy

Central Government budgeted Infrastructure Expenditure

Cumulative spending p.a. for “i-Taiwan”*

400

470

570

690

790 780

680

560

460

0

100

200

300

400

500

600

700

800

900

200820092010201120122013201420152016

NT$bn

0

100

200

300

400

500

600

700

800

900

*Includes “i-Taiwan” projects and additional infrastructure spending. Source: Credit Suisse estimates, 23 April 2008

26

Opening of two integrated resorts (cost US$6.9bn) in 2010 will strengthen Singapore economy, benefiting transport & social infrastructure sectors

Singapore - Integrated resorts

Source: Genting Singapore. Dated August 2009.

Marina Bay Sands Singapore Resorts World at Sentosa

Source: Marina Bay Sands Singapore.

27

Indonesia - Strong GDP growth to drive infrastructure spending

Source: PLN, CIMB – Infrastructure The third pillar research, 26 June 2009

• The major gas distributor to benefit from 10GW power expansion plan• Coal and mining contractor to benefit from rising coal demand

28

Hong Kong 10 Mega ProjectsOpportunities on US$32bn social infrastructure

Project Name DescriptionContract Value

Railway Projects- West HK Island MTR 3km long subway project, connecting west HK Island to existing

Island MTR Line. Now the project is under tendering.HK$8.1bn

- South HK Island MTR 7km long subway project, connecting south HK Island to existing Island MTR line. Scheduled to tender in 1H10.

HK$7.0bn

- Shatin to Central Link A railway project will connect Central to Shatin. Scheduled to tender in 2H10.

HK$37.4bn

- Guangzhou-Shenzhen-HK High Speed Railway

26km long high-speed railway project. Scheduled to tender from 2H09 to 1H10 and start construction in 2011.

HK$30.0bn

- HK-Shenzhen Airport Railway Link

Link to shorten travelling time between HK to Shenzhen Airport to 17 mins. The Project is in preliminary study stage.

Road & Bridge Projects- HK-Macau-Zhuhai Bridge A bridge will connect HK with Macau and Zhuhai. The project is in

design stage. Construction scheduled to tender in 2010.HK$72.6bn

- Tuen Mun Western Bypass & Tuen Mun-Chek Lap Kok Link

Northwest New Territories and Lantau Island. Scheduled to tender in 2011.

HK$20.0bn

Other Infrastructure Projects- Kai Tak Redevelopment A plan to redevelop old Kai Tak Airport site into a comprehensive

project including tourism and residential sites. Scheduled to tender in 2H09.

- Development of Lok Ma Chau Loop (HK-Shenzhen Border)

Government of HK & Shenzhen are jointly researching and planning the development and other cross-boundary issues.

- New Development Areas The New Development Areas will provide land for housing, employment, environment-friendly industries. Now the project is in planning stage.

Source: HK Government Policy Address 2007/2008, HK$250bn≅USD32bn @exchange rate 7.75As of 30 April 2009.

29

Thailand Infrastructure Prime beneficiaries on stable politics

Breakdown of stimulus package (SP2) THB1.57trn investment programmes (2009-12)

Source: Public Debt Management Office, Ministry of Finance, RBS 20 August 2009.*THB1.57trn ≅ USD46bn

Health care facilities7%

Education facilities10%

Telecommunications2%

Energy14%

Others11%

Water resources17%

Transportation39%

30

In a year of slowing economiesSector performance - coincidence or correlation?

2008 1998 1997MSCI Sector Performance % % %

Asia ex Japan GDP growth 6.2 2.3 6.8

AC Asia Pacific ex JP (51.6) (4.4) (34.2)

Energy (55.1) (37.4) (11.9)

Materials (55.0) (12.8) (35.8)

Industrials (59.8) (3.0) (48.2)

Consumer Discretionary (55.4) 4.8 (36.7)

Consumer Staples (41.1) (4.4) (24.7)

Health Care (32.7) (9.9) (24.2)

Financials (52.7) (3.7) (38.6)

Information Technology (51.3) (7.0) 15.1

Telecommunication Services (39.1) (3.4) (22.2)

Utilities (32.9) (4.4) (26.6)

Source: MSCI AC Asia Pacific ex Japan Index, FactSet 11 September 2009, average GDP growth from UBS.

31

In a year of growing economiesSector performance - coincidence or correlation?

2006 2007MSCI Sector Performance % %

Asia Pacific ex Jp GDP growth 9.0 9.6

AC Asia Pacific ex Jp 33.1 37.5

Energy 43.8 84.7

Materials 33.0 67.0

Industrials 34.0 58.8

- Capital Goods 33.2 75.1

- Transportation 36.2 42.8

Consumer Discretionary 16.4 22.1

Consumer Staples 42.8 40.8

Financials 41.5 29.3

Health Care 36.2 43.4

Information Technology 13.1 3.0

Total Return

Source: MSCI AC Asia Pacific ex Japan Index, FactSet 11 September 2009, average GDP growth from UBS.

3. Next step – Asian Consumers on the rise

33

From exporters to consumersPrivate consumption in Asia to pick-up the slack from collapsing exports

Source: Datastream, EIU & UBS estimates, data ending 2008, as of May 2009

With Asia’s key export markets unlikely to recover soon, we think the focus will shift back to domestic consumption as a driver of future economic growth.

Nominal Private consumption (LHS)

Merchandise Exports (RHS)

55%

56%

57%

58%

59%

60%

61%

1992 1994 1996 1998 2000 2002 2004 2006 2008

50%

60%

70%

80%

90%

100%

110%

34

Source: CEIC, Nomura Research, May 2009

The pace of change to a consumption-based economy is consistent with historical trendsChina and India are expected to follow the similar pattern experienced in developing nations in the past

As per capita income rises, the shift to a consumption-based economy is expected to speed up.

USD

35

Young population and favorable demographics

Source: Datastream, CEIC, UBS Estimates, September 2008

Population size and age profiles are the foundation of consumption growth

The emergence of the new working class will continue to drive up consumer spending across a broad range of industries.

Persons in ‘000

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

10 to 19years old

20 to 29years old

30 to 39years old

40 to 49Years old

50 to 59Years old

60 to 69Years old

Europe

Japan

US

Asia ex Japan

36

PPP = Purchasing Power ParitySource (LHS): Datastream, CEIC, UBS Estimates, February 2009Source (RHS): Datastream, EIU, UBS Estimates, August 2009. Estimates for 2009-2012

Asian consumer market is the 2nd

largest in the world

Consumer spending in US$ million in 2008

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

10000

US Asiaex

Japan

JapanGermanyUK France China Italy Brazil Spain

Asia ex-Japan

Asian consumers – the current and future driver of growth for the region and the world.

Growing importance of the Asian consumers

8,000

10,000

12,000

14,000

16,000

18,000

20,000

22,000

1996 1999 2002 2005 2008 2011E

GDP per capita in US$, simple average, PPP

Asia GDP per capita has doubled between 1998 - 2008

Asia ex-Japan

37

2. R

ISIN

G

INCO

ME

3. FINANCIAL

SERVICES

INCREASE

4. S

PENDIN

G

DESIR

E

INCR

EASE

S

1. ECONOMIC

GROWTH

Simple consumer demand model

Source: Invesco. For illustrative purposes only.

38

Source: Data ending December 2007, Goldman Sachs, April 2008

Asian savings rates high & debt levels low

Asian has savings to deploy Room to finance higher spending needs

Consumer finance will play a key role to enhance consumer spending in Asia, especially on big ticket items.

%

0

20

40

60

80

100

120

1997 1999 2001 2003 2005 2007

Asia ex-Japan

Japan

EU

UK

US

%

10

15

20

25

30

35

40

45

1997 1999 2001 2003 2005 2007

Asia ex-Japan

Japan

EU

UK

US

Savings to GDP ratio Consumer Credit to GDP ratio

39

Source: 1. Asia = China, Hong Kong, India, Indonesia, Korea, Malaysia, Philippines, Singapore, Taiwan and Thailand2. State of World Population 2007, Unleashing the Potential of Urban Growth, United Nations, June 20073. Datastream, CIEC, UBS, February 20094. Capgemini and Merrill Lynch World Wealth Report 2009, June 20095. The “Bird of Gold”: The Rise of India’s Consumer Market, McKinsey Global Institute, March 20076. From “Made in China” to “Sold in China”: The rise of the Chinese urban consumer, McKinsey Global Institute, November 20067. UBS estimates, May 2009. Passenger vehicle includes sedan, SUV, MPV and Minivan

Asia consumer demand in numbersDid you know?

the number of consumers in Asia1, representing 45% of the world’s total population23.0bn

the number of high-net-worth-individuals with at least US$1 million in liquid financial assets, totaling US$7.4 trillions4

the total US$ consumer spending in Asia in 2008, the 2nd largest consumer market behind the US3

the approximate number of middle class consumers in both India and China by 2025 (India = 583 million5; China = 612 million6)600m

the number of passenger vehicles sold in China in 2008, the 2nd largest auto market in the world76.8m

2.6m

3.7tn

40

Discretionary spendingContribution of Asian consumption to global consumption set to increase (Data ending 2007)

Source: Euromonitor, UBS Estimates, February 2009

Consumption patterns is expected to change with improving fundamentals, especially in discretionary spending. Brand differentiation will be key.

Opportunities

34.0% 33.4%

31.9%

22.7%

20.8% 20.5% 19.7% 19.7% 18.8%

17.6% 16.8%

12.4%

0

5

10

15

20

25

30

35

40

Food Communications Education Alcohol andTobacco

Aggregate Housing Clothing andFootwear

Non-alcoholicbeverages

Leisure Householdgoods andservices

Transport Health andmedical

Asia incl Japan - % Asia ex Japan - %

%

41

China – Retail & appliance sector to bear fruitAppliance ownership among urban citizens

Source: CEIC, UBS, as of 22 October 2009

Appliance ownership among rural citizens

(Rmb) ASP in H109 ASP in Q309

Refrigerators 2050.5 2094.5

Colour TV 1203.6 1667.6

Mobile phone 534.9 612.5

Washing machine 1075.0 1106

Air-conditioner 2540.8 2651.6

Computer 3328.1 3346.6

Water heater 986.0 1963.8

Average Selling Price (ASP) generally higher than 1H2009

42

India – Attractive demographic profile lifts consumption spending

Source (LHS): Morgan Stanley Research, August 2009Source (RHS):United Nations Population Division, UBS, as of November 2009

Fast-Moving-Consumer-Goods (FMCG)

3

910

16

12

12

10

12

15

-8

-1

1

CY03 CY04 CY05 CY06 CY07 CY08

Urban FMCG Growth

Rural FMCG Growth

20

15

10

5

0

-5

-10

%

Youthful Age Pyramid

43

Singapore – Tourism and properties on the rise

Source (LHS): CEIC, GS Global ECS Research, August 2009. Estimated data for the years 2009-2015.Source (RHS): URA, Credit Suisse Estimates, August 2009. Data ending July 2009

Visitors arrivals

0

5

10

15

20

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

8.9

9.810.3 10.1

9.3

10.711.6

12.413.2

14.0

14.8

Mn

0

500

1000

1500

2000

2500

3000

Aug-07 Nov-07 Feb-08 May-08 Aug-08 Nov-08 Feb-09 May-09

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

Launched in current month Sold in current month

Lannch-and-take up-rate

Property developers launch and take-up rate

Units

44

Korea – Re-emergence of confidence and sales growth

Source: BOK, Macquarie Research, August 2009. Data ending August 2009Source: Ministry of Knowledge Economy, Macquarie Research, August 2009. Data ending July 2009

Same-store-sales (SSS) growth

Discount store SSS Dept. store SSS

-15

-10

-5

0

5

10

15

20

01/02 01/03 01/04 01/05 01/06 01/07 01/08 01/09

% YoY

50

60

70

80

90

100

110

120

130

99 00 01 02 03 04 05 06 07 08 09

Index

Consumer sentiment

Consumer sentiment Economic outlook

Consumer spending sentiment

45

Philippines - Robust OFW remittancesStrong remittances have been the foundation for solid consumer spending

Source: Bangko Central ng Pilipinas, Deutsche Bank , August 2009. Data ending June 2009

Overseas-foreign-workers (OFW) remittances

-

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

Jan-05

Apr-05

Jul-05

Oct-05

Jan-06

Apr-06

Jul-06

Oct-06

Jan-07

Apr-07

Jul-07

Oct-07

Jan-08

Apr-08

Jul-08

Oct-08

Jan-09

Apr-09

-10.0

0.0

10.0

20.0

30.0

40.0

50.0

US$bn % yoy

USD %

46

Automobiles ownershipStill early stage of growth in emerging Asia

Source: Nomura Research, May 2009

Affordability and better road system are driving the demand in automobiles ownership.

47

Consumer financeMortgage and credit card penetrations set to grow

Source: UBS Estimates, February 2009

Two of the most basic forms of consumer finance have low penetration across Asia, compared to the developed world.

Mortgage penetration in 2008E Credit card penetration vs. private consumption per capita (2007)

0

10

20

30

40

50

Aust

ralia

Tai

wan

Hongko

ng

Kore

a

Sin

gap

ore

Mal

aysi

a

India

Indones

ia

Chin

a

Thai

land

Phili

ppin

es

2008E Mortgage penetration: # of households

�

Philippines

Australia

Japan

Thailand

Taiwan

Singapore

Malaysia

Korea

IndonesiaIndia

Hong Kong

China0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

0 5 10 15 20 25

No. of credit card/Working populatiom

Private consumption per capita 2007 (US$ '000)

48

China & India – Growing opportunities in financial leveraging

Credit card fees continue to grow strongly

RMB bn

Source (LHS): RBI, UBS estimates, November 2009. FY07 = March 2006 to March 2007.Source (RHS): CEIC, November 2009.

Retail loans as % of GDP

India China

49

Insurance

Abundant opportunities in insuring emerging consumers

Source: Nomura Research, May 2009

Life insurance premium vs. GDP remains low in emerging Asia against developed countries – China (1.8%), India (4.0%), Indonesia (1.1%).

50

Investment opportunities through the cycle

Broad exposures to the rising of the Asian consumers

Source: Invesco, August 2009

The Asia Consumer Demand theme offers an unique opportunity to invest through economic cycles, while riding on the positive long-term secular up-trend.

Adding domestic cyclicals with attractive valuations and good growth prospects, which the business will benefit from the upswing in economic conditions.

Possible exposures: Continue to add consumer discretionary industries such as automobiles, consumer durables & services, high-end retailing, consumer electronics and media to position for recovery.

Relatively defensive industries, where earnings are more visible, cash flows are stable and healthy balance sheet.

Possible exposures: Food & staples retailing, food beverages and tobacco, household & personal products, internet, telecoms.

Cyclical slowdown Economic trough Recovery

Short-term earnings risk remains, but operational weakness bottoming out.

Possible exposures: Residential properties, consumer finance, and continue to add consumer discretionary industries, while reducing relatively defensive stocks.

Industries that may benefit from government stimulus measures, and beaten-down high quality consumer discretionary industries.

Possible exposures: Industries that are more exposed to mass-market and rural consumers such as in consumer staples and selective consumer discretionary industries.

Appendix 1 - Invesco Asia Infrastructure Fund

52

Invesco Asia Infrastructure Fund Performance

* Launch date 31 March 2006**MSCI AC Asia Pacific ex Japan ND Index^ Annualized figures

Past performance is not an indication of future performance, provides no guarantee for the future and is not constant over time. Performance figures are shown in USD on a mid-to-mid basis, inclusive of gross reinvested income and net of the annual management charge and all other fund expenses. The figures do not reflect the initial charge paid by individual investors. Data Source © 2007 Morningstar, Inc. 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. All data as at 30 October 2009.

2

5.7

5.7

6.8

6.2

3 yrs^

4

63.5

65.8

49.3

48.4

1 yr^

74.3-55.938.81.2Invesco Asia Infrastructure Fund A Acc

4

-50.8

-51.9

-55.7

Year 2008

144Quartile (C class)

37.057.66.7Morningstar IM EQ Asia Pac ex Japan

36.562.79.0Reference Index**

75.439.51.4Invesco Asia Infrastructure Fund C

Year 2007

YTD3 mths% returns as at 30/10/09 in USD

53

Non-infrastructure sectors led the rally

• Year-to-October, the performance of the reference index* has been driven by non-infrastructure sectors such as consumer discretionary and I.T.

• Infrastructure-related sectors such as telecom and utilities lagged behind.

Source: Invesco, as of 30 October 2009*Reference Index - MSCI AC Asia Pacific ex Japan ND Index

Average Total Average TotalINV_MSCI_SEC_TBR Weight Return Weight Return

Consumer Discretionary 0.26 51.98 5.19 90.66Consumer Staples -- -- 6.00 56.10Energy 8.85 76.93 8.16 64.87Financials 6.25 76.28 34.22 72.63Health Care 0.00 16.30 1.37 31.01Industrials 36.21 52.22 9.43 48.13Information Technology 2.54 49.24 12.60 83.94Materials 11.36 66.31 12.08 74.52Telecommunication Services 16.36 1.50 7.26 8.60Utilities 10.66 22.93 3.68 24.70[Cash] 4.87 0.45 -- --~Others 2.64 31.92 -- --Total 100.00 41.36 100.00 62.71

Invesco Asia Infrastructure Reference Index

54

Invesco Asia Infrastructure FundEstimated weighted average EPS growth & valuation of companies held within the fund

Source: Company weighted average forecasts: Invesco, IBES as at 30 October 2009. Market forecasts: consensus & Citigroup forecasts as at 6 November 2009. The calculations are based on the weighted average of the estimated EPS growth of all the companies held within the fund.There is no guarantee that the EPS growth will be sustained in the future.* Tracking error as compared to the reference index, MSCI AC Asia Pacific ex Japan Index^ using without cash Mkt Cap US$bn(wavg)

Tracking error: 6.79%*

Average weighted market capitalisation: US$24.48bn^

PEG Div. Yield

2009F 2010F 2009F 2010F 2009F 2009F

Weighted Ave. 13.1% 27.7% 21.1x 15.7x 1.61x 2.3%

Asia Pacific ex Japan Market 3.6% 22.6% 17.6x 14.4x 4.89x 3.1%

EPS Growth PER

55

Invesco Asia Infrastructure FundPortfolio details

Source: Invesco, Factset, Morningstar, as at 30 October 2009. Reference index: MSCI AC Asia Pacific ex Japan ND Index.Past performance is not an indication of future performance, provides no guarantee for the future and is not constant over time. 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.

Reference Top 5 Industry Group Portfolio Index

% %

Capital Goods 29.3 6.0Materials 17.8 12.4Energy 11.1 8.0Transportation 9.5 2.5Utilities 7.6 3.1

Country Weighting Portfolio Reference Index% %

China 27.8 19.3

Australia 15.2 28.6

Korea 15.2 13.3

India 10.5 7.5

Taiwan 7.7 11.5

Indonesia 5.9 1.9

Singapore 5.7 4.7

Hong Kong 5.6 8.3

Thailand 1.9 1.3

Malaysia 1.6 2.9

Philippines 0.7 0.4

Pakistan 0.3 0.0

United Arab Emirates 0.3 0.0

New Zealand 0.0 0.4

Cash 1.6 0.0

Total 100.0 100.0

Price (A Class) 12.42Price (C Class) 12.69Fund Size 2,896.98m

30 Oct 2009USD

56

Invesco Asia Infrastructure FundTop 10 holdings

Source: Invesco, Bloomberg, IBES as at 30 October 2009; EPS = Earnings Per Share; CAGR = Compounded Average Growth RateThere is no guarantee that this security will be held by Invesco funds in the future.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.

Portfolio Weight (%)CountryStock

1.81TaiwanHon Hai Precision

2.16IndonesiaUnited Tractors

2.20IndiaLarsen & Toubro

2.33KoreaPOSCO

2.52ChinaChina Mobile Ltd

2.56AustraliaBHP Billiton Ltd

2.59AustraliaLeighton Holdings

2.75ChinaChina Res Power

3.18IndiaBharat Heavy Elect

3.22AustraliaRio Tinto Limited

57

Diversified opportunitiesGood degree of market breadth

Infrastructure projects can be mainly classified as:

Commercial infrastructure - private sector initiatives to cater for technology advancement.

e.g.: Consumer Discretionary sector: satellites, cable networks.

Social infrastructure - to provide public sector facilities for the society. This sector will be using the public private partnership (PPP) concept in order to encourage operation efficiency.

e.g.: Industrial sector: train stations, Health Care sector: hospitals, Consumer Discretionary sector:schools and stadiums.

Utilities - to provide essential services for the community.

e.g.: Utilities sector: gas/energy/electricity generation, distribution and retailing; water distribution and waste treatment.

Economic infrastructure - to support the long term growth of the economy. These assets long concession period and high barrier to entry.

e.g.: Industrial sector: roads, airports and ports.

For illustrative purposes only.

58

Infrastructure value chainGood degree of market depth

Investment opportunities exist throughout the infrastructure value chain

For illustrative purposes only.

59

Invesco Asia Infrastructure FundYour key to unlocking the growth potential of asian infrastructure

*Factset. Stock universe as at 31 March 2009.**Source: Invesco. Relates to assets managed by the Asia Pacific region.

Capture capital growth potential: Asian infrastructure companies should benefit from the positive macro development and have the potential to outperform.

Early entry into a multi-year theme: Asian infrastructure is a secular growth theme where we are only at the beginning of a long and sustainable cycle.

An exciting opportunity: Invesco Asia Infrastructure Fund offers opportunity to ride on the infrastructure theme.

Abundant bottom-up opportunities: Selection from a large universe of over 3,000* securities. The infrastructure value chain runs from project financing, development to maintenance.

Quality management: Invesco is very experienced in Asian investment, having invested in the region since 1962, with US$19.2 billion of assets under management as at 30 Sept 2009.**

Objective: Aims to achieve long term capital growth from investments in a diversified portfolio of Asian securities of issuers

which are principally engaged in infrastructure activities.

60

Invesco Asia Infrastructure FundPortfolio Construction

Focus on high-quality companies that have the potential to deliver above-average earnings growth in the long run.

Develop a long-term proprietary view on companies in the infrastructure-related sectors.

Not benchmark driven – higher tracking error is likely. Portfolio is not constrained by the reference index.

No preference on market caps – equal emphasis on large, mid and small cap stocks as long as liquidity permits.

61

Invesco Asia Infrastructure Fundstock-pickingBy Invesco’s Asian investment team

Stocks selection will be subject to the prevailing market conditions and availability at time of investment.Numbers are approximate. For illustrative purposes only. Past performance is not an indication of future performance, provides no guarantee for the future and is not constant over time. Source: Invesco, Factset. Universe as at 31 March 2009.*EPS growth as compared with MSCI AC Asia Pacific ex Japan ND.

Target high-quality companies with:

Portfolio of 70 – 130 stocks

Universe of around 3,000

companies

Above-average EPS growth*(in past 3 out of 4 years)

Positive operating cash flow(in past 3 out of 4 years)

Solid balance sheet

Competitive business modeland strong leadership market position (attractive ROE, sustainable EBIT margin)

Appendix 2 – Asia Consumer Demand Fund

63

Invesco Asia Consumer Demand Fund Performance

Past performance is not an indication of future performance, provides no guarantee for the future and is not constant over time. Source: © 2009 Morningstar, as at 30 October 2009, NAV to NAV, A share (Distribution), total return in USD terms with dividend reinvested. Reference index refers to MSCI AC Asia Pacific ex Japan ND Index. Inception date of the Fund was March 2008. Peer group quartile ranks refer to the Fund’s ranking among the Hong Kong Securities and Futures Commission authorised funds categorised by Morningstar under the Equity Asia Pacific ex Japan group. Calendar year performance: 2008 (since fund inception to end-December 2008): -38.0%.

1121Peer Group Quartile Ranks

65.8

69.8

1-year

-9.262.79.0Reference Index

-0.560.58.9Invesco Asia Consumer Fund A (Distribution)

Since inceptionYTD3-month

% return as of 30 October 09 in USD

64

Invesco Asia Consumer Demand FundEstimated weighted average EPS growth & valuation of companies held within the fund

Source: Company weighted average forecasts: Invesco, IBES, as at 30 October 2009. Market forecasts: consensus & Citigroup forecasts, as at 6 November 2009. The calculations are based on the weighted average of the estimated EPS growth of all the companies held within the fund on 30 October 2009. There is no guarantee that the EPS growth will be sustained in the future.

Div. YieldEPS Growth PER PEG

4.89x

1.86x

PEG 2009F

Dividend Yield

3.1%

2.2%

2010F

18.8x24.0x28.8%12.9%Weighted Average

14.4x17.6x22.6%3.6%Asia Pacific ex Japan Market

2010F2009F2010F2009F

PEREPS Growth

65

Invesco Asia Consumer Demand FundPortfolio details

Source: Invesco, Factset, Morningstar, as at 30 October 2009. Reference index: MSCI AC Asia Pacific ex Japan ND Index.Past performance is not an indication of future performance, provides no guarantee for the future and is not constant over time. 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.

149.4mFund Size

9.85Price (A Distribution)

USD

5.1Health Care

8.1Industrials

9.9Consumer Staples

29.5

37.1

Portfolio %

Consumer Discretionary

Financials

Top 5 Sector

13.5Korea

0.0Cash

4.1Other Markets

3.2Indonesia

4.2Singapore

5.7Hong Kong

9.7Taiwan

11.5Australia

13.0India

35.1

Portfolio %

China

Country Weighting

66

Invesco Asia Consumer Demand FundTop 10 holdings

Source: Invesco, Bloomberg, as at 30 October 2009; EPS =Earnings Per Share; CAGR= Compounded Average Growth Rate. There is no guarantee that these securities will be held by Invesco funds in the future.

1.7ChinaChina Mobile

1.7IndiaItc

1.7ChinaUni-President China

1.7AustraliaWestpac Bkg Corp

1.7IndiaIcici Bank

1.7ChinaSinopharm Group Co

1.8KoreaHyundai Motor Co

1.9ChinaInd & Com Bk China

3.0ChinaChina Life Insurance

1.6ChinaPing AN Insurance

Portfolio Weight (%)CountryStock

67

Valuations: Consumer staples & Consumer discretionary

Source: Factset, Datastream, MSCI, GS Global ECS Research, November 2009

Unlike in the West, consumer staples in the East offer fast growth due to the early phase of adoption in quality living standards.

MSCI Asia ex Japan/Consumer Staples 12-month Trailing Price to Book Value Ratio, ending 12 Nov 2009

0.75

1.25

1.75

2.25

2.75

3.25

3.75

4.25

4.75

Dec

-95

Dec

-96

Dec

-97

Dec

-98

Dec

-99

Dec

-00

Dec

-01

Dec

-02

Dec

-03

Dec

-04

Dec

-05

Dec

-06

Dec

-07

Dec

-08

MSCI AC ASIA EX JPConsumer Staples

Mean

Mean+1SD Mean-1SD

MSCI Asia ex Japan/Consumer Discretionary 12-month Trailing Price to Book Value Ratio, ending 12 Nov 2009

0.7

1.2

1.7

2.2

2.7

3.2

Dec-

95

Sep-9

6

Jun-9

7

Mar-

98

Dec-

98

Sep-9

9

Jun-0

0

Mar-

01

Dec-

01

Sep-0

2

Jun-0

3

Mar-

04

Dec-

04

Sep-0

5

Jun-0

6

Mar-

07

Dec-

07

Sep-0

8

Jun-0

9

MSCI AC ASIA EX JPConsumer Discretionary

Mean

Mean+1SD Mean-1SD

68

• Retail Banks• Diversified Financials• Insurance• Real Estate

• Wireless services• Fixed-line services

•Automobile & Components•Consumer Durables & Apparel•Consumer Services•Media

• Food & Staples Retailing• Food Beverages & Tobacco• Household & Personal

Products

• Gas Distributors• Electric Utilities • Medical & Nursing

• Pharmaceuticals & Biotechnology• Hospital & nursing management

Asia Consumer Demand

Telecom Services

Invesco Asia Consumer Demand Fund

A diversified investment universe directly targeting the rise of the Asian consumers

Source: Invesco. The industry classifications are for illustration purpose only, which may differ from the actual industry breakdown of the Invesco Asia Consumer Demand Fund

Utilities

HealthCare

Consumer Discretionary

• Computers & peripherals• Home entertainment• Digital imaging & accessories• Mobile phone• Internet service providers/gaming

Consumer Staples

Consumer Information Technology

Financials

69

Objective: Aims to achieve long-term capital growth from investment in a diversified portfolio of Asian equities of companies likely to benefit from, or is related to, the growth in domestic consumption in the region.

Invesco Asia Consumer Demand FundBenefits

Provide early entry to the world’s fastest-growing consumer market: Asia is arguably the fastest-growing consumer market, which offers multi-year growth prospects for the long-term investors to benefit from the rising spending power of Asian consumers.

An exciting opportunity: Invesco Asia Consumer Demand Fund offers an opportunity to invest in the boom in the Asia Consumer Demand theme.

Capture abundant investment ideas: The Fund aims to uncover investment opportunities from a large universe of nearly 6,000 consumer demand-related securities in Asia, primarily through our bottom-up stock selection process.

Allow diversification across different sub-sectors: Investment opportunities exist across a range of Asia consumer demand-driven sectors, such as Consumer Discretionary, Consumer Staples, Consumer Financials, Consumer Information Technology, Health Care, Telecom Services and Utilities.

70

Consumer Demand

Universe of around

6,000 companies

Targeting high-quality companies with strong management that may exhibit:

Stocks selection will be subject to the prevailing market conditions and availability at time of investment. Numbers are approximate. #Target Holdings is an unofficial guidance based on the current stock universe and AUM of the Fund as of 1 August 2009. Consumer Demand Universe as of 30 November 2007. * EPS (earnings per share) growth as compared with MSCI AC Asia Pacific ex Japan. ROE = Return on equity; EBIT = Earnings before interest and tax.

Above-average EPS growth*

Strong operating cash flow

Solid balance sheet

Competitive business model and strong leadership market position (attractive ROE, sustainable EBIT margin)

Invesco Asia Consumer Demand FundStock selection

Target Holdings: 60-80 stocks#

Risk considerations

The value of investments and investment income may rise and fall (this may be partly due to exchange rate fluctuations in investments which have an exposure to foreign currencies) and investors may not get back the full amount invested.

Although the fund invests mainly in established markets, it also invests in emerging and developing markets, where difficulties in dealing, settlement and custody problems could arise. As this is a theme based fund, investors should be prepared to accept a higher degree of risk than for a fund with a broader investment mandate.

The fund invests in Asian equities which are generally less liquid than developed markets.

The fund is suitable for investors who are seeking capital appreciation over a 5 to 10-year time frame and are prepared to accept risk to their capital and a higher level of volatility in the value of their investments. Invesco would classify this type of investment as being more “specialist“ than a mainstream developed-market equity fund. Only a small portion of investable wealth should be invested in the fund.

The fund’s positioning and performance can vary significantly from that of the reference index and the peer group.

A more detailed description of risk factors is set out under ”Risk Warnings” in the Full Prospectus.

7272

Important Information

This marketing document is exclusively for use by professional clients and financial advisors in Continental Europe and is not for retail client use. Please do not redistribute. Data as at 31 October 2009, 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 an indication of future performance provides no guarantee for the future and is not constant over time. 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 futureperformance results and is not constant over time. 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. Investors should read the fund simplified and full prospectuses 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. It is not intended to provide specific investment advice including, without limitation, investment, financial, legal, accounting or tax advice, or to make any recommendations about the suitability of the fund(s) for the circumstances of any particular investor. You should take appropriate advice as to any securities, taxation or other legislation affecting you personally prior to investment. Asset management services are provided by Invesco in accordance with appropriate local legislation and regulations. www.invescoeurope.com

Additional information for professional clients in Germany, Austria and Switzerland:

This document is issued in Germany by Invesco Asset Management Deutschland GmbH regulated by Bundesanstalt fürFinanzdienstleistungsaufsicht. This document is issued in Austria by Invesco Asset Management Österreich GmbH and in Switzerland by Invesco Asset Management (Schweiz) AG Subscriptions of shares are only accepted on the basis of the current fund prospectus. Swiss professional clients should consider this document only in connection with the relevant monthly fund fact sheet which contains further performance information. Prospectuses and reports are available free of charge at Invesco Asset Management Deutschland GmbH, An der Welle 5, D-60322 Frankfurt/M., Invesco Asset Management Österreich GmbH, Rotenturmstrasse 16-18, A-1010 Vienna, and Invesco Asset Management (Schweiz) AG, Genferstrasse 21, CH-8002 Zurich.